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Notes to Accounts of National Plastic Industries Ltd.

Mar 31, 2015

A) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The company does not possess necessary information as regards due to Micro, Small and Medium Enterprises for the necessary provision of interest and disclosures.

b) In the opinion of the management the Current Assets, Loans and Advances are expected to realize at least amount at which they are stated, if realized in the ordinary course of the business and provision of all known liabilities have been adequately made in the accounts.

c) The Company has changed method of Depreciation with effect from 1st April, 2014 due to new method prescribed under Schedule II of Companies Act, 2013.

The Company has W/off Written Down values of Fixed Assets amounting to Rs, 91,51,665/- whose useful lifes has already expired at the beginning of the year in accordance with provisions of Depreciation as per Schedule II of the Companies Act, 2013.

d) AS-15 DISCLOSURE ON DEFINED BENEFIT PLANS:-

The Company offers Gratuity employee benefit scheme to its employees.

Nature of Benefit - Gratuity is payable on death whilst in service or withdrawal from service due to resignation, termination or early retirement and on retirement from service at normal retirement age.

The following table sets out the funded status of the defend benefit schemes and the amount recognized in the financial statements:


Mar 31, 2014

Note 1 : Long-Term Borrowings

Details of Security & Terms of Repayment

i) Term Loan amounting to Rs. 146.47 lacs (Previous Year Rs. 225.49 lacs) Repayable in monthly installments, last installment due in 28.02.2017 Rate of interest as at year end 13.75 % and secured against First Charge on Fixed Assets & Current Assets of Patna Unit .

ii) Vehicle Loan amounting to Rs. 27.66 lacs (Previous Year Rs. 40.07 lacs) Repayable in monthly installments, last installment due in 31.03.2017. Rate of interest as at year end 11.75% and secured against specific vehicle.

iii) Vehicle Loan amounting to Rs. NIL (Previous Year Rs. 29 lacs ) Repayable in monthly installments, last installment due in 05.04.2013. Rate of interest as at year end 11.72 % and secured against specific vehicle.

iv) Vehicle Loan amounting to Rs. NIL (Previous Year Rs. 2.88 lacs ) Repayable in monthly installments, last installment due in 01.04.2016. Rate of interest as at year end 11.75% and secured against specific vehicle.

v) Vehicle Loan amounting to Rs. 12.27 lacs (Previous Year Rs. 23.28Lacs) Repayable in monthly installments, last installment due in 01.04.2016. Rate of interest as at year end 11.72% and secured against specific vehicle.

vi) Term Loan amounting to Rs. 156.37 Lacs (Previous Year Rs. 221.20 lacs) Repayable in quarterly installments, last installment due in 31.03.2017. Rate of interest as at year end 13.50% and secured against First Charge on Fixed Assets & Current Assets of Nellore Unit .

vii) Term loan amounting to Rs. 28.20 lacs (Previous Year NIL) repayable in monthly installments, last installment due on 07/01/2017 Rate of interest as at year end 13.75% and secured against First Charge on Fixed Assets & Current Assets of Silvassa Unit .

viii) Unsecured Loans amounting to Rs. 1069.88 lacs (Previous Year Rs. 625.06 lacs) represents loans from related parties and generally of long term nature however no repayment schedule is specified .

a) Corporate information

The company is engaged in manufacturing plastic injection moulded articles and mattresses. The company is having manufacturing plants at Silvassa, Patna and Nellore.

Note 2(a) : Additional information to the financial statements (Figures of amounts in Lacs)

As at 31st March, 2014 As at 31st March,2013 Note Particulars

a) Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Bank Guarantees Outstanding 38.25 38.25

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for Tangible assets 26.76 134.49



b) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The company does not possess necessary information as regards due to Micro, Small and Medium Enterprises for the necessary provision of interest and disclosures.

g) In the opinion of the management the Current Assets, Loans and Advances are expected to realize at least amount at which they are stated, if realized in the ordinary course of the business and provision of all known liabilities have been adequately made in the accounts.

i) AS-15 DISCLOSURE ON DEFINED BENEFIT PLANS:-

The Company offers Gratuity employee benefit scheme to its employees.

Nature of Benefit - Gratuity is payable on death whilst in service or withdrawal from service due to resignation, termination or early retirement and on retirement from service at normal retirement age.

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements:


Mar 31, 2013

A) Corporate information

The company is engaged in manufacturing plastic injection moulded articles and mattresses. The company is having manufacturing plants at Silvassa , Patna and Nellore.


Mar 31, 2012

1. (a) Rights etc. attached to Equity Shares :

The Company has only one class of equity having a face value of t 10 per share. Each shareholder is eligible for one vote per share held.

The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Next Annual General Meeting, except in case of interim dividend.

1. (b) Details of shares held by the shareholders holding more than 5% of the aggregate shares in the Company :

1. (c) Reconcilliation of number of shares outstanding as on beginning and closing of the year.

The company has neither issued nor bought back any of its shares during the year and also in previous year and balance of share at the end of the year is the same as at the beginning of the year.

Details of Security & Terms of Repayment :

i) Term Loan amounting to Rs. 46. 44 lacs (March, 31st, 2011 Rs. 107.16 Lacs) Repayable in monthly installments, last installment due in 30.09.2013. Rate of interest as at year end 15 % and secured against First Charge on Fixed Assets & Current Assets of Silvassa Unit

ii) Term Loan amounting to Rs. 13.20 lacs (March, 31st, 2011 Rs. Nil) Repayable in monthly installments, last installment due in 31.05.2013. Rate of interest as at year end 15 % and secured against First Charge on Fixed Assets & Current Assets of Patna Unit .

iii) Foreign Currency Term Loan amounting to Rs. 300 lacs (March, 31st, 2011 Rs. Nil) Repayable in monthly installments, last installment due in 31.03.2017. Rate of interest as at year end 15 % and secured against First Charge on Fixed Assets & Current Assets of Silvassa & Patna Unit.

iv) Vehicle Loan amounting to Rs. 57.29 lacs (March, 31st, 2011 Rs. Nil) Repayable in monthly installments, last installment due in 31.03.2017. Rate of interest as at year end 11.75 % and secured against specific vehicle.

v) Vehicle Loan amounting to t 4.26 lacs (March, 31st, 2011 Rs. 9.96) Repayable in monthly installments, last installment due in 05.04.2013. Rate of interest as at year end 11.72 % and secured against specific vehicle.

vi) Vehicle Loan amounting to Rs. Nil lacs (March, 31st, 2011 X 11.78) Repayable in monthly installments, and secured against specific vehicle.

vii) Term Loan amounting to t 271.05 lacs (March, 31st, 2011 t Nil) Repayable in quarterly installments, last installment due in 31.03.2017. Rate of interest as at year end 12.50 % and secured against First Charge on Fixed Assets & Current Assets of Nellore Unit.

viii) Unsecured Term Loan amounting to X 8.63 lacs (March, 31st, 2011 X 22.76 lacs) Repayable in monthly installments, last installment due in 03.10.2013. Rate of interest as at year end 15%.

ix) Unsecured Loans amounting to Rs. 610.89 lacs (March, 31st, 2011 Rs. 252.13 lacs) represents loans from related parties and generaly of long term nature however no repayment schedule is specified.

Notes:

Details of security for the secured short-term borrowings:

(i) Cash Credit facility from bank amounting to Rs. 438.90 lacs (Previous year Rs. 636.77 lacs) secured against first charge on Fixed Assets and Current Assets of Silvassa and Patna Units.

(ii) Foreign Currency Loan from bank amounting to Rs. 600.00 lacs (Previous Year Rs. NIL) secured against first charge on Fixed Assets and Current Assets of Silvassa Unit.

(iii) Packing Credit Loan amounting to Rs. 135.80 lacs (Previous Year Rs. 147.11 lacs) secured against First charge on Fixed Assets and Current Assets of Silvassa Unit.

(iv) Post Shipment Credits amounting to Rs. 12.62 lacs (Previous Year Rs. 30.29 lacs) secured against First charge on Fixed Assets and Current Assets of Silvassa Unit.

(iv) Cash Credit facility from bank amounting to t 106.16 lacs (Previous year Rs. NIL) secured against first charge on Fixed Assets and Current Assets of Nellore Unit.

Note : Security Deposits received from customers in the ordinary course of the business are not expected to be settled within twelve months after the reporting date. The company has however presented the same as current liability, since it does not have unconditional right to defer its settlement for twelve months after the reporting date.

Note : The Company has recognised deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fixed assets under Income Tax (or) The Company has recognised deferred tax asset on unabsorbed depreciation and brought forward business losses based on the Management's estimates of future profits considering the non-cancellable customer orders received by the Company.

Note 1(A) : Corporate Information and Significant Accounting Policies

a) Corporate information

The company is engaged in manufacturing plastic injection moulded articles and mattresses. The company is having manufacturing plants at Silvassa, Patna and Nellore.

Note 1(B) : Additional information to the financial statements (Figures of amounts in Lacs)

Particulars As at As at 31st March, 2012 31st March, 2011 Rs. Rs.

a) Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt (give details)

Income Tax demand in appeal - 21.76

(b) Bank Guarantees Outstanding 38.25 38.25

(ii) Commitments

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

Tangible assets 25.98 441.33

b) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006.

The company does not possess necessary information as regards to Micro, Small and Medium Enterprises for the necessary provision of interest and disclosures.

g) In the opinion of the management the Current Assets, Loans and Advances are expected to realize at least amount at which they are stated, if realized in the ordinary course of the business and provision of all known liabilities have been adequately made in the accounts.

h) The company has capitalized following preoperative expenses to various fixed assets on such basis as certified by the management, in respect of following new plants on their commencement of commercial production:


Mar 31, 2010

1 Contingent liability not provided for in respect of :

a) Bank Guarantees Outstanding Rs. 37.25 Lacs (Previous Year Rs. 36.25 Lacs)

b) Capital Commitment Outstanding (Net of Advance) Rs. 21.13 Lacs. (Previous year Nil Lacs)

2 In the opinion of the management the Current Assets, Loans and Advances are expected to realize at least amount at which they are stated, if realized in the ordinary course of business and provision of all known liabilties have been adequately made in accounts.

3 Additional information pursuant to paragraphs 3. 4C and 4D of part to Schedule VI of the Companies Act, 1956.

a. Details of Capacity, Production, Turnover, Opening Stock and Closing Stock of Finished Goods. (Excluding products of third party manufactured on Labour job basis.)

e) Sale of Raw Material Rs. NIL (Previous year Rs. 8.88 Lacs)

4 No provision has been made for liability for retirement benefits as required by Accounting Standard - 15 and for impairment of Fixed Assets as required by Accounting Standard - 28 and impact on results of the company is not ascertained

5 Disclosures of Transactions with Related Party (Information Restricted to Transactions During the year only)

i) List of Related Parties:- a) Key Management Personnel

Mr. Paresh Vinod Parekh Mr. Ketan Vinod Parekh

b) Relatives of Key Management Personnel

Mr. Vinod V. Parekh Mrs. Nalini V. Parekh Mrs. Nipa V. Parekh Mr. Harsh P. Parekh Mr. Vivek P. Parekh

c) Enterprises Owned or Significantly Influenced by any Key Management Personnel or Relatives

M/s. National Plastic Industries M/s. Enpee Credit & Capital (I) Ltd. Mr. Ketan Vinod Parekh (HUF)

6 Figures of Previous Year has been regrouped / rearranged wherever necessary.