Galore Prints Industries Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to Profit & Loss account.

Provision for Current & Deferred Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

Previous year''s figures

The previous year''s figures have been reworked, regrouped, rearranged and reclasiffied wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

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Mar 31, 2013

NOTE - 1 : PREVIOUS YEAR''S FIGURES

The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

NOTE - 2 : CONTINGENT LIABILITIES

a. Claims against company not acknowledged as debt - -

b. Income Tax Demands - -

c. Indirect Tax Demands - -

d. Guarentees given by company on behal of subsidiaries - -

TOTAL - -

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Mar 31, 2011

1 SHARE CAPITAL

The Honble BIFR vide it's order dated 16th November 2009 has Sanctioned Rehabilitation Scheme of the com- pany inter-alia restructuring it's paid up capital of the company by de-rating it by 35% (reduction) in terms of special resolution passed in the general body meeting. The company has adjusted diminution in the share capital of Rs 165.25 lacs against accumulated losses in the year ending March31.2010.

2. SECURED LOANS

(A) Term loans from U.P.F.C. secured by way of mortgage on land and building and other fixed assets except Plant and Machinery situated at A-46, Sector-58, Noida (U.P) and Fixed Assets transferred from Unit-I, located at F-43, Sector-XI, Noida (U.P) to A-46, Sector-58, Noida, were fully paid during the last year. The company had entered into Settlement with UPFC and accordingly dues have been recovered through sale of Assets. The settlement and payment of dues is as per Cost of Scheme of the Sanctioned Scheme by the Hon'ble BIFR. UPFC has already issued No Dues Certificate.

(B) Working Capital loans secured against hypothecation of stocks of Raw materials, Work-in-process, Finished goods and all current assets and Plant and Machinery at A-46, Sector-58, Noida, except Plant and Machinery transferred from Unit-I, F-43, Sector-XI, Noida (U.P) and second charge on Land and Building at A-46, Sector- 58, Noida and further secured by personal guarantees of the three directors of the Company have been fully settled and recovered. The settlement and payment of dues is as per Cost of Scheme of the Sanctioned Scheme by the Hon'ble BIFR. IOB has already issued No Dues Certificate.

(C) Term Loan from The National Small Industries Corporation Ltd (NSIC):

The Company had entered into One Time Settlement (OTS) with NSIC vide letter dated August 13 2008 , In terms whereof the Company is required to repay OTS amounts Rs 6 Lacs towards principal and interest through OTS installments. The above said Working Capital Term Loan is over due for repayment along-with interest during the financial year as on the last Balance Sheet date i.e 31.03.2010 Further, company had paid Rs. 5.50Lacs thereon vide letter dated 22th February, 2010 and their dues are part of Cost of Scheme of Sanctioned Scheme by BIFR. The company has negotiated and settled dues of NSIC under One Time Settlement. The company has requested NSIC to waive interest on default period. part of OTS , therefore no liability is provided for. NSIC has accepted settlement and received outstanding amount. Therefore, no liability further arises.

3. The balances of Sundry Debtors, Loans and advances and Creditors are subject to reconciliation and confirmation. However, in the opinion of the management the differences, if any, arising out of such reconciliation are not likely to be material.

4. I n the opinion of the Board the value of realisation of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provisions for all the known liabilities are adequate and neither in excess nor short of the amount considered necessary, except to the extent as appearing in other notes.

Remuneration paid/payable to Managing Director/Whole-time-Director : NIL

5. Rehabilitation Scheme:

Consequent to the losses suffered by the company, it had filed reference before BIFR for declaring it as a Sick industrial Company in terms of Section 3 (1) (o) of the Sick Industrial Companies (Special Provision) Act, 1985. The Hon'ble BIFR vide order dated 16th November 2009 has already approved and sanctioned Scheme for Revival and Rehabiliation of the Company and the Sanctioned Rehabilitation Scheme is under implementation. The company is successfully implementing Sanctioned Scheme as much as dues of all Secured Creditors have been paid. As per Sanctioned Scheme, the Net Worth of the company become positive in the first year of the Sanctioned Scheme

6. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income tax Act, 1961, and is unlikely to have taxable income in the foreseeable future, the net deferred tax asset has not been recognised as per AS-22 "Accounting for Taxes on Income" and no provision for income tax in the current year is required to be made. In terms of Sanctioned Scheme of BIFR no liability for Income Tax is provided for.

7. The company has received advances from various customers amounting to Rs. 4,87,750/= (Previous year 6,50,000/ =) against design development.

8. A s the company's business activity falls within a single segment viz, "Flexible Packaging", the disclosure require- ments of Accounting Standard 17 "Segment Reporting" issued by Institute of Chartered Accountants of India is not applicable.

9. Related Party Transactions – AS 18

a) By virtue of Control There is no related party where control exists as per AS-18.

b) Key management personnel and their relatives with whom company had transactions during the year Whole Time Directors Shri Mahesh Kumar Rustagi Shri Rajesh Kumar Rustagi Directors Shri J.P.Rustagi

c) Others (As per AS-18) Relatives of Key Management Personnel. Shri Vikas Rustagi Enterprise over which (b) above and their relatives have significant influence and with whom transactions have taken place.

10.Disclosures as required by AS-19 "Leases" issued by ICAI.

1. Where the company is a lessor:

i) The company has not leased out any portion of its factory office building.

ii) The rental income of Rs.NIL has been accrued on the basis of lease agreement executed with lessee. The lease is cancelable by notice of one month on either side. There is no advance received and the period of leases is 12 months.

11. Where the company is a lessee:

i) The company has leasing arrangement in respect of factory at Bhiwadi for 15 years. The aggregate rent of Rs 72,000/= payable for the year under review has been charged to profit & loss account as reflected in Schedule 15.

12. Work in progress has been arrived at based on physical verification of stock lying during the year by the management as no specific records are being maintained by the Company for stocks lying in various intermediately stages of production.

13. N o provision of interest, penalty leviable against late or non deposit of statutory liabilities like P.F., ESI , T.D.S. & Sales tax dues have been made in the books as the same shall be accounted for on levy by respective authorities and can not be estimated at this stage.

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Mar 31, 2010

1. The balances of Sundry Debtors. Loans and advances and Creditors are subject to reconciliation and confirmation. However, in the opinion of the management the differences, if any, arising out of such reconciliation are not likely to be material.

2. In the opinion of the Board the value of realisation of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provisions for all the known liabilities are adequate and neither in excess nor short of the amount considered necessary, except to the extent as appearing in other notes.

3. Remuneration paid/payable to Managing Director/Whole-time-Director: NIL

4. Rehabilitation Scheme :

Consequent to the losses suffered by the company, it had filed reference before BIFR for declaring it as a Sick industrial Company in terms of Section 3 (1) (o) of the Sick Industrial Companies (Special Provision) Act, 1985. The Hon''ble BIFR vide order dt 16th November 2009 has already approved and sanctioned Scheme for Revival and Rehabiliation of the Company and the Sanctioned Rehabilitation Scheme is under implementation. The company is successfully implementing Sanctioned Scheme as much as dues of all Secured Creditors have been paid. As per Sanctioned Scheme, the Net Worth of the company become positive in the first year of the Sanctioned Scheme.

5. The company has written back 50% of the liabilities of old Creditors amounting to Rs 34,57,226/- {Previous year Rs 4,41,70,241/-). The waiver of liability has been considered and provided for as per mandatory provisions of the Sanctioned Scheme by the Hon''ble BIFR.

6. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income tax Act, 1961, and is unlikely to have taxable income in the foreseeable future, the net deferred tax asset has not been recognised as per AS-22 "Accounting for Taxes on Income" and no provision for income tax in the current year is required to be made. In terms of Sanctioned Scheme of BIFR no liability for Income Tax is provided for.

7. The company has received advances from various customers amounting to Rs. 4,87,750/= (Previous year 6,50,000/-) against design development.

8. As the company''s business activity falls within a single segment viz, "Flexible Packaging", ^ the disclosure requirements of Accounting Standard 17 "Segment Reporting" issued by

Institute of Chartered Accountants of India is not applicable.

9. Related Party Transactions - AS 18

a) By virtue of Control

There is no related party where control exists as per AS-18.

10. Disclosures as required by AS-19 "Leases" issued by ICAI.

1. Where the company is a lessor:

i) The company has not leased out any portion of its factory office building.

ii) The rental income of Rs.NIL has been accured on the basis of lease agreeme executed with lessee. The lease is cancelable by notice of one month on eith side. There is no advance received and the period of leases is 12 months.

2. Where the company is a lessee:

i) The company has leasing arrangement in respect of factory at Bhiwadi for'' years. The aggregate rent of Rs 72,000/- payable for the year under review h; been charged to profit & loss account as reflected in Schedule 15.

11. Work in progress has been arrived at based on physical verification of stock lying during tl year by the management as no specific records are being maintained by the Company f stocks lying in various intermediately stages of production.

12. No provision of interest, penalty leviable against late or non deposit of statutory liability like P.F., ESI, T.D.S. & Sales tax dues have been made in the books as the same shall t accounted for on levy by respective authorities and can not be estimated at this stage.

13. The figures has been rounded off to the nearest of Rupee.

14. Previous year figures have been regrouped/rearranged wherever required.