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Notes to Accounts of Polyspin Exports Ltd.

Mar 31, 2015

1. REPORTING ON RELATED PARTIES :

In accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India, the Company has identified the following companies as Related parties :

A) Associate Companies :

1. Polyspin Limited

2. Lankaspin (P) Ltd., Srilanka.

3. Energyspin (P) Ltd.

4. Chola Packaging Ltd.

5. Ganesh Agra Pack (P) Ltd.

B) Key management Personnel and Relatives :

i) Sri R. RAM JI

Managing Director and CEO

ii) Sri PS. RAMANATHAN

Secretary and Compliance Officer

iii) Sri. S. SEENIVASAVARATHAN Chief Financial Officer

2. Derivatives:

The company uses derivative financial instruments such as forward contracts (both Exports and Imports) to hedge currency exposures, present and anticipated, denominated mostly in US Dollars and Euro. Generally such contracts are taken for exposures materializing in the next twelve month. The company actively manages its currency exposures and uses derivatives to mitigate the risk from such exposures.

The use of derivative instruments is subject to limits and monitoring systems are periodically reviewed by management and the board.

3. As at 31.03.2015, the company has no outstanding dues to Micro, Small and Medium Enterprises. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. The Company has generated power out of Windmill installed at Pazhavoor Taluk, Tirunelveli District, and the generated power was captively consumed by the Company by drawing the power from TNEB Grid. The Power and Fuel consumed is net of Rs. 21.20 Lakhs being the credit given by TNEB for the transfer of power to the Grid.

5. The Company's shares, listed in Madras Stock Exchange were admitted in "Permitted to Trade" category in Bombay Stock Exchange for trading. Since, the Madras Stock Exchange has been closed under the directions of SEBI, trading of our company shares were discontinued with effect from 22.05.2015 in BSE (INDONEXT). Please note, we have already filed with BSE, the application and the fee of Rs. 5 Lakhs for direct listing of our company shares in BSE and the same is under process.

6. Deferred Tax (AS 22):

Deferred Tax Liability (Net) for Rs.36.00 Lakhs as on 31.03.2015 has been provided from the Current year's Profit in accordance with the Accounting for deferred tax in pursuance of AS 22 issued by the Institute of Chartered Accountants of India.

8. Figures relating to previous year have been regrouped wherever found necessary.


Mar 31, 2014

1.1 Rupee Term Loan, Working capital finance from Bank is secured by a First charge, by way of equitable mortgage, of specified assets under this loan.

1.2 Hire Purchase Loan is secured by hypothecation of Specified Vehicle purchased under the Scheme.

1.3 The Loans are additionally secured by Personal Guarantee of two Directors of the Company.

1.4 The Term Loan from Bank are repayable in equated monthly installments.

1.5 The year wise repayment to Term Loan are as follows :

2.1 Working Capital Finance from Bank is further secured by hypothecation of all Current Assets of the Company.

2.2 The Loans are additionally secured by Personal Guarantee of two Directors of the Company.

3.1 Balance with banks includes unclaimed dividend of Rs. 22,56,193 (Previous year Rs. 19,96,162/- )

Others Includes advance to Sundry Creditors, Advance to staff.

2. The Company has fulfilled export obligations, net foreign exchange earnings and other conditions, as applicable till date, in terms of schemes of Government of India, for 100% EOU.

3. EARNINGS PER SHARE :

Year Ended Year Ended 31-03-2014 31-03-2013

a) Net Profit after Tax (Rs.in Lakhs) 315.30 101.29

b) Number of Equity Shares 40,00,000 40,00,000

c) Basic and diluted Earnings per share 7.88 2.53 (Face Value Rs.10/- per Equity Share)

4. REPORTING ON RELATED PARTIES :

In accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India, the Company has identified the following companies as Related parties :

A) Associate Companies :

1. Polyspin Limited

2. Lankaspin (P) Ltd., Srilanka.

3. Energyspin (P) Ltd.

4. Chola Packaging Ltd.

5. Ganesh Agro Pack (P) Ltd.

B) Key management Personnel and Relatives :

i. Sri R. RAMJI - Managing Director

iI. Sri P.S. RAMANATHAN - Secretary

5. SEGMENTWISE REPORTING

As required under Accounting Standard (AS17), the Segment Revenue, Results and Capital employed are furnished below :-

6. Sales tax assessment for the year ended 31.03.2007 has been completed. Income tax assessment for the Assessment year 2010-11 has been completed.

7. As at 31.03.2014, the company has no outstanding dues to Micro, Small and Medium Enterprises. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

8. The Company has generated power out of Wind Mill installed at Pazhavoor Taluk, Tirunelveli District, and the generated power was captively consumed by the Company by drawing the power from TNEB Grid. The Power and Fuel consumed is net of Rs. 16.41 Lacs being the credit given by TNEB for the transfer of power to the Grid.

9. The Company''s shares are listed in Madras Stock Exchange and are permitted for trading in Bombay Stock Exchange (Indonext Platform). The Listing fee for the financial year 2014-15 has been paid.

10. Deferred Tax (AS 22) :

Deferred Tax Liability (Net) for Rs. 34.31 Lakhs as on 31.03.2014 has been provided from the Current year''s Profit in accordance with the Accounting for deferred tax in pursuance of AS 22 issued by the Institute of Chartered Accountants of india.


Mar 31, 2013

1. The Company has fulfilled export obligations, net foreign exchange earnings and other conditions, as applicable till date, in terms of schemes of Government of India, for 100% EOU.

2. REPORTING ON RELATED PARTIES :

In accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India, the Company has identified the following companies as Related parties :

A) Associate Companies :

1. Polyspin Limited

2. Lankaspin (P) Ltd., Srilanka.

3. Energyspin (P) Ltd.

4. Chola Packaging Ltd.

5. Ganesh Agro Pack (P) Ltd.

B) Key management Personnel and Relatives :

i. Sri A. RAMMOHAN RAJA - Managing Director (Upto 31st January 2013)

ii. Sri R. RAMJI - Managing Director (From 1st April 2013)

3. As at 31.03.2013, the company has no outstanding dues to Micro, Small and Medium Enterprises. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. The Company has generated power out of Wind Mill installed at Pazhavoor Taluk, Tirunelveli District, and the generated power was captively consumed by the Company by drawing the power from TNEB Grid. The Power and Fuel consumed is net of Rs. 17.38 Lacs being the credit given by TNEB for the transfer of power to the Grid.

5. The Company''s shares are listed in Madras Stock Exchange and are permitted for trading in Bombay Stock Exchange (Indolent Platform). The Listing fee for the financial year 2012-13 has been paid.

6. Deferred Tax (AS 22) :

Deferred Tax Liability (Net) for Rs. 20.87 Lakhs as on 31.03.2013 has been provided from the Current year''s Profit in accordance with the Accounting for deferred tax in pursuance of AS 22 issued by the Institute of Chartered Accountants of India.

7. Contingent Liabilities not Provided For :

31.03.2013 31.03.2012 ( Rs. in Lakhs)

i) Unexpired Letter of Credit 35.47 148.99

ii) Bank Guarantee 10.00 10.00

8. Figures relating to previous year have been regrouped wherever found necessary.


Mar 31, 2012

1.1 Rupee Term Loan Working capital finance from Bank is secured by a First change, by way of equitable mortgage, of specified assets under this loan.

1.2 Hire Purchase Loan is secured by hypothecation of Specified Vehicle purchased under the Scheme.

1.3 The Loans are additionally secured by Personal Guarantee of two Directors ofthe Company.

1.4 The Term Loan from Bank are repayable in equated monthly installments.

The year wise repayment to Term Loan are as follows

2.1 Working Capital Finance from Bank is further secured by hypothecation of all Current Assets of the Company.

2.2 The Loans are additionally secured by Personal Guarantee of two Directors of the Company.

3.1 Balance with banks includes unclaimed dividend of Rs. 17,06,620/- (Previous year Rs. 15,27,095/-)

Others Includes advance to Sundry Creditors, Advance to staff.

4. The Company has fulfilled export obligations, net foreign exchange earnings and other conditions, as applicable till date, in termsof schemesofGovernmentoflndia,for100%EOU.

5. REPORTING ON RELATED PARTIES :

In accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India, the Company has identified the following companies as Related parties :

A) Associate Companies :

1. Polyspin Limited 5. Energyspin (P) Ltd.

2. Lankaspin (P) Ltd., Srilanka. 6. Ramona Industries

3. Chola Packaging Ltd.

4. Ganesh Agro Pack (P) Ltd.

B) Subsidiary Company :

Polyspin USA Inc., USA.

C) Key management Personnel and Relatives :

i. Sri A. RAMMOHAN RAJA - Managing Director

ii. Sri R. RAMJI - Joint Managing Director

6. As at 31.03.2012, the company has no outstanding dues to Micro, Small and Medium Enterprises. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

7. The Company has generated power out of Wind Mill installed at Pazhavoor Taluk, Tirunelveli District, and the generated power was captively consumed by the Company by drawing the power from TNEB Grid. The Power and Fuel consumed is net of Rs. 16.71 Lacs being the credit given by TNEB for the transfer of power to the Grid.

8. The Company's shares are listed in Madras Stock Exchange and are permitted for trading in Bombay Stock Exchange (Indonext Platform). The Listing fee for the financial year 2012-13 has been paid.

9. Deferred Tax (AS 22):

Deferred Tax Liability (Net) for Rs. 30.70 Lakhs as on 31.03.2012 has been provided from the Current year's Profit in accordance with the Accounting for deferred tax in pursuance of AS 22 issued by the Institute of Chartered Accountants of india.

10. Figures relating to previous year have been regrouped wherever found necessary.


Mar 31, 2011

1. The Company has fulfilled export obligations, net foreign exchange earnings and other conditions, as applicable till date, in termsof schemes of Government of India, for100%EOU.

2. SECURED LOANS:

i) Rupee Term Loan and Working capital finance from Bank is secured by a First charge, by way of equitable mortgage, of specified land and hypothecation of specified assets under this loan.

ii) Working Capital Finance from Bank is further secured by hypothecation of all Current Assets of the Company.

iii) The Loans are additionally secured by Personal Guarantee of two Directors of the Company.

iv) Hire Purchase Loan is secured by hypothecation of Specified Vehicle purchased under the scheme.

3. The Company's Business activity falls within a single primary business segment, viz, manufacture of PP Woven FIBC Bags. As such, there are no separate reportable segments as per Accounting Standard 17.

4. REPORTING ON RELATED PARTIES :

In accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India, the Company has identified the following companies as Related parties :

A) Associate Companies:

1. Polyspin Limited 5. Energyspin (P) Ltd.

2. Lankaspin (P) Ltd., Srilanka. 6. Ramona Filaments

3. Chola Packaging Ltd. 7. Ramona Industries

4. Ganesh Agro Pack (P) Ltd.

B) Subsidiary Company: Polyspin USA Inc., USA.

C) Key management Personnel and Relatives :

i. Sri A. RAMMOHAN RAJA - Managing Director

ii. Sri R. RAMJI - Joint Managing Director

5. Sales tax assessment for the year ended 31.03.2005 has been completed. Income tax assessment for the Assessment year 2005-06 has been completed.

6. As at 31.03.2011, the company has no outstanding dues to Micro, Small and Medium Enterprises. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

7. The Company has generated power out of Wind Mill installed at Pazhavoor Taluk, Tirunelveli District, and the generated power was captively consumed by the Company by drawing the power from TNEB Grid. The Power and Fuel consumed is net of Rs. 12.38 Lacs being the credit given by TNEB for the transfer of power to the Grid.

8. The Company's shares are listed in Madras Stock Exchange and are permitted for trading in Bombay Stock Exchange (Indonext Platform). The Listing fee for the financial year 2011-12 has been paid.

9. Deferred Tax (AS 22):

Deferred Tax Liability (Net) for Rs. 54.50 Lakhs as on 31.03.2011 has been provided from the Current year's Profit in accordance with the Accounting for deferred tax in pursuance of AS 22 issued by the Institute of Chartered Accountants in india.


Mar 31, 2010

1. The Company has fulfilled export obligations, net foreign exchange earnings and other conditions, as applicable till date,in termsof schemes of Government of India, for100%EOU.

2. SECURED LOANS:

i) Rupee Term Loan and Working capital finance from Bank is secured by a First charge, by way of equitable mortgage, of specified land and hypothecation of specified assets under this loan.

ii) Working Capital Finance from Bank is further secured by hypothecation of all Current Assets of the Company.

iii) The Loans are additionally secured by Personal Guarantee of two Directors of the Company.

iv) Hire Purchase Loan is secured by hypothecation of Specified Vehicle purchased under the scheme.

3. The Companys Business activity falls within a single primary business segment, viz, manufacture of PP Woven FIBC Bags. As such, there are no separate reportable segments as per Accounting Standard 17.

4. REPORTING ON RELATED PARTIES :

In accordance with the Accounting Standard 18 issued by the Institute of Chartered Accountants of India, the Company has identified the following companies as Related parties :

A) Associate Companies :

1. Polyspin Limited 5. Energyspin (P) Ltd.

2. Lankaspin (P) Ltd., Srilanka. 6. Ramona Filaments

3. Chola Packaging Ltd. 7. Ramona Industries

4. Ganesh Agro Pack (P) Ltd.

B) Subsidiary Company: Polyspin USA Inc., USA.

C) Key management Personnel and Relatives :

i. Sri A. RAMMOHAN RAJA - Managing Director

ii. Sri R. RAMJI - Joint Managing Director

5. As at 31.03.2010, the company has no outstanding dues to Micro, Small and Medium Enterprises. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6. The Companys shares are listed in Madras Stock Exchange and are permitted for trading in Bombay Stock Exchange (Indonext Platform). The Listing fee for the financial year 2010-11 has been paid.

7. Deferred Tax (AS 22):

Deferred Tax Asset for Rs.255000/- has been withdrawn from Deferred Tax Liability in accordance with Accounting for deferred tax in pursuance of AS 22 issued by the Institute of Chartered Accountants of India.

8. Contingent Liabilities not Provided For:

31.03.2010 31.03.2009

(Rs. in Lakhs)

i) Unexpired Letter of Credit 22.96 63.02

ii) Bank Guarantee 10.00 10.00

iii) Service Tax demand not ccepted

a) Dispute before the High Court 12.67 12.67

b) Under Appeal Nil 18.31


Mar 31, 2000

For the year ended 31.03.2000 31.03.1999

1. Contingent Liabilities not Provided For :

i) Unexpired Letter of Credit : Rs. 21.32 Lacs ( Rs. 26.39 Lacs )

ii) Bank Guarantees : Rs. 10.00 Lacs ( Rs. 10.00 Lacs )

2. Figures relating to previous year have been regrouped wherever found necessary.

 
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