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Notes to Accounts of P G Foils Ltd.

Mar 31, 2016

(i) The Company has only one class of equity shares having par value of Rs. 10 per share. Each Shareholder ineligible for one vote per share.

(ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding. j

Disclosure Required Under Section 22 of the Micro, Small And Medium Enterprise Development Act, 2006_

I (i) Principal amount remaining unpaid to any supplier as at the end of the accounting year -

I (ii) The amount of interest accrued and remaining unpaid at the end of the accounting year - ~

I Note:- (i) Unclaimed dividend includes Rs343062/- for F.Y. 2010-11 and Rs. 511907/- for F.Y. 2015-16

I Note: Balances with government includes a sum of Rs.6.00,000/- was deposited by the company as pre-deposit of penalty as per directions given by the Custom Excise & I Gold (control) Appellate New Delhi by order dated 03.02.2003 against total amount of penalty of Rs.25 lacs to be deposited by Shri Pankaj R Shah Managing Director) and I Shri Ashok R Shah (Ex-Director) of the company, the appeal has been dismissed by the tribunal .The company has filed an appeal before High Court Matter is still pending.

1. The information in regards to SSI Units has been compiled in respect to parties to the extent to which they could be identified as SSI units on the basis of information available with the company.

2. (a) Bank balances are subject to bank reconciliations.

(b) Balances of Fixed Deposits are subject to verification & reconciliations. I

3. There is no agriculture product’ From the Agriculture land.

4. Since the company does not have any subsidiary AS 21 is not applicable

5. During the previous year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1,2014, the Company revised the estimated useful life of its assets to align the useful life with those specified in Schedule II. Pursuant to the transition provisions I prescribed in Schedule II to the Companies Act, 2013, the Company fully depreciated the carrying value of assets aggregating to Rs. 9.44 lacs, where the remaining useful life of the asset was determined to be nil as on April 1,2014, has been included in previous year depreciation amount.

6. Foreign exchange Cain/loss including Gain/loss in respect of purchase, sales and buyers credit.

7. SEGMENT REPORTING

Based on the guidance notes given in the accounting standard on Segment Reporting (AS 17) issued by the Institute of Chartered accountants of India the Company is single reportable segment company, engaged in the business of manufacture and sale of Aluminium Foil in the various form. As the Company operates in single primary segment, disclosure requirement is no applicable.

8. RELATED PARTY DISCLOSURE AS PER ACCOUNTING STANDARD 18

j List of Related Parties: I

a. Key Managerial Personnel

! 01 Shri Pankaj P Shah Managing Director !

I 02. Shri Abhay P Shah Whole Time Director j

I 03. Shri Sahil P Shah Director

04. Smt. Sakshi S Shah Director

b. Related Parties with whom transaction have taken place 1. Prem Cables Pvt. Ltd

. Miracle Carriers & Trading Company

9. Prem Nagar Industrial Estate Pvt. Ltd

10. Pipalia Cables & Wires Pvt. Ltd.

11. Miracle Foils Pvt.Ltd. ; ( 6. Foils India Laminates Pvt Ltd. i

12. Pipalia Engineering Work Pvt Ltd i

13. As per the provisions of Sec. 135 of the Companies Act 2013, the Group is required to spend Rs. 14.12 lacs (Previous year Rs. 11.00 lacs) towards CSR activities. The Group has spent Rs.14.20 lacs during the current financial year in line with the CSR Policy of the Group.

14. The Figures of the previous year have been regrouped and rearranged wherever necessary to make them comparative with previous year figures as done by the management so as reconciled with the amended revised schedule VI.


Mar 31, 2015

Note:- -i- Unclaimed dividend includes Rs. 445384.00/- for F.Y. 2007-06 and Rs345462.00/- for F.Y. 2010-11. (ii) Statutory remittances includes 1419098.00/- of outstanding demand for C Form Raised for the year 2011 -12 by Sales Tax Authorities & Rs. 1265980/- Demand Raised by Income Tax Department U/S 143)3).

Note: Balances with government includes a sum of Rs. 6,00,000/- was deposited by (he company as pie-deposit of penalty as pei directions given by the Custom Excise & Gold (control) Appellate New Delhi by order dated03.02,2003 against total around of penalty of Rs. 25 bcs to be deposited by Shri fen (Managing Director) and Shri Ashok P. Shah(Ex-Director) of the company, the appeal has been dismissed by the tribunal. The company has filed an appeal before High Court. Matter is still pending.

1. CONTIGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR:

(a) Guarantees given by bank in of buyers/suppliers, & Central Excise for Rs. 320.26 Lac (previous Year Rs, 501.39 Lac)

b) Letter of Credit of Rs. 3458.67 Lac (previous tear Rs. 1649.5 Lac) opened in of Raw Material Suppliers

(c) Estimated amount of contract remaining to be executed on capital account & not provided for Rs. 935.98 Lacs (previous year Rs. 935.98 Lacs) against which advances given Rs.847.57 Lacs (previous year Rs.826.76 Lacs)

(d) Personal Guarantee by the Managing Erector and Whole Time Director have been given to IDBI bank Limited against working Capital facilities sanctioned to company.

(e) Uncompleted/reopened assessments of sales tax and income tax.

f) Suit fitted NECLO-for Sum of Rs. 227085/- against which a sum of Rs.25,000/- has been deposited in the city Civil Court Ahmedabad.

- Matter pending since more than 15 years and company does not expect any liability

(g) Total Demand raised by commercial tax Department Pali'Rs. 546.40 Lacs for tax and Rs. 1765.91 Lacs for interest due thereon, Out of this Company has deposited Rs. 546.40 Lacs up to March 2014 and same has been debited to Profit & Loss Account. However Company has filed an appeal with Supreme Court for above Disputed Demand and Interest thereon. Honorable Supreme Court has granted stay for payment of interest

2. The lease deed regarding land at Jaywalker where Emerson Make wind mill is installed has not been executed.

3. Balances of Trade Receivables, Trade Payables, Loans & Advances and Unsecured Loans as on 31.3.2015 are subject to reconciliation & confirmation by rite parties.

4. Income Tax Assessment tear 2012-13 & Sales tax assessment year 11-12 have been completed.

5. During the year the company has paid a sum of Rs. 2,35,902/-to LIC Of India towards premium of key man insurance policy. This policy has been taken on 28th January 1995 for 25 years. Regarding this the company has taken the undertaking from Shri Pankaj P Shah, And Shri Abhay P Shah the director who are covered up under this policy, for non-claiming of end benefits of the policy on maturity.

6. (a) The company has entered into an agreement with Shreenivas Cotton Mills Limited on 19th day of Nov. 2010 to purchase a flat in World One Tower, Mumbai on a total consideration of Rs 9,23,97,834.00/- and in addition Rs.12 Lac wiH be paid on possession towards non refundable dub membership. The company has paid Rs. 8,47,56,930/- as per terms of agreement in advance. Registry of the above flat executed on 24th February,2014. The same has now been shown under capital work in progress including borrowing cost capitalized tilt 31.03.2015. (b) Capitalization of Borrowing cost has not been determined during the year on Flat in World one tower at Mumbai as the same is near to completion and only possession of flat is pending.

7. Director remuneration: Salaries Rs. 24,60-,000/-

8. (a) During the year, the Company has DEPB licenses face value of Rs. 25,50,74,493/- purchased for Rs. 24,85,72,572. The Difference between face value and purchase price has been treated as discount and shown under the head Other income. Out of total DEPB, DEPB in hand as at 31.03.15 is Rs. 2,36,69,620

(b) During the Year Company has received in form of DEPB License Export incentive for Rs. 2,46,432/- booked as income under head other Operating Revenue Income.

(c) During the Year, Export incentive accrued for Rs.33,22,757/- shown as income under head Other Operating Revenue against Export made during the year. Out of this Rs. 13,21,624/- outstanding at the end of year.

9. (a) Company has installed one Wind Mill of 0.6 MW capacities at Soda Bandan District jaisalmer with agreement with Rajastahn fiajya Vidhut Vitran Nigam Limited & other and - Enercon Wind Form for wheeling of Energy for captive consumption. During the year 6,07,065 units Generated amounting to Rs. 41,35,586/-. (b) Company has installed one Wind Mill of 1.5MW capacities at Aakal, Jaisalmer with agreement with lodhpur Vidhut Vitran Nigam Limited & Suzton Suzlon Infrastructure Service Limited for generation power. During the year 2150335 units generated and sale to Jodhpur Vidhut Vitran Nigam Limited Amounting to Rs. 88,16,375/-

10. Convert recoverable on the date of balance sheet On Raw Material: Rs. 6,36,09,7171- On Capital Goods: Rs. 21,73,129/- On Excise Duty: Rs. 28,92,040/- On Service Tax : Rs. 63,48,746.72/- This above has been shown under the head Short Term Loans & Advances

11. (a) A Misappropriation / Fraud of FDR Deposit Comes to the knowledge of the Management during the year. Company has filed a complaint with Economic Offence Wing, Mumbai and fJR with Police station Narimao float on 14X7.2014 against various parties including Dhanlaxmi Bank, Mumbai & their officials for Misappropriation of FDR's of Rs. 69 Crores given to Dhanlaxmi Bank Ltd., Branch. (Company has received Rs. 47.39 Owes from accused from the account of various parties against repayment of FDR's which shown under the head Short Term Borrowings.

(b) Company has not booked interest on these FDR's for Financial Year 2014-15 due to disputed matter and uncertainty. Company has also reversed the accrued interest on FDR's for Rs. 4,28,97,151/-which was booked as income in last year. Profit of Company reduced due to reversal of interest.

(c) Company has not provided interest liability on Short Term Borrowing received from various dispute.

The matter is under investigation and pending with competent authority.

12. Company has taken a flat in Mumbai for a period of 99 years lease on monthly lease rent of Rs.25O0/- which will be increased by 10% after the expiry of every 36 months from the date of agreement and company has deposited Rs.95,00,000/- as interest tree security deposit with right to purchase The property on further payment of Rs.5,00,000/- This lease agreement has not been registered. The unexpired period to said lease is 89 years.

13. Lease rent in respect of leasehold land for factory building and township are accounted for on accrual basis. The unexpired portion of said leasehold lands are 50 and 51 years respectively.

14. Consequent to the accounting standard for deferred tax the company has created total differed Tax Assets/ (Liability) of Rs.2282 793.00 for the year ended 31st March 2015

15. SEGMENT REPORTING

Based on the guidance notes given in the accounting standard on Segment Reporting (AS 17) issued by the Institute of Chartered accountants of India the Company is single reportable segment company, engaged in the business of manufacture and sale of Aluminium Foil in the various form. As the Company operates in single primary segment, disclosure Requirement is no applicable.

16 RELATED PARTY DISCLOSURE AS PER ACCOUNTING STANDARD 18 List of Related Parties:

a. Key Managerial Personnel

01 Shri Pankaj P Shah Managing Director

02. Shri Abhay P Shah Whole Time Director

03. Shri Sahil P Shah Director

b. Related Parties with whom transaction have taken place.

1. Prem Cables Pvt. Ltd

2. Mirade Carriers & Trading Company

3. Prem Nagar Industrial Estate Pvt Ltd

4. Rparia Cables & Wires Pvt Ltd.

5. Miracle Foils Pvt Ltd.

6. Foils India Laminates Pvt. Ltd.

17. The information in regards to SSI Units has been compiled in respect to parties to the extent to which they couW be identified as SSI units on the basis of information available with the company.

18. (a) Bank balance sare subject to bank reconciliations.

(b) Balances of fixed Deposits are subject to Note no. 16.

19. There is no agriculture produce from the Agriculture land.

20. Since The company does not have any subsidiary AS21 is not applicable

21. Foreign exchange Gain/loss in including Gain/loss in respect of purchase, sales and buyers credit

22. As on 31st March, 2015, Foreign Exchange Contract of sale of $ is Unexpired for J90972.38 booked @ Rs.62.43/- with maturity date of 15- 04-2015arKf$290000booked@Rs.62.86/-vvithmahiritydate of 30.04.2015. U amour of Premiere/discolor toiler expired period is shown under the current liabilities and simultaneously foreign currency monetary item payable is booked as FEC ($), shown under current liabilities and amount receivable in Rs. on maturity is shown as FEC -Rs.) under current assets. In accordance with accounting standard foreign monetary item has been subsequently recognized at dosing rate of $ @ Rs.62.59/-

23. Work Roll for Rs. 816688/- shown capital WIP transferred to Repairing and consumables account in current year.

24. The figures of the previous year have been regrouped and rearranged wherever necessary to make them comparative with previous year figures as done by the management so as reconciled with the amended revised schedule.


Mar 31, 2014

1. CONTIGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR:

(a) Guarantees given by bank in favour of buyers/suppliers, & Central Excise for Rs. 501.39 Lac (previous Year Rs. 598.24 Lac).

(b) Letter of Credit of Rs. 1649.5 Lac (previous Year Rs.519.81 Lac) opened in favour of Raw Material Suppliers.

(c) Estimated amount of contract remaining to be executed on capital account & not provided for Rs. 935.98 Lacs (previous year Rs. 1103.30 Lacs) against which advances given Rs. 826.76 Lacs (previous year Rs. 922.16)

(d) Personal Guarantee by the Managing Director and Whole Time Director have been given to IDBI bank Limited against working Capital facilities sanctioned to company.

(e) Uncompleted/reopened assessments of sales tax

(f) Suit filed by NECLO for Sum of Rs. 227085/- against which a sum of Rs.25,000/- has been deposited in the city Civil Court Ahmedabad.

*Matter pending since more than 14 years and company does not expect any liability.X

2. The lease deed regarding land at Jaisalmer where Enercon Make wind mill is installed has not been executed..

3. Balances of Trade Receivables, Trade Payables and Loans & Advances as on 31.3.2014 are subject to reconciliation & confirmation by the parties.

4. Income Tax & Sales tax assessments have been completed up to the Assessment Year 2011-12.

5. During the year the company has paid a sum of Rs. 2,34,330/- to LIC Of India towards premium of key man insurance policy. This policy has been taken on 28th January 1995 for 25 years. Regarding this the company has taken the undertaking from Shri Pankaj P Shah, And Shri Abhay P Shah the director who are covered up under this policy, for non-claiming of end benefits of the policy on maturity..

6. The company has entered into an agreement with Shreenivas Cotton Mills Limited on 19th day of Nov.2010 to purchase a flat in World One Tower, Mumbai on a total consideration of Rs.9,23,97,834.00/- and in addition Rs.12 Lac will be paid on possession towards non refundable club membership. The company has paid Rs. 7,70,91,016/- as per terms of agreement in advance. Registry of the above flat executed on 24th February,2014. The same has now been shown under capital work in progress including borrowing cost capitalized till 31.03.2014 of Rs. 2,16,74,264/-. The possession of the flat is expected to be taken on 31st December,2015.

7. Director remuneration : Salaries Rs. 24,60,000/-

8. (a) During the year, the Company has DEPB licenses face value of Rs. 3,23,20,500/- purchased for Rs. 3,14,79,785. The Difference between face value and purchase price has been treated as discount and shown under the head Other income.

(b) Out of Own DEPB Licenses in hand Rs. 1,94,255/-, DEPB valuing Rs.14,012/- utilized against import of material and credited to export incentives and shown under the head other income. The Balance DEPB licenses Rs.1,80,010/- sold and booked as export incentives under the head other operating income.

(c) Duty Draw Back of Rs. 36,91,766/- shown as income under head other income against export made during the year,.

9. Company has installed one Wind Mill of 0.6 MW capacities at Soda Bandan District Jaisalmer with agreement with Rajastahn Rajya Vidhut Vitran Nigam Limited, and Jodhpur Vidhut Vitran Nigam Limited for wheeling of Energy for captive consumption. During the year 7,19,974 units adjusted in power bill amounting to Rs. 46,50,832/-.

10. Cenvat recoverable on the date of balance sheet.

On Raw Material : Rs. 1,03,09,210/-

On Capital Goods : Rs. 14,51,178/-

This amount was shown under the head Short Term loans & advances.

11. The Company has purchased 60 nos. of equity linked non- principal protected debentures aggregating to Rs.600 Lacs from Barclays Investments and Loans (India) Ltd. for 24 months at a contingent coupon rate of 20% p.a.

12. (a) Interest of Rs. 89,72,373/- has been capitalized by crediting interest to Bank on advance given to Shreeniwas Cotton Mills Ltd. for Mumbai flat.

(b) Interest of Rs.10,07,006/- has been capitalized by crediting interest to Bank on advance given Rosedale Developers Pvt.Ltd. for Kolkata flat.

(c) Interest of Rs. 69,936/- has been capitalized by crediting interest to Bank on advance given against capital work in progress.

13. Company has taken a flat in Mumbai for a period of 99 years lease on monthly lease rent of Rs.2500/- which will be increased by 10% after the expiry of 36 months from the date of agreement and company has deposited Rs.95,00,000/- as interest free security deposit with right to purchase the property on further payment of Rs.5,00,000/- This lease agreement has not been registered. The unexpired period to said lease is 90 years.

14. Lease rent in respect of leasehold land for factory building and township are accounted for on accrual basis. The unexpired portion of said lease hold lands are 51 and 52 years respectively.

15. Sales tax demand of Rs. 276.77 Lac has been deposited with sales tax department against the demand for the year 1982-83 to 1984-85 & 1990-91 to 1996-97 and the same has been debited to Statement of profit and loss Interest payable under the demand of Rs.17,65,90,970/- has not been provided for, as the demand and interest is disputed and the same is pending before supreme court.

16. Consequent to the accounting standard for differed tax the company has created total differed Tax Assets/ (Liability) of Rs.1262072.00 for the year ended 31st March 2014

17. The information in regards to SSI Units has been compiled in respect to parties to the extent to which they could be identified as SSI units on the basis of information available with the company.

18. (a) Bank balances are subject to bank reconciliations.

(b) Balances of Fixed Deposits are subject to Note no.16.

19. There is no agriculture produce from the Agriculture land.

20. Since the company does not have any subsidiary AS 21 is not applicable

21. Foreign exchange loss (net) of Rs. 4,24,469/- includes foreign exchange gain/loss in respect of purchase, sales and buyers credit.

22. SEGMENT REPORTING

Based on the guidance notes given in the accounting standard on Segment Reporting (AS 17) issued by the Institute of Chartered accountant of India the Company is single reportable segment company, engaged in the business of manufacture and sale of Aluminium Foil in the variou form. As the Company operates in single primary segment, disclosure requirement is no applicable.

23. RELATED PARTY DISCLOSURE AS PER ACCOUNTING STANDARD 18:

List of Related Parties:

a. Key Managerial Personnel

01. Shri Pankaj P Shah Managing Director

02. Shri Abhay P Shah Whole Time Director

03. Shri Sahil P Shah Director

b. Related Parties with whom transactions have been taken place.

01. Prem Cables Private Limited

02. Miracle Carriers & Trading Company

03. Prem Nagar Industrial Estates Pvt. Ltd.

04. Pipalia Cables & Wires Pvt. Ltd

05. Miracle Foils Pvt. Ltd.

06. Foils India Laminates Pvt. Ltd.

The following transactions were carried out with the Related Parties in the ordinary course of Business:

24. As on 31st March, 2014, Foreign Exchange Contract of sale of $ is unexpired for $77438.11 booked @ Rs.63.02/- with maturity date of 10- 04-2014. Unallocated amount of Premium/discount of the unexpired period is shown under the current liabilities and simultaneously foreign currency monetary item payable is booked as FEC ($), shown under current liabilities and amount receivable in Rs. on maturity is shown as FEC (Rs.) under current assets. In accordence with accounting standard foreign monetary item has been subsequently recognized at closing rate of $ @ Rs. 60.10/-

25. The Figures of the previous year have been regrouped and rearranged wherever necessary to make them comparative with previous year figures as done by the management so as reconciled with the amended revised schedule VI.


Mar 31, 2013

1. CONTINGENT LIABILITIES AND COMMITMENTS

(a) Guarantees given by bank in favour of buyer/Suppliers, & Central Excise for Rs. 598.24 l.acs (Previous year Rs. 532.40 Lacs).

(b) LetterofcreditofRs.519.81 Lacs(PreviousyearRs.513.24 Lacs) opened in favour of Raw Material suppliers.

(c) Estimated amount of contracts remaining to be executed on capital account & not provided forRs. 1103.30 Lacs (Previous yearRs. 923.98 Lacs) against which advances given Rs. 922.16 Lacs(PreviousyearRs.471.64 Lacs).

(d) Personal Guarantee by the Managing Director and Whole Time Director have been given to IDBI Bank Limited against working capital facilities sanctioned to Company.

(e) Uncompleted/reopened assessments of Sales Tax.

(f) Suit filed by NELCO for sum of Rs. 2,27,085/- against which a sum ofRs. 25,000/- has been deposited in the City Civil Court, Ahmedabad.

*Matter pending since more than 13 Years and company does not expect any liability.

(g) Building situated at Beawar in the name of Shri Pankaj P Shah, Ashok P Shah, Abhay P Shah & Smt. Neela Devi has been mortgaged with Bank against the term loan. Company has fully repaid the loan during the year but the satisfaction of charge is yet to be filed with ROC.

2. He Lease Deed regarding land at Jaisalmer where Enercon Make windmill is installed has not been executed.

3. The balances of Trade Receivables, Trade Payables and loans & advances as on 31.3.2013 are subject to reconciliation & confirmation by the parties.

4. Income Tax & Sales Tax assessments have been completed up to the Assessment Year 2010-2011.

5. During the year the company has paid a sum ofRs. 2,34,330/-to LIC of India towards premium of key man insurance policy. This policy has been taken on 28th lanuary 1994 for 25 year. Regarding this the company has taken the undertaking from Shri Pankaj P Shah, and Shri Abhay P Shah, the directors who are covered-up under this policy, for non-claiming of end benefits of the policy on maturity.

6. Interest, if any, on entry tax payable is subject to acceptance of rectification.

7. Directors Remuneration : SalariesRs. 24,60,000/-

8. (a) The Company has purchased DEPB Licenses face value of Rs. 2,26,38,672/- which were purchased for Rs. 2,22,43,934/-. The Difference between face value and purchase price has been treated as discount.

(b) The company has received DEPB Licenses worth Rs. 9,80,145/- as Export incentive and Previous year''s on hand licenses worth Rs. 9,16,971/- Out of which DEPB licenses valuing Rs. 17,02,861/- utilized by Debiting to respective import purchase account and by credit to exports incentives. The balance DEPB licenses Rs. 1,94,255/- are in hand, not considered as income.

9. Company has installed One Wind Mill of 0.6 MW capacities at Soda Bandan District Jaisalmer in agreement with Rajasthan Rajya Vidhuyt Vitran Nigam Limited, and Jodhpur Discoms for wheeling of Energy for captive consumption. During the year 6,49,205 units adjusted in power bills amounting toRs. 38,10,631.

10. Cenvat recoverable on the date of balance sheet.

On Raw Material Rs. 1,31,95,887/-

On Capital Goods Rs. 7,72,718/-

This amount was shown under the head Short Term loans & advances.

11. (a) During the year company has purchased 60 nos. of equity linked non-principal protected debentures aggregating to Rs. 600 Lacs from Barclays investments and loans (India) Ltd. for 24 months at a contingent coupon rate of 20% p.a.

(b) Interest Income of Rs. 1,00,75,000 credited as other non operating income as daily coupon earned on 40 Nos. Barclays equity linked non-principal protected debentures at first observation period of 15 months.

12. (a) Interest of Rs. 70,46,679/- has been capitalized by crediting interest on advance given to Shreeniwas cotton mills ltd. for Mumbai flat (Refer note 11).

(b) Interest of Rs. 5,25,589/- has been capitalized by crediting interest on advance given to M/s Rosedale Developers (P) Limited for Kolkata flat.

13. The amount of group gratuity Rs. 5,81,705 paid to LIC after adjusting the amount of interest credited by LIC.

14. Company has taken a flat in Mumbai for a period of 99 years lease on monthly lease rent of Rs. 2500/- which will be increased by 10% after the expiry of 36 months from the date of agreement and company has deposited Rs. 95,00,000/- as interest free security deposit with right to purchase the property on further payment of Rs. 5,00,000/-. This lease agreement has not been registered. The unexpired period of said lease is 91 years.

15. Lease rent in respect of leasehold land for factory building and township are accounted for on accrual basis. The unexpired portion of said leasehold land are 52 and 53 years respectively. .

16. Sales tax demand of Rs.239.62 Lacs has been deposited with sales tax department as per order of Supreme Court in the matter of stay on demand raised by the department for the year 1982-83 to 1984-85 & 1990-91 to 1996-97 and the same has been debited to Statement of profit and loss.

17. No case was filed against the company by M/s Vassen Flexible Packaging BV Netherland for recovery of balance payment of Rs. 74,20,600/-. Therefore liability of Rs. 43,83,495/- has been reduced from plant & Machinery and depreciation of Rs.30,37,105/-, which already charged, has been written back with retrospective effect.

18 Consequent to the accounting standard for Deferred Tax the company has created total Deferred Tax Assets /(Liability) of Rs. (79,02,965)/- for the year ended 31st March 2013.

19. The information in regards to SSI Units has been compiled in respect of parties to the extent to which they could be identified as SSI Units on the basis of information available with the company.

20. Bank balances are subjectto bank reconciliations.

21. There is no agriculture produce from the Agriculture land.

22. Since the Company does not have any subsidiary therefore AS21 is not applicable.

23. Foreign Exchange loss (Net) ofRs. 2,16,29,300/- includes foreign exchange gain/loss in respect of purchase, Sales and buyer'' Credit.

24. SEGMENT REPORTING

Based on the guidance notes given in the Accounting Standard on Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India the Company is single reportable segment company, engaged in the business of manufacture and sale of Aluminium foil in its various form. As the company operates in a single primary segment, disclosure requirement is not applicable.

25. RELATED PARTY DISCLOSURE AS PER ACCOUNTING STANDARD 18: List of Related Parties:

a. Key Managerial Personnel

01. ShriPankajPShah Managing Director

02. ShriAbhayPShah Whole Time Director

03. ShriSahilPShah Director

b. Related Parties with whom transactions have been taken place.

01. Prem Cables Private Limited

02. Miracle Carriers & Trading Company

03. Prem Nagar Industrial Estates Pvt. Ltd.

04. Pipalia Cables & Wires Pvt. Ltd

05. Miracle Foils Pvt. Ltd.

26. Nominal amount of outstanding forward contracts entered into by the company as on 31.03.2013 isRs. NIL (previous year" 1196.02 Lacs).

27. The Figures of the previous years have been regrouped and rearranged wherever necessary to make them comparative with previous year figures as done by the management so as reconciled with the amended revised schedule VI.


Mar 31, 2012

Note:-

(i) The company has entered into an agreement with Shreeniwas cotton mills ltd. on 19th day of Nov., 2010 to purchase a flat in Mumbai on a total consideration of Rs. 9,23,97,834.00/- and in addition Rs. 12 lacs will be paid on possession towards non refundable club membership. Possession of this flat is expected to be taken on 30th Nov., 2015. The company has paid Rs. 4,71,64,302.00/- as per terms of agreement in advance.

(ii) Balances with government includes a sum of Rs. 6,00,000.00/- was deposited by the company as pre-deposit of penalty as per directions given by the Custom Excise & Gold (control) Appellate New Delhi by order dated 03.02.2003 against total amount of penalty of Rs. 25 lacs to be deposited by Shri Pankaj P. Shah (Managing Director) and Shri Ashok P. Shah (Ex-Director) of the company, the appeal has been dismissed by the tribunal. The company has filed an appeal before High Court.

1. CONTINGENT LIABILITIES AND COMMITMENTS

(a) Guarantees given by bank in favour of buyer/Suppliers, & Central Excise for Rs. 532.40 Lacs (Previous year Rs. 235.90 Lacs).

(b) Letter of credit of Rs. 513.24 Lacs (Previous year Rs. 1928.03 Lacs) opened in favour of Raw Material suppliers.

(c) Estimated amount of contracts remaining to be executed on capital account & not provided for Rs. 923.98 Lacs (Previous year Rs. 923.98 Lacs) against which advances given Rs. 471.64 Lacs (Previous year Rs. 323.39 Lacs).

(d) The Following companies have given Guarantee/Securities against Overdraft facilities sanctioned by the IDBI Bank Ltd.

1. Pipalia Cables & Wires Pvt. Ltd.

2. Foils India Laminates Pvt. Ltd.

3. Miracle Foils Pvt. Ltd.

4. Prem Cables Pvt. Ltd.

5. Tirumala Irons Pvt. Ltd.

and personal guarantee by the Managing Director, Whole Time Director and their family members.

(e) Uncompleted/reopened assessments of Sales Tax.

(f) Suit filed by NELCO for sum of Rs. 2,27,085/- against which a sum of Rs. 25,000/- has been deposited in the City Civil Court, Ahmedabad.

*Matter pending since more than 12 Years and company does not expect any liability.

(g) Building situated at Beawar in the name of Shri Pankaj P. Shah, Ashok P. Shah, Abhay P. Shah & Smt. Neela Devi has been mortgaged with Bank against the term loan.

2. The Lease Deed regarding land at Jaisalmer where windmill is installed has not been executed.

3. The balances of sundry debtors, sundry creditors and loans & advances as on 31.3.2012 are subject to reconciliation & confirmation by the parties.

4. Income Tax & Sales Tax assessments have been completed up to the assessment year 2009-2010.

5. i) During the year the company has paid a sum of Rs. 2,34,330/- to LIC of India towards premium of key man insurance policies. Regarding this the company has taken the undertaking from Shri Pankaj P. Shah and Shri Abhay P. Shah, the directors who are covered-up under these policies, for non-claiming of end benefits of the policies on maturity.

ii) The Company has paid renewal premium of Rs. 250 Lacs towards Employer-Employee policies in the name of company to cover life of some of employees which have not been given to Employees.

6. Directors Remuneration : Salaries Rs. 21,00,000/- 33.

(a) The Company has purchased DEPB Licenses face value of Rs. 10,97,16,027/- which were purchased for Rs. 10,56,00,877/-. The Difference between face value and purchase price has been treated as discount.

(b) The company has received DEPB Licenses worth Rs. 32,28,055/- as Export incentive and Previous year's on hand licenses worth Rs. 9,18,089/- Out of which DEPB licenses valuing Rs. 32,29,173/- utilized by Debiting to respective import purchase account and by credit to exports incentives. The balance DEPB licenses Rs. 9,16,971/- are in hand not considered as income.

7. Company has installed One Wind Mill of 0.6 MW capacities at Soda Bandan District Jaisalmer in agreement with Rajasthan Rajya Vidhuyt Vitran Nigam Limited, and Jodhpur Discoms for wheeling of Energy for captive consumption. During the year Company has adjusted Rs. 49,15,839/- (9,38,189 Units) in power bill, which has been credited in the statement of Profit and Loss.

8. Cenvat recoverable on the date of balance sheet.

On Raw Material Rs. 2,28,92,793/

On Capital Goods Rs. 50,03,555/-

This amount was shown under the head loans & advances.

9. During the year company has purchased 40 nos. of equity linked non-principal protected debentures aggregating to Rs. 400 Lacs from Barclays investments and loans (India) Ltd. for 24 months at a contingent coupon rate of 20.15% p.a. As on 31.03.2012 company has accrued contingent income of Rs. 28,37,120/- and diminution in the value of investment of Rs. 33,96,000/-. No accounting entry has been charged in this respect.

10. Interest of Rs. 14,17,880/- for year 2010-11, Rs. 41,67,396/- for year 2011-12 has been capitalized by crediting prior period income and interest respectively on advance given to Shreeniwas cotton mills ltd. for Mumbai flat (Refer note 14).

11. During the year company has written back depreciation of Rs. 22,98,177/- for the period 01.06.2005 to 31.3.2011 and amount of Rs. 95,00,000/- shown in fixed asset has been transferred to security deposit against Mumbai office due to non- execution of lease as per agreement.

12. Lease rent in respect of leasehold land for factory building and township are accounted for on accrual basis and the unexpired portion of said leasehold land are 53 and 54 years respectively.

13. Sales tax demand of Rs. 30 Lacs has been deposited with sales tax department against the case pending at Supreme Court for the year 1995-96 & 1996-97 and the same has been debited to Statement of profit and loss.

14. Case filed against the company by Chalbury McCouat, UK has been withdrawn. Therefore disputed liability of Rs. 51,41,755/- has been reduced from plant & Machinery and depreciation of Rs. 13,02,294/-, which has already been charged, has been written back with retrospective effect.

15. Consequent to the accounting standard for Deferred Tax the company has created total Deferred Tax Assets/(Liability) of Rs. 53,356/- for the year ended 31st March 2012.

16. The information in regards to SSI Units has been compiled in respect of parties to the extent to which they could be identified as SSI Units on the basis of information available with the company.

17. Bank balances are subject to bank reconciliations.

18. There is no agriculture produce from the Agriculture land.

19. Since the Company does not have any subsidiary therefore AS21 is not applicable.

20. Foreign Exchange loss (Net) of Rs. 3,44,09,257/- includes foreign exchange gain/loss in respect of purchase, Sales and buyer' Credit.

21. SEGMENT REPORTING

Based on the guidance notes given in the Accounting Standard on Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India the Company is single reportable segment company, engaged in the business of manufacture and sale of Aluminium foil in its various form. As the company operates in a single primary segment, disclosure requirement is not applicable.

22. RELATED PARTY DISCLOSURE AS PER ACCOUNTING STANDARD 18:

List of Related Parties:

a. Key Managerial Personnel

01. Shri Pankaj P. Shah Managing Director

02. Shri Abhay P Shah Whole Time Director

03. Shri Sahil P Shah Director

b. Related Parties with whom transactions have been taken place.

01. Prem Cables Private Limited

02. Miracle Carriers & Trading Company

03. Prem Nagar Industrial Estates Pvt. Ltd.

04. Pipalia Cables & Wires Pvt. Ltd

05. Miracle Foils Pvt. Ltd.

23. Nominal amount of forward contracts entered into by the company and outstanding as on 31.03.2012 are Rs. 1196.02 Lacs (previous year Rs. Nil).

24. The Figures of the previous years has been regrouped and rearranged wherever necessary to make them comparative with previous year figures as done by the management so as reconciled with the amended revised schedule VI.


Mar 31, 2011

1) Contingent liabilities not provided for and liabilities not acknowledge as debts in respect of followings.

(a) Guarantees given by bank in favour of buyer/Suppliers, Hindalco & Central Excise for Rs. 235.90 Lacs (Previous year Rs.117.71 Lacs).

(b) Letter of credit of Rs. 1928.03 Lacs {Previous year Rs. NIL) opened in favour of Raw Material suppliers.

(c) Estimated amount of contracts remaining to be executed on capital account & not provided for Rs 92397834/- (Previous year Rs NIL) against which advances given Rs 32339242/- (Previous yearRs. Nil).

(d) The Following companies have given Cuarantee/Securities against Overdraft facilities sanctioned by the IDBI Bank Ltd.

1. Pipalia Cabies & Wires Pvt. Ltd.

2. Foils India Laminates Pvt. Ltd.

3. Miracle Foils Pvt. Ltd.

4. Prem Cables Pvt. Ltd.

5 Tirumala Irons Pvt. Ltd. and personal guarantee by the Managing Director, Whole Time Director and their family members

(e) Uncompleted/reopened assessments of Sales Tax.

(f) Suit filed by NELCO for sum of Rs 2,27,085/- against which a sum of 25,000/- has been deposited in the Civil Court Ahmedabad.

*Matter pending since more than 11 Years and company does not expect any liability.

(g) Sales Tax Liability for A.Y.2006-07 to 2010-11 amounting to Rs. 59529679/- due to non submission of various declaration forms under RST and CST acts for which the application have been filed for extension of time for submission of declaration forms, hence no provision has been made.

(h) Building situated at Beawar in the name of Shri Pankaj P Shah, Ashok P Shah, Abhay P Shah & Smt. Neela Devi has been mortgaged with Bank against the term loan.

2.The Lease Deed regarding land at Jaisalmer where windmill is installed has not been executed.

3.The balances of sundry debtors, sundry creditors and loans & advances as on 31.3.2011 are subject to reconciliation & confirmation by the parties.

4.Income Tax & Sales Tax assessments have been completed up to the assessment year 2008-2009.

5.i) During the year the company has paid a sum of Rs. 3,56,404 /- to LIC of India towards premium of key man insurance policy. The amount of Rs. 2,35,892/- has been debited under the head Key Man Insurance Premium expenses account and Rs. 1,20,512/- has been shown under the head Loans & advances being premium of Shri Ashok P Shah. Regarding this the company has taken theundertakingfrom Shri Pankaj PShah, Shri Ashok P Shah (Ex-director) and Shri Abhay P Shah, the directors who are covered-up under this policy, for non-claiming of end benefits of the policy on maturity.

ii) The Company has paid renewal premium of Rs. 250 Lacs towards Employer-Employee policies in the name of company to cover life of some of employees which have not been given to Employees and same have been kept as security with IDBI Bank against the Overdraft facility. As per the conditions given by the company to the Insurance Co., the company will undertake from the employees for not claiming the amount of insured amount.

6. Directors Remuneration

Salaries Rs. 17,40,000/-

7. (a)The Company has purchased DEP8 Licenses face value of Rs. 28622755/- which were purchased for Rs 28018692/-. The Difference between face value and purchase price has been treated asdiscount.

(b)The company has received DEPB Licenses worth Rs.2993443/- as Export incentive and Previous year's on hand licenses worth Rs. 2718381/-.Out of which DEPB licenses valuing Rs.4793735/- utilized by debiting to respective import purchase account and by credit to exports incentives. The balance DEPB licenses Rs .918089/- are in hand not considered as income.

8.A sum of Rs. 6,00,000/- was deposited by the company as pre- "deposit of penalty as per direction given by the Customs Excise & Cold (Control) Appellate Tribunal New Delhi by order dated 03.02.2003 against total amount of penalty of Rs. 25 Lacs to be deposited by Shri Pankaj R Shah Managing Director and Shri Ashok P Shah (Ex-director) of the company, the appeal has been dismissed by the tribunal .The Company has filed an appeal before the High Court.

9.Since no commission is payable to Directors hence the computation of net profit in accordance with section 198 read with section 309(5) of the companies act of 1956 has not been given.

10.Company has installed One Wind Mill of 0.6 MW capacities at Soda Bandan Distt. ]aisalmer in agreement with Rajasthan Rajya VidhuytVitran Nigam Limited, and Jodhpur Discom for wheeling of Energy for captive consumption in the year Company has adjusted of Rs. 26,48,539/-(607463 Units) in power bill.

11. Cenvat recoverable on the date of balance sheet.

On Raw Material - Rs. 2,37,6387-

On Material Goods - Rs. 95,42,774/-

12.The Company had agreed to take on lease the property for 99 years at Mumbai on 01.06.2005.As per the terms of the agreement the company has still not got registered lease deed executed. The Company has taken the possession and amount paid has been shown in fixed assets and depreciation on it has been charged.

13.The information in regards to SSI Units has been compiled in respect of parties to the extent to which they could be identified as SSI Units on the basis of information available with the company.

14.After Physical verification of stores the management found Inks, Dyes & chemicals worth Rs 10,13,819/- unusable which have been debited to Profit & Loss Account by reducing the closing inventory.

15.Bank balances are subject to bank reconciliations.

16.Unpaid dividend of Rs.11,33,500/- has not been deposited with the Scheduled Bank in Unpaid Dividend Account, since the ownership of the shares is sub-judice in civil court at Ahmedabad.

17.The company has made a provision for Income Tax Rs. 1,50,00,000/- only on the basis of computation of Income Tax where as the company is liable for MAT. The amount to be paid in excess of provision is refundable.

18.There is no agriculture produce from the Agriculture land.

19.Since the Company does not have any subsidiary therefore AS 21,23 and 27 are not applicable.

20.Foreign Exchange gain (Net) of Rs 13,51,160/- includes foreign exchange gain/loss in respect of purchase, Sales and buyer' Credit.

21. SEGMENT REPORTING

Based on the guiding principles given in the Accounting Standard on Segmentai Reporting (AS-17) issued by the Institute of Chartered Accountants of India the Company is single segment company engaged in the business of manufacture and sale of Aluminium foil in its various form, as the company operates in a single primary segment, disclosure requirement it not applicable.

22. RELATED PARTY DISLOSURE AS PER ACCOUNTING STANDARD 18.

A. LIST OF RELATED PARTIES:

a. Key Managerial Personals

01. Shri Pankaj P Shah Managing Director

02. Shri Abhay P Shah Whole Time Director

03. ShriSahil P Shah Director

b. Related Parties with whom transactions have been taken place.

1 Prem Cables Private Limited

2. Miracle Carriers & Trading Company

3. Prem Nagar Industrial Estates Pvt. Ltd.

4. Pipalia Engineering Works Pvt. Ltd.

5. Pipalia Cables & Wires Pvt. Ltd

6. Miracle Foils Pvt. Ltd.

23. The Figures of the previous years has been regrouped and rearranged wherever necessary to make them comparative with previous year figures.


Mar 31, 2010

1. Contingent liabilities not provided for and liabilities not acknowledge as debts in respect of followings.

(a) Guarantees given by bank in favour of buyer/Suppliers, Hindalco & Central Excise for Rs. 117.71 lacs (Previous year Rs.224.35 Lacs) against which the bank has got a lien on securities/ term deposit receipt of Rs. 117.71 lacs (Previous year 224.35 lacs).

(b) Letter of credit of Rs. NIL (Previous year Rs. 2001.10 lacs) opened in favour of Raw Material suppliers; against this, the bank has got a lien on securities of Rs. NIL lacs (Previous year Rs.2001.10lacs).

(c) Estimated amount of contracts remaining to be executed on capital account & not provided for Rs NIL (Previous year Rs 75.00 lacs) against which advances given Rs Nil (Previous year Rs. 3.56 lacs).

(d) The Following companies has given Guarantee/Securities against O/D facilities sanctioned by the IDBI Bank Ltd.

1. Pipalia Cables & Wires Pvt. Ltd.

2. Foils India Laminates Pvt. Ltd.

3. Miracle Foils Pvt. Ltd.

4. Prem Cables Pvt. Ltd.

5. Tirumala Irons Pvt. Ltd.

And personal guarantee by the Managing Director, Whole Time Director and wives of these directors.

(e) Uncompleted/reopened assessments of Income Tax & Sales Tax.

(f) Suit filed by NELCO for sum of Rs. 2,27,085/- against which a sum of 25,000/- has been deposited in the Civil Court Ahmedabad.

*Matter pending since more than 10 Years and company does not expect any liability.

(g) Under CST Act Saies Tax Liability for the F.Y. 2007-08 amounting to Rs 5,93,49,963/-(Due to none receipt of declaration form and higher rate of tax ) No Provision has been made since rectification application and extension of time for filling declarations has been applied. After rectification and submissions of declaration forms the company will be entitled for the refund for F.Y 2006-07 and 2007-08.

2. The Lease Deed regarding land at Jaisalmer where windmill is installed has not been executed.

3. As per AS4, the Company is entitled to refund of amount of Rs. 2120466/- as principal and Rs. 1502083/- as interest as per the judgment of the Delhi High Court dated 19-4-2010 which was deposited previously as per the judgment of Debt Recovery Tribunal Delhi and interest was charged to revenue.

4. The balances of sundry debtors, sundry creditors and loans & advances as on 31.3.2010 are subject to reconciliation & confirmation by the parties.

5. Income Tax & Sales Tax assessments have been completed up to the assessment year 2008-2009 and 2007-08 respectively.

i) During the year the company has paid a sum of Rs. 3,54,042 /- to LIC of India towards premium of key man insurance policy.

The amount of Rs. 2,34,330/- has been debited under the head Employees Welfare expenses account and Rs. 1,19,71 II- has been shown under the head Loans & advances being premium of Shri Ashok P Shah. Regarding this the company has taken the undertaking from Shri Pankaj P Shah, Shri Ashok P Shah (Ex-director) and Shri Abhay P Shah, the directors who are covered-up under this policy, for non- claiming of end benefits of the policy on maturity.

ii) The company has paid Rs. 450.00 Lacs as renewal premium to Bajaj Allianz Life Insurance Company Limited towards Key Man Insurance Policies taken for its directors Shri Pankaj P Shah & Shri Abhay P Shah and the insurance premium has been debited to profit & loss account as expenditure. Regarding this, the company has taken the under taking from both the insured directors who are covered up under this policy for non-claiming of end benefits of the policy on maturity.

iii) The Company has taken Employer-Employee policy in the name of company and paid premium of Rs 250 Lacs to cover life of some of employees which have not been given to Employees and same have been kept as security with IDBI Bank against the OD facility. As per the conditions given by the company to the Insurance Co., the company will undertake from the employees for not claiming the amount of insured amount.

6. There is a Profit of Rs. 2,06,76,523/- on account of Increase in NAV of units of Mutual Fund as on 31.03.2010. NAV was taken on the basis of daily NAV statement

7. A sum of Rs. 10,96,943/- & Rs. NIL/-being the amount of VAT recoverable and VAT recoverable (Above One Lac) as on 31.03.2010 has been shown under the head loan & advances.

8. The gross depreciation of the current year includes Rs. 3,45,296/- (Previous year Rs. 4,20,939/-) being the difference between the depreciation calculated on revalued book value & the original book value. The company has transferred the said additional amount of depreciation on revalued assets from the Revaluation Reserve to the Profit & Loss account.

9. Directors Remuneration Salaries 17,40,000

10. Maximum debit balance of Officers and Directors during the year Rs NIL/- (previousyear Rs. 7,882/-)

11. a) The company has purchased DEPB Licenses face value of

Rs.45850579 which were purchased forRs.43919117. The difference between face value and purchase price has been treated as discount.

b) The company has received DEPB Licenses worth Rs.3734209 as Export incentive & Previous year untulised licenses worth Rs. 1909607 out of which utilized the DEPB licenses valuing Rs.2925435/- by debiting to respective import purchase account and by credit to exports incentives. The balance DEPB licenses Rs. 2718381 are in hand not considered as income.

12. A sum of Rs. 6,00,000/- was deposited by the company as pre- deposit of penalty as per direction given by the Customs Excise & Gold (Control) Appellate Tribunal New Delhi by order dated

03.02.2003 against total amount of penalty of Rs. 25 Lacs to be deposited by Shri Pankaj R Shah Managing Director and Shri Ashok P Shah (ex director) of the company, the appeal has been dismissed by the tribunal .The Company has filled appeal before the High Court.

13. Since no commission is payable to Directors hence the computation of net profit in accordance with section 198 read with section 309(5) of the companies act of 1956 has not been given.

14. Company has installed One Wind Mill of 0.6 MW capacities at Soda Bandan Distt. Jaisalmer in agreement with Rajasthan Rajya Vidhuyt Vitran Nigam Limited, and Discoms for wheeling of Energy for captive consumption in the year Company has adjusted of Rs. 33,72,089/- (860488Units) in power bill.

15. Cenvat recoverable on the date of balance sheet.

OnRawMaterial Rs.1,92,00,890/-

On Capital Goods Rs. 76,19,585/-

This amount was shownunder the head loans & advances

16. The Figures of the previous years has been regrouped and rearranged wherever necessary to make them comparative with previous year figures.

17. The Company has agreed to take on lease the property for 99 years at Mumbai on 01.06.2005.As per the terms of the agreement the company has not got the registered lease deed executed so far. The Company has taken the possession and amount paid has been shown in fixed assets and depreciation on it has been charged.

18. The amount of interest receivable from debtors has not been ascertained.

19. Consequent to the accounting standard for Deferred Tax the company has created total Deferred Tax Assets /(Liability) of Rs.9798083/-for the year ended 31st March 2010.

20. The information in regards to SSI Units has been compiled in respect of parties to the extent to which they could be identified as SSI Units on the basis of information available with the company.

21. Thecompany has made sales of Alu. Foil Stock/Wire Rod/Ingots &Grannual, The sales amount has been shown as consumption of traded goods & profit made on sale of these items has not been shown separately. The figure of consumption has been separately stated.

22. Bank balances are subject to bank reconciliations.

23. The Company has not received TDS Certificate of Rs 33080/- from various parties.

24. Unpaid dividend of Rs.11,33,500/- has not been deposited with the Scheduled Bank in Unpaid Dividend Account as per sec 205 (A) (1) of companies act 1956, since the matter is pending before the high court.

25. There is no agriculture produce from the Agriculture land.

26. Since the Company dose not have any subsidiary therefore AS21,23 and 27 are not applicable.

27. Plant & Machinery Unit III (Holland Plant) has been installed and commenced on 21.09.2009 as per the certificate provided by the Chartered Engineer.

28. The Company has sold plant & Machinery of Rs1400000 above the original cost of assets of Rs 1362624/-, Excess amount i.e Rs 37376/- has been creditto capita! reserve account.

29. Foreign Exchange gain of Rs 2,15,98,376/-includes foreign exchange gain/loss in respect of purchase, Sales and buyerCredit.

30. SEGMENT REPORTING

Based on the guiding principles given in the Accounting Standard on Segmental Reporting (AS-17) issued by the Institute of Chartered Accountants of India the Company is single segment company engaged in the business of manufacture and sale of Aluminium foil in its various form, as the company operates in a single primary segment, disclosure requirement it not applicable. Financial information about the primary segment Aluminium business is presented in the table given below:

31. RELATED PARTY DISLOSURE AS PER ACCOUNTING STANDARD 18. A. LIST OF RELATED PARTIES:

a. Key Managerial Personals

01. ShriPankajPShah Managing Director

02. ShriAbhayPShah WholeTime Director

03. ShriSahilPShah Director

b. Related Parties with whom transactions have been taken place.

1 Prem Cables Private Limited

2. Miracle Carriers & TradingCompany

3. Prem Nagar Industrial Estates Pvt. Ltd.

4. Pipalia Engineering Works Pvt. Ltd.

5. Pipalia Cables & Wi res Pvt. Ltd

6. Miracle Foils Pvt. Ltd.

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