Home  »  Company  »  Gujarat Natural Res  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Gujarat Natural Resources Ltd.

Mar 31, 2015

1. Contingent liabilities not provided for :

Demand of Rs. 7,77,730/- for the accounting year 2011-12 raised by Income Tax Authorities, which is disputed by the Company.

2. Estimated amount of contracts remaining to be executed on capital account and not provided for in the Accounts (net of advances) NIL

3. Sundry debtors over six months included Rs. 739.71 lacs non-performing in nature. In the opinion of the Directors, they are good and recoverable. The Directors are hopeful of getting recoveries in the next year as present market conditions are not favourable. However in the opinion of the Auditor, it shall be prudent to identify the same as doubtful of recovery requiring adequate provision. It has been explained that the management of the company is pursuing recoveries and actual losses, if any, shall be adjusted as and when arises.

4 In opinion of the management of the company, all loans, advances and deposits are recoverable in nature for which no provision is required. However in the opinion of the Auditor, it shall be prudent to make sufficient provision for such non performing assets amounting to Rs. 206.17 lacs which are outstanding since long.

5. During the year the company has granted loan of Rs. 5116.29 lacs to the related parties and Rs. 1269.93 lacs to other parties without charging any interest as required under the provision of Section 186 of the Companies Act, 2013. In absence of rate of interest, the amount of the income foregone on such advances could not be quantified in this regard.

6. In the opinion of the Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for all known and determined liabilities (except wherever otherwise stated)are adequate and not in excess of the amount reasonably necessary.

7. Balances under Sundry Debtors, Sundry Creditors, Loans & Advances are subject to confirmation and reconciliation with the respective parties/ concerns. Necessary adjustment if any, thereon having an importance of revenue nature, will be made in the year of such confirmation / reconciliation.

8. Segment Reporting:

The Company predominantly operates in a single segment namely "Oil & Gas" and is primary basis for segment information which as per Accounting Standards 17 is considered as the only reportable business segment.

9. Earning per share (EPS) :

The earnings considered in ascertaining the Company's EPS comprises of the net profit after tax (and includes the post tax effect of any extra ordinary item).

10. Earning & Expenditure in Foreign Exchange : NIL

11. The Company has not received any information from 'Suppliers' regarding their status under the Micro, Small and Medium Enterprise Development Act, 2006 and hence disclosure requirements in this regard could not be provided.

12. Previous year figures have been regrouped and/or rearranged whenever necessary.


Mar 31, 2014

1. Estimated amount of contracts remaining to be executed on capital account and not provided for in the Accounts (net of advances) NIL

2. Sundry debtors over six months included Rs. 739.75 lacs non-performing in nature. In the opinion of the Directors, they are good and recoverable. The Directors are hopeful of getting recoveries in the next year as present market conditions are not favourable. However in the opinion of the Auditor, it shall be prudent to identify the same as doubtful of recovery requiring adequate provision. It has been explained that the management of the company is pursuing recoveries and actual losses, if any, shall be adjusted as and when arises.

3 In opinion of the management of the company, all loans, advances and deposits are recoverable in nature for which no provision is required. However in the opinion of the Auditor, it shall be prudent to make sufficient provision for such non performing assets amounting to Rs. 206.17 lacs which are outstanding since long.

4. Particulars of Managerial Remuneration :

As fixed monthly remuneration has been paid to the Directors'' as per Schedule XIII of the Companies Act, 1956, the company has not computed net profit for the purpose of Managerial remuneration under section 349 of the Companies Act, 1956.

Managerial Remuneration paid to Managing Director is Rs. 6,00,000 /- included in salaries & wages.

c) Investments by the loanee in the shares of the parent Company and subsidiary company when the Company has made a loan or advance in the nature of loan – NIL

5. In the opinion of the Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for all known and determined liabilities (except wherever otherwise stated)are adequate and not in excess of the amount reasonably necessary.

6. Balances under Sundry Debtors, Sundry Creditors, Loans & Advances are subject to confirmation and reconciliation with the respective parties/ concerns. Necessary adjustment if any, thereon having an importance of revenue nature, will be made in the year of such confirmation / reconciliation.

7. Segment Reporting:

The Company predominantly operates in a single segment namely "Oil & Gas" and is primary basis for segment information which as per Accounting Standards 17 is considered as the only reportable business segment.

8. Earning per share (EPS) :

The earnings considered in ascertaining the Company''s EPS comprises of the net profit after tax (and includes the post tax effect of any extra ordinary item). The number of shares used in computing Basis EPS is the weighted average number of shares outstanding during the year.

9. Related parties disclosure :

Related parties disclosure in accordance with Accounting Standard 18 issued by Institute of Chartered Accountants of India :

Directors of the Company : Associates Companies, Firms:

1. Ashok C. Shah 1 Lesha Industries Ltd.

2. Shalin A. Shah 2 Shree Ghantakarna Rolling Mills P.Ltd

3. Hariyant C. Shelat 3.SRPL Developers Pvt. Ltd.

4. Ilesh Shah 4.Lesha Agro Food Pvt. Ltd.

5. Malav Mehta Relative of Directors:

6. Pravinbhai Trivedi 1.Leena A. Shah

Subsidiary Company :

1. Sigma Oil & Gas Pvt. Ltd.

2. Gorlas Corporate Holding Ltd

3. GNRL Oil & Gas Ltd. (Formerly known as Heramec Ltd.)

4. Heramec Oil & Gas (Singapore) Pte Ltd

5. Alkor Petro Overseas Ltd

Related party relationship is as identified by the management and relied upon by the auditors.

10. Earning & Expenditure in Foreign Exchange : NIL

11. The Company has not received any information from ''Suppliers'' regarding their status under the Micro, Small and Medium Enterprise Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 could not be provided.

12. Previous year figures have been regrouped and/or rearranged whenever necessary.


Mar 31, 2013

1. Estimated amount of contracts remaining to be executed on capital account and not provided for in the Accounts (net of advances) NIL

2. Sundry debtors over six months included Rs. 519.71 lacs non-performing in nature. In the opinion of the Directors, they are good and recoverable. The Directors are hopeful of getting recoveries in the next year as present market conditions are not favourable. However in the opinion of the Auditors, it shall be prudent to identify the same as doubtful of recovery requiring adequate provision. It has been explained that the management of the company is pursuing recoveries and actual losses, if any, shall be adjusted as and when arises.

3 In opinion of the management of the company, all loans, advances and deposits are recoverable in nature for which no provision is required. However in the opinion of the Auditors, it shall be prudent to make sufficient provision for such non performing assets amounting to Rs. 168.65 lacs which are outstanding since long.

4. Particulars of Managerial Remuneration :

As fixed monthly remuneration has been paid to the Directors'' as per Schedule XIII of the Companies Act, 1956, the company has not computed net profit for the purpose of Managerial remuneration under section 349 of the Companies Act, 1956.

Managerial Remuneration paid to Managing Director is Rs. 6,00,000/- included in salaries & wages.

5. In the opinion of the Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for all known and determined liabilities (except wherever otherwise stated)are adequate and not in excess of the amount reasonably necessary.

6. Balances under Sundry Debtors, Sundry Creditors, Loans & Advances are subject to confirmation and reconciliation with the respective parties/ concerns. Necessary adjustment if any, thereon having an importance of revenue nature, will be made in the year of such confirmation / reconciliation.

7. Segment Reporting:

The Company predominantly operates in a single segment namely "Oil & Gas" and is primary basis for segment information which as per Accounting Standards 17 is considered as the only reportable business segment.

8. Earning per share (EPS) :

The earnings considered in ascertaining the Company''s EPS comprises of the net profit after tax (and includes the post tax effect of any extra ordinary item). The number of shares used in computing Basis EPS is the weighted average number of shares outstanding during the year.

9. Earning & Expenditure in Foreign Exchange : NIL

10. The Company has not received any information from ''Suppliers'' regarding their status under the Micro, Smalt and Medium Enterprise Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 could not be provided.

11. Previous year figures have been regrouped and/or rearranged whenever necessary.


Mar 31, 2012

1. There is no movement of the shares outstanding at the beginning and at the end of the reporting period.

2. The company has issued only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

3. Company has not alloted any bonus shares, Shares without consideration in cash and/or bought back any equity shares during the priod of five years immediately preceeding the Balance sheet date.

4. Estimated amount of contracts remaining to be executed on capital account and not provided for in the Accounts (net of advances) NIL

5. Sundry debtors over six months included Rs. 519.71 lacs non-performing in nature. In the opinion of the Directors, they are good and recoverable. The Directors are hopeful of getting recoveries in the next year as present market conditions are not favourable. However in the opinion of the Auditors, it shall be prudent to identify the same as doubtful of recovery requiring adequate provision. It has been explained that the management of the company is pursuing recoveries and actual losses, if any, shall be adjusted as and when arises.

6 In opinion of the management of the company, all loans, advances and deposits are recoverable in nature for which no provision is required. However in the opinion of the Auditors, it shall be prudent to make sufficient provision for such non performing assets amounting to Rs. 138.65 lacs which are outstanding since long.

7. Particulars of Managerial Remuneration :

As fixed monthly remuneration has been paid to the Directors' as per Schedule XIII of the Companies Act, 1956, the company has not computed net profit for the purpose of Managerial remuneration under section 349 of the Companies Act, 1956.

Managerial Remuneration paid to Managing Director is Rs. 6,00,000 /- included in salaries & wages.

8. In the opinion of the Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for all known and determined liabilities (except wherever otherwise stated)are adequate and not in excess of the amount reasonably necessary.

9. Balances under Sundry Debtors, Sundry Creditors, Loans & Advances are subject to confirmation and reconciliation with the respective parties/ concerns. Necessary adjustment if any, thereon having an importance of revenue nature, will be made in the year of such confirmation / reconciliation.

10. Segment Reporting:

The Company predominantly operates in a single segment namely "Oil & Gas" and is primary basis for segment information which as per Accounting Standards 17 is considered as the only reportable business segment.

11. Earning & Expenditure in Foreign Exchange : NIL

12. The Company has not received any information from 'Suppliers' regarding their status under the Micro, Small and Medium Enterprise Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 could not be provided.

13. Previous year comparatives:

Till the year ended 31st March, 2011, the Company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31st March, 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company. The Company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on capital account and not provided for in the Accounts (net of advances) NIL.

2.Sundry debtors over six months included Rs.260.46 lacs non-performing in nature. In the opinion of the Directors, they are good and recoverable. The Directors are hopeful of getting recoveries in the next year as the market conditions are not favorable. However in the opinion of the Auditors, it shall be prudent to identify the same as doubtful of recovery requiring adequate provision. It has been explained that the management of the company is pursuing recoveries and actual losses. If has been explained that the management of the company is pursuing recoveries and actual losses, if any, shall be adjusted as and when arises.

3. In opinion of the management of the company, all loans, advances and deposits are recoverable in nature for which no provision is required. However in the opinion of the Auditors, If shall be prudent to make sufficient provision for such non performing assets amounting to Rs.136.65 lacs which are outstanding since long.

4. Particulars of Managerial Remuneration:

As fixed monthly remuneration has been paid to the Directors as per Schedule XIII of the Companies Act. 1956,the computed net profit for the purpose of Managerial remuneration under section 349 of the Companies Act,1956.

Managerial Remuneration paid to Managing Director is Rs.6,00,000/- included in salaries & wages.

5. Amount Paid/Payable to Auditors:

6. Disclosure made in terms of Clause 32 of the Listing Agreement with Stock Exchanges:

7. In the opinion of the Directors, the currents assets, loans and advance are approximately of the value stated, if realized in the ordinary course of business and provision for all known and determined liabilities (except wherever otherwise stated) are adequate and not in excess of the amount reasonably necessary.

8. Balances under Sundry Debtors, Sundry Creditors, Loans & Advances are subject to confirmation and reconciliation with the respective parties/concerns. Necessary adjustment if any, there on having an importance of revenue nature, will be made in the year of such confirmation/reconciliation.

9. Loans & Advance includes:

10. Segment Reporting:

The Company predominantly operates in a single segment namely "Oil & Gas" and is primary basis for segment information which as per Accounting Standards 17 is considered as the only reportable business segment.

11.Earning per shares(EPS):

12.Related parties disclosure:

b) Transactions that have place during the period April 1.2010 to March 31.2011 with related parties by the company.

Related party relationship is as identified by the management and relied upon the auditors.

13. Additional information pursuant to the paragraph 3,4C and 4D of part-ii of Schedule Vi of the Companies Act, 1956. Since the Company deals in Commodity traded through MCX, such details cannot be given.

14. Expenditure in Foreign Exchange: Rs.80,000/- for Foreign Travelling

15. Earning in Foreign Exchange : NIL 17. The Company has not received any information from 'Supplier' regarding their status under the Micro, Small and Medium Enterprise Development Act, 2006 and hence disclosure requirements in this regard as per Schedule Vi of the Companies Act. 1956 could not be provided.


Mar 31, 2010

1. The scheme ofArrangement under Section 391 to 394 ofthe Companies Act, 1956 (the scheme) to transfer Steel Division on a going concern basis to its M/s. Lesha Industries Limited w.e.f. 1st April, 2009, the appointed date has become effective on 4th February, 2010, on getting requisite approvals and completion of necessary formalities.

In terms ofthe Scheme, the shareholders ofthe Company will receive 1 (one) equity share of M/s. Lesha Industries Limited of the face value of Rs. 10/- each, credited as fully paid up for every 2 (two) fully paid up equity share of the Company held on 26th February, 2010, the record date to be fixed for the purpose.

Consequent to vesting of the Steel Division of the Company in terms of the Scheme, the financial statements of the company for the year ended 31st March, 2010, do not include the operations of the Steel Division for the period of twelve months from 1st April, 2009 to 31st March, 2010, and are therefore strictly not comparable with the figure of the previous year ended 31st March, 2009.

2. Previous years figures have been regrouped and rearranged wherever necessary to make them comparable with the current years figures.

3. The Company is yet to receive Rs. 80215/- from some of the collecting bankers which have been debited to public issue money recovery account in the books of account.

4 a) Wherever the vouchers / bills etc. have not been adequately supported or are missing, the Management has certified that the transactions under question are genuine transactions. The Auditors have accepted such certification of the management.

b) In the opinion of the Directors, Current Assets, Loans and Advances are approximately of the value if realised in the ordinary course of business and all known liabilities have been fully provided for unless otherwise specified in this Schedule

c) In the opinion of the Directors, no personal expenses have been debited in the books of account.

5. Segment Accounting:

The Company now predominantly operates in a single segment namely "Oil & Gas" and is primary basis for segment information which as per Accounting Standards 17 is considered as the only reportable business segment.

6. Deferred Tax:

In accordance with accounting standard 22 "Accounting for taxes on income" issued by the institute of chartered accountants of India, which has become mandatory from 1st April, 2001.

Since, the company has carried forward unabsorbed depreciation of negligible amount And current year difference of depreciation between income tax method and company Law method, being also negligible, deferred tax assets as on 31st March2010 has not been recognized.

7. Related parties disclosure:

Related parties disclosure in accordance with Accounting Standard 18 issued by Institute of Chartered Accountants of India:

a) Related parties and nature of relationship:

Directors of the Company: Associates Companies, Firms Relatives of directors:

1. Ashok C. Shah 1. Lesha Industries Ltd.

2. ShalinA.Shah 2. ShreeGhantakama Rolling Mills P. Ltd

3. Pravin P. Shah upto 12.11.2009

4. HariyantC.Shelat

5. Ilesh Shah w.e.f. 23.01.2010

6. Malav Mehta w.e.f. 23.01.2010

7. PravinbhaiTrivedi w.e.f. 23.01.2010

Subsidiary Company:

1. Sigma Oil & Gas Pvt. Ltd.

2. Gorias Corporate Holding Ltd

3. HeramecLtd

4. Heramec Oil & Gas (Singapore) Pte Ltd

5. AlkorPetro Overseas Ltd


Mar 31, 2009

1 Previous years figures have been regrouped and rearranged wherever necessary to make them comparable with the current years figures.

2 The Company is yet to receive Rs. 80215/- from some of the collecting bankers which have been debited to public issue money recovery account in the books of account.

3 a) Wherever the vouchers / bills etc. have not been adequately supported or are missing, the Management has certified that the transactions under question are genuine transactions. The Auditors have accepted such certification.of the management.

b) In the opinion of the Directors, Current Assets, Loans and Advances are approximately of the : value if realised in the ordinary course of business and all known liabilities have been fully provided forunless otherwise specified in this Schedule

c) In the opinion of the Directors, no personal expenses have been debited in the books of account.

4. Segment Accounting :

(a) Primary Segment :

The Company now predominantly operates in a single segment namely "Oil & Gas" and is primary basis for segment information. However the company was operating till January, 08 in Steel segment. Pursuant to change of main object clause in EGM the Company operates in a single segment of Oil & Gas, business. However the identified reportable segment is steel trading & Oil & Gas operations during the year.

5. Deferred Tax:

In accordance with accounting standard 22 " Accounting for taxes on income" issued by the institute of chartered accountants of India, which has become mandatory from 1sApril,2001.

Since, the company has carried forward unabsorbed depreciation of negligible amount And current year difference of depreciation between income tax method and company Law method, being also negligible, deferred tax assets as on 31sl March 2009 has not been recognized.

6. Related parties and disclosure:

Related parties disclosure in accordance with Accounting Standard 18 issued by Institute of Chartered Accountants of India:

a) Related parties and nature of relationship:

Directors of the Company: Associates Companies, Firms Relatives of directors:

1. AshokC. Shah 1.Techno corp lnfosystems Ltd.

2. ShalinA. Shah 2. Shree Ghantakarna Rolling Mills P. Ltd

3. Pravin P. Shah

4. Hariyant C. Shelat

 
Subscribe now to get personal finance updates in your inbox!