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Notes to Accounts of Perfectpac Ltd.

Mar 31, 2015

RIGHTS, PREFERENCES AND RESTRICTIONS ATTACHED TO SHARES Equity Shares :

The Company has one class of Equity Shares having a par value of Rs 10/- each. Each shareholder is entitled to one vote per share . The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend . In the event of liquidation of the Company, the equity shareholders will be entitled to receive any of the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

* First charge by way of hypothecation of movable assets including plant and machinery/equipments etc. acquired/to be acquired under the project/scheme and also secured by way of personal guarantee of Managing Director of the Company. The loan assistance to the extent of Rs.100 Lacs is covred under CGTMSE

* Secured by first charge by way of hypothecation of Inventories, Book debts and collateral security by way of equitable mortgage of factory land & building & hypothecation of specified Plant & Machineries & other miscellaneous fixed assets of the company at Faridabad unit & second charge by way of equitable mortgage of factory Land & building & hypothecation of specified Plant & Machineries & other miscellaneous fixed assets at Greater Noida unit and also secured by way of personal guarantee of Managing Director and other Director of the company.

* As certified by the management on which auditors have placed reliance

NOTE 1. Some of the Sundry Debtors, Advances including Deposits and Current Liabilities are subject to confirmation/ reconciliation.

NOTE 2. Advances (Note-18) include amounts of Rs.551,487 (Rs.551,487/-) paid against demand raised by Sales Tax Authority which the company is contesting. The above payments will be charged to Profit & Loss Account on the decision by Appellate Authority.

NOTE 3. Profit/Loss on sale of raw materials, fuel and stores & spares etc stand adjusted in their consumption Accounts.

NOTE 4. The company has taken Office premises and go down under a cancellable operating lease. The lease is usually renewed by mutual consent on mutually agreeable terms. Total rental expenses under such lease Rs.2,912,951/-(Rs.2,760,000).

(Disclosed in the statement of Profit & Loss as contribution to Provident and other Funds)

b) The Company operators post retirement defined benefit plan for retirement gratuity which is funded.

c) Details of the post retirement gratuity plans & obligations are as follows :

NOTE 5. - Pursuant to the notification of Schedule - II of the Companies Act, 2013 by the Ministry of Corporate Affairs effective 01-04-2014, the company has revised/reassessed the remaining useful lives in accordance with the Schedule and has accounted for higher depreciation charge of Rs.8,359,199/- in the financial results for the year ended 31-03-2015. Further charge of Rs.2,232,990/- (net of deferred tax) has been adjusted against retained earnings) in terms of transitional provision in respect of assets whose remaining useful lives have expired on or before 31-03-2014.

NOTE 6. Related Party Disclosures under Accounting Standard (AS) - 18

a) List of Related Parties (As identified by the Management)

i) Enterprises owned or significantly influenced by key management personnel or their relatives :- Orient Syntex (Prop. APM Industries Limited), Essvee Fiscal Pvt. Ltd., Rajgarhia Leasing & Financial Services Pvt. Ltd., Faridabad Paper Mills Ltd. RKR Foundation, Sanjay Rajgarhia & Son (HUF).

Note : In respect of above parties there is no provision for doubtful debts as on 31.03.2015 and no amount has been written off or written back during the year in respect of debts due from/to them.

NOTE 7. As per Accounting Standard (AS)-17, "Segment Reporting" the Company's business segment is packaging. As this is the only segment no separate disclosure of segment wise information is made.

NOTE 8. Value of Sales, Opening stock & closing stock of Finished & Traded Goods.

NOTE 9. There are no delays in payments to Micro and Small Enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). The information regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. Further, no interest during the year has been paid or payable under the terms of MSMED Act, 2006 :-

FOB value of export

NOTE 10. Figures of Previous Year have been regrouped re-arranged wherever found necessary. Figures in brackets above are in respect of previous year.


Mar 31, 2014

(Rupees)

NOTE 1. CONTINGENT LIABILITIES & COMMITMENT As at As at

(To the extent not provided for) 31.03.2014 31.3.2013

Contingent Liabilities

a) Interest on Local Area Development Tax recovery 183,000 183,000 of which is stayed by Supreme Court of India

b) ESIC demand excluding interest paid under protest 309,298 309,298 Rs.154,649 (Rs.154,649) being contested in appeal

c) Letter of credit outstanding 19,185,908 18,195,725

d) Disputed Income Tax 190,387 161,602

NOTE 2. Some of the Sundry Debtors, Advances including Deposits and Current Liabilities are subject to confirmation/ reconciliation.

NOTE 3. Advances (Note-18) include amounts of Rs.551,487 (Rs.488,900/-) paid against demand raised by Sales Tax Authority which the company is contesting. The above payments will be charged to Profit & Loss Account on the decision by Appellate Authority.

NOTE 4. Profit/Loss on sale of raw materials, fuel and stores & spares etc stand adjusted in their consumption Accounts.

NOTE 5. The company has taken Office premises and godown under a cancellable operating lease. The lease is usually renewed by mutual consent on mutually agreeable terms. Total rental expenses under such lease Rs.2,760,000/- (Rs.1,693,352).

NOTE 6. Related Party Disclosures under Accounting Standard (AS)-18

a) List of Related Parties (As identified by the Management)

i) Enterprises owned or significantly influenced by key management personnel or their relatives :- Orient Syntex (Prop. APM Industries Limited), Essvee Fiscal Pvt. Ltd., Rajgarhia Leasing & Financial Services Pvt. Ltd., Faridabad Paper Mills Ltd. RKR Foundation, Sanjay Rajgarhia & Son (HUF).

ii) Key Management Personnel and their Relatives :- Directors-Shri Sanjay Rajgarhia, Shri R. K. Rajgarhia, Relatives - Smt. Pooja Rajgarhia.

b) Transactions with Related Parties :

Note : In respect of above parties there is no provision for doubtful debts as on 31.03.2014 and no amount has been written off or written back during the year in respect of debts due from/to them.

NOTE 7. As per Accounting Standard (AS)-17, "Segment Reporting" the Company''s business segment is packaging. As this is the only segment no separate disclosure of segment wise information is made.

NOTE 8. There are no delays in payments to Micro and Small Enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). The information regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. Further, no interest during the year has been paid or payable under the terms of MSMED Act, 2006 :-

NOTE 9. Figures of Previous Year have been regrouped re-arranged wherever found necessary. Figures in brackets above are in respect of previous year.


Mar 31, 2013

NOTE 1. CONTINGENT LIABILITIES & COMMITMENT

As at As at

(To the extent not provided for) 31.03.2013 31.03.2012

{Contingent Liabilities

a) Interest on Local Area Development Tax recovery 183,000 183,000 of which is stayed by Supreme Court of India

b) ESIC demand excluding interest paid under protest 309,298 309,298 Rs.154,649 lacs (Rs.154,649) being contested in appeal

c) Letter of credit outstanding 18,195,725 28,242,711

d) Disputed Income Tax 161,602 Commitments

a) Estimated amount of outstanding capital commitments - 15,130,174 not provided for

b) Custom Duty Payable on raw materials in Transit - 1,272,946

NOTE 2 Some of the Sundry Debtors, Advances including Deposits and Current Liabilities are subject to confirmation/ reconciliation.

NOTE 3 Advances (Note-17) include amounts of Rs.488,900 (Rs.418,100/-) paid against demand raised by Sales Tax Authority which the company is contesting. The above payments will be charged to Profit & Loss Account on the decision by Appellate Authority.

NOTE 4 Profit/Loss on sale of raw materials, fuel and stores & spares etc stand adjusted in their consumption Accounts.

NOTE 5 The company has taken Office premises and godown under a cancellable operating lease. The lease is usually renewed by mutual consent on mutually agreeable terms. Total rental expenses under such lease Rs.1,693,352 (Rs.36,000).

NOTE 6 During the year due to fire in the factory finished goods of Rs.4,377,989 were destroyed and fixed assets were extensively damaged/destroyed for which the company lodged claim with the Insurance Company which is being assessed by the Surveyours. The adjustment in the Insurance Claims Receivable (Note 17) at Rs. 95,39,399/- will be made when the claim is settled by the Insurance Company.

NOTE 7 Related Party Disclosures under Accounting Standard (AS) - 18

a) List of Related Parties (As identified by the Management)

i) Enterprises owned or significantly influenced by key management personnel or their relatives :- Orient Syntex (Prop. APM Industries Limited), Essvee Fiscal Pvt. Ltd., Rajgarhia Leasing & Financial Services Pvt. Ltd., Faridabad Paper Mills Ltd. RKR Foundation, Sanjay Rajgarhia & Son (HUF).

ii) Key Management Personnel and their Relatives :- Directors-Shri Sanjay Rajgarhia, Shri R. K. Rajgarhia, Relatives - Smt. Pooja Rajgarhia

Note: In respect of above parties there is no provision for doubtful debts as on 31.03.2013 and no amount has been written off or written back during the year in respect of debts due from/to them.

NOTE 8 As per Accounting Standard (AS)-17, "Segment Reproting" the Company''s business segment is packaging. As this is the only segment no separate disclosure of segment wise information is made.

NOTE 9 There are no delays in payments to Micro and Small Enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). The information regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. Further, no interest during the year has been paid or payable under the terms of MSMED Act, 2006 :-

NOTE 10 Figures of Previous Year have been regrouped re-arranged wherever found necessary. Figures in brackets above are in respect of previous year.


Mar 31, 2012

RIGHTS, PREFERENCES AND RESTRICTIONS ATTACHED TO SHARES Equity Shares :

The Company has one class of Equity Shares having a par value of Rs 10/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in the case of interim dividend. 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 to their shareholding.

Preference Shares :

Preference shares have a par value of Rs. 100/- each redeemable at par on or after 1st February, 2014. These shares carry a fixed cumulative dividend of 8% per annum. The preference shareholders are entitled to preferential rights as regards payment of dividends at above fixed rate and right of repayment of capital on winding up.

* First charge by way of equitable mortgage of factory land & building and other moveable fixed assets of the company at Greater Noida unit & second charge by way of equitable mortgage over company's factory land & building and second charge on current assets & other moveable fixed assets of the company at Faridabad unit & also secured against personal guarantee of Managing Director of the company.

* First charge by way of equitable mortgage of factory land & building & specified plant and machinery and other misc. fixed assets of the company at Faridabad unit & second charge on factory Land & building and plant & machinery & other misc. fixed assets of Greater Noida unit & also secured by way of personal guarantee of Managing Director of the company.

* First charge by way of hypothecation of movable assets including plant & machinery/equipments etc.acquired/ to be acquired under the project/ scheme & also secured by way of personal guarantee of Managing Director of the company The loan assistance to the extent of Rs. 100 lacs is covered under CGTMSE.

* Secured by first charge by way of hypothecation of Inventories, Book debts and collateral security by way of equiable mortgage of factory land & building & hypothecation of specified Plant & Machineries & other miscellaneous fixed assets of the company at Faridabad unit & second charge by way of equitable mortgage of factory Land & building & hypothecation of specified Plant & Machineries & other miscellaneous fixed assets at Greater Noida unit and also secured by way of personal guarantee of Managing Director and a Director of the company.

* Secured against specified book debts

1. CONTINGENT LIABILITIES & COMMITMENT (To the extent not provided for)

(Rupees) As at As at

Contingent Liabilities 31.03.2012 31.03.2011

a) Interest on Local Area Development Tax recovery 183,000 183,000 of which is stayed by Supreme Court of India

b) ESIC demand excluding interest paid under protest 309,298 309,298 Rs.154649 (Rs.154649) being contested in appeal

c) Letter of credit outstanding 28,242,711 - Commitments

a) Estimated amount of outstanding capital commitments 15,130,174 2,080,000 not provided for

b) Custom Duty Payable on raw materials in Transit 1,272,946 -

2. Some of the Sundry Debtors, Advances including, Deposits and Current Liabilities are subject to confirmation/ reconciliation.

3. Advances (Note-18) include amounts of Rs.418,100 (Rs.1,92,100) paid against demand raised by Sales Tax Authority which the company is contesting. The above payments will be charged to Profit & Loss Account on the decision by Appellate Authority.

4. Profit/Loss on sale of raw materials, fuel and stores & spares etc stand adjusted in their consumption Accounts.

5. The company has taken Office premises under a cancelable operating lease. The lease is usually renewed by mutual consent on mutually agreeable terms. Total rental expenses under such lease Rs. 36000 (Rs.36000).

6. Related Party Disclosures under Accounting Standard - 18 a) List of Related Parties (As identified by the Management)

i) Enterprises owned or significantly influenced by key management personnel or their relatives Orient Syntex (Prop. APM Industries Limited), Essvee Fiscal Pvt. Ltd., AJR Fiscal Pvt. Ltd., Rajgarhia Leasing & Financial Services Pvt. Ltd., Faridabad Paper Mills Ltd. RKR Foundation, Sanjay Rajgarhia & Son (HUF).

ii) Key Management Personnel and their Relatives Directors-Shri Sanjay Rajgarhia, Shri R. K. Rajgarhia. Smt. Pooja Rajgarhia.

Note : In respect ot above parties there is no provision for doubtful debts as on 31.03.2012 and no amount has been written off or written back during the year in respect of debts due from/to them.

7. As per Accounting Standard (AS)-17, "Segment Reproting" the Company's business segment is packaging. As this is the only segment no separate disclosure of segment wise information is made.

8. Figurest of Previous year have been regrouped and/or re-arranged wherever found necessary . Figures in brackets above are in respect of previous year


Mar 31, 2011

1. Estimated amount of outstanding capital commitments not provided for Rs.20.80 Lacs (Rs. NIL Lacs) (net of advances.)

2. Contingent Liabilities not provided for in respect of:-

a) Interest of Rs.1.83 lacs (Rs.1.83 Lacs) on Local Area Development Tax recovery of which is stayed by Supreme Court of India.

b) ESIC demand Rs.3.09 lacs (Rs.3.09 lacs)excluding interest. Paid under protest Rs.1.54 lacs (Rs.1.54 lacs) being contested in appeal.

3. Some of the Sundry Debtors, Advances including Deposits and Current Liabilities are subject to confirmation/ reconciliation.

4. In the opinion of the Management Current Assets, Loans and Advances other than shown doubtful have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

5. The company has paid/provided remuneration of Rs. 64,510 (Rs NIL) to a relative of a director Which is subject to the approval of shareholders in the forthcoming annual general meeting.

6. Advances (Schedule-7) include amounts of Rs. 1.92 Lacs (Rs. 1.92 Lacs) paid against demand raised by Sales Tax Authority which the company is contesting. The above payments will be charged to Profit & Loss Account on the decision by Appellate Authority.

7. Profit/loss on sale of raw materials and stores & spares etc stand adjusted in their consumption Accounts.

8. The company has taken factory land/godown & office under cancellable operating lease agreements. The lease agreements are usually renewed by mutual consent on mutually agreeable terms. Total rental expenses under such lease Rs. 36,000 (Rs. 36,000).

9. Related Party Disclosures under Accounting Standard-18.

a) List of Related Parties (As identified by the Management)

i) Enterprises owned or significantly influenced by key management personnel or their relatives :- Orient Syntex (Prop.APM Industries Limited), Essvee Fiscal Pvt. Ltd., AJR Fiscal Pvt. Ltd., Rajgarhia Leasing & Financial Services Pvt. Ltd., Faridabad Paper Mills Ltd. RKR Foundation, Sanjay Rajgarhia & Son (HUF).

ii) Key Management Personnel and their Relatives:- Directors-Shri Sanjay Rajgarhia, Shri R.K. Rajgarhia, Smt. Pooja Rajgarhia.

b) Transactions with Related Parties

Note: In respect of above parties there is no provision for doubtful debts as on 31.03.2011 and no amount has been written off or written back during the year in respect of debts due from/to them.

10. As per Accounting Standard-17, "Segment Reporting" the Company's business segment is packaging. As this is the only segment no separate disclosure of segment wise information is made.

11. Figures of Previous Year have been regrouped and/ or re-arranged wherever found necessary to conform to this year's classification. In the schedules the same are appearing in brackets.

12. Schedules 1 to 15 form an integral part of the Balance Sheet and Profit & Loss Account and have been duly authenticated.


Mar 31, 2010

1. Estimated amount of outstanding capital commitments not provided for Rs. NIL Lacs (Rs. 13.56 Lacs) (net of advances.)

2. Contingent Liabilities not provided for in respect of:-

a) Interest of Rs. 1.83 lacs (Rs. 1.83 Lacs) on Local Area Development Tax recovery of which is stayed by Supreme Court of India.

b) ESIC demand Rs.3.09 lacs(Rs.3.09 lacs) excluding interest paid under protest Rs. 1.54 lacs (Rs 1.54 lacs) being contested in appeal

c) Letters of credit outstanding Rs.24.69 lacs (Nil).

3. Some of the Sundry Debtors, Advances including Deposits and Current Liabilities are subject to confirmation/ reconciliation.

4. in the opinion of the Management Current Assets, Loans and Advances other than shown doubtful have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

5) Advances (Schedule-7) include amounts of Rs. 1.92 Lacs (Rs. 2.14 Lacs) paid against demand raised by Sales Tax Authority which the company is contesting. The above payments will be charged to Profit & Loss Account on the decision by Appellate Authority.

6. Profit/loss on sale of raw materials and stores & spares etc stand adjusted in their consumption Accounts.

7. The company has taken factory land/godown & office under cancellable operating lease agreements. The lease agreements are usually renewed by mutual consent on mutually agreeable terms. Total rental expenses under such lease Rs. 2,23,066 (9,53,286).

8. Related Party Disclosures under Accounting Standard-18.

a) List of Related Parties (As identified by the Management)

i) Enterprises owned or significantly influenced by key management personnel or their relatives :- Orient Syntex (Prop.APM Industries Limited), Essvee Fiscal Pvt. Ltd., AJR Fiscal Pvt. Ltd., Rajgarhia Leasing & Financial Services Pvt. Ltd., Faridabad Paper Mills Ltd. RKR Foundation, Sanjay Rajgarhia & Son (HUF).

ii) Key Management Personnel and their Relatives:- Directors-Shri Sanjay Rajgarhia, Shri R.K. Rajgarhia.

9. As per Accounting Standard-17, "Segment Reporting" the Companys business segment is packaging. As this is the only segment no separate disclosure of segment wise information is made.

10. Figures of Previous Year have been regrouped and/ or re-arranged wherever found necessary to conform to this years classification. In the schedules the same are appearing in brackets.

11. Schedules 1 to 15 form an integral part of the Balance Sheet and Profit & Loss Account and have been duly authenticated.

 
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