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Notes to Accounts of Dhabriya Polywood Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

Company namely Dhabriya Polywood Limited (formerly known as Dhabriya Agglomerates Pvt. Ltd.) is a Public Limited Company domiciled in India and incorporated in 1992 under the provisions of the erstwhile Companies Act, 1956. It is headquartered in Jaipur in Rajasthan and having its manufacturing units at two places in Rajasthan at Jaipur as well as in Tamilnadu at Coimbatore. Apart from that Company has its marketing network spread throughout India to cover all major markets. The Company is one of the leading manufacturer & suppliers of Extruded PVC Profile Sections for various indoor furniture applications (Doors, Partitions, Ceiling, Paneling etc.) and uPVC Windows/Door Systems. All the product range of Company is developed & produced on Save Tress concept without using natural wood.

* Term Loan from Banks (HDFC Bank Ltd. & ING Vysya Bank Ltd. (now Kotak Mahindra Bank Ltd.)) are secured against equitable mortgage / hypothecation on all the immovable and movable properties of the Companies, both present and future. There is no default as on the Balance Sheet date in repayment of loans and interest. Total repayment period of the term loans are :

(i) HDFC Term Loan of Rs. 51.97 Lakhs, 160.80 Lakhs and 57.05 Lakhs are repayble in 50 monthly instalments commenced from April 2011 and last instalment due in May, 2015,

(ii) HDFC Term Loan of Rs. 223.65 Lakhs availed during financial year 2011-12 is repayble in 63 monthly instalments commencing from June, 2011 and last instalment due in August, 2016.

(iii) ING (Kotak) Term Loan of Rs. 873.92 Lakhs is repayble in 60 monthly instalments commencing from Juy, 2014 and last instalment due in June, 2019.

** Car Loans Taken from banks/financial institutaions are secured by way of individual hypothecation of the Vehicle purchased from the amount of loan.

6. DEFERRED TAX ASSETS / LIABILITIES

As required under Accounting standard (AS) 22, 'Accounting for taxes on income' issued by the Institute of Chartered Accountants of India, the details of deferred tax assets / liabilities for the year ended up to 31st March 2015 charged to Statement of Profit & Loss are as under:

34. CONTINGENT LIABILITIES

Particulars 2014-15 2013-14

a) Perfonance Bank Guarantees given to third parties for contractual obligations 22430818 17192533

b) Perfonance Bank Guarantees given to third parties for contractual obligations 12630583 11114999 on behalf of Subsidiary Company

c) The Asst Commissioner of Income Tax (TDS), Jaipur had raised a demand of Rs.2,96,304/= while completing the assessment for the Assessment Year 2012-13 u/s 201(1)/201(1A) of the Income Tax Act, 1961. The company had gone on appeal and case was decided in favour of assessing authority by the CIT(Appeals) against which Comany has filed an appeal before the Income Tax Appellate Tribunal, Jaipur Bench.

d) The Asst Commissioner of Income Tax (TDS), Jaipur had raised a demand of Rs.33,374/= while completing the assessment for the Assessment Year 2013-14 u/s 201(1)/201(1A) of the Income Tax Act, 1961. The company has filed an appeal before the CIT(Appeals), Jaipur against the order.

e) The Commerial Tax Officer, Anti Evasion, Rajasthan 3, Jaipur had raised a demand of Rs.35,03,676/= and Rs. 1,17,80,600/= while completing the assessment for the Year 2010-11 and 2011-12 respectively . The company had gone on appeal and obtained favorable orders from the Deputy Commission (Appeal - I), Jaipur . The Department has filed an appeal before the Rajasthan Tax Board, Ajmer.

35. RELATED PARTY DISCLOSURES

a) Related Parties and their relationship

I. Subsidiary Company

* Polywood Green Building Systems Pvt. Ltd.

II. Key Management Personnels

* Mr. Digvijay Dhabriya, Director

* Mr. Mahendra Karnawat, Director

* Mr. Shreyansh Dhabriya, Director

* Mrs. Anita Dhabriya, Director

* Mr. Sparsh Jain, Company Secretary

* Mr. Hitesh Agrawal, Finance & Accounts Head cum CFO

* Mr. Sourabh Mathur, Business Head (Sales & Marketing)

* Mr. Anuruddh Singh, Quality Control Manager

III. Enterprises over which Key Managerial Personnels are able to exercise significant influence / control :

* Dynasty Modular Furnitures Pvt. Ltd.

* Flamboyance Exports Pvt. Ltd.

* Polywood India Ltd.

* Polywood Profiles Pvt. Ltd.

 
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