Global Stone India Ltd. के अकाउंट के लिये नोट

Mar 31, 2013

1. (a) Contingent Liabilities as may arise due to delayed/non-compliance of certain fiscal statutes - Amount unascertainable (Previous Year - Amount Unascertainable). (b) Arrears of preference dividend on 1,500,000, 15% Cumulative Convertible Redeemable Preference Shares of Rs.100 each Rs.225 lacs (Previous Year Cumulative Rs. 2700 lacs)

2. The company has in the earlier year filed an Appeal before the Commissioner of Customs, Ahmedabad against the order of the Commissioner (EOU) demanding additional Custom Duty of Rs. 4.68 lacs. The Company has deposited the said amount under protest and made no provision in respect of the same in its accounts. Keeping in view the fact that there was no outcome in the matter for more than 5 years, the Company has though it fit to write of the said deposit during the year under review.

3. The Company has issued 1,500,000, 15% Cumulative Convertible Redeemable Preference Shares of Rs.100 each on 27th January 2000. The said shares are Convertible in to equity shares as decided by the management on or before 26th January 2015 along with the arrears of dividend, if any.

4. In the opinion of the management, the Current Assets and Loans and Advances are realizable at the values stated in the financial statements in the ordinary course of business and adequate provision for all known liabilities has been made in the accounts.

5. No Remuneration was paid /provided in respect of the directors during the current as well as the previous year.

6. Since there were no employees with the Company during the year, no retirement benefits were provided in the books within the purview of Accounting Standard -15(AS-15), ''Employee Benefits''.

7. The provision for the current tax has not been made keeping in view of losses during the year. Further no provision towards deferred tax has been made since there are no timing differences at any time during the year.

8. During the year Board of Director appointed Ms. Surabhi Panwar, Company Secretary of the Company dated 16th July, 2012. However, due to some personal reason she expressed her unwillingness to continue as a Company Secretary in the company and tendered her resignation to the Board of Director on 30th September, 2012. The management of the Company is searching for a new Company Secretary in the Company and the appointment shall be made at the close of the year.

9. Details of amounts due to Micro, Small and Medium Enterprises under the head Current liabilities, to be given under the Micro, Small and Medium Enterprises Development Act, 2006, based on the

10. Other Information

i) Earnings in Foreign currency on account of export of goods calculated on FOB basis Nil

(Previous Year - Nil). ii) CIF Value of goods imported NIL (Previous Year NIL).

iii) Expenditure in Foreign currency: NIL (Previous Year - Nil).

11. Previous year''s figures have been regrouped wherever necessary to conform to that of current year''s presentation.

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Mar 31, 2012

1. CONTINGENT LIABILITIES

The company has filed an Appeal before the Commissioner of Customs, Ahmedabad against the order of the Commissioner (EOU) demanding an additional Custom Duty of Rs. 468,000/-.

However, the Company has deposited this amount under protest. Hence no provision is made in the account.

2. Since all the fixed assets and other inventories of the Company have been disposed off, the company not to be treated as Going Concern.

3. The Company has issued 1,500,000, 15% Cumulative Convertible Redeemable Preference Shares of Rs.100 each on 27th January 2000. As the company''s operations could not generate distributable profits, the company could not pay or has not made provision of any dividend payable on cumulative convertible redeemable preference shares up to 31.03.2012.

4. As per provisions of Micro, Small & Medium Enterprises Development Act 2006 (MSMED Act 2006), there is no principle amount or interest due which are payable to Micro, Small & Medium Enterprises as on 31.03.2012.

5. Deposits with Government Department includes an amount of Rs. 5,470,195/- paid under protest against the order of the Dy.Commissioner of Commercial Taxes. However, the company has gone on appeal against the demand to the Tribunal. No provision is made in the account in view of this

6. QUANTITATIVE PARTICULARS:

LICENCED AND INSTALLED CAPACITIES AND PRODUCTION:

Since the company has sold the all the machineries, reporting on the capacities does not arise .

7. TURNOVER, OPENING & CLOSING STOCK OF FINISHED GOODS RODUCED/PURCHASED

There is no production or sale of goods during the year.

8. CONSUMPTION OF RAW MATERIALS:

Since the company has not carried on production, operations, reporting on the consumption do not arise.

9. Value of Consumption of indigenous and imported Raw Material, Consumables, Components and Spare Parts of the Percentage to total consumption.

There has been no consumption of raw materials, consumables, components and spare parts as the Company''s operations have been closed.

10. Accounting for Taxes on Income : In accounting for timing differences, Deferred Tax Assets are not recognized since there is no reasonable expectation of their realisation.

11. Previous year''s figures have been re-grouped wherever necessary to conform with that of current year''s presentations.

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Mar 31, 2011

(Figures in brackets relate to previous year)

1. CONTINGENT LIABILITIES YEAR ENDED YEAR ENDED 31.03.2011 31.03.2010 Rs. Rs.

a) Guarantees given by the Banks - -

b) Letters of Credit Outstanding - -

c) The company has filed an Appeal before the Commissioner of Customs, Ahmedabad against the order of the Commissioner (EOU) demanding an additional custom duty of Rs. 4,68,000/. However, the company has deposited this amount under protest. Hence no provision is made in the account.

2. Since all the fixed assets and other inventories of the Company have been disposed off, the company is not to be treated as Going Concern.

3. The Company has issued 15,00,000, 15% Cumulative Convertible Redeemable Preference Shares of Rs.100 each on 27th January 2000. As the company''s operations could not generate distributable profits, the company could not pay or has not made provision of any dividend payable on cumulative convertible redeemable preference shares up to 31.3.2011

4. As per the provisions of Micro, Small & Medium Enterprises Development Act 2006 (MSMED Act 2006), there is no principal amount or interest due which are payable to Micro, Small & Medium Enterprises as on 31.3.2010

5. Deposits with Government Department includes an amount of Rs.54,70,195/- paid under protest against the order of the Dy. Commissioner of Commercial Taxes. However, the company has gone on appeal against the demand to the Tribinal. No provision is made in the account in view of this.

6. QUANTITATIVE PARTICULARS:

LICENCED AND INSTALLED CAPACITIES AND PRODUCTION:

Since the company has sold all the machineries, reporting on the capacities does not arise.

7. TURNOVER, OPENING & CLOSING STOCK OF FINISHED GOODS PRODUCED/PURCHASED

There is no production or sale of goods during the year.

8. CONSUMPTION OF RAW MATERIALS:

Since the company has not carried on production operations, reporting on the consumption does not arise

9. Value of consumption of indigenous and imported Raw Materials, Consumables, Components and Spare Parts and the percentage to total consumption.

There has been no consumption of raw materials, consumables, components and spare parts as the Company''s operations have been closed.

10. Accounting for Taxes on Income : In accounting for timing differences , Deferred Tax Assets are not recognised since there is no reasonable expectation of their realisation.

11. Previous Year''s figures have been re-grouped wherever necessary to conform with that of current year''s presentations.