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Notes to Accounts of Advance Petrochemicals Ltd.

Mar 31, 2015

A. Assets and Liabilities

1 All debit and credit balances and accounts squared up during the year are subject to confirmation from respective parties.

2 In the opinion of the Board of Directors the current assets, loans & advances are approximately of the value at which these are stated in the Balance Sheet if realized in the ordinary course of business.

3 Adequate provisions have been made for all known liabilities and the provision are not in excess of the amount reasonably necessary.

B. Accounting for Taxes

1 As required by "Accounting Standard 22 - Accounting for Taxes on Income", the company has provided for Deferred Taxes. The tax effect of timing differences originating and reversing during the year has been reflected in the current year's Profit & Loss Ac

C Segment Reporting

The Company has a single business segment namely PETROLEUM PRODUCT. Hence, the company's business does not fall under different business segments as defined by AS - 17 " Segmental Reporting " issued by the ICAI.

D Earning in Foreign Currency Rs. 1,51,14,352/- (Previous Year Rs.1,93,93,780/-).

E C.I.F. value of Imports Rs. NIL (Previous Year: Rs. 21,95,361/-).

F Expenditure in Foreign Currency Rs. 3,48,382/- (Previous Year: Rs. 1,33,205/- ).

G Previous Year figures have been rearranged / regrouped wherever necessary.


Mar 31, 2014

A. Assets and Liabilities

1 All debit and credit balances and accounts squared up during the year are subject to confirmation from respective parties.

2 In the opinion of the Board of Directors the current assets, loans & advances are approximately of the value at which these are stated in the Balance Sheet if realised in the ordinary course of business.

3 Adequate provisions have been made for all known liabilities and the provision are not in excess of the amount reasonably necessary.

4 The computation of net profits for the purpose of calculation of Directors remuneration u/s.349 of the Companies Act, 1956 is not enumerated since no commission has been paid to the Directors as per Schedule XIII to the Companies Act, 1956. However, fixed remuneration paid to director as per Schedule XIII to the Companies Act, 1956 was Rs. 7,98,000 /-. (Previous year Rs. 6,96,000 /-)

B. Accounting for Taxes

1 As required by "Accounting Standard 22 - Accounting for Taxes on Income", the company has provided for Deferred Taxes. The tax effect of timing differences originating and reversing during the year has been reflected in the current year''s Profit & Loss Ac

C Segment Reporting

The Company has a single business segment namely PETROLEUM PRODUCT. Hence, the company''s business does not fall under different business segments as defined by AS - 17 " Segmental Reporting " issued by the ICAI.

D Directors of Company :- Chairman & Managing Director :- Shri Ashokbhai Goenka Director :- Shri Arvindbhai Goenka Whole Time Director :- Shri J. K. Trivedi Director :- Shri Shailesh Singh Rajput Director :- Shri Om Prakash Jalan Director :- Shri Niresh Parikh

E Trasactions with Related Parties

Following transaction were carried out with related parties in the ordinary course of business :

Amount (Rs.)

Director Remunaration 798,000

Salary To Pulkit Goenka 360,000

Interest paid on Unsecured Loan to Advance Multitech Ltd. 42,522

F Earning in Foreign Currency Rs. 1,93,93,780/- (Previous Year Rs. 7,062,992 /-). H C.I.F. value of Imports Rs 21,95,361 /- (Previous Year: Rs. NIL ).

G Expenditure in Forign Currency Rs 1,33,205/- (Previous Year: Rs. NIL ).

H Previous Year figures have been rearranged / regrouped wherever necessary.


Mar 31, 2013

A. Assets and Liabilities

1 All debit and credit balances and accounts squared up during the year are subject to confirmation from respective parties.

2 In the opinion of the Board of Directors the current assets, loans & advances are approximately of the value at which these are stated in the Balance Sheet if realised in the ordinary course of business.

3 Adequate provisions have been made for all known liabilities and the provision are not in excess of the amount reasonably necessary.

4 The computation of net profits for the purpose of calculation of Directors remuneration u/s.349 of the Companies Act, 1956 is not enumerated since no commission has been paid to the Directors as per Schedule XIII to the Companies Act, 1956. However, fixed remuneration paid to director as per Schedule XIII to the Companies Act, 1956 was '' 4,86,202 /-. (Previous year'' 6,06,633 /-)

B Accounting for Taxes

1 As required by "Accounting Standard 22 - Accounting for Taxes on Income", the company has provided for Deferred Taxes. The tax effect of timing differences originating and reversing during the year has been reflected in the current year''s Profit & Loss Ac

C Segment Reporting

The Company has a single business segment namely PETROLEUM PRODUCT. Hence, the company''s business does not fall under different business segments as defined by AS - 17 " Segmental Reporting " issued by the ICAI.

D Directors of Company:-

Chairman & Managing Director :- Shri Ashokbhai Goenka

Director :- Shri Arvindbhai Goenka

Director :- Shri J. K. Trivedi

Director :- Shri Shailesh Singh Rajput

Director :- Shri Om Prakash Jalan

Director :- Shri Niresh Parikh

E Trasactions with Related Parties

Following transaction were carried out with related parties in the ordinary course of business :

F Earning in Foreign Currency Rs. 7,062,992/- (Previous Year Rs. 11,821,040/-). H C.I.F. value of Imports Rs. NIL (Previous Year: Rs. NIL ). I Previous Year figures have been rearranged / regrouped wherever necessary.


Mar 31, 2012

A. Assets and Liabilities

1 All debit and credit balances and accounts squared up during the year are subject to confirmation from respective parties.

2 In the opinion of the Board of Directors the current assets, loans & advances are approximately of the value at which these are stated in the Balance Sheet if realized in the ordinary course of business.

3 Adequate provisions have been made for all known liabilities and the provision are not in excess of the amount reasonably necessary.

4 The computation of net profits for the purpose of calculation of Directors remuneration u/s.349 of the Companies Act, 1956 is not enumerated since no commission has been paid to the Directors as per Schedule XIII to the Companies Act, 1956. However, fixed remuneration paid to director as per Schedule XIII to the Companies Act, 1956 was ' 4,86,202 /-. (Previous year ' 6,06,633 /-)

B. Accounting for Taxes

1 As required by "Accounting Standard 22 - Accounting for Taxes on Income", the company has provided for Deferred Taxes. The tax effect of timing differences originating and reversing during the year has been reflected in the current year's Profit & Loss Ac

C Segment Reporting

The Company has a single business segment namely PETROLEUM PRODUCT. Hence, the company's business does not fall under different business segments as defined by AS - 17 " Segmental Reporting " issued by the ICAI.

D Directors of Company :-

Chairman & Managing Director :- Shri Ashokbhai Goenka

Director :- Shri Arvindbhai Goenka

Director :- Shri J. K. Trivedi

Director :- Shri Shailesh Singh Rajput

Director :- Shri Om Prakash Jalan

Director :- Shri Nirish Parikh

E Transactions with Related Parties

Following transaction were carried out with related parties in the ordinary course of business :

Amount (Rs)

Director Remuneration 486,202

Rent Received from Advance Multitech Ltd. 240,000

Salary To Pulkit Goenka 180,000

Interest paid on Unsecured Loan to Advance Multitech Ltd. 603,172

F Additional information pursuant to the provision of paragraphs 3, 4(c) and 4(d) of Part II of Schedule VI of the Companies Act, 1956 regarding quantitative information in respect of each class of goods is as under :-

Licensed Capacity :

The Company is not required to obtain any license under the Industries Development Regulation Act, therefore, the details of licensed capacity are not applicable.

Opening and Closing Semi-Finished Goods have considered while working out above production. The details of Opening and Closing Stock of Semi Finished Goods are as under:-

G Earning in Foreign Currency Rs.11821040/- (Previous Year Rs. 7,176,746/-).

H C.I.F value of Imports Rs. NIL (Previous Year: Rs. NIL ).

I Previous Year figures have been rearranged / regrouped wherever necessary.


Mar 31, 2010

A. Assets and Liabilities

1 All debit and credit balances and accounts squared upduring the year are subject to confirmation from respective parties.

2 In the opinion of the Board of Directors the current assets, loans & advances are approximately of the value at which these are stated in the Balance Sheet if realised in the ordinary course of business.

3 Adequate provisions have been made for all known liabilities and the provision are not in excess of the amount reasonably necessary.

4 The computation of net profits forthe purpose of calculation of Directors remuneration u/s.349 of the Companies Act, 1956 is not enumerated since no commission has been paid to the Directors as per shedule XIII to the Companies Act, 1956. However, fixed remuneration paid to director as per shedule XIII to the Companies Act, 1956 was Rs.5,76,000 /-.(Previous year Rs. 5,04,000 /-)

B. Accounting for Taxes

1 As required by "Accounting Standard 22 - Accounting for Taxes on Income", the company has provided for Deferred Taxes. The tax effect of timing differences originating and reversing during the year has been reflected in the current years Profit & Loss Account.

 
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