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Notes to Accounts of Genus Prime Infra Ltd.

Mar 31, 2015

1. (a) Previous year figures have been reworked, rearranged, regrouped and reclassified, wherever considered necessary.

(b) Figures have been rounded off to the nearest Rupees.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. In compliance of Accounting Standard 22 on 'Taxes on Income’ issued by the Institute of Chartered Accountants of India (ICAI), an amount of Rs NIL has been recognized as Deferred Tax Credit as at 31.03.2015 (Previous Year Rs. NIL Deferred tax Credit).

4. The amount owed to Small Scale Industries outstanding for more than 30 days as at 31st March 2015 and the sum exceeding Rs. 1 lacs in each case was Rs. NIL (Previous Year- Rs. NIL).

5. Contingent Liabilities:

Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs.NIL

6. Related Party Disclosure:

Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI:

(a) Name of related party and nature of related party relationship where control exist:

(i) Holding Company : Genus Paper & Boards Ltd.

(ii) Subsidiary Company : Sansar Infrastructure Private Limited

: Star Vanijya Private Limited

: Sunima Trading Private Limited

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the company :

(i) Joint Ventures etc : Nil

(ii) Key Management Personnel : Amit Agarwal (Whole Time Director)

(iii) Corporate entities over which key management personnel are able to exercise significant influence: Genus Apparels Ltd. & J.C.Textiles Pvt. Ltd.

7. In terms of Accounting Standard (AS-28) on 'Impairment of Asset’ issued by the Institute of Chartered Accountants of India (ICAI), the company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. However, no such asset has been discarded during the year.

9. Financial information of Subsidiary Companies as required by the first proviso to section 129 (3) read with rule 5 of companies (Accounts) rules 2014 of the Companies Act, 2013 for the year ended 31-03-2015 are separately enclosed.

10. It has also no import, expenditure/earning in foreign currency during the year or during the Previous year.


Mar 31, 2014

1. (a) Previous year figures have been reworked, rearranged, regrouped and reclassified, wherever considered necessary. (b) Figures have been rounded off to the nearest Rupees,

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary, Computation of Net Profit in accordance with section 309(5) of the Companies Actr 1956 isnot given, as Company hasnotpaid any commission to any of its Directors.

3. In compliance of Accounting Standard 22 on Taxes on Income1 issued by the Institute of Chartered Accountants of India (ICAI): an amount of Rs NIL has been recognized as DeferredTax Creditas at 31,03.2014 (Previous Year Rs. 0.00 Deferred tax Credit).

4. The amount owed to Small Scale Industries outstanding for more than 30 days as at 31st March 2014 and the sum exceeding Rs, 1 lacs in each case was Rs. NIL (Previous Year- R.s. NIL).

5. Contingent Liabilities:

Estimated amount of contracts remaining to be executed on Capital Account not provided forRs.NIL

(a.) Related Party Disclosure:

Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI;

(a) Name of related party and nature of related party relationship where control exist:

(1) Holding Company : Genus Paper & Boards Ltd.

(ii) Subsidiary Company : Sansar Infrastructure Private Limited : Star Vanijya Private Limited ; Sunima Trading Private Limited

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the company:

(i) Joint Ventures etc : Nil

(ii) Key Management Personnel ; Amit Agarwal (Whole Time Director)

RameshwarPareek (Director) (iii) Corporate entities over which key management personnel arc able to exercise significant influence: Genus Apparels Ltd. & J.C.Textiles Pvt, Ltd.

(c) Transactions with related parties the penod 01-04-2013to31-03-2014:


Mar 31, 2013

1. a. Previous year figures have been reworked, rearranged, regrouped and reclassified, wherever considered necessary.

b. Figures have been rounded off to the nearest Rupees.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Pursuant to the Scheme of Amalgamation/ Merger approved by the Hon''ble High Court, Himachal Pradesh at Shimla vide its order dated 04-03-2005 in the matter of an application made under section 391(2) of the Companies Act 1956, M/s Gulshan Chemcarb Limited (amalgamating company) has been merged with the Company in terms of the provisions of section 391 & 394 of the Companies Act with effect from the appointed date being April 1, 2004. The approved scheme of amalgamation provides that with effect from the appointed date, all asset, properties, rights, claims, interests whatsoever and liabilities, reserves, contracts etc of the above amalgamating company would stand transferred and vested into Gulshan Chemfill Ltd (the transferee company). In terms of the scheme, Gulshan Chemfill Ltd has allotted a total of 78,61,200/- equity shares of Rs. 2/- each fully paid up of the Company to the shareholders of M/s Gulshan Chemcarb Ltd towards the consideration of the above amalgamation. The arrangement being in the nature of amalgamations have been accounted for under the ''pooling of interest'' method as prescribed under the Accounting Standard of ICAI. The accounting policies of the amalgamating company are in consonance with the accounting policies adopted by the transferee company. The Capital Reserves created upon such amalgamation has been recorded in the books of Gulshan Chemfill Ltd.

Computation of Net Profit in accordance with section 309(5) of the Companies Act, 1956 is not given, as Company has not paid any commission to any of its Directors.

4. In compliance of Accounting Standard 22 on ''Taxes on Income'' issued by the Institute of Chartered Accountants of India (ICAI), an amount of Rs. NIL has been recognized as Deferred Tax Credit as at 31.03.2013 (Previous Year Rs. 0.00 Deferred tax Credit).

5. The amount owed to Small Scale Industries outstanding for more than 30 days as at 31st March 2013 and the sum exceeding Rs. 1 lacs in each case was Rs. NIL (Previous Year- Rs. NIL).

6. Contingent Liabilities:

Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs. NIL

7. Related Party Disclosure:

Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI:

(a) Name of related party and nature of related party relationship where control exist:

(i) Holding Company : Genus Paper Products Limited

(ii) Subsidiary Company: Sansar Infrastructure Private Limited Star Vanijya Private Limited Sunima Trading Private Limited

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the Company :

(i) Joint Ventures etc : Nil

(ii) Key Management Personnel :

Mr. Amit Agarwal (Whole Time Director) Mr. Rameshwar Pareek (Chairman)

(iii) Corporate entities over which key management personnel are able to exercise significant influence: Genus Apparels Ltd. & J. C Textiles Pvt. Ltd.

(a) In terms of Accounting Standard (AS-28) on ''Impairment of Asset'' issued by the Institute of Chartered Accountants of India (ICAI), the Company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. However, no such asset has been discarded during the year.

(b) The Additional information as required under 3 & 4 of Part II of Schedule VI of the Companies Act, 1956 are not applicable at present on Company as the Company has no Manufacturing facilities /Installed Capacity for any product and hence not carrying out production, not making sale or Purchase and do not held stocks. It has also no import expenditure/earning in foreign currency during the year or during the, previous year.


Mar 31, 2012

1. a. Previous year figures have been reworked, rearranged, regrouped and reclassified, wherever considered necessary.

b. Figures have been rounded off to the nearest Rupees.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Pursuant to the Scheme of Amalgamation/ Merger approved by the Hon'ble High Court, Himachal Pradesh at Shimla vide its order dated 04-03-2005 in the matter of an application made under section 391(2) of the Companies Act 1956, M/s Gulshan Chemcarb Limited (amalgamating company) has been merged with the Company in terms of the provisions of section 391 & 394 of the Companies Act with effect from the appointed date being April 1, 2004.

The approved scheme of amalgamation provides that with effect from the appointed date, all asset, properties, rights, claims, interests whatsoever and liabilities, reserves, contracts etc of the above amalgamating company would stand transferred and vested into Gulshan Chemfill Ltd (the transferee company). In terms of the scheme, Gulshan Chemfill Ltd has allotted a total of 78,61,200/- equity shares of Rs. 2/- each fully paid up of the Company to the shareholders of M/s Gulshan Chemcarb Ltd towards the consideration of the above amalgamation. The arrangement being in the nature of amalgamations have been accounted for under the ‘pooling of interest' method as prescribed under the Accounting Standard of ICAI. The accounting policies of the amalgamating company are in consonance with the accounting policies adopted by the transferee company. The Capital Reserves created upon such amalgamation has been recorded in the books of Gulshan Chemfill Ltd.

In terms of Accounting Standard, the above Capital Reserve forms part of the Reserves & Surplus of the transferee company.

4. In compliance of Accounting Standard 22 on ‘Taxes on Income' issued by the Institute of Chartered Accountants of India (ICAI), an amount of Rs. NIL has been recognized as Deferred Tax Credit as at 31.03.2012 (Previous Year Rs. 65,885.00 Deferred tax Credit).

5. The amount owed to Small Scale Industries outstanding for more than 30 days as at 31st March 2012 and the sum exceeding Rs. 1 lacs in each case was Rs. NIL (Previous Year- Rs. NIL).

6. Contingent Liabilities:

Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs. NIL

7. Related Party Disclosure:

Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI:

(a) Name of related party and nature of related party relationship where control exist:

(i) Holding Company : Genus Paper Products Limited

(ii) Subsidiary Company : Nil

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the Company :

(i) Joint Ventures etc : Nil

(ii) Key Management Personnel :

- Mr. Amit Agarwal (Whole Time Director)

- Mr. Rameshwar Pareek (Chairman)

(iii) Corporate entities over which key management personnel are able to exercise significant influence:

- Genus Apparels Ltd. & J. C Textiles Pvt. Ltd.

(a) In terms of Accounting Standard (AS-28) on ‘Impairment of Asset' issued by the Institute of Chartered Accountants of India (ICAI), the Company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. However, no such asset has been discarded during the year.

(b) The Additional information as required under 3 & 4 of Part II of Schedule VI of the Companies Act, 1956 are not applicable at present on Company as the Company have no Manufacturing facilities /Installed Capacity for any product and hence not carrying out production, not making sale or Purchase and do not held stocks.

It has also no import, expenditure/earning in foreign currency during the year or during the Previous year.


Mar 31, 2011

1. (a) Previous year figures have been reworked, rearranged, regrouped and reclassified, wherever considered necessary.

(b) Figures have been rounded off to the nearest Rupees.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Pursuant to the Scheme of Amalgamation/ Merger approved by the Hon'ble High Court, Himachal Pradesh at Shimla vide its order dated 04-03-2005 in the matter of an application made under section 391(2) of the Companies Act 1956, M/s Gulshan Chemcarb Limited (amalgamating company) has been merged with the Company in terms of the provisions of section 391 & 394 of the Companies Act with effect from the appointed date being April 1, 2004.

The approved scheme of amalgamation provides that with effect from the appointed date, all asset, properties, rights, claims, interests whatsoever and liabilities, reserves, contracts etc of the above amalgamating company would stand transferred and vested into Gulshan Chemfill Ltd (the transferee company). In terms of the scheme, Gulshan Chemfill Ltd has allotted a total of 78,61,200/- equity shares of Rs. 2/- each fully paid up of the Company to the shareholders of M/s Gulshan Chemcarb Ltd towards the consideration of the above amalgamation. The arrangement being in the nature of amalgamations have been accounted for under the 'pooling of interest' method as prescribed under the Accounting Standard of ICAI. The accounting policies of the amalgamating company are in consonance with the accounting policies adopted by the transferee company. The Capital Reserves created upon such amalgamation has been recorded in the books of Gulshan Chemfill Ltd.

The details of the asset and liabilities and transfer consideration of Gulshan Chemcarb Limited (Transferor Company) and resultant Reserve are as under:

Computation of Net Profit in accordance with section 309(5) of the Companies Act, 1956 is not given, as Company has not paid any commission to any of its Directors.

4. In compliance of Accounting Standard 22 on 'Taxes on Income' issued by the Institute of Chartered Accountants of India (ICAI), an amount of Rs. 65,885 has been recognized as Deferred Tax Credit as at 31.03.2011 (Previous Year Rs. 1,43,264 Deferred tax Credit).

5. Miscellaneous Expenditure to the extent not written off or adjusted Rs. 58,439 (Previous Year Rs. 63,300/-)

6. The amount owed to Small Scale Industries outstanding for more than 30 days as at 31st March 2011 and the sum exceeding Rs. 1 lacs in each case was Rs. NIL (Previous Year- Rs. NIL).

7. Contingent Liabilities:

Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs.NIL

8. Related Party Disclosure:

Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI:

(a) Name of related party and nature of related party relationship where control exist: (i) Holding Company : Genus Paper Products Limited (ii) Subsidiary Company : Nil

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the Company :

(i) Joint Ventures etc : Nil

(ii) Key Management Personnel : Dr. C. K. Jain (Chairman and Promoter Director)

Mr. Rameshwar Pareek (Whole Time Director)

(iii) Corporate entities over which key management personnel are able to exercise significant influence: Gulshan Polyols Ltd., Gulshan Holdings Pvt. Ltd., and Gulshan Specialty Minerals Limited, Gulshan Lamee Pack Pvt. Ltd., Genus Power Infrastructures Limited,

(c) Transactions with related parties for the period 01-04-2010 to 31-03-2011:

(a) In terms of Accounting Standard (AS-28) on 'Impairment of Asset' issued by the Institute of Chartered Accountants of India (ICAI), the Company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. However, no such asset has been discarded during the year.

(b) The Additional information as required under 3 & 4 of Part II of Schedule VI of the Companies Act, 1956 are not applicable at present on Company as the Company has no Manufacturing facilities /Installed Capacity for any product and hence not carrying out production, not making sale or Purchase and do not held stocks.

It has also no import, expenditure/earning in foreign currency during the year or during the Previous year.


Mar 31, 2010

1. (a) Previous year figures have been reworked, rearranged, regrouped and reclassified, wherever considered necessary.

(b) Figures have been rounded off to the nearest Rupees.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Pursuant to the Scheme of Amalgamation/ Merger approved by the Honble High Court, Himachal Pradesh at Shimla vide its order dated 04-03-2005 in the matter of an application made under section 391(2) of the Companies Act 1956, M/s Gulshan Chemcarb Limited (amalgamating company) has been merged with the company in terms of the provisions of section 391 & 394 of the Companies Act with effect from the appointed date being April 1, 2004.

The approved scheme of amalgamation provides that with effect from the appointed date, all assets, properties, rights, claims, interests whatsoever and liabilities, reserves, contracts etc of the above amalgamating company would stand transferred and vested into Gulshan Chemfill Ltd (the transferee company). In terms of the scheme, Gulshan Chemfill Ltd has allotted a total of 78,61,200/- equity shares of Rs. 21- each fully paid up of the Company to the shareholders of M/s Gulshan Chemcarb Ltd towards the consideration of the above amalgamation. The arrangement being in the nature of amalgamations have been accounted for under the pooling of interest method as prescribed under the Accounting Standard of 1CAI. The accounting policies of the amalgamating Company are in consonance with the accounting policies adopted by the transferee Company. The Capital Reserves created upon such amalgamation has been recorded in the books of Gulshan Chemfill Ltd.

The details of the asset and liabilities and transfer consideration of Gulshan Chemcarb Limited (Transfer or Company) and resultant Reserve are as under:

4. The Unsecured Loan in the nature of Inter Corporate Deposits amounting to Rs NIL (Previous Year Rs. 1,64,00,000have been taken during the yearfrom the Companies under the same management. The maximum amount outstanding was Rs 1,64,00,000 (Previous Year Rs. 1,64,00,000/-)

5. In compliance of Accounting Standard 22 on Taxes on Income issued by the Institute of Chartered Accountants of India (ICAI), an amount of Rs 53,78,250 has been recognized as Deferred Tax Assets as at 31.03.2010 (Previous Year Rs. Rs 52,34,986 as Deferred Tax Assets).

6. Miscellaneous Expenditure to the extent not written off or adjusted Rs. 63,300 /- (Previous Year Rs. 68,161/-)

7. The amount owed to Small Scale Industries outstanding for more than 45 days as at 31st March 2009 and the sum exceeding Rs. 1 lacs in each case was Rs. NIL (Previous Year- Rs. NIL).

8. Contingent Liabilities:

Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs.NIL

9. Related Party Disclosure:

Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI:

(a) Name of related party and nature of related party relationship where control exist:

i) Holding Company Nil

ii) Subsidiary Company Nil

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the Company:

i) Joint Ventures etc Nil

ii) Key Management Personnel : *Mr. Rameshwar Pareek, Executive Director

Dr. C.K. Jain (Chairman and Promoter Director)

Mrs. Mridula Jain (Promoter Director)

iii) Corporate entities over which key management personnel are able to exercise significant influence: Gulshan Polyols Ltd., Gulshan Speciality Minerals Private Limited, Gulshan Lamee Pack Pvt. Ltd. and Gulshan Holdings Pvt. Ltd.

* Mr. Rameshwar Pareek has been appointed as a director of the Company w.e.f. 1st June 2009.

(a) In terms of Accounting Standard (AS-28) on Impairment of Asset issued by the Institute of Chartered Accountants of India (ICAI), the company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. However, no such asset has been discarded during the year.

(c) The Additional information as required under 3 & 4 of Part II of Schedule VI of the Companies Act, 1956 are Not Applicable at present on company as the company have no manufacturing facilities / installed capacity for any product and hence not carrying out production, not making Sale or Purchse and do not hold stocks.

It has also no import, expenditure / earning in foreign currency during the year or during the Previous Year.


Mar 31, 2009

1. (a) Previous year figures have been reworked, rearranged, regrouped and reclassified, wherever considered necessary.

(b) Figures have been rounded off to the nearest Rupees.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Pursuant to the Scheme of Amalgamation/ Merger approved by the Honble High Court, Himachal Pradesh at Shimla vide its order dated 04-03-2005 in the matter of an application made under section 391(2) of the Companies Act 1956, M/s Gulshan Chemcarb Limited (amalgamating company) has been merged with the company in terms of the provisions of section 391 & 394 of the Companies Act with effect from the appointed date being April 1, 2004.

The approved scheme of amalgamation provides that with effect from the appointed date, all assets, properties, rights, claims, interests whatsoever and liabilities, reserves, contracts etc of the above amalgamating company would stand transferred and vested into Gulshan Chemfill Ltd (the transferee company). In terms of the scheme, Gulshan Chemfill Ltd has allotted a total of 78,61,200/- equity shares of Rs. 2/- each fully paid up of the Company to the shareholders of M/s Gulshan Chemcarb Ltd towards the consideration of the above amalgamation. The arrangement being in the nature of amalgamations have been accounted for under the pooling of interest method as prescribed under the Accounting Standard of ICAI. The accounting policies of the amalgamating Company are in consonance with the accounting policies adopted by the transferee Company. The Capital Reserves created upon such amalgamation has been recorded in the books of Gulshan Chemfill Ltd.

4. The Unsecured Loan in the nature of Inter Corporate Deposits amounting to Rs NIL (Previous Year Rs. 2,75,41,760 have been taken during the year from the Companies under the same management. The maximum amount outstanding was Rs NIL (Previous Year Rs. 5,76,91,760/-)

5. In compliance of Accounting Standard 22 on Taxes on Income issued by the Institute of Chartered Accountants of India (ICAI), an amount of Rs 58,89,530 has been recognized as Deferred Tax Assets as at 31.03.2009 (Previous Year Rs. 44,286 as Deferred Tax Liability).

6. Miscellaneous Expenditure to the extent not written off or adjusted Rs. 68,161 (Previous Year Rs. 73,031/-)

7. The amount owed to Small Scale Industries outstanding for more than 45 days as at 31st March 2009 and the sum exceeding Rs. 1 lacs in each case was Rs. NIL (Previous Year- Rs. NIL)..

8. Contingent Liabilities:

Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs.NIL

9. Related Party Disclosure:

Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI:

(a) Name of related party and nature of related party relationship where control exist:

(i) Holding Company : Nil

(ii) Subsidiary Company : Nil

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the Company:

(i) Joint Ventures etc : N/7

(ii) Key Management Personnel : *Mr. S.KTiwari, Executive Director

Dr. C.K. Jain (Chairman and Promoter

Director)

Mrs. Mridula Jain (Promoter Director)

(iii) Corporate entities over which key management personnel are able to exercise significant influence: Gulshan Polyols Ltd., Gulshan Speciality Minerals Private Limited, Gulshan Lamee Pack Pvt. Ltd. and Gulshan Holdings Pvt. Ltd.

*Since Mr. S.K. Tiwari has resigned from the directorship of the Company w.e.f. 21st May, 2008.

(a) In terms of Accounting Standard (AS-28) on Impairment of Asset issued by the Institute of Chartered Accountants of India ( ), the company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. However, no such asset has been discarded during the year.

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