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Notes to Accounts of Pithampur Poly Products Ltd.

Mar 31, 2015

1 Figures for the previous year has been regrouped and/or rearranged wherever considered necessary.

2 In the opinion of the Board, the current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amounts at which they are stated in the Balance-Sheet and that the provision for known liability is adequate and not in excess of amount reasonably necessary.

3 Contingent Liabilities and Commitments

31-3-2015 31-3-2014

A. Contingent Liabilities

i) Claims against the Company, not acknowledged as debts - -

ii) Guarantees - -

iii) Other money for which the Company is contigently liable.

Entry-TaxDemandandPenaltyforvariousyears 4767738 4767738

B. Commitments

i) Estimated amount of Contracts remaining to be executed on capital account

and not provided for - -

ii) Uncalled liability on shares and other investments partly paid - -

iii) Other Commitments - -

4 There were no dues to Small Scale Industrial undertakings to whom the Company owes a sum exceeding Rs.1.00 Lac which is outstanding for more than 30 days.

5 Taxation

A. Current Tax

Current Tax Liability of the Company is estimated in accordance with the provisions of the Income-Tax Act, 1961.

B. Deferred Tax

The company adopt prudent norms of accounting policies, therefore the provision for deffered tax have not been made.

6 Related Party Disclosures A. List of related parties

i) Parties where control exists Nil

ii) Subsidiaries Nil

iii) Associates Nil

iv) Directors 1) Shri R.K. Tekriwal

2) Shri Sharad Dubey

3) Shri Vishwanath Kanungo


Mar 31, 2014

I Contingant liabilities not provided for:

a) Bank guarantee issued by Bank Rs.NIL Lacs

b) Sales Tax authority issued demands for which company has disputed the claim and they have been advised by the legal experts that it will succeed in the followings matters:

Sr. Name Of the Nature Of Amount Year No Act Dues

MP 1) Comm.Tax Demand 34733/- 1996-1997 Act, 1994

MP 2) Comm.Tax Demand 18028/- 1999-2000 Act, 1994

MP 3) Comm.Tax Demand 825036/- 2000-2001 Act, 1994 Penalty 636400/- 2000-2001

MP 4) Comm.Tax Demand 679287/- 2001-2002 Act, 1994 Penalty 510400/- 2001-2002

MP 5) Comm.Tax Demand 578337/- 2002-2003 Act, 1994 Penalty 416500/- 2002-2003

MP 6) Comm.Tax Demand 1068417/- 2003-2004 Act, 1994

c) The company has filled application with the competent authority for enhancement of period for E.Tax exemption on purchases but the same is pending with the authority. Therefore contingent liability of Rs.47,67,738/- not provided in the books of accounts.

2. In the opinion of the Board the current assets, Loans & Advance have a value on ordinary course of busi- ness at least equal to the amount at which they are stated in realization in the balance sheet and provis- ions for all known liabilities have been made.

3. The company adopt prudence norms of accounting Policies, Therfore the provision for deferred tax assets as required in AS-22 issued by ICAI have not been made.

4. The company, due to dispute with bank, has not provided interest on secured loans.

5. The company is a Sick Industrial company within the meaning of clause of Sub-Section 1 of Section 3 of the Sick Industrial Companies Special Provision Act 1985.

6. Sundry debtors, creditors, loans and advances are subject to balance confirmation.

7. Previous period figures have been regrouped, rearranged wherever considerd necessary to make them comparable.

8. Figures are rounded off to the nearest rupee.


Mar 31, 2013

I Contingant liabilities not provided for:

a) Bank guarantee issued by Bank Rs.NIL Lacs

b) Sales Tax authority issued demands for which company has disputed the claim and they have been advised by the legal experts that it will succeed in the followings matters:

Srn. Name of the Act Nature of Dues Amount Year

1 M.P. Comm. Tax Act, 1994 Demand 34733/- 1996-1997

2 M.P. Comm. Tax Act, 1994 Demand 18028/- 1999-2000

3 M.P. Comm. Tax Act, 1994 Demand 825036/- 2000-2001 Penalty 636400/-

4 M.P. Comm. Tax Act, 1994 Demand 679287/- 2001-2002 Penalty 510400/-

5 M.P. Comm. Tax Act, 1994 Demand 578337/- 2002-2003 Penalty 416500/-

6 M.P. Comm. Tax Act, 1994 Demand 615017/- 2003-2004 Penalty 453400/-

c) The company has filled application with the competent authority for enhancement of period for E.Tax exemption on purchases but the same is pending with the authority. Therefore contingent liability of Rs.47,67,738/- not provided in the books of accounts.

ii In the opinion of the Board the current assets, Loans & Advance have a value on ordinary course of busi- ness at least equal to the amount at which they are stated in realization in the balance sheet and provis- ions for all known liabilities have been made.

iii The company adopt prudence norms of accounting Policies, Therfore the provision for deferred tax assets as required in AS-22 issued by ICAI have not been made.


Mar 31, 2012

I Contingent liabilities not provided for:

a) Bank guarantee issued by Bank Rs.NIL Lacs

b) Sales Tax authority issued demands for which company has disputed the claim and they have been advised by the legal experts that it will succeed in the followings matters:

c) The company has filled application with the competent authority for enhancement of period for E. Tax exemption on purchases but the same is pending with the authority. Therefore contingent liability of Rs.47,67,738/- not provided in the books of accounts.

ii In the opinion of the Board the current assets, Loans & Advance have a value on ordinary course of business at least equal to the amount at which they are stated in realization in the balance sheet and provisions for all known liabilities have been made.

iii The company adopt prudence norms of accounting Policies, Therefore the provision for deferred tax assets as required in AS-22 issued by ICAI have not been made.

iv Additional information pursuant to the provision to the provision of part II of Schedule VI to the Companies Act, 1956.


Mar 31, 2010

I) Contingent liabilities not provided for:

a) Bank guarantee issued by Bank Rs.NIL Lacs

b) Sales Tax authority issued demands for which company has disputed the claim and they have been advised by the legal experts that it will succeed in the followings matters:

c) The company has filled application with the competent authority for enhancement of period for E.Tax exemption on purchases but the same is pending with the authority. Therefore contingent liability of Rs.32,77,506/- not provided in the books of accounts.

ii In the opinion of the Board the current assets, Loans & Advance have a value on ordinary course of business at least equal to the amount at which they are stated in realization in the balance sheet and provisions for all known liabilities have been made.

iii The company adopt prudence norms of accounting Policies, Therefore the provision for deferred tax assets as required in AS-22 issued by ICAI have not been made.

iv The company, due to dispute with bank, has not provided interest on secured loans at contracted rates of Bank. Though it is provided @ 10% P.A.

v The company is a Sick Industrial company within the meaning of clause of Sub-Section 1 of Section 3 of the Sick Industrial Companies Special Provision Act 1985.

vi Sundry debtors, creditors, loans and advances are subject to balance confirmation.

vii Previous period figures have been regrouped, rearranged wherever considered necessary to make them comparable.

viii Figures are rounded off to the nearest rupee.


Mar 31, 2009

I Contingant liabilities not provided for:

a) Bank guarantee issued by Bank Rs.NIL Lacs

c) The company has filled application with the competent authority for enhancement of period for E.Tax exemption on purchases but the same is pending with the authority. Therefore contingent liability of Rs.32,77,506/- not provided in the books of accounts.

ii In the opinion of the Board the current assets, Loans & Advance have a value on ordinary course of business at least equal to the amount at which they are stated in realization in the balance sheet and provisions for all known liabilities have been made.

iii The company adopt prudence norms of accounting Policies, Therfore the provision for deferred tax assets as required in AS-22 issued by ICAI have not been made.

iv The company, due to dispute with bank, has not provided interest on secured loans at contracted rates of Bank. Though it is provided @ 10% P.A.

v The company is a Sick Industrial company within the meaning of clause of Sub-Section 1 of Section 3 of the Sick Industrial Companies Special Provision Act 1985.

vi Sundry debtors, creditors, loans and advances are subject to balance confirmation.

vii Previous period figures have been regrouped, rearranged wherever considerd necessary to make them comparable.

viii Figures are rounded off to the nearest rupee.

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