Mar 31, 2018
1 (a) Rights etc attached to Equity Shares :
The Company has only one class of equity having a face value of Rs. 10 per share.Each shareholder is eligible for one vote per share held.
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) Vehicle Loan amounting to Rs. 10.02 Lacs (Previous Year 32.18 Lacs ) Repayable in monthly installments , last installment due in 05.10.2020 Rate of interest as at year end 9.36 % and secured against specific vehicle.
ii) Vehicle Loan amounting to Rs. 50.05 Lacs (Previous Year NIL ) Repayable in monthly installments, last installment due in 05.12.2022 Rate of interest as at year end 7.74 % and secured against specific vehicle.
iii) Vehicle Loan amounting to Rs. 38.54 Lacs (Previous Year NIL ) Repayable in monthly installments , last installment due in 15.11.2022 Rate of interest as at year end 7.84 % and secured against specific vehicle.
iv) Vehicle Loan amounting to Rs. 7.58 Lacs (Previous Year NIL ) Repayable in monthly installments, last installment due in 05.07.2022 Rate of interest as at year end 8.51 % and secured against specific vehicle..
v) Term loan amounting to Rs. 141.66 lacs (Previous Year 245 ) repayble in monthly installments , last installment due on 07/01/2017 .Rate of interest as at year end 10.20% and secured against First Charge on Fixed Assets & Current Assets of Silvassa Unit.
vi) Unsecured Loans amounting to Rs. 1044 lacs (Previous Year Rs. 1120 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.1799.20 Lacs ( Previous year Rs.1437.51 Lacs ) secured against first charge on Fixed Assets and Current Assets of Silvassa, Patna and Nellore Units.
ii) Packing Credit Loan and Export Bill Discounting amounting to Rs. 898.84 Lacs (Previous Year Rs. 617.99 Lacs ) secured against First charge on Fixed Assets and Current Assets of Silvassa Unit.
iii) Cash Credit facility from bank amounting to Rs. NIL ( Previous year Rs. 325.18 Lacs ) secured against first charge on Fixed Assets and Current Assets of Nellore Units.
Note 2 As per Indian Accounting Standard 19 âEmployee benefitsâ, the disclosures as defined are given below :
Defined Contribution Plans
Contribution to Defined Contribution Plans, recognised as expense for the year is as under :
The Companyâs Provident Fund is exempted under Section 17 of Employeesâ Provident Fund and Miscellaneous Provisions Act, 1952. Conditions for grant of exemption stipulate that the employer shall make good deficiency, if any, in the interest rate declared by the trust vis-a-vis statutory rate.
Defined Benefit Plan
I) Reconciliation of Defined Benefit Obligation
The future accrual is not considered in arriving at the above cash-flows.
The Expected contribution for the next year is Rs. 509,511
The Average Outstanding Term of the Obligations (Years) as at valuation date is 9.9 years
A description of methods used for sensitivity analysis and its Limitations:
Sensitivily analysis is performed by varing a single parameter while keeping all the other parameters unchanged
Sensivity analysis fails to focus on the interrelationship between underlying parameters.
Hence , the results may vary if two or more variables are changed simultaneously. The method used does not indicate anything about the likehood of change in any parameter and the extent of the change if any .
Note 3 RELATED PARTIES DISCLOSURES
(i) As per Ind AS 24, the disclosures of transactions with the related parties are given below:
List of related parties where control exists and also related parties with whom transactions have taken place and relationships:
Note 3.1 Compensation of Key management personnel
The remuneration of director and other member of key management personnel during the year was as follows:
Note 4 EVENTS AFTER THE REPORTING PERIOD
The Board of Directors have recommended dividend of Rs. 1.00 per fully paid up equity share of Rs. 10/each, aggregating Rs. 91,29,600/- Lacs, including Rs. 18,58,572/- lacs dividend distribution tax for the financial year 2017-18, which is based on relevant share capital as on March 31, 2018. The actual dividend amount will be dependent on the relevant share capital outstanding as on the record date / book closure.
A. CORPORATE INFORMATION
National Plastic Industries Limited (âthe Companyâ) is a listed entity incorporated in India.
The addresses of its registered office and principal place of business are disclosed in the introduction to the annual report.
Note No 5 : FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT
A. Accounting Classifications and Fair Values
Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below. It does not include the fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
B. Measurement at Fair Values
Valuation techniques and significant unobservable inputs
The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.
Financial instruments measured at fair value
The fair value of the investment property situated at Kashimira approximates to Rs. 12 cr. as on March 31,2018
C. Financial risk management
The Company has exposure to the following risks arising from financial instruments
(1) Credit Risk
(2) Liquidity Risk
(3) Market Risk
(1) Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Companyâs receivables from customers and loans and advances.
The carrying amount of following financial assets represents the maximum credit exposure:
Trade receivables and loans and advances.
The Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer in which it operates. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.
The Company has established a credit policy under which each new customer is analysed individually for creditworthiness before the Companyâs standard payment and delivery terms and conditions are offered. Further for domestic sales, the company segments the customers into Distributors and Others for credit monitoring.
The Company maintains security deposits for sales made to its distributors. For other trade receivables, the company individually monitors the sanctioned credit limits as against the outstanding balances.
Accordingly, the Company makes specific provisions against such trade receivables wherever required and monitors the same at periodic intervals.
Management beleives that none of its debtors are subject to impairment Cash and cash equivalents and other Bank balances
The Company held cash and cash equivalents and other bank balances of Rs. 69.58 lakhs as on March 31, 2018 (Previous year Rs. 101.31 lakhs). The cash and cash equivalents are held with bank counterparties with good credit ratings.
(2) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Companyâs approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Companyâs reputation
As of March 31, 2018 and March 31, 2017 the Company had unutilized credit limits from banks of Rs. 27 Lakhs and Rs. 144 Lakhs respectively.
Maturity profile of financial liabilities
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
The gross inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating to the financial liabilities which are not usually closed out before contractual maturity.
(3) Market risk
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. We are exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of our investments. Thus, our exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currency. The objective of market risk management is to avoid excessive exposure in our foreign currency revenues and costs.
Currency risk
The Company is exposed to currency risk on account of its borrowings and other payables in foreign currency. The functional currency of the Company is Indian Rupee.
Exposure to currency risk (Exposure in different currencies converted to functional currency i.e. INR)
The currency profile of financial assets and financial liabilities as at March 31, 2018 and March 31, 2017 are as below:
Sensitivity analysis
A reasonably possible strengthening (weakening) of the foreign Currency against the Indian Rupee at March 31 would have affected the measurement of financial instruments denominated in foreign currencies and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.
Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.
Exposure to interest rate risk
Companyâs interest rate risk arises from borrowings. The interest rate profile of the Companyâs interestbearing financial instruments as reported to the management of the Company is as follows.
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 25% in interest rates (MCLR) at the reporting date would have increased (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.
The risk estimates provided assume a parallel shift of 25% interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.
Capital Management
For the purpose of the Companyâs capital management, capital includes issued capital and other equity reserves . The primary objective of the Companyâs Capital Management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.
The Company monitors capital using debt to equity ratio.
Mar 31, 2016
1. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
The company does not possess necessary information as regards dus to Micro , Small and Medium Enterprises for the necessary provision of interest and disclosures.
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 the business and provision of all known liabilities have been adequately made in the accounts.
3. 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 recognized in the financial statements:
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.