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Notes to Accounts of Paramount Printpackaging Ltd.

Mar 31, 2014

(Amount in Rs.) Note-1 Contingent Liabilities not provided As at As at for in respect of : March 31, 2014 March 31, 2013

a. Disputed Sales Tax Demand pending 32,239,177/- 8,677,785/- With appellate authorities

b. Estimated amount of contracts remaining NIL (refer NIL (refer to be executed on capital account and Note) Note) not provided for (net of advances)

Note: As the Company has decided to abandon the project at Bhilad, near Vapi, therefore there are no estimated amount of contracts remaining to be executed on capital account.

d. Other Commitment:

The Company has purchased Fixed Assets under the “Export Promotion Capital Goods Scheme” (EPCG). As per the terms of the license granted under the scheme, the Company is required to achieve export commitment of Rs.100,317,308/- over a period of time as defined in EPCG License expiring at various dates. The Export obligation of four licenses out of total 5 licenses amounting to Rs. 88,892,048/- has been already achieved last year and the return for two licenses has already been filed with DGFT (Director General of Foreign Trade). In the event of company being unable to execute its fifth license with an export obligations of Rs. 11,425,260/-, the Company shall be liable to pay customs duty of Rs. 1,904,210/- and interest on the same at the rate of 15 percent compounding annually. The Company is hopeful of meeting its export obligation and accordingly no provision is required for the same in books of accounts.

Note-2 In the opinion of the directors :

a) The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

b) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

Note-3 Effects have not been given to some of the items shown in the Reconciliation of book balance with excise records filed with the excise authorities. In the opinion of the management, effect of the reconciliation is not having material impact on the Financial Statement of the Company.

Note-4 Sundry debtors, Sundry creditors, Other Liabilities, Deposits and Loan and Advances are subject to confirmation and reconciliation, if any.

Note-5 The amount of excise duty disclosed as deduction from turnover is the excise duty for the year, except the excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered, which has been disclosed in the increase/ (decrease) in stock and other expenses respectively. Increase/ (Decrease) in stocks include excise duty on finished goods (net) of is not provided in current year (Previous year Rs. NIL).

Note-6 Employees Benefits:

The disclosures as required as per the revised AS 15 are as under:

a) Defined Contribution Plan

Contribution to Defined Contribution Plan, recognized as expense for the year are as under:

Note-7 Segment Reporting

The Company has one segment of activity namely ''Printing & Packaging”

Note-8 Related Party Transactions

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

A. List of Related Parties and Relationship:

a) Key Management Personnel

Mr. Divyesh Sukhadia, Mr. Dharmesh Sukhadia, Mr. Vipul Sukhadia, and Mr. Vanraj Sukhadia

b) Relatives of Key Management Personnel

Ms. Neeta Divyesh Sukhadia, Ms. Jagruti Sukhadia, Ms. Ketki Vipul Sukhadia, Ms. Bindi Vanraj Sukhadia and Mr. Ashwin Sukhadia.

c) Companies and concerns over which any of (a) or (b) can exercise control or significant influence M/s. S. P. Investment, Paramount Nourishment Pvt. Ltd. and Trim Plastics Ltd.

Note-9 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year''s figures have been recast / restated to confirm to the classification of the current period.

Note-10 Figures in brackets indicate corresponding figures of previous year.


Mar 31, 2013

(Amount in Rs.)

1. Contingent Liabilities not provided As at As at for in respect of: March 31, 2013 March 31, 2012

a. Disputed Sales Tax Demand pending 8,677,785/- 10,757,203/- With appellate authorities

b. Estimated amount of contracts remaining to be executed on capital account and NIL 101,949,965/- not provided for (net of advances) (refer

Note)

c. Penalty on account of non filing of Income Not ascertainable - Tax return for the FY 2011-12

Note: As the Company has decided to abandon the project at Bhilad, near Vapi, therefore there are no estimated amount of contracts remaining to be executed on capital account.

d. Other Commitment:

The Company has purchased Fixed Assets under the "Export Promotion Capital Goods Scheme" (EPCG). As per the terms of the license granted under the scheme, the Company is required to achieve export commitment of Rs.100,317,308/- over a period of time as defined in EPCG License expiring at various dates. The Export obligation of four licenses out of total 5 licenses amounting to Rs. 88,892,048/- has been already achieved and the return for two licenses has already been filed with DGFT (Director General of Foreign Trade). In the event of company being unable to execute its fifth license with an export obligations of Rs. 11,425,260/-, the Company shall be liable to pay customs duty of Rs. 1,904,210/- and interest on the same at the rate of 15 percent compounding annually. The Company is hopeful of meeting its export obligation and accordingly no provision is required for the same in books of accounts.

2. In the opinion of the directors :

a) The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

b) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

3. Effects have not been given to some of the items shown in the Reconciliation of book balance with excise records filed with the excise authorities. In the opinion of the management, effect of the reconciliation is not having material impact on the Financial Statement of the Company.

4. Sundry debtors, Sundry creditors, Other Liabilities, Deposits and Loan and Advances are subject to confirmation and reconciliation, if any.

* This includes fees paid to earlier auditors M/s M. V. Damania & Co. who resigned w.e.f. January 15, 2013.

5. The amount of excise duty disclosed as deduction from turnover is the excise duty for the year, except the excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered, which has been disclosed in the increase/ (decrease) in stock and other expenses respectively. Increase/ (Decrease) in stocks include excise duty on finished goods (net) of is not provided in current year (Previous year Rs.. 3,82,443/-).

6. Employees Benefits:

The disclosures as required as per the revised AS 15 are as under:

a) Defined Contribution Plan

7. Segment Reporting

The Company has one segment of activity namely ''Printing & Packaging"

8. Related Party Transactions

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

A. List of Related Parties and Relationship:

a) Key Management Personnel

Mr. Divyesh Sukhadia, Mr. Dharmesh Sukhadia, Mr. Vipul Sukhadia, Mr. Anuj Sukhadia and Mr. Vanraj Sukhadia

b) Relatives of Key Management Personnel

Mr. Ketan Sukhadia, Ms. Neeta Divyesh Sukhadia, Ms. Jagruti Sukhadia, Ms. Ketki Vipul Sukhadia, Ms. Jignasa Ketan Sukhadia, Ms. Chaya Anuj Sukhadia, Mr. Nikhil Kapadia, Mr. Ashwin Sukhadia, Ms. Pooja Anuj Sukhadia and Ms. Aesha Sukhadia.

c) Companies and concerns over which any of (a) or (b) can exercise control or significant influence

M/s. Parapack , M/s. S. P. Investment, Paramount Nourishment Pvt. Ltd. and Trim Plastics Ltd.

9. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year''s figures have been recast / restated to confirm to the classification of the current period.


Mar 31, 2012

A) Rights of equity shareholder:

The company has only one class of equity shares, having par value of Rs. 10 per share. Each holder of equity share is entitled for one vote per share and has a right to receive dividend as recommended by the board of directors subject to the necessary approval from the shareholders. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distributing of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note:

(i) Term Loans and Working Capital Loan from banks (including current maturities of Rs. 3,94,09,500/-) (previous year current maturities of Rs.2,46,71,175/-) from consortium banks are primarily secured on paripasu basis by hypothecation charge on stock, book debts, any receivables current and future, existing plant & machineries & fixed assets of the company. These loans also have collateral securities in the form of paripassu equitable mortgage of factory building located at plot No. A 309, TTC Industrial Area, Mahape, Navi Mumbai and paripassu equitable mortgage on Personnel Asset of Directors i.e. flat no.401,501,502, Nathdwara, Paddar Lane, Saibaba Road, Santacruz (west), Mumbai, Assignment of keymen / life insurance policies of Rs. 80 Lacs, additional mortgage of plant and machinery (First Charge with State Bank of India) and personal guarantee of all directors of the company and owners of the above stated properties.

(i) Vehicle loan is secured against hypothecation of vehicle and repayable in equivated monthly installment on reducing balance method.

(iii) Unsecured loan from Financial Institution are repayable in equivated monthly installment on reducing balance method.

(iv) Unsecured loan from Intercorporate deposits are repayable on fixed monthly installments.

(i) Working capital Loans are taken from consortium banks and for securities refer note 4 (i).

(ii) Unsecured loan from bank are repayable on fixed monthly installment of Rs. 3,45,224/-.

(Amount in Rs.)

1. Contingent Liabilities not provided for in respect of:

As at As at March 31, 2012 March 31, 2011

a. Disputed Sales Tax Demand pending With appellate authorities 10,757,203/- 10,757,203/-

b. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 10,19,49,965/- 15,30,18,149/-

Note: The consumption quantity shown above has been arrived at on the basis of opening stock plus purchases minus closing stock as certified by management.

c. Other Commitment:

The Company has purchased Fixed Assets under the "Export Promotion Capital Goods Scheme" (EPCG). As per the terms of the license granted under the scheme, the Company is required to achieve export commitment of Rs. 421,834,350/- (Previous Year Rs. 438,146,446/-) over a year as defined in EPCG License expiring at various dates. In the event of company being unable to execute its export obligations, the Company shall be liable to pay customs duty of 153,200,636/- (Previous YearRs. 55,239,648/-) and interest on the same at the rate of 15 percent compounding annually. The Company is hopeful of meeting its export obligation and accordingly no provision is required for the same in books of accounts.

2. In the opinion of the directors :

a) The current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

b) The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

3. Balance with Excise Authorities (Net) is subject to reconciliation with the corresponding records. In the opinion of the management, effect of the reconciliation is not having material impact on the Financial Statement of the Company

4. Sundry debtors, Sundry creditors, Other Liabilities, Deposits and Loan and Advances are subject to confirmation and reconciliation, if any.

5. a) During the year, the Company completed an Initial Public Offer (IPO) of 1,30,94,175 equity shares of Rs. 10 each for cash at a price of Rs. 35 each for cash aggregating to Rs. 45,82,96,125/-. The premium of Rs. 25 per share, amounting to Rs. 32,73,54,375/- from the allotment was credited to Securities premium account. The share issue expenses of Rs. 6,97,36,354/- incurred by the Company has been adjusted against the Security premium account. Pursuant to the public issue, shares of the Company are listed on National Stock Exchange and Bombay Stock Exchange effective from 9th May 2011.

6. The amount of excise duty disclosed as deduction from turnover is the excise duty for the year, except the excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered, which has been disclosed in the increase/ (decrease) in stock and other expenses respectively. Increase/ (Decrease) in stocks include excise duty on finished goods (net) of X 3,82,443/- (Previous year Rs. 241,921/-).

7. Segment Reporting

The Company has one segment of activity namely 'Printing & Packaging"

8. Related Party Transactions

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

A. List of Related Parties and Relationship:

a) Key Management Personnel

Mr. Divyesh Sukhadia, Mr. Dharmesh Sukhadia, Mr. Vipul Sukhadia, Mr. Anuj Sukhadia and Mr. Vanraj Sukhadia

b) Relatives of Key Management Personnel

Mr. Ketan Sukhadia, Ms. Neeta Divyesh Sukhadia, Ms. Jagruti Sukhadia, Ms. Ketki Vipul Sukhadia, Ms. Jignasa Ketan Sukhadia, Ms. Chaya Anuj Sukhadia, Mr. Nikhil Kapadia, Mr. Ashwin Sukhadia, Ms. Pooja Anuj Sukhadia and Ms. Aesha Sukhadia.

c) Companies and concerns over which any of (a) or (b) can exercise control or significant influence

M/s. Parapack, M/s. S. P. Investment, Paramount Nourishment Pvt. Ltd. and Trim Plastics Ltd.

9. The company has taken on operating lease certain assets. The total lease rent paid on the same amounting to Rs. 12,90,636/- (Previous YearRs. Nil) is included under the head compensation rent and rates and taxes. The minimum future lease rentals payable in respect thereof are as follows:

10. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year's figures have been recast / restated to confirm to the classification of the current period.

11. Figures in brackets indicate corresponding figures of previous year.

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