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Notes to Accounts of Maharashtra Polybutenes Ltd.

Mar 31, 2015

1.a. There are nil number of shares ( Previous year Nil) reserved for issue under option and contracts/ commitment for the sale of shares/disinvetment including the terms and amounts.

b. Rights of Shareholders:

c. The company has issued only one class of Equity Shares of the face value of Rs.1/- each. Each Equity Share is entitled for one vote. In the event of the liquidation of the company, shareholders will receive residual assets of the company after paying all the liabilities.

Additional Information:

Working capital loans are also secured by mortagage on leasehold land along with factory building on Plot No. R-802, TTC Industrial area, Mahape, New Mumbai and hypothecation of Plant & Machineries and personal guarantee given by Chairman and Managing Director

2. Segment Information Business Segments:

The Company is engaged in the business of manufacture of Polybutenes. It is treated as a single segment. Hence no disclosure is required to be made underAS?17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

The geographical segments considered for disclosure are as follows:

* Sales within India includes Sales to Customers located within India

* Sales Outside India includes Sales to customers located outside India including merchant exporters.

* The carrying amount of segment assets in India and Outside India is based on geographical location of the respective assets

3. Contingent Liabilities not provided for in respect of:

31-03-2015 31-03-2014 (Rs.) (Rs.)

a) Letter of Credit (LC) issued by the Company's - - bankers for import of traded goods (Converted on the foreign exchange conversion rate prevailing on the date of Balance Sheet)

b) Bank Guarantee issued by the Company's bankers to suppliers in lieu of earnest money for tender 17,70,376 62,70,394

c) Claim against the Company not - - acknowledge as debts

4. Foreign earning and expenditure (Cash/Accruals basis):

Value of imports calculated on CIF basis:

Traded Goods: Rs. Nil /- (P.Y.Rs. Nil)

Earning in foreign currency:

Export Sales on FOB basis: Rs Nil (P.Y. Rs. 6606918/- Nil)

Expenses incurred in foreign currency: Rs. Nil (P.Y. Rs. Nil).

5. Impairment of assets

As on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is not less than the recoverable amount of those assets. Hence, in the opinion of the management, there is no provision for impairment loss on the assets of the Company is required to be made under Accounting Standard?28 (Impairment of Assets) issued by the ICAI.

6. In the opinion of the Board, All assets other than Fixed Assets and non-Current Investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements.

7. Debtors and Creditors balances of some parties are subject to confirmation.

8. Sales / Operational income include Excise Duty, & other levies.

9. In the absence of necessary information with the Company, relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

10. (I) Names of related parties

Names of related parties where Gujarat Textile SEZ Infrastructure control exists irrespective of Pvt. Ltd. (Company holding in whether transactions have taken stake is around 21.74%) place or not

Names of other related parties 1. New Era Advisors Pvt. with whom Limited transactions have taken place during the year 2. Sunciti Financial Services (P) Limited 3. Avni Energy Solution (P) Limited 4. International Spinning India (P) Ltd

Associates N.A.

Key Management Personnel Mr. Brijmohan Rathi, Chairman and Managing Director.

Relatives of key management N.A. personnel

Enterprises owned or 1. New Era Advisors Pvt. Limited significantly influenced by key management personnel or 2. Oxides & Specialties Limited their relatives 3. Sunciti Financial Services (P) Limited 4. Mystique Media Limited 5. Avni Energy Solution (P) Limited 6. Gujarat Textile Sez Infrastructure Pvt. Ltd 7. International Spinning India (P) Ltd.

The Basic and Diluted earnings per share computed in accordance withAccounting Standard (AS) 20- "Earnings per share "is same in view of potential equity shares being anti dilutive.

Salaries, Wages and other Employee benefits include payments made to staff and workers employed on contract basis.

Loan from Central Bank of India is secured against Mortgage of Land, Building, Plant & Machinery and Hypothecation of Stocks & Assignment of Book Debts. In addition to Personal Guarantee of Managing Director of the Company.

Letter of Credit (LC)/Bank Guarantee (BG) facilities are also secured with pre- defined percentage of margin by way of fixed deposit with the respective banks.

11. No forward exchange contracts are outstanding on the balance sheet dates which are entered to hedge foreign exchange exposures of the Company.

12. Previous year's figures have been regrouped/ rearranged wherever necessary to conform to current year presentation. Figures have been rounded off to the nearest rupee.


Mar 31, 2014

1. a) There are nil number of shares ( Previous year Nil) reserved for issue under option and contracts /commitment for the sale of shares/disinvetment including the terms and amounts.

b) Rights of Shareholders:

The company has issued only one class of Equity Shares of the face value of Rs. 1/- each. Each Equity Share is entitled for one vote. In the event of the liquidation of the company, shareholders will receive residual assets of the company after paying all the liabilities.

2. Details of Term Loan from Central Bank of India are as under:

It is repayable in 30 equal monthly installments from April 2012 to September 2014.

It is secured by mortgages of equipment procured out of the Bank Term''s Loan and extension of charges on fixed assets of the Company at Mahape, Navi Mumbai and personal guarantee given by Chairman and Managing Director, Mr. Brijmohan Rathi

3. Additional Information:

Working capital loans are also secured by mortagage on leasehold land along with factory building on Plot No. R-802, TTC Industrial area, Mahape, New Mumbai and hypothecation of Plant & Machineries and personal guarantee given by Chairman and Managing Director

4. Segment Information Business Segments:

The Company is engaged in the business of manufacture of Polybutenes. It is treated as a single segment. Hence no disclosure is required to be made underAS-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

5. Notes

The geographical segments considered for disclosure are as follows:

* Sales within India includes Sales to Customers located within India

* Sales Outside India includes Sales to customers located outside India including merchant exporters.

* The carrying amount of segment assets in India and Outside India is based on geographical location of the respective assets

6. Contingent Liabilities not provided for in respect of:

31-03-2014 31-03-2013 (Rs. In lacs) (Rs. In lacs)

a) Letter of Credit (LC) issued by the Company''s bankers for import - - of traded goods

(Converted on the foreign exchange conversion rate prevailing on the date of Balance Sheet)

b) Bank Guarantee issued by the Company''s bankers to suppliers in lieu of earnest money for tender 62,70,394 71,85,000

c) Claim against the Company not - - acknowledge as debts

7. Foreign earning and expenditure (Cash/Accruals basis):

Value of imports calculated on CIF basis:

Traded Goods: Rs. Nil /- (P.Y.Rs.15048635)

Earning in foreign currency:

Export Sales on FOB basis: Rs. 6606918/- (P.Y. Rs. Nil)

Expenses incurred in foreign currency: Rs. Nil (P.Y. Rs. Nil).

8. Impairment of assets

As on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is not less than the recoverable amount of those assets. Hence, in the opinion of the management, there is no provision for impairment loss on the assets of the Company is required to be made under Accounting Standard 28 (Impairment of Assets) issued by the ICAI.

9. In the opinion of the Board, All assets other than Fixed Assets and non-Current Investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements.

10. Debtors and Creditors balances of some parties are subject to confirmation.

11. Sales / Operational income include Excise Duty, & other levies.

12. In the absence of necessary information with the Company, relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

Note: The Basic and Diluted earnings per share computed in accordance with Accounting Standard (AS) 20- "Earnings per share "is same in view of potential equity shares being anti dilutive.

Salaries, Wages and other Employee benefits include payments made to staff and workers employed on contract basis.

Loan from Central Bank of India is secured against Mortgage of Land, Building, Plant & Machinery and Hypothecation of Stocks & Assignment of Book Debts. In addition to Personal Guarantee of Managing Director of the Company.

Letter of Credit (LC)/Bank Guarantee (BG) facilities are also secured with pre- defined percentage of margin by way of fixed deposit with the respective banks.

13. No forward exchange contracts are outstanding on the balance sheet dates which are entered to hedge foreign exchange exposures of the Company.

14. Previous year''s figures have been regrouped/ rearranged wherever necessary to conform to current year presentation. Figures have been rounded off to the nearest rupee.


Mar 31, 2013

1. Segment Information Business Segments:

The Company is engaged in the business of manufacture of Polybutenes. It is treated as a single segment. Hence no disclosure is required to be made under AS-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

Geographical Segments:

The Company is carrying on its operational activities in the domestic market i.e. India as well as in overseas market i.e. an export hence geographical segment i.e. domestic and overseas has identified as secondary segment and the details of segment results as per AS 17 issued by ICAI are as under :-

2. Foreign earning and expenditure (Cash/Accruals basis):

Value of imports of calculated on CIF basis:

Traded Goods: Rs. 1,50,48,635 /- (P.Y.Rs. 29, 98,026)

Earning in foreign currency:

Export Sales on FOB basis: Rs Nil- (P.Y. Rs. 4, 53, 13,073/-)

Expenses incurred in foreign currency: Rs. Nil (P.Y. Rs. Nil).

3. Impairment of assets

As on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is not less than the recoverable amount of those assets. Hence, in the opinion of the management, there is no provision for impairment loss on the assets of the Company is required to be made under Accounting Standard-28 (Impairment of Assets) issued by the ICAI.

4. In the opinion of the Board, All assets other than Fixed Assets and non-Current Investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements.

5. Debtors and Creditors balances of some parties are subject to confirmation.

6. Sales / Operational income includes Excise Duty, & other levies.

7. In the absence of necessary information with the Company, relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

8. LEASE TRANSACTION DISCLOSURES

Information on leases as per Accounting Standard 19 on "Accounting for Leases" issued by ICAI:

i) Finance Lease : Nil (P.Y. - Nil)

ii) Operating Lease Expenses:

The company has terminated its operating lease during the financial year 2012-13. Rental expenses for operating leases recognized in the Profit and Loss account for the year are Rs. 25,200/- (P.Y. Rs. 3,50,000/).

9 No forward exchange contracts are outstanding on the balance sheet dates which are entered to hedge foreign exchange exposures of the Company.

10 Previous year''s figures have been regrouped/ rearranged wherever necessary to conform to current year presentation. Figures have been rounded off to the nearest rupee.


Mar 31, 2012

A) There are nil number of shares (Previous year Nil) reserved for issue under option and contracts/ commitment for the sale of shares/disinvestment including the terms and amounts.

b) There are no securities (Previous year No) convertible into Equity/ Preferential Shares.

c) There are no calls unpaid (Previous year No) including calls unpaid by Directors and Officers as on balance sheet date

d) For the period of five years immediately preceding the date as at which the balance sheet is prepared, there are nil no. of shares (Previous year Nil) persuant to contracts without payment being received in cash. There are no bonus shares issued during current and preceding financial year. Further no shares are bought back during the current and preceding financial year

Additional Information:

Details of Term Loan from Central Bank of India are as under:

It is repayable in 30 equal monthly installments from April 2012 to September 2014.

It is secured by mortgages of equipment procured out of the Bank Term's Loan and extension of charges on fixed assets of the Company at Mahape, Navi Mumbai and personal guarantee given by Chairman & Managing Director, Mr. Brijmohan Rathi

Additional Information:

Working capital loans are also secured by mortagage on leasehold land along with factory building on Plot No. R-802, TTC Industrial area, Mahape, New Mumbai and hypothecation of Plant & Machineries and personal guarantee given by Chairman & Managing Director.

* Balance with Bank includes Unclaim Dividend of Rs. 2,18,244.50/- (Previous Year Rs. 1,54,770/-)

# Fixed Deposits held as margin money given for bank guarantees and letter of credit for import of goods which have an orginial maturity of less then 12 months

1. Segment Information Business Segments:

The Company is engaged in the business of manufacture of Polybutenes. It is treated as a single segment. Hence no disclosure is required to be made under AS17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

Geographical Segments:

The Company is carrying on its operational activities in the domestic market i.e. India as well as in overseas market i.e. an export hence geographical segment i.e. domestic and overseas has identified as secondary segment and the details of segment results as per AS 17 issued by ICAI are as under:

Notes:-

The geographical segments considered for disclosure are as follows:

- Sales within India includes Sales to Customers located within India

- Sales Out side India includes Sales to customers located outside India including merchant exporters.

- The carrying amount of segment assets in India and Outside India is based on geographical location of the respective assets

CHANGE IN AUTHORISED AND PAID UP SHARE CAPITAL:

Company has sub divided / split the Authorized Capital of 2 crores of equity shares of Rs. 10 each into 20 crores of equity shares of Rs. 1 each duly approved by Members by passing special resolution in AGM held on September 3,2011.

In result of sub division / split, the total nos. of paid up equity shares of the Company has increased from 1,55,90,457 to 15,59,04,570 of Rs. 1 each.

Contingent Liabilities not provided for in respect of:

31-03-2012 31-03-2011 (Rs. In lacs) (Rs. In lacs)

a) Letter of Credit (LC) issued by the Company's 12.40 Nil bankers for import of traded goods (USD $ 24,380) (USD $ Nil) (Converted on the foreign exchange conversion rate prevailing on the date of Balance Sheet)

b) Bank Guarantee issued by the Company's bankers to suppliers in lieu of earnest money for tender 27.21 Nil

c) Claim against the Company not acknowledge 1.57 4.07 as debts

Exchange rate as on 31-03-2012 is 1 US$ - Rs. 50.875/-

2. Foreign earning and expenditure (Cash/Accruals basis):

Value of imports calculated on CIF basis:

Traded Goods: U 29,98,026/- (P.Y.Rs. Nil)

Earning in foreign currency:

Export Sales on FOB basis: Rs. 4,53,13,073/- (P.Y. Rs. 4,26,83,902/-)

Expenses incurred in foreign currency: Rs. Nil (P.Y. Rs. Nil).

Impairment of assets

As on the Balance Sheet date the carrying amounts of the assets net of accumulated depreciation is not less than the recoverable amount of those assets. Hence, in the opinion of the management, there is no provision for impairment loss on the assets of the Company is required to be made under Accounting Standard 28 (Impairment of Assets) issued by the ICAI.

1. In the opinion of the Board, All assets other than Fixed Assets and non-Current Investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements.

2. Debtors and Creditors balances of some parties are subject to confirmation.

3. Sales / Operational income includes Excise Duty, & other levies.

4. In the absence of necessary information with the Company, relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

Note: The Basic and Diluted earnings per share computed in accordance with Accounting Standard (AS) 20- "Earnings per share "is same in view of potential equity shares being anti dilutive.

Company has split equity shares and nominal value of equity shares from Rs. 10 each to Rs. 1 each per share and accordingly, Basic and Diluted Earning Per Share have been re- stated for all corresponding periods to give effect of the said split / sub-division of equity shares, in accordance with Accounting Standard (AS) 20-"Earning Per Share" notified under Section 211 (3C) of the Companies Act, 1956.

Salaries, Wages and other Employee benefits include payments made to staff and workers employed on contract basis.

Loan from Central Bank of India is secured against Mortgage of Land, Building, Plant & Machinery and Hypothecation of Stocks & Assignment of Book Debts. In addition to Personal Guarantee of Managing Director of the Company.

Letter of Credit (LC)/Bank Guarantee (BG) facilities are also secured with predefined percentage of margin by way of fixed deposit with the respective banks.

The company has terminated its operating lease during the financial year 2011-12. Rental expenses for operating leases recognized in the Profit and Loss account for the year are Rs. 3,50,000/- (P.Y. Rs. 3,85,000/-).

3. No forward exchange contracts are outstanding on the balance sheet dates which are entered to hedge foreign exchange exposures of the Company.

4. The Financial Statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised schedule VI under the Companies Act, 1956, the Financial Statement for the Year ended 31st March, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous years does not impact recognisation and measurement principles followed for preparation of financial statements and the previous year's figures have been regrouped/ rearranged wherever necessary to conform to current year presentation. Figures have been rounded off to the nearest rupee.


Mar 31, 2011

1. Contingent Liabilities not provided for in respect of:

Claims against the Company not acknowledged as debts Rs. 4.07 lacs (Previous year Rs. 4.07 lacs).

2. In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements.

3. In the absence of necessary information with the Company, relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

4. Sales/ Operational Income include Excise duty, & other levies.

5. The Company is engaged in the business of manufacture of Polybutens. It is treated as a single segment The said treatment is in accordance with the accounting standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India.

6. Related Party Disclosures: a) List of Related Parties

i. With whom the Company has entered into transactions during the year:

New Era Advisors Pvt. Limited

Oxides and Specialities Limited

Sunciti Financial Services Private Limited

Mystique Media Limited

ii. Key Management Personnel: Mr. Brijmohan Rathi, Chairman and Managing Director.

Note: Related parties are as identified by the Company and relied upon by the Auditor.

7. Salaries, Wages and other Employee benefits include payments made to staff and workers employed on contract basis.

8. Loan from Central Bank of India is secured against Mortgage of Land, Building, Plant & Machinery and Hypothecation of Stocks & Assignment of Book Debts. In addition to Personal Guarantee of Managing Director of the Company has been given.

9. Previous year's figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2010

1. Contingent Liabilities not provided for in respect of:

a) Disputed sales tax demand up to financial year 2005-2006 Rs. 99.17 lacs (Previous year Rs. 100.25 lacs) excluding interest thereon. Liability if any, for the subsequent period, is not determinable until assessments are completed.

b) Claims against the Company not acknowledged as debts ^ 4.07 lacs (Previous year Rs. 4.07 lacs).

c) Amount of Interest liability/penalty, if any, on delayed/non-payment to sundry creditors/ statutory dues - Amount not ascertained.

2. In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount stated, in the financial statements.

3. In the absence of necessary information with the Company, relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

4. Sales/ Operational Income include Excise duty & other levies.

5. The Company is engaged in the business of manufacture of Polybutens. It is treated as a single segment The said treatment is in accordance with the accounting standard on "Segment Reporting" (AS-17) issued by the Institute of Chartered Accountants of India.

6. Related Party Disclosures: a) List of Related Parties

i. With whom the Company has entered into transactions during the year: New Era Advisors Pvt. Limited Oxides & Specialities Limited Gujarat Textile SEZ Infrastructures (P) Ltd

ii. Key Management Personnel: Mr. Brijmohan Rathi, Chairman and Managing Director.

Note: Related parties are as identified by the Company and relied upon by the Auditor.

Note: The Basic and Diluted earnings per share computed in accordance with Accounting Standard (AS) 20- "Earnings per share " is same in view of potential equity shares being anti dilutive.

7. The management as a matter of prudence, has not recognized deferred tax assets in respect of unabsorbed / carried forward losses under income tax act for period up to 31st March, 2010

8. Salaries, Wages and other Employee benefits include payments made to staff and workers employed on contract basis.

9. Loan from Central Bank of India is secured against Mortgage of Land, Building, Plant & Machinery and Hypothecation of Stocks & Assignment of Book Debts. In addition to this Personal Guarantee of Managing Director of the Company has been given.

10. Loan From IFCI Factors Limited is secured against Book Debts, and personal guarantee of the Managing Director of the Company. In addition to this, shares of Maharashtra Polybutenes Limited owned by Promoter Group have been pledged for additional security.

11. Previous years figures have been regrouped/ rearranged wherever necessary.

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