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Moneycontrol.com India | Notes to Account > Packaging > Notes to Account from Gujarat Raffia Industries - BSE: 523836, NSE: GUJRAFFIA
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Gujarat Raffia Industries

BSE: 523836|NSE: GUJRAFFIA|ISIN: INE610B01024|SECTOR: Packaging
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Notes to Accounts Year End : Mar '15
 1. SHARE CAPITAL
 
 A. Terms/rights attached to equity shares :
 
 The company has only one class of equity shares having par value of Rs.
 10/- per share. Each holder of equity shares is entitled to one vote
 per share The company declares and pays dividends in Indian rupees. The
 Dividend proposed by the Board of Directors is subject to the approval
 of shareholders in the ensuing Annual General Meeting, except in case
 of Interim dividend. The equity shares rank parri passu and carry equal
 rights with respect to voting and dividend. In the event of liquidation
 of the Company, the equity shareholders shall be entitled to
 proportionate share of their holding in the assets remained after
 distribution of all preferential amounts.
 
 B. The Equity Share Capital of the Company had been reduced from
 10,21,87,000 comprising of 1,02,18,700 shares of Rs.10/- per share
 fully 99,89,550 equity shares of Rs.5/- each fully paid up. The
 reduction in capital had been approved under section 100 of the
 Companies Act 1956 by the High Court Of Gujarat vide its order dated
 Sept.21,2007. The company then converted its reduced face value of
 shares from Rs 5 each to Rs 10 each vide special resolution passed in
 Extra-ordinary General Meeting dated October 15, 2007.
 
 2. Contingent Liabilities and commitment [to the extent not provided
 for] :
 
 Contingent Liabilities :
 
 a Claims against the Company not
 acknowledged as debts :
 
 i) Labour Matters                              435000            435000
 
 b In respect of guarantees given by
 Banks and/or counter guarantees
 given by the Company                           250000           2349779
 
 c Other money for which the company
 is contingent liable :
 
 i) Letters of Credit for Imports             22864000           3664452
 
 
 3. Derivative Financial Instruments :
 
 A. The Company has not entered into any forward contracts to offset
 foreign currency risks arising from the amounts denominated in
 currencies other than the Indian Rupee.
 
 4. Seament Information :
 
 Based on the guiding principal given in Accounting Standard - 17 on
 Segment Reporting issued by the Institute of Chartered Accountants of
 India, the Company''s primary business is manufacturing of PE,
 Tarpaulin, HDPE/PP Woven sacks and fabrics, which has similar risks and
 returns, accordingly there are no separate reportable segment as far as
 primary segment is concerned.
 
 The operations of the company are in India and all assets and
 liabilities are located in India except export debtors and import
 creditors. The secondary business segment by geographical market is
 given below.
 
 5. Related Party Transactions :
 
 A. Name of the Related Party and Nature of the Related Party
 Relationship :
 
 a) Directors and their relatives :
 
 Mr. Pradeep kumar Bhutoria                        Executive Director
 
 Mrs. Sushma Bhutoria                              Executive Director
 
 Mr. Abhishek Bhutoria                             Son of Director
 
 Mr. Alpesh Tripathi                               Director
 
 Mr. Prakash Ramnani                               Director (*) Resigned
 
 Mr. Dipen M Shah                                  Director
 
 
 b) Enterprises significantly influenced by Directors and/or their
 relatives :
 
 Asian Gases Limited
 
 Bangal Business Limited
 
 Mahanagar Realestate Pvt. Ltd.
 
 Related party relationship is as identified by the Company and relied
 upon by the Auditors.
 
 6. During the year 2013-2014, company has imported capital goods under
 EPCG License Scheme and availed custom duty benefit of Rs. 211.32 lacs
 against which company has export obligation of Rs. Rs. 1785.24 lacs,
 which is to be completed within six years of import. The company has
 fulfilled its obligation during the year.
 
 7. The Company has worked out deferred tax liabilities/assets at March
 31, 2015. In view of unabsorbed depreciation and business losses under
 tax laws, net result of computation is net deferred tax assets, which
 are not recognised as a matter of prudence and in absence of virtual
 certainty as to its realization.
 
 8. Confirmation letters have not been obtained from some of the Debtors
 Creditors, and Loans & Advances.
 
 Hence the, balances of these accounts are subject to confirmation,
 reconciliation and consequent adjustments, if any.
 
 9. Previous period''s figures have been regrouped/ reclassified wherever
 necessary to correspond with the current period''s classifications/
 disclosure.
 
 
Source : Dion Global Solutions Limited
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