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Notes to Accounts of Kanpur Plastipack Ltd.

Mar 31, 2015

1. Contingent Liabilities in respect of:

I Statutory Dues:

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty Excise Duty, Cess, and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2015 for a period of more than six months from the date of becoming payable.

b) The disputed statutory dues aggregating that have not been deposited on account of disputed matters pending before appropriate authorities are as under:

2. The previous year''s figures have been regrouped / recasted, wherever necessary to make them comparablewith those of the current year. Figures in bracket indicate previous year''s figures.


Mar 31, 2014

1. Contingent Liabilities in respect of :

I. Statutory Dues :

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty Excise Duty, Cess, and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2014 for a period of more than six months from the date of becoming payable.

b) The disputed statutory dues aggregating that have not been deposited on account of disputed matters pending before appropriate authorities are as under :

In view of above facts, the Management feels that there shall not be any additional financial liabilities on the Company in all the above cases.

(c) Excise Duty :

In respect of Company''s claim with Central Excise authorities regarding wrong classification of product, which was partially settled and the company was allowed consequential relief in November, 1998, the appeal of the Department against the same was rejected by the CEGAT and contention of the company was accepted and refund of Rs. 1.16 Crores was granted. However, the department has filed reference, which is pending with the Allahabad High Court.

6. Related Party Disclosures :

The Company''s related party transactions during the year and outstanding balances as on 31.03.2014 are as under :

Details of Associate Companies

1. KSM Exports Ltd. — Associate Company

2. MSA Investment & Trading Co. Pvt. Ltd. — Associate Company

3. KPL Packaging Pvt. Ltd. — Associate Company

Details of Key Management Personnel & their relatives

1. Mahesh Swarup Agarwal – Chairman Emeritus

2. Manoj Agarwal – Managing Director

3. Sunil Mehta – Director (Operation)

4. Shashank Agarwal – Director (Technical)

5. Usha Agarwal – Sr. Manger (Marketing)

6. Manjari Agarwal – Professional

8. ADDITIONAL INFORMATION AS REQUIRED UNDER PART IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956

Balance Sheet Abstract and COmpany''s General Business Profile

I. Registration Details :

Registration No. L25209UP1971PLC003444

State Code 20

Balance Sheet Date 31st March, 2014

II. Capital raised during the year :

Public Issue NIL

Bonus Issue NIL

Right Issue NIL

Private Placement NIL


Mar 31, 2013

1. Contingent Liabilities in respect of :

I. Statutory Dues :

(a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty Excise Duty, Cess, and other statutory dues have been generally regularly deposited with the appropriate authorities. No undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2013 for a period of more than six months from the date of becoming payable.

(b) The disputed statutory dues aggregating that have not been deposited on account of disputed matters pending before appropriate authorities are as under :

(c) Excise Duty :

In respect of Company''s claim with Central Excise authorities regarding wrong classification of product, which was partially settled and the company was allowed consequential relief in November, 1998, the appeal of the Department against the same was rejected by the CEGAT and contention of the company was accepted and refund of Rs. 1.16 Crores was granted. However, the department has filed reference, which is pending with the Allahabad High Court.

2. The previous year''s figures have been regrouped / recasted, wherever necessary to make them comparable with those of the current year. Figures in bracket indicate previous year''s figures.

3. Related Party Disclosures :

The Company''s related party transactions during the year and outstanding balances as on 31.03.2013 are as under :

Details of Associate Companies

1. KSM Exports Ltd. — Associate Company

2. MSA Investment & Trading Co. Pvt. Ltd. — Associate Company

3. KPL Packaging Pvt. Ltd. — Associate Company

Details of Key Management Personnel & their relatives

1. Mahesh Swarup Agarwal – Chairman Emeritus

2. Manoj Agarwal – Managing Director

3. Sunil Mehta – Director (Operation)

4. Shashank Agarwal – Director (Technical)

5. Usha Agarwal – Sr. Manger (Marketing)


Mar 31, 2012

1.1 Term Loan in Foreign Currency amounting to (Rs. in Lacs) 597.90 (Previous Year Rs. NIL has been taken 2011-12 for 10 Years.) has been converted from Term Loan in INR to Term Loan in Foreign Currency.

1.2 Term Loan in Foreign Currency as on 31-03-2012 is (Rs. in Lacs) 304.05 (Previous Year 368.94) and is to be paid in 6 Years.

1.3 Balance of Term Loan from State Bank of India as on 31-03-2012 is (Rs. in Lacs) 1022.78 (Previous Year Rs. 1452.95).

1.4 The above Term Loans are secured by hypothecation of stocks of Raw Materials, Goods in Process, Finished Goods, Spares, Book Debts, Export Documents and mortgage of FixedAssets.

1.5 The above Term Loans have been guaranteed (Personal) by Chairman, Managing Director and Director (Tech.) of the Company.

1.6 Vehicle Finance under Hire purchase is Secured by Hypothecation of Vehicle

1.7 (Rs. in Lacs) 54.43 (Previous year (Rs. in Lacs) NIL) taken from UPSIDC Secured by Hypothecation of Land-Jainpur.

1.8 (Rs. in Lacs) 201.00 (Previous year (Rs. in Lacs) 98.5 out of Deposits is for 3 Years and Interest Rate is 12.5%.

1.9 Rs. in Lacs NIL (Previous year (Rs. in Lacs) 32.00) out of Deposits is for 2 Years and Interest Rate is 12.5%.

1.10 Rs. in Lacs NIL (Previous year (Rs. in Lacs) 7.50) out of Deposits is for 6 Months and Interest Rate is 12.5%.

1.11 Rs. in Lacs 50.00 (Previous year (Rs. in Lacs) 25.00) out of Inter Corporate Deposits is for 3 Years and Interest Rate is 12.5%.

1.12 Rs. in Lacs 25.00 (Previous year (Rs. in Lacs) 25.00) out of Inter Corporate Deposits is for 2 Years and Interest Rate is 12.5%.

2.1 In accordance with Accounting Standard (AS - 22) on Accounting for Taxes on Income as issued by The Institute of Chartered Accountants of India, the Company has provided for deferred tax liability resulting from timing differences between book and taxable profit using the rates and the laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent that there is a reasonable / virtual certainty that the asset will be realised in future.

3.1 The provision for gratuity has been calculated in accordance with the provisions of the Payment of Gratuity Act, 1972. The provision has been made only for those employees,who have completed five years of service with the company. 2/5th provision relating to enhanced liability consequent to the increase in maximum limit of gratuity from earlier Rs 3.50 lacs to Rs 10.00 lacs has been made. Balance provision shall be made in next three years.

3.2 The liability of the Company for Gratuity are estimated at each year end and liability accordingly is provided in the books of the Company.

4.1 The liability of the Company for Leave Wages are estimated at each year end and liability accordingly is provided in the books of the Company.

NOTES:

Depreciation on Building, Plant & Machinery, Electric Installation has been charged on straight line method, whereas the same has been charged on WDV method on Furniture & Fixtures, Office Equipments & Vehicles- as per the rates of Schedule XIV of the Companies Act, 1956.

Plant & Machinery are charged to Depreciation @ 5.28% (continuous process plant).

Gross Block of Plant & Machinery and Building Includes (T in Lacs) 239.70 and (T in Lacs) 2.72 worth of assets respectively,which has been fully depreciated.

The Company is registered as a 'Technical Textile Unit' by Ministry of Textiles vide registration no 19101004. Consequently, Capital Subsidy (Rs. in Lacs NIL).

(Previous year (Rs. in Lacs) 21.01) is being availed.

4.1 The Company has opted for accounting the exchange differences arising on reporting of long term foreign currency monetary items in line with Companies (Accounting Standards) Amendment Rules, 2011 relating to Accounting Standards 11 Accordingly, the effect of (AS-11) notified by Government of Indiaon 11th May, 2011. Exchange differences on foreign currency loans of the company is accounted by transfer to 'Foreign Currency Monetary Items Translation Difference Account' to be amortised over the balance period of the long term monetary items or period upto 31st March, 2012, whichever is earlier.

5.1 The Company is registered as a 'Technical Textile Unit' by Ministry of Textiles vide registration no 19101004. Consequently, interest reiumbursement (Rs.in Lacs 64.06) (Previous year (Rs. in Lacs) 68.50) is being availed.

6. Contingent Liabilities in respect of :

(A) Income Tax :

a. For Assessment Years 1995-96 to 1997-98, the department reopened the cases and made arbitrary additions in respective year. The Company went into Appeal in all the cases and they were decided at Income Tax Appelate Tribunal, Lucknow in favour of the Company. Department granted refund and simultaneously has filed appeals with Hon'ble High Court, Allahabad in respective cases, which have not yet been admitted for any of the Assessment years.

b. For the assessment years 2001-02, the A.O. made arbitrary additions on certain points, the Company had paid the alleged demand and went into appeal with ITAT and partially favourable orders were made by the Tribunal. After giving effect to the orders of the Tribunal,a refund was granted by the Assessing Officer. Simultaneously, the Company has gone into appeal only on one point sustained disallowance deduction claimed u/s 80HHC amounting to Rs.52.74 lacs with Hon'ble Allahabad High Court, Lucknow Bench, which has been admitted and is pending for disposal.

c. For assessment Years 2002-03, 2003-04 & 2004-05, where the cases were re-opened and for the regular assessment of Assessment Year 2008-09, certain arbitrary additions were made by A.O. The Company had gone for appeal in all the cases with CIT Appeals, Kanpur and in appeal CIT (A) -2, Kanpur has fully allowed the appeal for A.Y. 2002-03 & 2004-05 in favour of the company and Appeal for the A.Y. 2003-04 & A.Y. 2008-09 were partially allowed in favour of the company. After giving effect to the orders of CIT (A)-2,Kanpur A.O. has granted refund and simultaneously filed appeals with ITAT Lucknow in all the cases.

d. For Assessment year 2005-06 to 2007-08, arbitrary additions were made by A.O. The company has gone for Appeal before ITAT Lucknow and on appeal, all the cases were decided partly in favour of the Company. After giving effect of the orders of ITAT, A.O. has granted refund and simultaneously filed appeals with Allahabad High Court, Allahabad which have not yet been admitted for any of the Assessment years.

e. For Assessment year 2009-10, assessment has been completed and the demand raised has been paid.

f. Penalty proceeding u/s 271(1)(c ) regarding Assessment Years 2002-03 to 2004-05 and 2008-09 are pending for disposal, as the Income Tax Department appeals are pending at ITAT Lucknow. However, the penalty proceeding for A.Y.2009-10 has been dropped by A.O.

In view of above facts, the Management feels that there shall not be any additional financial liabilities on the Company in all the above cases.

(B) Excise Duty :

In respect of Company's claim with Central Excise authorities regarding wrong classification of product, which was partially settled and the company was allowed consequential relief in November, 1998, the appeal of the Department against the same was rejected by the CEGAT and contention of the company was accepted and refund of Rs. 1.16 crores was granted. However, the department has filed reference, which is pending with the Allahabad High Court.

2. The previous year's figures have been regrouped / recasted, wherever necessary to make them comparable with those of the current year. Figures in bracket indicate previous year's figures.

 
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