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Notes to Accounts of Gujarat Bitumen Ltd.

Mar 31, 2015

1. Commitments and Contingent Liabilities:- NIL

2. Fixed Deposit Under Lien:- NIL

3. Foreign Currency Earning / Expenditure:- NIL

4. Related Party Disclosures:-

a) Transactions with Related Parties as specified under Accounting Standard - 18 issued by the Institute of Chartered Accountant of India-

Enterprises over which Key Managerial NIL Personnel exercises significant influence

Key Managerial Personnel (KMP) on the Board

Mr. Mohan Laxmandas Punjabi Promoter - Managing Director

Mr. Parimal S. Patwa Promoter - Director

Relatives of Key Managerial Personnel

Mrs. Rekha Parimal Patwa Wife of Promoter - Director

Mrs. Richa Mohan Punjabi Wife of Managing Director

Ms. Diya Mohan Punjabi D/o of Managing Director

Master Dhiyan Mohan Punjabi Son of Managing Director

5. Capacity & Production:-

Currently the Company is not engaged in any manufacturing business activities.

Therefore no details can be provided

6. Particulars of Opening Stock, Purchases, Sales & Closing Stock:- NIL

7. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value of realization equivalent to the amount at which they are stated in the Balance Sheet. Adequate provisions have been made in the accounts for all the known liabilities.

8. The balance of Sundry Creditors, Sundry Debtors, and Loans & Advances are unsecured, considered good and reconciled from subsequent transaction and/ or confirmations are obtained.

9. Previous year's figures have been regrouped / reclassified wherever necessary to confirm to current year's classification.

10. As informed to us, there are no contingent liabilities as on Balance Sheet Date.

11. As certified by the Directors all amounts in the Balance Sheet relating to Sundry Debtors, Sundry Creditors, Unsecured Loans, Deposits, Loans and advances are shown at net realizable or net payable as the case may be.

12. As certified by Company that it has received written representation from all the Directors, that Companies in which they are Directors had not defaulted in terms of section 164 (2) of the Companies Act, 2013, and that representation of Directors taken in Board that Director is disqualified from being appointed as Director of the Company.


Mar 31, 2014

1. Commitments and Contingent Liabilities:- NIL

2. Fixed Deposit Under Lien:- NIL

3. Foreign Currency Earning / Expenditure:- NIL

4. Earning Per Share:-

The Company reports basic and diluted earnings per share in accordance with Accounting Standard issued by the Institute of Chartered Accountant of India. Basic earnings per share are computed earnings per share are computed by dividing the net profit for the year by the Weighted Average Number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the net profit for the year by weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares except where results are anti-dilutive. Statement showing the computation of EPS is as under"-

5. Allotment of equity shares on preferential basis:-

During the financial year 2013-14, the Company had allotted 40,00,000 equity shares having face value of Rs. 10/- each to Promoters/ Non Promoters by Preferential Allotment of shares at Rs. 10/- each.

6. Related Party Disclosures:-

a) Transactions with Related Parties as specified under Accounting Standard - 18 issued by the Institute of Chartered Accountant of India-

7. Capacity & Production:-

Currently the Company is not engaged in any manufacturing business activities. Therefore no details can be provided

8. Particulars of Opening Stock, Purchases, Sales & Closing Stock:- NIL

9. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value of realization equivalent to the amount at which they are stated in the Balance Sheet. Adequate provisions have been made in the accounts for all the known liabilities.

10. The balance of Sundry Creditors, Sundry Debtors, and Loans & Advances are unsecured, considered good and reconciled from subsequent transaction and/ or confirmations are obtained.

11. Previous year''s figures have been regrouped / reclassified wherever necessary to confirm to current year''s classification.


Mar 31, 2013

1 Corporate information

Gujarat Bitumen Ltd incorporated on 26/07/1985 under the companies act, 1956 and is engaged in the business of Commission Agency and operates at 2672 Sodagar Ni Pole, Zaveriwad, Relief Road, Ahmedabad - 380001.

1.1 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

1.2 Capital commitment expenses to the extent not provided for Rs. Nil during the year.

1.3 Contingent liability in respect of claims against the company not acknowledged as debts against which the company has counter claims aggregating to Rs. NIL.

1.4 Loans and Advances, Sundry Debtors and Sundry Creditors, Deposits either debit or credit are subject to confirmation from parties and recociliation if any.

1.5 In the opinion of the Board of Directors the current asets, loans and advances are approximately of the value stated if realised in ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary except stated in significant policy 2.7 b.

1.6 Information pursuant to paragraphs 3, 4, 4B, 4C and 4D of part II of the schedule VI is given as under so far as it applies to the company :

The company has no employee in the employment of the company falling within the purview of section 217 ( 2A ) of the Company''s Act, 1956.

1.7 Information pursuant to paragraphs 3, 4, 4B, 4C and 4D of part II of the schedule VI is given as under so far as it applies to the company :

a During the year under review there was no employee in the employment of the Company falling within the purview of Section 217(2A) of the Companies Act, 1956 read with rules thereunder.

b During the year under reference, there is no import of raw material components and spares and capital goods.

1.8 Employee benefit plans

No provision has been made for Gratuity as the actuarial liability is not determined as well as other provision required to be made as AS 15 will be accounted as and when paid.

1.9 Impairment of asset

No provision is made as required by AS 28 as necessary valuation of property is not available and therefore AS 28 is not followed.


Mar 31, 2012

1 Corporate information

Gujarat Bitumen Ltd is a company engaged in the business of Commission Agency and operates at 2672 Sodagar Ni Poleza Veriwad, Relief Road, Ahmedabad - 380001.

1.1 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

1.2 Capital commitment expenses to the extent not provided for Rs. Nil during the year.

1.3 Contingent liability in respect of claims against the company not acknowledged as debts against which the company has counter claims aggregating to Rs. NIL.

1.4 Loans and Advances, Sundry Debtors and Sundry Creditors, Deposits either debit or credit are subject to confirmation from parties and recociliation if any.

1.5 In the opinion of the Board of Directors the current asets, loans and advances are approximately of the value stated if realised in ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary except stated in significant policy 2.7 b.

1.6 Information pursuant to paragraphs 3, 4, 4B, 4C and 4D of part II of the schedule VI is given as under The company has no employee in the employment of the company falling within the purview of section 217 ( 2A ) of the Company''s Act, 1956.

1.7 Information pursuant to paragraphs 3, 4, 4B, 4C and 4D of part II of the schedule VI is given as under so far as it applies to the company :

a During the year under review there was no employee in the employment of the Company falling within the purview of Section 217(2A) of the Companies Act, 1956 read with rules thereunder.

b During the year under reference, there is no import of raw material components and spares and capital goods.

1.8 Employee benefit plans

No provision has been made for Gratuity as the actuarial liability is not determined as well as other provision required to be made as AS 15 will be accounted as and when paid.

1.9 Impairment of asset

No provision is made as required by AS 28 as necessary valuation of property is not available and therefore AS 28 is not followed.


Mar 31, 2011

1 The figures have been rounded off to the nearest rupee. Previous year''s figures are regrouped or rearranged wherever necessary.

2 Capital commitment expenses to the extent not provided for Rs. NIL during the year.

3 Contingent liability in respect of Claims against the company not acknowledged as debts against which the company has counter claims aggregating to Rs. NIL

4 Loans and Advances, Deposits either debit or credit are subject to confirmation from parties and reconciliation if any.

5 In the opinion of the Board of directors the current assets, loans and advances are approximately of the value stated if realised in ordinary course of business and the provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary except as stated in note no. 7 IX - 2.

6 Information pusuant to paragraph 3, 4, 4B, 4C and 4d of part II of the schedule VI is given as under so far as it applies to the company.

a) The company has no employee in the employment of the Company falling within the purview of section 217 ( 2A ) of the Company''s Act, 1956.

7 The company has given advances amounting Rs. 5000000 ( and interest due thereon) The company is neither receiving principal amount nor any interest thereon. These advances have turned doubtful of recovery but no provision made in the accounts for the same. Since the principal amount has not been repaid, interest thereon has not been accounted as per prudent account policy and RBI Guidelines.

8 Director Salary includes Rs. 120000/- paid to Director Smt. Jyoti D Shah ( previous year Rs. NIL), Rs. 96000/- paid to J K Doshi (Previous year Rs. NIL) and Rs. 72000/- paid to Parimal S. Patwa (previous year Rs. 21000) since no commission is payable to him working of net profit as per section 349 of the Companies Act, 1956 is not given.


Mar 31, 2010

1 The figures have been rounded off to the nearest rupee. Previous year''s figures are regrouped or rearranged wherever necessary.

2 Capital commitment expenses to the extent not provided for Rs. NIL during the year.

3 Contingent liability in respect of Claims against the company not acknowledged as debts against which the company has counter claims aggregating to Rs. NIL

4 Loans and Advances, Deposits either debit or credit are subject to confirmation from parties and reconciliation if any.

5 In the opinion of the Board of directors the current assets, loans and advances are approximately of the value stated if realised in ordinary course of business and the provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary except as stated in note no. 7 IX - 2.

6 Information pusuant to paragraph 3, 4, 4B, 4C and 4d of part II of the schedule VI is given as under so far as it applies to the company.

a) The company has no employee in the employment of the Company falling within the purview of section 217 ( 2A ) of the Company''s Act, 1956.

 
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