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Notes to Accounts of Midland Polymers Ltd.

Mar 31, 2015

1. The Company was declared a Sick Industrial Company on dated 18/10/2002 as per the provision of Sick Industrial Company Act, 1985 (SICA). Thereafter net worth of the company turned positive as per the Audited Balance Sheet of 31.03.2009 and accordingly company ceased to be a sick industrial unit as per the provision of Sick Industrial Company Act, 1985 (SICA). The Company is in the Process of Growing / Rehabilitation accordingly accounts have been prepared on "Going Concern Basis".

2. Investments :-

(a) National Saving Certificate of Rs. 20000/- (Previous Year Rs 20000/-) are lodged with Sales Tax Department and are held in the name of one of the Director of the Company.

(b) The Company holds unquoted shares in the form of Investments amounting of Rs. 6,00,000/- (P.Y. Rs. 6,00,000/-) which are considered good. In the opinion of the Management, no provision us made in accounts in respect of such investments.

(c) The Company holds 900000 unquoted equity shares at a total consideration of Rs. 360.00 Lacs of M/s Protect Nature Private Limited ("PNPL**) (97.26% Holding of "PNPL"). Pursuant to the said acquisitions, PNPL became subsidiaries of the Company.

(d) During the year, the Company has acquired 67200 Quoted equity shares at a total consideration of Rs. 23.32 Lacs of M/s Choksi Laboratories Limited.

3. The figures of the previous year have been re-groped and re-arranged as & where required.

4. In opinion of the Board of Directors and best of our knowledge and belief, the value on realization of Loans & Advances, Sundry Debtors and other current assets and long term loans & advances are in the ordinary course of business and will hot be less then the amount at which they are stated in the Balance Sheet.

5. In opinion of the Board of Directors and best of our knowledge and belief, the value on realization of Loans & Advances, Sundry Debtors and other current assets and long term loans & advances are considered good and the confirmation from such advances / assets are still awaited.

6. Traveling Exp., included exp. incurred by the Director of the company for the purpose of the business of the company

7. Related Party Disclosure: Director has certify that there were no transaction 'with Related Parties, as per Accounting Standard 18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants Of India.

8. The Provision for Income Tax (MAT) has been made as per Income Tax Act. Deferred Tax Liability & Assets calculated as per AS-22 issued by ICAI.

9. Transaction related to MSME's : No Information has been reed. From suppliers towards their status being small scale/ancillary undertaking / MSME's.

10. Estimated amounts of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous Yeas Nil.)

11 None of the employees of the company were in receipt of remuneration in excess of limits specified under section 217(2A) of the Companies Act, 1956.

12 Previous year figures have been regrouped, reclassified and recast wherever considered necessary to make them comparable with current year figures.

13 In absence of proper information in respect of trade payables as to their status as Micro, Small and Medium enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006, Company is not in a position to state information required.

14 Estimated amounts of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous Yeas Nil.)

15 Cash balance has not been verified at the end of accounting year and taken as certified by the management.

16 Retirement Benefits

Provision for Gratuity / Leave Encashment / Provident Fund / E.S.I.C. etc. are not Applicable to the company.


Mar 31, 2013

1. The Company was declared a Sick Industrial Company on dated 18/10/2002 as per the provision of Sick Industrial Company Act, 1985 (SICA). Thereafter net worth of the company turned positive as per the Audited Balance Sheet of 31.03.2009 and accordingly company ceased to be a sick industrial unit as per the provision of Sick Industrial Company Act, 1985 (SICA). The Company is in the Process of Growing / Rehabilitation accordingly accounts have been prepared on ''Going Concern Basis''.

2. Investments :- (a) National Saving Certificate of Rs. 20000/- (Previous Year Rs 20000/-) are lodged with Sales Tax Department and are held in the name of one of the Director of the Company.

(b) The Company holds unquoted shares in the form of Investments amounting of Rs. 6,00,000/- (P.Y. Rs. 6,00,000/-) which are considered good. In the opinion of the Management, no provision us made in accounts in respect of such investments.

3. The figures of the previous year have been re-groped and re-arranged as & where required.

4. In opinion of the Board of Directors and best of our knowledge and belief, the value on realization of Loans & Advances, Sundry Debtors and other current assets and long term loans & advances are in the ordinary course of business and will not be less then the amount at which they are stated in the Balance Sheet.

5. In opinion of the Board of Directors and best of our knowledge and belief, the value on realization of Loans & Advances, Sundry Debtors and other current assets and long term loans & advances are considered good and the confirmation from such advances / assets are still awaited.

6. Traveling Exp., included exp. incurred by the Director of the company for the purpose of the business of the company

7. Related Party Disclosure: Director has certify that there were no transaction ‘with Related Parties, As per Accounting Standard 18 on ''Related Party Disclosure'' issued by the Institute of Chartered Accountants Of India. The Provision for Income Tax (MAT) has been made as per Income Tax Act. Deferred Tax Liability & Assets calculated as per AS-22 issued by ICAI.

8. Transaction related to MSME''s: No Information has been recd. From suppliers towards their status being small scale/ancillary undertaking / MSME''s.

9. Estimated amounts of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous Yeas Nil.)

10 The company has allotted 28,61,235 equity shares of Rs 10/- each with a premium of Rs. 30.50/- each, on December 28 , 2012, pursuant to the preferential issue of equity share. The shares have been listed with Bombay Stock Exchange Limited.

The shares so issued were authorized by the special resolution and Auditor''s certification has been obtained for the issue price.

Out of issue proceeds of Rs. 1158.80 Lacs, the company has given out of unutilized issue Proceeds of Rs 1046.21 Lacs have been temporarily held in Short Term Interest bearing liquid loans.


Mar 31, 2012

I) Contingent Liabilities

a) Outstanding Capital Commitments: Rs. Nil (As certified by the Management.)

b) Other Contingent Liabilities: Rs. 22,937 in respect of ESIC demand. (As certified by the Management.)

ii) The Company was declared a Sick industrial Company on 18.10.2002 as per the provisions of Sick Industrial Companies Act, 1985 (SICA). Thereafter Net Worth of the Company turned positive as per the Audited Balance Sheet of 31.3.2009 and accordingly Company ceased to be a sick industrial unit as per the provisions of Sick Industrial Companies Act 1985 (SICA). The Company is in the process of Rehabilitation, these accounts have been prepared on "Going Concern Basis."

ii) Investments

a) National Savings Certificates for Rs. 20,000/- (Previous year Rs. 20,000/-) are lodged with Sales Tax Department and are held in the name of one of the Director of the Company.

b) The Company holds unquoted share investments amounting Rs.6,00,000/- ( Previous year Rs.6,00,000/-), which are considered good. No financial statement of the company is available. In the opinion of management, diminution in value of such investments is temporary. Hence, no Provision is made in accounts.

iii) In the case of Loans to Companies amounting to Rs. 6,50,000/- (previous year Rs. 6,50,000/-) are considered good and the confirmation from such Companies is still awaited.

iv ) No provision has been made in respect of doubtful advance of Rs. 20,00,000/- (previous year Rs. 20,00,000/-)

v) Advances, Sundry Debtors, Creditors are taken as per books awaiting their respective confirmations.

vi) In the opinion of the Board of Directors and to the best of their knowledge and belief the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

vii)The company has accumulated losses and the Management is of the opinion that there is no possibility of tax liability on company in view of large accumulated losses. As such, no deferred tax liability is also worked out for the year as per AS-22.

viii) As the company is production of plastic film only AS-17 on segment Reporting is not applicable to the company.

ix) Related Party Transactions (AS-18)

Disclosure of transactions with related parties as required by Accounting Standard 18(AS-18), relating to Related Party Disclosure has been given in Para (b) & (c) below. Related parties as defined under clause 3 of the Accounting Standard have been identified on the basis of representation made by key managerial personnel and information available with the Company.

x) Earnings and Expenditure in Foreign Exchange Rs. Nil (Previous year Rs. Nil)

xi) In the opinion of board of directors, information/documents with the Company with respect to disclosures related to Micro, Small and Medium Enterprises Development Act, 2006, it has no information regarding the status of the service providers/suppliers as per the provisions of the said Act. In view of this, the above disclosure relating to the amount unpaid as at end of the year together with Interest paid/payable has not been given.

xii)The Financial Statement for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised Schedule VI of the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the Financial Statement for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly the previous year's figures have also been reclassified to conform to the year's classification.


Mar 31, 2010

Contingent Liabilities & Notes.

1. Contingent Liabilities: -

i Outstanding Capital Commitments: Rs. 127,00,000 (As certified by the Management.)

ii. Other Contingent Liabilities: Rs. 22937/- in respect of ES1C demand. (As certified by the Management.)

2. The net worm of the Company had eroded whereby it had become a sick industrial unit in the year 2001 as per the provisions of Sick Industrial Companies Act, 1985 (SICA). The Company had accordingly made a reference to 6IFR and was declared a Sick industrial Company on 18.10.200X State Bank of India, Bhopal was appointed as an operating agency. The B1FR sanctioned Rehabilitation scheme on 4thFeb 2009.

The Net Worth of the Company turned positive as per the audited balance Sheet of 31.03.2009 and accordingly the Company ceased to be a sick industrial unit as per the provisions of Sick Industrial Companies Act, 1985 (SICA). The Company is in the process of Rehabilitation, these accounts have been prepared on "Going Concern Basis."

3. The Company sold a substantial part of its fixed assets including land and building. The profit and loss (net) on such sale amounting to Rs. 92,90,118 has been recognized in the books.

4. Investments:

i. National Savings Certificates for Rs 20,000 (Previous year Rs. 20,000) are lodged with Sales Tax Department and are held m the name of one of the Director of the Company.

ii. The Company holds unquoted share investments amounting Rs.19,00,000 (Previous year Rs. 23,00,000), which are considered good. No financial statements of these companies are available and in certain cases these companies have incurred losses. In the opinion of management, diminution in value of such investments is temporary. Hence, no Provision is made in accounts.

5. In the case of Loans to Companies amounting to Rs. 6,50,000 (previous year Rs. 630,000) are considered good and the confirmation from such Companies is still awaited.

6. Advances, Sundry Debtors, Creditors are taken as per books awaiting their respective confirmations.

7. In the opinion of the Board of Directors and to the best of their knowledge and belief the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

8. The company has accumulated losses and the Management is of the opinion that there is no possibility of tax liability on company in view of large accumulated losses. As such, no deferred tax liability/asset is also worked out for the year as per AS-22.

9. The Company has not charged any depreciation on fixed assets disposed off during the year. Also no depreciation has been charged on remaining fixed assets amounting to Rs. 5,193, which would have reduced the profit by similar amount.

10. As the company is production of plastic film only AS-17 on segment Reporting is not applicable to the company.

11. Related Party Disclosure

Directors:

Shri Sudhir Lakhotia -Director

Shri R S Lakhotia -Director

Shri Anand Lakhotia -Director

Parties Where Control Exists Controlled by

Simplex Sales P Ltd. Sh. Sudhir Lakhotia

LA Plast Packs Pvt. Ltd. Sh. Sudhir Lakhotia

Gupta Lakhotia & Associates Sh. Anand Lakhotia

There are no transactions with Related Parties.

12 The Company has not provided for income tax liability (MAT) for the current year amounting to Rs. 10,80,000 as it has applied to Income Tax Department for waiver of MAT and is hopeful of getting relief from Income Tax Department.

13. Previous year figures have been regrouped/ rearranged, wherever necessary.

14. Additional information pursuant to the provision of Schedule VI to the Companies Act, 1956. (As Certified by the Management)

15. Information as required by Part IV of Schedule VI to the Companies Act, 1956.


Mar 31, 2009

1. Contingent Liabilities: -

i. Outstanding Capital Commitments: Rs. Nil (As certified by the Management.)

ii. Other Contingent Liabilities. Rs. Nil (As certified by the Management.)

2. The net north of the Company has been eroded where by it has become a sick industrial unit as per the provisions of Sick Industrial Companies Act, 1985 (SlCA).The Company has accordingly made a reference to BIFR and has been declared a Sick industrial Company and an operating agency has been appointed Pending finalization/ approval of revival plan under BIFR proceedings, these accounts have been prepared on "Going Concern Basis."

3. In view of unstabilized operations, it was not possible for the Company to determine the recoverable/realizable amount of fixed assets and therefore impairment loss as per AS 28 could not be ascertained.

4. Investments:

i. National Savings Certificates for Rs 20,000/-{Previous year Rs. 20,000/-) are lodged with Sales Tax Department and are held in the name of one of the Director of the Company.

ii The Company holds unquoted share investments amounting Rs.23,00,000 ( Previous year

Rs 23.00.000).which are considered good. No financial statements of these companies arc available and in certain cases these companies have incurred losses. In the opinion of management, diminution in value of such investments is temporary Hence, no Provision is made in accounts

5. In the case of Loans to Companies amounting to Rs. 6,50,000 (previous year Rs. 6,50,000) are considered good and the confirmation from such Companies is still awaited.

6. Advances. Sundry Debtors. Creditors are taken as per books awaiting their respective confirmations

7. In the opinion of the Board of Directors and to the best of their knowledge and belief the Current Assets, Loans and Advances arc approximately of the value stated, if realized in the ordinary course of business.

8. The Company has repaid all outstanding dues of RIICO Ltd. according to the one time settlement (OTS). Accordingly, the excess liability towards interest payable on Term Loan has been written back in accounts.

9. The Company is in the process of implementing rehabilitation scheme as sanctioned and approved by Honble BIFR.

10. The company has accumulated losses and the Management is of the opinion that there is no possibility of tax liability on company in view of large accumulated losses. As such, no deferred tax liability is also worked out for the year as per AS-22.

11. As the company is production of plastic film only AS-17 on segment Reporting is not applicable to the company.

12. Related Party Disclosure

Directors

Shri Sudhir Lakhotia -Director

Shri R S Lakhotta -Director

Shri Anand Lakhotia -Director

Parties Where Control Exists Controlled by Simplex Sales P Ltd Sh. Sudhir Lakhotia

There are no transactions with Related Parties except for loans converted into equity from Sudhir Lakhotia (Rs 56.50,000). Alka Lakhotia ( Rs 1,50,000) & Simplex Sales P Ltd.(Rs 5,00,000)

13 Previous year figures have been regrouped/ rearranged, wherever necessary.

14. Additional information pursuant to the provision of Schedule VI to the Companies Act, 1956. (As Certified by the Management)

15 Information as required by Part IV of Schedule VI to the Companies Act, 1956.

 
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