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Ganga Papers India

BSE: 531813|ISIN: INE278O01015|SECTOR: Paper
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Ganga Papers India is not listed on NSE
Mar 15
Notes to Accounts Year End : Mar '18

(A) Right, preferences and restrictions attached to Shares

The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

1. Payable to Micro, Small and Medium Enterprises

The Company called for the information from creditors regarding their status as to small scale undertaking, in order to make the required disclosure. Due to non receipt of the same, it is assumed that they are not covered under the definition of Micro, Small and Medium Enterprises and thus, there is no such outstanding.

2. Segment Reporting

There is only one segment, therefore no separate disclosure required.

Note : Claim against the Company not acknowledged as debt for the year ended 31st March, 2018 represents Maharashtra Value Added Tax Demand of Rs.1,25,61,104 and Central Sales Tax Demand of Rs.61,57,523 pertaining to period 1993-94 to 2003 -04 totalling Rs.1,87,18,627, out ofwhich Rs.1,32,34,262 pertains to financial year 2002-03 and 2003-04 against which the Company was in appeal. However, the matter was pending before BIFR and sales tax department has been directed by BIFR to take liberal view in the case of the Company. Also, the Company has filed application for Amnesty Scheme. The Company is contesting the demand and the Management including its tax advisors believe that its position will likely be upheld in the appellate process. The Management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company’s financial position and results of operation.

3. Related Party Disclosures

As per Ind AS 24, the disclosures of transactions with the related parties are given below:

(i) List of related parties where control exists and related parties with whom transactions have taken place and relationships:

(ii) Transactions during the year with related parties:

(iii) Balance as at 31st March, 2018:

(iv) Compensation of Key management personnel:

The remuneration of director and other member of key management personnel during the year was as follows:

4. Approval of Financial Statements

The financial statements were approved for issue by the board of directors on May 30, 2018.

5. Others

i) In the opinion of the Board of Directors, all assets other than fixed assets and non-current investment are realizable in the ordinary course of business at the value at which they are stated in the Financial Statement.

ii) Accounts with certain financial institutions, banks and companies are subject to reconciliation, however, in the opinion of management these will not have any significant impact on the profit for the year and the net worth of the Company as on the Balance Sheet date.

iii) One of the Bank account of the Company held with Bank of Baroda was seized by the sales tax authorities having debit balance of Rs.10,675.

6. Reclassification

The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year ‘s presentation/disclosure.

Source : Dion Global Solutions Limited
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