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Notes to Accounts of Gujarat Foils Ltd.

Mar 31, 2015

1. Related Parties Disclosures

Related parties disclosures, as stipulated by Accounting Standards – 18 Related Party Disclosures', issued by ICAI, are given below:

a) List of Related Parties:

i) Key Management Personnel:

Mr. Abhay Lodha – Chairman

Mr. Prasenjit Dutta – Whole Time Director Mr. Dipesh U. Gosar – Company Secretary Mr. Jagjit Padgaonkar – CFO

ii) Relatives of key Management Personnel

Mr. Ashwin Lodha Mrs. Mona Lodha Mrs. Sheela Lodha

2. These financial statements have been prepared in the format prescribed by the Revised Schedule III to the Companies Act 2013. Previous year's figures have been regrouped/ rearranged accordingly.

3. There are no Micro and Small Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at 31st March, 2015. This information as required to be disclosed under the Micro, small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Amount is rounded off to the nearest rupee.


Mar 31, 2014

A) Corporate Loan from State Bank of India(pending creation) is secured by first pari-passu charge with other Term Lenders on entire Fixed Assets of the Company excluding Wind Mill project, Pharma Division project & Vehicles and extension of second pari-passu charge on the entire Current Asset of the Company.

b) Car loans have been secured by hypothecation of respective cars.

c) Unsecured Loans other than banks are free of Interest.

A. Working Capital Facilities availed by the Company from the Consortium Lenders (excluding Working Capital limits availed from Bank of India for Aluminium Pharma Foil Project) are secured by way of first pari-passu hypothecation charge on all the Stocks, Receivable, Book Debts and other Current Assets of the Company and second pari-passu charge on the entire Fixed Assets (excluding Aluminium Pharma Foil Project and Wind Mill project) of the Company.

B. Working Capital Facilities availed by the Company for its Aluminium Pharma Foil division from Bank of India are secured by way of exclusive hypothecation charge on all the Stocks, Receivable, Book Debts and other Current Assets of the Aluminium Pharma Foil Project of the Company and also secured by mortgage / equitable mortgage on exclusive basis on the Land, Building, Plant & Machinery and other fixed assets of the Company situated on plot no 3440 & 3441 at Chattral Industrial Area of GIDC, Phase IV, Tal: Kalol, Dist. Gandhinagar, Gujarat.

2. Related parties transaction:

(A) Key Management Personnel:

i) Abhay Lodha

ii) Prasenjit Dutta

iii) Kanchan Murarka

iv) Satish Chandra Gupta

v) Surender kumar Tuteja

vi) Viresh Shankar Mathur

vii) Rahul Babulal Chhajad

The company does not have any outstanding dilutive potential equity shares. Consequently, the basic and diluted earnings per share of the company remain the same.

3. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous year''s figures have been regrouped / rearranged accordingly.

4. There are no Micro and Small Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. This information as required to be disclosed under the Micro, small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

5. Amount is rounded off to the nearest rupee.


Mar 31, 2013

1 Related parties transaction:

A. Key Management Personnel :

I) AbhayLodha

ii) Prasenjit P. Datta

2 . These financial statements have been prepared in the format prescribed by the revised scheduleVI to the companies Act 1956.Previous year figures have been regrouped/rearranged accordingly

3. Amount is rounded off to the nearest rupee.


Mar 31, 2012

A. Term loan from State Bank of India and Dena Bank has been secured by first mortgage / equitable mortgage on pari-passu basis on the Land, Building, Plant & Machinery and other fixed asset of the Company situated on plot no 3436 to 3439 and 3442 to 3446 at Chhatral Industrial Area of GIDC, Phase IV, Tal: Kalol, Dist. Gandhinagar, Gujarat and second pari-passu charge on all the Current Assets of the Company (excluding Current Assets relating to Aluminium Pharma Foil Project and Wind Mill).

b. Term loan from Bank of India for Aluminium Pharma Foil Project has been secured by mortgage / equitable mortgage on exclusive basis on the Land, Building, Plant & Machinery and other fixed asset of the Company situated on plot no 3440 to 3441 at Chhatral Industrial Area of GIDC, Phase IV, Tal: Kalol, Dist. Gandhinagar, Gujarat.

c. Term loan from Allahabad Bank for Wind Mill has been secured by mortgage / equitable mortgage on exclusive basis on all the Land, Building, Plant & Machinery and other fixed asset relating to Wind Mill of the Company

d. Car loans have been secured by hypothecation of respective cars.

a. Working Capital availed under the Consortium arrangement (Allahabad Bank, IDBI Bank, State Bank of India, Union Bank of India, Dena Bank and Oriental Bank of Commerce) [excluding Working Capital limits availed from Bank of India for Aluminium Pharma Foil Project] by the Company is secured by way of first pari-passu hypothecation charge on all the Stocks, Receiv- able, Book Debts and other Current Assets of the Company and second pari-passu charge on entire Fixed Assets (excluding that of Aluminium Pharma Foil Project and Wind Mill ) of the Company.

b. Working Capital availed from Bank of India for Aluminium Pharma Foil Project of the Company is secured by way of exclusive hypothecation charge on all the Stocks, Receivable, Book Debts and other Current Assets of the Aluminium Pharma Foil Project of the Company and also secured by mortgage / equitable mortgage on exclusive basis on the Land, Building, Plant & Machinery and other fixed asset of the Company situated on plot no 3440 to 3441 at Chhatral Industrial Area of GIDC, Phase IV, Tal: Kalol, Dist. Gandhinagar, Gujarat.

The liability of gratuity is funded through a scheme administered through policy taken from Life Insurance Corporation of India and provision is made based on actuarial valuation carried out as at Balance sheet date.

1. Related parties transaction:

A. Key Management Personnel:

i) Abhay Lodha

ii) Vijay Chadha

iii) Prasenjit Dutta

2. These financial statements have been prepared in the format prescribed by the revised Schedule VI to the Companies Act 1956. Previous year's figures have been regrouped / rearranged accordingly.

3. Amount is rounded off to the nearest rupee.


Mar 31, 2011

1. The Shareholders Fund includes money received on account of proposal of the promoters/Directors or key management personnel to subscribe the share of the company amounting to Rs. 35,74,00,000 for which shares will be allotted/refunded in due course.

2. a. Term Loan from State Bank of India, Mumbai has been secured by pari-passu charge on the Land, Building, Plant & Machinery & other fixed assets of the company on Plot No. 3436 to 3439 and 3442 to 3446 at Chhatral Industrial Area of GIDC, Phase-IV, Tal: Kalol, Dist. Gandhinagar, Gujarat and second pari-passu charge on all the current assets with other working capital lenders.

b. Term Loan from Dena Bank, Mumbai has been secured by pari-passu charge on the Land, Building, Plant & Machinery & other fixed assets of the company on Plot No. 3436 to 3439 and 3442 to 3446 at Chhatral Industrial Area of GIDC, Phase-IV, Tal: Kalol, Dist. Gandhinagar, Gujarat and second pari- passu charge on all the current assets with other working capital lenders.

c. Wind Mill Term Loan from Allahabad Bank, IFB, New Delhi has been secured by exclusive charge over land ,Plant & Machinery and other fixed assets of the wind mill of the company.

d. Term Loan from Bank of India, Ahmedabad has been secured by exclusive equitable mortgage/ hypothecation charge on fixed assets of Aluminium Pharma Foil Project.

e. Working capital cash credit loan from Allahabad Bank, IFB, New Delhi, has been secured by Hypothecation on first parri passu charge basis of entire stocks, book debts and other current assets of the company ranking pari-passu with other Working Capital Lenders.

f. The loans at (c) and (e) above are further secured by Second charge on Entire fixed assets of the company except wind mill ranking pari-passu with other Working Capital Lenders.

g. Cash Credit from Oriental Bank of Commerce, Mumbai, secured by first parri passu charge by way of hypothecation of Stock of Raw Material, Stock in process, finished goods, Stores & Spares and Receivables on pari-passu with other working capital lenders.

h. Working capital cash credit from state bank of India, Back Bay reclamation Branch, Mumbai has been secured by first charge on pari passu basis on entire current assets of the company with other working capital lenders and second pari passu charge on entire fixed assets of the company with Dena bank, Allahabad Bank, and OBC.

i. Working capital cash credit from Dena Bank, Corporate business branch, Mumbai has been secured by first parri passu charge by way of hypothecation of entire current assets with other working capital lenders and second pari passu charge on entire fixed assets of the company with SBI, Allahabad Bank, and OBC.

j. Working capital cash credit from IDBI Bank, New Delhi has been secured by first parri passu charge by way of hypothecation of entire current assets with other working capital lenders and second pari passu charge on entire fixed assets of the company with Dena Bank, SBI, Allahabad Bank, and OBC.

k. Car loans have been secured by hypothecation of respective cars.

4. Estimated amount of contracts remaining to be executed on capital account Rs. 93.80 Lacs (Previous year Rs. 1312.25 Lacs).

7. Balances of Sundry Debtors and Creditors are subject to confirmation.

8. Amount due to Micro, Small and Medium Enterprises

There are no Micro and Small Scale Business Enterprises, to whom the Company owes, which are outstanding for more than 45 days as at March 31, 2011. This information is as required to be disclosed under the Micro, Small and Medium Enterprises development Act, 2006 has been determined to the extent such parties are identified on the basis of information available with the company. Therefore, the prescribed disclosures for liability of interest on overdue payments are not applicable to the company.

9. (A) Related party transaction:

(a) Key Management Personnel : i) Shri Vimal Kumar Somani

ii) Shri Vijay G. Chadha iii) Presenjit Dutta (w.e.f. 01.03.2011)

12. Fixed Deposits with Banks amounting to Rs.4,43,29,131 have been earmarked against Margin Money for Letters of Credit facility from Banks

13. Employees Retirement benefits :

Provident Fund Contribution by the Company

14. Previous year's figures have been regrouped / rearranged wherever considered necessary.

15. Amount is rounded off to the nearest rupee.

16. The statement of Significant Accounting Policies and the Notes numbered 1 to 15 above form an integral part of the accounts for the year ended 31st March, 2011.


Mar 31, 2010

1. The Company has increased its Authorised Share Capital from Rs.9.00 Crores to Rs. 15.00 Crores for which Board of Directors has passed resolution at their meeting held on 12.03.2010 and the same has been approved by the members at their EGM held on 10.04.2010.

2. The Shareholders Fund includes money received on account of proposal of the promoters/Directors or key management personnels to subscribe the share of the company amounting to Rs. 23,84,00,000 for which shares will be allotted/refunded in due course.

3. a. Term Loan from State Bank of India, Mumbai has been secured by first pari-passu charge on Entire fixed assets i.e. factory building and other fixed assets of Existing and Expansion plant and second pari-passu charge on all the current assets with other working capital lenders.

b. Term Loan from Dena Bank, Mumbai has been secured by first pari-passu charge on Entire fixed assets i.e. factory building and other fixed assets of Existing and Expansion plant and second pari- passu charge on all the current assets with other working capital lenders.

c. Wind Mill Term Loan from Allahabad Bank, IFB, New Delhi has been secured by exclusive charge over land, Plant & Machinery and other fixed assets of the wind mill of the company.

d. Working capital cash credit loan from Allahabad Bank, IFB, New Delhi, has been secured by Hypothecation on first parri passu charge basis of entire stocks, book debts and other current assets of the company ranking pari-passu with other Working Capital Lenders.

e. The loans at (c) and (d) above are further secured by Second charge on Entire fixed assets of the company except wind mill ranking pari-passu with other Working Capital Lenders. In addition to the above, EM of some properties of Smt. Chandan Jain, Smt. Sulochana Jain & Shri Pramod Jain. Guarantees given by the earlier promoter as collateral securities is still continuing pending release from the Banks for which necessary action has been initiated. Shri Pramod Jain, the earlier Promoter has resigned from the Board due to health reason.

f. Cash Credit from Oriental Bank of Commerce, Mumbai, secured by first parri passu charge by way of hypothecation of Stock of Raw Material, Stock in process, finished goods, Stores & Spares and Receivables on pari-passu with other working capital lenders.

g. Working capital cash credit from state bank of India, back bay reclamation Branch, Mumbai has been secured by first charge on pari passu basis on entire current assets of the company with other working capital lenders and second pari passu charge on entire fixed assets of the company with Dena bank, Allahabad Bank and OBC.

h. Working capital cash credit from Dena Bank, Corporate business branch, Mumbai has been secured by first parri passu charge by way of hypothecation of entire current assets with other working capital lenders and second pari passu charge on entire fixed assets of the company with SBI, Allahabad Bank, and OBC.

i. Car loans from HDFC Bank and Kotak Mahindra Prime Ltd. have been secured by hypothecation of respective cars.

4. Balances of Sundry Debtors and Creditors are subject to confirmation.

5. Amount due to Micro, Small and Medium Enterprises

There are no Micro and Small Scale Business Enterprises, to whom the Company owes, which are outstanding for more than 45 days as at March 31, 2010. This information is as required to be disclosed under the Micro, Small and Medium Enterprises development Act, 2006 has been determined to the extent such parties are identified on the basis of information available with the company. Therefore, the prescribed disclosures for liability of interest on overdue payments are not applicable to the company.

6. (A) Related party transaction:

(a) Key Management Personnel : i) Shri Vimal Kumar Somani

ii) Shri Vijay G. Chadha (w.e.f. 12.07.2009)

7. Fixed Deposits with Banks amounting to Rs.2,41,93,455 have been earmarked against Margin Money for Letters of Credit facility from Banks.

8. Employees Retirement benefits :

Provident Fund Contribution by the Company

9. Previous year figures have been regrouped / rearranged wherever considered necessary.

10. Amount is rounded off to the nearest rupees.

11. The statement of Significant Accounting Policies and the Notes numbered 1 to 17 above form an integral part of the accounts for the year ended 31st March, 2010.


Mar 31, 2009

1. a. Car loans from HDFC Bank, ICICI Bank and Kotak Mahindra Prime have been secured by hypothecation of respective cars.

b. Working capital cash credit loan from Allahabad Bank, IFB, New Delhi, has been secured by Hypothecation of entire stocks, book debts and other current assets of the company ranking pari-passu with Oriental Bank of Commerce, Mumbai.

c. Wind Mill Term Loan from Allahabad Bank, IFB, New Delhi has been secured by exclusive charge over land .Plant & Machinery and other fixed assets of the wind mill of the company.

d. The above (b) and (c) are further secured by first charge on fixed assets including land & building, Plant & Machinery of the company except wind mill ranking pari-passu with Oriental Bank of Commerce. In addition to above, EMTD of some properties of Smt. Chandan Jain, Smt. Sulochana Jain & Shri Pramod Jain.

e. Cash Credit from Oriental Bank of Commerce, Mumbai, secured by hypothecation of Stock of Raw Material, Stock in process, finished goods, Stores & Spares of Aluminum rolled products and foils and Receivables on pari-passu with Allahabad Bank, IFB, New Delhi.

f. Term Loan from State Bank of India, Mumbai has been secured by first pari-passu charge on fixed assets i.e. factory building and other fixed assets located in proposed expansion plant and second pari- passu charge on existing fixed assets of the company including wind mill.

2. The company had filed an application under section 62 of the Gujarat Sales Tax Act for determination and the decision in respect of the same is decided in favour of the company. Based on the said decision the company has filed the return with the Sales Tax Authorities and have claimed set off and have duly adjusted the Sales Tax Account. The assessment in respect of the set-off so claimed is pending till date.

3. i. Contingent Liabilities not provided for Rs. Nil (Previous Year Nil)

ii. Contingent Liabilities not provided in respect of Income Tax Matter, for which Income Tax Department has filed an Appeal in the High Court of Gujarat. The amount of liability is unascertainable at this stage.

4. Contracts remaining to be executed on Capital Account not provided for Rs. 3094.25 Lac (Previous Year Nil)

5. Balance of Sundry Debtors, Creditors, Loans & Advances and Current liabilities and Classification under the above heads, in absence of any documentary support, given and accepted as agreed by management, are subject to confirmation.

6. Wherever original supporting bills/vouchers are not available we have relied on the bills/vouchers duly authenticated by the Directors.

7. (a) Dues to small scale Industrial Undertaking is disclosed based on the information available with the company regarding the status of the suppliers as defined under the "Interest on Delayed Payments to small Scale & Ancillary Industrial Act, 1993."

(b) There are no dues to any party over Rs. 1 lac outstanding for more than thirty days.

(c) Interest charged in Profit & Loss Account for delay in payment to Small Scale Industrial Suppliers is Rs. Nil (previous year Rs. Nil).

8. Related party transaction:

A) Key Management Personnel :

i) Shri Abhay N. Lodha

ii) Shri Vimal Kumar Somani

B) Key Management Personnel Remuneration :

Vimal Kumar Somani Rs. 1,35,000/- (Previous Nil)

9. Previous years figures have been regrouped and rearranged wherever considered necessary.

10. Paisa is rounded off to nearest rupees.

11. The statement of Significant Accounting Policies and the Notes numbered 2 to 17 above form an integral part of the accounts for the year ended 31 st March, 2009.

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