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 ÂExport 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 & PackagingÂ
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.