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.