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Notes to Accounts of Apcotex Industries Ltd.

Mar 31, 2015

1. Corporate Information note on business activity

Apootex industries Ltd. is one of the leading producers of Synthetic Lattices (VP Latex, Acrylic Latex, Nitrile Latex) and Synthetic Rubber (HSR, SBR) in India. The Company has one of the broadest ranges of products based on STYRENE - BUTADIENE CHEMISTRY available in the market today, Company's product range is used, among other applications, for TYRE CORD DIPPING, PAPER/PAPER BOARD COATING, CONCRETE MODIFICATION/WATER PROOFING, PAINT EMULSIONS, TEXTILE FINISHING etc, The various grades of Synthetic Rubber find application in products such as Footwear, Automotive components, V-belts, Conveyor belts and hoses.

2. Estimated amount of contracts to be executed on capital account and not provided for Rs. 242.06 Lacs (Net of advances of Rs. 34.85 Lacs) [P.Y. Rs. 74.70 Lacs (Net of Advances of Rs. 96.86 Lacs)].

3. Contingent Liabilities:

Claims against the Company not acknowledged as debts [Gross] Rs. 536.15 Lacs (P.Y. Rs. 760.54 Lacs).

(Rs. In Lacs)

Particulars As at As at 31st March 2015 31st March 2014

Income tax liability on account of disputed liability 528.22 393.67

Disputed demand from RCFPF for PF - 36.45

Excise duty, Service Tax and Customs 159.93 183.44

Show Cause notices / Demands under MVAT disputed by the company - 29.61

Open Letters of Credit - 117.37

Bank Guarantee with Sales Tax Department 55.86 -

4. Income Tax liability of Rs. 208.33 Lacs (Previous Year Rs. 208.33 Lacs) is in respect of capital gains.

5. Customs authorities have raised vide notice dated 22-07-2005 a demand and penalty of Rs. 142.09 Lacs each for a dispute regarding high sea sales. The Company has paid the demand of Rs. 142.09 Lacs in the year 2011-12 and has claimed the same as deduction in the year financial year 2011-12. Balance penalty amount of Rs. 142.09 Lacs has been disclosed as contingent.

6. Segment Information

The Company operates in a single primary business segment, i.e. leading producers of Synthetic Lattices and Synthetic Rubber. Therefore, the separate segment information on primary segment is not given in terms of the accounting standard 17, on 'segment reporting' issued by the Institute of Chartered Accountants of India. The information pertaining to the company's secondary segment i.e. geographical is given below:

Secondary Segment Information:

The Company's operations are managed from India. The principal geographical areas in which the Company operates are India, Middle East and Asian Countries.

7. Previous year's figures have been have been regrouped / restated wherever necessary to conform to current year's presentation.


Mar 31, 2013

Corporate Information note on business activity

Apcotex Industries Ltd. is one of the leading producers of Synthetic Latices (VP Latex, XSB Latex, Acrylic Latex, Nitrile Latex) and Synthetic Rubber (HSR, SBR) in India. The company has one of the broadest ranges of products based on STYRENE - BUTADIENE CHEMISTRY available in the market today. Our range is used, among other applications, for TYRE CORD DIPPING, PAPER/PAPER BOARD COATING, CONCRETE MODIFICATION/WATER PROOFING, PAINT EMULSIONS, TEXTILE FINISHING etc. The various grades of Synthetic Rubber find application in products such as Footwear, Automotive components, V-belts, Conveyor belts and hoses.

a) Terms/rights attached to equity shares

The Company has only one class of share i.e Equity Share which enjoy similar rights in respect of Voting, Payment of dividend and Repayment of capital.

Note 1: DEFERRED TAX LIABILITY (NET)

The Company has recognized deferred tax arising on account of timing differences, being the difference between the taxable income and accounting income, that originates in one period and is capable of reversal in one or more subsequent period(s) in compliance with Accounting Standard (AS 22) - Accounting for Taxes on income.

2. Estimated amount of contracts to be executed on capital account and not provided for Rs. 323.00 lacs (Net of advances) [P.Y. Rs. 493.87 lacs (Net of Advances)].

3. Contingent Liabilities:

Claims against the Company not acknowledged as debts [Gross] Rs. 582.12 lacs (P.Y. Rs. 566.00 Lacs).

4. Company is engaged in the business of Synthetic rubber including latexes, also known as Synthetic Emulsion polymers.

5. Operating Leases:

The Company lease agreements are in respect of operating lease for vehicles. This lease agreements provide for cancel- lation by either parties there to as per the terms and condition of the agreements. The lease rental recognized in the profit and loss during the year Rs. 3.82 lacs (PY. Rs. 3.33 lacs). The lease agreements obligations for period of validity Rs. 8.27 lacs (P.Y. Rs. 12.09)

6. Previous year''s figures have been regrouped, wherever necessary. Figures in brackets are for the P.Y.

 
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