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Notes to Accounts of India Gelatine & Chemicals Ltd.

Mar 31, 2015

Note 1

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

2. Surplus ofRs. 2,58,982A (Previous year deficit of Rs.1,02,91,311/-) & surplus of Rs.17229/- (Previous year surplus of Rs.60472/-) being the impact of foreign exchange fluctuation has been included in the turnover and purchase of Stores, Spares & Machinery respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Ad), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Contingent liabilities: Rs.Lacs

j) Bank Guarantees issued 2014-2015 2013-2014

GSPC 1,25,06,593 1,67,38,900

Pollution Control Board - 5,00,000

Dakshin Gujarat Vij Company 1,29,17,308 82,26,900

2,54,83,901 2,54,67,600

5(b) In respect of liability of leave encashment up to 31.03.2015 the company has obtained actuarial valuation and has charged Rs. 45,27,499/- in the books.

6. In respect of appeal filed by the company in income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation ofRs. 1253.00 lacs which the company has claimed as exempt has been decided in favour of the Revenue treating the receipt as "Business Income". However, the company has already paid the entire tax of Rs. 334.00 lacs in the respective year. The company has preferred appeal in Gujarat High Court against the impugned order of the ITAT. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

7. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its Fixed Assets and arrived at the conclusion that impairment Loss which is difference between the carrying amountand recoverable value of Assets, was not material and hence no provision is required to be made.

8. The Sales Tax Assessments of the company are completed up to accounting year 2010-2011.

10. Disclosure in respect of related parties pursuant to Accounting Standard 18;

A. List of Related parties:

1) Parties where control exists : —

2) Other parties with whom company entered into transactions during the year

i) Joint Ventures ; —

ii) Associates : -

3) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives

Key Management Personnel:

Mr. Viren C. Mirani - Managing Director

Enterprises having common Key Management Personnel and/or their Relatives:

1) KVS Software Pvt. Ltd.

2) Khimji Vlsram & Sons (Guj) Pvt. Ltd.

3) Olive Finance & Investment P. Ltd.

4) Khimji Visram & Sons {Partnership Firm)

5) Khimji Visram & Sons {Commission Dept) (Partnership Firm)

6) Khimji Visram & Company. (Partnership Firm)

7) S.E. International

8) K.V, Logistics Pvt. Ltd.

9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.

Relatives of Key Management Personnel:

Mr, Nayan C. Mirani, brotherof Mr. Viren C. Mirani


Mar 31, 2014

Note 1(A)

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

2. Deficit of Rs. 102.91 Lacs (Previous year deficit ofRs. 36.04 Lacs) & surplus ofRs. 0.60 Lacs (Previous year surplus of Rs. 2.27 Lacs) being the impact of foreign exchange fluctuation has been included in the turnover and purchase of Stores, Spares & Machinery respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31" March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Contingent liabilities: Rs.lacs

i) Bank Guarantees issued 2013-2014 2012-2013 GSPC Gas Company Ltd. 167.39 139.81 Pollution Control Board 5.00 - Dakshin Gujarat Vij Company Ltd. 82.28 59.09 254.67 198.90 ii) In respect of claims against the Company not acknowledged as debts 2013-2014 2012-2013 Excise Duty 8.15 8.15 Service Tax 15.41 15.41 23.56 23.56

5(b) In respect of liability of leave encashment up to 31.03.2014 the company has obtained actuarial valuation and has charged Rs.11.90 lacs in the books.

6. In respect of appeal filed by the company in Income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation of Rs. 1253.00 lacs which the company has claimed as exempt has been decided in favour of the Revenue treating the receipt as "Business Income". However, the company has already paid the entire tax of Rs. 384.00 lacs in the respective year. The company has preferred appeal in Gujarat High Court against the impugned order of the ITAT. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

7. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its Fixed Assets and arrived at the conclusion that Impairment Loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

8. The Sales Tax Assessments of the company are completed up to accounting year 2009-2010.

10. Disclosure in respect of related parties pursuantto Accounting Standard 18;

A. List of Related parties:

1) Parties where control exists -

2) Other parties with whom company entered into transactions during the year

i) JointVentures -

ii) Associates : —

12. The company has entered into forward exchange contracts / options which are not intended for trading or speculative purposes, but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.


Mar 31, 2013

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

2. Deficit of Rs. 36.04 lacs (Previous year surplus of Rs. 14.79 lacs) & surplus of Rs. 2.27 lacs (Previous year deficit of Rs. 0.08 lacs) being the impact of foreign exchange fluctuation has been included in the turnover and purchase of Stores, Spares & Machinery respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4(a) In respect of liability of leave encashment up to 31.12.2012 the company has obtained actuarial valuation and has reversed forRs. 3.34 lacs in the books.

5. In respect of appeal filed by the company in Income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation ofRs. 1,253.00 lacs which the company has claimed as exempt has been decided in favour ofthe Revenue treating the receipt as "Business Income". However, the company has already paid the entire tax ofRs. 384.00 lacs in the respective year. The company has preferred appeal in Gujarat High Court against the impugned order ofthe ITAT.The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

6. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its Fixed Assets and arrived at the conclusion that Impairment Loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

7. The Sales Tax Assessments of the company are completed up to accounting year 2008-2009.

8. Disclosure in respect of related parties pursuant to Accounting Standard 18;

A. List of Related parties:

1) Parties where control exists : --

2) Other parties with whom company entered into transactions during the year

i) JointVentures : --

ii) Associates : (a) SCIL Capital India Ltd.

(b) Ugam Solutions Pvt. Ltd

3) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives

Key Management Personnel:

Mr. Viren C. Mirani - Managing Director

Enterprises having common Key Management Personnel and/ortheir Relatives:

1) KVS Software Pvt. Ltd.

2) Khimji Visram & Sons (Guj) Pvt. Ltd.

3) Olive Finance & Investment Pvt. Ltd.

4) Khimji Visram & Sons (Partnership Firm)

5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)

6) Khimji Visram & Company (Partnership Firm)

7) S.E. International

8) K.V. Logistics Pvt. Ltd.

9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.

Relatives of Key Management Personnel:

Mr. Nayan C. Mirani, brother of Mr. Viren C. Mirani

10. The company has entered into forward exchange contracts / options which are not intended for trading or speculative purposes, but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.


Mar 31, 2011

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

2. Surplus of Rs. 112.29 Lacs (Previous year deficit of Rs. 96.16 Lacs) & surplus of Rs. 1.82 Lacs (Previous year deficits of Rs. 0.02 Lacs) being the impact of foreign exchange fluctuation has been included in the Turnover and Purchase of Stores, Spares & Machinery respectively.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Contingent liabilities : Rs. In lacs

i) Bank Guarantees issued

2010-2011 2009-2010

GSPC 161.35 140.07

Pollution Control Board 28.00 14.00

Quippo Infrastructure Equipment Ltd. 34.73 34.73

224.08 188.80

5 (b) In respect of liability of leave encashment up to 31.12.2010 the company has obtained actuarial valuation and has provided for Rs. 9,24,031/- in the books.

6. In respect of appeal filed by the company in Income Tax Appellate Tribunal regarding the treatment of receipt of Capital Compensation of Rs. 12.57 crores which the company has claimed as exempt has been decided in favour of the Revenue treating the receipt as "Business Income". However, the company has already paid the entire tax of ? 3.84 crores in respective year. The company is preferring appeal in Gujarat High Court against the impugned order of the ITAT. The company has been legally advised that it has a good case in appeal and hence no provision thereof has been made in the accounts.

7. In terms of "Accounting Standard 28 - Impairment of Assets' issued by ICAI, the management has reviewed its fixed Assets and arrived at the conclusion that Impairment loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

8. The Sales Tax Assessments of the company are completed up to accounting year 2006-2007 and the company has preferred appeal against addition made by the dept by rejecting the input tax credit of fuel.

9. Disclosure in respect of related parties pursuant to Accounting Standard 18; A. List of Related parties :

1) Parties where Control Exists -

2) Other parties with whom company entered into transactions during the year

i) Joint Ventures -

ii) Associates

1) SCIL Capital India Ltd.

3) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives Key Management Personnel:

1) Mr. Viren C. Mirani - Executive Director

Enterprises having common Key Management Personnel and/or their Relatives:

1) KVS Software Pvt. Ltd.

2) Khimji Visram & Sons (Guj) Pvt. Ltd.

3) Olive Finance & Investment Pvt. Ltd.

4) Khimji Visram & Sons (Partnership Firm)

5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)

6) Khimji Visram & Company. (Partnership Firm)

7) S.E. International

8) K.V. Logistics Pvt. Ltd.

9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.

Relatives of Key Management Personnel:

1) Mr. Nayan C. Mirani, brother of Mr. Viren C. Mirani

10. The company has entered into forward exchange contracts / options which are not intended for trading or speculative purposes, but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and receivables.

 
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