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Notes to Accounts of Duropack Ltd.

Mar 31, 2015

1 Corporate information

Duropack Limited is engaged in business of Manufacturing of Flexible laminates pouches and Holograpics Products. The company has been incorporated in the year 1986. The company's registered office is in Delhi.

2. Bank Guarantee issued in favour of Asst. Commissioner of custom, Mumbai for Rs 60000/-. by the company's bankers and counter guaranteed by the company for Rs 60000/- against which the margin is held by the company's bankers by way of fixed deposits amounting to Rs 60000/-

3. In the opinion of the board and the best of their knowledge, the current assets, loans and advances shown in the Balance sheet have a value on realization in the ordinary course of the business at least equal to the amount stated therein.

4. The company's has an export obligation of Rs 10347864 upto 30.10.2015 under EPCG scheme. Duty saved is Rs 1293483.

5. Sundry Debtors/ Creditors balances are subject to confirmation & reconciliation.

6. The Company has been discharged from BIFR with w.e.f 25.09.2013 & is no longer a sick industrial company.

7. Unclaimed Dividend of Rs 134,492 (f.y.1994-95), Rs 282,489 (f.y. 1995-96) & 586 (f.y. 1996-97) have not been transferred to the investor education & protection fund as per provision of sec-205 A of the companies act 1956.

8. Deferred tax assets & liabilities are measured using the current tax rates. When there is unabsorbed depreciation or carry forward of losses, deferred tax assets are recognized only to the extent that there is virtual certainty of realization of deferred tax assets. Other deferred tax assets are recognized to the extent, there is reasonable certainty of realization of deferred tax assets. Such deferred tax assets and other unrecognized deferred tax assets are re-assessed at each balance sheet dates and the carrying value of the same are adjusted recognizing the change in the value of each such deferred tax assets.

9. As the company's business activity falls within a single primary business segment viz. "Flexible packaging material, services "and single geographical segment , the disclosure requirement of Accounting Standard (AS-17)"Segment Reporting "notified in the companies (Accounting Standards) Rules,2006 are not applicable.

10. There are no dues to micro, small and medium enterprises as at 31st March, 2015.

11. Related party disclosures in terms of Accounting Standard 18 issued by the Institute of Chartered Accountants of India are as per annexure-1.

12. Provision for Income Tax of Rs 26,60,000 has been made for the year 2014-2015 as per Section 115 JB of the Income Tax Act, 1961.

13. Contingent Liabilities:

i) Estimated amount of Contracts remaining to be executed on capi-tal account and not provided for - Rs. Nil

ii) Claims against the company not acknowledged as debts-Rs. Nil.

14. Provision for Gratuity

Provisions of Rs36995/- has been made on account of Gratuity for the year.

15. The previous period figures, have been re-grouped or re-arranged whenever considered necessary and have been shown in bracket.


Mar 31, 2014

1 Corporate information

Duropack Limited is engaged in business of Manufacturing of Flexible laminates pouches and Holograpics Products. The company has been incorporated in the year 1986. The company''s registered office is in Delhi.

2 Bank Guarantee issued in favour of Asst. Commissioner of custom, Mumbai for Rs. 60000/-. by the company''s bankers and counter guaranteed by the company for Rs. 60000/- against which the margin is held by the company''s bankers by way of fixed deposits amounting to Rs. 60000/- 36 In the opinion of the board and the best of their knowledge, the current assets, loans and advances shown in the Balance sheet have a value on realization in the ordinary course of the business at least equal to the amount stated therein.

3 The company''s has an export obligation of Rs. 10347864 upto 30.10.2015 under EPCG scheme. Duty saved is Rs. 1293483.

4 Sundry Debtors/ Creditors balances are subject to confirmation & reconciliation.

5 The Company has been discharged from BIFR w.e.f. 25-09-2013 and is no longer a Sick Industrial Company

6 Unclaimed Dividend of Rs. 134,492 (f.y.1994-95) , Rs. 282,489 (f.y. 1995-96) & 586 (f.y. 1996-97) have not been transferred to the investor education & protection fund as per provision of sec-205 A of the companies act 1956.

7 Deferred tax assets & liabilities are measured using the current tax rates. When there is unabsorbed depreciation or carry forward of losses, deferred tax assets are recognized only to the extent that there is virtual certainty of realization of deferred tax assets. Other deferred tax assets are recognized to the extent, there is reasonable certainty of realization of deferred tax assets. Such deferred tax assets and other unrecognized deferred tax assets are re-assessed at each balance sheet dates and the carrying value of the same are adjusted recognizing the change in the value of each such deferred tax assets.

8 As the company''s business activity falls within a single primary business segment viz. "Flexible packaging material, services "and single geographical segment , the disclosure requirement of Accounting Standard (AS-17)"Segment Reporting "notified in the companies (Accounting Standards)Rules,2006 are not applicable.

9 There are no dues to micro, small and medium enterprises as at 31st March, 2014.

10 Related party disclosures in terms of Accounting Standard 18 issued by the Institute of Chartered Accountants of India are as per annexure-1.

11 Provision for Income Tax of Rs. 20,35,533. has been made for the year 2013-2014 as per the Income Tax Act, 1961.

12 Contingent Liabilities:

i) Estimated amount of Contracts remaining to be executed on capital account and not provided for - Rs. Nil ii) Claims against the company not acknowledged as debts-Rs. Nil.

13 The previous period figures, have been re-grouped or re-arranged whenever considered necessary and have been shown in bracket.


Mar 31, 2013

Note 1 Corporate information

Duropack Limited is engaged in business of Manufacturing of Flexible laminates pouches and Holograpics Products. The company has been incorporated in the year 1986. The company''s registered office is in Delhi.

2 Bank Guarantee issued in favour of Asst. Commissioner of custom, Mumbai for Rs. 60000/-. and in favour of the Assessing Authority, sales Tax Department, Rewari for Rs. 200000/- by the company''s bankers and counter guaranteed by the company for Rs. 260000/- against which the margin is held by the company''s bankers by way of fixed deposits amounting to Rs. 260000/- 36 In the opinion of the board and the best of their knowledge, the current assets, loans and advances shown in the Balance sheet have a value on realization in the ordinary course of the business at least equal to the amount stated therein.

3 The company''s has an export obligation of Rs. 10347864 upto 30.10.2015 under EPCG scheme. Duty saved is Rs. 1293483.

4 Sundry Debtors/ Creditors balances are subject to confirmation & reconciliation.

5 The Company has been declared Sick Industrial Company u/s 3(1)(o) of the Sick Industrial Company (SP) Act,1985 Vide BIFR order dated 29-11-2006. The rehabilitation scheme has been sanctioned by Honorable BIFR on 15.12.2009 and is under implementation. SBBJ has been appointed the monitoring agency.

6 Unclaimed Dividend of Rs. 134,492 (f.y.1994-95), Rs. 282,489 (f.y. 1995-96) & 586 (f.y. 1996-97) have not been transferred to the investor education & protection fund as per provision of sec-205 A of the companies act 1956.

7 Deferred tax assets & liabilities are measured using the current tax rates. When there is unabsorbed depreciation or carry forward of losses, deferred tax assets are recognized only to the extent that there is virtual certainty of realization of deferred tax assets. Other deferred tax assets are recognized to the extent, there is reasonable certainty of realization of deferred tax assets. Such deferred tax assets and other unrecognized deferred tax assets are re-assessed at each balance sheet dates and the carrying value of the same are adjusted recognizing the change in the value of each such deferred tax assets.

8 As the company''s business activity falls within a single primary business segment viz. "Flexible packaging material, services "and single geographical segment, the disclosure requirement of Accounting Standard (AS-17)" Segment Reporting "notified in the companies (Accounting Standards) Rules, 2006 are not applicable.

9 There are no dues to micro, small and medium enterprises as at 31st March, 2013.

10 Related party disclosures in terms of Accounting Standard 18 issued by the Institute of Chartered Accountants of India are as per annexure-1.

11 Provision for Income Tax of Rs. 10, 84,160 has been made for the year 2012-2013 as per Section 115 JB of the Income Tax Act, 1961.

12 Contingent Liabilities:

i) Estimated amount of Contracts remaining to be executed on capi-tal account and not provided for - Rs. Nil ii) Claims against the company not acknowledged as debts-Rs. Nil.

13 Provision for Gratuity

Provisions of Rs. 37405/- has been made on account of Gratuity for the year.

14 The previous period figures, have been re-grouped or re-arranged whenever considered necessary and have been shown in bracket.


Mar 31, 2012

Note 1: Corporate information

Duropack Limited is engaged in business of Manufacturing of Flexible laminates pouches and Holograpics Products The company has been incorporated in the year 1986. The company's registered office is in Delhi.

2. Bank Guarantee issued in favour of Asst. Commissioner of custom, Mumbai for Rs. 60000/-. and in favour of the Assessing Authority, sales Tax Department, Rewari for Rs. 200000/- by the company's bankers and counter guaranteed by the company for Rs. 260000/- against which the margin is held by the company's bankers by way of fixed deposits amounting to Rs. 260000/-.

3. In the opinion of the board and the best of their knowledge, the current assets, loans and advances shown in the Balance sheet have a value on realization in the ordinary course of the business at least equal to the amount stated therein.

4. The company's has an export obligation of Rs 10347864 upto 30.10.2015 under EPCG scheme. Duty saved is Rs. 1293483.

5. Sundry Debtors/Creditors balances are subject to confirmation & reconciliation.

6. The Company has been declared Sick Industrial Company u/s 3(1)(o) of the Sick Industrial Company (SP) Act, 1985 Vide BIFR order dated 29-11-2006. The rehabilitation scheme has been sanctioned by Honorable BIFR on 15.12.2009 and is under implementation. SBBJ has been appointed the monitoring agency.

7. Unclaimed Dividend of Rs. 134,492 (f.y.1994-95), Rs. 282,489 (f.y. 1995-96) & 586 (f.y. 1996-97) have not been transferred to the investor education & protection fund as per provision of sec-205 A of the companies act 1956.

8. Deferred tax assets & liabilities are measured using the current tax rates. When there is unabsorbed depreciation or carry forward of losses, deferred tax assets are recognized only to the extent that there is virtual certainty of realization of deferred tax assets. Other deferred tax assets are recognized to the extent, there is reasonable certainty of realization of deferred tax assets. Such deferred tax assets and other unrecognized deferred tax assets are re-assessed at each balance sheet dates and the carrying value of the same are adjusted recognizing the change in the value of each such deferred tax assets.

9. As the company's business activity falls within a single primary business segment viz. "Flexible packaging material, services " and single geographical segment, the disclosure requirement of Accounting Standard (AS-17) "Segment Reporting" notified in the companies (Accounting Standards) Rules, 2006 are not applicable.

10. There are no dues to micro, small and medium enterprises as at 31st March, 2012.

11. Related party disclosures in terms of Accounting Standard 18 issued by the Institute of Chartered Accountants of India are as per Annexure-1.

12. Provision for Income Tax of Rs. 11, 36,720 has been made for the year 2011-2012 as per Section 115 JB of the Income Tax Act, 1961.

13. Contingent Liabilities:

i) Estimated amount of Contracts remaining to be executed on capital account and not provided for - Rs. Nil

ii) Claims against the company not acknowledged as debts - Rs. Nil.

14. Provision for Gratuity Provisions of Rs. 28093/- has been made on account of Gratuity for the year.

15. The previous period figures, have been re-grouped or re-arranged whenever considered necessary and have been shown in bracket.


Mar 31, 2009

1. The company had an export obligation under EPCG which the company was not able to achieve and the liability for the same for Rs. 19,74,336/-(including interest of Rs. 15,24,856/-) was not provided in the books.

2. Bank Guarantee issued in favour of Asst. Commissioner of custom, MumbaiforRs. 60000/ - and in favour of the Assessing Authority, Sales Tax Depaoolent, and Rewari for Rs 200000/ - by the companys bankers and counter guaranteed by the company for Rs.260000/- against which the margin is held by the companys bankers by way of fixed deposits amounting to Rs. 260000/-

3. In the opinion of the board an the best of their knowledge, the current assets, loans and advances shown in the Balance sheet have a value on realization in the ordinary course of the business at least equal to the amount stated therein.

4 (a) Income tax demand for Rs.8,97,911/- For the A.y.1996-97 was raised by the Income tax Department but the same was disputed by the company and appeal against the said order was filed by the company. The ITAT has partly allowed the appeal in favour of the assessee Company vide their order No.(ITA No.2197/D2000) dated 20.4.07. As per this order and as per our calculation Income Tax demand comes to Rs.9.30 lacs and the company has made provision for the same in the books of accounts. The Company has requested the Department to give the appeal effect & adjust the demand against the income tax deposited with the department.

5. Sundry Debtors/ Creditors balance are subject to confirmation & reconciliation.

6. The Company has been declared Sick Industrial Company u/s 3(1)(o)of the Sick Industrial Company (SP)Act,1985 Vide BIFR order dated 29-11-2006. SBBJ, the Operating agency, has submitted the Draft Rehabilitation scheme to Honourable BIFR & the approval of the same is under process.

7. (a) The company applied to Haryana State Industrial Development Corporation (HSIDC) for OTS settlement. HSIDC agreed to OTS settlement for Rs. 165.98 lacs. Vide their letter dated 17,th October,2007. However, the Company has not written back the excess amount over the OTS amount, the same shall be written back only after the OTS amount is repaid by the company.

8. Further, the balances in current accounts of Rs 95735/- and Rs. 13886.67/- with State bank of Bikaner& Jaipur, Mumbai and Rewari respectively are subject to confirmation & reconciliation.

9. Unclaimed Dividend of Rs.432075/- lying with SBBJ -Dividend account have not been transferred to the investor education & protection fund as per provision of sec-205 A of the companies act 1956

10. The previous period figures, have been re-grouped or re-arranged whenever considered necessary and have been shown in bracket.

11. In accordance with the requirement of new Accounting Standard-22 dealing with Accounting for Taxes on Income Issued by The Institute of Chartered Accountants of India, Deferred Tax Assets(Net) for the current year Rs.415483.17/- (consisting of mainly depreciation) have been adjusted against deferred tax liability of previous year).

12. Provision for Income tax has not been madeasperSec.115 JA of IT Act, 1961 because the Company is a Sick Industrial Company. Under subsection (1) of Section17 of the Sick Industrial Companies Act, 1985 (1 of 1986) and the entire net worth of the Company is not equal to nor exceeds the accumulated losses of the company.

13. Additional Information pursuant to the provision of paragraph 3,4C and 4d of part-ll of Schedule V of the Companies Act, 1956.

A. INFORMATION IN RESPECT OF CAPACITY AND CLASS OF GOODS MANUFACTURED

Class of goods: : Licensed and installed capacity.

I. Co-extruded multi-layer film The company is registered with D.G.T.D for manufacture of 2700 MT per annum on triple shift basis.

II. Holographic Film : The company is registered with S.I.Afor Manufacture of 200MT per annum on triple shift. .

III. Holographic stickers : Thecompany is registered with S.I.Afor manufacture of 83333333 Nos per annum on triple shift basis.

IV. Plastic Pouches : The company is registered for manufacture of 400

MT (7,50,00,000 nos) per annum on triple shift

V. Plastic laminated films : The company is registered for manufacture of 250MT per annum on triple shift basis.

** Certified by the management but not certified by the Auditors being the technical matter.

 
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