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Notes to Accounts of N G Industries Ltd.

Mar 31, 2014

1. Previous year''s figures have been regrouped/rearranged, wherever necessary.

2. Figures have been rounded off to nearest rupee.


Mar 31, 2013

1. Disclosures of related party transactions (as identified & certified by the management):

As per Accounting Standard-18- '' Related Party Disclosures'' issued by the Institute of Chartered Accountants of India, the names of the related parties are given below :

a Associate / Joint Venture Concerns b Key Management Personnel

(a) Mr. Ashok Kumar Goenka (Chairman)

(b) Mr. Rajesh Goenka (Whole-Time-Director)

(c) Dr. Subash R. Kamath (Director)

(d) Mr. Rajkumar Bajoria (Director)

(e) Mr. Ashok Bhat (Whole-Time-Director)

(f) Mr. Jagdish Chand Kumbhat (Director)

(g) Mr. Vinod Kumar Singhi (Director)

c Relatives of Key Management Personnel

(a) Ashok Kumar Goenka & Others (HUF)

(b) Banwari Lal Goenka & Sons (HUF)

(c) Rajesh Goenka & Others (HUF)

2. Previous year''s figures have been regrouped/rearranged, wherever necessary.

3. Figures in the bracket relate to previous year.

4. Figures have been rounded off to nearest rupee.


Mar 31, 2012

1 Deferred tax Assets (Net)

Disclosure under AS 22 for Deferred tax (liability) / asset

In accordance with AS-22 on' Accounting for taxed on Income' by the Institute of Chartered Accountants of India, net deferred tax,

2 Disclosures of related party transactions (as identified & certified by the management):

As per Accounting Standard-18-' Related Party Disclosures' issued by the Institute of Chartered Accountants of India, the names of the related parties are given below:

a Associate / Joint Venture Concerns

b Key Management Personnel

(a) Mr. Ashok Kumar Goenka (Chairman)

(b) Mr. Banwari Lai Goenka (Director)

(c) Mr. Rajesh Goenka (Whole-Time-Director)

(d) Dr. Subash R. Kamath (Director)

(e) Mr. Rajkumar Bajoria (Director)

(f) Mr. Ashok Bhat (Whole-Time-Director)

(g) Mr. Jagdish Chand Kumbhat (Director)

(h) Mr. Vinod Kumar Singhi (Director)

c Relatives of Key Management Personnel

(a) Ashok Kumar Goenka & Others (HUF)

(b) Banwari Lai Goenka & Sons (HUF)

(c) Rajesh Goenka & Others (HUF)

3 Previous year's figures have been regrouped/rearranged, wherever necessary.

4 Figures in the bracket relate to previous year.

5 Figures have been rounded off to nearest rupee.


Mar 31, 2011

A. Earning per share

Earning per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders, by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of share outstanding during the period are adjusted for the effects of all diluted potential.

b. Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and Short- term investments with an original maturity of three months or less.

c. Contingent liabilities

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty, are treated as contingent and disclosed by way of notes to the accounts.

d. Provisions

A provision is recognised when the company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made.

e Disclosures of related party transactions :

a List of related parties with whom the Company has transacted during the year

i Associate / Joint Venture Concerns

ii Key Management Personnel

a Mr. Ashok Kumar Goenka

b. Mr. Banwari Lai Goenka

c. Mr. Rajesh Goenka

d. Dr. Subash R Kamath

e. Mr. Raj Kumar Bajoria

f. Mr. Ashok Bhat

g. Mr. Jagdish Chand Kumbhat

h. Mr. VinodSinghi

iii Relatives of Key Management Personnel

a Ashok Kumar Goenka & Others (HUF)

b.Banwari Lai Goenka & Sons (HUF)

c. Rajesh Goenka & Others (HUF)


Mar 31, 2010

I. Retirement and other employee benefits

Retirement benefit in the form of Provident Fund is a defined contribution scheme and the contributions are charged to the Profit and Loss Account of the year when the contributions to the respective funds are accrued.

Gratuity liability is a defined benefit obligation and is provided for on the basis of actuarial valuation made at the end of each financial year.

Short term compensated absences are provided for based on estimates. Long term compensated absences are provided for based on actuarial valuation.

Actuarial gains/losses are immediately taken to profit and loss account and are not deferred.

ii. Borrowing costs

Borrowing costs relating to the acquisition / construction of qualifying assets are capitalised until the time all substantial activities necessary to prepare the qualifying assets for their intended use are complete.

iii. Foreign currency transactions

Foreign currency transactions are recorded on the basis of exchange rates prevailing on the date of their occurrence. Foreign currency monetary items are reported using the closing rates and exchange difference arising thereon is charged to the Profit and Loss Account.

iv. Taxation

Tax expense comprises of current, deferred and fringe benefits tax.

Current income-tax and fringe benefit tax are measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act,1961.

Deferred tax is recognized on a prudent basis for timing differences, being difference between taxable and accounting income/expenditure that originate in one period and are capable of reversal in one or more subsequent period(s).

MAT credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period.

v. Earning per share

Earning per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders, by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of share outstanding during the period are adjusted for the effects of all diluted potentia.

vi. Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

vii. Contingent liabilities

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty, are treated as contingent and disclosed by way of notes to the accounts.

viii. Provisions

A provision is recognised when the company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made.

ix. Research & Development

Revenue Expenditure is charged to Profit & Loss Account and Capital Expenditure is added to the cost of Fixed Assets in the accounting year in which it is incurred.

x. Prior Period Items

Prior period expenses/Income are accounted under the respective heads. Material items, if any, are disclosed separately by way of a note.

xi Disclosures of related party transactions :

a List of related parties with whom the Company has transacted during the year

i Associate /Joint Venture Concerns

ii Key Management Personnel

a.Mr.Ashok Kumar Goenka

b.Mr.Banwari Lal Goenka

c.Mr.Rajesh Goenka

d.Dr.Subash R.Kamath

e.Mr.Raj Kumar Bajoria

f.Mr.Ashok Bhat

g.Mr.Jagdish Chand Kumbhat

h.Mr.Vinod Singhi

iii Relatives of Key Management Personnel

a.Ashok Kumar Goenka &Others (HUF)

b.Banwari Lal Goenka &Sons (HUF)

c.Rajesh Goenka &Others (HUF)

xii Enterprise owned or significantly influenced by Key Management Personnel and their relatives

Previous years figures have been regrouped/rearranged,wherever necessary.

 
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