1 SHARE CAPITAL
The Share Capital of the company comprises of Equity Share Capital only, the details of which is as follows..
Indian Rupee Term Loans from Banks are secured by:
I. Primary Security:
a) Term Loans: First charge on entire current assets of the company (both present & future).
II. Collateral Security:
a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of the company.
b) Factory Land & Building, at Plot no.1, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of the company.
c) Residential Flat situated at Siddhi-6, At.Ishwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot, in the name of the company.
2 DEFERRED TAX ASSETS / LIABILITIES
Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act,1961.Deferred tax resulting from “timing differences” between taxable and accounting income is accounted for using the tax rate and laws that are enacted or substantively enacted as on the balance sheet date.The deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.
In compliance with Accounting Standard - 22 (AS - 22) on “Accounting for Taxes on Income” issued by the Institute of Chartered Accountants of India, Net Deferred Tax Assets of Rs.4,38,711/- is recognised during the year.
I. Primary Security:
a) Cash Credit / Export Limits / LC / BG / LER: First hypothecation charge on entire current assets of the company (both present & future).
II. Collateral Security: As mentioned in Note No.3 above
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