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Notes to Accounts of Kabra Extrusion Technik Ltd.

Mar 31, 2015

1. Capital Commitments

Estimated Amount of contracts remaining to be executed on capital account & not provided for is RS. 41.16 lacs (Previous year RS. 3495.52 lacs)

Other Commitments

Liability on account of forward contracts entered during the year and are outstanding on March 31, 2015 against forecasted transactions amounting to RS. 1246.16 lacs (Previous Year RS. 930.96 lacs)

2. Contingent Liabilities not provided for:

(RS. in lacs)

Particulars 31st March 2015 31st March 2014

Bank Guarantee and Counter guarantees (Letter of Credit) given by the 1,303.55 337.98 Company for the guarantees issued by Company's bankers

Fixed deposits shown under the head cash and bank balances include 98.05 46.53 deposits pledged with the banks as margin to secure letters of credit and guarantees issued by banks

Net amount 1,205.50 291.45

Service Tax matter under dispute 124.47 124.47

3. Amount Due to Small, Medium and Micro enterprises:

Company is in process of inviting information from its vendors for their status under "The Small, Medium and Micro Enterprises Development Act 2006", however in absence of any information, no disclosures have been made in this regards.

4. Disclosure in pursuance of Accounting Standard – 15 (Revised 2005) on "Employee Benefits"

a) Compensated Leave:

Privilege leave entitlements are recognised as liability in the financial year of rendering of service as per rules of the Company. As accumulated leave can be availed and / or encashed at any time during the tenure of employment, the liability is recognised at the higher of the actual accumulated obligation or actuarially determined value.

b) Gratuity is administered through group gratuity scheme with Life Insurance Corporation of India.

5. Information about Business Segments

The company is operating in one segment only i.e. Plastic Extrusion Machinery & Allied Equipments.

6. Related Party Disclosures

(a) List of Related Parties and Relationships:

Nature of Relationship Name of Parties

A. Associate / Promoter Company Plastiblends India Ltd.,

B. Enterprise over which Kolsite Industries,Maharashtra Executive Directors of the Plastics & Industries,Kolsite Company exercise significant Corporation LLP,influence Rambalab Ramnaran, Kabra Gloucester Engineering Ltd, Kolsite Packaging Systems Pvt. Ltd,

C. Executive Directors,Directors S. V. Kabra, S. N.Kabra,Anand Kabra, and their Relatives Varun Kabra,Veenadevi Kabra, Saritadevi Kabra, Ekta Kabra, Jyoti Kabra,

7. According to Accounting Standard AS - 29 "Provisions, Contingent Liabilities & Contingent Assets", an incremental provision of RS. 46.01 lacs (Previous year RS. 44.43 lacs) towards warranty claims has been made during the financial year as estimated by management.

8. Income tax provision has been made taking into account the weighted deduction in respect of revenue & capital expenditure incurred for In-house R & D Division to which the company is entitled under Section 35(2AB) of the Income Tax Act, 1961.

9. During the financial year 2014-15, the company has incurred Research & Development Expenditure of revenue nature amounting to RS. 798.79 lacs and capital expenditure of RS. Nil which is eligible for weighted deduction under Section 35 (2AB) of the Income Tax Act, 1961.

10. Previous year's figures have been regrouped/recast wherever necessary.




Mar 31, 2014

1. Capital Commitments

Estimated Amount of contracts remaining to be executed on capital account & not provided for is Rs. 3495.52 lacs (Previous year Rs. 1059.78 lacs)

Other Commitments

Liability on account of forward contracts entered during the year and are outstanding on March 31, 2014 against forecasted transactions amounting to Rs. 930.96 Lacs (Previous Year Rs. NIL)

2. Contingent Liabilities not provided for:

(Rs. in lacs) Particulars 31 March 2014 31 March 2014

Bank Guarantee and Counter guarantees / Letter of Credit given by the 337.98 640.53

Company for the guarantees issued by Company''s bankers

Fixed deposits shown under the head cash and bank balances include 46.53 46.53

deposits pledged with the banks as margins to secure letters of credit and guarantees issued by banks

Net amount 291.45 594.00

Service Tax matter under dispute 124.47 124.47

3. Amount Due to Small, Medium and Micro enterprises:

Company is in process of inviting information from its vendors for their status under "The Small, Medium and Micro Enterprises Development Act 2006", however in absence of any information, no disclosures have been made in this regards.

e) Compensated Leave:

Privilege leave entitlements are recognised as liability in the financial year of rendering of service as per rules of the Company. As accumulated leave can be availed and / or encashed at any time during the tenure of employment, the liability is recognised at the higher of the actual accumulated obligation or actuarially determined value.

g) Gratuity is administered through group gratuity scheme with Life Insurance Corporation of India.

4. Information about Business Segments

The company is operating in one segment only i.e. Plastic Extrusion Machinery & Allied Equipments.

5. According to Accounting Standard AS - 29 "Provisions, Contingent Liabilities & Contingent Assets", an incremental provision of Rs. 44.43 Lacs (Previous year Rs. NIL) towards warranty claims has been made during the financial year as estimated by management.

6. Income tax provision has been made taking into account the weighted deduction in respect of revenue & capital expenditure incurred for In-house R&D Division to which the company is entitled under Section 35(2AB) of the Income Tax Act, 1961.

7. During the financial year 2013-14, the company has incurred Research & Development Expenditure of revenue nature amounting to Rs. 654.90 Lacs and capital expenditure of Rs. NIL which is eligible for weighted deduction under Section 35 (2AB) of the Income Tax Act, 1961.

8. Previous year''s figures have been regrouped/recast wherever necessary.


Mar 31, 2013

1. Amount Due to Small, Medium and Micro enterprises:

Company is in process of inviting information from its vendors for their status under "The Small, Medium and Micro Enterprises Development Act 2006", however in absence of any information, no disclosures have been made in this regards.

2. Information about Business Segments

The company is operating in one segment only i.e. Plastic Extrusion Machinery & Allied Equipments.

3. According to Accounting Standard AS – 29 "Provisions, Contingent Liabilities & Contingent Assets", an incremental provision of Rs. NIL (Previous year Rs. NIL) towards warranty claims has been made as estimated by management (Warranty provision as on 31.03.2013 Rs. 174 Lacs, after reversing Rs. 9 lacs provision from the previous year balance of Rs. 183 Lacs).

4. Income tax provision has been made taking into account the weighted deduction in respect of revenue & capital expenditure incurred for In-house R & D division to which the company is entitled under Section 35 (2AB) of the Income Tax Act, 1961, though formal approval in Form 3CM is pending (In-house R & D facility has been approved by Department of Scientifc and Industrial Research, New Delhi).

5. Previous year''s fgures have been regrouped/recast wherever necessary.


Mar 31, 2012

1. Capital Commitments:

Estimated Amount of contracts remaining to be executed on capital account & not provided for is Rs. 31/- lacs (Previous year Rs. 175/-lacs)

Other Commitments

Liability on account of forward contracts entered during the year and are outstanding on March 31, 2012 against forecasted transactions amounting to Rs 614.58 Lacs (USD 12.50 Lacs)

2. Contingent Liabilities not provided for:

(Rs. in Lacs)

Particulars 31st March, 31st March, 2012 2011

Counter guarantees given by the Company for the guarantees issued by 354.47 359.09 Company's bankers

Fixed deposits shown under the head cash and bank balances include deposits pledged with the banks as margins to secure letters of credit and guarantees issued by banks 46.53 46.53

Net amount 307.94 312.56

Disputed income tax demand Nil Nil

Excise matter under dispute appeal by Department Nil Nil

Service Tax matters under dispute 142.37 108.75

3. Amount Due to Small, Medium and Micro enterprises:

Company is in process of inviting information from its vendors for their status under "The Small, Medium and Micro Enterprises Development Act 2006", however in absence of any information no disclosures have been made in this regards.

4. Information about Business Segments

The company is operating in one segment only i.e. Plastic Extrusion Machinery & Allied Equipments.

5. Related Party Disclosures

(a) List of related parties and relationships:

Relation Name of Parties/Persons

A. Associate Companies Plastiblends India Ltd. and promoter Companies

B. Enterprises over which key management Kolsite Industries, Maharashtra Plastics personnel exercise & Industries, Maharashtra Plastic significant influence Industries, Kolsite Maschine Fabrik Pvt. Ltd, Mahashree Plastic Inds Pvt. Ltd, Wonderworld Resorts Ltd, Smartech Global Solutions Ltd, Rambalab Ramnaran, Kabra Gloucester Engineering Ltd, Ganges Urethane LLP, Kolsite Packaging Systems Pvt. Ltd.

C. Key Management S V Kabra, S N Kabra, Anand Kabra, Varun Personnel and Relatives, Kabra, Veenadevi Kabra, Saritadevi Chairman & Managing Kabra, Ekta Kabra Director, Director, Related to Directors

6. According to Accounting Standard AS - 29 "Provisions, Contingent Liabilities & Contingent Assets", an incremental provision of Rs. Nil (Previous year Rs. 22 Lacs) towards warranty claims has been made as estimated by management (Warranty provision as on 31.03.2012 Rs. 183 Lacs, after reversing Rs. 32 lacs provision from the previous year balance of Rs. 215 Lacs).


Mar 31, 2011

1. Capital Commitments:

Estimated amount of contracts remaining to be executed on capital account & not provided for is Rs 1,75,00,000/- (Previous year Rs 2,28,00,000/-)

2. Contingent Liabilities not provided for:

Year Ended March 31 (Rs.)

Particulars 2011 2010

a) Counter guarantees given by the Company for the guarantees issued by Company's 3,59,00,501 7,27,90,894

Fixed deposits shown under the head cash and bank balances include deposits pledged with the banks as margins to secure letters of credit and guarantees issued 46,52,734 29,99,212 by banks

Net amount 3,12,55,767 6,97,91,682

b) In respect of disputed demands/claims against the company

i) Disputed income tax demand Nil Nil

ii) Excise Matter under dispute appeal by Department Nil 19,57,563

iii) Service Tax matter under dispute 1,08,74,905 Nil

3. Amount Due to Small, Medium and Micro enterprises:

Company is in process of inviting information from its vendors for their status under "The Small, Medium and Micro Enterprises Development Act 2006", however in absence of any information, no disclosures have been made in this regards.

4. Information about Business Segments

The company is operating in one segment only i.e. Plastic Extrusion Machinery & Allied Equipments.

5. According to Accounting Standard AS - 29 "Provisions, Contingent Liabilities & Contingent Assets , an incremental provision of Rs.22,00,000/- (Previous year Rs.43,00,000/-) towards warranty claims has been made as estimated by management (Warranty provision as on 31.03.2011 Rs.2,15,00,000/-) (Previous Year Rs. 1,93,00,000/-)

6. Previous year's figures have been regrouped/recast wherever necessary.




Mar 31, 2010

1. In the opinion of the Board of Directors the Current Assets, Loans & Advances are approximately of the value stated, if realised in the ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

2. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs.2,27,11,593/- (Previous Year Rs. 3,00,00,000/-).

3. Contingent Liabilities not provided for

( Rupees ) ( Rupees) 2009-10 2008-09

(a)In respect of counter gurantee given to bank for gurantees issued by bank 7,27,90,894 3,23,00,825 on behalf of the Company (Bank guran tees are secured by hypothecation/ charges on companies current/fixed assets )

(b) In respect of disputed demands/ claims against the company

(i) Excise matter under dispute Appeal by Department 19,57,563 19,57,563

(ii) Service Tax matter under dispute Appeal by Company - 50,000

4. As required by AS-18 "Related party disclosures" are given below.

a) Names of Related parties and description of relationship with whom there were "No Transactions" during the year. i) Maharashtra Plastic Industries, Kabra Gloucester Engineering Ltd - Associate Concerns Mrs.Veenadevi Kabra, Mrs Saritadevi Kabra, Mr Varun Kabra, Gopilal R Kabra - HUF- Relatives of Directors ii) All Purpose Consultations & Services Pvt. Ltd., Harekrishna Harerama Trading Company Pvt.Ltd, Ideal Consultancy Service Pvt Ltd, Welworth Investments & Trading Company Pvt Ltd, Elegant Trading & Investments Co. Pvt. Ltd., See diff Software Solutions (India) Pvt.Ltd, SPL Industrial Park Ltd., SPL Industrial Support Services Ltd., Supreme Petrochem Ltd, Supreme Capital Management Ltd., Rama Newsprint and Paper Ltd., Multilayer Films Pvt. Ltd., Jagatguru Investment & Trading Co.P.Ltd., Jeetmal Chhogmal, Polysterene Producers Association (India), Chemical & Petrochemicals Manufacturers Assn, LIC Housing Finance Ltd., Dishman Pharmaceuticals & Chemicals Ltd., Deutsche Trustee Services (India) Pvt. Ltd., IBS Forex Limited., Encee Securities Pvt Ltd., - Concerns in which directors are interested.

b) Names of related parties and description of relationship with whom there were "Transactions" during the year

i) Kolsite Maschine Fabrik Pvt. Ltd, Plastiblends India Ltd, Maharashtra Plastic & Industries, Smartech Global Solutions Ltd., Rambalab Ramnaran, Kolsite Industries, Mahashree Plastic Industries Pvt. Ltd., Wonderworld Resorts Ltd. Associate Concerns.

ii) Mr. S. V. Kabra , Mr. S. N. Kabra , Mr. H. S. Sanwal, Mr. M. P.Taparia, Mr. Y. B. Desai, Mr. Anand S. Kabra and Mr. N. C. Chauhan - Director.

iii) The Supreme Industries Ltd . - Concern in which director is interested

Following transactions carried out with the related parties were in the ordinary course of business.

5. In absence of intimation from the vendors with regared to their registration (filing of Memorandum) under "The Micro, Small & Medium Enterprise Development Act 2006 (27 of 2006)" and in view of the terms of payments not exceeding 45 days no liability exists at the close of the year and hence no disclosure have been made in this regard.

6. According to Accounting Standard-29 " Provisions,Contingent Liabilities and Contingent Assets" an incremental provision of Rs.43,00,000/- ( Previous year Rs.7,00,000/-) towards warranty claims has been made as estimated by management (warranty provisions as on 31.03.2010 Rs. 1,93,00,000/-)

7. Previous years figure have been regrouped and re-arranged wherever necessary.

8. As approved by the Members, at their Extra-ordinary General Meeting, Equity Share of the Company having face value of Rs. 10/- have been sub-divided into 2 (Two) Equity Shares of Rs. 5/- each and accordingly 79,75,580 fully paid equity shares of Rs. 10/- each comprising of the Issued, Subscribed and Paid-up Equity Capital of the Company have been sub-divided into 1,59,51,160 fully paid equity shares of Rs. 5/- each.

 
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