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Notes to Accounts of Hari Govind International Ltd.

Mar 31, 2012

1. Claims against the company not acknowledged as debts Rs. NIL (2010 - NIL).

2. Bank Guarantees Issued in favour Customs Department Bombay Rs. 8,76,036/- (2010-Rs. 8,76,036/-).

3. Estimated amounts of contracts remaining to be executed on capital accounts and not provided for as on 31st March, 2012 -NIL (31-03-2011 -NIL).

4. Sales Tax authorities for the years 1989-90 and 1990-91 have raised a demand of Rs. 4 0 306/- and Rs. 4,58,427/- respectively under the Central Sales Tax Act and Rs. 1 38 445/- and Rs. 20,95,556/- under the Bombay Sales Tax Act. However no provisions has been made in respect of the above liabilities in the books of accounts of Sie company as the company has preferred appeals against the said assessment. Since the matter of previous years is under dispute the management has not provided and Sales Tax liability during the current year also.

5 Income Tax assessments for the assessment year 92-93 and 93-94 were completed and the Income Tax Department has raised a demand of Rs. 4,49,528/- and Rs.36,41,000/- respectively However no provisions have been made in respect of the above liabilities in the books of accounts of the company as the company has preferred appeals against the above assessments.

6. (a) Previous year's figures are regrouped and or recast wherever necessary.

(b) Figures in brackets are in respect of the previous year.

(c) Figures are rounded up to the nearest rupee.

7 MANAGERIAL REMUNERATION :

Managerial remuneration under section 198 of the Companies Act, 1956 has been provided (on minimum basis) for the year ended 31st March, 2012, to the Managing Director and Whole Time Directors.

1 Salary: (a) Managing Director - Rs.NIL

(Rs. NIL)

(b) Whole Time Director - Rs.NIL

(Rs. NIL)

2. Money Value of other perquisities - NIL

Or benefits (as no perquisite (NIL)

Are actually given).

8. Provision for Income Tax for the current financial year has not been made in the Books of Accounts as the company does not expect tax liability to arise during the current financial year (Previous year Rs. NIL).

9. During the year the company has received interest on Deposits amounting to Rs. NIL - (Previous Year Rs. NIL) and the Income Tax deducted thereon at source is Rs. NIL. (Previous Year Rs. NIL).

10. During the year the company has not proposed any dividend on its equity capital. (Previous Year NIL).

11. Additional information pursuant to the provisions of paragraph 3, 4, 4A, 4B, 4C and 4D of part 2 of Schedule VI to the Companies Act, 1956 is not applicable in the current year as the commercial production and operations of the company has closed during the financial year 1999-2000.

12. Signatures to Schedule 1 to 13 forms an integral part of accounts.


Mar 31, 2011

1. CONTIGENT LIABILITIES:

1. Claims against the company not acknowledged as debts Rs. NIL (2010 - NIL).

2. Bank Guarantees Issued in favors Customs Department Bombay Rs. 8,76,036/- (2010-Rs. 8,76,036/-).

3. Estimated amounts of contracts remaining to be executed on capital accounts and not provided for as on 3151 March, 2011 - NIL (31 -03-2010 - NIL).

4. Sales Tax authorities for the years 1989-90 and 1990-91 have raised a demand of Rs. 4,05,306/- and Rs. 4,58,427/- respectively under the Central Sales Tax Act and Rs. 1,38,445/- and Rs. 20,95,556/- under the Bombay Sales Tax Act. However no provisions has been made in respect of the above liabilities in the books of accounts of the company as the company has preferred appeals against the said assessment. Since the matter of previous years is under dispute the management has not provided and Sales Tax liability during the current year also.

5. Income Tax assessments for the assessment year 92-93 and 93-94 were completed and the Income Tax Department has raised a demand of Rs. 4,49,528/- and Rs. 36,41,000/- respectively. However no provisions have been made in respect of the above liabilities in the books of accounts of the company as the company has preferred appeals against the above assessments.

6. (a) Previous years figures are regrouped and or recast wherever necessary.

(b) Figures in brackets are in respect of the previous year.

(c) Figures are rounded up to the nearest rupee.

7. Provision for Income Tax for the current financial year has not been made in the Books of Accounts as the company does not expect tax liability to arise during the current financial year (Previous year Rs. NIL).

8. During the year the company has received interest on Deposits amounting to Rs. NIL - (Previous Year Rs. NIL) and the Income Tax deducted thereon at source is Rs. NIL. (Previous Year Rs. NIL).

9. During the year the company has not proposed any dividend on its equity capital. (Previous Year NIL).

10. Additional information pursuant to the provisions of paragraph 3, 4, 4A, 4B, 4C and 4D of part 2 of Schedule VI to the Companies Act, 1956 is not applicable in the current year as the commercial production and operations of the company has closed during the financial year 1999-2000.

11. Signatures to Schedule 1 to 13 forms an integral part of accounts.


Mar 31, 2010

1. CONTIGENT LIABILITIES :

1. Claims against the company not acknowledged as debts Rs. NIL (2009- NIL).

2. Bank Guarantees Issued in favour Customs Department Bombay Rs. 8,76,036/- (2009 - Rs. 8,76,036/-).

3. Estimated amounts of contracts remaining to be executed on capital accounts and not provided for as on 31st March, 2010 - NIL (31-03-2008 - NIL).

2. Sales Tax authorities for the years 1989-90 and 1990-91 have raised a demand of Rs. 4,05,306/- and Rs. 4,58,427/- respectively under the Central Sales Tax Act and Rs. 1,38,445/- and Rs. 20,95.556/- under the Bombay Sales Tax Act. However no provisions has been made in respect of the above liabilities in the books of accounts of the company as the company has preferred appeals against the said assessments. Since the matter of previous years is under dispute the management has not provided any Sales Tax liability during the financial year 2006-07.

3. Income Tax assessments for the assessment years 92-93 and 93-94 were completed and the Income Tax Department has raised a demand of Rs. 4,49,528/- and Rs. 36.41.000/- respectively. However no provisions have been made in respect of the above liabilities in the books of accounts of the company as the company has preferred appeals against the above assessments.

4.(a) Previous years figures are regrouped and or recast wherever necessary.

(b) Figures in brackets are in respect of the previous year.

(c) Figures are rounded up to the nearest rupee. 3

5 MANAGERIAL REMUNERATION :

Managerial remuneration under section 198 of the Companies Act, 1 956 has been provided (on minimum basis) for the year ended 31st March, 2010 to the Managing Director and Whole Time Directors.

6 Provision for Income Tax for the current financial year has not been made in the Books of Accounts as the company does not expect tax liability to arise: during the current financial year (Previous year Rs. NIL).

7 During the year the company has received interest on Deposits amounting to Rs. NIL - (Previous Year Rs. NIL) and the Income Tax deducted thereon at_ source is Rs. NIL. (Previous Year Rs. NIL).

8 During the year the company has not proposed any dividend on its equity capital. (Previous Year NIL).

9 Signatures to Schedule 1 to 12 forms an integral part of accounts.

 
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