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Notes to Accounts of Haldyn Glass Ltd.

Mar 31, 2015

NOTE 1

LIST OF RELATED PARTIES & RELATIONSHIPS

Information in accordance with Accounting Standard 18 on 'Related Parties Disclosures'

NOTE 2

OTHER DISCLOSURES:

[a] During the year, the Company has paid donation to Bharatiya Janata Party Rs. Nil [Previous year Rs. 10 Lacs]

[b] The Company has charged depreciation for the current year based on the remaining useful life of the assets as per the requirements of Schedule II of Companies Act, 2013 effective from April 01, 2014. Further, based on transitional provision provided in note 7[b] of Schedule II of Companies Act, 2013, an amount of Rs. 820.44 Lakhs has been adjusted in accumulated depreciation as shown in Note 11 and Rs. 541. 58 lakhs [net of Deferred Tax] has been adjusted in Retained Earnings as shown in Note 3.

[c] The Company had to spent an amount of Rs. 60.81 Lakhs towards Corporate Social Responsibility [CSR] activities for the year ended March 31, 2015 in accordance with provisions of Section 135 of Companies Act, 2013. However the Company could spend only Rs. 35.74 lakhs towards CSR activities in the current financial year and the balance amount of Rs. 25.07 lakhs would be spent by the Company in subsequent years.

[d] The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are not significant. Hence, information in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India on 'Segment Reporting' is not given.

[e] In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

[f] The previous year's figures have been regrouped, reclassified and rearranged wherever necessary to make them comparable with that of current year's figures.


Mar 31, 2014

NOTE 1

Contingent Liabilities (as certified by management and to the extent available from the records)

[Rs. Lakhs]

Particulars Year Ended March 31,2014 Year Ended March 31,2013

Estimated amount of Contracts remaining to be Executed on Capital Account 74.17 --

Letter of Credit Outstanding 461.50 163.63

Sales Tax Demand # 446.86 437.95

Commitment under Export Promotion Capital Goods (EPCG) Scheme 262.65 377.25

Demand for Income Tax appealed by the Company # 295.33 469.85

Claims against company not acknowledged as debts * -- --

Labour Law Cases/ Other Court Cases $ -- --

# Excluding penalty and other levies the quantum of which is presently not determinable.

* The Company had in earlier year filed complaint against its ex-employees for purported misappropriation within the Company. These employees have leveled counter charges/complaint against the management of the Company with various authorities. The Company has suitably replied to those clarifications sought for. The management of the Company does not perceive that any financial/other adjustment is required to be made in the books of accounts of the Company arising out of the said matter.

$ Amount not quantifiable/determinable

Note: Future cash out flows, if any, in respect of matter stated above is dependent upon the outcome of judgement / decisions etc.

NOTE 2

OTHER DISCLOSURES:

[a] During the year, Company has paid donation to political party i.e. Bhartiya Janta Party of Rs. 10 Lacs [Previous year Rs. Nil]

[b] The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are not significant. Hence, information in accordance with Accounting Standard 17 on ''Segment Reporting'' is not given.

[c] In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

[d] The previous year''s figures have been regrouped, reclassified and rearranged wherever necessary to make them comparable with that of current year''s figures.


Mar 31, 2013

NOTE 1

lISt of relateD PartIeS

Information in accordance with Accounting Standard 18 on ''Related Parties Disclosures''.

Enterprise owned or signifcantly infuenced by key managerial

personnel or their Relatives Haldyn Corporation Limited

Key Management Personnel and their Relatives:

– Mr. N. D. Shetty Executive Chairman

– Mr. Tarun N. Shetty Managing Director

– Mrs. Vinita R. Ajila Director

– Mr. Rohan Y. Ajila Director

– Mrs. S. N. Shetty Relative

NOTE 2

other DIScloSUreS:

[a] During the year, Company has not paid donation to any political party [donation paid to Bhartiya Janta Party in previous year is Rs. 3 Lakhs]

[b] The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are very insignifcant. Hence, information in accordance with Accounting Standard 17 on ''Segment Reporting'' is not given.

[c] In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

[d] The previous year''s fgures have been regrouped, reclassifed and rearranged wherever necessary to make them comparable with that of current year''s fgures.


Mar 31, 2010

1. The figures for the previous year ended March 31, 2010 have been regrouped, wherever necessary.

2. The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are not significant. Hence, information in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India on Segment Reporting is not given.

3. In accordance with the 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 of identifying the assets that may have been impaired. After having assessed the carrying cost of assets and recoverable value over useful life, necessary provision has been made.

4. Contingent Liabilities

Rs. In Lacs

Particulars 2009 - 10 2008 - 09

Guarantees issued by Banks on behalf of the

Company

[Net of Margin Money] 9.11 9.11

Estimated amount of Contracts remaining to be

Executed on Capital Account [Net of Advances] 17.44 17.96

Letters of Credit Outstanding [Net of

Margin Money] 129.92 33.60

Sales Tax demands [Net of appeals / deposit] 437.95 425.02

Demand for Income Tax appealed by the company

[Based on the opinion received and various

judgements, no provision has been considered

necessary in this regard.] 134.53 -

5. Information in accordance with Accounting Standard 18 issued by the Institute of Chartered Accounts of India on Related Parties Disclosures

List of Related Parties & Relationships

Enterprise owned or significantly influenced

by key Haldyn Glass Limited

management personnel

Key Management Personnel and their Relatives

Mr. N. D. Shetty Chairman & Managing

Director

Mr. Tarun N. Shetty Executive Director

Mrs. Vinita R. Ajila Director

Mr. R. Y. Ajila Director

Mrs. S. N. Shetty Relative

 
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