Home  »  Company  »  Polylink Polymer  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Polylink Polymers (India) Ltd.

Mar 31, 2015

1. The Company has only one class of shares referred to as equity shares having par value of Rs 5/- each holder of equity shares is entitled to one vote per share.

2. Shares in respect of each class in the company held by its holding company rights ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate : NIL

3. Shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and amounts : NIL

4. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts.

However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

5. There is no change in number of share outstanding as at 31st March, 2015 & 31st March, 2014.

6. Loan from related parties were repayable as per agreement (i.e. more than 12 months from the date of financial)

7. Loans from other parties were repayable as per agreement (i.e. more than 12 months from the date of financial)

8. Loan (Cash Credit/ Working Capital) from Axis Bank Ltd is secured by hypothecation of entire current assets(by way of first charge) including company's stock (present & future ) of Raw materials,Semi finished and finished goods,Consumable stores and Book Debts and also exclusive collateral charge on company's assets located at Block No.229-230,Village- Valthera,Dholka District-Ahmedabad,38710 admeasuring 38546 sq.mtrs.together with all buildings and structures there on and all plant and machinery and guaranteed by the personal guarantee of Mr. U.S. Bhartia, Chairman of the Company.

9. Cash credit/working capital loan from bank is payable on demand.

10. Letter of credit loan from bank is repayable as per the terms of agreement (within 12 months from the date of financial).

11. Contingent LiabiLites, not provided for in respect of the following:

As at As at Year ended Year ended 31st March,2015 31st March,2014 (Rs. In lacs) (Rs. In lacs)

Claims against the company not 6.39 6.39 acknowledged as debt

12. Commitments As At 31st March 2015 - NIL (P.Y. - NIL)

13. Under the Micro, Small and medium Enterprise Development Act,2006 Which came into force on October 2,2006 certain disclosure are required to be made relating to Micro, Small and Medium Enterprise. Based on the information available with the company, there are no amounts payable to micro and small enterprises within the meaning of the Micro, Small and medium Enterprise Development Act,2006.

14. Unhedged Foreign Exchange Exposure : Debtors Rs.180.57 (Previous year 259.33 lacs).

15. Selling and Distribution expenses include Rs.12.13 Lacs as Commission/Discount.(Previous year Rs.12.86 Lacs)

16. Excise duty Expenses represents provision on Closing Stocks for domestic sales.

17. There are certain leasing arrangement for Office premises / House accomodation.Monthly charges in this respect are charged to P & L Account.

18. The company has given Office premises & Godown on lease to one of the associates company. The rental income of Rs.12.00 lacs (P/y - Rs 12.00 lacs) has been recognised in the accounts for the year.

19. DEFERRED TAX:

The institute of Chartered Accountants of India,has made mandatory,w.e.f.1.4.2001,the Accounting standard- 22(AS-22) in respect of 'Accounting for Taxation of Income'. On the basis of virtual certainty of availability of sufficient future taxable income and also based upon the data available,the company has computed defered tax liability and assets as at 31.03.2015 as under and recognised the Deferred Tax Asset in respect of Past Losses and for other items:

20. There is no separate reportable segment as the company is predominently engaged in only one segment,i.e.'Polymers Compounding' therefore,Accounting standard-17 to Segment Reporting,issued by the Institute of Chartered Accountants of India,is not applicabl to it.

i. For Provident fund Defined Contribution Plans

Total amount of Provident fund Expenses recognised in the Profit & Loss Account is Rs.7.85 lacs,( Previous year Rs.7.71 lacs)

21. Related party disclosure as require by Accounting Standard-18 (AS-18) "Related Parties Disclosure" issued by the Institute of Chartered Accountants Of India are given below :

Details of Related Parties

Description of Relationship Name of the related Parties

Associates Kashipur Holdings Ltd India Glycols Ltd

Key Management Personnel Mr.R.P.Goyal

22. Pursuant to The Companies Ac, 2013 ('the Act'), being effective from 1st April, 2014, the Company has revised depreciation rates on fixed assets as per the useful life specified in part 'C' of Schedule II of the Act. A sum of Rs.67.73 Lacs in respect of assets where useful life became nil at the beginning of the financial year, has been charged to the statement of profit & loss for the year. However, as a result of such change, there is no material impact on the depreciation expenses for the year.

23. Previous period's figures have been regrouped / rearranged whererver considered necessary to confirm to this year's classification.


Mar 31, 2014

1. Note:-

1.1 The Company has only one class of shares referred to as equity shares having par value of Rs 5/- Each holder of equity shares is entitled to one vote per share.

1.2 Shares in respect of each class in the company held by its holding company rights ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate : NIL

1.3 Shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and amounts : NIL

1.4 In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts.

However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

1.6 There is no change in number of share outstanding as at 31st March, 2014 & 31st March, 2013.

2. Note:-

2.1 Finance Lease obligations are secured by hypothecation of specific assets taken on such lease. The same are repayable as per the terms of agreement.

2.2 Loan from related parties is repayable as per agreement (i.e. more than 12 months from the date of financial)

2.3 Loans from other parties is repayable as per agreement (i.e. more than 12 months from the date of financial)

3. Note:-

3.1 Loan from Axis Bank Ltd is secured by hypothecation of current assets(by way of first charge) including company''s stock (present & future ) of Raw materials,Semi finished and finished goods,Consumable stores and Book Debts and also by way of second charge over all immovable properties of the company and personally guaranteed by one Director and also by way of corporate guarantee of an associate company,Namely Facit Commosales Private Ltd.and further pledge of their or its share holdings in certain company.

3.2 Cash credit/working capital loan from bank is payable on demand.

3.3 Letter of credit loan from bank is repayable as per the terms of agreement (within 12 months from the date from financial).

4. Contingent LiabiLites, not provided for in respect of the following:

As at As at Year ended Year ended 31st March,2014 31st March,2013 (Rs. In lacs) (Rs. In lacs)

Claims against the company not acknowledged as debt 6.39 6.39

4.1 Commitments As At 31st March 2014 - NIL

4.2 Under the Micro, Small and medium Enterprise Development Act,2006 Which came into force on October 2,2006 certain disclosure are required to be made relating to Micro, Small and Medium Enterprise. Based on the information available with the company, there are no amounts payable to micro and small enterprises within the meaning of the Micro, Small and medium Enterprise Development Act,2006.

5. Unhedged Foreign Exchange Exposure : Debtors Rs.259.33 (Previous year 205.01 lacs).

6. Selling and Distribution expenses include Rs.12.86 Lacs as Commission/Discount.(Previous year Rs.13.20 Lacs)

7. The company identified during 2008-09 and also during the current financial year 2013-14 certain fixed assets,which were not under use or were unusable / surplus,the realisable value (estimated by management) was lower by Rs.13.25 lacs (Rs.19.28 lacs during 2008-09) which was provided i.e. during the year 2013-14 provision of Rs 6.03 has been reversed.

8. Excise duty Expenses represents provision on Closing Stocks for domestic sales.

9. As the net worth of the company fully eroded as per the Audited Balance sheet of the company as at 31.03.2009,the company has been referred to BIFR under the SICA provisions. The Rehabilitation Scheme as prepared by IDBI, as the operating Agency, has been approved by BIFR on 12th May 2012.

However the company has been discharged from the purview of SICA/BIFR as per order dated 19th March,2013.

10. Trade payables,Trade receivable and Advances are subject to confirmations.

11. 1 There are certain leasing arrangement for Office premises / House accomodation.Monthly charges in this respect are charged to P & L Account.

12. 2 The company has given Office premises & Godown on lease to one of the associates company. The rental income of Rs.12.00 lacs (P/y - Rs 17.40 lacs) has been recognised in the accounts for the year.

13. There is no separate reportable segment as the company is predominently engaged in only one segment,i.e.''Polymers Compounding'' therefore,Accounting standard-17 to Segment Reporting,issued by the Institute of Chartered Accountants of India,is not applicable to it.

(a) For Provident fund Defined Contribution Plans

Total amount of Provident fund Expenses recognised in the Profit & Loss Account is Rs.7.71 lacs, (Previous year Rs.8.23 lacs)

14. Previous period''s figures have been regrouped / rearranged whererver considered necessary to confirm to this year''s classification in view of the Schedule VI.


Mar 31, 2013

1 Corporate Information

Polylink Polymers (India) Limited (the Company) is a public company domiciled in India and incorporated under the provisions of Companies Act 1956. It''s shares are listed on Bombay Stock Exchange Limited. The Company is leading manufacturer of various compounds for Power cable, Telephone cable and Engineering Plastics.

2.1. 1 Contingent liabilities, not provided for in respect of the following:

AS AT YEAR AS AT YEAR ENDED ENDED 31ST MARCH,2013 31ST MARCH,2012 (Rs. In lacs) (Rs. In lacs)

Claims against the company not acknowledged as debt 6.39 10.81

2.2. 2 Commitments As At 31st March 2013 NIL NIL

2.3 Under the Micro, Small and medium Enterprise Development Act,2006 Which came into force on October 2,2006 certain disclosure are required to be made relating to Micro, Small and Medium Enterprise. Based on the information available with the company, there are no amounts payable to micro and small enterprises within the meaning of the Micro, Small and medium Enterprise Development Act,2006.

2.4.1 Foreign exchange variation (Net) dealt with in the profit and loss account Rs. 10.44 lacs (Credit) (previous year Rs.1.73 lacs (Debit)),details of the same are as under :

2.4.2 Unhedged Foreign Exchange Explosure : Debtors Rs.205.01 lacs.

2.5 Selling and Distribution expenses include Rs.13.20 Lacs as Commission/Discount. (Previous year Rs.13.05 Lacs)

2.6 The company identified during 2008 - 09 and also during the current financial year 2012 - 13 certain fixed assets, which were not under use or were unusable / surplus, the realisable value (estimated by management)was lower by Rs.19.28 lacs (Rs.16.00 lacs during 2008-09) wich was provided .

2.7 Write downs and Write offs :During the year the Company reviewed the recoverability of claims and upon such review following amounts were written off / written back :

2.8 Excise duty Expenses represents provision on Closing Stocks for domestic sales.

2.9.1 Interest is payable commencing from 1.1.2010 as past interest has been deferred by the said SASF. Interest has been provided from 01.01.2011 to 31.03.2013 at the agreed rate in these Accounts and the same is payable in six equal installments commencing from 15th,April 2013.

2.9.2 As the net worth of the company fully eroded as per the Audited Balance sheet of the company as at 31.03.2009, the company has been referred to BIFR under the SICA provisions. The Rehabilitation Scheme as prepared by IDBI, as the operating Agency, has been approved by BIFR on 12th May 2011. However the company has been discharged from the purview of SICA/BIFR as per order dated 19th March,2013.

2.10 Trade payables, Trade receivable and Advances are subject to confirmations.

2.11.1 There are certain leasing arrangement for Office premises / House accomodation. Monthly charges in this respect are charged to P & L Account.

2.11.2 The company has given Office premises & Godown on lease to one of the associates company. The rental income of Rs. 17.40 lacs (P/y - Rs 11.80 lacs) has been recognised in the accounts for the year.

2.12 DEFERRED TAX:

The institute of Chartered Accountants of India, has made mandatory, w.e.f.1.4.2001, the Accounting standard-22(AS-22) in respect of Accounting for Taxation of Income''. On the basis of virtual certainty of availability of sufficient future taxable income and also based upon the data available, the company has computed defered tax liability and assets as at 31.03.2013 as under and recognised the Deferred Tax Asset in respect of Past Losses and for other items:

2.13 There is no separate reportable segment as the company is predominently engaged in only one segment,i.e.'' Polymers Compounding'' therefore, Accounting standard-17 to Segment Reporting, issued by the Institute of Chartered Accountants of India, is not applicabl to it.

2.14 Additional Information pursuant to Note 5 of Part II of the Revised Schedule VI of the Companies Act 1956 :

2.15 Previous period''s figures have been regrouped / rearranged whererver considered necessary to confirm to this year'' classification in view of the Schedule VI.


Mar 31, 2012

1 Corporate Information

Polylink Polymers (India) Limited (the Company) is a public company domiciled in India and incorporated under the provisions of Companies Act 1956. It's shares are listed on Bombay Stock Exchange Limited.

The Company is leading manufacturer of various compounds for Power cable, Telephone cable and Engineering Plastics.

2.1.1 a) Addition to the capital during the Year:

6601000 Equity shares of Rs 5/-allotted and issued pursuant to conversion of loan into equity to promoters group,

b) Reduction of the capital during the Year:

During the year, in terms of BIFR order, the company has reduced paid up value of each equity shares from Rs 10/- to Rs 5/- and the resultant amount has been credited to "Surplus/(Deficit)" vide Note No 2.2.

2.1.2 The Company has only one class of shares referred to as equity shares having par value of Rs 5/- Each holder of equity shares is entitled to one vote per share.

2.1.3 Shares in respect of each class in the company held by its holding company rights ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate : NIL

2.1.4 Shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and amounts : NIL

2.1.5 In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts.

However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

2.1.6 The details of shareholders holding more than 5% shares as at 31st March,2012 is set out below:

Note:-

1 Term loans facilities from IDBI and / or Negotiated Settelment Dues of Stressed Assets Stabilization Fund (SASF) are secured by way of charge by deposit of title deeds and mortgage of all immovable properties of the compay including its movable plants & machinery, machinery spares , tools and other movable both present and future (save and except - book debts) subject to the charge created / to be created by the company in favour of its bankers on the company's stock and book debts to secure its working capital requirement; and personally guaranteed by a Director and an Ex-Director of the company . Also certain promotors / Group companies / Associates belonging to the promoters have pledged their certain shareholdings. The same is payable in 12 equal monthly instalments commencing from 15th April 2012 to 15th March 2013.

2 Finance Lease obligations are secured by hypothecation of specific assets taken on such lease. The same are repayable as per the terms of agreement.

3 The deferment of electricity duty from Goverment is repayable in 60 equal monthly instalments commencing from 1st April 2009 to 31st March 2014.

4 Interest on Term loan amounting to Rs 79.96 lacs from IDBI/SASF is repayable in 6 equal installments commencing from 15th April 2013.

5 Loan from related parties is payable as per BIFR Scheme.

Note:-

1 Working capital facilities from Axis Bank Ltd is secured by hypothecation of current assets(by way of first charge) including company's stock (present & future ) of Raw materials,Semi finished and f'nished goods,Consumable stores and Book Debts and also by way of second charge over all immovable properties of the company and personally guaranteed by one Director ,and also by way of corporate guarantee of an associate company,Namely Facit Commosales Private Ltd.and further pledge of their or its share holdings in certain company.

2 Cash credit/working capital loan from bank is payable on demand.

3 Letter of credit loan from bank is repayable as per the terms of agreement.

4 Loans from other parties are payable on demand.

2.2.1 Contingent liabilites, not provided for in respect of the following:

As at As at Year ended Year ended 31st March,2012 31st March,2011 (Rs. In lacs) (Rs. In lacs)

Claims against the company not acknowledged as debt 10.81 10.81

2.2.2 Commitments As At 31st March 2012----NIL

2.3 Under the Micro, Small and medium Enterprise Development Act,2006 Which came into force on October 2,2006 certain disclosure are required to be made relating to Micro, Small and Medium Enterprise. The company is in , the process of obtaining relevant information from its suppliers about their coverage under the Act. Since the relevent information is not readily available, no disclosures could be made in the Accounts.

2.4 1 Unhedged Foreign Exchange Explosure : Debtors Rs.123.52 lacs.

2.5 Selling and Distribution expenses include Rs.13.05 Lacs as Commission/Discount.(Previous year Rs.13.88 Lacs)

2.6 The company identified during 2008-09 certain fixed assets,which were not under use or were unusable / surplus,the relisable value (estimated by management) was lower by Rs. 16.00 lacs which was provided.There are no further loss as to assets impairment during the year.

2.7 Write downs and Write offs :During the year the Company reviewed the recoverability of claims and upon such review following amounts were written off / written back :

2.8 Excise duty Expenses represents provision on Closing Stocks for domestic sales.

2.8 1 Stressed Assets Stabilization Fund (SASF),to whom IDBI assigned its debt recoverable from the company,has gave its approval of Negotiated Settelment (NS)(Letter dated June 27,2005 vide letter no.BY/ SASF/ P0LPIL/906 and further amended by letter dated July 16,2005 vide letter No.BY/SASF/POLPIL/1146) at a sum of Rs.15.50 crores in full and and final settelement of its principal,Interest and over due interest etc.accrued up to 31.03.2012for which cut off date was determinded as 01.04.2005. The said SASF has rescheduled ,repayment dates vide its letter no BY/SASF/Polylink/461 dated 28th May 2010.

2.8 2 Interest is payable commencing from 1.1.2010 as past interest has been deferred by the said SASF.

Interest has been provided from 01-01.2011 to 31.03.2012 at the agreed rate in these Accounts and the same is payable in six equal installments commencing from 15th,April 2013.

2.8 3 As the net worth of the company fully eroded as per the Audited Balance sheet of the company as at 31.03.2009,the company has been referred to BIFR under the SICA provisions. The Rehabilitation Scheme as prepared by IDBI, as the operating Agency, has been approved by BIFR on 12th May 2012.

2.9 Trade payables,Trade receivable and Advances are subject to confirmations.

2.10 1 There are certain leasing arrangement for Office premises / House accomodation.Monthly charges in this respect are charged to P & L Account.

2.10 2 The company has given Office premises & Godown on lease to one of the associates company. The rental income of Rs. 11.80 lacs (P/y - Rs 7.80 lacs) has been recognised in the accounts for the year.

2.11 DEFERRED TAX:

The institute of Chartered Accountants of India,has made mandatory,w.e.f.l.4.2001,the Accounting standard- 22(AS-22) in respect of 'Accounting for Taxation of Income'. On the basis of virtual certainty of availability of sufficient future taxable income and also based upon the data available,the company has computed defered tax liability and assets as at 31.03.2012 as under and recognised the Deferred Tax Asset in respect of Past Losses and for other items:

2.12 There is no separate reportable segment as the company is predominently engaged in only one segment,i.e.' Polymers Compounding' therefore,Accounting standard-17 to Segment Reporting,issued by the Institute of Chartered Accountants of India,is not applicabl to it.

2.13 Previous period's figures have been regrouped / rearranged whererver considered necessary to confirm to this year's classification in view of the Revised Schedule VI.


Mar 31, 2010

A. Contingent liabilites, not provided for in respect of the following:

AS AT YEAR AS AT YEAR ENDED ENDED 31ST MARCH,2010 31ST MARCH.2009 (Rs.) (Rs.)

i) Claims against the company not acknowledged as debt 1,080,850 1,080,850

ii) Bills discount with Axis Bank Ltd 0 890,695

B Under the Micro, Small and medium Enterprise Development Act,2006 Which came into force on October 2,2006certain disclosure are required to be made relating to Micro, Small and Medium Enterprise. The company is in the process of obtaining relevant information from its suppliers about their coverage under the Act. Since the relevent information is not readily available, no disclosures could be made in the Accounts

C. i) Selling and Distribution expenses include Rs. 13.16 Lacs as Commission/Discount.(Previous year Rs.20.20 Lacs)

ii) The company identified during 2008-09 certain fixed assets.which were not under use or were unusable / surplus, the relisable value (estimated by management) was lower by Rs. 15,99,586/- which was provided.There are no further loss as to assets impairment during the year.

v) Exciseduty Expenses represents provision on Closing Stocks.

D. i) Stressed Assets Stabilization Fund (SASF).to whom IDBI assigned its debt recoverable from the company.has gave its approval of Negotiated Settelment (NS)(Letter dated June 27,2005 vide letter no.BY/ SASF/POLPIL/906 and further amended by letter dated July 16,2005 vide letter No.BY/SASF/ POLPIL/1146) at a sum of Rs.15.50 crores in full and and final settelement of its principal,Interest and over due interest etc.accrued up to 31,03.2005,for which cut off date was determinded as 01.04.2005 ;against the total outstading of Rs.27,72,66,619/- and accordingly a sum of Rs. 12,22,66,619/-was written back as Excess Provision (As Exceptional Income) in the year 2005-06. The said SASF has rescheduled ,from time to time ,repayment dates.however up to 31.03.2010,the total amount of dafaults on account of repayment is Rs.Nil (Previous year Rs. 110.00 lacs).The company is contigently liable for past waivers in case of dafaults.

ii) Interest is payable commencing from 1.1.2010 as past interest has been deffered by the said SASF.Interest has been provided from 01.01.2010 to 31.03.2010 at the agreed rate.

iii) As the net worth of the company has been fully eroded as per the Audited Balance sheet of the company as at 31.03.2009, the company has been refferedto BIFR under theSICA provisions.The rehabilitation scheme is under preperation by IDBI,being the Operating Agency appointed by the BIFR.

E. Though Companys entire net worth has been eroded ,it has prepared its accounts on a Going Concern Basis as the management is hopeful that company can be revived in view of the Negotiated Settlement finalised with the Stressed Assets Stabilization Fund (SASF) to whom the IDBI has assigned its debt recoverable from the company and with the continued support of its promoters / promoter group companies as well as the reference to BIFR made by the Company, and the Rehabilation scheme being framed by IDBI

F. Debtors .Creditors and Advances are subject to confirmations.

G. a) There are certain leasing arrangement for Office premises / House accomodation.Monthly charges in this respect are charged to P & L Account.

b) The company has given Office premises on lease to one of the associates company. The rental income of Rs.5.40 lacs has been recognised in the accounts for the year.

H DEFERRED TAXATION :

The institute of Chartered Accountants of lndia,has made mandatory, w.e.f.1.4.2001,the Accounting standard-22(AS-22) in respect of Accounting for Taxation of Income Accordingly.the company has computed deferred tax liability and assets as at 30.03.2010 and also based upon the data available ,it is to creat deferred tax assets. However ,no such assets has been recognised keeping in view of preadunce and also as the company is not virtually certain supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realised.

I There is no separate reportable segment as the company is predominently engaged in only one segmentj.e.,Polymers Compounding therefore.Accounting standard-17 to Segment Reporting,issued by the Institute of Chartered Accountants of India.is not applicabl to it.

(b) For Provident fund Defined Contribution Plans Total amount of Provident fund Expenses recognised in the Profit & Loss Account is Rs. 6.27 lacs,( Previous year Rs.8.24 lacs)

J Related party disclosure as require by Accounting Standard-18 (AS-18) "Related Parties Disclosure" issued by the Institute of Chartered Accountants Of India are given below :

i) LIST OF RETLATED PARTIES :

A. Associate Companies :

-Kashipur Holdings Ltd

-India Glycols Ltd

-Lund & Blockley Pvt Ltd

B. Key Management Personnel & their relatives

-Mr R.P.Goyal -Director (Finance & Commercial)

-Mrs Neeta Goyal (Wife of shri R.P.Goyal)

C. Enterprise over which key managerial personnel or their relatives have control: -N2N Impex Pvt. Ltd.

K. Previous periods figures have been regrouped / rearranged whererver considered necessary to confirm to this years classification.