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Notes to Accounts of Jauss Polymers Ltd.

Mar 31, 2015

1. The holders of equity shares are entitled to receive dividend as declared from time to time and are entitled to voting rights proportionate to their shareholding at the meeting of shareholders.

2. Convertible Preference Shares are convertible into Equity Shares at par at the option of the shareholders and subject to the approval of the relevant authorities.

3. 10,00,000 equity shares of Rs. 10/- each issued during the year ended June 30, 2012 are subject to lock-in period of three years from the date of allotment as per SEBI Regulations, 2009.

As at As at

Particulars 31st March, 31st March, 2015 2014 (Rs.) (Rs.)



4. Contingent liabilities and commitments (to the extent not provided for)

(a) Claims against the Company not acknowledged as debt NIL NIL

(b) Estimated amount of contracts remaining to be executed on capital

account and not provided for (Net of advance) - 1,305,780

5. The Company has not received the required information from suppliers requiring their status under the Micro Small and Medium Enterprises Development Act 2006. Hence disclosures if any relating to amounts unpaid at the year-end together with interest paid/payable as required under the Act has not been made.

6. The operations of Company pre-dominantly consist of one segment i.e. Job Work and sale of PET jars / bottles and caps. Therefore, segment wise reporting as per AS -17 "Segmental Reporting " is not required.

7. Based on an overall assessment of the fixed assets, in the opinion of the management there is no impairment of cash generating assets during the year in terms of AS-28 'Impairment of Assets'.

8. In the opinion of Board and to the best of their knowledge, value on realisation of assets, other than fixed assets in the ordinary course of business shall not be less than the amount at which they are stated in the balance sheet (except expressly disclosed elsewhere in the notes) and provision for all known liabilities has been made and contingent liabilities disclosed properly.

9. Disclosure of Employee Benefits defined in AS-15 (Revised) is as follows:

a) Defined Contribution Plan :(i) Employer's contribution to provident fund paid Rs. 4,64,221/- (previous year Rs. 1,91,260/ -) has been recognized as expense for the year.(ii) Employer's contribution to Employees State Insurance paid Rs. 1,81,228/- (previous year Rs. 96,326/-) has been recognized as expense for the year.

10. Related party disclosures:

Related party disclosures in accordance with the AS -18 on 'Related Party Disclosure' as prescribed by the Companies (Accounting Standards) Rules, 2006 are given as hereunder:

(i) Key Management Personnel and their relatives:

Mr. Upendra Datt Tripathi Managing Director

Ms. Akshat Maheshwari CS

Mr. Ashok Kumar Singh CFO

Mr. D.S. Sethi (Ceased to exist as releated party w.e.f. 1 July,2013) Managing Director

Mr. D.S. Sethi, HUF (Ceased to exist as releated party w.e.f. 1 July,2013) HUF of Mr. D.S. Sethi

Mrs. Shelly Sethi (Ceased to exist as releated party w.e.f. 1 July,2013) Wife of Mr. D.S. Sethi

No Transaction with related parties during the year.

Note:- Related parties and their relationship are as identified by the management and relied upon by the auditors.

11. Balances standing to the account of some parties are subject to confirmation/ reconciliation and consequential adjustments if any, upon confirmation/ reconciliation. However , management have the view that same would not having any material impact ; if any.

12. Provision for Income-Tax has been made as per the normal provisions of Income-tax Act,1961.

13. The previous year's figures are for nine months and the current period figures are for twelve months, and are therefore not comparable

14. Previous year figures have been reclassified/ regrouped to confirm to this years' classification. Previous year figures have been rounded off to the nearest rupee.


Mar 31, 2014

1. (A) The holders of equity shares are entitled to receive dividend as declared from time to time and are entitled to voting rights proportionate to their shareholding at the meeting of shareholders.

(B) Convertible Preference Shares are convertible into Equity Shares at par at the option of the shareholders and subject to the approval of the relevant authorities.

(C) 10 ,00,000 equity shares of Rs. 10/- each issued during the year ended June 30, 2012 and 7,50,000 equity shares of Rs. 10/ - each issued during the year ended June 30, 2011 are subject to lock-in period of three years from the date of allotment as per SEBI Regulations, 2009.

NOTE 2

CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

(a) Claims against the Company not acknowledged as debt NIL NIL

(b) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advance) 1.305.780 NIL

1.305.780 NIL

3. There are no Micro, Small & Medium Enterprises to whom the company owned dues with outstanding for more than 45 days as at 31st March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

4. The operations of Company pre-dominantly consist of one segment i.e. Job Work and sale of PET jars / bottles and caps. Therefore, segment wise reporting as per AS-17 "Segmental Reporting " is not required.

5. Based on an overall assessment of the fixed assets, in the opinion of the management there is no impairment of cash generating assets during the year in terms of AS-28 ''Impairment of Assets''.

6. In the opinion of Board and to the best of their knowledge, value on realisation of assets, other than fixed assets in the ordinary course of business shall not be less than the amount at which they are stated in the balance sheet (except expressly disclosed elsewhere in the notes) and provision for all known liabilities has been made and contingent liabilities disclosed properly.

7. Disclosure of Employee Benefits defined in AS-15 (Revised) is as follows:

a) Defined Contribution Plan:

(i) Employer''s contribution to provident fund paid Rs. 1,91,260/- (previous year Rs. 2,18,606/-) has been recognized as expense for the year.

(ii) Employer''s contribution to Employees State Insurance paid Rs. 96,326/- (previous year Rs. 1,16,709/-) has been recognized as expense for the year.

b) Defined Benefit Plan:

Present value of gratuity and leave encashment obligation 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 units separately to built up the final obligation. The Company has made provision as per actuarial valuation in accordance with Accounting Standard 15-"Employee Benefits" (Revised).

8. Balances standing to the account of some parties are subject to confirmation/ reconciliation and consequential adjustments if any, upon confirmation/ reconciliation. However, management have the view that same would not having any material impact ; if any.

9. Provision for income-tax has been made as per the normal provisions of Income-tax Act,1961.

10. Long term other liabilities are trade payables.

11. Previous year figures have been given for tweleve months whereas current period figures are for nine months only , hence figures are not comparable.

12. Previous year figures have been reclassified/ regrouped to confirm to this years'' classification.Previous year figures have been rounded off to the nearest rupee.


Jun 30, 2013

1 The company has given advance of Rs. 360 lakhs to Pana Construction Pvt. Ltd. for the purpose of developing properties for the purpose of business of the Company out of the proceeds received from sale of land and building at Surajpur(UP). However the aforesaid party did not meet its contractual commitments and failed to return the advance money. The Company is contemplating legal action to recover the amount and pending initiation of recovery proceedings, the management considers it appropriate to make provision of ''360 lacs towards doubtful advance.

2 The company has changed the method of depreciation on plant and machinery and moulds during the year from straight line method to written down value method. The net impact of Rs. 92,25,277/- up to June 30.2012 due to change in method of depreciation is disclosed separately as exceptional item in statement of profit and loss. Further, had the method been not changed, the profit before tax for the year before exceptional items tax would have been increased by Rs. 29,93,877/-.

3. Contingent liabilities and commitments

(to the extent not provided for)

As at As at

Particulars 30-06-2013 30-06-2012

(a) Claims against the Company not acknowledged as debt NIL NIL

(b) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advance) NIL 1,625,000

NIL 1,625,000

4 There are no Micro, Small & Medium Enterprises to whom the company owned dues with outstanding for more than 45 days as at 30th June, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act,2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

5 The operations of Company pre-dominantly consist of one segment i.e. Job Work and sale of PET jars and caps. Therefore, segment wise reporting as per AS -17 "Segmental Reporting" as prescribed by the Companies (Accounting Standards) Rules, 2006 is not applicable.

6 Based on an overall assessment of the fixed assets, in the opinion of the management there is no impairment of cash generating assets during the year in terms of AS-28 ''Impairment of Assets'' as prescribed by the Companies (Accounting Standards) Rules, 2006.

7 In the opinion of Board and to the best of their knowledge, value on realisation of assets, other than fixed assets in the ordinary course of business shall not be less than the amount at which they are stated in the balance sheet (except expressly disclosed elsewhere in the notes) and provision for all known liabilities has been made and contingent liabilities disclosed properly.

8 Disclosure of Employee Benefits defined in AS-15 (Revised), as prescribed by the Companies (Accounting Standards) Rules, 2006 is as follows:

a) Defined Contribution Plan:

(i) Employer''s contribution to provident fund paid Rs. 2,18,606/- (previous year Rs. 2,35,135/-) has been recognized as expense for the year.

(ii) Employer''s contribution to Employees State Insurance paid Rs. 1,16,709/- (previous year Rs. 1,13,212/-) has been recognized as expense for the year.

b) Defined Benefit Plan:

Present value of gratuity and leave encashment obligation 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 units separately to built up the final obligation. The Company has made provision as per actuarial valuation in accordance with Accounting Standard 15-"Employee Benefits" (Revised).

* This pertains to total liability, Rs. 4,236 is recognized as short term liability and Rs. 1,83,816 is long term liability. ** This pertains to excess provision written back as per actuarial certificate and credited to other income.

9 Related party disclosures:

Related party disclosures in accordance with the AS -18 on ''Related Party Disclosure'' as prescribed by the Companies (Accounting Standards) Rules, 2006 are given as hereunder:

(i) Enterprise over which Key Management Personnel and their relatives are able to exercise significant influence:

Darsh Polymers Pvt. Ltd.

DTG India Pvt. Ltd.

Auram Polymers Pvt. Ltd.

(ii) Key Management Personnel and their relatives:

Mr.D.S.Sethi, Managing Director

Mr. D.S. Sethi, HUF HUF of Mr. D. S. Sethi

Mr. D. Bhattacharya Director

Mr. Kamal Mehra Director

Mr. A.S. Sethi Brother of Mr. D. S. Sethi

Mr. H.S. Sethi Brother of Mr. D. S. Sethi

Mrs. Shelly Sethi Wife of Mr. D. S. Sethi

Mrs. Sujata Bhattacharya Wife of Mr. D. Bhattacharya

Mrs. Paramjeet Kaur Sethi Mother of Mr. D. S. Sethi

Mrs. G.K. Sethi Wife of Mr. H. S. Sethi

Mrs. Puja Sethi Wife of Mr. A. S. Sethi

Note:- Related parties and their relationship are as identified by the management and relied upon by the auditors.

10 Disclosure in respect of operating leases under Accounting Standard -19 on ''Leases'' are as under:

(a) The company has entered into lease agreements for lease of factory building, head office building and plant & equipments generally for a period of 5 years, resulting in operating lease which are cancellable on prior notice.

11 Balances standing to the account of some parties are subject to confirmation/ reconciliation and consequential adjustments if any, upon confirmation/ reconciliation.

12 Net Deferred tax liability has been recognized in current year as per Accounting Standard-22 "Accounting for taxes on income".

13 Provision for income-tax has been made as per the normal provisions of Income-tax Act,1961. The Company has been advised that the tax liability computed as per the provisions of Section115JB shall not be more than the tax computed as per the normal provisions and in the opinion of the management, the provision made in these accounts is considered reasonable.

14 Previous year figures have been reclassified/ regrouped to confirm to this years'' classification. Previous year figures have been rounded off to the nearest rupee.


Jun 30, 2011

1. CONTINGENT LIABILITIES EXIST IN RESPECT OF

AS ON AS ON

30.06.2011 31.03.2010

(Rs.) (Rs.)

Claims against the Company not acknowledged as debt. NIL NIL

2. In view of unabsorbed losses, no provision for income tax has been considered necessary.

3. Estimated amount of contracts remaining to be executed on capital accounts and not provided for, net of advances, if any paid - NIL/- (Previous Year- Rs.21,50,219).

4. Based on an overall assessment of the fixed assets, in the opinion of the management there is no impairment of cash generating assets during the year in terms of AS-28 'Impairment of Assets' issued by the Institute of Chartered Accountants of India.

5. Balances standing to the account of few parties are subject to confirmation/reconciliation and consequential adjustments if any, upon confirmation/reconciliation.

6. In the opinion of management, the value on realization of current assets, loans and advances in the ordinary course of business shall not be less than the amount at which they are stated in the balance sheet (except expressly disclosed elsewhere in the notes) and provision for all known liabilities has been made and contingent liabilities disclosed properly.

7. Directors have waived off their right to sitting fee in respect of meetings of Board of Directors attended by them.

8. Accounting Standard 15-"Employee Benefits"(Revised), the disclosures of Employee Benefits as defined in the accounting standard are given below:

a) Defined Contribution Plan :

i) Employer's contribution to provident fund paid Rs.3,97,225/- (previous year Rs.3,12,607/-) has been recognized as expense for the year.

ii) Employer's contribution to Employees State Insurance paid Rs.152,773/- (previous year Rs.85,501/-) has been recognized as expense for the year.

b) Defined Benefit Plan :

Present value of gratuity and leave encashment obligation 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 units separately to built up the final obligation. The company has made provision as per Actuarial Valuation in accordance with Accounting Standard 15-"Employee Benefits" (Revised).

9. Related party disclosures :

Related parties and their relationship as identified by the management and relied upon by the auditors are hereunder:

i) Enterprise over which Key Management Personnel and their relatives are able to exercise significant influence : Darsh Polymers Pvt. Ltd.

DTG India P. Ltd. Auram Polymers P. Ltd.

10. The company has unabsorbed depreciation and carried forward losses under the Tax Laws. In the absence of virtual certainty of sufficient future taxable income, net deferred tax asset has not been recognized by way of prudence in accordance with Accounting Standard-22 "Accounting for taxes on income" issued by The Institute of Chartered Accountants of India.

11. The operations of company pre-dominantly consist of one segment i.e. Job Work and sale of PET jars and caps. Therefore, segment wise reporting as per AS -17 "Segmental Reporting" issued by Institute of Chartered Accountants of India is not applicable.

12. There are no Micro, Small & Medium Enterprises to whom the company owed dues with outstanding for more than 45 days as at 30.06.2011. This information as required to be disclosed under the Micro, Small and Medium Enterprises Developments Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

13. The net worth of the company has become positive as on 30th June, 2011. Though the accumulated losses exceed 50 % of the net worth of the Company, the accounts have continued to be prepared on going concern basis.

*Partly paid equity shares are treated as fraction of an equity share to the extent that was entitled to participation in dividend relating to fully paid-up equity shares during the year. Consequent to the change in Share Capital due to implementation of BIFR order, the number of shares and EPS has been stated in accordance with the Accounting Standard-20 issued by the Institute of Chartered Accountants of India.

14. Directors have waived off their right to setting fee in respect of meetings of the Board of Directors and committees thereof attended by them.

15. Loans and advances include Rs.1,60,94,971/- (Previous year Rs.1,39,00,419/-) being amount advanced for purchase of fixed currently being installed and used by the company, from two private companies in which a director is a director/member. Maximum balance due at any time during the year Rs.1,69,28,171/- (Previous Year Rs. 2,90,23,831/-).

16. Board for Industrial and Financial Reconstruction vide its order dated 28.03.2011 sanctioned a Rehabilitation Scheme (Sanctioned Scheme) for revival of the company under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985.

Pursuant to Sanction of the Rehabilitation Scheme, the necessary effects have been given during the year in the Accounts as under:

(a) Secured loan from O.K. Play India Ltd. is payable over a period of five years from the cut off date (i.e.31-03-2010) alongwith interest @12.5% accruing after one year from the date of sanction of Scheme.

(d) To give effect to the reduction in face value of paid up share capital from Rs.10 to Rs.5, the Equity Share Capital of the company has also been restructured from 57,51,150 equity shares of Rs.10 each to equity shares of Rs.5 each. Further the equity share capital after such reduction is consolidated from 57,51,150 shares of Rs.5 each to 28,75,575 shares of Rs.10 each fully paid up.

(e) As per the Sanctioned Scheme, the promoters have to bring in further sum of Rs.175 lacs by way of capital/warrants, out of which they have brought up Rs.100 lacs by way of Rs. 75 lacs (including Rs.49.53 lacs transferred from unsecured loans) in the form of 7,50,000 equity shares of Rs.10 each fully paid and Rs. 25 lacs towards allotment of 20,00,000 share warrants of Rs.5 each. The arrears of share warrant allotment of Rs.75 lacs have to be brought up at the time of conversion of share warrants in 2011-12. The issue of fresh equity will, however, be subject to lock-in period of three years as per SEBI guidelines.

(f) Apart from above, the effect of various reliefs and concessions as envisaged in the Scheme will be given as and when the requisite approvals are received.

17. Current period comprises of fifteen months i.e. period commencing from April 01, 2010 to June 30, 2011 as against corresponding previous period which comprised of twelve months from April 01, 2009 to March 31, 2010.Therefore, the current period figures may not be comparable with those of previous year's figures to that extent.

18. Previous year's figures have been regrouped/recast where-ever considered necessary to conform to the current period's classification.

19. Figures have been rounded off to the nearest rupee.

Signatures to schedules A to M annexed to and forming part of the Balance Sheet as at and Profit & Loss Account for the period ended on 30th June, 2011.


Mar 31, 2010

1. CONTINGENT LIABILITIES EXIST IN RESPECT OF

AS ON AS ON 31.03.2010 31.03.2009

a) Claims against the Company not acknowledged as debt-penal Amount Amount interest, liquidated damages etc. of financial institutions Indeterminate Indeterminate banks, other parties against lending, labour cases etc.

b) Arrears of dividend on cumulative preference shares. 44,00,000 44,00,000

2. In view of unabsorbed losses, no provision for income tax has been considered necessary.

3. Estimated amount of contracts remaining to be executed on capital accounts and not provided for, net of advances, if any paid - Rs. 21,50,219/- (Previous Year- NIL).

4. There is no impairment of cash generating assets during the year in terms of AS-28 Impairment of Assets issued by the Institute of Chartered Accountants of India.

5. Balances standing to the account of sundry creditors, unsecured loans, loans & other personal accounts are subject to confirmation / reconciliation and consequent impact on accounts upon confirmation / reconciliation not ascertainable in the absence of details.

6. In the opinion of management, the value on realization of current assets, loans and advances in the ordinary course of business shall not be less than the amount at which they are stated in the balance sheet (except expressly disclosed elsewhere in the notes) and provision forall known liabilities has been made and contingent liabilities disclosed properly.

7. In respect of unsecured loans taken from Companies and other parties, some of the lenders have filed suits againstthe Company for recovery oftheirdues. Pending settlement of cases, the company continues to provide interest and other charges on actual payment basis and neither interest due on such loans have been worked out nor provided for in these accounts.

8. The company had, during the year, made one time settlement of its dues with Punjab Financial Corporation (PFC) / Punjab State Industrial Development Corporation (PSIDC) and the surplus of Rs.3,38,876/-arising on account of principal amount has been transferred to Capital Fteserves in the Balance Sheet and Rs.i, 13,82,439/-arising on account of interest provision has been transferred to Extraordinary Items/Prior Period Adjustments Account in Profit & Loss Account.

9. Accounting Standard 15-"Employee Benefits"(Revised),the disclosures of Employee Benefits as defined in the accounting standard are given below:

a) Defined Contribution Plan:

i) Employers contribution to provident fund paid Rs.3,12,607/- (previous year Rs. 4,38,680/-) has been recognized as expenses for the year.

ii) Employers contribution to Employees State Insurance paid Rs.85,501/- (previous year Rs.1,11,974/-) has been recognized as expenses for the year.

b) Defined Benefit Plan;

Present value of gratuity and leave encashment obligation 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 units separately to built up the final obligation.

10. Related party disclosures:

Related parties and their relationship as identified by the management and relied upon by the auditors are hereunder:

i) Enterprise over which Key Management Personnel and their relatives are able to exercise significant influence Anka India Ltd.

Darsh Polymers Pvt. Ltd.

DTG India P. Ltd.

Auram Polymers P. Ltd.

ii) Key Management Personnel and their relatives

Mr. D.S. Sethi,

Mr. D. Bhattacharya

Mr. A.S. Sethi

Mr. H.S. Sethi

Mrs. Shelly Sethi

Mrs. Paramjeet Kaur Sethi

11. The company has unabsorbed depreciation and carried forward losses under the Tax Laws. In the absence of virtual certainty of sufficient future taxable income, net deferred tax asset has not been recognized by way of prudence in accordance with Accounting Standard-22 "Accounting for taxes on income" issued by The Institute of Chartered Accountants of India.

12. The operations of company pre-dominantly consist of one segment i.e. Job Work and accordingly segment wise reporting as per AS -17 "Segmental Reporting" Issued by Institute of Chartered Accountants of India is not applicable.

13. There are no Micro, Small & Medium Enterprises to whom the company owed dues which outstanding for more than 45 days as at 31.03.2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Developments Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

14. The net worth of the company is in negative and the Company has no intention to discontinue its operations considering this, the accounts of the company have been prepared on "Going Concern Basis".

15. Loans and advances include Rs.1,39,00,419/- (Previous year Rs.25,62,656/-) being amount due from three private companies in which a director is a director/member. Maximum balance due at any time during the year Rs.2,90,23,831/- (Previous Year Rs.53,15,656/-).

16. Other Liabilities include Rs.3,94,173/-(Previous Year Rs.3,94,173/-) being the unpaid dividend on CCPS which shall be credited to Investor Education & Protection Fund.

17. Previous years figures have been regrouped/recast where-ever considered necessary to make them comparable with those of current years classification.

18. Figures have been rounded off to the nearest rupee.

Signatures to schedules A to M annexed to and forming part of the Balance Sheet as at and Profit & Loss Account for the year ended on 31 st March, 2010.


Mar 31, 2009

1. CONTINGENT LIABILITIES EXIST IN RESPECT OF

AS ON AS ON 31.03.2009 31.03.2008 (Rs) (Rs)

a) Claims against the Company not Amount Amount acknowledged as debt-penal interest, liquidated Indeterminate Indeterminate damages etc. of financial Institutions, Banks, other parties against leading, labour cases etc.

b) Sales Tax demands made by the authorities. 16,67,907 24,80,589

c) Arrears of dividend on cumulative preference shares. 44,00,000 44,00,000

2. In view of unabsorbed losses, no provision for income tax has been considered necessary.

3. There is no impairment of cash generating assets during the year in terms of AS-28 Impairment of Assets issued by the Institute of Chartered Accountants of India.

4. Balances outstanding in some of the accounts of sundry creditors, loans & advances and other personal accounts are subject to confirmation / reconciliation and consequent impact on accounts upon confirmation / reconciliation not ascertainable in the absence of details.

5. In the opinion of management, the value on realization of current assets, loans and advances in the ordinary course of business shall not be less than the amount at which they are stated in the balance sheet (except expressly disclosed elsewhere in the notes) and provision for all known liabilities has been made and contin- gent liabilities disclosed properly.

6. In respect of unsecured loans taken from Companies and other parties, some of the lenders have filed suits against the Company for recovery of their dues. Pending settlement of cases, the company continues to pro- vide interest and other charges on actual payment basis and neither interest due on such loans have been worked out nor provided for in these accounts.

7. The balance of secured loan from P.F.C. is subject to confirmation and reconciliation and consequential adjust- ments. The company has made one time settlement of its dues with P.S.I.D.C during the year. Pending compli- ance of the terms and conditions of the settlement, neither provision for interest on outstanding balance has been made nor adjustment entries between book balance and settled amount has been made.

8. The company had made one time settlement of its dues with Industrial Development Bank of India (IDBI)/ Industrial Financial Corporation of India Ltd (IFCI) during the previous years. The entire security under the charge of IFCI/IDBI has been assigned in favour of. O.K. Play India Limited.

9. Accounting Standard 15-"Employee Benefits", the disclosures of Employee Benefits as defined in the account- ing standard are given below:

a. Defined Contribution Plan

i) Employers contribution to provident fund paid Rs.4,38,680/- (previous year Rs.4,10,684/-) has been recog- nized as expenses for the year.

ii) Employers contribution to Employees State Insurance paid Rs.1,11,974/- (previous year Rs.1,05,791/-) has been recognized as expenses for the year.

b. Defined Benefit Plan

Present value of gratuity and leave encashment obligation based on actuarial valuation using the projected unit credit method which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each units separately to built up the final obligation.

10. Related party disclosures

Related parties and their relationship as identified by the management and relied upon by the auditors are hereunder:

i) Enterprise over which Key Management Personnel and their relatives are able to exercise significant inflence : Anka India Ltd. Darsh Polymers Pvt. Ltd. Auram Polymers Pvt. Ltd.

ii) Key Management Personnel and their relatives : Mr. D.S. Sethi Mr. D. Bhattacharya Mr. A.S. Sethi Mr. H.S. Sethi Mrs. Shelly Sethi Mrs. Gurpreet Kaur Sethi Mrs. Paramjeet Kaur Sethi

11. The company has unabsorbed depreciation and carried forward losses under the Tax Laws. In the absence of virtual certainty of sufficient future taxable income, net deferred tax asset has not been recognized by way of prudence in accordance with Accounting Standard-22 "Accounting for taxes on income" issued by The Institute of Chartered Accountants of India.

12. The operations of company pre-dominantly consist of one segment i.e. Job Work and accordingly segment wise reporting as per AS -17 "Segmental Reporting" issued by Institute of Chartered Accountants of India is not applicable.

13. There are no Micro, Small & Medium Enterprises to whom the company owed dues which outstanding for more than 45 days as at 31.03.2009. This information as required to be disclosed under the Micro, Small and Medium Enterprises Developments Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

14. The net worth of the company is in negative and the Company has no intention to discontinue its operations considering this, the accounts of the company have been prepared on "Going Concern Basis".

15. Loans and advances include Rs.25,62,656/- (Previous year Rs. nil) being amount due from two private companies in which a director is a director/member.

16. Other Liabilities include Rs.3,94,173/-(Previous Year : Rs. 3,94,173/-) being the unpaid dividend on CCPS which shall be credited to Investor Education & Protection Fund in the event of non-compliance of the terms and conditions of the settlement of dues with financial institutions.

17. The figures for the previous year are for the period from 01.07.2007 to 31.03.2008 and therefore, are not comparable with the current years figures to that extent.

18. Previous year figures have been regrouped/recast where-ever considered necessary to make them compa- rable with those of current years classification.

19. Figures have been rounded off to the nearest rupee.

Signature to A to M annexed to and forming part of the Balance Sheet as at and Profit & Loss Account for the period ended on 31st March, 2009.

 
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