Home  »  Company  »  Infra Industries  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Infra Industries Ltd.

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.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X