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Notes to Accounts of Shree Ganesh Elastoplast Ltd.

Mar 31, 2015

1. As informed and self certification made by the management, Contingent Liabilities for the year ended 31st March, 2015 – refer note 9(b) of annexure to paragraph 1 of our audit report.

2. Deferred Tax Assets / (Liabilities) comprises timing differences on account of:

3. List of Related Parties and transactions made:

During the year 2014-15, director Bharat Mashruwala was paid remuneration amounting to 1,80,000. This remuneration is made up of only basic salary, no other emoluments or incentive was provided. The company has paid 1,80,000 for office rent. The office is owned by Merry Sharefin Ltd arising associate concern of having common management. Mihir Shah, an independent director of company has given unsecured loan of 33,578,267 during the year, of which the Company repaid 19,960,968 in the same year. At the end of financial year total outstanding loan was 13,617,299. At any time in year outstanding loan was not more than 3.0 cr. The company has paid total interest of 2,47,011 for loan given by Mihir R Shah. The company has paid seven lacs fifteen thousand as salary to Manit M Shah, son of director. Also, during the year, he was given advance of 195,000 against his salary out of which 180,000, was paid back within a month and remaining amount was adjusted against the salary. Paumil M Shah, son of director was paid three lacs five thousand as salary. Also, director Mayukh J Pandya and wife of a deirector Nina Pandya was given advance against purchase of commodity as they are having farmer status. However, Money was return within less than a week as transaction didn't happen as planned.

4. The company has during the period under review is in the business of Investment / trading in commodities in spot market and hedging / trading on the said commodities in future markets. Details of trading in commodities are as under:

5. Details about the Micro, Small and Medium Enterprises

The firm has not received any intimation from the suppliers regarding their status under the Micro, Small & Medium Enterprises Development Act, 2006 and hence disclosure regarding:

a. Amount due and outstanding to suppliers as at the end of accounting year

b. Interest paid during the year

c. Interest payable at the end of the accounting year

d. Interest accrued and unpaid at the end of the accounting year, has not been given. The firm is making efforts to get the confirmations from suppliers as regards their status under the Act.

6. Balance of trade receivable, trade payable, sundry creditors, loans and advances, Banks and deposits are subject to confirmations by the parties concerned.

7. Previous year's figures have been regrouped, reclassified and rearranged wherever necessary.

8. The company has not appointed a qualified secretary as defined under section 203 of the Companies Act, 2013.


Mar 31, 2014

1. As informed and self certification made by the management, Contingent Liabilities for the year ended 31st March, 2014 - refer note 9(b) of annexure to paragraph 1 of our audit report.

2. List of Related Parties and transactions made:

During the year 2013-14, director Bharat Mashruwala was paid remuneration amounting to 1,50,000. This remuneration is made upon only basic salary, no other emoluments or incentive was provided. The company has paid 1,80,000 for office rent. The office is owned by Merry Sharefin Ltd arising associate concern of having common management. Mihir Shah, an independent director of company has given unsecured loan of which 21,74,731 is outstanding at year end. The company has paid total interest of 3,44,007 for loan given by Mihir R Shah. The company has paid seven lacs two thousand as professional fees to Manit M Shah, son of director and Paumil M Shah, son of director and nineteen thousand three hundred fifty four to as C&F agent commission to Paumil M Shah, son of director.

3. The company has during the period under review started new line of activities i.e. trading in commodities. Old business line of activities has been discontinued. During the year under review since there was only one line of business activity, segment reporting is not required. The company is in the business of investment in commodities and hedging / trading on the said commodities.

4. As explained by the management, Company has been disposing the VAT liabilities through appointment of clearing agent on behalf of itself.

5. Details about the Micro, Small and Medium Enterprises

The firm has not received any intimation from the suppliers regarding their status under the Micro, Small & Medium Enterprises Development Act, 2006 and hence disclosure regarding:

a. Amount due and outstanding to suppliers as at the end of accounting year

b. Interest paid during the year

c. Interest payable at the end of the accounting year

d. Interest accrued and unpaid at the end of the accounting year, have been given

e. The firm is making efforts to get the confirmations from suppliers as regards their status under the Act has not been given. The firm is making efforts to get the confirmations from the supplier as regards their status under the Act.

6. Information pursuant to the part B of schedule VI of the Companies Act, 1956 as compared to previous year since the company has discontinued its manufacturing business operation.

7. Balance of trade receivable, trade payable, sundry creditors, loans and advances, Banks and deposits are subject to confirmations by the parties concerned.

8. Previous year''s figures have been regrouped, reclassified and rearranged wherever necessary.

9. The company has not appointed a qualified secretary as defined under section 383A of the Companies Act, 1956.


Mar 31, 2013

1. As informed and self certification made by the management, Contingent Liabilities for the year ended 31st March, 2013 is Nil (P. Y: NIL)

*All transactions carry forward from previous years. No new transactions undertaken during the year.

2. The company has not carried out any manufacturing activity during the year and hence the information on segment reporting has not been given for the year under report. Company has discontinued its manufacturing operations and during the previous year under review trading in commodities business is only undertaken.

3. Information pursuant to the part B of schedule VI of the Companies Act, 1956 as compared to previous year since the company has discontinued its manufacturing business operation.

4. Balance of trade receivable, trade payable, sundry creditors, loans and advances, Banks and deposits are subject to confirmations by the parties concerned.

5. Previous year''s figures have been regrouped, reclassified and rearranged wherever necessary.

6. The company has not appointed a qualified secretary as defined under section 383A of the Companies Act, 1956.


Mar 31, 2012

1. As informed and self certification made by the management, Contingent Liabilities for the year ended 31st March, 2012 is Nil (P. Y: NIL)

2. Auditors Remuneration is made up of :

3. During the year under review, company has made revaluation for its freehold land for amount Rs. 1,80,47,362/- resulting into freehold land value revised up to 2,00,00,000/- from existing acquisition value of Rs. 19,52,638/-. (duly certified by certified valuer)

4. As per the past practice, the company is accounting for interest on loans granted/received on payment basis. The effect of such non provisions for the year as well as cumulative effect since 01/04/1998, being the date of effecting change in method of accounting, has not been quantified as the principal/ advances have been doubtful of recovery.

5. List of Related Parties and transactions made:

Sr. Name of the Party Nature of Amount transaction

1 Magnus Rubber Industries Limited Outstanding as 189750 debtors

2 Miraj Polymers Limited Outstanding as 6602997 debtors

3 Miraj Polymers Limited Outstanding as 6621016 loans

4 Magnus Rubber Industries Limited Investments 3844859

5 Miraj Polymers Limited Investments 401600

6 Miraj Polymers Limited Outstanding Interest 3778952

*All transactions carry forward from previous years. No new transactions undertaken during the year

6. The company has not carried out any manufacturing activity during the year and hence the information on segment reporting has not been given for the year under report.

7. The accounts have been prepared on the basis of going concern in spite of suspension of activity as well as non-provision of heavy doubtful outstanding in debtors and loans & advances, obsolete stock of trading goods, non-availability of power form Gujarat Electricity Board..

8. Information pursuant to the part B of schedule VI of the Companies Act, 1956. (Certified by Director and unaudited data accepted by Auditors in absence of records)

Product Licensed Installed Production Production Capacity capacity P.Y

Plastic Compound (M.T) N.A 432 NIL NIL

Rubber Stoppers (nos) NIL 500 lacs NIL NIL

9. In view of suspension of manufacturing activity and no production, details of trading stock is not applicable

10. No expenditure is made by the company in convertible foreign currency.

11. Balance of trade receivable, trade payable, sundry creditors, loans and advances, Banks and deposits are subject to confirmations by the parties concerned.

12. Previous year's figures have been regrouped, reclassified and rearranged wherever necessary.

13. The company has not appointed a qualified secretary as defined under section 383A of the Companies Act, 1956.


Mar 31, 2010

1. As informed and self certification made by the management, Contingent Liabilities for the year ended 31st March, 2010 is Nil (P. Y: NIL)

2. As per the past practice, the company is accounting for interest on loans granted / received on payment basis. The effect of such non provisions for the year as well as cumulative effect since 01/04/1998, being the date of effecting change in method of accounting, has not been quantified as the principal / advances have been doubtful of recovery.

3. The company has not carried out any manufacturing activity during the year and hence the information on segment reporting has not been given for the year under report.

4. The accounts have been prepared on the basis of going concern in spite of suspension of activity as well as non-provision of heavy doubtful outstanding in debtors and loans & advances, obsolete stock of trading goods, non-availability of power form Gujarat Electricity Board..

5. In view of suspension of manufacturing activity and no production, details of trading stock is not applicable

6. No expenditure is made by the company in convertible foreign currency.

7. Balance of trade receivable, trade payable, sundry creditors, loans and advances, Banks and deposits are subject to confirmations by the parties concerned.

8. Previous years figures have been regrouped, reclassified and rearranged wherever necessary.

9. The company has not appointed a qualified secretary as defined under section 383A of the Companies Act, 1956.

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