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Notes to Accounts of Ashish Polyplast Ltd.

Mar 31, 2015

1. Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2. Previous year's figures have been regrouped, reclassified and rearranged wherever necessary to confirm this year's classification.

3. Consequent to the applicability of the Companies Act, 2013 (the Act) with effect from 1st April 2014, the comapny has realigned the remaining useful life of its Fixed Assets in accordance with the provsions prescribed under schedule-ll to the Act. Consequently the carrying value of the fixed assets having nil useful life as on 01st April 2014 amounting to Rs. 491,683/- (Net of Deffered Tax of Rs. 219,870/-) has been adjusted to the opening balance of profit and loss account and carrying value of assets having balanced useful life (net of residual value) is being depreciated over the residual remaining useful life. Accordingly the depreciation expense charged for the year ended 31st March 2015 is lower Rs.1.33 lacs.

4. Figures have been rounded off to nearest of rupee. Figures in brackets indicate negative values.

5. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value, if realized, during the ordinary course of business.

6. Contingent Liability and Capital Commitments:

Rs. in Lakhs

Particulars 2014-2015 2013-2014

Guarantee given to bank 56,000 56,000

Contracts remaining to NIL NIL be executed on capital account

Excise demands against the company not acknowledged as debts and not provided for as the same are 8,79,562 8,79,562 disputed by the company in appeal.

7. The balances of sundry debtors and sundry creditors are subject to confirmation from respective parties. Necessary adjustments, if any, will be made when accounts are reconciled / settled.

8. Expenditure incurred by the Company on Employees :

a. If employed for a part of the financial year and where in receipt of remuneration for the year which in aggregate was not less than Rs.60 Lacs : Rs. Nil.

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.5 lacs per month : Rs. Nil

9. Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)

10. Remittance in Foreign Exchange on account of Travelling etc. Rs. Nil/- (Previous Year Rs.NIL)

11. Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)

12. Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)

13. Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

14. Disclosure for leases under Accounting Standard 19 :

a Financial Lease :

The net carrying amount of assets acquired under financial lease : Nil

b Operational Lease :

The amount of payments for operational lease on assets : Nil

15. Segment Reporting:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

16. In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment in respect of loss on impairment of assets is required to be made in the accounts.

17. Related party Disclosure.

Disclosures as required by Accounting Standard 18 "Related Party Disclosures" are given below.

A Related Party

Ashish D. Panchal - Managing Director

Kantaben D. Panchal - Director

B Key Management Personnel

Ashish D. Panchal - Managing Director

Rasik B. Panchal - CFO

18. Disclosures pursuant to Accounting Standard -15 ( Revised) " Employee Benefits" :

A. Defined Contribution Plan:

The company has recognised as an expense in the profit and loss account in respect of defined contribution plan - Provident Fund of Rs. 1,77,447/- (Previous year Rs. 1,77,426/-) administered by the Government.

B. Defined benefit plan and long term employment benefit General Description:

* Gratuity (Defined Benefit Plan):

The company has obtained report from Actuary for Gratuity liability.

* Leave Wages:

The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.


Mar 31, 2014

1 Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2 Previous year''s figures have been regrouped, reclassified and rearranged wherever necessary to confirm this year''s classification.

3 Figures have been rounded off to nearest of rupee. Figures in brackets indicate negative values.

4 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value, if realized, during the ordinary course of business.

5 Contingent Liability and Capital Commitments:

Amount in Rs. Particulars 2013-14 2012-13

Guarantee given to bank 56,000 56,000

Contracts remaining to be executed on capital account. NIL NIL

Excise demands against the company not acknowledged as debts and not 8,79,562 879562 provided for as the same are disputed by the company in appeal.

6 The balances of sundry debtors and sundry creditors are subject to confirmation from respective parties. Necessary adjustments, if any, will be made when accounts are reconciled / settled.

7 Expenditure incurred by the Company on Employees:

a. If employed for a part of the financial year and where in receipt of remuneration for the year which in aggregate was not less than Rs.60 Lacs: Rs. Nil.

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.5 lacs per month: Rs. Nil

8 Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)

9 Remittance in Foreign Exchange on account of Travelling etc. Rs. Nil/- (Previous Year Rs.NIL)

10 Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)

11 Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)

12 Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

13 Disclosure for leases under Accounting Standard 19: a Financial Lease:

The net carrying amount of assets acquired under financial lease: Nil b Operational Lease:

The amount of payments for operational lease on assets: Nil

14 Segment Reporting:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

15 In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment if respect of loss on impairment of assets is required to be made in the accounts.

16 Related party Disclosure. :- Disclosures as required by Accounting Standard 18 "Related Party Disclosures" are given below. A Related Party

Ashish D. Panchal - Managing Director

Kantaben D. Panchal - Director B Key Management Personnel

Ashish D. Panchal - Managing Director

17 Disclosures pursuant to Accounting Standard -15 ( Revised) " Employee Benefits":

A Defined Contribution Plan:

The company has recognised as an expense in the profit and loss account in respect of defined contribution plan – Provident Fund of Rs.1,77,426/- (Previous year Rs.1,37,438/-) administered by the Government.

B Defined benefit plan and long term employment benefit General Description:

- Gratuity (Defined Benefit Plan):

The company has obtained report from Actuary for Gratuity liability.

- Leave Wages:

The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.


Mar 31, 2013

1 Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2 Previous year''s figures have been regrouped, reclassified and rearranged wherever necessary to confirm this year''s classification.

3 Figures have been rounded off to nearest of rupee. Figures in brackets indicate negative values.

4 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value, if realized, during the ordinary course of business.

5 Contingent Liability and Capital Commitments :

Rs. in Lakhs

Particulars 2012-2013 2011-2012

Guarantee given to bank 56,000 56,000

Contracts remaining to be executed on capital account NIL NIL

Excise demands against the company not acknowledged as debts and not provided for as the same are disputed by the company in appeal. 8,79,562 11,79,562



6 The balances of sundry debtors and sundry creditors are subject to confirmation from respective parties. Necessary adjustments, if any, will be made when accounts are reconciled / settled.

7 Expenditure incurred by the Company on Employees:

a. If employed for a part of the financial year and where in receipt of remuneration for the year which in aggregate was not less than Rs.60 Lacs: Rs. Nil.

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.5 lacs per month: Rs. Nil

9 Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)

10 Remittance in Foreign Exchange on account of Travelling etc. Rs. Nil/- (Previous Year Rs.89,700/-)

11 Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)

12 Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)

13 Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

14 Particulars of Earnings Per Share :

Earning per share computed in accordance with Accounting Standard 20 issued by The Institute of Chartered Accountants of India.

15 Disclosure for leases under Accounting Standard 19:

a Financial Lease :

The net carrying amount of assets acquired under financial lease : Nil

b Operational Lease :

The amount of payments for operational lease on assets : Nil

16 Segment Reporting:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

17 In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment if respect of loss on impairment of assets is required to be made in the accounts.

18 Disclosures pursuant to Accounting Standard -15 ( Revised) " Employee Benefits":

A Defined Contribution Plan:

The company has recognised as an expense in the profit and loss account in respect of defined contribution plan - Provident Fund of Rs. 1,37,438/- (Previous year Rs. 1,42,634/-) administered by the Government.

B Defined benefit plan and long term employment benefit

General Description:

Gratuity (Defined Benefit Plan):

The company has obtained report from Actuary for Gratuity liability.

Leave Wages:

The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.


Mar 31, 2012

1 Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2 Previous year's figures have been regrouped, reclassified and rearranged wherever necessary to confirm this year's classification.

3 Figures have been rounded off to nearest of rupee. Figures in brackets indicate negative values.

4 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value, if realized, during the ordinary course of business.

5 Contingent Liability and Capital Commitments :

Rs. in Lakhs

Particulars 2011-2012 2010-2011

Guarantee given to bank 56,000 56,000

Contracts remaining to be executed on capital account NIL NIL

Excise demands against the company not acknowledged as debts and not provided for as the same are disputed by the company in appeal. 11,79,562 11,79,562

6 The balances of sundry debtors and sundry creditors are subject to confirmation from respective parties. Necessary adjustments, if any, will be made when accounts are reconciled / settled.

7 Expenditure incurred by the Company on Employees :

a. If employed for a part of the financial year and where in receipt of remuneration for the year which in aggregate was not less than Rs.60 Lacs: Rs. Nil.

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.5 lacs per month: Rs. Nil

8 Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)

9 Remittance in Foreign Exchange on account of dividend, royalty etc. Rs. 89,700/-(Previous Year Rs. 89,700/-)

10 Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)

11 Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)

12 Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

13 Disclosure for leases under Accounting Standard 19 :

a Financial Lease : The net carrying amount of assets acquired under financial lease: Nil

b Operational Lease : The amount of payments for operational issue on assets: Nil

14 Segment Reporting:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

15 In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment if respect of loss on impairment of assets is required to be made in the accounts.

16 Related party Disclosure. :-

Disclosures as required by Accounting Standard 18 "Related Party Disclosures" are given below.

A Related Party

Ashish D. Panchal - Managing Director

Kantaben D. Panchal - Director

B Key Management Personnel Ashish D. Panchal - Managing Director

C Transactions with related parties

17 Disclosures pursuant to Accounting Standard -15 ( Revised) " Employee Benefits":

A Defined Contribution Plan:

The company has recognised as an expense in the profit and loss account in respect of defined contribution plan - Provident Fund of Rs. 1,42,634 (Previous year Rs. 1,33,642) administered by the Government.

B Defined benefit plan and long term employment benefit

General Description:

- Gratuity (Defined Benefit Plan): The company has obtained report from Actuary for Gratuity liability.

- Leave Wages

The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.


Mar 31, 2011

1. Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2. Previous Year's figures have been regrouped and rearranged wherever necessary to confirm this year's classification.

3. The figures in paisa have been rounded off to the nearest rupees. Figures in brackets indicate negative values.

4. CONTINGENT LIABILITY:

Particulars 2010-2011 2009-2010

On account of guarantee given Rs. 56,000 Rs. 56,000

Excise demands against the company not acknowledged Rs. 11,79,562 Rs. 11,79,562 as debts and not provided for as the same are disputed by the company in appeal.

5. Estimated amount of contract remaining to be executed on capital account and not provided for ( net of Advances) Rs.NIL /- (Previous Year Rs. 401400/-).

6. EXPENDITURE INCURRED BY THE COMPANY ON EMPLOYEES :

a. If employed for a part of the financial year and where in receipt of remuneration for the year, which in aggregate was not less than Rs.24 lacs: Rs. Nil

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.2 lacs per month: Rs. Nil

7. C.I.F. value of import of raw materials, components, stores, spares, capital goods Rs. NIL. (Previous Year Rs. Nil)

8. Value of imported Raw Material Consumed Rs.NIL. (Previous Year Rs. Nil)

9. Remittance in Foreign Exchange on account of dividend, royalty etc. Rs.89700. (Previous Year Rs. Nil)

10. Earnings in foreign exchange Rs.NIL. (Previous Year Rs. Nil)

11. Advances for goods includes Rs. Nil (Previous Year Rs. 15,93,448/-) given to the Company/ firms in which few directors of the Company were interested as a director.

12. Other advances include Rs. Nil (Previous Year Rs. 64,68,990/-) due from a Company in which some of the directors are interested as directors.

13. Sundry Debtors includes Rs. Nil (Previous Year Rs.7, 420/-) due from a Company in which some of the directors are interested as directors.


Mar 31, 2010

1. Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2. Previous Years figures have been regrouped and rearranged wherever necessary to confirm this years classification.

3. The figures in paisa have been rounded off to the nearest rupees. Figures in brackets indicate negative values.

4. CONTINGENT LIABILITY:

Particulars 2009-2010 2008-2009

On account of guarantee given Rs. 56,000 Rs.56,000/-

Excise demands against the company not acknowledged Rs. 11,79,562 Rs.11,79,562/- as debts and not provided for as the same are disputed by the company in appeal.

5. Estimated amount of contract remaining to be executed on capital account and not provided for ( net of Advances) Rs.401400 - (Previous Year Rs. Nil).

6. EXPENDITURE INCURRED BY THE COMPANY ON EMPLOYEES:

a. If employed for a part of the financial year and where in receipt of remuneration for the year, which in aggregate was not less than Rs.24 lacs: Rs. Nil

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.2 lacs per month: Rs. Nil

7. C.I.F. value of import of raw materials, components, stores, spares, capital goods Rs. NIL. (Previous Year Rs. Nil)

8. Value of imported Raw Material Consumed Rs.NIL. (Previous Year Rs. Nil)

9. Remittance in Foreign Exchange on account of dividend, royalty etc. Rs.NIL. (Previous Year Rs. Nil)

10. Earnings in foreign exchange Rs.NIL. (Previous Year Rs. Nil) «

11. Advances for goods includes Rs.15,93 448/- (Previous Year Rs. 15,93,448/-) given to the Company/ firms in which few directors of the Company were interested as a director.

12. Other advances include Rs.64,68,9907- (Previous Year Rs. 64,68,990/-) due from a Company in which some of the directors are interested as directors.

13. Sundry Debtors includes Rs. 7,420/- (Previous Year Rs.7, 420/-) due from a Company in which some of the directors are interested as directors.

14. Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

15. Disclosure for leases under Accounting Standard 19:

a) Financial Lease :

The net carrying amount of assets acquired under financial lease: Nil

b) Operational Lease :

The amount of payments for operational lease on assets: Nil 22. In accordance with "Accounting Standard - 22" deferred tax asset of Rs 90709. /-(Previous year Deferred tax asset of Rs. 179828/-) for the current year has been recognized in the Profit & Loss Account.

16. SEGMENT REPORTING:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

17. In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment if respect of loss on impairment of assets is required to be made in the accounts.

18. The Company has made advance payments to a few suppliers for acquisition of fixed assets and for the purchase of goods and materials aggregating to Rs. 11934938 (Previous year Rs. 11934938). We are informed that the delay in receipt of the assets, goods and material is on account of project being kept on hold on account of liquidity crunch raised due to sudden death of two Managing Directors of the company in succession. The company is in the process of pursuing acquisition of assets/goods from parties.

19. RELATED PARTY DISCLOSURES

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

A RELATED PARTIES RELATION

(1) Ashish Agroplast Pvt. Ltd. Associated Company (Ceased to be an associate W.e.f. 11/09/2009)

(2) Mr. Dinesh R. Panchal Director (Ceased to be Director W.e.f. 11/09/2009)

(3) Smt. Kantaben D. Panchal : Director

B. CONCERN CONTROLLED BY RELATIVE OF KMP

(1) Mixoplast Relative of Directors was Partner (Ceased to be a Concern controlled by relative of KMP)

(2) Mayur Plastic Industries Relative of Directors was Partner (Cease to be a Concern controlled by relative of KMP)



C. KEYMANAGEMENT PERSONNEL AND RELATIVES

Mr.Ashish D. Panchal Managing Director

20 Employee Benefits :

(A) Gratuity (Defined benefit plan): The company has obtained report from Actuary for Gratuity liability.

(B) Leave wages (Long term employment benefit) : The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.

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