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Notes to Accounts of Gujarat Petrosynthese Ltd.

Mar 31, 2015

1. "The Company had lodged claims on Axis Bank demanding repayment of fraudulent withdrawal of Rs .39,00,500/- during the year 2011-12. The adjudication complaint is Pending before the Adjudicator of Karnataka and other legal proceedings to recover the amount is before the Cyber Appellate Tribunal. In the opinion of management and legal consultant the amount is considered good for recovery thru judicial process. The current assets include the above claim of Rs. 39,00,500 (previous year Nil) recoverable from Axis Bank Ltd and is considered as good"

2. In the opinion of the Management:

a) All the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the accounts.

b) All the known liabilities have been provided no liability, contingent or otherwise, except those which are stated in the accounts.

3. Depreciation

There is a change in accounting policy for providing Depreciation as per Schedule II of the Companies Act, 2013 due to which there is an increase of Rs 8,93,789/- in the current year depreciation and Rs 39,31,305 of additional Depreciation

has been charged to Reserves & surplus. The new rates of Depreciation have been reworked as per the useful life of the assets as per Schedule II of the Companies Act, 2013.

4. Commission to Directors not worked out in view of Loss during the year.

5. Based on the information received by the Company from the creditors in regard to their S.S.I. Status, there are no amounts due to such creditors outstanding for over 30 days exceeding Rs. One lakh as on 31st March, 2015. Based on such information, there is no liability for interest on delayed payments which would be payable under "The Interest on Delayed Payments to Small Scale and Ancillary Industrial undertakings ordinance, 1992". Moreover, the Company has not received any claims in respect of interest.

6. Additional information in pursuance to clause (ii) of part II of the Schedule III of Companies Act, 2013 are given to the extent as applicable to the Company.

7. The Company has written off old debit and credit balances of various parties during the year, net debit on this account is Rs NIL (Previous Year Rs NIL/- net Debit)

8. Prior Period expenses of Rs NIL (Previous Year expenses Rs 79,909/-)

9. Balances of Debtors, Creditors and Other parties are subject to confirmations.

10. Previous year's figure have been re-grouped and re-arranged wherever necessary.


Mar 31, 2014

1. "The Company had lodged claims on Axis Bank demanding repayment of fraudulent withdrawal of Rs.39,00,500/- during the year 2011-12. The adjudication complaint is pending before the Adjudicator of Karnataka and other legal proceedings to recover the amount is before the Cyber Appellate Tribunal. In the opinion of the management and legal consultant, the amount is considered good for recovery through judicial process. The current assets include the above claim of Rs.39,00,500 (previous year Nil) recoverable from Axis Bank Ltd and is considered as good.

2. In the opinion of the Management:

a) All the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the accounts.

b) All the known liabilities have been provided no liability, contingent or otherwise, except those which are stated in the accounts.

3. Computation of Net Profit as per Section 349 r.w.s 309(5) and Section 198 of the Companies Act, 1956.

Commission to Directors not worked out in view of Loss during the year

4. The investment in the Equity Shares of Southern Agrosynthese Limited amounting to Rs.21,14,549/- is valued at Rs. 1/- as the net worth of the said Company is negative.

5. Based on the information received by the Company from the creditors in regard to their S. S. I. Status, there are no amounts due to such creditors outstanding for over 30 days exceeding Rs. One lakh as on 31st March,2012. Based on such information, there is no liability for interest on delayed payments which would be payable under "The Interest on Delayed Payments to Small Scale and Ancillary Industrial undertakings ordinance, 1992". Moreover, the Company has not received any claims in respect of interest.

6. The Company has written off old debit and credit balances of various parties during the year, net debit on this account is '' NIL (Previous Year '' NIL/- )

7. Balances of Debtors, Creditors and Other parties are subject to confirmations.

8. Previous year''s figure have been re-grouped and re-arranged wherever necessary.


Mar 31, 2013

1. Contingent Liabilities not provided in respect ot:

All known liabilities are provided for in accounts except liability of a contingent nature in respect of Sales tax demand of Rs.44.19 lacs. The Company has obtained a Stay from Gujarat High Court.

2. In line with the decision of the Board following additional note to Notes to Accounts may be added. The note may be added after note on contingent liability.

" The Company had lodged claims on Axis Bank demanding repayment of fraudulent withdrawal of Rs. 39,00,500/- during the year 2011.12. The adjudication complaint is pending before the Adjudicator of Karnataka and other legal proceedings to recover the amount is before the Cyber Appellate Tribunal. In the opinion of management and legal consultant the amount is considered good for recovery thru judicial process. The current assests include the above claim of Rs. 39,00,500 ( prev year Nil) recoverable from Axis Bank Ltd. and is considered as good".

3. In the opinion of the Management:

a) All the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the accounts.

b) All the known liabilities have been provided. There is no liability, contingent or otherwise, except those which are stated in the accounts.

4. Computation of Net Profit as per Section 349 r.w.s 309(5) and Section 198 of the Companies Act, 1956.

Commission to Directors not worked out in view of Loss during the year

5. The investment in the Equity Shares of Southern Agrosynthese Limited amounting to Rs.21,14,549/- is valued at Rs. 1/- as the net worth of the said Company is negative.

6. Based on the information received by the Company from the creditors in regard to their S. S. I. Status, there are no amounts due to such creditors outstanding for over 30 days exceeding Rs. One lakh as on 31st March,2012. Based on such information, there is no liability for interest on delayed payments which would be payable under "The Interest on Delayed Payments to Small Scale and Ancillary Industrial undertakings ordinance, 1992". Moreover, the Company has not received any claims in respect of interest.

7. The Company has written off old debit and credit balances of various parties during the year, net debit on this account is Rs NIL (Previous Year Rs 27,290/- net Debit)

8. Balances of Debtors, Creditors and Other parties are subject to confirmations.

9. Previous year''s figure have been re-grouped and re-arranged wherever necessary.

10. For the year ended 31.03.2013 the revised schedule VI that was notified under the Companies Act, 1956, has become applicable to the company, the companies reclassified the previous year figures to conform with the current year classification. The adoption of the Revised Schedule VI does not impact the recognition and measurement principles followed for presentation of the financial statement. However, it significantly impacts the presentation and disclosures made in the financial statements, particularly the presentation of the Balance Sheet.


Mar 31, 2012

1. Contingent Liabilities not provided in respect of:

All known liabiiities7are provided for in accounts except liability of a contingent nature inrespect of Sales tax demand of Rs.44.19 lacs. The Company has obtained a Stay from Gujarat Hjgn Court.

2. In the opinion of the Management:

a) All the current assets, loans and advances nave a value on realization at 'east equal to the amount at which they are stated in the accounts.

b) All the known liabilities have been provided no liability, contingent or otherwise, except those which are stated in the accounts.

As per special resolution passed by the members at the Annual general Meeting held on 23.09.1998, 29.09.1999 and 31.12.2004.

3. The investment in the Equity Shares of Southern Agrosynthese Limited amounting to Rs.21,14,549/- is valued at Rs.1/-as the net worth of the said Company is negative..

4. Based on the information received by the Company from the creditors in regard to their S. S.l. Status, there are no , amounts due to such creditors outstanding for over 30 days exceeding Rs. One lakh as on 31st March,2012. Based on such information, there is, no liability for interest on delayed payments which would be payable under 'The Interest on Delayed Payments'to Small Scale and Ancillary Industrial undertakings ordinance, 1992". Moreover, the Company has not received any claims in respect of interest.

5. The Additional Information pursuant to provisions of paragraphs 3, 4C & 4D of Part II of the Schedule VI to the Companies Act 1956 are giveh to the extent as applicable to the Company.

6. The Company has written off old debit and credit balances of various parties during the year, net debit on this account is Rs. 27,290 (Previous Year Rs. 2,20,630/- net Debit)

7. Prior Period income 'of Rs. NIL/- (Previous YearRs. NIL/-)

8. Future lease obligations on assets taken on Finance Lease, over remaining period amounts to Rs. NIL (Previous Year Rs. NIL)

Related Party Information (where transactions have taken place during the year)

(a) Subsidiary Company

GPL Finance And Investments Limited

Gujarat Polybutenes Pvt.Ltd

(b) Relatives

Dr. (Ms.) S. R. Thakkar

(c) Key Management Personnel

Dr. R. M. Thakkar

Ms. Urmi N. Prasad

Ms. Ursula Thakkar

9. Balances of Debtors, Creditors and Other parties are subject to confirmations.

10. Previous year's figure have been re-grouped and re-arranged wherever necessary.

11. For the year ended 31.03.2012 the revised schedule VI that was notified under the Companies Act, 1956, has become applicable to the company, the companies reclassified the previous year figures to conform with the current year classification. The adoption of the Revised Schedule VI does not impact the recognition and measurement principles followed for presentation of the financial statement. However, it significantly impacts the presentation and disclosures made in the financial statements, particularly the presentation of the Balance Sheet.


Mar 31, 2010

1. Contingent Liabilities not provided in respect of:

All known liabilities are provided for in accounts except liability of a contingent nature in respect of Sales tax demand of Rs.44.19 lacs. The Company has obtained a Stay from Gujarat High Court.

2. In the opinion of the Management:

a) All the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the accounts.

b) All the known liabilities have been provided no liability, contingent or otherwise, except those which are stated in the accounts.

3. Buyback of shares-events after balance sheet date :

The Company offered to buyback 12,11,762 number of equity shares representing 20.13% of the total subscrbed and paid up equity shares through tender offer. The buyback was since approved by SEBI and offers were received for buyback of 849,635 shares. As on the reporting date applicable legal and financial formalities were completed and the effective shares capital is reduced by Rs. 84,96,350 to Rs 5,16,91,660. After the date of this balance sheet the premium paid on buyback of shares @ Rs. 30/- per share on above equity shares is appropriated out of the available free reserves and surplus as on 31st March2010, thus reducing the reserves and surplus amount by, Rs. 2,54,89,050 as on reporting date.

As on 31st March 2010, the expenses incurred on buyback procedure including the applicable fees, charges paid/payable to SEBI, Merchant Banker, Registrar and any other service provider is treated as prepaid and suitable accounting of such expenses at actual will be reflected in the financials for the year 2010-11.

As per special resolution passed by the members at the Annual General Meeting held on 23.09.1998,29.09.1999 and 31.12.2004

4. The investment in the Equity Shares of Southern Agrosynthese Limited amounting to Rs.21,14,549/- is valued at Rs.1/- as the net worth of the said Company is negative.

5. Loans and Advances includes due from officers of the Company Rs. Nil (P.Y. Rs. Nil) and dues from companies Rs.4,27,33,571/- (RY. Rs. 4,29,49,482/-)

6. Based on the information received by the Company from the creditors in regard to their S. S. I. Status, there are no amounts due to such creditors outstanding for over 30 days exceeding Rs. One lakh as on 31" March,2010. Based on such information, there is no liability for interest on delayed payments which would be payable under The Interest on Delayed Payments to Small Scale and Ancillary Industrial undertakings ordinance, 1992". Moreover, the Company has not received any claims in respect of interest.

7. The Additional Information pursuant to provisions of paragraphs 3, 4C & 4D of Part II of the Schedule VI to the Companies Act 1956 are given to the extent as applicable to the Company.

8. The Company has written off old debit and credit balances of various parties during the year, net debit on this account is of Rs. 65,642/- (Previous Year Rs. 73,280/- net Debit)

9. The Company has written off Receivable and claims amounting to Rs. 512,734 (Previous year nil) as non recoverable and charged to profit & loss account as bad debts.

10. Prior Period Income of Rs. NIL/- (Previous year Rs. 81,010/-)

11. Future lease obligations on assets taken on Finance Lease, over remaining period amounts to Rs.NIL /-(Previous Year Rs. NIL/-)

12. Earning Per Share:

13. Transaction With Related Parties:

Related Party Information (where transactions have taken place during the year)

(a) - Subsidiary Company

GPL Finance And Investments Limited Gujarat Polybutenes PvtXtd

(b) Relatives

Dr. (Ms.) S. R. Thakkar

(c) Key Management Personnel Dr. R. M. Thakkar

Ms. Urmi N. Prasad Ms. Ursula Thakkar

14. Balances of Debtors, Creditors and Other Parties are subject to confirmations.

15. Previous Years have been re-grouped and re-arranged wherever necessary.

 
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