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Notes to Accounts of Gemmia Oiltech (India) Ltd.

Mar 31, 2014

1. Accounting Period

The period of accounts under review is from April 1, 2013 to March 31, 2014 for Gemmia Oiltech (India) Limited.

2. Employee Benefits

The payment of gratuity and leave encashment is recognized on actuarial valuation as at the end of the reporting period.

3. Earning per share

The Company has incurred loss of Rs. 1,52,99,044/- and hence, EPS is not determined.

4. Remuneration to Managing Director

During the year company has not paid any remuneration to the directors

5. Contingent Liability

The Company has entered into One Time Settlement (OTS) arrangement with four of its bankers. There are delays in the payment of installments as envisaged in these OTS arrangements. In case, the bankers annul the OTS arrangements citing non compliance with the OTS terms, the liability of the company may go up which at present is not quantifiable.

6. Managerial Assertions

No amount is due to Small Scale Ancillary Industrial Undertakings. Debit and Credit balances are subject to confirmation or reconciliation. Expenditure incurred on employees in receipt of remuneration of not less than Rs. 24 lakhs per annum, where employed throughout the period or not less than Rs. 2 lakh per month, where employed for a part of the period is NIL.

7. Additional Information pursuant to Part II of Schedule VI of the Companies Act, 1956:

The company had not undertaken any trading in tangible goods in this year. Hence, providing quantitative particulars does not arise.

8. Rounding off Figures have been rounded off to the nearest rupee.

9. Regrouping

Previous year figures have been regrouped / reclassified wherever necessary.


Mar 31, 2013

1.1 Accounting Period

The period of accounts under review is from April 1, 2012 to March 31, 2013 for Gemmia Oiltech (India) Limited and its Subsidiaries.

1.2 Capital Reserve

Consequent to OTS from during the year, a sum of Rs. 262.50 Lacs principal due is being transferred to capital reserve from other current liabilities, and waiver in interest on loans of Rs.62.99 Lacs has credited as other income in Profit and Loss account.

1.3 Employee Benefits

The payment of gratuity and leave encashment is recognized on actuarial valuation as at the end of the reporting period.

1.4 Remuneration to Managing Director

During the year company has not paid any remuneration to the directors.

1.5 Contingent Liability

The Company has entered into One Time Settlement (OTS) arrangement with three of its bankers. There are delays in the payment of installments as envisaged in these OTS arrangements. In case, the bankers annul the OTS arrangements citing non compliance with the OTS terms, the liability of the company may go up which at present is not quantifiable.

1.6 Managerial Assertions

No amount is due to Small Scale Ancillary Industrial Undertakings. Debit and Credit balances are subject to confirmation or reconciliation. Expenditure incurred on employees in receipt of remuneration of not less than Rs. 24 lakhs per annum, where employed throughout the period or not less than Rs. 2 lakh per month, where employed for a part of the period is NIL.

1.7 Additional Information pursuant to Part II of Schedule VI of the Companies Act, 1956:

The company had not undertaken any trading in tangible goods in this year. Hence, providing quantitative particulars does not arise.

1.8 Rounding off

Figures have been rounded off to the nearest rupee.

1.9 Regrouping

Previous year figures have been regrouped / reclassified wherever necessary.


Mar 31, 2011

1. Accounting Period

The period of accounts under review is from April 1. 2010 to March 31. 2011 for Ram Kaashyap Investment Limited and its Subsidiaries from April 1. 2010 to March 31. 2011.

2. Employee Benefits

The payment of gratuity and leave encashment are recognized based on actuarial valuation as on 31.03.2011

3. Investments

Long Term Investments are stated at cost. There had been no diminution in the value of long term investments.

4. Loans

Secured Loans are represented by hire purchase dues against hypothecation of specific assets of the company.

5. Related Parties

As per the Accounting standards (AS 18)"Related Party Disclosure" as referred to in Accounting standard rules. the disclosure of transactions with the related parties as defined therein are given below:

6. Impairment of Assets

An asset is impaired when the carrying amount of assets exceeds its recoverable amount. The company has reviewed the carrying amount of assets at each Balance sheet date and found that there is no indication for impairment of assets.

The maximum permissible remuneration as per Section 198 of the Companies Act shall not exceed 11% of Net profits calculated under Section 349 and 350 of the Companies Act. The maximum permissible remuneration as per the available profits calculated above is Rs.11.07.478/-. Managerial Remuneration charged Rs.9.00.000/- during the year.

7. Disclosures under Listing Agreement

As required by the amendment to Clause 32 of the listing agreement vide SEBI circular no. 2 / 2003 of 10thJanuary. 2003. the following disclosure has been made.

Loans and advances:

i) Loan to Subsidiaries:

Refer Point 5 of Notes to Accounts

ii) Loan to Associates : NIL

iii) Non-charging of Interest: Nil

iv) Loan to Firms / Companies in which directors are interested:

Refer Point 5 of Notes to Accounts

v) Investments by the Loan in the shares of the Company as on March 31. 2011: Nil

8. Contingent Liability

The Company has entered into One Time Settlement (OTS) arrangement with three of its banker. There are delays in the payment of instalments as envisaged in these OTS arrangements. In case. the bankers annul the OTS arrangements citing non compliance with the OTS terms. the liability of the company may go up which at present is not quantifiable.

9. Managerial Assertions

I. No amount is due to Small Scale Ancillary Industrial Undertakings.

II. Debit and Credit balances are subject to confirmation or reconciliation.

III. Expenditure incurred on employees in receipt of remuneration of not less than Rs.24 lakhs per annum. where employed throughout the period or not less than Rs.2 lakhs per month. where employed for a part of the period is NIL.

10. Additional Information pursuant to Part II of Schedule VI of the Companies Act. 1956:

The company had not undertaken any trading in tangible goods in this year. Hence. providing quantitative particulars does not arise.

11. Figures have been rounded off to the nearest rupee.


Mar 31, 2010

1. Accounting Period

The period of accounts under review is from April 1, 2009 to March 31, 2010 for Ram Kaashyap Investment Limited and its Subsidiaries from January 1, 2010 to March 31, 2010.

2. Acquisition of shares

The company has acquired 100% shares in Pix Aalaya Studios Pvt Ltd for a consideration of Rs. 1,65,00,000/- by allotment of 11,00,000 equity shares of the company at Re. 10/- with a Premium of Rs. 5/- each to the shareholders of Pix Aalaya Studios Pvt Ltd.

Also, the company has acquired 100% shares in Tamil Box Office (India) Pvt Ltd for a consideration of Rs. 1,95,00,000/- which is settled by allotment of 13,00,000 equity shares of the company at Re. 10/- with a Premium of Rs. 5/- each to the shareholders of Tamil Box Office (India) Pvt Ltd.

3. Share Capital

During the year, the company re-classified its authorised shares and increased its authorised share capital from Rs. 25.00.00.000/- to Rs. 50,00,00,000/- During the year, the Company raised fresh equity capital of Rs. 3,00,00,000/- by way of

(i) Issue of 24,00,000 equity shares under preferential allotment as referred in Point (2) for Rs. 10/- each with a premium of Rs. 5/- each.

(ii) Issue of 6,00,000 equity shares under preferential allotment for Rs. 10/- each with a premium of Rs. 5/- each.

4. Employee Benefits

The payment of gratuity and leave encashment are recognized based on actuarial valuation as on 31.03.2010

5. Investments

Long Term Investments are stated at cost. There had been no diminution in the value of long term investments.

6. Loans

i) The Company had borrowed an amount of Rs. 2,00,00,000/- from Bank of Baroda. Due to financial crisis, the company was not able to fulfill its commitments. Therefore, the company entered into a One Time Settlement with the Bank of Baroda in September 2009 and the same was accepted by the bank. Based on bank acceptance on 24th September 2009, the company has written off Rs. 1,25,00,000/- towards principal and Rs. 35,99,863/- towards interest. The write back of Rs. 1,25,00,000/- towards principal is treated as capital reserve.

ii) The Company had borrowed an amount of Rs. 1,60,00,000/- from State Bank of Hyderabad. Due to financial crisis, the company was not able to fulfill its commitments. Therefore, the company entered into a One Time Settlement with the State Bank of Hyderabad in December 2009 and the same was accepted by the bank. Based on bank acceptance on 30th December 2009, the company has written off Rs. 1,20,00,000/- towards principal and Rs. 28,79,890/- towards interest. The write back of Rs. 1,20,00,000/- towards principal is treated as capital reserve.

iii) Secured Loans are represented by hire purchase dues against hypothecation of specific assets of the company.

7. Impairment of Assets

An asset is impaired when the carrying amount of assets exceeds its recoverable amount. The company has reviewed the carrying amount of assets at each Balance sheet date and found that there is no indication for impairment of assets.

8. Disclosures under Listing Agreement

As required by the amendment to Clause 32 of the listing agreement vide SEBI circular no. 2 / 2003 of 10thJanuary, 2003, the following disclosure has been made.

Loans and advances:

i) Loan to Subsidiaries: Nil

ii) Loan to Associates : NIL

iii) Non-charging of interest: Nil

iv) Loan to Firms / Companies in which directors are interested: Refer Point 7 of Notes to Accounts

v) Investments by the Loanee in the shares of the Company as on 31st March 2010 : Nil

9. Contingent Liability

The Company has entered into One Time Settlement (OTS) arrangement with three of its bankers. There are delays in the payment of installments as envisaged in these OTS arrangements. In case, the bankers annul the OTS arrangements citing non compliance with the OTS terms, the liability of the company may go up which at present is not quantifiable.

10. Managerial Assertions

I. No amount is due to Small Scale Ancillary Industrial Undertakings.

II. Debit and Credit balances are subject to confirmation or reconciliation.

III. Expenditure incurred on employees in receipt of remuneration of not less than Rs. 24 lakhs per annum, where employed throughout the period or not less than Rs. 2 lakh per month, where employed for a part of the period is NIL.

11. Additional Information pursuant to Part II of Schedule VI of the Companies Act, 1956:

The company had not undertaken any trading in tangible goods in this year. Hence, providing quantitative particulars does not arise.

12. Figures have been rounded off to the nearest rupee.

13. Previous year figures have been regrouped / reclassified wherever necessary.


Mar 31, 2009

1. Accounting Period

The period of accounts under review is for 12 months.

2. Share Capital

During the year, the Company raised fresh equity capital of Rs. 39,00,000/- by issue of 3,90,000 equity shares of Rs.10/- each on a preferential basis.

3. Inventories

The Company does not carry any inventory as on the balance sheet date.

4. Employee Benefits

Payment of Gratuity has not arisen and therefore not recognized in the account.

5. Loans

i) Secured Loans include a sum of Rs. 9,77,79,461/- (Rs. 9,77,79,461/- as in the previous year) under hire purchase dues against hypothecation of specific assets of the company.

6. Disclosures under Listing Agreement

As required by the amendment to Clause 32 of the listing agreement vide SEBI circular no. 2 / 2003 of lO^January, 2003, the following disclosure has been made:

Loans and advances

Loan to Subsidiaries : NIL

Loan to Associates : NIL

Non-charging of interest : NIL

Loan to Firms / Companies in which

Directors are interested : Refer Point 7 of Notes to Accounts

Investments by the Loanee in the

shares of the Company as on

31st March 2009 : NIL

7. Provision for Taxation including Fringe Benefit Tax: Rs. 99,373/-.

8. No Remuneration or sitting Fees has been paid to any Directors.

9. Figures have been rounded off to the nearest rupee.

10. Previous year figures have been regrouped / reclassified wherever necessary.

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