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Notes to Accounts of Gulshan Polyols Ltd.

Mar 31, 2015

(A) Rights, Preferences and restriction attached to shares

(i) Equity shares

The Company has one class of equity shres having a par value of Rs. 5 each. Each shareholder is eiligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

During the year, The Company has allotted 4,35,000 equity shares of Rs. 5 each fully paid up at a premium of Rs. 170 each to a non promoter shareholder namely Antara India Evergreen Fund Ltd.

(ii) Preference shares

Redeemable Preference shares carried a fixed rate of dividend of 8% per annum effective from 1st April, 2011. During the year, terms of redemption of 10,25,000 issued Preference Share @ 100 each has been revised, the period of redemption will be 13th year from the date of its issue.

(a). The Working Capital Loan is secured by the Hypothecation of Present and Future stock of Raw Materils, Stores, Stock in Process, Chemicals and Consumables, Fuels, Packing , Finished Goods etc. and Book Debts of the Compnay.

The Loan is further secured by way of a Second Charge on Fixed Assets of the Company, personal gurantee of Promoter Director of the Company. The aforesaid loan is also secured by the Corporate gurantee of M/s Gulshan Holding Pvt. Ltd.

2. The previous figure has been re-arranged and/or regrouped wherever necessary, to conform the current year classification.

3. Contingent Liabilities in respect of:

i) Corporate guarantee (in the form of counter guarantee) extended to Gujarat Industrial Development Corporation (GIDC) for Rs. 7,39,000./- (Previous year Rs. 7,39,000/-) on account of Bharuch Eco Infrastructure Limited, for proportionate share of financial assistance pertaining to the company extended to GIDC by Industrial Development Finance Corporation (IDFC) for laying the common pipe line for treated water from industrial units.

ii) Bank guarantees for Rs. 3,75,58,867/- in favour of Government Departments and others.

iii) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 1993.10 lacs.

4. In compliance to the Accounting Standard-11, the Foreign Currency Term Loan of USD 70,24,705 outstanding at the end ol year for acquisition of fixed assets has been increased by Rs. 1,81,93,985/- on account of loss in foreign exchange rate difference as at 31-3-2015.

5. In compliance to the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), Deferred Tax Asset of Rs. 81,99,849/- (Previous Year Rs. 2,11,70,831/- Deferred Tax liability) has been provided as at 31st March 2015 and the same has been charged to the Profit & Loss account of the Company. This pertains to the timing difference in Depreciation on Assets as per books of accounts and WDV as per Income Tax Act. The Deferred Tax Liability has been calculated by applying tax rate that have been enacted and applicable as on the Balance Sheet date. No Liability has been computed in respect of difference considered to be of permanent nature.

6. Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI :

(a) Name of related party and nature of related party relationship where control exist

(i) Holding Company : Nil

(ii) Subsidiary Company : Nil

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the company :

(i) Joint Ventures etc. : Nil

(ii) Key Management Personnel : Dr. C.K. Jain, Managing Director

Mrs. Aditi Pasari, Whole Time Director Mrs. Arushi Jain, Whole Time Director Mr. S. K. Tewari, Whole Time Director Mr. A. K. Vats, CEO & Whole Time Director Mr. Rajesh Agrawal, CFO Ms. Nisha Gupta, CS

(iii) Relative of KMP : Mrs. Mridula Jain

(i) Corporate entities over which key management personnel are able to exercise significant influence: Gulshan Lamee Pack Pvt. Ltd, Gulshan Holdings Pvt. Ltd, and Gulshan Speciality Minerals Private Limited, Gulshan Sugar & Chemicals Ltd, Reliance Expovision Private Limited, East Delhi Importers & Exporters Private Limited, Arp Developers Private Limited, OyeOye.com Online Services India LLP, Houzilla Interiors Private Limited.

(ii) Transactions with related parties of the period 01.04.2014 to 31.03.2015


Mar 31, 2014

1. The previous figure has been reclassified/ rearranged / regrouped in compliance of Revised Schedule VI to the corresponding figures of current year.

2. Contingent Liabilities in respect of:

i) Corporate guarantee (in the form of counter guarantee) extended to Gujarat Industrial Development Corporation (GIDC) for Rs. 7,39,000./- (Previous year Rs. 7,39,000/-) on account of Bharuch Eco Infrastructure Limited, for proportionate share of financial assistance pertaining to the company extended to GIDC by Industrial Development Finance Corporation (IDFC) for laying the common pipe line for treated water from industrial units

ii) Bank guarantees for Rs. 9,87,58,107/- in favour of Government Departments and others.

3. In compliance to the Accounting Standard-11, the Foreign Currency Term Loan of USD 59,19,450 availed during the year for acquisition of fixed assets has been decreased by Rs. 1,03,61,651/- on account of gain in foreign exchange rate difference as at 31.03.2014.

4. In compliance to the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), Deferred Tax Liability of Rs. 2,11,70,831/- (Previous Year Rs. 1,19,76,048/- Deferred Tax Asset) has been provided as at 31st March 2014 and the same has been charged to the Profit & Loss account of the Company. This pertains to the timing difference in Depreciation on Assets as per books of accounts and WDV as per Income Tax Act. The Deferred Tax Liability has been calculated by applying tax rate that have been enacted and applicable as on the Balance Sheet date. No Liability has been computed in respect of difference considered to be of permanent nature.

5. Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI : (a) Name of related party and nature of related party relationship where control exist

(i) Holding Company : Gulshan Holdings Pvt Ltd.

(ii) Subsidiary Company : Nil

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the company :

(i) Joint Ventures etc. : Nil

(ii) Key Management Personnel : Dr. C.K. Jain, Managing Director Mrs. Aditi Pasari, Whole Time Director Mrs. Arushi Jain, Whole Time Director Mr. S. K. Tewari, Whole Time Director Mr. A. K. Vats, Whole Time Director

(i) Corporate entities over which key management personnel are able to exercise significant influence: Gulshan Lamee Pack Pvt. Ltd, Gulshan Holdings Pvt. Ltd, and Gulshan Speciality Minerals Private Limited.

(ii) Transactions with related parties of the period 01.04.2013 to 31.03.2014 :

6. In terms of Accounting Standard (AS-28) on ''Impairment of Asset'' issued by the Institute of Chartered Accountants of India (ICAI), the company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. The company has identified that no asset of the company has been impaired during the year.

7. The Company manufactures chemicals such as Sorbitol, Liquid Glucose and Calcium Carbonate and by products etc. Segment reporting is not applicable in terms of AS-17 of ICAI.


Mar 31, 2013

1. The previous figure has been reclassified/ rearranged / regrouped in compliance of Revised Schedule VI to the corresponding figures of current year.

2. Contingent Liabilities in respect of:

i) Corporate guarantee (in the form of counter guarantee) extended to Gujarat Industrial Development Corporation (GIDC) for Rs. 7,39,000./- (Previous year Rs. 7,39,000/-) on account of Bharuch Eco Infrastructure Limited, for proportionate share of financial assistance pertaining to the company extended to GIDC by Industrial Development Finance Corporation (IDFC) for laying the common pipe line for treated water from industrial units

ii) Bank guarantees for Rs. 38,99,857/- in favour of Government Departments.

3. In compliance to the Accounting Standard-11, the long term borrowing of Foreign Currency Term Loan of USD 23,68,415 outstanding as at 31.03.2013 for acquisition of fixed assets has been increased by Rs 80,76,294/- on account of foreign exchange rate difference as at 31.3.2013.

4. In compliance to the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), a net amount of Rs. 1,19,76,048/- (Previous Year Rs. 57,74,346/- Deferred Tax Asset) has been provided as Deferred Tax Assets as at 31st March 2013 and the same has been charged to the Profit & Loss account of the Company. This pertains to the difference in Depreciation on Assets as per books of accounts and WDV as claim for tax purposes. The Deferred Tax Assets has been calculated by applying tax rate that have been enacted and applicable as on the Balance Sheet date. No Liability has been computed in respect of difference considered to be of permanent nature.

5. Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI : (a) Name of related party and nature of related party relationship where control exist

(i) Holding Company : Nil

(ii) Subsidiary Company : Nil

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the company :

(i) Joint Ventures etc. : Nil

(ii) Key Management Personnel : Dr. C.K. Jain, Managing Director

Ms. Aditi Pasari, Whole Time Director Ms. Arushi Jain, Whole Time Director Mr. S. K. Tewari, Whole Time Director Mr. A. K. Vats, Whole Time Director (i) Corporate entities over which key management personnel are able to exercise significant influence:

Gulshan Lamee Pack Pvt. Ltd, Gulshan Holdings Pvt. Ltd, Gulshan Speciality Minerals Private Limited and Gulshan Sugars and Chemicals Limited.

6. In terms of Accounting Standard (AS-28) on ''Impairment of Asset'' issued by the Institute of Chartered Accountants of India (ICAI), the company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. The company has identified that no asset of the company has been impaired during the year.

7. The Company manufactures inorganic chemicals such as Sorbitol, Liquid Glucose and Calcium Carbonate etc. Segment reporting is not applicable.


Mar 31, 2012

(a). During the year ended 31s March, 2009, the Company has allotted 21,35,407 Equity Shares of Rs. 5/- each fully paid-up to the share holders of erstwhile Gulshan Sugars and Chemicals Limited pursuant to the Scheme of Amalgamation without payment being received in cash.

(b). During the year ended 31st March, 2011, the Company has allotted 1,00,697 Equity Shares of Rs. 5/- each fully paid-up to the share holders of erstwhile Salil Industries Limited pursuant to the Scheme of Amalgamation without payment being received in cash.

(c). Terms of Authorised Preference Share Capital has been changed in last annual general meeting i.e. 25-09-2010 in which Dividend rate varying from 0% to 10% and redemption period varing from 3rd year to maximum 15th year from the date of the issue.

(d). Terms of redemption of 10,25,000 issued Preference Share @ 100/- each has been fixed, the period of redemption will be 12th year from the date of its issue on 8% Dividend rate effective from 1st April, 2011.

(a). Loan from Bank include Foreign Currency Working Capital Loan of Rs.10,00,00,000 (Previous year Rs.10,00,00,000).

(b). The Working Capital Loan is secured by the Hypothecation of Present and Future stock of Raw Materials, Stores, Stock in Process , Chemicals and Consumables , Fuels, Packing , Finished Goods etc. and Book Debts of the Company.

The Loan is further secured by way of a Second Charge on Fixed Assets of the Company, personal guarantee of Promoter Director of the Company. The aforesaid loan is also secured by the Corporate guarantee of M/s Gulshan Holding Pvt. Ltd..

1. The previous figure has been reclassified/ rearranged / regrouped in compliance of Revised Schedule VI to correspond with current year figures

2. Contingent Liabilities in respect of:

i) Corporate guarantee (in the form of counter guarantee) extended to Gujarat Industrial Development Corporation (GIDC) for Rs. 7,39,000./- (Previous year Rs. 7,39,000/-) on account of Bharuch Eco Infrastructure Limited, for proportionate share of financial assistance pertaining to the company extended to GIDC by Industrial Development Finance Corporation (IDFC) for laying the common pipe line for treated water from industrial units

ii) Bank guarantee for Rs. 2,00,000/- in favour of Gujarat Pollution Control Board.

3. In compliance to the Accounting Standard-11, the long term borrowing of Foreign currency Term Loan of USD 3 Million availed during they year for acquisition of fixed assets has been increased by Rs 1,86,60,000/o-n account of foreign exchange rate difference as at 31.3.2012 and the same has been capitalized to the assets acquired.

4. In compliance to the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), a net amount of Rs. 57,74,346/- (Previous Year Rs. 1,21,34,995/- Deferred Tax Asset) has been provided as Deferred Tax Assets as at 31st March 2012 and the same has been charged to the Profit & Loss account of the Company. This pertains to the difference in Depreciation on Assets as per books of accounts and WDV as claim for tax purposes. The Deferred Tax Assets has been calculated by applying tax rate that have been enacted and applicable as on the Balance Sheet date. No Liability has been computed in respect of difference considered to be of permanent nature.

5. In terms of Accounting Standard (AS-28) on 'Impairment of Asset' issued by the Institute of Chartered Accountants of India (ICAI), the company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. The company has identified that no asset of the company has been impaired during the year.

6. The Company manufactures inorganic chemicals such as Sorbitol, Liquid Glucose and Calcium Carbonate etc. Segment reporting is not applicable.


Mar 31, 2010

1. (a) Previous year figures along with the figures of amalgamated company have been reworked, rearranged, regrouped and reclassified, wherever considered necessary.

(b) Figures have been rounded off to the nearest Rupees.

2. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realization in the ordinary course of business at least equal to the amount at which they have been stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amount considered reasonable necessary.

3. The immovable and movable assets of the unit located at Jhagadia Industrial Estate, District Bharuch (Gujarat) are charged to Bank of Baroda (BOB) and Industrial Development bank of India Ltd. (IDBI) by way of First pari-passu Charge for Rupee and Foreign Currency Term Loans of Rs. 6,82,16,750/- (Previous Year Rs. 10,23,25,125/-) and Rs. 6,65,00,000/- (Previous Year Rs. 7,00,00,000/-) respectively. Similarly, the immovable and movable assets of the unit located at 9th K.M., Jansath Road, Muzaffarnagar (UP) are charged to Industrial Development Bank of India Ltd (IDBI) for its rupee term loan of Rs, 5,00,00,004/- (Previous Year Rs. 7,33,33,336/-) by way of first charge.

The above loans are further secured by the personal guarantee(s) of the Promoter Directors of the company. The corporate guarantee of M/s Gulshan Holdings Private Limited has also been provided to secure entire BOB s term loan and IDBIs loan.

Bank of Baroda (BOB) has floating charge on the remainder asset-of the company. The floating charge is, however, subject to the prior charge of BOB against borrowing for working capital.

4. Loan from Life Insurance Corporation of India (LIC) Rs. 70,96,500/- (Previous Year Rs. 70,96,500/-) is secured by the pledge of Keymen Insurance Policies taken by the company on the life of Keymen.

5. Company has taken Hire Purchase finance of Rs 1,11,20,609/-(Previous Year Rs 90,00,757/-) from various Banks and Finance companies, which are secured against Vehicles purchased through them under Hire Purchase Agreement.

6. The Working Capital Loan Rs. 21,90,89,781/- from Bank of Baroda (Previous Year Rs. 24,05,82,497/-) is secured by Hypothecation of present & future stocks of Raw Materials, Stores, Stock-in-process, Chemicals & Consumables, Fuels, Packing Material, Finished Goods etc. and Book Debts of the company. The loan is further secured by way of a Second Charge on the Fixed Assets of the company, personal guarantee of the Promoter Director of the company. The aforesaid loan is also secured by the Corporate Guarantee of M/s. Gulshan Holdings Pvt. Ltd.

7. Dr. C.K. Jain, Managing Director is the Chairman of Gulshan Mercantile Urban Co-operative Bank Ltd. (a Non-Scheduled Bank) in which company has maintained current accounts (maximum balance outstanding during the period Rs 52,59,966/-.) (Previous year Rs. 22,61,859/-). The Company has also invested a sum of Rs. 4,77,825/- (Previous year Rs. 4,77,825/-) in the equity shares of GMUCB and borrowed funds for Hire purchase asset as per note above.

8. Company have Changed the method of Charging Depreciation from Straight Line to Written Down Value from this Year and the difference between the amount computed by the two methods up to 31-03- 2009 Rs.12,72,13,097 have been directly charged to General Reserve and difference for the current year Rs.6,40,22,577 have been adjusted in the current year Profit and Loss Account.

10. The amount owed to small Scale Industries outstanding for more than 45 days as at 31st March, 2010 and the sum exceeding Rs. 1 Lacs in each case was Rs. 24,57,546/- (PY- NIL)

11. Miscellaneous Expenditure to the extent not written off or adjusted 2,38,85,254/- (Previous Rs. 2,97,14,040/-)

12. Contingent Liabilities in respect of:

i) Corporate guarantee (in the form of counter guarantee) extended to Gujarat Industrial Development Corporation (GIDC) for Rs. 7,39,000./- (Previous year Rs. 7,39,000/-) on account of Bharuch Eco Infrastructure Limited, for proportionate share of financial assistance pertaining to the company extended to GIDC by Industrial Development Finance Corporation (IDFC) for laying the common pipe line for treated water from industrial units

ii) Bank guarantee for Rs. 3,30,000/- towards U.P.P.C.B (Previous Year 3,30,000/-),

13. In compliance to the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), a net amount of Rs. 51, 97,883/-( Previous Year Rs. 4,18,99,481/- Deferred Tax Liability) has been provided as Deferred Tax Assets as at 31st March 2010 and the same has been charged to the Profit & Loss account of the Company. This pertains to the difference in Depreciation on Assets as per books ofaccounts and WDV as claim for tax purposes. The Deferred Tax Assets has been calculated by applying tax rate that have been enacted and applicable as on the Balance Sheet date. No Liability has been computed in respect of difference considered to be of permanent nature.

14. Disclosure of Related Party transactions as per Accounting Standard 18 issued by ICAI:

(a) Name of related party and nature of related party relationship where control exist

(i) Holding Company Nil

(ii) Subsidiary Company Nil

(b) Name of related party and nature of related party relationship other than those referred to in (a) above in transaction with the company :

(i) Joint Ventures etc. Nil

(ii) Key Management Personnel Dr. C.K. Jain, Managing Director

Mrs. Mridula Jain, Director

Mrs. Aditi Pasari, Director

Mrs. Arushi Jain, Director

Mr. S. K. Uppal, Whole Time Director

Mr. A. K. Vats, Whole Time Director

(iii) Corporate entities over which key management personnel are able to exercise significant influence: Genus Prime Infra Ltd., Salil Industries Ltd., Gulshan Lamee Pack Pvt. Ltd, Gulshan Holdings Pvt. Ltd, and Gulshan Speciality Minerals Private Limited.

15. In terms of Accounting Standard (AS-28) on Impairment of Asset issued by the Institute of Chartered Accountants of India (ICAI) the company during the year carried out an exercise of identifying the assets that may have been impaired in accordance with the said Accounting Standard. The company has identified that no asset of the company has been impaired during the year.

16. The Company manufactures inorganic chemicals such as Sorbitol, Liquid Glucose and Calcium Carbonate etc. Segment reporting is not applicable.

 
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