Mar 31, 2015
1. Rights of Equity Share Holders : The company has only one class of
equity shares having face value of Rs 10 per share. Each holder of
equity shares is entitled to one vote per share. Equity shareholders
are also entitled to dividend as and when proposed by the Board of
Directors and approved by share holders in Annual General Meeting. In
the event of liquidation of the Company, the holders of equity shares
will be entitled to receive remaining assets of the company, after
distribution of all preferential amounts which shall be in proportion
to the number of shares held by the shareholders.
2. Term Loan
a) Term Loan from bank are secured against primary charge of
Mould/Equipments purchase out of term loan finance and secured by way
of collateral security by registered mortgage of land and building at
Arav village(Khopoli), Pukkathurai village(Chengalput) and
hypothecation residual value of plant & machineries of the company.
3. Term Loan from NBFC are secured against immovable properties of
Director and personal gurantee of Director.
4. Vehicle loan secured by hypothecation of respective vehicle.
5. Working capital loan from bank are secured against hypothecation of
raw material, finished goods, WIP, consumables stores at factories of
the Company at Arav, Pukkathurai & Hubli and receivable books debts and
further secured by collateral security by registered mortgage of the
factory land & building at Arav, Pukkathurai and hypothecation of fixed
assets of the Company including machinery installation in the Company
factories at Arav, Pukkathurai & Hubli and furnitures & fixtures.
6. The company has not received the required information from the
vendors regarding their status under the Micro, Small and Medium
Enterprises development Act, 2006. Hence disclosures , if any relating
to amounts unpaid as at the year end together with interest
paid/payable as required under the said act have not been made.
Defined Benefit Plan
The company provides gratuity benefit to it's employees which is a
defined benefit plan. The present value of obligation is determined
based on actuarial valuation using the Projected Unit Credit Method,
which recognizes each period of service as giving rise to additional
unit of employee benefit entitlement and measures each unit separately
to build up the final obligation. The obligation for Compensated
Absences is recognized in the same manner as gratuity.
7. Segment Reporting
From the current year, the Company has identified two reportable
segments viz. Plastic Products and Trading in various products. Segment
have been identified and reported taking in to account nature of
products and the differing risks and returns.. The Accounting policies
are adopted for segment are in line with the accounting policy of the
company with following additional policies for segment reporting.
a) Revenue and expenses have been identified to a segment on the basis
of relationship to operating activities of the segment.
b) Segment assets and segment liabilities represent assets and
liabilities in respectiv segments.
8. Deferred tax Asset consist mainly of carried forward loss, and
depreciation. As a matter of prudence,the Company has not recognised
Deferred Tax Asset in accounts.
(i) List of related parties where control exists and related parties
with whom transactions have taken place and relationships:
SNo. Name of the Related Party Relationship
1 Ambani Sales Organisation Enterprises over which Key Managerial
Personnel are able to
exercise significant influence
2 Mukesh B. Ambani Key Managerial Personnel
3 Pratik M. Ambani Relative of Key Managerial Personnel
9. The previous year figures have been regrouped / reclassified,
wherever necessary to conform to the current year presentation.
10. In current fiscal year, company was faced with the liquidity issues
due to limited working capital. Company could not ensure the steady
supply of raw materials due to limited working capital which resulted
into lower operations and the losses during the year. The networth of
the Company as at 31 st March, 2015 has been eroded. Company has
managed to raise additional loans from financial institutions which
have improved the operations, in the latter part of the year.
Company continues to explore various options to raise additional
finance and is exploring various options to dispose of surplus
immovable properties, concentration of operations at few plants to
improve operating efficiency in order to meet its short term and long
term obligations. Although there exist material uncertainty in
accomplishing these options, these financial statements have been
prepared on a going concern basis.
Mar 31, 2014
1. Terms : The company has only one class of equity shares having face
value of Rs 10 per share. Each holder of equity shares is entitled to
one vote per share. Equity shareholders are also entitled to dividend
as and when proposed by the Board ofDirectors and approved by share
holders in Annual General Meeting. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferential
amounts which shall be in proportion to the number of shares held by
the shareholders.
2.I Term Loan
Term Loan from bank are secured by against primary charge of
Mould/Equipments purchase out of term loan finance and secured by way
of collateral security by registered mortgage of land and building at
Arav village(Khopoli), Pukkathurai village(Chegalput) and hypothecation
residual charge on plant & machineries of the company.
II. Vehicle loan secured by hypothecation of respective vehicle
3. Working capital loan from bank are secured against hypothecation of
raw material, finished goods, WIP, consumables stores at factories of
the Company at Arav, Pukkathurai & Hubli and receivable books debts and
further secured by collateral security by registered mortgage of the
factory land & building at Arav, Pukkathurai and hypothecation of fixed
assets of the Company including machinery installation in the Company
factories at Arav, Pukkathurai and Hubli and furnitures & fixtures.
4. The company has not received the required information from the
vendors regarding their status under the Micro, Small and Medium
Enterprises development Act, 2006. Hence disclosures , if any relating
to amounts unpaid as at the year end together with interest
paid/payable as required under the said act have not been made.
5. Inventories are valued at lower of cost and net realisable value.
6. Defined Benefit Plan
The company provides gratuity benefit to it''s employees which is a
defined benefit plan. The present value of obligation is determined
based on actuarial valuation using the Projected Unit Credit Method,
which recognizes each period of service as giving rise to additional
unit of employee benefit entitlement and measures each unit separately
to build up the final obligation. The obligation for leave encashment
is recognized in the same manner as gratuity.
7. In the opinion of the management the company is mainly engaged in
the business of plastic processing in india. All other activities of
the company revolve around the main business and as such, there are no
separate reportable segments.
8. Deferred tax Asset consist mainly of carried forward loss, and
depreciation. As a matter of prudence, the company has not recognised
deferred tax asset in accounts.
9. The previous year figures have been regrouped / reclassified,
wherever necessary to confirm to the current year presentation.
Mar 31, 2013
1 In the opinion of the management the company is mainly engaged in
the business of plastic processing in India. All other activities of
the Company revolve around the main business, and as such, there are no
separate reportable segments.
2 Deferred tax Asset consist mainly of carried forward loss, and
depreciation. As a matter of prudence, the Company has not recognized
Deferred Tax Asset in Accounts.
3 Project Development Expenditure
(in respect of Projects up to 31st March, 2013, included under Capital
work-in-progress and Intangible assets under development)
1 Remuneration paid to Key Management Personnel Mr. Mukesh B. Ambani Rs.
726,750 (Previous Year Rs. 495,252)
2 Remuneration paid to Relative of Key Management Personnel Mr. Pratik
M. Ambani Rs. 211,699 (Previous Year Rs. 120,000)
3 Remuneration paid to Relative of Key Management Personnel Mr. Varun
M. Ambani Rs. 144,200 (Previous Year Rs. NIL)
4 The previous year figures have been regrouped / reclassified,
wherever necessary to conform to the current year presentation.
Mar 31, 2012
1.1 Terms: The company has only one class of equity shares having face
value of Rs 10 per share. Each holder of equity shares is entitled to
one vote per share. Equity shareholders are also entitled to dividend
as and when proposed by the Board of Directors and approved by Share
holders in Annual General Meeting. In the event of liquidation of the
Company, the holders of Equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts which shall be in proportion to the number of shares held by
the Shareholders.
1.1 Term Loan
a) Term Loan from bank are secured against hypothecation of raw
material, finished goods, WIP, consumables stores at factories of the
Company at Arav, Pukkathurai & HubH and receivable books debts and
further secured by collateral security by registered mortgage of the
factory land & building at Arav, Pukkathurai and hypothecation of fixed
assets of the Company including machinery installation in the Company
factories at Arav, Pukkathurai & HubH and furnitures & fixtures
b) Term Loan are repayable for the period of 3 to 5 years
2.1 Working capital loan from bank are secured against hypothecation of
raw material, finished goods, WIP, consumables stores at factories of
the Company at Arav, Pukkathurai & HubH and receivable books debts and
further secured by collateral security by registered mortgage of the
factory land & building at Arav, Pukkathurai and hypothecation of fixed
assets of the Company including machinery installation in the Company
factories at Arav, Pukkathurai & Hubil and furnitures & fixtures
The estimates of rate of escalation in salary considered in acturial
valuation, take in account inflation, seniority, promotuin and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
Mar 31, 2011
1. The Previous year's figures have been reworked, regrouped,
re-arranged and re-classified wherever necessary.
2. Debtors, Creditors, Loans and Advances balances are subject to
confirmation from the respective parties.
3. Gross Block of Fixed Assets of Rs.26,66,149/- was revalued in past.
Consequent to the said revaluation there is an additional charge of
depreciation of Rs. Nil (Previous Year Rs.1,53,836/-) for the year and
the equivalent amount has been withdrawn from the revaluation Reserves.
4. Deposits include Rs.1,65,57,126/- (Previous Year Rs. 1,68,65,199/-)
paid in earlier years against use of Office Premises to partnership
firm in which director was a partner.(Since then firm is converted in
sole proprietor ship of director)
5. In the opinion of the management the company is mainly engaged in
the business of plastic processing in India. All other activities of
the Company revolve around the main business, and as such, there are no
separate reportable segments.
6. Managerial Remuneration
Remuneration to directors in accordance with the conditions specified
in Schedule XIII of the Companies Act, 1956.
7. Related Party Disclosures
List of related parties with whom transactions have taken place during
the year.
i) Associates:
a) Ambani Sales Organisation - Enterprises in which
- Directors are interested
ii) Key Managerial Personnel
& Relative :
a) Bhupendra J. Ambani - Chairman
b) Mukesh B. Ambani - Managing Director
c) Pratik Ambani - Relative of Director
8. Disclosures as per Accounting Standard 15 (Revised)
"Employee Benefits"
(a) Defined Contribution Plan, expenses for the year are as under:
Employer's Contribution to Provident and Pension Fund Rs. 3,81,592/-
(P.Y. Rs. 3,16,407/-) and ESIC Rs. 85,957/- (P.Y. Rs.43,303/-)
The Company makes contributions towards provident fund and pension fund
for qualifying employees to the Regional Provident Fund Commissioner
and ESIC to Regional Director of ESIC.
b) Defined Benefit Plan:
The company provides gratuity benefit to it's employees which is a
defined benefit plan. The present value of obligation is determined
based on actuarial valuation using the Projected Unit Credit Method,
which recognizes each period of service as giving rise to additional
unit of employee benefit entitlement and measures each unit separately
to build up the final obligation. The obligation for leave encashment
is recognized in the same manner as gratuity.
The estimates of rate of escalation in salary considered in actuarial
valuation, take in account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
9. Deferred Tax
* Note : Excess of deferred tax assets over deferred tax liabilities
has not been given effect to in the balance sheet and deferred tax
assets (net) is recognized only to the extent of deferred tax liability
on a conservative basis.
10. Additional information pursuant to Paragraphs 3, 4C, 4D of Part II
of Schedule VI of Companies Act, 1956:
Mar 31, 2010
1. Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
2. The Previous years figures have been reworked, regrouped,
re-arranged and re-classified wherever necessary.
3. Debtors, Creditors, Loans and Advances balances are subject to
confirmation from the respective parties.
4. Cross Block of Fixed Assets of Rs.26,66,149/- was revalued in past.
Consequent to the said revaluation there is an additional charge of
depreciation of Rs. 1,53,836/- (Previous Year Rs. 1,53,8367-) for the
year and the equivalent amount has been withdrawn from the revaluation
Reserves.
5. Deposits include Rs. 1,68,65,199/- paid in earlier years against
use of Office Premises to partnership firm in which director was a
partner.(Since then firm is converted in sole proprietor ship of
existing director)
6. In the opinion of the management the company is mainly engaged in
the business of plastic processing in India. All other activities of
the Company revolve around the main business, and as such, there are no
separate reportable segments.
7. Managerial Remuneration
8. Disclosures as per Accounting Standard 15 (Revised) "Employee
Benefits"
(a) Defined Contribution Plan, expenses for the year are as under:
Employers Contribution to Provident and Pension Fund Rs. 3,16,407/-
(P.Y. Rs. 3,04,221/-) and ESIC Rs. 43,303/-(P. Y.Rs.58,505/-)
The Company makes contributions towards provident fund and pension fund
for qualifying employees to the Regional Provident Fund Commissioner
and ESIC to Regional Director of ESIC.
Note: Excess of deferred tax assets over deferred tax liabilities has
not been given effect to in the balance sheet as deferred tax assets
(net) is recognized at that assets only to the extent of deferred tax
liability on a conservative basis.