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Notes to Accounts of GP Petroleums Ltd.

Mar 31, 2016

Contingent Liabilities: Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that on outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

Contingent Assets: Contingent Assets are neither recognized nor disclosed in the financial statements.

O. Taxation

1. Income-tax expense comprises current tax and deferred tax charge or credit

2. Provision for current tax is made on the basis of the assessable income at the tax rate applicable to the relevant assessment year.

3. The deferred tax asset and deferred tax liability if calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date.

4. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws are recognized, only if there is a virtual certainty of its realization, supported by convincing evidence.

5. Deferred tax assets on account of other timing differences are recognized only to the extant there is reasonable certainty of its realization.

6. At each Balance Sheet date, the carrying amount of deferred tax assets are reviewed to reassure realization.

7. Minimum Alternative Tax credit (MAT Credit) is recognized as an asset only when and to the extent that there is convincing evidence that the Company will pay normal tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the Company will pay normal income tax during the specific period.

Nature of Security:

A. Working Capital Loans from Banks are secured by pari pasu charge by way of:

i) Hypothecation of:

a) Entire current assets of the company both present and future in favour of the Company''s Bankers for Working Capital facilities;

b) Entire movable and immovable fixed assets of the company both present & future in favour of the Company''s Bankers for Working Capital facilities subject to charge stated at Schedule 3;

ii) Equitable Mortgage on Land together with Factory Premises of the Company at Plot No. 5 to 14, Village Valiv, Taluka Vasai, District Thane.

iii) Equitable Mortgage on office premises at 406/407 and 612 Embassy Centre, Nariman Point, Mumbai - 400021.

B. The charges created as per Para (A) above also extends to the guarantees given by the banks on behalf of the company, aggregating Rs. 44,58,440/- (31st March, 2015 - Rs. 57,14,625/-)

8. As per information available with the Company, none of the creditors have confirmed that they are registered under the Micro, Small and medium enterprises Development Act, 2006.

9. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) '' Rs.NIL (31st March, 2015 - Rs.'' 2,126,793/-)

10. Segment information as per Accounting Standard - 17 on Segment Reporting

Information provided in respect of revenue items for the year ended 31st March, 2016 and in respect of assets / liabilities as at 31st March, 201 6.

11. Acceptances pertain to liability under Secured Letters of Credit / Buyers Credit from Bank (Details of security is given in Note No. 7 and 8)

12. Previous years figures have been regrouped / recast wherever necessary to correspond with the current year''s classification/disclosures.


Mar 31, 2015

1 As per information available with the Company, none of the creditors have confirmed that they are registered under the Micro, Small and medium enterprises Development Act, 2006.

2 Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 2,126,793/- (31st March, 2014 - Rs. 262,500/-)

3 Contingent liabilities not provided for:

2014-15 2013-14

a] Claims against the Company not acknowledged as debts:

Sales Tax 31,961,391 72,176,374

Custom Duty 72,971,261 72,971,261

b] Guarantees given by Banks 5,714,625 5,592,681

37 Related Party Disclosure

[A] Name of the related parties and description of relationship.

Relationship:

[a] Holding Company

Gulf Petrochem Pte Ltd

[b] Key Management Personnel

Dhiraj Sharma Chief Financial Officer

D. Malla Reddy Company Secretary

Rajendra Sah Whole time Director upto July 31,2014

Vivek Sah Whole time Director upto July 31,2014

Aditya Sah Whole time Director upto July 31,2014

Shobha Sah Senior President upto July 31,2014

[c] Other Related party

NAF India Holdings Ltd Investor Company upto July 31,2014

Gulf Petrochem (India) Pvt. Ltd. Fellow Subsidiary

Gulf Petrochem Energy Pvt. Ltd. Fellow Subsidiary

New Horizons Realbuild Pvt. Ltd. Fellow Subsidiary

New Horizons Logiware Pvt. Ltd. Fellow Subsidiary

Olive Roots India Pvt. Ltd. Fellow Subsidiary

Gulf Ispat Limited Fellow Subsidiary

Gulf Petrochem FZC Ultimate Holding Company

Gulf Asphalt Pvt. Ltd. Ultimate Holding Company and Director of Reporting company

( Formerly known as Aspam Petronergy Pvt. Ltd.) exercising more than 20% control

Note:

Related party relationship is as identified by the Company and relied by the Auditors


Mar 31, 2013

1 As per information available with the Company, none of the creditors have confi rmed that they are registered under the Micro, Small and medium enterprises Development Act, 2006.

2 Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 37,500/- (31st March, 2012 - Rs. 2,006,285/-)

3 Contingent liabilities not provided for:

2012-2013 2011-2012 Rs. Rs.

a] Claims against the Company not acknowledged as debts: Sales Tax 72,176,374 129,983,710

b] Guarantees given by Banks 8,773,490 10,173,994

4 Acceptances pertain to liability under Secured Letters of Credit from Bank (Details of security is given in Note No. 6)

5 Previous years fi gures have been regrouped / recast wherever necessary.


Mar 31, 2012

Notes:

Previous year's figures have been regrouped/recast wherever necessary

Reconciliation of the shares outstanding at the beginning and at the end of the year

The details of Shareholders holding more than 5% shares:

# Dividend proposed to be distributed to equity shareholders is Rs. 0.01 (Previous Year Rs. 0.05) per equity share.

Note:

Secured by pari pasu charge by way of:

i) Hypothecation of:

a) Entire current assets both present and future along with Process, Semi Finished Goods, Finished Goods, other working capital lenders

b) Entire fixed assets of the company including land & building, Plant & Machinery, Furniture & Fixtures, etc. of the company both present & future along youth other working capital lenders.

ii) Equitable Mortgage on Factory Premises of the Company at Plot No. 5 to 14, Village Valiv, Taluka Vasai, District Thane.

iii) Equitable Mortgage on office premises at 406/407 and 612 Embassy Centre, Nariman Point, Mumbai-400021.

* Includes Statutory Liabilities, Security Deposit, Payable to Staff and Foreign Currency Payable

# Excise Duty represents the aggregate of excise duty bome by the Company and difference between excise duty on opening and closing stock of finished goods.

1 As per information available with the Company, none of the creditors have confirmed that they are registered under the Micro, Small and medium enterprises Development Act, 2006.

Defined benefit plans as per actuarial valuation on 31st March, 2012

2 Contingent liabilities not provided for:

2011-2012 2010-2011 Rs. Rs.

a] Guarantees given by Banks 10,173,994 2,363,154

b] Estimated amount of contracts / capital commitments 2,006,285 5,887,065

c] Claims against the Company not acknowledged as debts:

(i) Excise matters 9,408,719 9,408,719

(ii) Sales Tax matters 129,983,710 131,079,080

Note:

The above information is certified by actuary.

3 Acceptances pertain to liability under Secured Letters of Credit from Bank (Details of security Is given in Note No. 6)

4 Previous year's figures have been regrouped I recast' wherever necessary.


Mar 31, 2011

1] Contingent liabilities not provided for:

Rs. Rs.

2010-2011 2009-2010

a] Guarantees given by Banks 2,363,154 335,225

b] Estimated amount of contracts / capital commitments 5,887,065 1,601,915

c] Claims against the Company not acknowledged as debts:

(i) Excise matters 9,408,719 9,408,719

(ii) Sales Tax matters 131,079,080 108,965,538

2] Related Party Disclosure .

(a) Name of the related parties and description of relationship.

Related Party: Relationship:

NAF India Holdings Ltd Investor Company - Controlling Interest

Shri Rajendra Sah Whole time Director

ShriVivekSah Whole time Director

Shri Aditya Sah Whole time Director

Smt. Shobha Sah Senior President

(b) Enterprises over which Key management personnel exercise significant influence SahAgrotechs

Note: Related party relationship is as identified by the Company and relied by the Auditors

11] Acceptances pertain to liability under Secured Letters of Credit from Bank.

(Details of security is given in note to Schedule 3)

3] ADDITIONAL INFORMATION AS FAR AS APPLICABLE PURSUANTTO PART II OF SCHEDULE VI OF THE COMAPANIES ACT 1956.

I. Particulars of Capacity:

(i) Licensed Capacity

Not applicable

(ii) Installed Capacity:

Installed capacity for the manufacturing of Industrial Oils and Lubricants - 80,000 KL per annum (approx). Since the company's installed capacity is dependent on Product-mix, whjch in turn is dependent on the basis of actual demand for various products from time to time, it is not feasible for the company to give the exact installed capacity. The company has, however indicated the installed capacity 6n the basis of the normal year's product-mix as certified by the Managing Directors and the same being a technical matter is accepted by the Auditors.

4] Previous years figures have been regrouped / recast wherever necessary.


Mar 31, 2010

1] As per information available with the Company, none of the creditors have confrmed that they are registered under the Micro, Small and medium enterprises Development Act, 2006.

2] Company had raised Rs. 319,800,000/- through Preferential Allotment and the same has been entirely utilised.

3] Contingent liabilities not provided for :

2009-2010 2008-2009

Rs. Rs.

a] Guarantees given by Banks 335,225 2,911,975

b] Estimated amount of contracts / capital commitments 16,01,915 425,400

c] Claims against the Company not acknowledged as debts:

(i) Excise matters 9,408,719 9,408,719

(ii) Sales Tax matters 108,965,538 677,215

(iii) Others - 158,875



4] Related Party Disclosure

(a) Name of the related parties and description of relationship.

Related Party: Relationship:

NAF India Holdings Ltd Investor Company - Controlling Interest

Shri Rajendra Sah Whole time Director

Shri Vivek Sah Whole time Director

Shri Aditya Sah Whole time Director

Smt. Shobha Sah Senior President



(b) Enterprises over which Key management personnel exercise signifcant infuence

Sah Exports

Sah Marketing Company

Sah Agrotechs

Note: Related party relationship is as identifed by the Company and relied by the Auditors

Note: The above information is certifed by actuary.

5] Acceptances pertain to liability under Secured Letters of Credit from Bank.

(Details of security is given in note to Schedule

3) 12] ADDITIONAL INFORMATION AS FAR AS APPLICABLE PURSUANT TO PART II OF SCHEDULE VI OF THE COMAPANIES ACT 1956. I. Particulars of Capacity:

(i) Licensed Capacity Not applicable

(ii) Installed Capacity:

Installed capacity for the manufacturing of Industrial Oils and Lubricants - 80,000 KL per annum (approx). Since the companies installed capacity is dependent on Product-mix, which in turn is dependent on the basis of actual demand for various products from time to time, it is not feasible for the company to give the exact installed capacity. The company has, however indicated the installed capacity on the basis of the normal years product-mix as certifed by the Managing Directors and the same being a technical matter is accepted by the Auditors.

6] Previous years fgures have been regrouped / recast wherever necessary.