| 1. CORPORATE INFORMATION
Gujchem Distillers India Limited is a public limited company and is
deemed to have been incorporated under the provisions of the Companies
Act, 1956. Its shares are listed on the stock exchange. The Company is
engaged in the manufacturing and selling of Industrial Alchohol,
Acetaldehyde, Acetic Acid and Auxilaries & Chemicals and also provides
services as Commission Agent.
2. Terms / Rights attached to Equity Shares
The company has only one class of Equity Shares having a par value of
Rs. 10 each. Each shareholder of equity share is entitled to one vote
per share. In the event of liquidation of the company, the holders of
equity shares would be entitled to receive remaining assets of the
company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
3. Contingent liability not provided for on account of:
i) Excise Duty disputed by the Company
pending disposal 16,62,494 16,62,494
ii) Back wages and reinstatement demand
made by certain dismissed workers at
Ankleshwar factory, pending Amount not Amount not
adjudication. Ascertainable Ascertainable
4. Remuneration to Managing Directors charged to accounts including
perquisites as per Income Tax Rules where applicable 24,16,272
19,14,454
(Remuneration has been paid as minimum remuneration in accordance with
the provisions of schedule XIII of the Companies Act, 1956.)
5. As at 31st March, 2014 , there are no amounts outstanding in
respect of suppliers registered as Micro, Small and Medium Enterprises.
6. The Company is primarily engaged in business of manufacturing and
selling of Industrial Alcohol, Acetaldehyde, Acetic Acid and
Auxiliaries & Chemicals. Since the inherent nature of activities as a
whole are governed by the same set of risk and returns these have been
grouped as a single segment, the results of which are reflected in the
financial statements. The said treatment is in accordance with the
Accounting Standard (AS) 17 Segment Reporting .
7. Net deferred tax assets, mainly representing past losses and
unabsorbed depreciation, have not been recognized following the
principles of prudence due to uncertainty of the quantum of future
profits in terms of Accounting Standard (AS) 22 Accounting for taxes on
income.
8. Figures for the previous year are re-grouped wherever necessary.
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