Home  »  Company  »  Pankaj Polymers  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Pankaj Polymers Ltd.

Mar 31, 2015

1. Contingent Liabilities:

1) Estimated amount of contracts remaining to be executed on capital accounts net of advance

Rs. NIL (Previous Year Rs. NIL)

2) Bank Guarantee given : NIL Previous Year: NIL

3) Disputed Sales Tax Rs.: 843346/- Previous Year Rs.843346/-

2. Related Party Disclosures: Related party disclosures as required under Accounting

Standards AS-18 on Related Party Disclosures:

a) Relationship:

I) Associates: Pankaj Capfin Private Limited, Pankaj Tubes (P) Ltd., Jaya Polywear Private Limited., Pankaj Stripes (P) Limited., Aman Tubes Private Limited, Pankaj Polytec (P) Ltd., Pankaj Polypack Limited.,

II) Key Management Personnel: Mr. Pankaj Goel and Mr. Paras Goel

3. In accordance with the provisions of the accounting standards, AS-22 "Accounting for Taxes on Income" the deferred tax assets of Rs.33,71,994/- has been recognised in the profit & loss account for the year issued by the Institute of Chartered Accountants of India the Company has recognized tax effect of the timing differences, representing the difference between Taxable Income and Accounting Income.

4. The information relating to the registration status of suppliers under the Micro, Small & Medium Enterprises Development Act 2006 is complied & disclosed to the extent of information available with the Company.

5. Previous years figures have been regrouped and reclassified wherever necessary to make them comparable.

6. The company is holding 23.32% equity stake in one of its associates i.e. M/s Pankaj Polypack Limited. As the investments are being held for subsequent sale in near future, the results of the associate are not being consolidated with the company in terms of AS- 23.

9. Depreciation for the current year has been charged based upon the useful life of fixed assets as prescribed in Part C of the Schedule II of the Companies Act, 2013. Accordingly, from 1st April 2014 the carrying amount of the fixed assets has been depreciated over the remaining useful life. In respect of assets whose remaining useful life has become 'Nil' the carrying amount as on 1st April 2014 less residual value amounting to Rs. 76.56 Lakhs has been recognized in the opening balance of General Reserve. Due to the adoption of the revised useful life of assets as prescribed in Schedule II, the charge for depreciation in the statement of Profit and Loss is lower by Rs. 28.99 Lakhs for the current year.


Mar 31, 2014

1. Contingent Liabilities:

1) Estimated amount of contracts remaining to be executed on capital accounts net of advance Rs. NIL (Previous Year Rs. NIL ) 2) Bank Guarantee given : NIL Previous Year : NIL

3) Disputed Sales Tax Rs. : 843346/- Previous Year Rs.843346/-

3. In accordance with the provisions of the accounting standards, AS-22 "Accounting for Taxes on Income" the deferred tax assets of Rs.5,84,951 /- has been recognised in the profit & loss account for the year issued by the Institute of Chartered Accountants of India the Company has recognized tax effect of the timing differences, representing the difference between Taxable Income and Accounting Income.

4. The information relating to the registration status of suppliers under the Micro, Small & Medium Enterprises Development Act 2006 is complied & disclosed to the extent of information available with the Company.

5. Previous years figures have been regrouped and reclassified wherever necessary to make them comparable.


Mar 31, 2013

1. Contingent Liabilities:

1) Estimated amount of contracts remaining to be executed on capital accounts net of advance Rs. NIL (Previous Year Rs. NIL)

2) Bank Guarantee given : NIL Previous Year Rs.194933/- 3) Disputed Sales Ta x Rs. : 843346/- Previous Year Rs.843346/-

2. Related Party Disclosures: Related party disclosures as required under Accounting Standards AS18 on Related Party Disclosures:

a) Relationship:

I) Associates: Pankaj Capfin Private Limited, Pankaj Tubes (P) Ltd., Jaya Polywear Private Limited., Pankaj Strips (P) Limited., Aman Tubes Private Limited, Pankaj Polytec Private Limited., Pankaj Polypack Limited.

II) Key Management Personnel: Mr. Pankaj Goel and Mr. Paras Goel

b) The following transactions were carried out with related parties in the ordinary course of business.

IV) Key Management Personnel: Mr. Pankaj Goel - Managerial Remuneration, of Rs.12,01,368/- including P. F and Mr. Paras Goel- Managerial Remuneration of Rs.11,26,296/- including P. F.

3. In accordance with the provisions of the accounting standards, AS-22 "Accounting for Taxes on Income" the deferred tax liability of Rs.1,62,179/- has been recognised in the profit & loss account for the year issued by the Institute of Chartered Accountants of India the Company has recognized tax effect of the timing differences, representing the difference between Taxable Income and Accounting Income.

4. The information relating to the registration status of suppliers under the Micro, Small & Medium Enterprises Development Act 2006 is complied & disclosed to the extent of information available with the Company.

5. Previous year figures have been regrouped and reclassified wherever necessary to make them comparable.


Mar 31, 2012

A) Working capital loan is secured by hypothecation inventories, books debts and charge on fixed assets of the company and personal guarantee by the two directors of the company

b) Term loan are secured by charge on both movable and immovable assets of the company (present and future) personal guarantee by three directors of the company

1. Contingent Liabilities:

1) Estimated amount of contracts remaining to be executed on capital accounts net of advance Rs. NIL (Previous Year Rs. 85,57,450/-)

2) Bank Guarantee given : NIL Previous Year Rs.194933/-

3) Disputed Sales Tax Rs. : 843346/- Previous Year Rs.843346/-

2. Related Party Disclosures: Related party disclosures as required under Accounting Standards AS18 on Related Party Disclosures:

a) Relationship:

I) Associates: Pankaj Capfin Private Limited, Pankaj Tubes (P) Ltd., Jaya Polywear Private Limited., Pankaj Strips (P) Limited., Aman Tubes Private Limited, Pankaj Polytec Private Limited., Pankaj Polypack Limited.

II) Key Management Personnel: Mr. Pankaj Goel and Mr. Paras Goel

VI) Key Management Personnel: Mr. Pankaj Goel - Managerial Remuneration, of Rs.12,05,856/- including PF and Mr. Paras Goel- Managerial Remuneration of Rs.11,30,508/- including PF.

Earnings per Share:The numerator and denominator used to calculate basic/diluted earning per share:

3. In accordance with the provisions of the accounting standards, AS-22 "Accounting for Taxes on Income" the deferred tax liability of Rs.3,93,203/- has been recognised in the profit & loss account for the year issued by the Institute of Chartered Accountants of India the Company has recognized tax effect of the timing differences, representing the difference between Taxable Income and Accounting Income.

4. The information relating to the registration status of suppliers under the Micro, Small & Medium Enterprises Development Act 2006 is complied & disclosed to the extent of information available with the Company.

5. De-merger of PP Disposable with Pankaj Polypack Limited

a) The scheme of arrangement under section 391 to 394 of the Companies Act, 1956 (the Scheme) to transfer PP Disposable Business on going concern basis to its Associate Company M/s Pankaj Polypack Limited with effect from 01-04-2011, the appointed date has become effective on 01.02.2012 on getting requisite approval completion of necessary formalities.

b) In terms of the scheme the share holders of the company will receive 5 no's of Equity Shares of Pankaj Polypack Limited of the face value of Rs 10/- each credited as fully paid up, for every 12 fully paid up equity share held by the company on the record date which is fixed for .

c) Consequent to vesting of the PP Disposable business of the company in terms of the scheme, the financial statements of the company for the year ended 31-03-2012, do not include the operation of PP Disposable business for the period from 01-04-2011 to 31-03-2012 and therefore strictly not comparable with figures of the previous year ended 31-03-2011.

d) All the assets and liabilities of PPDisposable business of the company, on the appointed date, have been transferred to Pankaj Polypack Limited. The excess of assets over liabilities amounting to Rs 1,20,83,591/- relating to the PP Disposable business transferred as on 01-04-2011 has been adjusted in terms of the scheme against the General Reserve of the company.

6. Previous year figures have been regrouped and reclassified wherever necessary to make them comparable.


Mar 31, 2010

1. Contingent Liabilities:

1) Estimated amount of contracts remaining to be executed on capital accounts net of advance Rs. 13,46,395/- (Previous Year Rs. NIL)

2) Bank Guarantee given 194933/-

3) Disputed Sales Tax Rs.843346/-

2. Related Party Disclosures: Related party disclosures as required under Accounting Standards AS18 on Related Party Disclosures:

a) Relationship:

I) Associates: Pankaj Capfin Private Limited, Pankaj Tubes (P) Ltd., Jaya Polywear Private Limited., Pankaj Stripes (P) Limited., Aman Tubes Private Limited, Welset Polypack (P) Limited.,

II) Key Management Personnel: Mr. Pankaj Goel and Mr. Paras Goel

3. In accordance with the provisions of the accounting standards, AS-22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has recognized tax effect of the timing differences, representing the difference between Taxable Income and Accounting Income.

4. In the absence of necessary information with the company relating to the registration status of suppliers under the MSMED Act 2006, the information required under the said Act could not be compiled and disclosed.

5. The Company has decided to restart the Nagpur Unit, with new product line for which necessary approval has been received from the appropriate authorities.

6. Sundry Debtors, Sundry Creditors, Loans and Advances are subject to confirmation from the parties.

 
Subscribe now to get personal finance updates in your inbox!