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Notes to Accounts of Astral Poly Technik Ltd.

Mar 31, 2016

1. EMPLOYEE BENEFITS

The disclosures required under Accounting Standard 15 (Revised) "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006 are given below:

Defined Contribution Plan:

Amount towards Defined Contribution Plan have been recognized under "Contribution to Provident and Other funds" in Note No. 22 Rs.103.82 Lacs (Previous Year: Rs.95.92 Lacs).

Defined Benefit Plan:

The Company has defined benefit plans for gratuity to eligible employees, contributions for which are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines. The details of these defined benefit plans recognised in the financial statements are as under:

General Description of the Plan:

The Company operates a defined benefit plan (the Gratuity Plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees salary and the tenure of employment.

2. CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENDITURE

Amount required to be spent by the Company on Corporate Social Responsibility (CSR) activities during the year was Rs.182.57 Lacs. Revenue expenditure charged to Statement of Profit and Loss in respect of Corporate Social Responsibility (CSR) activities undertaken during the year is Rs.183.00 Lacs and has been paid in cash.

3. CHANGE IN ACCOUNTING POLICY

Effective April 01, 2015, the Company has changed its method for the valuation of its inventories, except for inventories of finished goods, from FIFO (First in First out) basis to weighted average basis due to the change in technology of the financial accounting system, the impact of the change is insignificant on the profit before tax of the Company for the year.

4. DERIVATIVE INSTRUMENTS

The Company uses foreign currency forward contracts and currency options to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The use of foreign currency forward contracts is governed by the Company''s strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Company''s Risk Management Policy. The Company does not use forward contracts and Currency Options for speculative purposes.

c) Interest rate swaps to hedge against fluctuations in interest rate changes: No. of contracts:! (Previous Year: No. of contracts : 1) Foreign Currency Exposures not hedged by derivative instruments as at 31st March, 2016 on payable amounting US$ 333.72 Lacs and EURO 18.65 Lacs Equivalent Rs.23,516.35 Lacs (Previous Year: US$ 391.36 Lacs and EURO 2.41 Lacs Equivalent Rs.24,621.86 Lacs) and on receivables amounting US$ 8.12 and GBP 5.71 Lacs Equivalent Rs.1,083.03 Lacs (Previous Year: US$ 2.50 and GBP 5.52 Lacs Equivalent Rs.665.89 Lacs).

Foreign Exchange Loss (Net) of Rs.1,693.21 Lacs (Previous Year: Exchange Loss (Net) of Rs.928.47 Lacs) for the year has been included in respective heads of Statement of Profit and Loss.

5. SEGMENT REPORTING

The Company is engaged mainly in production of plastic products and as such this is the only reportable business segment as per Accounting Standard on Segment Reporting (AS - 17) notified under the Companies (Accounting Standards) Rules, 2006.

6. The Company has, on a preferential basis, issued 13,85,204 equity shares of Rs.1 each, fully paid up at a price of Rs.425.93 per share aggregating to Rs.5,900.00 Lacs to Vijay Parikh on 2nd November, 2015, in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

7. On 10th December 2014, the company allotted 59,84,519 Equity Shares of Rs.1 each for cash at a premium of Rs.401.52 per equity shares aggregating to Rs.24,088.89 Lacs, pursuant to shares issued under Qualified Institutional Placement (QIP). The company has utilized all the proceeds as per offer document, there is no unutilized fund as on 31st March 2015.

8. Exceptional item for the year ended March 31, 2016 represents Rs.83.11 Lacs paid by the Company towards the full and final settlement of employees dues in respect of Baddi plant.

9. Previous year''s figures have been regrouped and reclassified, wherever necessary, so as to make them comparable.


Mar 31, 2014

1. CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR (Rs. In Lacs)

As At As At 31st March, 2014 31st March, 2013

Contingent Liabilities

Bank Guarantees 296.08 298.22

Letters of Credit for Purchases 149.75 -

Income tax matters under appeal - 5.77

Guarantee Given by Company on behalf of Joint Venture 1,972.01 - for availing borrowing from local Bank Commitments

Capital Contracts remaining to be executed 1,363.84 1,182.31

2. EMPLOYEE BENEFITS

The disclosures required under Accounting Standard 15 (Revised) "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006 are given below:

Defined Contribution Plan:

Amount towards Defined Contribution Plan have been recognized under "Contribution to Provident and Other funds" in Note No. 21 Rs. 77.00 Lacs (Previous Year : Rs. 66.63 Lacs).

Defined Benefit Plan:

The Company has defined benefit plans for gratuity to eligible employees, contributions for which are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines. The details of these defined benefit plans recognised in the financial statements are as under:

General Description of the Plan:

The Company operates a defined benefit plan (The Gratuity Plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees salary and the tenure of employment.

f) Assumptions :

e) Investment details of plan assets :

To fund the obligations under the gratuity plan, Contributions are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines.

Future Salary increases are based on long term average salary rise expected taking into account inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employee market. Future Separation & mortality rates are obtained from relevant data of Life Insurance Corporation of India.

h) Contributions expected to be paid to the plan during the next financial year Rs. Nil (Previous Year : Rs. Nil).

3. RELATED PARTY DISCLOSURES

1. Name of Party and relationship :

Sr. No. Description of Relationship Name of Related Parties

a. Subsidiaries Astral Biochem Private Limited

Advanced Adhesives Limited

b. Enterprises over which Key Managerial Kairav Chemicals Limited Personnel are able to exercise significant Saumya Polymers LLP (Formerly known influence as Saumya Polymers Private Limited)

Joint Venture Astral Pipes Limited (Formerly known

as Astral Technologies Limited)

c. Key Management Personnel Mr. Sandeep P. Engineer

Mrs. Jagruti S. Engineer Mr. K. R. Shenoy

d. Relatives of Key Management Personnel Sandeep P. Engineer HUF

Mr. Bipin R. Mehta Mrs. Rekha B. Mehta Mrs. Hansa P. Engineer Mr. Kairav S. Engineer

4. SEGMENT REPORTING

The Company is engaged mainly in production of plastic products and as such is the only reportable segment as per Accounting Standard on Segment Reporting (AS - 17) issued by the Institute of Chartered Accountants of India. The geographical segmentation is not relevant as export turnover is not significant in respect of total turnover.

5. DERIVATIVE INSTRUMENTS

The Company uses foreign currency forward contracts and currency options to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The use of foreign currency forward contracts is governed by the Company''s strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Company''s Risk Management Policy. The Company does not use forward contracts and Currency Options for speculative purposes.

6. Previous year''s figures have been regrouped and reclassified, wherever necessary, so as to make them comparable.


Mar 31, 2013

1. CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR

(Rs. In Lacs)

As At As At 31st March, 2013 31st March, 2012

Contingent Liabilities

Bank Guarantees 298.22 155.18

Letters of Credit for Purchases - 38.00

Income tax matters under appeal 5.77 772.53

Commitments

Capital Contracts remaining to be executed 1,182.31 840.82

2. EMPLOYEE BENEFITS

The disclosures required under Accounting Standard 15 (Revised) "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006 are given below:

Defined Contribution Plan:

Amount towards Defined Contribution Plan have been recognized under "Contribution to Provident and Other funds" in Note No. 20 Rs. 66.63 Lacs (Previous Year Rs. 53.70 Lacs).

Defined Benefit Plan:

The Company has defined benefit plans for gratuity to eligible employees, contributions for which are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines. The details of these defined benefit plans recognised in the financial statements are as under:

General Description of the Plan:

The Company operates a defined benefit plan (The Gratuity Plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees salary and the tenure of employment.

3. SEGMENT REPORTING

The Company is engaged mainly in production of plastic products and as such is the only reportable segment as per Accounting Standard on Segment Reporting (AS - 17) issued by the Institute of Chartered Accountants of India. The geographical segmentation is not relevant as export turnover is not significant in respect of total turnover.

4. DERIVATIVE INSTRUMENTS

The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The use of foreign currency forward contracts is governed by the Company''s strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Company''s Risk Management Policy. The Company does not use forward contracts for speculative purposes.

Expenditure on account of premium on forward exchange contracts to be recognized in the profit and loss of subsequent accounting period aggregates to Rs.16.22 Lacs (Previous Year : Rs.51.65 Lacs).

Foreign Currency Exposures not hedged by derivative instruments as at 31st March, 2013 on payable amounting US$ 318.16 Lacs & EURO 9.47 Lacs Equivalent Rs.17,927.61 Lacs (Previous Year: US$ 399.45 Lacs & EURO 9.55 Lacs Equivalent Rs.20,972.25 Lacs) and on receivables amounting US$ 1.61 Lacs Equivalent Rs.87.33 Lacs (Previous Year: US$ 3.61 Lacs Equivalent Rs.183.46 Lacs).

Foreign Exchange Loss (Net) of Rs.1,277.37 Lacs (Previous Year: Exchange Loss (Net) of Rs.2,236.87 Lacs) for the year has been included in respective heads of Statement of Profit and Loss.

5. Previous year''s figures have been regrouped and reclassified, wherever necessary, so as to make them comparable.


Mar 31, 2012

A) The Company has issued only one class of shares referred to as equity shares having a par value of Rs.5/-. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regard to the Company's residual assets.

b) The Company has issued Nil (Previous Year : 19,67,108 Equity Shares) Bonus Shares during the period of 5 years immediately preceding the Balance Sheet date.

c) The amount of per share dividend recognised as distributions to equity shareholders during the year ended 31st March, 2012 is Rs.1.125 (Previous Year: Rs.1.125), subject to approval by shareholders in the ensuing Annual General Meeting.

a) Term Loans Secured by way of first charge, in respect of all the current asset, both present and future, of the Company and Fixed assets, both present and future, and further secured by personal guarantees of Directors.

i. Corporation Bank Term Loan of Rs. 2,477.13 Lacs (Previous Year : Rs. 2,469.30 Lacs) repayable within 72 months including initial moratorium period of twelve months from the date of first disbursement in twenty quarterly equal instalments. Repayable by February 2015.

ii. Standard Chartered Bank Term Loan of Rs.359.38 Lacs (Previous Year : Rs.646.88 Lacs) repayable within 60 months including initial moratorium period of twelve months from the date of first disbursement in sixteen quarterly equal instalments. Repayable by April 2013.

iii.HDFC Bank ECB Loan of Rs.3,561.60 Lacs (Previous Year : Rs. Nil) repayable within 66 months including initial moratorium period of twelve months from the date of first disbursement in eighteen quarterly instalments.

Repayable by December 2016. iv.Standard Chartered Bank ECB Loan of Rs.1,602.72 Lacs (Previous Year : Rs.892.00 Lacs) repayable within 60 months including initial moratorium period of twelve months from the date of first disbursement in nine half yearly instalments. Repayable by March 2013.

b) Vehicle Loans are Secured by way of hypothecation of respective motor vehicles purchased.

i. Kotak Mahindra Prime Limited Vehicle Loan of Rs.35.74 Lacs (Previous Year : Rs.58.98 Lacs) repayable on monthly basis. Repayable by April 2014.

ii. Axis Bank Limited Vehicle Loan of Rs.7.11 Lacs (Previous Year : Rs. Nil) repayable on monthly basis. Repayable by July 2014.

iii.Tata Motors Finance Limited Vehicle Loan of Rs.2.48 Lacs (Previous Year : Rs.4.51 Lacs) repayable on monthly basis. Repayable by April 2013.

* There are no dues to Micro and small Enterprises as at 31st March, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

a) Building Includes Rs.750/- being face value of 15 number of shares of Rs.50/- each held in Kant Apartment Co- Operative Housing Society Limited. Also includes Rs.127.11 Lacs (Previous Year : Rs.127.11 Lacs) for which the procedure for transfer of title in the name of the company is in process.

b) Accumulated Depreciation up to 31st March 2012 includes impairment loss on Plant and Equipment Rs.96.20 Lacs (Previous Year : Rs.96.20 Lacs)

* The Company is lessee under various operation leases under which rental expenses for the year was Rs.91.21 Lacs (Previous year : Rs.61.68 Lacs). The Company has not executed any non cancelable lease agreement.

1 CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR

(Rs. In Lacs)

As At As At 31st March, 2012 31st March, 2011

Contingent Liabilities

Bank Guarantees 155.18 109.96

Letters of Credit for Purchases 38.00 -

Income tax matters under appeal 772.53 77.79

Commitments

Capital Contracts remaining to be executed 840.82 808.57

2 EMPLOYEE BENEFITS

The disclosures required under Accounting Standard 15 (Revised) "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006 are given below:

Defined Contribution Plan:

Contribution to Defined Contribution Plan, recognized and charged off the year, is as under: Employer's Contribution to Providend Fund Rs. 53.70 Lacs

Defined Benefit Plan:

The Company has defined benefit plans for gratuity to eligible employees, contributions for which are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines. The details of these defined benefit plans recognised in the financial statements are as under:

General Description of the Plan:

The Company operates a defined benefit plan (the Gratuity Plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees salary and the tenure of employment.

e) Investment details of plan assets :

To fund the obligations under the gratuity plan, Contributions are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines.

Future Salary increases are based on long term average salary rise expected taking into account inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employee market. Future Separation & mortality rates are obtained from relevant data of Life Insurance Corporation of India.

h) Contributions expected to be paid to the plan during the next financial year Rs.Nil (Previous Year : Nil)

The Liability for Leave Encashment and compensated absences as at year end is Rs.53.82 Lacs (Previous Year: Rs.39.21 Lacs)

Figures in the brackets are in respect of the previous year.

3. SEGMENT REPORTING

The Company is engaged mainly in production of plastic products and as such is the only reportable segment as per Accounting Standard on Segment Reporting (AS - 17) issued by the Institute of Chartered Accountants of India. The geographical segmentation is not relevant as export turnover is not significant in respect of total turnover.

4. DERIVATIVE INSTRUMENTS

The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The use of foreign currency forward contracts is governed by the Company's strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Company's Risk Management Policy. The Company does not use forward contracts for speculative purposes.

Expenditure on account of premium on forward exchange contracts to be recognized in the profit and loss of subsequent accounting period aggregates to Rs.51.65 Lacs (Previous Year : Rs.29.37 Lacs).

Foreign Currency Exposures not hedged by derivative instruments as at 31 st March, 2012 on payable amounting US$ 399.45 Lacs & EURO 9.55 Lacs Equivalent Rs.20,972.25 Lacs (Previous Year : US$ 243.70 Lacs & EURO 6.49 Lacs Equivalent Rs.11,280.67 Lacs) and on receivables amounting US$ 3.61 Lacs Equivalent Rs.183.46 Lacs (Previous Year : US$ 5.86 Lacs Equivalent Rs.261.34 Lacs).

Foreign Exchange Loss (Net) of Rs.2,236.87 Lacs (Previous Year : Exchange Gain (Net) of Rs.286.99 Lacs) for the year has been included in respective heads of Profit and Loss Account.

36. Provision for current tax has been made in accounts under MAT. Since the company estimates that there will be no taxable profits under normal working of taxable income for the year, Deferred Tax Charges/ Credits have not been recognized in view of the tax holiday enjoyed by a unit of the Company and on considerations of prudence as set out in AS 22 on "Accounting for Taxes on Income".

5. The Company prepares and presents its financial statements as per Schedule VI to the Companies Act, 1956, as applicable to it from time to time. In view of the revision to the Schedule VI as per a notification issued during the year by the Central Government, the financial statements for the financial year ended 31st March, 2012 have been prepared as per the requirements of the Revised Schedule VI to the Companies Act, 1956. The previous year figures have been accordingly regrouped /reclassified to confirm to the current year's classification.


Mar 31, 2011

1. Contingent Liabilities not provided for :

(Rs. In Lacs) Sr. No. Particulars As At As At 31.03.2011 31.03.2010

1 Bank Guarantees 109.96 23.94

2 Letters of Credit for Purchases - 64.34

3 Export Obligations under EPCG Scheme (Duty Involved) - 6.89

4 Capital Contracts remaining to be executed 808.57 607.87

5 Income tax matters under appeal 77.79 - 2. Interest in Joint Venture:

The Company has 31.90% ownership interest in joint venture Company Astral Technologies Limited (ATL), incorporated in Kenya. Its proportionate share in the assets, liabilities, income and expenses etc. in the said joint venture company is given below:

3. Employee Benefits :

The disclosures required under Accounting Standard 15 (Revised) "Employee Benefits” notified in the Companies (Accounting Standards) Rules 2006 are given below :

Defined Contribution Plan

Contribution to Defined Contribution Plan, recognised and charged off the year, is as under : Employer’s Contribution to Providend Fund Rs. 42.25 Lacs

Defined Benefit Plan

The Company has defined benefit plans for gratuity to eligible employees, contributions for which are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines. The details of these defined benefit plans recognised in the financial statements are as under:

General Description of the Plan:

The Company operates a defined benefit plan (the Gratuity Plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees salary and the tenure of employment.

e. Investment details of plan assets :

To fund the obligations under the Gratuity Plan, Contributions are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines.

Future Salary increases are based on long term average salary rise expected taking into account inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employee market. Future Separation & Mortality rates are obtained from relevant data of Life Insurance Corporation of India.

h. Contributions expected to be paid to the plan during the next financial year Rs. Nil (Previous Year : Rs. 10.00 Lacs)

The Liability for Leave Encashment and compensated absences as at year end is Rs. 39.21 lacs ( Previous Year : Rs. 32.68 lacs)

4. Accumulated Depreciation upto March 31, 2011 (Schedule ‘4’ ) includes impairment loss on Plant & Machinery – Rs. 96.20 lacs (Previous Year. : Rs. 96.20 lacs).

5. Segment Reporting :

The Company is engaged mainly in production of plastic Products and as such is the only reportable segment as per Accounting Standard on Segment Reporting (AS – 17) issued by the Institute of Chartered Accountants of India. The geographical segmentation is not relevant as export turnover is not significant in respect of total turnover.

6. Operating Lease :

The Company is Lessee under various operation leases under which rental expenses for the year was Rs. 61.68 Lacs. (Previous Year : Rs. 51.60 Lacs). The Company has not executed any non cancelable lease agreement.

7. Derivative Instruments :

The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The use of foreign currency forward contracts is governed by the Companys strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Companys Risk Management Policy. The Company does not use forward contracts for speculative purposes. Outstanding Forward Exchange Contracts entered into by the Company on accounts of payables and receivables:

Expenditure on account of premium on forward exchange contracts to be recognised in the profit and loss of subsequent accounting period aggregates to Rs. 29.37 Lacs (Previous Year : Rs. 22.68 Lacs).

Foreign Currency Exposures not hedged by derivative instruments as at 31st March 2011 on payables, amounting to US$ 243.70 Lacs & EURO 6.49 Lacs Equivalent INR. 11,280.67 Lacs (Previous Year : US$ 140.80 Lacs Equivalent INR. 6,377.82 Lacs) and on receivables, amounting to US$ 5.86 Lacs Equivalent INR. 261.34 Lacs (Previous Year : US$ 3.47 Lacs Equivalent INR. 156.00 Lacs).

Foreign Exchange Gain (Net) of Rs. 286.99 Lacs (Previous Year : Rs. 613.60 Lacs) for the year has been included in respective heads of Profit and Loss Account.

9. There are no dues to Micro and Small Enterprises as at 31st March, 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

10. Provision for current tax has been made in accounts under MAT. Since the Company estimates that there will be no taxable profits under normal working of taxable income for the year, Deferred Tax Charges/ Credits have not been recognised in view of the tax holiday enjoyed by a unit of the Company and on considerations of prudence as set out in AS 22 on "Accounting for Taxes on Income”.

11. Previous years figures have been regrouped and reclassified, wherever necessary, so as to make them comparable.


Mar 31, 2010

1. Contingent Liabilities not provided for : (Rs. In Lacs) As At As At Sr. No. Particulars 31.03.2010 31.03.2009 1 Bank Guarantees 23.94 34.01 2 Letters of Credit for Purchases 64.34 389.30 3 Export Obligations under EPCG Scheme (Duty Involved) 6.89 26.27 4 Capital Contracts remaining to be executed 607.87 362.05

2. Employee Benefits :

The disclosures required under Accounting Standard 15 (Revised) “Employee Benefits” notified in the Companies (Accounting Standards) Rules 2006 are given below :

Defined Contribution Plan

Contribution to Defined Contribution Plan, recognised is charged off the year are as under: Employer’s Contribution to Providend Fund Rs. 37.13 Lacs

Defined Benefit Plan

The Company has defined benefit plans for gratuity to eligible employees, contributions for which are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines. The details of these defined benefit plans recognised in the financial statements are as under:

General Description of the Plan:

The Company operates a defined benefit plan (the Gratuity Plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees salary and the tenure of employment.

e. Investment details of plan assets :

To fund the obligations under the gratuity plan, Contributions are made to Life Insurance Corporation of India, who invests the funds as per IRDA guidelines.

h. Contributions expected to be paid to the plan during the next financial year Rs.10.00 Lacs (P.Y. : Rs. 16.00 Lacs)

The Liability for Leave Encashment and compensated absences as at year end is Rs.32.68 Lacs (P.Y. : Rs.25.59 Lacs)

3. Accumulated Depreciation upto March 31, 2010 (Schedule ‘5’ ) includes impairment loss on Plant & Machinery – Rs. 96.20 Lacs (P.Y. : Rs. 96.20 Lacs).

4. Segment Reporting :

The Company is engaged mainly in production of plastic products and as such is the only reportable segment as per Accounting Standard on Segment Reporting (AS - 17) issued by the Institute of Chartered Accountants of India. The geographical segmentation is not relevant as export turnover is not significant in respect of total turnover.

5. Operating Lease :

The Company is Lessee under various operation leases under which rental expenses for the year was Rs. 51.60 Lacs (P.Y. : Rs. 42.71 Lacs). The Company has not executed any non cancellable lease agreement.

6. Derivative Instruments :

The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The use of foreign currency forward contracts is governed by the Company’s strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Company’s Risk Management Policy. The Company does not use forward contracts for speculative purposes.

7. The plant and machineries and equipments located at the Company’s Himachal Pradesh unit Costing Rs. 277.33 Lacs carry first charge in favour of the Government of Himachal Pradesh for a period of five years effective from the year 2005-06 during which the Company was granted a cash subsidy of Rs. 30.00 Lacs for the investments made by the Company in the state.

8. There are no dues to Micro and Small Enterprises as at March 31, 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 as been determined to the extent such parties have been identified on the basis of information available with the Company.

9. Provision for current tax has been made in accounts under MAT, Since the Company estimates that there will be no taxable profits under normal working of taxable income for the year, Deferred Tax Charges / Credits have not been recognized in view of the tax holiday enjoyed by a unit of the Company and on considerations of prudence as set out in AS 22 on "Accounting for Taxes on Income".

10. Previous years figures have been regrouped and reclassified, wherever necessary, so as to make them comparable.