Gujarat Petrosynthese Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

(xiv) Provisions & Contingent Liabilities:

The Company recognizes a provision when there is a present obligation (legal or constructive) as a result of a
past event and it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.

Provision for Decommissioning Liability:

The Company records a provision for decommissioning costs towards site restoration activity. Decommissioning
costs are provided at the present value of future expenditure using a current pre-tax rate expected to be incurred
to fulfil decommissioning obligations and are recognised as part of the cost of the underlying assets. Any
change in the present value of the expenditure, other than unwinding of discount on the provision, is reflected as
adjustment to the provision and the corresponding asset. The change in the provision due to the unwinding of
discount is recognised in the Statement of Profit and Loss.

Disclosure:

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company or a present obligation that arises from past events where it is either not
probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount
cannot be made.

(xv) Earnings per share

Basic earnings per share is calculated by dividing the net profit / (loss) for the year attributable to the equity
shareholders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit / (loss) for the period attributable to

equity shareholders and the weighted average number of shares outstanding during the period are adjusted for
the effects of all dilutive potential equity shares.equity shareholders and the weighted average number of shares
outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Dilutive potential equity shares are deemed converted as at the beginning of the period unless issued at a later
date.

(xvi) Dividend

Dividend to the equity shareholders is recognized as a liability in the Company''s financial statements in the
period in which the dividend is approved by the shareholders.

(xvii) Foreign Exchange Transactions

Foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
where these are not covered by forward contracts. Liabilities in foreign currencies as on the date of balance
sheet are converted at the exchange rate prevailing on that date.

2. USE OF ESTIMATES AND JUDGEMENTS

The preparation of financial statements in conformity with Ind AS requires management to make judgments,
estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures
of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in
future periods.

Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting estimates
and assumptions are recognised prospectively i.e. recognised in the period in which the estimate is revised and
future periods affected.

i. Recognition and measurement of defined benefit obligations

The cost of defined benefit plans and the present value of the defined benefit obligation are based on
actuarial valuations using the projected unit credit method. An actuarial valuation involves making various
assumptions that may differ from actual developments in the future. These include the determination of
discount rate, future salary increase and mortality rates. Due to the complexities involved in the valuation
and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
All assumptions are reviewed at each reporting date.

ii. Fair value measurement of financial instruments

When the fair values of the financial assets and liabilities recorded in the balance sheet cannot be measured
based on the quoted market prices in active markets, their fair value is measured using valuation techniques.
The inputs to these models are taken from the observable market, where possible, but where this is not
feasible, a review of judgement is required in establishing fair values. Changes in assumptions relating to
these assumptions could affect the fair value of financial instruments.

iii. Deferred taxes

Deferred tax is recorded on temporary differences between tax bases of assets and liabilities and their
carrying amounts, at the rates that have been enacted or substantively enacted at the reporting date. The
ultimate realization of deferred tax assets is dependent upon the generation of future taxable profit during
the periods in which those temporary differences and the tax loss carry forwards become deductible. The
Company considers the expected reversal of deferred tax liabilities and projected future taxable income in
making this assessment. The amount of deferred tax assets considered realizable, however, could be
reduced in the near term if estimates of future taxable income during the carry forward periods are reduced.

CAPITAL RESERVE

Pertains to share application money forfeited in the case where remaining amount was not paid. This can be utilised
in accordance with the provisions of the Act.

SECURITIES PREMIUM RESERVE

Securities premium is used to record the premium on issue of shares. The reserve can be utilised in accordance
with the provisions of the Act.

GENERAL RESERVE

General Reserve represents amounts transferred from Retained Earnings in earlier years as per the requirments of
the erstwhile Companies Act, 1956. The reserve can be utilised in accordance with the provisions of the Act.
Declaration of dividend out of such reserve shall not be made except in accordance with the rules prescribed in this
behalf under the Act.

CAPITAL RESERVE PURSUANT TO BUSINESS COMBINATION

Capital Reserve is a result of Business Combination pursuant to the Scheme of merger by absorption of Gujrat
Polybutenes Private limited ("GPPL") (Transferor company) with Gujarat Petrosynthese Limited (Transferee company)
under section 230 to 232 and other applicable provision of the Companies Act, 2013 vide order dated 20th April,
2022 and 29th September, 2022 of National Company Law Tribunal Mumbai Bench and Bengaluru Bench and
represents the difference between the Net Assets of GPPL as on the appointed date i.e. 1st July, 2020 and Investment

26 EARNINGS PER SHARE

EARNINGS PER SHARE (EPS) is calculated by dividing the profit / (loss) attributable to the equity share
holders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit / (loss) for the period attributable to
equity shareholders and the weighted average number of shares outstanding during the period is adjusted for
the effects of all dilutive potential equity shares, except when the results would be anti-dilutive.

c) Risk management framework

The Company''s principal financial liabilities include borrowing, trade and other payables. The Company''s
principal financial assets include loans, trade receivable, cash and cash equivalents and others. The Company
also holds FVTPL investments. The Company is exposed to credit risk,liquidity risk and market risk. The
Company’s senior managment oversees the management of these risks. The Company''s senior management
provides assurance that the Company''s financial risk activities are governed by appropriate policies and
procedures and that financial risks are identifed, measured and managed in accordance with the Company''s
policies and risk objectives.

d) Financial Risk Management

The Company has exposure to the following risks arising from financial instruments:

i) Credit Risk

ii) Liquidity Risk

iii) Market Risk

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company''s receivables from
customers and loans given to related parties and others

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each
customer. To manage, this, the Company periodically assesses the financial reliability of customers ,
taking into account the financial condition and ageing of account receivables.

No impairment is observed on the carrying value of trade receivables.

Other Financial Assets

Credit risk from balances with banks, loans, investments is managed by Company''s finance department.
Investments of surplus funds are made only with approved counterparties.

ii) Liquidity Risk

Liquidity risk is the risk that the Company may encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s
approach to managing liquidity is to ensure as far as possible that it will have sufficient liquidity to meet
its liabilities when they are due, under both normal and stressed condition, without incurring unacceptable
losses or risking damage to the Company’s reputation.

The Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected
cash flows.The Company’s objective is to maintain a balance between continuity of funding and flexibility
through the use of surplus funds, bank loans.

iii) Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and
commodity prices which will affect the Company’s income or the value of its holdings of financial instruments.
The objective of market risk management is to manage and control market exposures within acceptable
parameters, while optimising the return.

Currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have
any exposure in foreign currency.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company''s exposure to risk of changes in market interest
rate is not material as the Company borrowing from banks are very minimal

Commodity price risk

The company is exposed to fluctuation in prices of its inputs. To offset the effect of changes in prices of
inputs, the company has a process to revise its selling price accordingly.

28. CAPITAL MANAGEMENT

The Company manages its capital to ensure that it will be able to continue as going concern while maximising
the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the
Company consists of net debt and the total equity of the Company. For this purpose, net debt is defined as
total borrowings less cash and cash equivalents.

In absence of information from LIC regarding quantification for different components of changes in defined
benefit obligation and fund assets, disclosures pertaining to movement in defined benefit obligation and fair
value of Plan Assets is not provided. Also, No actuarial gain / loss is recognised separately in Other
Comprehensive Income in absence of information.

30. Related party disclosure

(i) List of Related Parties as required by Ind AS-24 “Related Party Disclosures” are given below:

31. Contingent Liabilities

The Transferor company had received Income Tax Assessment order for A.Y. 2014-15. The loss claimed as per
Return of Income (ROI) of INR 2,02,07,941/- has been reduced due to disallowance of depreciation of INR 33,32,341/

- and addition on account of non reconciliation of interest of INR 23,81,548/-. Therefore, loss has been reduced to
INR 1,44,94,052/-. Since, Final figure is loss determined, no demand of tax is raised. The penalty proceedings have
been completed u/s 271(1)( c) of the IT Act levying penalty of INR 19,42,150/-. The part payment of INR 10,91,420/

- is made against penalty demand till decision of appeal. The said company has belatedly filed an appeal against
the said assessment order and the order levying Penalty. No provision is made for the said liability.

There is an income tax demand of INR 7,80,790/- (excluding interest) in respect of the Income Tax Assessment u/
s 143(3) for AY 2017-18 against which the Company has already preferred an appeal before the Hon’ble Commissioner
of Income Tax [CIT(A)]. This demand has already been adjusted against the refund of subsequent years. The said
matter is pending for adjudication before the CIT(A). No provision is made for this liability.

32 The Segment Reporting as required by IND AS-108 "Operating Segments" is not reported as the Company is
operating only in one segment.

33 There are no transactions and balances with companies struck off under Section 248 of the Companies Act,
2013 or Section 560 of Companies Act, 1956.

34 Previous year figures have been regrouped , reclassified and restated as per Ind AS and Schedule III of
Companies Act, 2013

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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.

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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.

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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.

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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.

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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.