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Notes to Accounts of Switching Technologies Gunther Ltd.

Mar 31, 2015

1. SEGMENT REPORTING

(a) The company operates in only one segment – Reed Switches.

(b) Information about secondary segment (Geographical segment)

2. CONTINGENT LIABILITIES AND COMMITMENTS

The Income Tax Department has raised a demand for the Assessment Year 2012-13 amounting to Rs.20,61,790/- which is disputed by the Company. Hence an appeal has been preferred before CIT Appeal, Chennai & ACIT Company Range, Chennai .Therefore the Company has been advised that no provision for tax is required.


Mar 31, 2014

1. Break up of Shares issued in the last five years.

a. The Company has issued 98,178 Zero Coupon Redeemable Preference Shares of Rs. 100/- each totaling to Rs. 98,17,800/- on 14-02-2009 redeemable at par after the expiry of 5 years from the date of allotment.

b. RBI has given permission for extention of redemption of 98,178 Zero Coupon Preference Shares of Rs. 100 each alloted to M/s. Gunther America Inc, 454 Allwood road Clifton, N.J. 07012 USA for 7 years from 14-02-2014, vide their letter No. CHE:FED:F ID/7630/25.19.319/2013-14 dated May 19, 2014. The preference share holders have also consented for extension of Zero Coupon Preference Shares.

Contributions to provident fund are made monthly, at predetermined rates, and debited to the profit and loss account on accrual basis. Provision for Gratuity and Leave encashment has been made on the basis of Actuarial Valuation as per AS-15. The Company has subscribed to group gratuity scheme of LIC for all its employees. The date of commencement of the scheme is 26-03-2014.

2. CONTINGENT LIABILITIES AND COMMITMENTS

The Income Tax Department has rasied a demand for the Assessment Year 2012-13 amounting to Rs. 20,61,790/- which is disputed by the Company. Hence an appeal has been peferred before CIT Appeal Chennai & ACIT Company Range, Chennai .Therefore the Company has been advised that no provision for tax is required.

 
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