| 1. Accounting Period
The period of accounts under review is from April 1, 2013 to March 31,
2014 for Gemmia Oiltech (India) Limited.
2. Employee Benefits
The payment of gratuity and leave encashment is recognized on actuarial
valuation as at the end of the reporting period.
3. Earning per share
The Company has incurred loss of Rs. 1,52,99,044/- and hence, EPS is
not determined.
4. Remuneration to Managing Director
During the year company has not paid any remuneration to the directors
5. Contingent Liability
The Company has entered into One Time Settlement (OTS) arrangement with
four of its bankers. There are delays in the payment of installments as
envisaged in these OTS arrangements. In case, the bankers annul the OTS
arrangements citing non compliance with the OTS terms, the liability of
the company may go up which at present is not quantifiable.
6. Managerial Assertions
No amount is due to Small Scale Ancillary Industrial Undertakings.
Debit and Credit balances are subject to confirmation or
reconciliation. Expenditure incurred on employees in receipt of
remuneration of not less than Rs. 24 lakhs per annum, where employed
throughout the period or not less than Rs. 2 lakh per month, where
employed for a part of the period is NIL.
7. Additional Information pursuant to Part II of Schedule VI of the
Companies Act, 1956:
The company had not undertaken any trading in tangible goods in this
year. Hence, providing quantitative particulars does not arise.
8. Rounding off Figures have been rounded off to the nearest rupee.
9. Regrouping
Previous year figures have been regrouped / reclassified wherever
necessary.
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