| Notes to financial statements for the pe riod ended 31st March 2015
Company Background
Gajra Bevel Gears Limited is a Public Limited Company incorporated
under the Indian Companies Act, 1956. The Company is engaged in
business of manufacturing vast range of gears, Differential and
transmission gears and other products to keep automotive progress on
the move.
1) Claims against which the company 31.03.2015 30.06.2014
not acknowledged
as debt in respect of :
Assessed demand of Commercial Tax Rs.565.61 Rs.565.61
for which the Lacs Lacs
Company has preferred for revision
before the competent
Authority.
Assessment Yr. Demand Rs. in Lacs.
1990-2000 16.64
2001- 2002 27.72
2002- 2003 48.09
2005- 2006 267.81
2006- 2007 205.35
In respect of amount of Interest Amount Amount
liability /penalty on delayed/ unascertainabl unascertainabl
nonpayment/ non and late deduction e e
of statutory dues
2) (i) Contingent liabilities that may arise due to delayed/
non-compliance of certain fiscal statues and claims lodged by the
ex-employees- amounts are unascertainable.
In view of no manufacturing / business activity in the company through
out the years ended on 30.09.2009 to 30.09.2012, the management of the
company is of the opinion "NO WORK NO PAY" and accordingly no provision
has been made in the accounts in respect of Salaries, Wages, Allowances
and benefits to the employees of the Company, which otherwise works out
to as follows:
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