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Notes to Accounts of Planter's Polysacks Ltd.

Mar 31, 2015

1.1 RELATED PARTY DISCLOSURE:

The Related parties as defined by Accounting standard 18 "Related Party disclosure" issued by the Institute of Chartered Accountants of India, in respect of which the Direclosure have been made and identified on the basis of Disclosures made by the Company;

a) Key Managerial Personnel Mr. Kanhaiyalal Basotia

Mr. Rahul Bhutia Mr. Kailash Chandra Jain

b) . Related Parties with whom Company has entered into transactions during the year; - Nil

1.2 TAXES ON INCOME:

Tax expense comprises of current tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred tax as on 31.03.2015 has not been recognized since there is no certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

1.3 IMPAIRMENT OF ASSETS:

An asset is impaired when the carrying amount of the assets exceeds its recoverable amount. An impairment loss is charged to Profit and loss account in the year in which an asset is identified as impaired.

1.4 DETAILS OF REMUNERATION OF MANAGERIAL PERSONAL : - NIL

1.5 The financial statements have been presented in accordance with the Revised Schedule VI, and accordingly, the previous years figures have been regrouped and reclassified wherever found necessary to confirm this year's classification.

1.6 Additional information pursuant to Revised Schedule VI to the Companies Act, 1956:

Details of trading activities under taken during the year;


Mar 31, 2014

A. EMPLOYEES'' BENEFITS:

No Provision for gratuity is provided by the company since there is no employee who has been in continuous service of more than 5 years.

B. RELATED PARTY DISCLOSURE:

The Related parties as defined by Accounting standard 18 "Related Party disclosure" issued by the Institute of Chartered Accountants of India, in respect of which the Direclosure have been made and identified on the basis of Disclosures made by the Company;

a) Key Managerial Personnel :

Mr. Kanhaiyalal Basotia

Mr. Rahul Bhutia

Mr. Kailash Chandra Jain

b) Related Parties with whom Company has entered into transactions during the year; - Nil

c. TAXES ON INCOME:

Tax expense comprises of current tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates.

Deferred tax as on 31.03.2014 has not been recognized since there is no certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

D. IMPAIRMENT OF ASSETS:

An asset is impaired when the carrying amount of the assets exceeds its recoverable amount. An impairment loss is charged to Profit and loss account in the year in which an asset is identified as impaired.

E. DETAILS OF REMUNERATION OF MANAGERIAL PERSONAL : NIL

F. The financial statements have been presented in accordance with the Revised Schedule VI, and accordingly, the previous years figures have been regrouped and reclassified wherever found necessary to confirm this year''s classification.

G. Additional information pursuant to Revised Schedule VI to the Companies Act, 1956:


Mar 31, 2013

A. DEPRECIATION

Depreciation on fixed assets has been provided on W.D.V. method at the rates specified in Schedule XIV of the Companies Act, 1956. Depreciation has been provided on the addition of assets on pro-rata basis.

B. REVENUE / INCOME RECOGNITION

The Company recognise its revenue and expenditure on accrual basis.

C. FIXED ASSETS

Fixed Assets are shown at cost less accumulated depreciation.

D. EMPLOYEES'' BENEFITS

No Provision for gratuity is provided by the company since there is no employee who has been in continuous service of more than 5 years.

E. RELATED PARTY DISCLOSURE -

The Related parties as defined by Accounting standard 18 "Related Party disclosure" issued by the Institute of Chartered Accountants of India, in respect of which the Direclosure have been made and identified on the basis of Disclosures made by the Company;

a). Key Managerial Personnel: - Mr. Kanhaiyalal Basotia

Mr. Kailash Chandra Jain

b). Related Parties with whom the Company has entered into transactions during the year;

G. TAXES ON INCOME

Deferred tax as on 31.03.2013 has not been recognized since there is no certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

H. IMPAIRMENT OF ASSETS

An asset is impaired when the carrying amount of the assets exceeds its recoverable amount. An impairment loss is charged to Profit and loss account in the year in which an asset is identified as impaired.

I. DETAILS OF REMUNERATION OF MANAGERIAL PERSONNEL - NIL

J. The financial statements have been presented in accordance with the Revised Schedule VI, and accordingly, the previous years figures have been regrouped and reclassified wherever found necessary to confirm this year''s classification.

K. Additional information pursuant to Revised Schedule VI to the Companies Act, 1956:


Mar 31, 2012

1 Details of Remuneration of Director. - NIL

2 Previous years figures have been regrouped and reclassified wherever found necessary to confirm this year's classification.


Mar 31, 2000

1. Figures for the previous year have been regrouped wherever necessary to confirm this year classification.

2. Estimated amount or contract remaining to be executed in the capital account and not provided for during the year.

3. In opinion of the Board the provisions for the all known liabilities are adequate and not in excess of the amounts reasonably necessary.

4. Contigent liabilities not provided for in the final accounts : Nil

5. Claims against the company not acknowledged as debt.

6. Expenditure on employees of the company who were employed throught out the financial year of a remuneration for the year which in aggregrate was not less than Rs.25000/-

7. Employees of the company who were employed for a part of the financial year who were in receipt of remuneration for any part of that year of a rate which is in aggregate was not less than Rs.25000/- per month.

Notes : 1 : The figures given above has been rounded off to the nearest figures.

 
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