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(iii) The overdue amounts to Small Scale and/or Ancillary Industrial suppliers on account of principal and/or interest as at the
close of the year : Rs. 37,71,171 (Previous Year Rs. 1,79,691)
(iv) The above disclosure is based on the information/documents available with the Company, and this has been relied upon by
the Auditors
21) (a) Pursuant to the Accounting Standard 22 relating to "Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India, made mandatory w.e.f. 1st April, 2001, the Company has recognised net deferred tax liability of
As. 1,32,45,373 for the year and charged to Profit & Loss Account. As a matter of prudence, the Company has not recognised the
net deferred tax asset of Rs.62,99,38,336 upto 31st March, 2001.
(b) The breakup of the deferred tax assets (net) as on 31st March, 2002 is as follows :-
Timing difference on account of :-
CURRENT
PREVIOUS
YEAR
YEAR
Rupees
Rupees
Deferred Tax Assets:
Unabsorbed losses and depreciation of earlier years
18,84,95,631
16,78,61,508
Expenses allowable U/s. 43B of Income Tax Act, 1961.
43,33,27,596
47,05,80,766
62,18,23,227
63,84,42,274
Deferred Tax Liabilities:
Depreciation
36,05,608
74,28,256
Deferred revenue expenditure
5.24,656
10,75,682
51,30,264
85,03,938
Net Deferred Tax Assets
61,66,92,963
62,99,38,336
22)
Segment Reporting
(a) Business Segment :
The Company is mainly engaged in the business of Cigarettes and Processed Tobacco and hence, there is no separate reportable
segment as per the Accounting Standard - 17 on "Segment Reporting" issued by the Institute of Chartered Accountants of India.
b) Geographical Segment :
1) Revenue :
Particulars
Amount in Rs.
Domestic
3,21,06,93,528
Export
37,44,02,902
Total
3,58,50,96,430
ii) Fixed Assets :
All the fixed assets (including additions during the year) are located in India.
23) Related Party Disclosures :
Related party disclosures as required by AS - 18 "Related Party Disclosures" are given below (Related Parties are as identified by
the Company and relied upon by the Auditors):
A. List of related parties :
1. Parties where Control Exists - Subsidiary Companies :
GTC Global Limited
GTC Investment & Finance Limited
Olive Investment & Finance Limited
Rajnigandha Investment & Finance Limited
Panama Investment & Finance Limited
Golden Investment (Sikkim) Private Limited.
. Other Parties with whom the Company has entered into transactions during the year :
() Key Management Personnel
Mr. J. P. Khetan
Managing Director
Mr. Vinoy Mehra
18138/10 8WIL BIOUM
Mr. N. V. Joshi
whole Time Director
34
Source: https://www.industrydocuments.ucsf.edu/docs/trgjQ223_

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