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Notes to Accounts of Polychem Ltd.

Mar 31, 2015

GENERAL INFORMATION

Polychem Limited is engaged in the manufacturing of specialty chemicals and property development. The Company has manufacturing plant in India and sells it in Domestic as well as International market. The Company is public limited Company and is listed on the Bombay Stock Exchange (BSE).

1.1 Reconciliation of the number of equity shares outstanding at the beginning and at the end of the reporting period

Based on information available with the Company, the balance due to Micro & Small enterprises as defined under MSMED Act, 2006 as at March 31, 2015 & March 31, 2014 is NIL. No interest during the year and previous year has been paid under the terms of the MSMED Act, 2006.

The useful life of Fixed Assets has been revised in accordance with Schedule II of the Companies Act,2013,which is applicable for accounting periods commencing on or after April 1, 2014 .

2 Contingent Liabilities

a) Claims against the Company not acknowledged as debts: 1,239 1,239

Relates to Octroi matter, employees claims etc. (No provision is made, as the Company is hopeful of successfully contesting the claims and as such does not expect any significant liability to crystallise).

b) Disputed income tax liabilities contested by the Company 8,257 17,418

3 During the year, the Company had exported 36,680 Kgs to a party in UK. The said party has raised quality issues relating to a portion of consignment. After various rounds of deliberations and review of reports, subsequent to the date of Balance sheet, the Company has agreed to take back the said consignment subject to receipt of requisite approvals. The necessary provision for expected claims has been recognised in the books of accounts.

4 Amount of lease rental charged to the Statement of Profit and Loss account in respect of premises taken on cancellable operating lease is Rs. 2089('000) (Previous Year Rs. 2165('000)).

5 Employee Benefits

(i) Defined Contribution plans :

Company's contribution to Provident Fund is Rs. 809(000's) (Previous year Rs. 606 (000's)).

(ii) Defined Benefits Plans :

The following table sets out the funded status of the Gratuity Plan and the amounts recognised in Company's financial statements as at March 31, 2015:

6 Earnings per share is calculated by dividing the profit/(loss) attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year as under:

7 Related Party Transactions

(a) Names of related parties and description of relationship

Nature of relationship Name of the related parties

Key Managerial Personnel Mr. T. R. Kilachand - Executive Chairman Mr. P.T. Kilachand - Managing Director Mr. A.H. Mehta - Dy. Managing Director Ms. K. V. Panchasara - Chief Financial Officer Ms. D.V. Chauhan - Company Secretary and Compliance Officer Entities where the key managerial personnel have significant influence Ginners & Pressers Limited

Rasayani Traders Pvt. Limited Sun Tan Trading Co. Limited Connell Bros Co. (India) Pvt. Limited Tulsi Global Logistics Pvt. Limited

Associate Gujarat Poly-AVX Electronics Limited

8 Segment information

(A) Segment information for primary segment reporting (by business segments) The Company has two business segments:

(i) Property Development

(ii) Specialty Chemicals

(B) Segment Information for secondary segment reporting (by geographical segments):

The Company operates only within India and hence the question of disclosure of segment information by geographical segments does not arise.


Mar 31, 2014

GENERAL INFORMATION

Polychem Limited is engaged in the manufacturing of specialty chemicals, the company has manufacturing plants in India and sells it in Domestic as well as International market. The company is a public limited company and is listed on the Bombay Stock Exchange (BSE).

1 Contingent Liabilities

i Claims against the Company not acknowledged as debts: 1,239 1,239 Relates to Octroi matter, employees claims etc. (No provision is made, as the Company is hopeful of successfully Contesting the claims and as such does not expect any significant liability to crystallise)

ii Guarantees given by the banks on behalf of the 534 534 Company for import licence in favour of Customs, Cental Excise and others.

iii Bonds executed in favour of the Collector of 1260 1260 Central Excise, Mumbai for export of goods



iv Disputed income tax liabilities contested by - 17,418 the company

2 Amount of lease rental charged to the profit and loss account in respect of premises taken on cancellable operating lease is Rs 2134 (''000) (Previous Year Rs 1920 (''000)).

3 Employee Benefits

(i) Defined Contribution plans:

Company''s contribution to Provident Fund is Rs 606 (000) (Previous year Rs. 505 (000)).

(ii) Segment Information for secondary segment reporting ( by geographical segments ) :

The Company operates only within India and hence the question of disclosure of segment information by geographical segments does not arise.

4. Previous years figures have been regrouped/rearranged wherever necessary to confirm with current year figures.


Mar 31, 2012

The company has one class of equity shares having a par value Rs 10/- per share. 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 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.

Based on information available with the company the balance due to Micro & small and medium enterprises as defined under MSMED Act, 2006 as at 31st March 2012 & 31st March 2011 is NIL. No interest during the year and previous year has been paid under the terms of the MSMED Act, 2006.

1 Contingent Liabilities

i Claims against the Company not acknowledged as debts: 1,239 1,239 Relates to Octroi matter, employees claims etc.

(No provision is made, as the Company is hopeful of successfully Contesting the claims and as such does not expect any significant liability to crystallize)

ii Guarantees given by the banks on behalf of the Company for import 534 534 licence in favour of Customs, Cental Excise and others.

iii Bonds executed in favour of the Collector of 1,260 1,260 Central Excise, Mumbai for export of goods.

iv Disputed tax liabilities contested by the company 85 85

v The Company has taken certain premises on sub-lease. The Landlord, a Government Company issued a notice under the Public Premises ( Eviction of Unauthorized Occupants)

Act, 1971 against the Company for eviction and has demanded damages and other charges, which are disputed by the Company. The proceedings in this connection are pending before the Estate Officer. The Contingent liability in respect of damages, interest claimed by the Insurance Company cannot be quantified.

2 Amount of lease rental charged to the profit and loss account in respect of premises taken on cancellable operating lease is Rs 209(000) ( Previous Year Rs 183(000)

3 Earnings per share is calculated by dividing the profit/(loss) attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year as under:

4. Till the year ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31st March 2012, the revised Schedule VI notified under the Companies Act , 1956, has become applicable to the company. The company has re-classified previous year figures to confirm to this year's classification. On adoption of the revised Schedule VI, there has been no significant impact on recognition and measurement principles followed for preparation of financial statements.

GENERAL INFORMATION

Polychem Ltd is engaged in the manufacturing of specialty chemicals. The company has manufacturing plants in India and sells it in Domestic as well as International market. The company is a public limited company and is listed on the Bombay Stock Exchange (BSE).


Mar 31, 2010

1. Contingent Liabilities in respect of:

Current Previous

Year year

Rupees Rupees

in 000 in 000

(i) Claims against the Company 1,239 1,239 not acknowledged as debts:

Relates to Octroi matter, employees claims etc. No provision is made, as the Company is hopeful of successfully contesting the claims and as such does not expect any significant liability to crystallise.

(ii) Guarantees given by the banks 534 534 on behalf of the Company for import licence in favour of Customs, Central Excise and Others.

(iii) Bonds executed in favour of the 1,260 1,260 Collector of Central Excise, Mumbai for export of goods

(iv)Disputed tax liabilities contested 120,502 85 by the Company (Refer note no. 2)

(v) The Company has taken certain premises on sub-lease. The Landlord a Government Company issued a notice under the Public Premises (Eviction of Unauthorised Occupants) Act, 1971 against the Company for eviction and has demanded damages and other charges, which are disputed by the Company. The proceedings in this connection are pending before the Estate Officer. The Contingent liability in respect of damages, interest claimed by the Insurance Company cannot be quantified.

2. The Company has prefered an appeal against the order of the Assessing Officer assessing income arising from sale of plot of land, held as stock in trade, as capital gain and raising a demand of Rs 117,077(000).The Company has deposited a sum of Rs 25000(000) against such demand, in addition , a refund of tax Rs 29,211 (000) has also been adjusted.

The said appeal is pending and the Company has more than resonable chance of successin such appeal. Accordingly, no provision has been made in the accounts and amount paid/adjusted against demand have been shown under current assets.

3. Company is also pursuing the pending income tax and sales tax cases.

4. Amount of lease rental charged to the profit and loss account in respect of premises taken on cancellable operating lease is Rs.155(000) [previous year, Rs. 174(000)]

5. In view of unabsorbed losses and carried forwarded depreciation and in the absence of taxable income under provisions of the income tax act, 1961 in the current year, the company belives that there will be no tax liability. Accordingly no provision for income tax has been made in the accounts during the year.

6. Balance of Sundry creditors, Loans and advances, Deposits are subject to confirmation and subsequent reconciliation and adjustments, if any.

7. Employee Benefits

(i) Defined Contribution plans :

Companys contribution to Provident Fund is Rs.3.15 lacs

(Previous year Rs.2.78 lacs)

(ii) Defined Benefits Plans :

The following table sets out the funded status of the Gratuity Plan and the amounts recognised Companys financial statements as at 31st March, 2010.

8. Related Party Transactions

(a) Names of related parties and description of relationship

Sr. No. Nature of relationship Name of the related parties

1. Substantial Interest Ginners and Pressers Limited

Connell Bros. Co.(l) Pvt.Ltd.

Gujarat Poly-AVX Electronics Ltd.

Rasayani Traders Pvt. Ltd.

Sun Tan Trading Co. Ltd.

2. Key Managerial personnel Mr. TR.Kilachand Managing Director

Mr. RT.Kilachand Whole Time Director

9. Segment information

(A) Segment information for primary segment reporting ( by business segments): The Company has two business segments :

(i) Property Development

(ii) Specialty chemicals

(B) Segment information for secondary segment reporting (by geographical segments):

The Company operates only within India and hence the question of disclosure of segment information by geographical segments does not arise.

10. Figures for the previous year have been regrouped wherever necessary to correspond with the figures of the current year.

 
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