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Notes to Accounts of Amco India Ltd.

Mar 31, 2015

1. Rights, Preferences and restrictions in respect of Equity Shares of the Company

The Equity Shareholders are entitled to receive dividend as and when declared, a right to vote in proportion to holding etc. and their rights, preferences and restrictions are governed by/in terms of their issue under the provisions of the Companies Act, 1956.

Axis Bank CC Limit (From Banks)

Primary Security : (Exclusive First hypothecation charge over current assets of the Company both present and future.) Collateral Security : (Exclusive First charge on machinery financed by AXIS Bank (IInd charge to SIDBI). Exclusive first charge over entire movable fixed assets of the Company both present and future. (Excluding Moveable fixed assets of Baddi unit charged to SIDBI).

Equitable Mortgage over factory land & building at C-53, 54, Sector-57, Noida in the name of Company. Equitable Mortgage over land & building at C-67, Sector-57, Noida in the name of Urethane Coaters Pvt. Ltd. Second Charge over Moveable / Immoveable fixed assets of Company's Baddi unit. (First Charge with SIDBI)

CASH CREDIT FROM BANKS (SECURED) : Personal Guarantee of Promotor Directors.

CORPORATE GUARANTEE : M/s. Urethane Coaters Pvt. Ltd.

2. Security

Secured Loan from banks (SIDBI)

First charge on all moveable assets, present and future at Baddi Location & first charge by way of equitable mortgage in favour of SIDBI of lease hold rights of all immovable properties of the Company unit situated at Plot No. 82, Jharmajri, EPIP, Phase-I, Baddi, Himachal Pradesh & Personal Guarantee of Directors. Unsecured Loan from banks (HDFC/ICICI/Mahindra & Mahindra Bank Ltd.)

3. Repayment

Loans should be repaid in 54 monthly equal installments for principal amount after a morotorium of six months from the date of disbursement of the loan, last installment due December 2015.

Please refer to NOTE-3 for repayment of loans.

4. CONTINGENT LIABILITIES:

Against letter of Credit of Rs. 146.94 Lacs (Previous Year 252.08 Lacs) from Axis Bank Ltd, Noida.

5. CAPITAL COMMITMENT:

Estimated amount of contracts on capital accounts Rs. 125.00 Lacs (Previous Year Rs. 87.77 Lacs) remaining to be executed, against which Rs. 113.98 Lacs (Previous Year Rs. 32.09 Lacs) have been paid as an advance.

6. In the opinion of the board of directors all current assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and schedules thereof and all known liabilities relating to the year have been provided for.

7. Sundry Debtors, Sundry Creditors, Loans & advances and other advances are subject to confirmation from parties.

8. Employees Benefits:

The company follows Accounting Standard (AS 15) (Revised 2005) "Employee Benefits". The disclosure requires as per Revised AS 15 are as under:

9. Defined Benefit Plan :

The employee's gratuity managed by a trust is a defined benefit trust the present value of obligation is determined based on the 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 obligation for leave encashment is recognized in the manner as gratuity.

The company follows Accounting Standard (AS 15) (Revised 2005) "'Employee Benefits". The disclosure require as per the Revised As 15 are as under :

Policy (Noida Unit)

10. Disclosure of details pertaining to related party transactions entered into during the year in terms of Accounting Standard-18 "Related Party Disclosures".

List of related parties:

i) Companies in which directors are interested:

M/s AMC Coated Fabrics Pvt. Ltd., M/s. Suvij Foils Private Limited and M/s Dadra-Nagar Steel Pvt. Ltd.

Previous Year (M/s AMC Coated Fabrics Pvt. Ltd.and M/s. Suvij Foils Private Limited)

ii) Key Management Personnel:

Sh. S.K. Gupta, Sh. Rajeev Gupta

Previous Year: (Sh. S.K. Gupta, Sh. Rajeev Gupta)

iii) Details of transactions between company & the related parties during the year & the status of outstanding balance as on 31.03.2015.

Transactions during the year (In Rs.)

11. The Company has diversified its business, and went into a joint venture with a Real Estate Company (Krish Infrastructure Pvt. Ltd.) in the name of "Krish Icons" (Association of Person), to develop Flats and Residential Complex in Bhiwadi through a Memorandum of Understanding, dated February 5, 2013. Further the whole project will be developed and constructed by the Real Estate Company, wherein in the entire construction, developments and related cost shall be borne by Amco India Limited and Krish Infrastructure Pvt. Ltd. in 40:60 ratios respectively. As at end of the financial of the year the project is in progress.

12. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

13. Disclosures required under section 22 of Micro, Small and Medium Enterprises Development Act, 2006.

The Company has compiled this information based on the current information in its possession. As at 31st March 2015, no supplier has intimated the Company about its status as a Micro or Small Enterprise or its registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006.

14. During the current financial year, the business of Bhiwadi unit has been closed, accordingly fixed asset including land has been sold and written off where the assets are not identifiable Profit/Loss on sale/write off of the asset has been charged to revenue account under the head "Asset written off".

15. The Previous Year's figures have been regrouped and/ or rearranged wherever considered necessary to make this Comparable with those of the current year.


Mar 31, 2014

1. CONTINGENT LIABILITIES:

Against letter of Credit of Rs. 252.08 Lacs (Previous Year 225.68 Lacs) from Axis Bank Ltd, Noida.

2. CAPITAL COMMITMENT:

Estimated amount of contracts on capital accounts Rs.87.77 Lacs (Previous Year Rs. 98.52 Lacs) remaining to be executed, against which Rs. 32.09 Lacs (Previous Year Rs. 31.32 Lacs) have been paid as an advance.

3. OPERATING LEASE:

The company''s significant leasing arrangements are in respect of operating leases for office premises. The future minimum lease payments under non-cancelable operating leases in respect of the office premises, payable as per rentals stated in the agreement as follows:

4. In the opinion of the board of directors all current assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and schedules thereof and all known liabilities relating to the year have been provided for.

5. Sundry Debtors, Sundry Creditors, Loans & advances and other advances are subject to confirmation from parties.

6. Employees Benefits:

The company follows Accounting Standard (AS 15) (Revised 2005) "Employee Benefits". The disclosure require as per Revised AS 15 are as under:

7. Defined Benefit Plan :

The employee''s gratuity managed by a trust is a defined benefit trust the present value of obligation is determined based on the 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 obligation for leave encashment is recognized in the manner as gratuity.

The company follows Accounting Standard (AS 15) (Revised 2005) "Employee Benefits". The disclosure require as per the Revised AS 15 are as under :

8. Disclosure of details pertaining to related party transactions entered into during the year in terms of Accounting Standard-18 "Related Party Disclosures" issued by ICAI:

List of related parties:

i) Companies in which directors are interested:

M/s AMC Coated Fabrics Pvt. Ltd., M/s Urethane Coaters Pvt. Ltd., M/s. Suvij Foils Private Limited.

ii) Key Management Personnel:

Sh. S.K. Gupta, Sh. Rajeev Gupta

Previous Year: (Sh. S.K. Gupta, Sh. Rajeev Gupta, Sh. S.R.Pahwa, Sh. Anil Bhargava, & Sh. S.C. Goyal)

9. The Company has diversified its business, and entered into a joint venture with a Real Estate Company (Krish Infrastructure Pvt. Ltd.) in the name of "Krish Icons" (Association of Person), to develop Flats and Residential Complex in Bhiwadi through a Memorandum of Understanding, dated February 5, 2013. Further the whole project will be developed and constructed by the Real Estate Company, wherein in the entire construction, developments and related cost shall be borne by Amco India Limited and Krish Infrastructure Pvt. Ltd. in 40:60 ratios respectively.

10. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

11. Disclosures required under section 22 of Micro, Small and Medium Enterprises Development Act, 2006.

The Company has compiled this information based on the current information in its possession. As at 31st March 2014, no supplier has intimated the Company about its status as a Micro or Small Enterprise or its registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006.

12. During the current financial year, the business of Bhiwadi unit has been closed, accordingly fixed asset including land has been sold and written off where the assets are not identifiable Profit/Loss on sale/write off of the asset has been charged to revenue account under the head "Asset written off".

13. The Previous Year''s figures have been regrouped and/ or rearranged wherever considered necessary to make this Comparable with those of the current year.


Mar 31, 2013

1. CONTINGENT LIABILITIES:

Against letter of Credit of Rs. 225.68 Lacs (Previous Year 519.83 Lacs) from Axis Bank Ltd, Noida.

2. Estimated amount of contracts on capital accounts Rs.98.52 Lacs (Previous Year Rs. 3.33 Lacs) remaining to be executed, against which Rs. 31.32 Lacs (Previous Year Rs. 3.33 Lacs) have been paid as an advance.

3. OPERATING LEASE:

The company''s significant leasing arrangements are in respect of operating leases for office premises. The future minimum lease payments under non-cancelable operating leases in respect of the office premises, payable as per rentals stated in the agreement as follows:

4. In the opinion of the board of directors all current assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and schedules thereof and all known liabilities relating to the year have been provided for.

5. Legal & Professional charges include Statutory Audit fee of Rs. 2,52,810/-. (Previous Year Rs. 2,48,175/-).

6. Sundry Debtors, Sundry Creditors, Loans & advances and other advances are subject to confirmation from parties.

7. Employees Benefits:

The company follows Accounting Standard (AS 15) (Revised 2005) "Employee Benefits". The disclosure require as per Revised As 15 are as under:

8. Disclosure of details pertaining to related party transactions entered into during the year in terms of Accounting Standard-18 "Related Party Disclosures" issued by ICAI:

a) List of related parties:

i) M/s AMC Coated Fabrics Pvt. Ltd., M/s Urethane Coaters Pvt. Ltd.

ii) Key Management Personnel: Sh. S.K. Gupta, Sh. Rajeev Gupta, Sh. S.C. Goyal, Sh. Anil Bhargava & Sh. S.R.Pahwa

b) Details of transactions between company & the related parties during the year & the status of outstanding balance as on 31.03.2013

9. The Company has diversified its business, and entered into a joint venture with a Real Estate Company (Krish Infrastructure Pvt. Ltd.) in the name of "Krish Icons" (Association of Person), to develop Flats and Residential Complex in Bhiwadi through a Memorandum of Understanding, dated February 5, 2013. Further the whole project will be developed and constructed by the Real Estate Company, wherein in the entire construction, developments and related cost shall be borne by Amco India Limited and Krish Infrastructure Pvt. Ltd. in 40:60 ratios respectively.

10. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

11. The Previous Year''s figures have been regrouped and/ or rearranged wherever considered necessary to make this Comparable with those of the current year.

Business Segment : The business operations of the company comprise PVC Film, Aluminum Foil and Non Woven. This business segregation forms the basis for review of operational performance by the management.


Mar 31, 2012

1. Contingent Liabilities: Against letter of Credit of Rs. 519.83 Lacs from Axis Bank Ltd, Noida and NIL from Canara Bank, Noida (Previous Year Rs. 478.80 Lacs from Axis Bank Ltd, Noida and Rs. 125.63 Lacs from Canara Bank, New Delhi).

2. Estimated amount of contracts on capital accounts Rs.3.33 Lacs (Previous Year Rs. 19.00 lacs) remaining to be executed, against which Rs.3.33 Lacs (Previous Year Rs. 19.00 lacs) have been paid as an advance.

3. OPERATING LEASE:

The company''s significant leasing arrangements are in respect of operating leases for office premises. The future minimum _ lease payments under non-cancelable operating leases in respect of the office premises, payable as per rentals stated in the agreement as follows:

4. In the opinion of the board of directors all current assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and schedules thereof and all known liabilities relating to the year have been provided for.

5. Legal & Professional charges include Statutory Audit fee of Rs. 2,25,000/-. (Previous Year Rs. 2,48,175/-).

(B) Defined Benefit Plan:

The employee''s gratuity fund scheme managed by a trust is a defined benefit plan. The present value of obligation is determined based on the 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 obligation for leave encashment is recognized in the manner as gratuity.

6. Sundry Debtors, Sundry Creditors, Loans & advances and other advances are subject to confirmation from parties.

7. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

8. The Previous Year''s figures have been regrouped and/ or rearranged wherever considered necessary to make this Comparable with those of the current year.


Mar 31, 2010

1. Contingent Liabilities: Against letter of Credit of Rs. 115.40 Lacks from Axis Bank Ltd.,Noida and Rs.113.08 Lacks from Canara Bank, Noida (Previous Year Rs. 200.00 lacks from Axis Bank Ltd.,Noida & Rs. 123 lacks from Canana Bank, Noida).

2. Estimated amount of contracts on capital accounts Rs. 263.83 Lacks (Prev.Year Rs. 335.75 lacks) remaining to be executed, against which Rs. 30.53 Lacks (Previous Year Rs. 113.67 lacks) have been paid as an advance.

3. Employees Benefits:

The company follow Accounting Standard (AS 15) (Revised 2005) "Employee Benefits". The disclosure require as per Revised AS 15 are as under:

The above plans are state plans and the company has no obligation to pay future benefits and its only obligation is to pay contribution as they fail due.

(B) Defined Benefit Plan:

The employees gratuity fund scheme managed by a trust is a defined benefit plan. The present value of obligation is determined based on the 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 obligation for leave encashment is recognized in the manner as gratuity.

The company follows Accounting Standard (AS 15) (Revised 2005) "Employee Benefits. The disclosure require as per the Revised AS 15 are as under:

4. In the opinion of the board of directors all current assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and schedules thereof and all known liabilities relating to year have been provided for.

5. Legal & Professional charges include Statutory Audit fee of Rs. 220,6607- & Rs. 7604/- for audit expenses. (Previous Year Rs. 209,570/-).

6. Sundry Debtors, Sundry Creditors, Loans & advances and other advances are subject to confirmation from parties.

7. Disclosures relating to amounts payable as at the year end together with interest paid/payable to Micro, Small and Medium Enterprises Development Act, 2006 to the extent of information available with the company determined on the basis of intimation received from suppliers regarding their status and the required disclosure are given below:

8. REMUNERATIONTO MANAGING DIRECTOR AND EXECUTIVE DIRECTORS

9. COMPUTATION OF NET PROFIT IN ACCORDANCEWITH SECTION 198 READWITH SEC-349 OFTHE COMPANIES ACT, 1956.

Note: The Company has followed Section-I I of Part-ll of Schedule XIII of the Companies Act, 1956 for payment of remuneration to directors in the absence or inadequacy of profits.

10. Disclosure of details pertaining to related party transactions entered into during the year in terms of Accounting Standared-18 "Related Party Disclosures" issued by ICAI:

a) List of related parties:

i) M/s AMC Coated Fabrics Pvt. Ltd., M/s Urethane Cdaters Pvt. Ltd.

ii) Key Management Personnel: Sh. S.K. Gupta, Sh. Rajeev Gupta, Sh. S.C. Goyal, Sh. Anil Bhargava Sh.S.R.Pahwa, Sh. S. B. Singh and Mr. S. P. Dhingra.

b) Details of transactions between company & the related parties during the year & the status of outstanding balance as Figures in bracket belongs to previous year.

11. Basic / Diluted Earning Per Share has been calculated by dividing net profit after taxation for the year as per accounts, which is attributable to equity shareholders by number of equity shares outstanding at the end of the year.

12. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

13. The Previous Years figures have been regrouped and/ or rearranged wherever considered necessary to make this Comparable with those of the current year.

Note:

Business Segment: The business operations of the company compries PVC Film.Aluminium Foil and Non Woven. This business segregation forms the basis for review of operational performance by the management.

NOIDA UNIT: PVC Films / Sheeting Textile Fabrics Lam. to PVC Sheeting ( CCF), Non Woven Fabrics Lam.

BHIWADI UNIT : Aluminium Foils, Non Woven Fabrics Lam.

BADDI UNIT : Aluminium Foils

Information pursuant to paragraph 40 of part II of Schedule VI of the Companies Act, 1956. a) Value of import calculated on C.I.F. basis during the Financial year in respect of


Mar 31, 2000

1) Contingent Liabilities not provided for:

a) Estimated amount of contracts remaining to be executed on capital account not provided for Rs. 47,09,695/- ( Previous Year Rs. 7,76,445/-against which Rs. 13,73,149/- have been paid as an advance.

b) A sum of Rs. 23.19 Lacs (Pr. year Rs. 23.19 Lacs) paid to RIICO towards the purchase of one sick Industrial unit at the cost of Rs. 92 lacs, and the possession of unit has been taken by the company but the company wants to repudiate the contract due to undetermined Excise Liability.

2. In the opinion of the board of directors all current assets, loans & advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and schedules thereof and all well known liabilities relating to the year have been provided for.

3. Loans from I.D.B.I., P.I.C.U.P. & U.P.F.C. are secured against the fixed assets and personal guarantees of the directors.

4. No T.D.S. has been deducted on finance charges component in the instalments paid during the year against purchases of fixed assets on Hire Purchase Systems from finance companies, since post dated cheques for instalments including finance charges are given in advance as per general practice in trade.

5. The unsecured loan of Rs. 60,00,000/- taken from M/s Amco Finance Ltd. which is under the same manage- ment as defined in sub section (1-B) of the Section 370 of the Companies Act, 1956 is free of interest. (Previous Year Rs. 60,00,000/-)

6. Sundry Debtors includes Rs. 7,36,241/- over six months considered doubtful of recovery due from various parties (Previous Year Rs.1,18,882.00) However Directors are pursuing for its recovery. No provision for the same has been made.

7. The maximum amount due during the year from M/s AMC Coated Fabrics Ltd., which is under the same man- agement as defined in sub section (1-B) of section 370 of the Companies Act, 1956, is Rs. 6,44,926/-(Previous Year Rs. 3,19,800/-.)

8. Legal & Professional charges include audit fee of Rs. 63,000/- (Previous Year Rs. 52,500/-).

9. Sundry Debtors, Sundry Creditors, Loan and Advances and other advances are subject to confirmation from parties.

 
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