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Notes to Accounts of PBM Polytex Ltd.

Mar 31, 2015

1. The revised Schedule III of the Companies Act, 2013 has become effective from 1st April 2014 for preparation / presentation of Financial Statements. Accordingly, previous year's figures have been regrouped wherever necessary.

2. Contingent Liabilities:

(a) Estimated amount of contracts remaining unexecuted on Capital Accounts not provided for Rs.4,48,24,155/- (Net of advances) (Previous year Rs. 4,35,76,155/-).

(b) Bills discounted under Export / Inland Letter of Credit Rs. 9,47,46,104/- since realized in full (Previous Year Rs. 11,03,25,048/-)

(c) Income Tax & TDS Demands for the F.Y.2009-2010,2010-2011 & 2011-12 of Rs. 19,72,540/- against which Company has preferred appeals before appropriate authorities.

(d) Bank guarantees amounting to Rs.2,34,74,182/- and Rs.3,53,050/- in favour of Madhya Gujarat Viz Company Limited and Gujarat Gas Limited for contract demand of Electricity and PNG respectively.

3. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006: Amounts due to such Enterprises are disclosed on the basis of information available with the Company. The status of such suppliers is as follows:

4. (A) Foreign Exchange Transactions are recorded in accordance with the Accounting Standard 11 issued by the Institute of Chartered Accountants of India. There has been net gain of Rs. 85,89,114/- (Previous year net loss of Rs. 1,26,92,575/-) on account of foreign exchange fluctuation pertaining to foreign currency borrowings / transactions, which has been exhibited in Statement of Profit & Loss under the heads "Other Income" and "Other Expenses".

(B) The Company has opted for Notifications No. GSR.225 (E) issued by the Ministry of Corporate Affairs on March 31, 2009 in respect of accounting periods commencing on or after December 07, In accordance with this Notification, net loss of Rs. 2,76,54,084/ - from the year 2007 - 08 to 2014 -15 arising on reporting of long term foreign currency monetary item relating to fixed assets has been added to the cost of Fixed Assets of wind mills.

5. GRC & IERC authorities have not permitted purchase of power through approved power exchange during the current year (in the previous year company had gained Rs.1,66,01,221, on such permission which was reduced from power cost).

6. Disclosure pursuant to Accounting Standard -15 [Revised] 'Employee Benefits:

A The Company has, with effect from 1s1 April, 2007, adopted Accounting Standard 15, Employee Benefits [revised 2005] [the 'revised AS 15']. In accordance with the transitional provisions governing gratuity valuation - defined benefit plan and leave encashment liability - long term liability based on actuarial valuation is as follows :

B Defined benefit plan and long term employment benefit:

A General description:

Gratuity [Defined benefit plan]:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary [last drawn salary] for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

B Leave wages (Long term employment benefit]:

The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

(I) The Company has participated in L.I.C and S.B.I Life Insurance managed Scheme for gratuity and has contributed Rs.3,60,000/- for Managing Directors and Rs.44,12,825/- for other employees. The Company has also participated in LIC rpanaged Superannuation Fund for Managerial Personnel and has contributed Rs. 13,68,000/- (Previous year Rs. 12,72,000/-) to the Fund.

(II) Leave Encashment Benefits have been provided in the Statement of Profit & Loss Account on actuarial valuation during the year Rules of the company Rs.36,28,788/- (Previous Year Rs. 28,97,035/-)

7. The Company has appointed all the key Managerial Personnel except Company Secretary. Now the Company has recruited one qualified member of the Institute of Company Secretaries of India.

8. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI the Management has reviewed its fixed assets and the difference between the carrying amount and recoverable value of relevant assets was not material. Hence, provision for impairment loss is not considered necessary to be made in the books.

9. Pursuant to the enactment of the Companies Act, 2013, the Company has applied the estimated useful lives as specified in Schedule II. Accordingly, the unamortised carrying value is being depreciated / amortised over the revised / remaining useful life of particular assets. The written down value of Fixed Assets, useful life of which was over as on 1st April, 2014, have been adjusted (net of Deferred Tax), in the opening balance of Profit and Loss Account amounting to Rs. 62.95 Lac.


Mar 31, 2014

1. Previous year''s figures have been regrouped wherever necessary

2. Contingent Liabilities:

(a) Estimated amount of contracts remaining unexecuted on Capital Accounts not provided for Rs.4,35,76,155/- (Net of advances) (Previous year Rs. 5,40,58,001/-).

(b) Bils discounted under Export / Inland Letter of Credit Rs. 110325048/- since realized in ful (Previous Year Rs. 82763943/-)

(c) Income Tax Demand of Rs. 4,24,640/- for the F.Y.2010-2011 against which company has prefered appeal.

(d) Bank Guarantee for Rs. 2,28,38,600/- favouring Madhya Gujarat Vij Company Limited for contract demand of electricity and Rs. 3,53,050/- favouring Gujarat State Petroleum Corporation for LPG supply.

3. Confirmations of Debit and Credit Balance have not been yet received from certain parties. They are subject to adjustments, if any, on receipt of confirmation.

4. Disclosure under the Micro, Smal and Medium Enterprises Development Act, 2006: Amounts due to such Enterprises are disclosed on the basis of information available with the company. The status of such suppliers is as folows:

5. The company has participated in LIC and SBI Life Insurance approved and managed Superannuation Fund for Managerial Personnel and has contributed Rs. 12,72,000 (Previous year Rs. 11,88,000) to the Fund.

6. (A) Foreign Exchange Transactions are recorded in accordance with the Accounting Standard 11 issued by the Institute of Chartered Accountants of India. There has been net gain of Rs. 1,26,92,575 (Previous year net loss of Rs. 5,65,998) on account of foreign exchange fluctuation pertaining to foreign curency borowings / transactions, which has been exhibited in Statement of Profit & Loss under the heads "Other Income" and "Other Expenses".

(B) The company has opted for Notifications No. GSR.225 (E) issued by the Ministry of Corporate Affairs on March 31, 2009 in respect of accounting periods commencing on or after December 07, In accordance with this Notification, net loss of Rs. 2,76,45,851/- from the year 2007 - 08 to 2013 - 14 arising on reporting of long term foreign curency monetary item relating to fixed assets has been added to the cost of Fixed Assets of wind mils.

7. As permitted by CERC and IERC (Regulatory Authorities) the company has partialy opted for purchase of power through approved power Exchange which has resulted in to reduction of power cost by Rs.1,66,01,221/- (Previous Year - NIL)

8. Disclosure pursuant to Accounting Standard - 15 [Revised] "Employee Benefits'':

A The Company has, with effect from 1st April, 2007, adopted Accounting Standard

9, Employee Benefits [revised 2005] [the ''revised AS 15'']. In accordance with the transitional provisions governing gratuity valuation - defined benefit plan and leave encashment liability - long term liability based on actuarial valuation is as folows : B Defined benefit plan and long term employment benefit:

A General description:

Gratuity [Defined benefit plan]:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary [last drawn salary] for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy. B Leave wages (Long term employment benefit] :

The leave wages are payable to al eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

Leave Encashment Benefits have been provided in the Statement of Profit & Loss on actuarial valuation during the year Rs.28,97,035. (Previous Year Rs. 42,16,931/-)

9. The Registered Office of the Company being situated in mofussil centre, in spite of efforts and advertisements made in this behalf, qualified Company Secretary is not available. However, the Company has a highly educated and experienced person in charge of the Company''s Secretarial Department. He looks after al necessary requirements to be folowed by the Company. In addition thereto, a Practicing Company Secretary has been retained by the company, who has also issued Compliance Certificate regarding necessary compliance of the provisions of the Act which forms part of Directors'' Report.

10. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI the Management has reviewed its fixed assets and the difference between the carying amount and recoverable value of relevant assets was not material. Hence, provision for impairment loss is not considered necessary to be made in the books.

11. RELATED PARTY DISCLOSURE:

A. LIST OF RELATED PARTIES AND RELATIONSHIP

Associates & Enterprises with whom the Company entered into transactions during the year

Patodia Syntex Limited Trikon Investments Pvt. Limited

Eurotex Industries & Exports Limited Murarilal Mahendra Kumar

B. L. Patodia Family Trust Brijlal Purushottamdas

Sambhu Investments Pvt. Limited Dharamchand Keshardeo

12. DERIVATIVES INSTRUMENT

A) Folowing are the outstanding forward Foreign Exchange Contracts entered into by the Company:

B) Foreign curency exposure that are not hedged by derivative instruments as on 31st March 2014 amount to Rs. 73,53,310/-(Previous Year Rs.2,25,15,000/-)

C) Interest on Foreign Curency Loan covered under swap US$ 477 equivalent to Rs. 28,814/- (Previous year Rs. 13,39,182/-)


Mar 31, 2013

1. The revised Schedule VI has become effective from 1st Aprl 2012 for preparaton / presentaton of Fnancial Statements. Accordngly previous year''s fgures have been regrouped wherever necessary

2. Contngent Lablites:

(a) Estmated amount of contracts remanng unexecuted on Captal Accounts not provided for Rs.540.58 Lacs (Net of advances) (Previous year Rs. 438.12 Lacs).

(b) Bls dscounted under Export / Inland Letter of Credt Rs. 827.64 Lac snce realized n ful (Previous Year Rs. 754.52 Lacs)

(c) Income Tax Demand of Rs. 16,56,817/- for dfferent years aganst whch company has preferred appeals.

(d) Bank Guarantee for Rs. 228.39 Lac favourng Madhya Gujarat Vij Company Lmted for contract demand of electrcity and Rs. 3.07 Lac favourng Gujarat State Petroleum Corporaton for LPG supply.

3. Confrmatons of Debit and Credt Balance have not been yet receved from certan partes. They are subject to adjustments, if any, on recept of confrmaton.

4. Dsclosure under the Mcro, Smal and Medum Enterprses Development Act, 2006: Amounts due to such Enterprses are dsclosed on the basis of nformaton avalable with the company. The status of such suppliers s as folows:

5. The company has partcipated n LIC and SBI Lfe Insurance approved and managed Superannuaton Fund for Manageral Personnel and has contrbuted Rs. 11.88 Lacs (Previous year Rs. 11.64 Lacs) to the Fund.

6. (A) Foregn Exchange Transactions are recorded n accordance wth the Accountng Standard 11 ssued by the Insttute of Chartered Accountants of Inda. There has been net loss of Rs. 75.20 Lacs. (Previous year net loss of Rs. 90.63 Lacs) on account of foregn exchange fluctuaton pertanng to foregn currency borrowngs / transactions, whch has been exhbted n Proft & Loss Account under the heads "Other Income" and "Other Expenses".

(B) The company has opted for Notfcatons No. GSR.225 (E) ssued by the Mnstry of Corporate Affars on March 31, 2009 n respect of accountng perods commencing on or after December 07, In accordance wth ths Notfcaton, net loss of Rs. 2,51,28,219/- from the year 2007 - 08 to 2012 - 13 arsng on reportng of long term foregn currency monetary tem relatng to fxed assets has been added to the cost of Fxed Assets of wnd mls.

7. Disclosure pursuant to Accountng Standard - 15 [Revised] "Employee Benefts'':

A The Company has, wth effect from 1st Aprl, 2007, adopted Accountng Standard

8. Employee Benefts [revised 2005] [the ''revised AS 15'']. In accordance wth the transtonal provisons governng gratuty valuaton - defned beneft plan and leave encashment liablity - long term liablity based on actuaral valuaton s as folows : B Defned benefit plan and long term employment beneft:

A General descrpton:

Gratuty [Defned beneft plan]:

The Company has a defned beneft gratuty plan. Every employee who has completed fve years or more of service gets a gratuty on death or resgnaton or retrement at 15 days salary [last drawn salary] for each completed year of service. The scheme s funded wth an nsurance company n the form of a qualifying nsurance policy. B Leave wages (Long term employment beneft] :

The leave wages are payable to al eligible employees at the rate of daly salary for each day of accumulated leave on death or on resgnaton or upon retrement on attanng superannuaton age.

9. The Registered Offce of the Company beng stuated n mofussl centre, n spite of efforts and advertsements made n ths behalf, qualified Company Secretary s not avalable. However, the Company has a hghly educated and experenced person n charge of the Company''s Secretaral Department. He looks after al necessary requrements to be folowed by the Company. In addton thereto, a Practcing Company Secretary has been retaned by the company, who has also ssued Compliance Certfcate regardng necessary compliance of the provisons of the Act whch forms part of Drectors'' Report.

10. In terms of Accountng Standard 28 - Imparment of Assets ssued by ICAI the Management has reviewed ts fxed assets and the dfference between the carrying amount and recoverable value of relevant assets was not materal. Hence, provison for mparment loss s not consdered necessary to be made n the books.


Mar 31, 2012

1. The revised Schedule VI has become effective from 1st April 2011 for preparation / presentation of Financial Statements. Accordingly previous year's figures have been regrouped wherever necessary

2. Contingent Liabilities:

(a) Estimated amount of contracts remaining unexecuted on Capital Accounts not provided for Rs.438.12 Lacs (Net of advances) (Previous year Rs. 400.91 Lacs).

(b) Bills discounted under Export Letter of Credit Rs. 754.52 Lac since realized in full (Previous Year Rs. 162.66)

(c) Income Tax Demand of Rs.4,61,471/- and Rs. 66,576/- for the Accounting years 2003-04 and 2005-06 respectively against which company has preferred appeals.

(d) Bank Guarantee for Rs. 203.71 Lac favouring Madhya Gujarat Vij Company Limited for contract demand of electricity and Rs. 3.07 Lac favouring Gujarat State Petroleum Corporation for LPG supply.

3. Confirmations of Debit and Credit Balance have not been yet received from certain parties. They are subject to adjustments, if any, on receipt of confirmation.

4. The company has participated in LIC and SBI Life Insurance approved and managed Superannuation Fund for Managerial Personnel and has contributed Rs . 11.64 Lacs (Previous year Rs. 10.67 Lacs) to the Fund.

5. (A) Foreign Exchange Transactions are recorded in accordance with the Accounting Standard 11 issued by the Institute of Chartered Accountants of India. There has been net loss of Rs. 90.63 Lacs. (Previous year net gain of Rs. 4.02 Lacs) on account of foreign exchange fluctuation pertaining to foreign currency borrowings / transactions, which has been exhibited in Profit & Loss Account under the heads "Other Income" and "Other Expenses".

(B) The company has opted for Notifications No. GSR.225 (E) issued by the Ministry of Corporate Affairs on March 31, 2009 in respect of accounting periods commencing on or after December 07, In accordance with this Notification, net loss of Rs. 2,25,93,757/- from the year 2007 - 08 to 2011 - 12 arising on reporting of long term foreign currency monetary item relating to fixed assets has been added to the cost of Fixed Assets of wind mills.

6. In respect of major expenditure incurred by the company for overhauling and maintenance of its captive power plant in 2007 - 08, as per technical advice one-fifth of such expenditure i.e. Rs.20,67,727/- has been accounted in Statement of Profit & Loss. on pro rata basis during the current year.

7. Disclosure pursuant to Accounting Standard - 15 [Revised] 'Employee Benefits':

A The Company has, with effect from 1st April, 2007, adopted Accounting Standard 15, Employee Benefits [revised 2005] [the 'revised AS 15']. In accordance with the transitional provisions governing gratuity valuation t defined benefit plan and leave encashment liability t long term liability based on actuarial valuation is as follows :

B Defined benefit plan and long term employment benefit:

A General description:

Gratuity [Defined benefit plan]:

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary [last drawn salary] for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

B Leave wages (Long term employment benefit] :

The leave wages are payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death or on resignation or upon retirement on attaining superannuation age.

Leave Encashment Benefits have been provided as per Rules of the company and on actuarial valuation.

Amount charged to Profit & Loss Account during the year is Rs.20,80,939/- (Previous Year Rs. 21,53,701/-)

8. The Registered Office of the Company being situated in mofussil centre, in spite of efforts and advertisements made in this behalf, qualified Company Secretary is not available. However, the Company has a highly educated and experienced person in charge of the Company's Secretarial Department. He looks after all necessary requirements to be followed by the Company. In addition thereto, a Practicing Company Secretary has been retained by the company, who has also issued Compliance Certificate regarding necessary compliance of the provisions of the Act which forms part of Directors' Report.

9. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI the Management has reviewed its fixed assets and the difference between the carrying amount and recoverable value of relevant assets was not material. Hence, provision for impairment loss is not considered necessary to be made in the books.

B) Foreign currency exposure that are not hedged by derivative instruments as on 31st March 2012 amount to Rs. 434.08 Lacs (Previous Year 635.53 Lacs)

C) Interest on Foreign Currency Loan covered under swap US$ 27571.16 equivalent to Rs. 1420742/-

 
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