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Notes to Accounts of Gujarat Intrux Ltd.

Mar 31, 2015

(1) Previous year's figures have been regrouped wherever necessary to make them comparable with those of the current year.

(2) The financial statements have been prepared under the historical cost convention on an accrual basis in compliance with all material aspect of the Accounting Standards notified by Companies Accounting Standard Rules, 2006 (as amended), and the relevant provisions of the Companies Act, 2013. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

(3) Current assets, loans and advances

In the opinion of the Board the value on realization of current assets, loans and advances if realized in the ordinary course of the business shall not be less than the amount, which is stated, in the current year's balance sheet. The provision for all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

(4) Amount due to Micro, Small and Medium scale enterprises unit

There is no Micro, small and medium scale enterprise, to whom the company owes dues which are outstanding for more than 45 days as at March 31, 2015. This information as required to be disclosed under the Micro, Small and Medium Scale Enterprise Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

(5) Contingent Liabilities

In the opinion of the board, contingent liabilities is NIL.


Mar 31, 2014

Mode of Valuation

Raw materials, stores, spares, tools and packing materials are valued at cost. Finished stock are valued at lower of the cost or net realizable value. Work-In-Process is valued at the estimated prime cost of production. Cost is inclusive of excise and other duties and taxes.

Notes-1

NOTES FORMING PART OF ACCOUNTS 2013-2014

1. Previous year''s figures have been regrouped wherever necessary to make them comparable with those of the current year.

2. The financial statements have been prepared under the historical cost convention on an accrual basis in compli- ance with all material aspect of the Accounting Standards notified by Companies Accounting Standards Rules, 2006 (as amended), and the relevent provisions of the Companies Act, 1956. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

3. Current Assets, Loans and Advances

In the opinion of the Board the value on realization of current assets, loans and advances if realized in the ordinary course of the business shall not be less than the amount, which is stated, in the current year''s balance sheet. The provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

4. Amount Due to Micro, Small & Medium Scale Enterprises Unit

There are no micro, small & medium scale enterprise, to whom the company owes dues, which are outstanding for more than 45 days at March 31, 2014. This information as required to be disclosed under the Micro, small and Medium Enterprise Developments Act, 2006 has been determined to the extent such parties have been identi- fied on the basis of information available with the Company.

5. Contingent Liabilities

In the opinion of the board contingent liability is NIL.

6. Employee Benefits

i) The Company has recognized the following amounts in the profit and loss statement towards contributions to Provident Fund :

Contribution towards Provident Fund : Rs. 508,563/-

ii) The Gratuity Benefits have been valued in accordance with the rules of Gratuity framed by the company. Defined Benefit Obligation :- Gratuity Benefit.

d) Changes in the fair value of plan assets representing reconciliation of the opening and closing balances thereof are as follows:

As the company has no funded plan and hence Opening and Closing fair value in plan assets and changes in thereof is NIL.

e) The major categories of plan assets as a percentage of total plan assets are as follows:

The company has no funded plan.

f) Principal actuarial assumptions at the Balance Sheet date (expressed in weighted averages):

Discount Rate : 9.31%

Expected return on plan assets : -

Proportion of employees opting for early retirement : -

Annual increase in salary costs : 6.00%

The estimates of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The above information is as certified by the actuary and relied upon by the auditors.

7. Related Party Disclosure under Accounting Standard 18 Issued by the Institute of Chartered Accountants (a) List of Related Parties and Relationships :

Sr. No. Name Nature of Relationship

01 Raman D. Sabhaya Chairman cum Non Executive Director

02 Amrutlal J. Kalaria Non-Executive Director

03 Dilip M. Dudhagara Non-Executive Director

04 Madhubhai S. Patolia Non-Executive Director

05 Bharat M.Choksi Non-Executive Director

06 Yogendra C. Anarkat Independent Director

07 Gordhan K. Sorthia Independent Director

08 Ramesh M. Bhimani Independent Director

09 Gajanan R. Kamat Independent Director

10 Intricast Private Limited Other Related Party

11 Intolcast Private Limited Other Related Party

8. Based on the guidance principles given in Accounting Standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India, the Company''s primary business segment is manufacturing of steel, non alloys steel and alloys steel casting. As the Company''s business activity falls within a single primary business segment, the disclosure requirements of AS-17 in this regards are not applicable.


Mar 31, 2013

1. Previous year''s figures have been regrouped wherever necessary to make them comparable with those of the current year.

2. The financial statements have been prepared under the historical cost convention on an accrual basis in compliance with all material aspect of the Accounting Standards notified by Companies Accounting Standards Rules, 2006 (as amended). and the relevent provisions of the Compnies Act, 1956. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

3. Current Assets, Loans and Advances

In the opinion of the Board the value on realization of current assets, loans and advances if realized in the ordinary course of the business shall not be less than the amount, which is stated, in the current year''s balance sheet. The provision for all known liabilities is adequate and not in excess of the amount considered reasonable necessary.

4. Amount Due to Micro, Small & Medium Scale Enterprises Unit

There are no micro, small & medium scale enterprise, to whom the company owes dues, which are outstanding for more than 45 days at March 31, 2013. This information as required to be disclosed under the Micro, small and Medium Enterprise Developments Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. Contingent Liabilities

In the opinion of the board contingent liability is NIL.

6. Based on the guidance priciples given in Accounting Standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India, the Compny''s primary business segment is manufacturing of steel, non alloys steel and alloys steel casting. As the Company''s business activity falls within a single primary business segment, the disclosure requirements of AS-17 in this regards are not applicable.


Mar 31, 2012

1. Previous Year's Figures

Previous Year's Figures have been regrouped, rearranged and reclassified whenever necessary to make them confirm to this year's classification.

2. Company's Act Requirement Under Section 217(2A)

Expenditure incurred for employee as specified in Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 is NIL.

3. Provisions

Company has made all necessary provisions and the amounts are reasonably adequate.

4. Current Assets, Loans & Advances

In the opinion of the Board the Value on realization of Current Assets. Loans & Advances if realized in the ordinary course of the business shall not be less than the amount, which is stated, in the current year's Balance Sheet, the provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

5. Amount Due to Micro, Small & Medium Scale Enterprises Unit

There are no Micro, Small & Medium Scale Enterprise, to whom the Company owes dues, which are outstanding for more than 45 days at March 31, 2012. This information is required to be disclosed under the Micro, small and Medium Enterprise Developments Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6. Contingent Liabilities

In the Opinion of the Board Contingent Liability is NIL.

7. Employee Benefits

i) The Company has recognized the following amounts in the Profit & Loss Account towards contributions to Provident Fund :

Contribution towards Provident Fund : Rs. 573,173/-

ii) The Gratuity Benefits have been valued in accordance with the rules of Gratuity framed by the company. Defined Benefit Obligation-Gratuity Benefit as per revised Accounting Standards 15.

d) Changes in the fair value of plan assets representing reconciliation of the opening and closing balances thereof are as follows:

As the company has no funded plan so Opening and Closing fair value in plan assets and changes in thereof is NIL.

e) The major categories of plan assets as a percentage of total plan assets are as follows:

The company has no funded plan.

The estimates of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The above information is as certified by the actuary and relied upon the auditors.

8. Segmental Information:

The Company has only one segment as its total investment is in Sand Castings only.


Mar 31, 2010

1. Previous Years Figures

Previous Years Figures have been regrouped, rearranged and reclassified whenever necessary to make them confirm to this years classification.

2. Directors Remuneration

3. Auditors Remuneration

4. Companies Act Requirement Under Section 217(2A)

Expenditure incurred for employee as specified in section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 is NIL.

5. Foreign Exchange Earning & Out Go

6. Provisions

Company has made all necessary provisions and the amounts are reasonably adequate.

7. Current Assets, Loans & Advances

In the opinion of the Board the Value on realization of Current Assets, Loans & Advances if realized in the ordinary course of the business shall not be less than the amount, which is stated, in the current years Balance Sheet, The provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

8. Amount Due to Micro, Small and Medium Scale Enterprises Unit

There is no Micro, Small and Medium Scale Enterprise, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2010. This information is required to be disclosed under the Micro , Small and Medium Scale Enterprise Developments Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company,

9. Contingent Liabilities

In the Opinion of the Board Contingent Liability is NIL.

10. Employee Benefits

i) The Company has recognized the following amounts in the Profit & Loss Account towards contributions to Provident Fund :

Contribution towards Provident Fund : Rs. 12,95,137 ii) The Gratuity Benefits have been valued in accordance with the rules of Gratuity framed by the company.

Defined Benefit Obligation - Gratuity Benefit

d) Changes in the fair value of plan assets representing reconciliation of the opening and closing balances thereof are as follows:

As the company has no funded plan so Opening and Closing fair value in plan assets and changes in thereof NIL.

e) The major categories of plan assets as a percentage of total plan assets are as follows:

The company has no funded plan.

The estimates of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The above information is as certified by the actuary and relied upon the auditors.

11. Statement of Licensed & Installed Capacity

12. Details in Respect of Raw Material & Process Material Consumed

13. Earning Per Share

14. Segmental Information:

Notes on Segmental Reporting

(1). The Company has identified the geographical segment as primary segment, Companys Domestic sales is 70.00% of total sales, so it becomes the reportable segment.

(2). Items of Expenses, Provision for Taxation that is not directly relatable to geographical segment are disclosed in total column.

15. Related Party Information

16. Deferred Tax Provision:

As per the Accounting Standard (As-22) on Accounting for Taxes on Income issued by Institute of Chartered Accountant of India (ICAI) the Deferred Tax Liability as at 31st March,2010 comprises of the following:-

 
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