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Notes to Accounts of Sri Vajra Granites Ltd.

Mar 31, 2014

1. CONTINGENT LIABILITIES AND COMMITMENTS:

a) Counter guarantees given to the Banks in respect of guarantees given by them amount to Rs. Nil (Previous year Rs. Nil)

b) Estimated amounts of contracts to be executed on capital account and not provided for (Net of advance) come to Rs. Nil (Previous year Rs. Nil)

NOTE - 2b: Details of shares held by shareholders holding more than 5% of aggregate shares in the company

''Secured by Hypothecation of stocks of raw materials, consumables, stock-in-process, finished goods, stores & spares and other current assets; First charge on fixed assets and personal guarantee of Mr. A. Srinivas Reddy, Managing Director.

3. Pursuant to Accounting Standard 22 (AS-22) i.e Accounting forTaxes on Income Issued by the Institute of Chartered Accountants of India, the deferred tax assets(net) as on 31.03.2013 works out to Rs.109.61 lakhs. As a measure of prudence and as recommended under As-22,the same has not been currently recognized in the accounts. Similarly, the deferred tax assets (net) of Rs. 210.68 Lakhs as on 31 st March 2014 has not been recognized in the statement of profit and loss for the year ended 31 st March 2014.

Break-up of Deferred Tax Assets and (Liabilities) into major components of the respective balances is as under:

4. BUSINESS SEGMENTS:

The Company is predominantly engaged in the export of polished slabs. Its domestic sales are negligible/not material. So in terms of the accounting standard 17 on Segment reporting issued by the Institute of Chartered Accountants of India (ICAI), this is considered to constitute one single primary segment. In view of the above there is no reportable segment for the year.

5. As on 31.03.2014 there are no amounts payable to units covered under section 22 of Macro, Small & Medium Enterprises Development Act-2006

6. Previous year''s figures have been regrouped, re-classified and re-cast wherever necessary so as to make them correspond with the Current year''s figures and are rounded off to the nearest Rupee.


Mar 31, 2013

1. CONTINGENT LIABILITIES AND COMMITMENTS:

a) Counter guarantees given to the Banks in respect of guarantees given by them amount to Rs. Nil (Previous year Rs. Nil)

b) Estimated amounts of contracts to be executed on capita! account and not provided for (Net of advance) come to Rs. Nil (Previous year Rs. 6.00 lakhs)

2. Pursuant to Accounting Standard 22 (AS-22) i.e Accounting for Taxes on Income Issued by the Institute of Chartered Accountants of India,the deferred tax assets(net) as on 31.03.2012 works out to ?121.59 lakhs.As a measure of prudence and as recommended under As- 22,the same has not been currently recognized in the accounts.Similarly, the deferred tax assets (net) of ? 109.61 Lakhs as on 31st March 2013 has not been recognized in the statement of profit and loss for the year ended 31st March 2013.

Break-up of Deferred Tax Assets and (Liabilities) into major components of the respective balances is as under:

3. BUSINESS SEGMENTS:

The Company is predominantly engaged in the export of polished slabs. Its domestic sales are negligible/not material. So in terms of the accounting standard 17 on Segment reporting issued by the Institute of Chartered Accountants of India (ICAI), this is considered to constitute one single primary segment. In view of the above there is no reportable segment for the year.

4. As on 31.03.2013 there are no amounts payable to units covered under section 22 of Macro, Small & Medium Enterprises Development Act-2006

5. Previous year''s figures have been regrouped, re-classified and re-cast wherever necessary so as to make them correspond with the Current year''s figures and are rounded off to the neare Rupee.


Mar 31, 2012

1. CONTINGENT LIABILITIES AND COMMITMENTS:

a) Counter guarantees given to the Banks in respect of guarantees given by them amount to Rs. Nil (Previous year Rs. Nil)

b) Estimated amounts of contracts to be executed on capital account and not provided for (Net of advance) come to Rs. 6.00 lakhs (Previous year Rs. Nil)

Rights attached to equity shares:

The Company has only one class of equity shares having a face value of Rs. 10/- per share with one vote per each equity share.

The Company declares and pays dividends in indian rupees as and when proposed by the Board of Directors which is subject to the approval of the shareholders in the ensuing Annual General Meeting.

2. Pursuant to Accounting Standard 22 (AS-22) i.e Accounting for Taxes on Income Issued by the Institute of Chartered Accountants of India,the deferred tax assets(net) as on 31.03.2011 works out to Rs.116.16 lakhs.As a measure of prudence and as recommended under As- 22,the same has not been currently recognized in the accounts.Similarly, the deferred tax assets (net) of Rs. 121.59 Lakhs as on 31st March 2012 has not been recognized in the profit and loss Account for the year ended 31st March 2012.

3. BUSINESS SEGMENTS:

The Company is predominantly engaged in the export of polished slabs. Its domestic sales are negligible/not material. So in terms of the accounting standard 17 on Segment reporting issued by the Institute of Chartered Accountants of India (ICAI), this is considered to constitute one single primary segment. In view of the above there is no reportable segment for the year.

4. Previous year's figures have been regrouped, re-classified and re-cast wherever necessary so as to make them correspond with the Current year's figures and are rounded off to the nearest Rupee.


Mar 31, 2011

1. CONTINGENT LIABILITIES:

a) Counter guarantees given to the Banks in respect of guarantees given by them amount to Rs. Nil (Previous year Rs. Nil)

b) Estimated amounts of contracts to be executed on capital account and not provided for (Net of advance) come to Rs. 6.00 lakhs (Previous year Rs. Nil)

2. Advance against share capital represents the advance received from the Promoters towards Rights Issue share application money.

3. Pursuant to Accounting Standard 22 (AS-22) i.e. Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India, the deferred tax assets (net) as on 31/03/2010 works out to Rs.86.04 lakhs. As a measure of prudence and as recommended under As-22, the same has not been currently recognized in the accounts. Similarly, the deferred tax assets (net) of Rs. 116.16 lakhs as on 31st March 2011 has not been recognized in the profit and loss Account for the year ended 31st March 2011.

Break-up of Deferred Tax Assets and (Liabilities) into major components of the respective balances is as under-.

4. BUSINESS SEGMENTS:

The Company is predominantly engaged in the export of polished slabs. Its domestic sales are negligible/not material. So in terms of the accounting standard 17 on Segment reporting issued by the Institute of Chartered Accountants of India (ICAI), this is considered to constitute one single primary segment. In view of the above there is no reportable segment for the year.

5. As on 31/03/2011 there are no amounts payable to units covered under section 22 of Macro, Small & Medium Enterprises Development Act - 2006.

6. Previous year's figures have been regrouped, re-classified and re-cast wherever necessary so as to make them correspond with the Current year's figures and are rounded off to the nearest Rupee.


Mar 31, 2010

1. CONTINGENT LIABILITIES:

a) Counter guarantees given to the Banks in respect of guarantees given by them amount to Rs. Nil (Previous year Rs. Nil)

b) Estimated amounts of contracts to be executed on capital account and not provided for (Net of advance) come to Rs. Nil (Previous year Rs. Nil)

2. Advance against share capital represents the advance received from the Promoters towards Rights Issue share application money.

3. BUSINESS SEGMENTS:

The Company is predominantly engaged in the export of polished slabs. Its domestic sales are negligible/not material. So in terms of the accounting standard 17 on Segment reporting issued by the Institute of Chartered. Accountants of India (ICAI), this is considered to constitute one single primary segment. In view of the above there is no reportable segment for the year.

4. As on 31/03/2010 there are no amounts payable to units covered under section 22 of Macro, Small & Medium Enterprises Development Act - 2006.

5. Pursuant of Accounting Standard 22 (AS-22) i.e. Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India, the deferred tax assets (net) as on 31/03/2009 works out to Rs.6.14 lakhs. As a measure of prudence and as recommended under As-22, the same has not been currently recognized in the accounts. Similarly, the deferred tax assets (net) of Rs. 12.85 lakhs as on 31st March 2010 has not been recognized in the profit and loss Account for the year ended 31st March 2010.

Break-up of Deferred Tax Assets and (Liabilities) into major components of the respective balances are as under:

6. Previous years figures have been regrouped, re-classified and re-cast wherever necessary so as to make them correspond with the Current years figures and are rounded off of the nearest Rupee.

 
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