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Notes to Accounts of Nahar Poly Films Ltd.

Mar 31, 2015

1. a) The company has not issued any shares in persuance to contract(s) without payment being received in cash during five year immediately preceding the date as at which the Balance Sheet is prepared.

b) The company has not issued any fully paid up Bonus Shares during five year immediately preceding the date as at which the Balance Sheet is prepared.

c) The company has not bought back any Shares during five year immediately preceding the date as at which the Balance Sheet is prepared.

2. Shares Forfeited

Number of shares 349336

Amount 2836688

The above shares are forfeited in financial year 2006-07 upon non payment of calls.

Key Management Personnel

Sh. Jawahar Lal Oswal, Sh. Dinesh Oswal, Sh. Kamal Oswal and Sh. S.K. Sharma.

Relatives of Key Management Personnel

Mrs. Abhilash Oswal, Mrs. Ruchika Oswal, Mrs. Manish Oswal, Mrs. Ritu Oswal and Mrs. Monika Oswal.

3. Contigent Liabilities

PROVISION AND CONTIGENT LIABILITIES

a) Provisions are recognized for liabilities that can be measured by using a substantial degree of estimation, if :

* the company has a present obligation as a result of past event.

* a probable outflow of resources embodying economic benefits is expected to settle the obligation and

* the amount of the obligation can be reliably estimated.

b) Contingent Liability is disclosed in case of :

* a present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or

* a possible obligation, unless the probability of outflow in settlement is remote.

Particulars Current Year Previous Year

(i) Contingent Liabilities

(a) Claims against the company Nil Nil not acknowledged as debt

(b) Guarantees Nil Nil

(c) Other money for which the Nil Nil company is contingently liable

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed not provided for on Account of: -Capital Nature 488267 9726960

-Other 2914016 Nil

(b) Uncalled liability on shares and Nil Nil other investments partly paid

(c) Letter of Credit outstanding in 9071697 15752822 favour of Suppliers of Goods (Net of Advances)

(d) Other commitments (specify nature) Nil Nil 12473980 25479782

4. GENERAL

1) Material events occurring after the balance sheet date are taken into cognizance.

2) Prior period and extra ordinary items of changes in account policies having material impact on the financial affairs of the Company (if any) are disclosed.

3) The accounts of the company have been prepared on going concern basis.

4) In the opinion of the Board, the value of Current Assets, Loans and Advances have a value in the ordinary courses of business at least equal to that stated in the Balance Sheet.

5) The company has only one reportable business segment and therefore no separate disclosure is required in accordance with Accounting Standard (AS)-17 on "segment reporting" notified by the Company (Accounting Standards) Rules, 2006.

6) Some balances of Sundry Creditors, Advances and Sundry Debtors are subject to their confirmation.

7) In accordance with the section 135 of the Companies Act,2013, the company is covered by the provisions of the said section:

a) The amount required to be spent Rs. 169854

b) Amount Spent Nil

However the company jointly with other group companies have joined hands under one umbreia, namely Oswal Foundation to carry our CSR activities in future.

5. Previous year figures has been regrouped/reclasified to confirm the current year classification.


Mar 31, 2014

1. a) There are no intengible assets under development as on 31.03.2013 as well as on 31.03.2014.

b) At each Balance Sheet date, an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of accounts.

c) In respect of new unit, the expenditure incurred during construction period up to the date of commencement of commercial production is allocated to the relevant fixed assets.

d) All the indirect expenses incurred during construction period upto the date of commencement of commercial production will be capitalized on various categories of fixed assets on proportionate bases.

e) No borrowing cost has been capitalized during the current as well as in previous financial year.

*Associates

Nahar Spinning Mills Ltd., Nahar Capital & Financial Services Ltd., Nahar Industrial Enterprises Ltd., Oswal Woollen MillsLtd., Vanaik Spinning Mills Ltd., Abhilash Growth Fund (P) Ltd., Atam Vallabh Financers Ltd., Bermuda Insurance Brokers Pvt. Ltd., Kovalam Investments & Trading Co. Ltd., Ludhiana Holdings Ltd., Monica Growth Fund (P) Ltd., Nagdevi Trading& Investment Co. Ltd., Nahar Growth Fund (P) Ltd., Neha Credit & Investment (P) Ltd., Ogden Trading & Investment Co.(P) Ltd., Ruchika Growth Fund (P) Ltd., Sankeshwar Holding Co. Ltd., Vanaik Investors Ltd., Vardhman Investments Ltd.,J.L. Growth Fund Ltd., Jawahar Lal &Sons, Monte Carlo Fashions Ltd., Hugfoods(P) Ltd., Simran & Shanaya Co.Ltd.,Sidhant &MannatCo.Ltd.

Key Management Personnel

Sh.Jawahar Lal Oswal, Sh. Dinesh Oswal, Sh. Kamal Oswal and Sh. S.K. Sharma.

Relatives of Key Management Personnel

Mrs. Abhilash Oswal, Mrs. Ruchika Oswal, Mrs. Manish Oswal, Mrs. Ritu Oswal and Mrs. Monika Oswal.

2. Contigent Liabilities

PROVISION AND CONTIGENT LIABILITIES

a) Provisions are recognized for liabilities that can be measured by using a substantial degree of estimation, if:

* the company has a present obligation as a result of past event.

* a probable outflow of resources embodying economic benefits is expected to settle the obligation and

* the amount of the obligation can be reliably estimated.

b) Contingent Liability is disclosed in case of:

* a present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or

* a possible obligation, unless the probability of outflow in settlement is remote.

Particulars Current Year Previous Year Rs. Rs.

(i) Contingent Liabilities

(a) Claims against the company Nil Nil not acknowledged as debt

(b) Guarantees Nil Nil

(c) Other money for which the Nil Nil company is contingently liable

(ii) Commitments

(a) Estimated amount of 97,26,960 89,27,689 contracts remaining to be executed on capital account and not provided for (b) Uncalled liability on shares Nil Nil and other investments partly paid

(c) Letter of Credit outstanding 157,52,822 237,50,128 in favour of Suppliers of Goods (Net of Advances) (d) Othercommitments Nil Nil (specifynature) 254,79,782 326,77,817

WARRANTY CLAIMS

As per the nature of business of the company, the question of warranty claims does not arise. The routine claims on account of quality or quantity logged with the company other than those which are disputed one, are accounted for as and when accepted by the company.

3. GENERAL

1) Material events occurring after the balance sheet date are taken into cognizance.

2) Prior period and extra ordinary items of changes in account policies having material impact on the financial affairs of the Company (if any) are disclosed.

3) The accounts of the company have been prepared on going concern basis.

4) In the opinion of the Board, the value of Current Assets, Loans and Advances have a value in the ordinary courses of business at least equal to that stated in the Balance Sheet.

5) The company has only one reportable business segment and therefore no separate disclosure is required in accordance with Accounting Standard (AS)-17 on "segment reporting" notified by the Company (Accounting Standards) Rules, 2006.

6) Some balances of Sundry Creditors, Advances and Sundry Debtors are subject to their confirmation.

7) During the current year, the company has recognized Sales tax incentive of Rs.614.34 Lacs of previous two years period. Earlier the company''s management was of the opinion that the income on account of sales tax incentive receivable from state government should be recognized only at the time of actual receipt by the company, since the amount accrues and available only after the assessment of the respective financial years and is being allowed to be set off against the subsequent year Liability of sales tax. Now as per the opinion expressed by our experts, we are recognizing this income on year to year basis. The current year income is accounted in last quarter.

8) Other operating income includes commodity deeling income of Nil, Previous Year Rs.4,54,36,500.

9) Previous year figures has been regrouped/reclasified to confirm the current year classification.


Mar 31, 2013

1.1 a) The company has not issued any shares in persuance to contract(s) without payment being received in cash during five year immediately preceding the date as at which the Balance Sheet is prepared.

b) The company has not issued any fully paid up Bonus Shares during five year immediately preceding the date as at which the Balance Sheet is prepared.

c) The company has not bought back any Shares during five year immediately preceding the date as at which the Balance Sheet is prepared.

2. Contigent Liabilities

PROVISION AND CONTIGENT LIABILITIES

a) Provisions are recognized for liabilities that can be measured by using a substantial degree of estimation, if :

- the company has a present obligation as a result of past event.

- a probable outflow of resources embodying economic benefits is expected to settle the obligation and

- the amount of the obligation can be reliably estimated.

b) Contingent Liability is disclosed in case of :

- a present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or

- a possible obligation, unless the probability of outflow in settlement is remote.

3. GENERAL

1) Material events occurring after the balance sheet date are taken into cognizance.

2) Prior period and extra ordinary items of changes in account policies having material impact on the financial affairs of the Company (if any) are disclosed. PBT before Prior period items is Rs.(105708324) (P.Y. Rs. 130440787).

3) The accounts of the company have been prepared on going concern basis.

4) In the opinion of the Board, the value of Current Assets, Loans and Advances have a value in the ordinary courses of business at least equal to that stated in the Balance Sheet.

5) The company has only one reportable business segment and therefore no separate disclosure is required in accordance with Accounting Standard (AS)-17 on "segment reporting" notified by the Company (Accounting Standards) Rules, 2006.

6) Some balances of Sundry Creditors, Advances and Sundry Debtors are subject to their confirmation.

7) The company is eligible for sales tax incentive/subsidy from the government of MP. During the year the company has been granted sales tax incentive/subsidy amounting to Rs. Nil (Previous year Rs.15961892 for the financial year 2010-11) to be adjusted against future sales tax liabilities of the company. The company is accounting the above sales tax subsidy on receipt bases as the availability of the above subsidy is only on the bases of completion of certain formalities.

8) Other operating income includes commodity deeling income of Rs. 45436500.

9) Previous year figures has been regrouped/reclasified to confirm the current year classification.


Mar 31, 2012

1. a) The company has not issued any shares in persuance to contract(s) without payment being received in cash during five year immediately preceding the date as at which the Balance Sheet is prepared.

b) The company has not issued any fully paid up Bonus Shares during five year immediately preceding the date as at which the Balance Sheet is prepared.

c) The company has not bought back any Shares during five year immediately preceding the date as at which the Balance Sheet is prepared.

*The Term loan is secured by way of first charge (on pari passu basis) on factory land and building and hypothecation of Plant and Machinary and other movable / immovable fixed assets acquired / to be acquired under the project of BOPP plant at Mandideep, Bhopal. It is further secured by Second pari pasu charge on current assets of the company. The Term Loan is personally guaranted by a Director of the Company and corporate guarantee of Rs. 25.00 crores (Oriental Bank of Commerce) and Rs.15.00 Crores (To Bank of Maharashtra) given by M/s. Nahar Spinning Mills Ltd.

The above term loans are repayable in installments as per terms of respective agreement over a period of 8-10 years after moratorium period of 2-3 years.

a) There are no intengible assets under development as on 31.03.2011 as well as on 31.03.2012.

b) At each Balance Sheet date, an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of accounts.

c) In respect of new unit, the expenditure incurred during construction period up to the date of commencement of commercial production is allocated to the relevant fixed assets.

d) All the indirect expenses incurred during construction period upto the date of commencement of commercial production will be capitalized on various categories of fixed assets on proportionate bases.

e) Borrowing cost amounting to Rs. Nil (Previous year Rs. 14593713 Lacs)has been capitalized during the year.

'Associates

Nahar Spinning Mills Ltd., Nahar Capital & Financial Services Ltd., Nahar Industrial Enterprises Ltd., Oswal Woollen MillsLtd., Vanaik Spinning Mills Ltd., Abhilash Growth Fund (P) Ltd., Atam Vallabh Financers Ltd., Bermuda Insurance BrokersPvt. Ltd., Kovalam Investments & Trading Co. Ltd., Ludhiana Holdings Ltd., Monica Growth Fund (P) Ltd., Nagdevi Trading& Investment Co. Ltd., Nahar Growth Fund (P) Ltd., Neha Credit & Investment (P) Ltd., Ogden Trading & Investment Co.(P) Ltd., Ruchika Growth Fund (P) Ltd., Sankeshwar Holding Co. Ltd., Vanaik Investors Ltd., Vardhman Investments Ltd.,J.L. Growth Fund Ltd., Jawahar Lal & Sons.

Key Management Personnel

Sh. Jawahar Lal Oswal, Sh. Dinesh Oswal, Sh. Kamal Oswal and Sh. S.K. Sharma.

Relatives of Key Management Personnel

Mrs. Abhilash Oswal, Mrs. Ruchika Oswal, Mrs. Manish Oswal, Mrs. Ritu Oswal and Mrs. Monika Oswal

2. Contingent Liabilities

PROVISION AND CONTIGENT LIABILITIES

a) Provisions are recognized for liabilities that can be measured by using a substantial degree of estimation, if : - the company has a present obligation as a result of past event.

- a probable outflow of resources embodying economic benefits is expected to settle the obligation and

- the amount of the obligation can be reliably estimated.

b) Contingent Liability is disclosed in case of :

- a present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or

- a possible obligation, unless the probability of outflow in settlement is remote.

Particulars Current Year Previous Year

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt Nil Nil

(b) Guarantees Nil Nil

(c) Other money for which the company is contingently liable Nil Nil

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed 40541 Nil on capital account and not provided for

(b) Uncalled liability on shares and other investments partly paid Nil Nil

(c) Letter of Credit outstanding in favour of Suppliers of Goods 16214522 11668258 (Net of Advances)

(d) Other commitments (specify nature) Nil Nil

Total 16255063 11668258

WARRANTY CLAIMS

As per the nature of business of the company, the question of warranty claims does not arise. The routine claims on account of quality or quantity logged with the company other than those which are disputed one, are accounted for as and when accepted by the company.

31. GENERAL

1) Material events occurring after the balance sheet date are taken into cognizance.

2) Prior period and extra ordinary items of changes in account policies having material impact on the financial affairs of the Company (if any) are disclosed.

3) The accounts of the company have been prepared on going concern basis.

4) In the opinion of the Board, the value of Current Assets, Loans and Advances have a value in the ordinary course of business at least equal to that stated in the Balance Sheet.

5) The company has only one reportable business segment and therefore no separate disclosure is required in accordance with Accounting Standard (AS)-17 on "segment reporting" notified by the Company (Accounting Standards) Rules, 2006.

6) Some balances of Sundry Creditors, Advances and Sundry Debtors are subject to their confirmation.

7) The company is eligible for sales tax incentive/subsidy from the government of MP. During the year the company has been granted sales tax incentive/subsidy amounting to Rs.15961892 lacs for the financial year 2010-11 (Previous year Nil) to be adjusted against future sales tax liabilities of the company. The company is accounting the above sales tax subsidy on receipt bases as the availability of the above subsidy is only on the bases of completion of certain formalities.

8) The financial statements for the year ended 31-03-2012 have been prepared as per the requirement of the revised schedule VI to the companies Act, 1956 as per notification issued by the Central Government. The prior period figures has been accordingly regrouped reclassified to confirm the current year classification.


Mar 31, 2011

A. CONTIGENT LIABILITIES NOT PROVIDED FOR: Current Previous Year Year Rs. Rs.

a) Estimated amount of contacts to be executed on capital account (net of advances) Nil 4,24,33,373/-

b) Bank Guarantees (Net of Margin Money) Nil Nil

c) Letters of Credit outstanding in favour of Suppliers of goods (Net of advance) 1,16,68,258/- 9,566,191/-

d) The Company has given guarantee aggregating to Rs. NIL (P.Y. Rs. 25.00 crores) to financial institutions on behalf of others.

1. Material events occurring after the balance sheet date are taken into cognizance.

2. Prior period and extra ordinary items of changes in account policies having material impact on the financial affairs of the Company (if any) are disclosed.

3. The accounts of the company have been prepared on going concern basis.

4. In the opinion of the Board, the value of Current Assets, Loans and Advances have a value in the ordinary courses of business at least equal to that stated in the Balance Sheet.

5. The company has only one reportable business segment and therefore no separate disclosure is required in accordance with Accounting Standard (AS)-17 on "segment reporting" notified by the Company (Accounting Standards) Rules, 2006.

6. Previous year figures have been regrouped and rearranged.

7. Borrowing cost amounting to Rs.145.93 Lacs (Previous year Rs.212.29 Lacs)has been capitalized during the year.

8. Some balances of Sundry Creditors, Advances and Sundry Debtors are subject to their confirmation.

9. RELATED PARTY DISCLOSURE: Detail of transactions entered into with related parties during the period as required by Accounting Standard 18 on 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India are as under:

Nahar Spinning Mills Ltd., Nahar Capital & Financial Services Ltd., Nahar Industrial Enterprises Ltd., Oswal Woollen Mills Ltd., Vanaik Spinning Mills Ltd., Abhilash Growth Fund (P) Ltd., Atam Vallabh Financers Ltd., Bermuda Insurance Brokers Pvt. Ltd., Kovalam Investments & Trading Co. Ltd., Ludhiana Holdings Ltd., Monica Growth Fund (P) Ltd., Nagdevi Trading & Investment Co. Ltd., Nahar Growth Fund (P) Ltd., Neha Credit & Investment (P) Ltd., Ogden Trading & Investment Co. (P) Ltd., Ruchika Growth Fund (P) Ltd., Sankeshwar Holding Co. Ltd., Vanaik Investors Ltd., Vardhman Investments Ltd., J.L. Growth Fund Ltd., Jawahar & Sons.

Key Management Personnel

Sh. Jawahar Lal Oswal, Sh. Dinesh Oswal, Sh. Kamal Oswal and Sh. S.K. Sharma.

Relatives of Key Management Personnel

Mrs. Abhilash Oswal, Mrs. Ruchika Oswal, Mrs. Manish Oswal, Mrs. Ritu Oswal and Mrs. Monika Oswal

NOTE : Associates includes the Companies in which the key Management Personnel or their relatives have significant influence, also includes enterprises with whom no transaction has taken place during the period.

10. There are no Micro & Small enterprises covered under Micro, Small and Medium Scale Development Act 2006, to whom the company owes dues, which are outstanding for more than 45 days, hence no disclosure has been given. This information has been determined to the extent such parties, which have been identified by the company.


Mar 31, 2010

A. CONTIGENT LIABILITIES NOT PROVIDED FOR:

Current Year Previous Year

Rs. Rs.

a) Estimated amount of contacts to be

executed on capital account (net of advances) 4,24,33,373/- 36,15,22,937/-

b) Bank Guarantees (Net of Margin Money) Nil Nil

c) Letters of Credit outstanding in favour of

Suppliers of goods (Net of advance) 95,66,191/- 74,49,70,275/-

d) The Company has given

guarantee aggregating to Rs. 25.00 crores (P.Y. Rs. 25.00 crores) to financial institutions on behalf of others.



1. Material events occurring after the balance sheet date are taken into cognizance.

2. Prior period and extra ordinary items of changes in account policies having material impact on the financial affairs of the Company (if any) are disclosed.

3. The accounts of the company have been prepared on going concern basis.

4. In the opinion of the Board, the value of Current Assets, Loans and Advances have a value in the ordinary courses of business at least equal to that stated in the Balance Sheet.

5. The company has only one reportable business segment and therefore no separate disclosure is required in accordance with Accounting Standard (AS)-17 on "segment reporting" notified by the Company (Accounting Standards) Rules, 2006.

6. Previous year figures have been regrouped and rearranged.

7. RELATED PARTY DISCLOSURE: Detail of transactions entered into with related parties during the period as required by Accounting Standard 18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India are as under:

*Associates

Nahar Spinning Mills Ltd., Nahar Capital & Financial Services Ltd., Nahar Industrial Enterprises Ltd., Oswal Woollen Mills Ltd., Vanaik Spinning Mills Ltd., Abhilash Growth Fund (P) Ltd., Atam Vallabh Financers Ltd., Bermuda Insurance Brokers Pvt. Ltd., Kovalam Investments & Trading Co. Ltd., Ludhiana Holdings Ltd., Monica Growth Fund (P) Ltd., Nagdevi Trading & Investment Co. Ltd., Nahar Growth Fund (P) Ltd., Neha Credit & Investment (P) Ltd., Ogden Trading & Investment Co. (P) Ltd., Ruchika Growth Fund (P) Ltd., Sankeshwar Holding Co. Ltd., Vanaik Investors Ltd., Vardhman Investments Ltd., J.L. Growth Fund Ltd., Jawahar Lal & Sons.

Key Management Personnel

Sh. Jawahar Lal Oswal, Sh. Dinesh Oswal, Sh. Kamal Oswal and Sh. S.K. Sharma.

Relatives of Key Management Personnel

Mrs. Abhilash Oswal, Mrs. Ruchika Oswal, Mrs. Manish Oswal, Mrs. Ritu Oswal and Mrs. Monika Oswal

NOTE : Associates includes the Companies in which the key Management Personnel or their relatives have significant influence, also includes enterprises with whom no transaction has taken place during the period.

8. As the Company is at the initial stage of implementation of project, and has not taken up any type of manufacturing activities, so the information as per provisions of Micro, Small and Medium Enterprises Development Act, 2006, has not been given, being there are no trade liabilities incurred by the company during the financial year. On the bases of effectiv e capital, remuneration paid to Executive director is with in the limits specified in clause 1 and 2 of section II of Part II of.





 
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