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Moneycontrol.com India | Notes to Account > Castings & Forgings > Notes to Account from Shree Ganesh Forgings - BSE: 532643, NSE: SGFL
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Shree Ganesh Forgings

BSE: 532643|NSE: SGFL|ISIN: INE883G01018|SECTOR: Castings & Forgings
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Oct 14, 16:00
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Shree Ganesh Forgings is not traded in the last 30 days
Mar 13
Notes to Accounts Year End : Mar '14
NOTE 1: COMPANY OVERVIEW
 
 Shree Ganesh Forgings Limited was incorporated on September, 18, 1972.
 The company is involved in manufacturing of steel flanges.  Company was
 a leading company in forging industry for nearly 15 to 20 years .But
 during the last 5 years company is on the decline due to financial
 problems.
 
 2) Secured Loans:
 
 During the period under review, interest accrued on secured loans has
 not been Accounted in the books since interest by the lender banks has
 not been charged in the Account consequent to the amount being declared
 as non-performing assets.
 
 The company is presently under negotiation with the consortium for
 settling the outstanding dues.
 
 3) Contingent Liabilities:
 
 i) Interest on secured loans forthe period under review has not been
 debited by the banks and accordingly, not provided for, amount is not
 ascertainable as of date.
 
 ii) The sales tax department has raised demand on the company which has
 been contested. In the opinion of the management, this amount will not
 be payble,therefore not Provided for.
 
 4) The Income Tax Assessments of the company have been completed upto
 assessment Year ended 31st March, 2007.
 
 5) Sales Tax Assessment has been completed upto the year ended 31st
 March, 2006.
 
 6) The balances of Sundry debtors, Sundry creditors, advances and
 deposits are subject to Reconciliation, con- firmation and acceptance
 from the parties.
Source : Dion Global Solutions Limited
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