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Notes to Accounts of National Plastic Technologies Ltd.

Mar 31, 2015

1. Credit for CENVAT of Excise duty on raw materials have been taken in Raw material A/c and Cenvat credit of Excise Duty on Capital Goods has been credited to respective Capital Assets. The unutilized Cenvat credit of Rs. 11,28,636 (Previous year Rs. 23,94,254/-) is shown under the Current Assets as "Cenvat Receivable A/c".

2. The Depreciation on various assets have been computed for various plants (HP, Guindy, IGK and Pondy) separately as per the Companies Act, 2013.

3. Previous year's figures are re-grouped wherever considered necessary.

4. Confirmation of balances from Debtors, Creditors and Advances of the Company have not been received.

5. Sales includes job work charges of Rs.44.68 Lakhs;(Previousyear-Rs.118.28lakhs)

6. Deferred Tax

(a) Deferred Tax has been accounted in accordance with the requirement of Accounting Standard on "Taxes on Income" (AS 22). Deferred Tax Assets are recognized on c/f unabsorbed depreciation and Business Loss as there is virtual certainty that sufficient future taxable income will be available against which such asset can be adjusted.

(b) The major components of the Deferred Tax Assets/Liabilities, based on the effect of the timing differences, as at 31st March 2015, are as under:

As a matter of prudence, deferred tax assets have been recognized only to the extent of deferred tax liability and as such there is no impact of the same on these accounts.

7. The company operates in only one business segment Viz. Injection Moulded Plastic Products.

8. Related Parties Disclosure

Disclosure as required by Accounting Standards 18" Related Party Disclosures" are given below

a) List of Related Parties

1. National Polyplast (India) Ltd - Associate Concern

2. National Plastic Industries - Associate Concern

3 National Autoplast - Associate Concern

4 Mr. Sudershan Parakh - Key Management Personnel

5 Mrs. Manju Parakh - Key Management Personnel

6 Mr. Alok Kumar Parakh - Key Management Personnel

7 Mr. E .Balasubramanian - Key Management Personnel

8 Mr. Arihant Parakh -Relative

9 Mr Kesari Chand Bhutoria -Relative

9. Amount payable to MSME units- outstanding for more than 30 days cannot be ascertained since we have not yet received the confirmation from our suppliers on their status of industrial undertaking.

The company does not have any outstanding dilutive potential equity shares. Consequently, the basic and diluted earnings per share of the company remain the same.

Lease payments/ receipts are subject to cancellation at the will and necessity and option to exercise cancellation by either party to the transaction. Hence the lease payments/receipts are not discounted for future cash flows. 46 As per the representation received from the management there is no impairment of loss to fixed assets.

10. Lease payments and receipts

Lease payments have been made towards an operating lease. As per the guidelines of the Accounting Standards on leases (AS 19) issued by the Institute of Chartered Accountants of India, these lease payments are debited to the profit and loss account on accrual basis.


Mar 31, 2014

As at As at 31.03.2014 31.3.2013 (Rs.in Lakhs) (Rs.in Lakhs)

1 Contingent Liability not provided for (Rs.in lakhs)

(i) Guarantee 9.00 9.00

(ii)Letterof Credit-Inland 0.00 0.00

(Hi) Letterof Credit-Foreign 0.00 0.00

(iv) Bills Discounted 0.00 0.00

(v) Disputed Excise Liability 0.00 0.00

(vi) Disputed Income Tax Liability 0.00 0.00

(vii) Claims against Company not acknowledge as debt 0.00 0.00

2 Credit for CENVAT of Excise duty on raw materials have been taken in Raw material A/c and Cenvat credit of Excise Duty on Capital Goods has been credited to respective Capital Assets. The unutilised Cenvat credit of Rs. 23,94,254 (Previous year Rs. 11,07,889/-) is shown underthe CurrentAssets as "Cenvat Receivable A/c".

3 The Depreciation on various assets have been computed for various plants (HP, Guindy, IGKand Pondy)seperately as per the rates provided in Schedule XIV of the CompaniesAct.

4 Previous years figures are re-grouped wherever considered necessary.

5 Confirmation of balances from Debtors, Creditors and Advances of the Company have not been received.

6 Sales includes jobwork charges of Rs.97.90 Lakhs;( Previous year- Rs. 173.95 lakhs)

7 Deferred Tax

(a) Deferred Tax has been accounted in accordance with the requirement of Accounting Standard on "Taxes on Income" (AS 22). Deferred Tax Assets are recognised on c/f unabsorbed depreciation and Business Loss as there is virtual certainity that sufficient future taxable income will be available against which such asset can be adjusted.

(b) The major components of the Deferred Tax Assets/ Liabilities, based on the effect of the timing As a matter of prudence, deferred tax assets have been recognised only to the extent of deferred tax liability and as such there is no impact of the same on these accounts.

8. The company operates in only one business segment Viz. Injection Moulded Plastic Products.

9. Related Parties Disclosure

Disclosure as required by Accounting Standards 18" Related Party Disclosures" are given below

a) List of Related Parties

1. National Polyplast (India) Ltd - Associate Concern

2. National Plastic Industries - Associate Concern

3 National Auto Plast - Associate Concern

4 Mr. Sudershan Parakh - Key Management Personnel

5 Mrs. Manju Parakh - Key Management Personnel

6 Mr. Alok Kumar Parakh - Key Management Personnel

7 Mr. E .Balasubramanian - Key Management Personnel

8 Mr. Arihant Parakh - Relative

9 Mr Kesari Chand Bhutoria - Relative


Mar 31, 2013

1 Credit for CENVAT of Excise duty on raw materials have been taken in Raw material A/c and Cenvat credit of Excise Duty on Capital Goods has been credited to respective Capital Assets. The unutilised Cenvat credit of Rs. 11,07,889/- (Previous year Rs. 7,09,472/-) is shown under the Current Assets as "Cenvat Receivable A/c".

2 The Depreciation on various assets have been computed for various plants (HP, Guindy, IGKand Pondy) seperately as per the rates provided in Schedule XIV of the Companies Act.

3 Previous years figures are re-grouped wherever considered necessary.

4 Confirmation of balances from Debtors, Creditors and Advances of the Company have not been received.

5 Sales includes jobwork charges of Rs.173.65 Lakhs;( Previous year- Rs.191.65 lakhs).

6 Deferred Tax

(a) Deferred Tax has been accounted in accordance with the requirement of Accounting Standard on "Taxes on Income" (AS 22).

(b) The major components of the Deferred Tax Assets/ Liabilities, based on the effect of the timing differences, as at 31 st March 2013, are as under:

7. The company operates in only one business segment Viz. Injection Moulded Plastic Products.

8 Related Parties Disclosure

Disclosure as required by Accounting Standards 18" Related Party Disclosures" are given below

a) List of Related Parties

1. National Polyplast (India) Ltd - Associate Concern

2. National Autoplast - Associate Concern

3. Mr. Sudershan Parakh - Key Management Personnel

4. Mrs. Manju Parakh - Key Management Personnel

5. Mr. Alok Kumar Parakh - Key Management Personnel

6. Mr.Arihant Parakh - Relative

7. Mr. Bachhraj Parakh - Relative

9 Amount payable to MSME units- outstanding for more than 30 days cannot be ascertained since we have not yet received the confirmation from our suppliers on their status of industrial undertaking.

10 Lease payments and receipts

Lease payments have been made towards an operating lease. As per the guidelines of the Accounting Standards on leases (AS 19) issued by the Institute of Chartered Accountants of India, these lease payments are debited to the profit and loss account on accrual basis.

11 As per the representation received from the management there is no impairment of loss to fixed I assets.


Mar 31, 2012

1 Credit for CENVAT of Excise duty on raw materials have been taken in Raw material A/c and Cenvat credit of Excise Duty on Capital Goods has been credited to respective Capital Assets. The unutilised Cenvat credit of Rs.7,09,472/- (Previous year Rs.18,51,248/-) is shown under the CurrentAssets as "Cenvat Receivable A/c".

2 The Depreciation on various assets have been computed for various plants (HP, Guindy, IGK and Pondy) seperately as per the rates provided in Schedule XIV of the Companies Act.

3 Previous years figures are re-grouped wherever considered necessary.

4 Confirmation of balances from Debtors, Creditors and Advances of the Company have not been received.

5 Sales includes jobwork charges of Rs. 191.65 Lakhs;( Previous year- Rs. 124.61 lakhs).

6 Deferred Tax

(a) Deferred Tax has been accounted in accordance with the requirement of Accounting Standard on "Taxes on Income" (AS 22). Deferred Tax Assets are recognised on c/f unabsorbed depreciation and Business Loss as there is virtual certainity that sufficient future taxable income will be available against which such asset can be adjusted.

7 The company operates in only one business segment Viz. Injection Moulded Plastic Products.

8 Amount payable to MSME units- outstanding for more than 30 days cannot be ascertained since we have not yet received the confirmation from our suppliers on their status of industrial undertaking.

9 As per the representation received from the management there is no impairment of loss to fixed assets.


Mar 31, 2010

1 Credit for Cenvat of Excise duty on raw materials have been taken in Raw material A/c and Cenvat credit of Excise Duty on Capital Goods has been credited to respective Capital Assets. The unutilised modvat credit of Rs. 2,71,686 (Previous year Rs. 7,15,401/-) is shown under the Current Assets as "Cenvat Receivable A/c".

2 The Depreciation on various assets have been computed for various plants (HP, Guindy, IGK and Pondy) seperately as per the rates provided in Schedule XIV of the Companies Act.

3 Previous years figures are re-grouped wherever considered necessary.

4 Confirmation of balances from Debtors, Creditors and Advances of the Company have not been received.

Sales includes jobwork charges of Rs 92.15 Lakhs; ( Previous year- Rs. 179.09 lakhs)

5 Other income includes profit on sale of assets Rs. 15.03 Lacs.

6 Deferred Tax

(a) Deferred Tax has been accounted in accordance with the requirement of Accounting Standard on " Taxes on Income" (AS 22). Deferred Tax Assets are recognised on c/f unabsorbed depreciation and Business Loss as there is virtual certainity that sufficient future taxable income will be available against which such asset can be adjusted.

As a matter of prudence, deferred tax assets have been recognised only to the extent of deferred tax liability and as such there is no impact of the same on these accounts.

7 The company operates in only one business segment viz. Injection Moulded Plastic Products.

8 Related Parties Disclosure

Disclosure as required by Accounting Standards 18 " Related Party Disclosures" are given below

a) List of Related Parties

1. National Polyplast (India) Ltd - Associate Concern

2. National Plastic Industries - Associate Concern

3 Mr. Sudershan Parakh - Key Management Personnel

4 Mrs. Manju Parakh - Key Management Personnel

5 Mr. Alok Parakh - Key Management Personnel

6 Mr. Arihant Parakh - Relative

7 Mr Keshari Chand Bhutoria - Relative

9 Amount payable to Small scale Industrial units- outstanding for more than 30 days cannot be ascertained since we have not yet received the confirmation from our suppliers on their status of industrial undertaking.

10 Imports & Foreign Currency details

11 Lease payments and receipts

Lease payments have been made towards an operating lease of an Injection Moulding Machine. As per the guidelines of the Accounting Standards on leases (AS 19) issued by the Institute of Chartered Accountants of India, these lease payments are debited to the profit and loss account on accrual basis.

Lease payments/ receipts are subject to cancellation at the will and necessity and option to exercise cancellation by either party to the transaction. Hence the lease payments/ receipts are not discounted for future cash flows.

12 Bank Guarantee for Rs.9.00 lacs has been furnished to Electricity Department, Pondicherry. As the Company is regular in paying the electricity charges, no provision for the contingent liability has been considered necessary as per AS 29 .

13 As per the representation received from the management, there is no impairment of loss to fixed assets.


Mar 31, 2009

As At As At 31.3.2009 31.3.2008 (Rs.in Lakhs) (Rs.in Lakhs)

1. Estimated amounts of contracts to be executed on Capital Accounts and not provided for (net of advance) (Rs.in lakhs) 12 165

2. Contigent Liability not provided for (Rs. in lakhs)

(I) Guarantee 9 9

(ii) Letter of Credit - Inland 0 0

(iii) Letter of Credit-Foreign 0 0

(iv) Bills Discounted 0 0

(v) Disputed Excise Liability 0 0

(vi) Disputed Income Tax Liability 0 0

(vii) Claims against Company not acknowledge as debt 0 0

3 Credit for CENVAT of Excise duty on raw materials have been taken in Raw material A/c and Cenvat credit of Excise Duty on Capital Goods has been credited to respective Capital Assets. The unutilised Modvat credit of Rs.7,15,401/-(PreviousyearRs.32,33,722/-)isshownunderthe Current Assets as "Modvat Receivable A/c".

4 The Depreciation on various assets have been computed for various plants (HP, Guindy, IGK and Pondy) seperately as per the rates provided in Schedule XIV of the Companies Act.

5 Previous years figures are re-grouped wherever considered necessary.

6 Confirmation of balances from Debtors, Creditors and Advances of the Company have not been received.

7 Sales includes jobwork charges of Rs 179.09 Lakhs; (Previous year- Rs.316.87 lakhs)

8 Other income includes prof it on sale of assets Rs.27.42 Lacs.

9 Deferred Tax

(a) Deferred Tax has been accounted in accordance with the requirement of Accounting Standard on " Taxes on Income" (AS 22). Deferred Tax Assets are recognised on c/f unabsorbed depreciation and Business Loss as there is virtual certainity that sufficient future taxable income will be available against which such asset can be adjusted.

10 The company operates in only one business segment Viz. Injection Moulded Plastic Products

11 Related Parties Disclosure

Disclosure as required by Accounting Standards 18 " Related Party Disclosures" are given below

a) List of Related Parties

1. National Polyplast (India) Ltd -Associate Concern

2. National Plastic Industries -Associate Concern

3. Mr. Sudershan Parakh - Key Management Personnel

4 Mrs. Manju Parakh - Key Management Personnel

5 Mr. Alok Kumar Parakh - Key Management Personnel

6 Mr.Arihant Parakh -Relative

7 MrKesariChandBhutoria -Relative

12 Amount payable to Small scale Industrial units- outstanding for more than 30 days cannot be ascertained since we have not yet received the confirmation from our suppliers on their status of industrial undertaking.

13 Software for Computers has been shown under "Fixed Assets" underthe head Computers instead of showing it as intangible assets as per A.S.26. The cost of software has been amortised under straight line method at 16.21%.

14 Bank Guarantee for Rs.9.00 lacs has been furnished to Electricity Department, Pondicherry. As the Company is regular in paying the electricity charges, no provision for the contingent liability has been considered necessary as per AS.29.

15 As per the representation received from the management there is no impairment of loss to fixed assets.

16 We have capitalized Rs.4,44,672/- being interest charges towards fixed assets for the year at Irungattukottai plant. (Previous year Rs. 12,30,412/-)

 
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