Mar 31, 2018
NOTE 1:
STANDARDS ISSUED BUT NOT EFFECTIVE
On March 28, 2018, the Ministry of Corporate Affairs (MCA) has notified Indian Accounting Standard (In AS) 115, Revenue from Contracts with Customers. In AS 115 introduces a five-step model to revenue recognition:
Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
Under In AS 115, revenue is recognized when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer (i.e. when (or as) the customer obtains control of that asset) at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under In AS. Either a full retrospective application or a modified retrospective application is required for accounting periods commencing on or after April 1, 2018.
The Company will adopt In AS 115 effective from April 1, 2018. As at the date of issuance of the companyâs financial statements, the company is in the process of evaluating the requirements of the said standard and the impact on its financial statements in the period of initial application.
NOTE 2
OTHER NOTES
A. In our opinion, all current assets appearing in the Balance Sheet as at March 31, 2018 have a value on realization in the ordinary course of the Companyâs business at least equal to the amount at which they are stated in the Balance Sheet.
B. Balance of trade receivables, trade payables and loans and advances are subject to confirmation from respective parties and reconciliation, if any.
C. Previous year figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current yearâs classification.
D. Figures have been rounded off to the nearest lakh.
Mar 31, 2016
B. NOTES FORMING PART OF THE ACCOUNTS:
1) In the opinion of the Board of Directors of the Company the sundry debtors, Loans and Advances. sundry creditors are subject to third party confirmation, have a value on realization / payment in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequately made and are not in excess of the amount reasonably necessary.
2) Sales Tax Assessments have been completed up to the Accounting year ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and 1998-99. The Company doesnât foresee any additional liability for pending Assessments.
3) Income Tax Assessments have been completed up to assessment year 2008-2009 pertaining to previous accounting year ended on 31.03.2008 and the Company doesnât foresee any additional Income Tax liability for pending Assessments.
5) Revenue Recognition
4s per the Guidance Note on Real Estate, the following are the basis on which the revenue would be recognized:
a) When the stage of completion of the project reaches a reasonable level of development. A reasonable level of development is not achieved if the expenditure incurred on construction and development costs is less than 25% of the total estimated construction and development costs.
b) At least 25% of the saleable project area is secured by contracts or agreements with buyers.
c) At least 10 % of the total revenue as per the agreements of sale or any other legally enforceable documents are realized at the reporting date in respect of each of the contracts and it is reasonable to expect that the parties to such contracts will comply with the payment terms as defined in the contracts.
On compliance of the above conditions , revenue has been recognized for the FY 2015-16 as per the proportionate completion method specified in the Guidance Note on Revenue Recognition of Real Estate.
b) Defined benefit plan
The employeeâs gratuity fund scheme managed by Life Insurance Corporation of India is a defined plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The estimates of rate of escalation in salary considered in actuarial valuation, taken into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.
4) Small Scale Industries:
The management is currently in the process of indentifying enterprises which have provided goods and services to the company which qualify under the definition of Medium and Small Enterprises as defined under Micro, Small and Medium Enterprises, Development Act, 2006. Accordingly the disclosures in the respect of amount payable to such Micro, Small, and Medium Enterprises as at March 31, 2016 has not been made in the financial statements, However, in view of the Management impact of the interest, if any, that may be payable in accordance with the Act is not expected to be material.
5) Segmental Information
The Company has identified Wind Power, Financing Activities & Real Estate Activities as its primary business segment taking into account the nature of products and services, risks and returns, the organization structure and the internal reporting system.
6) Amalgamation
To consolidate the businesses and lead to synergies in operation , the company has .subject to various approvals .decided to merge its wholly owned Subsidiary Company M/s Geecee Logistics & Distributions Pvt Ltd with effect from 1st April,2014 (Appointed Date ). The Board of Directors of GeeCee Ventures Limited at their meeting held on 30th March, 2015 have approved the Scheme of Amalgamation between GeeCee Logistics & Distributions Private Limited and their respective shareholders (âthe schemeâ). The Scheme is pending before the Honâble Court for approval. Thereafter, the Scheme will be given effect in the books of accounts of the Company.
7) Extraordinary Items
Extraordinary Items of Rs 450 Lacs is on account of write back of âProvisions for post closing adjustments of business transfer ârelating to sale of Chemical Business.
8) Conversion of Investment into Stock in Trade
During the year , company converted a land at karjat which was held as investment into stock in trade . Profit on conversion has been recognized in the books on the basis of valuation certificate obtained from registered valuer.
9) The figures of the previous accounting period are re-grouped, re-classified wherever necessary. The figures are rounded to nearest rupees in lacs.
Mar 31, 2015
Rights of Equity Shareholders
The Company has only one class of Equity Shares having par value of Rs.
10/- Each holder of equity shares is entitled to one vote per share. In
the event of liquidation of the Company, the holder of equity shares
will be entitled to receive any of the remaining assets of the company,
after distribution of all preferential amount.
*Note: Raw material,store & consumables are valued at the lower of cost
and net realizable value except waste/scrap, which is valued at net
realizable value. The cost is computed on FIFO basis.
1) The figures of the previous accounting period are re-grouped,
re-classified wherever necessary and are not comparable with the
figures of the current accounting year. The figures are rounded to
nearest rupees in lacs.
2) In the opinion of the Board of Directors of the Company the sundry
debtors, Loans and Advances, sundry creditors are subject to third
party confirmation, have a value on realization / payment in the
ordinary course of business, at least equal to the amounts at which
they are stated and the provisions for all known liabilities are
adequately made and are not in excess of the amount reasonably
necessary.
3) Contingent liabilities not provided for (AS-29)
(Rs in Lacs)
Particulars As on As on
31.03.2015 31.03.2014
A Sales Tax Liabilities
I On Account of C Forms (2001-02) 10.28 10.28
(Deposit 6.44 lacs)
II C Forms (2007-08,2008-09,2009-10) 3.22 3.22
III On A/c of VAT Reversal 2008-09 30.92 30.92
IV On A/c of VAT Reversal 2009-10 3.52 3.52
B Excise Duty Liabilities(Disputed) 8.40 8.40
(Deposit Rs 1.20 lacs)
C Entry Tax 2.46 2.46
D Service Tax 2.35 2.35
E Income Tax A.Y 2008-09 3.98 51.65
F Bank Guarantee 10.00 10.00
4) Sales Tax Assessments have been completed up to the Accounting year
ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and
1998-99. The Company doesn''t foresee any additional liability for
pending Assessments.
5) I ncome Tax Assessments have been completed up to assessment year
2007-2008 pertaining to previous accounting year ended on 31.03.2007
and the Company doesn''t foresee any additional Income Tax liability
for pending Assessments.
6) Audit Fees (Inclusive of Taxes)
7) The disclosures required under accounting standard 15 "Employee
Benefits" notified in the Companies (Accounting Standards) rules
2006, are given below:
a) Defined Contribution Plan
Contribution to Defined Contribution Plan, recognized are charged off
for the year are as under:
b) Defined benefit plan
The employee''s gratuity fund scheme managed by Life Insurance
Corporation of India is a defined plan. The present value of obligation
is determined based on actuarial valuation using the Projected Unit
Credit Method, which recognizes each period of service as giving rise
to additional unit of employee benefit entitlement and measures each
unit separately to build up the final obligation.
The estimates of rate of escalation in salary considered in actuarial
valuation, taken into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
8) Small Scale Industries:
a) There were no dues outstanding of Small scale Industries as on March
31,2015.
b) There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days at the
Balance Sheet date.
c) The above information given in paragraphs 9(a) and 9(b) above
regarding Small Scale Industrial Undertakings and Micro, Small and
Medium Enterprises have been determined to the extent such parties have
been identified on the basis of information available with the Company.
This has been relied upon by the auditors.
9) Segmental Information
The Company has identified Wind Power, Financing Activities & Real
Estate Activities as its primary business segment taking into account
the nature of products and services, risks and returns, the
organization structure and the internal reporting system.
Diluted
The diluted earnings per share has been computed by dividing the Net
Profit After Tax available for Equity Shareholders by the weighted
average number of equity shares, after giving dilutive effect of the
outstanding Warrants, Stock Options and Convertible bonds for the
respective periods. Since, the effect of the conversion of Preference
shares was anti- dilutive, it has been ignored. have taken place during
the year ended 31st March 2015
(a) Subsidiary Companies
GCIL Finance Ltd.
GeeCee Logistics and Distributions Private Limited (Formerly GCV
Trading Pvt. Ltd.)
GeeCee Business Pvt Ltd (Formerly Ananya Online IT Design Pvt. Ltd.)
(b) Associate Companies
Elrose Mercantile Pvt. Ltd.
Four Dimension Securities (I) Ltd.
Antique Stock Broking Ltd.
Winro Commerical (India) Ltd.
(c) Key Managerial Personnel
Name Designation
Shri Ashwin Kumar Kothari Chairman and Whole Time Director
Shri Harisingh Shyamsukha Whole Time Director
Shri Gaurav Shyamsukha Whole Time Director
Shri Nilesh Kala Chief Financial Officer
Mrs. Sonali Sathe Company Secretary w.e.f 19th Dec. 2014
Mrs. Namrata Mhatre Former Company Secretary till 10th Dec. 2014
Mr. Vazathara Vasudevan Additional Director w.e.f 30th March 2015
Sureshkumar
Mr. Vazathara Vasudevan Whole Time Director w.e.f 28th May 2015
Sureshkumar
Transactions carried out with related parties referred in 1 above, in
ordinary course of business:
Note:
Remuneration includes Expenses debited in profit & loss accounts as
well as capitalized in work in progress of inventories
10. Amalgamation & Merger
To consolidate businesses and synergies in operations, the Company has
decided to merge its business with its hundred percent subsidiary
company, GeeCee logistics and Distributions Private limited, as on 1st
April 2014 ("Appointed date"), subject to various approvals.
11. A Share Warrants
The Company had allotted 27,00,000 convertible warrants at Rs. 36/- per
warrant to promoters/ promoters group on preferential basis pursuant to
the special resolution passed by the members of the Company at their
meeting held on 9th July, 2014. The Warrants shall be convertible into
Equity Shares (at the option of the Warrant holder) at any time, in one
or more tranches, within a period of 18 months from the date of
allotment of Warrants. An amount equivalent to 25% of total
consideration is received by the company and the balance of 75% will be
received on conversion.
12) Revenue recognition
As per guidance note issued by ICAI, which states that as per
percentage completion method revenue is to be recognized only if all
the three conditions are fulfilled viz.
a) When the stage of completion of the project reaches a reasonable
level of development. A reasonable level of development is not achieved
if the expenditure incurred on construction and development costs is
less than 25 % of the construction and development costs.
b) Atleast 25% of the saleable project area is secured by contracts or
agreements with buyers.
c) Atleast 10% of the total revenue as per the agreements of sale or
any other legally enforceable documents are realised at the reporting
date in respect of each of the contracts and it is reasonable to expect
that the parties to such contracts will comply with the payment terms
as defined in the contracts.
However, the company has not incurred 25% of the construction and
development cost and hence, not recognised the revenue for the
financial year 2014-2015.
Mar 31, 2014
1) The figures of the previous accounting period are re-grouped,
re-classified wherever necessary and are not comparable with the
figures of the current accounting year. The figures are rounded to
nearest rupees in lacs.
2) In the opinion of the Board of Directors of the Company the sundry
debtors, Loans and Advances, sundry creditors are subject to third
party confirmation, have a value on realization / payment in the
ordinary course of business, at least equal to the amounts at which
they are stated and the provisions for all known liabilities are
adequately made and are not in excess of the amount reasonably
necessary.
3) Contingent liabilities not provided for (AS-29)
(Rs. in Lacs)
Sr. Particulars As on As on
No. 31.03.2014 31.03.2013
A Sales Tax Liabilities
i On account of C Forms
(2001-02) Deposit Rs. 6.44 Lacs) 10.28 10.28
ii C Forms (2007-08,2008-09 & 2009-10) 3.22 6.53
iii Appeal filed by MPUVN in High Court 0.00 122.00
against single Bench H C Order.
iv On A/c of VAT Reversal 2008-09 30.92 30.92
v On A/c of VAT Reversal 2009-10 3.52 3.52
B Excise Duty Liabilities (Disputed)
( Deposit Rs. 1.20 Lacs ) 8.40 8.40
C Entry Tax 2.46 2.46
D Service Tax 2.35 2.35
E Income Tax A.Y2008-09 51.65 51.65
F Bank Guarantee 10.00 10.00
4) Sales Tax Assessments have been completed up to the Accounting year
ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and
1998-99. The Company doesn''t foresee any additional liability for
pending Assessments.
5) Income Tax Assessments have been completed up to assessment year
2007-2008 pertaining to previous accounting year ended on 31.03.2007
and the Company doesn''t foresee any additional Income Tax liability for
pending Assessments.
6) Small Scale Industries:
a) There were no dues outstanding of Small scale Industries as on March
31, 2014.
b) There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days at the
Balance Sheet date.
c) The above information given in paragraphs 9(a) and 9(b) above
regarding Small Scale Industrial Undertakings and Micro, Small and
Medium Enterprises have been determined to the extent such parties have
been identified on the basis of information available with the Company.
This has been relied upon by the auditors.
7) Segmental Information
The Company has identified Wind Power, Financing Activities & Real
Estate Activities as its primary business segment taking into account
the nature of products and services, risks and returns, the
organization structure and the internal reporting system.
8) Related Party Transactions
As required by Accounting Standard AS-18 "Related Parties Disclosure"
issued by The Institute of Chartered Accountants of India, the
following are treated as Related Parties with whom transactions have
taken place during the year ended 31st March 2014
(a) Subsidiary Companies
GCIL Finance Ltd.
GeeCee Logistics and Distributions Private Limited (Formerly GCV
Trading Pvt. Ltd.)
GeeCee Business Pvt Ltd (Formerly Ananya Online IT Design Pvt. Ltd.)
(b) Associate Companies
Elrose Mercantile Pvt. Ltd.
Four Dimension Securities (I) Ltd.
Antique Stock Broking Ltd.
Winro Commercial (India) Ltd.
(c) Key Managerial Personnel
Shri Ashwin Kumar Kothari
Shri Harisingh Shyamsukha
Shri Gaurav Shyamsukha
Mar 31, 2013
1) The figures of the previous accounting period are re-grouped,
re-classified wherever necessary and are not comparable with the
figures of the current accounting year. The figures are rounded to
nearest rupees in lacs.
2) In the opinion of the Board of Directors of the Company the sundry
debtors, Loans and Advances, sundry creditors are subject to third
party confirmation, have a value on realization / payment in the
ordinary course of business, at least equal to the amounts at which
they are stated and the provisions for all known liabilities are
adequately made and are not in excess of the amount reasonably
necessary.
3) Contingent liabilities not provided for (AS - 29)
(Rs. in Lacs)
Particulars As on
31.03.2013 As on
31.03.2012
A Sales Tax Liabilities
i On account of C Forms
(2001-02) Deposit Rs. 6.44 Lacs) 10.28 10.28
ii C Forms ( 2007-08,2008-09
& 2009-10) 6.53 42.05
iii Appeal filed by MPUVN in High
Court against single Bench H C Order.122.00 122.00
iv On A/c of VAT Reversal
2006-07 & 2007-08 0.00 46.46
v On A/c of VAT Reversal 2008-09 30.92 30.92
vi On A/c of VAT Reversal 2009-10 3.52 0.00
B Bank Gurantee 10.00 0.00
C Excise Duty Liabilities
(Disputed)(Deposit Rs.1.20 Lacs) 8.40 10.79
D Entry Tax 2.46 2.46
E Service Tax 2.35 2.35
F Income Tax A.Y. 2008-09 51.65 51.65
4) Sales Tax Assessments have been completed up to the Accounting year
ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and
1998-99. The Company doesn''t foresee any additional liability for
pending Assessments.
5) Income Tax Assessments have been completed up to assessment year
2007Â2008 pertaining to previous accounting year ended on 31.03.2007
and the Company doesn''t foresee any additional Income Tax liability for
pending Assessments.
6) The disclosures required under accounting standard 15 "Employee
Benefits" notified in the Companies (Accounting Standards) rules 2006,
are given below:
a) Defned Contribution Plan
Contribution to Defined Contribution Plan, recognized are charged off
for the year are as under:
b) Defned beneft plan
The employee''s gratuity fund scheme managed by Life Insurance
Corporation of India is a defined plan. The present value of obligation
is determined based on actuarial valuation using the Projected Unit
Credit Method, which recognizes each period of service as giving rise
to additional unit of employee benefit entitlement and measures each
unit separately to build up the final obligation.
7) Small Scale Industries:
a) There were no dues outstanding of Small scale Industries as on March
31, 2013.
b) There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days at the
Balance Sheet date.
c) The above information given in paragraphs 8(a) and 8(b) above
regarding Small Scale Industrial Undertakings and Micro, Small and
Medium Enterprises have been determined to the extent such parties have
been identified on the basis of information available with the Company.
This has been relied upon by the auditors.
8) Related Party Transactions
As required by Accounting Standard AS-18 "Related Parties Disclosure"
issued by The Institute of Chartered Accountants of India, the
following are treated as Related Parties with whom transactions have
taken place during the year ended 31st March 2013.
(a) Subsidiary Companies
GCIL Finance Ltd.
GeeCee Logistics and Distributions Pvt. Ltd.
GeeCee Business Pvt Ltd b) Associate Companies
Elrose Mercantile Pvt. Ltd.
Four Dimension Securities (I) Ltd.
(c) Relative of Directors or concern where relative of directors has
substantially interested Atul Transport (India)
Gaurav Shyamsukha
(d) Key Managerial Personnel Shri Ashwin Kumar Kothari Shri Harisingh
Shyamsukha Shri V.P. Biyani
Mar 31, 2012
Rights of Equity Shareholders
The Company has only one class of Equity Shares having par value of
Rs.10/-. Each holder of equity shares is entitled to one vote per
share.In the event of liquidation of the Company, the holder of equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amount.
Point No. 1
1. Equity Shares Buy Back
Pursuant to the resolution passed by the Board of Directors of the
Company and in accordance with the provisions of the Companies Act,
1956 and the Securities and Exchange Board of India (Buy Back of
Securities) Regulations, 1998, the Company made a Public Announcement
dated 24.1.2012 , to buy-back the Equity Shares of face value of
Rs.10/- each of the Company from open market through stock exchange
route at a price not exceeding Rs.65/-per share, aggregating to
Rs.1040.00 lacs. The Company has bought back 528611 Equity Shares as
at 31st March, 2012 at an average price of Rs. 44.63 per share,
utilizing a sum of Rs.235.93 lacs. The amount paid towards buy-back of
shares, in excess of the face value, has been utilised out of
Securities Premium A/C. In terms of the provisions of Section 77A of
the Companies Act, 1956 and SEBI (Buy Back of Securities) Regulations
1998, as at 31st March, 2012 the Company has extinguished 350219 Equity
Shares and the remaining 178392 Equity Shares have been extinguished on
9th April, 2012. Consequently, the paid-up Equity Share capital of the
Company has been reduced and the Company has created Capital Redemption
Reserve of Rs.35.02 lacs towards the face value of 350219 Equity Shares
of Rs.10 /- each by utilising Securities Premium a/c .
Note: 2
A. Holdbacks amounts at the beginning of the period stood at Rs
5688.72 lacs. The Company has received an amount of Rs 2088.72 lacs
against said amount . An amount of Rs 500.00 lacs continues to stand in
the Holdbacks, which would get released on completion of certain post
closing conditions.
B. The company will continue to keep balance provision of Rs 627 Lacs
(PY Rs 1,150 Lacs) to meet the liability on account of post closing
adjustments and other expenses as per the terms of Business Transfer
Agreement.
Point No. 1
Holdbacks amounts at the beginning of the period stood at Rs 5791.64
lacs. The Company has received an amount of Rs 2191.64 lacs ( Rs
1610.06 lacs net of tax) against that amount. An amount of Rs 500.00
lacs continues to stand in the Holdbacks, which would only get released
on completion of certain post closing conditions. The balance amounts
in the Holdbacks have gone to the buyer.
Point No.1
Sale of DEPB Licences include Rs. 6.86 lacs to GeeCee Logistics and
Distributions Pvt Ltd (100% subsidiary ) Sale of DEPB License is
accounted on cash basis
1) The figures of the previous accounting period are re-grouped,
re-classified wherever necessary and are not comparable with the
figures of the current accounting year. The figures are rounded to
nearest rupees in lacs.
2) In the opinion of the Board of Directors of the Company the trade
receivables, Loans and Advances and trade payables are subject to third
party confirmation, have a value on realization / payment in the
ordinary course of business, at least equal to the amounts at which
they are stated and the provisions for all known liabilities are
adequately made and are not in excess of the amount reasonably
necessary.
3) Trade receivables include due from wholly owned subsidiary company
Rs. 0.00 Lacs (Previous year Rs 34.47Lacs) and maximum debit balance
during the period was Rs 48.23Lacs (previous year Rs. 205.33 Lacs).
4) Contingent liabilities not provided for (AS - 29)
(Rs. in Lacs)
Particulars As on
31.03.2012 As on
31.03.2011
Sales Tax Liabilities
On account of 'C' Forms (2001-02) 10.28 10.28
(Deposit Rs. 6.44 Lacs)
'C' Forms (2007-08,2008-09 & 2009-10) 42.05 107.17
Appeal filed by MPUVN in High Court
against single 122.00 122.00
Bench H C Order.
On A/c of VAT Reversal 2007-08 46.46 0.00
On A/c of VAT Reversal 2008-09 30.92 0.00
Excise Duty Liabilities (Disputed)
(Deposit Rs. 1.20 Lacs) 13.14 13.14
Entry Tax 2.46 2.46
Service Tax 0.00 4.32
Income Tax A.Y2008-09 51.65 0.00
5) Sales Tax Assessments have been completed up to the Accounting year
ended 31.03.2008 except for the accounting year 1996-97, 1997-98 and
1998-99. The Company doesn't foresee any additional liability for
pending Assessments.
6) Income Tax Assessments have been completed up to assessment year
2007-2008 pertaining to previous accounting year ended on 31.03.2007
and the Company doesn't foresee any additional Income Tax liability for
pending Assessments.
7) The disclosures required under accounting standard 15 "Employee
Benefits" notified in the Companies (Accounting Standards) rules
2006, are given below:
a) Defined Contribution Plan
Contribution to Defined Contribution Plan, recognized are charged off
for the year are as under:
b) Defined benefit plan
The employee's gratuity fund scheme managed by Life Insurance
Corporation of India is a defined plan. The present value of obligation
is determined based on actuarial valuation using the Projected Unit
Credit Method, which recognizes each period of service as giving rise
to additional unit of employee benefit entitlement and measures each
unit separately to build up the final obligation.
The estimates of rate of escalation in salary considered in actuarial
valuation, taken into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
8) Small Scale Industries:
a) There were no dues outstanding of Small scale Industries as on March
31, 2012.
b) There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days at the
Balance Sheet date.
c) The above information given in paragraphs 9(a) and 9(b) above
regarding Small Scale Industrial Undertakings and Micro, Small and
Medium Enterprises have been determined to the extent such parties have
been identified on the basis of information available with the Company.
This has been relied upon by the auditors.
9) Segmental Information
The Company has identified Wind Power as its primary business segment
taking into account the nature of products and services, risks and
returns, the organization structure and the internal reporting system.
10) Related Party Transactions
As required by Accounting Standard AS-18 "Related Parties
Disclosure" issued by The Institute of Chartered Accountants of
India, the following are treated as Related Parties with whom
transactions have taken place during the year ended 31st March 2012.
(a) Subsidiary Companies GCIL Finance Ltd.
Gwalior Chemicals bvba*
GeeCee Logistics and Distributions Private Limited
GeeCee Business Pvt Ltd (Formerly Ananya Online IT Design Pvt. Ltd.)
b) Associate Companies
Elrose Mercantile Pvt. Ltd.
Four Dimension Securities (I) Ltd.
(c) Relative of Directors or concern where relative of directors has
substantially interested
Atul Transport (India)
Gaurav Shyamsukha
(d) Key Managerial Personnel
Shri Ashwin Kumar Kothari
Shri Harisingh Shyamsukha
Shri VP Biyani
Notes:
1. Loan to GCIL Finance Ltd. and GeeCee Logistics & distributions Pvt
Ltd carries Interest @ 7.5% up to December 2011 & from January, 2012 @
8.5% per annum and the terms & conditions regarding repayment of the
loan are not defined.
2. The company has not advanced any money to its employees for the
purpose of investment in the securities of the company.
Additional information required under the Para 3 under Clause (i)(a),
(ii)(a), (b), Para 4, Para 4 and Para 4D of Part II of Schedule VI of
the Companies Act, 1956 is detailed as under:
Mar 31, 2011
1) The figures of the previous accounting period are re-grouped,
re-classified wherever necessary and are not comparable with the fgures
of the current accounting year. The figures are rounded to nearest
rupees in lacs.
2) In the opinion of the Board of Directors of the Company the sundry
debtors, Loans and Advances, sundry creditors are subject to third
party confrmation, have a value on realization / payment in the
ordinary course of business, at least equal to the amounts at which
they are stated and the provisions for all known liabilities are
adequately made and are not in excess of the amount reasonably
necessary.
3) Sundry debtors include due from wholly owned subsidiary company Rs.
34.47 Lacs (Previous year Rs 34.47Lacs) and maximum debit balance
during the period was Rs 34.47Lacs (previous year Rs.205.33 Lacs).
4) Contingent liabilities not provided for (AS - 29)
(Rs. In Lacs)
Particulars As on As on
31.03.2011 31.03.2010
a) Bank Guarantees & LC 0.00 175.04
b) Sales Ta x Liabilities _ _
i) On account of C Forms and Tax
on Freight (2001-02) 10.28 10.28
Deposit Rs. 6.44 Lacs)
ii) C Forms ( 2007-08,2008-09 & 2009-10) 107.17 278.18
iii) Appeal fled by MPUVN in High
Court against single 122.00 122.00
Bench H C Order.
c) Excise Duty Liabilities (Disputed)
( Deposit Rs. 1.20 Lacs ) 13.14 13.14
d) Entry Tax 2.46 2.46 (e) Service Tax 4.32 4.32
5) Sales Tax Assessments have been completed up to the Accounting year
ended as on 31.03.2008 except for the accounting year 1996-97, 1997-98
and 1998-99. The Company doesn't foresee any additional liability for
pending Assessments.
6) Income Tax Assessments have been completed up to assessment year
2007Ã2008 pertaining to previous accounting year ended on 31.03.2007
and the Company doesn't foresee any additional Income Tax liability for
pending Assessments.
7) The disclosures required under accounting standard 15 ÃEmployee
Beneftsà notifed in the Companies (Accounting Standards) rules 2006,
are given below:
a) Defned Contribution Plan
Contribution to Defned Contribution Plan, recognized are charged off
for the year are as under:
b) Defned beneft plan
The employee's gratuity fund scheme managed by Life Insurance
Corporation of India is a defned plan. The present value of obligation
is determined based on actuarial valuation using the Projected Unit
Credit Method, which recognizes each period of service as giving rise
to additional unit of employee beneft entitlement and measures each
unit separately to build up the fnal obligation.
The estimates of rate of escalation in salary considered in actuarial
valuation, taken into account infation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certifed by the actuary.
Note:-
In view of the computation of net proft pursuant to section 349 of the
Companies Act, 1956 and the Ordinary Resolution passed by the
Shareholder in the Extra Ordinary General Meeting held on 28th January,
2008, resulting in insuffcient proft, the remuneration of Rs. 27.90
Lacs paid to Shri Ashwinkumar Kothari, Chairman and Whole Time
Director, the remuneration of Rs. 27.90 paid to Shri Harisingh
Shyamsukha, Whole Time Director and remuneration of Rs. 5.20 Lacs paid
to Shri V. P. Biyani are in excess of the limits prescribed under
Schedule XIII to the Act (as Amended vide notifcation dated 16th
January 2002 issued by Department of Company Affairs, New Delhi). The
Company has applied to the Central Government for obtaining the
necessary approval for waiver of excess remuneration paid for the
period from 01st April, 2010 to 31st December, 2010 to the Directors of
the Company.
The Shareholders of the Company has passed the Special Resolution for
re-appointment of the Whole Time Directors in the Annual General
Meeting held on 21st September, 2010 and the Company has obtained
necessary approval from the Central Government for the re-appointment
of Shri Ashwinkumar Kothari, Chairman and Whole Time Director and Shri
Harisingh Shyamsukha, Whole Time Director of the Company for the period
from 01st January, 2011 to 31st December, 2013.
8) Small Scale Industries:
a) There were no dues outstanding of Small scale Industries as on March
31, 2011.
b) There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days at the
Balance Sheet date.
c) The above information given in paragraphs 12(a) and 12(b) above
regarding Small Scale Industrial Undertakings and Micro, Small and
Medium Enterprises have been determined to the extent such parties have
been identifed on the basis of information available with the Company.
This has been relied upon by the auditors.
9) Related Party Transactions
As required by Accounting Standard AS-18 ÃRelated Parties DisclosureÃ
issued by The Institute of Chartered Accountants of India, the
following are treated as Related Parties with whom transactions have
taken place during the year ended 31st March 2011
(a) Subsidiary Companies
GCIL Finance Ltd.
Gwalior Chemicals bvba
GeeCee Logistics and Distributions Private Limited (Formerly GCV
Trading Pvt. Ltd.)
GeeCee Business Pvt Ltd (Formerly Ananya Online IT Design Pvt. Ltd.)
(b) Associate Companies
Elrose Mercantile Pvt. Ltd.
Four Dimension Securities (I) Ltd.
Aroni Commerical Limited
(c) Relative of Directors or concern where relative of directors has
substantially interested
Atul Transport (India) Krasoma Corporation Gaurav Shyamsukha
(d) Key Managerial Personnel
Shri Ashwin Kumar Kothari
Shri Harisingh Shyamsukha
Shri V.P. Biyani
Shri Rohit Kothari
10. Information with respect to discontinuation of Chemicals & Wind
Power business with effect from 1st September, 2009 as per Accounting
Standard-24 Ã ÃDiscontinuing Operations' is as under:
A. Pursuant to the proposal of the Board, taken in a Board Meeting
held on 8th June, 2009, the shareholders of the company have approved a
resolution through postal ballot for the spinoff of the Company's
Chemical Business & Wind power business including the factory at Nagda,
Madhya Pradesh with all its Assets and Liabilities relating to the
Division on ÃSlump Sale basis' and on Ãas is where is basis' as a
ÃGoing Concern' to Lanxess India Private Limited w.e.f 1st September
2009 together with the rights, title and interest in the immovable,
moveable, intangible, and current assets, for a total gross slump sale
value of Rs.53,600 Lacs, which would be received net of value of
liabilities transferred. Moreover, these are also separate segments as
per A.S.: 17 Ã Segment Reporting.
B. Holdbacks on the transfer of business and interest accrued thereon
aggregating to 5791.64 as on 31st March, 2011(P.Y. Rs. 5,688.72 Lacs)
lying in the Escrow Accounts will be accounted only on successful
completion of certain conditions of the Business Transfer Agreement and
therefore treated as Contingent Asset.
C. The company has made a provision of Rs 1,150 Lacs (P.Y. Rs 1,150
Lacs) towards estimated liability on account of post closing
adjustments and other expenses as per the terms of Business Transfer
Agreement.
D. The balance of Rs. 18.29 Lacs as on 31st March 2011 (P.Y. Rs.
261.13 Lacs) payable to Lanxess India Private Limited on account of
payment received on their behalf from parties lying in Current
Liabilities is subject to reconciliation.
E. The following statement shows the revenue and expenses attributable
to Discontinuing Operations:
Notes:
1. Loan to GCIL Finance Ltd. carries Interest @ 7% up to September
2010 & from oct.2010 @ 7.5% per annum & for GeeCee Logistics &
Distributions Pvt. Ltd. (Formerly GCV Trading Pvt. Ltd) interest up to
September @ 6% and after sep.2010 @ 7.5% per annum and the terms &
conditions regarding repayment of the loan are not defned.
2. The company has not advanced any money to its employees for the
purpose of investment in the securities of the company.
Mar 31, 2010
1) The figures of the previous accounting period are re-grouped,
re-classified wherever necessary and are not comparable with the
figures of the current accounting year. The figures are rounded to
nearest rupees in Lacs.
2) a) Contingent liabilities not provided for(AS - 29)
(Rs. In Lacs)
Particulars As on As on
31.03.2010 31.03.2009
Amount Amount
a) Bank Guarantees & LC 175.04 1866.34
b) Sales Tax Liabilities __ __
i) Disputed 30.01
ii) On account of C Forms(1996-99) 10.28 20.94
iii) Current year C Forms 278.18 364.67
iv) Appeal filed by MPUVN in High Court
against 122.00 122.00
single bench H C Order.
c) Excise Duty Liabilities (Disputed) 13.14 7.11
d) Entry Tax (Disputed)(Deposited
Rs. 8.83 Lacs) 2.46 2.46
e) Export Obligation on A/c of Import of
Machinery 0.00 817.60
f )Unexecuted Contracts (Net of advance) 0.00 2447.38
g) Custom duty on import of Raw Material 0.00 0.00
h) Bond submitted to customs for
import of Toluene 0.00 1132.57
i) Bond submitted to Central Excise
deptt. 0.00 447.10
j) Service Tax 4.32 0.00
k) Income Tax (Deposited Rs. 15 Lacs) 222.6 0.00
3) In the opinion of the Board of Directors of the Company the sundry
debtors, Loans and Advances, sundry creditors are subject to third
party confirmation, have a value on realization / payment in the
ordinary course of business, at least equal to the amounts at which
they are stated and the provisions for all known liabilities are
adequately made and are not in excess of the amount reasonably
necessary.
4) Sundry debtors include due from wholly owned subsidiary company Rs.
34.47 Lacs (Previous year Rs 201.99Lacs) and maximum debit balance
during the period was Rs 205.33Lacs (previous year Rs.583.37 Lacs).
5) Deposit includes Rs NIL (Previous Year Rs. 282.14 Lacs) under Banks
lien for guarantees & Margin Money.
6) The disclosures required under accounting standard 15 "Employee
Benefits" notified in the Companies (Accounting Standards) rules 2006,
are given below:
7) Sales
a) Sales figures are shown excluding Sales Tax and VAT of Rs. 283.25
Lacs (Previous year Rs.685.65 Lacs).
b) Sales include trading sale of Rs. 315.57 Lacs (PY 996.67 Lacs)
8) Early payment incentive of Rs. 20.19 Lacs (P.Y. 73.86 Lacs) from
Reliance Industries Limited has been reduced from cost of Raw material.
9) Sales Tax Assessments have been completed up to the Accounting year
ended as on 31.03.2004 except for the accounting year 1996-97, 1997-98
and 1998-99. The Company doesnt foresee any additional liability for
pending Assessments.
10) Income Tax Assessments have been completed up to assessment year
2007-2008 pertaining to previous accounting year ended on 31.03.2007
and the Company doesnt foresee any additional Income Tax liability for
pending Assessments.
11) Excise Duty on inventories of Rs.153.43 Lacs (Previous Year 82.04
Lacs) has not been provided in the accounts and included in the
valuations. This accounting treatment has no impact on the profit of
the Company.
12) Inter Unit Transfer of Gross Block of Plant & Machinery Rs. 495.79
Lacs ( WDV of Rs. 417.19 Lacs) shown at Lower the WDV or Market Value
in Capital Stores and spares.
13) Small Scale Industries:
a) There were no dues outstanding of Small scale Industries as on March
31, 2010.
b) There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days at the
Balance Sheet date.
c) The above information given in paragraphs 17(a) and 17(b) above
regarding Small Scale Industrial Undertakings and Micro, Small and
Medium Enterprises have been determined to the extent such parties have
been identified on the basis of information available with the Company.
This has been relied upon by the auditors.
14) Segmental Information
The Company has identified Chlorotoluene derivatives (chemicals) as its
sole primary business segment taking into account the nature of
products and services, risks and returns, the organization structure
and the internal reporting system. Secondary Segments are not
significant hence not reported.
15. Related Party Transactions
As required by Accounting Standard AS-18 ÃRelated Parties DisclosureÃ
issued by The Institute of Chartered Accountants of India, the
following are treated as Related Parties with whom transactions have
taken place during the year ended 31st March 2010
(a) Associate Companies
Elrose Mercantile Pvt Ltd.
Four Dimension Securities (I) Ltd.
Aroni Commercials Ltd.
Ananya Online IT Design Pvt Ltd.
b) Subsidiary
GCIL Finance Ltd.
Gwalior Chemicals bvba
(c) Relative of Directors or concern where relative of directors has
substantially interested Atul Transport (India)
Krasoma Corporation Gaurav Shyamsukha
(d) Key Managerial Personnel
Shri Ashwin Kumar Kothari
Shri Harisingh Shyamsukha
Shri K.N. Luhariwala
Shri V.P. Biyani
Notes:
1. Loan to GCIL Finance Ltd. Carries interest @ 7% per annum and the
terms & conditions regarding repayment of the loan are not defined.
2. The company has not advanced any money to its employees for the
purpose of investment in the securities of the company.
22) Slump Sale of manufacturing facilities at NAGDA
A) Pursuant to the decision in the Board Meeting held on 8th June,
2009, the shareholders of the company have approved a resolution
through postal ballot for the spinoff of the Companys Chemical
Business & Wind power business including the factory at Nagda, Madhya
Pradesh with all Assets and Liabilities relating to the Division on
ÃSlump Sale basis and on as is where basis as a ÃGoing Concern to
Lanxess India Private Limited w.e.f 1st September 2009 together with
the rights, title and interest in the immovable, moveable, intangible,
and current assets, for a total gross slump sale value of Rs.53600
Lacs, which would be received net of value of liabilities transferred
Consequent to the above, the current years financial results include
only the five months performance of the Chemicals & Wind Power Business
and hence are not comparable with the previous years figures.
B) Holdbacks on the transfer of business and interest accrued thereon
aggregating to Rs. 5689 Lacs as of 31st March, 2010 lying in the Escrow
Accounts will be accounted only on successful completion of certain
conditions of the Business Transfer Agreement and therefore treated as
Contingent Asset.
C) The company has made a provision of Rs 1150 Lacs towards estimated
liability on account of post closing adjustments as per the terms of
Business Transfer Agreement.
D) The balances of Rs. 261.13 Lacs payable to Lanxess India Private
Limited on account of payment received on their behalf from parties
laying in Current Liabilities is subject to reconciliation.
23) Additional Information with respect to the Chemicals & Wind Power
business with effect from 1st September, 2009 as per Accounting
Standard-24 Discontinuing Operations
(i) Total Assets include an amount of 5688.72 Lacs receivable on
account of discontinued business disclosed under Loans and Advances.
The total liabilities include an amount of Rs. 5688.72 Lacs as
provision for Holdback amount to be settled in connection with
discontinued business.
(ii) The amounts of revenue and expenses in respect of the ordinary
activities attributable to the discontinued operation during the
current financial year are Rs.13137.76 Lacs and Rs.11997.88 Lacs
respectively;
(iii) The amount of profit after tax from ordinary activities
attributable to the discontinued operation during the current financial
year is Rs.579.16 Lacs (Income-tax aggregating Rs.560.71 Lacs);
16) Buy Back of Shares
The Company has completed Buy - back of 40,50,000 Shares @ Rs. 120/-
per share amounting to Rs. 48.60 Crores on 11th May, 2010, and hence the
Paid - up Equity Share Capital after Buy - back of shares will be
Rs. 20,62,65,430/- (2,06,26,543 Shares of Rs. 10/- each).
17) Information Pursuant to the Provisions of Part IV of Schedule of
the Companies Act 1956.
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