Home  »  Company  »  Prima Plastics L  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Prima Plastics Ltd.

Mar 31, 2015

1. COMPANY OVERVIEW

Company is a public Company, incorporated in India under the provisions of the Companies Act, 1956. The Company is engaged in the business of manufacturing of Plastic Moulded Articles and Aluminum Composite Panel.

2. Terms/rights attached to Equity Shares:

The Company has issued only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Shares is entitled to one vote per share. The Board of Directors of the Company proposed a dividend subject to approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31 2015, the amount of dividend per share recognized as distributions to equity shareholders was Rs. 1.50/- per share of face value of Rs. 10/- each (March 31 2014, Rs. 1/- per share of face value of Rs. 10/- each.)

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, in proportion to their shareholding.

3. Share reserved for issue under options and contracts / commitments:

The Company has not made any contracts / commitments to issue under option (RYNil)

4. Contingent Liabilities not provided for:

Claim against the Company not acknowledged

Sr. No. Particulars March 31,2015

1. Income Tax 1,838,485

2. Dividend Distribution Tax 1,869,530

3. Fringe Benefit Tax 6,000

4. VAT/CST 50,000

5. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance payment) Rs. 1,366,062/- (previous year of Rs. 4,265,948/-).

6. In accordance with Accounting Standard 17 "Segment Reporting”, segment information has been given in the Consolidated Financial Statement and therefore no separate disclosure on segment information is given in these financial statements.

7. Information on Joint Ventures:

a) Contingent Liability in respect of the Jointly Controlled Entities: NIL

b) Capital Commitment in respect of the Jointly Controlled Entities: NIL

c) The proportionate share of assets, liabilities, income & expenditure as on December 31, 2014 based on audited accounts of Prima Dee-Lite Plastics Pvt. Ltd. (50% Joint Venture) are stated as under:

8. Related party disclosure.

Related Party Disclosures as required under Accounting Standard on 'Related Party Disclosure' issued by the Institute of Chartered Accountants of India are given below:

(A) Name of the Related Parties and descriptions of relatives.

Joint Venture Company

Prima Dee-Lite Plastics Pvt. Ltd.

Key Management personnel

Mr. Bhaskar M. Parekh (Chairman) (DIN - 00166520); Mr. Dilip M. Parekh (Managing Director) (DIN - 00166385); Mr. Pratik B. Parekh; Mr. Paras B. Parekh Entities over which the key management personnel and or their relatives are able to exercise significant influence.

Firms (Where the Director has substantial interest)

M/s. Classic Plastics; M/s. Sanya Plastics and M/s. National Plastics and Allied Industries.

9. The previous year figures have been regrouped / reclassified wherever necessary.

INSTRUCTIONS FOR E-VOTING

Prima Plastics Limited CIN - L25206DD1993PLC001470

Registered Office - 98/4, Prima House, Daman Industrial Estate, Kadaiya, Daman - 396 210 (U.T)

Email - investor@primaplastics.com. Tel - (0260) 2220445, Fax - (0260) 2221845, Web Site - www.primaplastics.com

The instructions for shareholders voting electronically are as under:

10. The voting period begins on September 21, 2015 at 9.00 am and ends on September 23, 2015 at 5.00 pm. During this period shareholders of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date September 18, 2015 may cast their vote electronically. The e-voting module shall be disabled by CDSL for voting thereafter.

The shareholders should log on to the e-voting website www.evotingindia.com.

11. Click on Shareholders.

12. Now Enter your User ID

a. For CDSL: 16 digits beneficiary ID.

b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID.

c. Members holding shares in Physical Form should enter Folio Number registered with the Company.

13. Next enter the Image Verification as displayed and Click on Login.

If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier voting of any company, then your existing password is to be used.

If you are a first time user follow the steps given below:

For Members holding shares in Demat Form and Physical Form

PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both demat shareholders as well as physical shareholders)

* Members who have not updated their PAN with the Company/Depository Participant are requested to use the sequence number which is printed on Attendance Slip indicated in the PAN field.

DOB Enter the Date of Birth as recorded in your demat account or in the company records for the said demat account or folio in dd/mm/yyyy format.

Dividend Bank Enter the Dividend Bank Details as recorded in your demat account or in the company records for the said demat Details account or folio.

* Please enter the DOB or Dividend Bank Details in order to login. If the details are not recorded with the depository or company please enter the member id / folio number in the Dividend Bank details field as mentioned in instruction (iv).

14. After entering these details appropriately, click on "SUBMIT” tab.

15. Members holding shares in physical form will then directly reach the Company selection screen. However, members holding shares in demat form will now reach 'Password Creation' menu wherein they are required to mandatorily enter their login password in the new password field. Kindly note that this password is to be also used by the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.

16. For Members holding shares in physical form, the details can be used only for e-voting on the resolutions contained in this Notice.

17. Click on the EVSN - 150820042 on which you choose to vote.

18. On the voting page, you will see "RESOLUTION DESCRIPTION” and against the same the option "YES/NO” for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.

19. Click on the "RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.

20. After selecting the resolution you have decided to vote on, click on "SUBMIT”. A confirmation box will be displayed. If you wish to confirm your vote, click on "OK”, else to change your vote, click on "CANCEL”' and accordingly modify your vote.

21. Once you "CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

22. You can also take out print of the voting done by you by clicking on "Click here to print” option on the Voting page.

23. If Demat account holder has forgotten the same password then Enter the User ID and the image verification code and click on Forgot Password & enter the details as prompted by the system.

24. Note for Non - Individual Shareholders and Custodians

Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required to log on to www.evotingindia. com and register themselves as Corporates.

A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to helpdesk.evoting@cdslindia.com.

After receiving the login details a compliance user should be created using the admin login and password. The Compliance user would be able to link the account(s) for which they wish to vote on.

The list of accounts should be mailed to helpdesk.evoting@cdslindia.com and on approval of the accounts they would be able to cast their vote.

A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.

In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions ("FAQs”) and e-voting manual available at www.evotingindia.com, under help section or write an email to helpdesk.evoting@cdslindia.com.

25. The Registrar and Transfer Agent will dispatch the password along with the Annual Report to the members appearing as on August 21,2015 and the Shareholders who acquired shares after this date and wants to vote by e-voting are requested to contact to the Compliance Officer of the Company for password generation.


Mar 31, 2014

COMPANY INFORMATION

PRIMA PLASTICS LIMITED ("the Company") is a public Company, resident in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the business of manufacturing of Plastic Moulded Articles and Aluminum Composite Panel.

1. SHARE CAPITAL

Terms/rights attached to Equity Shares:

The Company has issued only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Shares is entitled to one vote per share. The Board of Directors of the Company proposed a dividend subject to approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2014, the amount of dividend per share recognized as distributions to equity shareholders was Rs.1/- per share of face value of Rs.10/- each (March 31, 2013, Rs.1/- per share of face value of Rs.10/-each.)

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, in proportion to their shareholding.

2. SHORT TERM BORROWINGS

A. Secured working capital loans are secured by hypothecation of inventories, receivable, other current assets and other tangible fixed assets, pledge of immovable properties and personal guarantee of promoter directors. The working capital is repayable on demand and carries interest @13.85% p.a.

B. Unsecured working capital loan is repayable in 90 days and carries interest @12.50% p.a. and guaranteed by personal guarantee of promoter directors.

3. CURRENT LIABILITIES

In absence of any intimation received from vendors the status of their registration under "The Micro,Small and Medium Enterprises Development Act, 2006", the Company is unable to comply with disclosures required to be made under said Act. There are no amount is payable to any Small Scal Industrial undertaking.

4. OTHER CURRENT LIABILITIES

A. Car loans (two loans) aggregating to Rs.1,331,963/-(previous year Rs.12,57,284/-) are secured against the respective vehicles and at the rate of interest @ 10.99% p.a. The Loans are repayable in equal monthly installments of Rs.81,850/-. Last installments of both the loans are due on September 2017 and October 2017.

B. Unclaimed Dividend do not include any amount, due and outstanding, to be credited to investor Education and protection fund.

5. LONG TERM LOANS AND ADVANCES

A. Security deposits with related parties are interest free and given against the occupation of office premises on rent.

B. Loan to employees is interest free as per Company policy.

C. Loan to Joint Venture is given on interest @7% p.a. and repayable in a period of 3 to 5 years.

6. INVENTORIES

A. Inventories are measured at cost or net realizable value whichever is lower.

B. The excise duty in respect of the inventory of finished goods is included as part of the finished goods.

7. TRADE RECEIVABLES

Trade receivables are due in respect of goods sold in the normal course of business and the normal credit period allowed by the Company is taken in to consideration for computing due dates.

8. Contingent Liabilities not provided for:

Claim against the Company not acknowledged

Sr. No. Particulars March 31, 2014

1. Income Tax 1,838,485

2. Dividend Distribution Tax 1,869,530

3. Fringe Benefit Tax 6,000

4. VAT/CST 100,000

9 . Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance payment) Rs.4,265,948/- (previous year of Rs.1,465,641/-).

10. In accordance with Accounting Standard 17 "Segment Reporting", segment information has been given in the Consolidated Financial Statement and therefore no separate disclosure on segment information is given in these financial statements.

11. The Company''s subsidiary "Prima Global FZE" incorporated on October 21, 2010 at RAS Al Khaimah UAE with an intention to start commercial operation in UAE. Due to economic recession and adverse market conditions business did not materialise. However, no operations were conducted and eventually subsidiary was liquidated and received consideration of Rs. 1,544,712/-.

12. As per Accounting Standards 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has unabsorbed depreciations which is to be carry forward as per the provisions of the Income Tax Act, 1961 and also other deferred tax assets. The Management of the Company considered its prudent not to be recognized any deferred tax assets in the current year.

13. Related party disclosure:

Related Party Disclosures as required under Accounting Standard on ''Related Party Disclosure'' issued by the Institute of Chartered Accountants of India are given below:

(A) Name of the Related Parties and descriptions of relatives.

Joint Venture Company

Prima Dee-Lite Plastics Pvt. Ltd.

Key Management personnel

Mr. Bhaskar M. Parekh (Chairman) (DIN - 00166520); Mr. Dilip M. Parekh (Managing Director) (DIN - 00166385); Mr. Pratik B. Parekh; Mr. Paras B. Parekh.

Entities over which the key management personnel and or their relatives are able to exercise significant influence.

Firms (Where the Director has substantial interest)

M/s. Classic Plastics; M/s. Sanya Plastics and M/s. National Plastics and Allied Industries.


Mar 31, 2013

NOTE NO.1

COMPANY INFORMATION

PRIMA PLASTICS LIMITED ("the Company") is a public Company, resident in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the business of manufacturing of Plastic Moulded Articles and Aluminum Composite Panel.

2. Contingent Liabilities not provided for: Rs. 31.3.2013 31.3.2012

a) Guarantees given by the Company''s Bankers 4,723,355 4,723,355

b) Letter of Credit opened by Bankers and outstanding at the year end. NIL 27,696,265

3. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance payment) Rs.1,465,641/- (previous year of Rs. 3,522,400/-).

4. In the opinion of the management, the Current Assets, Loans and Advances are expected to realize at least amount at which they are stated, if realized in the ordinary course of business and provision of all known liabilities have been adequately made in accounts.

5. In accordance with Accounting Standard 17 "Segment Reporting", segment information has been given in the Consolidated Financial Statement and therefore no separate disclosure on segment information is given in these financial statements.

6. Information on Joint Ventures:

a) Contingent Liability in respect of the Jointly Controlled Entities: NIL

b) Capital Commitment in respect of the Jointly Controlled Entities: NIL (Previous Year Rs. 223,373/-)

c) The proportionate share of assets, liabilities, income & expenditure as on December 31, 2012 based on audited accounts of Prima Dee-Lite Plastics Pvt. Ltd. (50% Joint Venture) are stated as under:

7. As per Accounting Standards 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has unabsorbed depreciations which is to be carry forward as per the provisions of the Income Tax Act, 1961 and also other deferred tax assets. The Management of the Company considered its prudent not to be recognized any deferred tax assets in the current year.

8. Related party disclosure.

Related Party Disclosures as required under Accounting Standard on ''Related Party Disclosure'' issued by the Institute of Chartered Accountants of India are given below:

(A) Name of the Related Parties and descriptions of relatives.

Joint Venture Company

Prima Dee-Lite Plastics Pvt. Ltd.

Subsidiary Company

Prima Global FZE, UAE

Key Management personnel

Mr. Bhaskar M. Parekh (Chairman); Mr. Dilip M. Parekh (Managing Director); Mr. Pratik B. Parekh; Mr. Paras B. Parekh Entities over which the key management personnel and or their relatives are able to exercise significant influence.

Firms (Where the Director has substantial interest)

M/s. Classic Plastics; M/s. Sanya Plastics and M/s. National Plastics and Allied Industries.

(B) The following transactions were carried out with the related parties in the ordinary course of business.

9. The Ministry of Corporate Affairs, Government of India vide General Circular No.2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

10. The previous year figures have been reclassified to conform to this year''s classification.


Mar 31, 2012

NOTE NO.1

COMPANY INFORMATION

PRIMA PLASTICS LIMITED ("the Company") is a public Company, resident in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the business of manufacturing of Plastic Moulded Articles and Aluminum Composite

A. Terms/rights attached to Equity Shares:

The Company has issued only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March 2012, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 1/-per share of face value of Rs. 10/-each (31 March 2011 Rs.1/- per share of face value of Rs. 10/-each).

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, in proportion to their shareholding.

1.1 Car loans (two loans) aggregating to Rs. 577, 806/-(previous year Rs. 1,110,703/-) are secured against the respective vehicles and at the rate of interest @ 8.58% p.a. The Loans are repayable in equal monthly installments of Rs.50,208/- & Rs.50,848/-. Last installments of both the loans are due on Sept-12

1.2 Loan against key man policy from LIC is secured against maturity value and at rate of interest @ 9% p.a. The loan has no repayment terms but will be adjusted from maturity value. The policy is due for maturity on March 2013.

1.3 Unclaimed Dividend do not include any amount, due and outstanding, to be credited to investor Education and protection fund.

2.1 Security deposits with related parties is interest free and given against occupation of office premises on rent.

2.2 Loan to employees is interest free as per Company policy.

2.3 Loan to Joint Venture is given on interest @8% p.a. and repayable in a period of 3 to 5 years.

2.4 Loan to Subsidiaries are interest free and repayable in a period of 3 to 5 years.

3.1 Trade receivables are due in respect of goods sold in the normal course of business and the normal credit period allowed by the Company is taken in to consideration for computing due dates.

NOTE NO. 4

NOTES TO ACCOUNTS

1. Contingent Liabilities not provided for:

Rs.

31.3.2012 31.3.2011

a) Guarantees given by the Company's Bankers 2,596,205 2,996,305

b) Letter of Credit opened by Bankers and outstanding at the year end. 27,696,265 8,428,177

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance payment) Rs.3, 522,400/- (previous year of Rs.5, 512,084/-)

3. In the opinion of the management, the Current Assets, Loans and Advances are expected to realize at least amount at which they are stated, if realized in the ordinary course of business and provision of all known liabilities have been adequately made in accounts.

4. In accordance with Accounting Standard 17 "Segment Reporting", segment information has been given in the Consolidated Financial Statement and therefore no separate disclosure on segment information is given in these financial statements

5. Information on Joint Ventures:

a) Contingent Liability in respect of the Jointly Controlled Entities: NIL

b) Capital Commitment in respect of the Jointly Controlled Entities of Rs. 223,373/- (Previous Year of Rs. Nil).

7. As per Accounting Standards 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has unabsorbed depreciations which is to be carry forward as per the provisions of the Income Tax Act, 1961, and also other deferred tax assets. The Management of the Company considered its prudent not to be recognized any deferred tax assets in the current year.

8. Related Party Disclosure.

Related Party Disclosures as required under Accounting Standard on 'Related Party Disclosure' issued by the Institute of Chartered Accountants of India are given below:

(A) Name of the Related Parties and Descriptions of Relatives.

Joint Venture Company

Prima Dee-Lite Plastics Pvt. Ltd.

Subsidiary Company

Prima Global FZE, UAE

Key Management Personnel

Mr. Bhaskar M. Parekh (Chairman); Mr. Dilip M. Parekh (Managing Director); Mr. Pratik B. Parekh; Mr. Paras B. Parekh Entities over which the key management personnel and or their relatives are able to exercise significant influence.

Firms (Where the Director has substantial interest)

M/s. Classic Plastics, M/s. Sanya Plastics and M/s. National Plastics and Allied Industries

9. The Ministry of Corporate Affairs, Government of India, vides General Circular No.2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

10. The financial statement for the year ended 31st March 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have been reclassified to conform to this year's classification.


Mar 31, 2010

1. Contingent Liabilities not provided for in respect of:

(Rs.) 31.3.2010 31.3.2009

a) Guarantees given by the Companys Bankers 4,705,070 3,989,620

b) Letters of Credit opened by Bankers and outstanding at the year end 14,280,617 6,861,036 .

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance payment) Rs. 8,618,140/- (previous year of Rs.Nil)

3. Remuneration to the Directors of the Company (including the Managing Director) paid or provided in accordance with section 198 of the Companies Act, 1956.

Since the Company does not pay any commission on its net profits, the computation of net profits under section 349 of the Companies Act, 1956 is not required to be appended.

4. In absence of any intimation received from vendors the status of their registration under "The Micro, Small and Medium Enterprises Development Act,2006", the Company is unable to comply with the disclosures required to be made under said Act. There are no amount is payable to any Small Scale Industrial undertaking.

5. In the opinion of the management, the Current Assets, Loans and Advances are expected to realize at least amount at which they are stated, if realized in the ordinary course of business and provision of all known liabilities have been adequately made in accounts.

6. Previous years figures are regrouped, reclassified and recast wherever necessary to conform to this years classification. Figures in brackets pertain to previous year.

7. Related party disclosure

Related party disclosures as required under Accounting Standard on Related Party Disclosure issued by the Institute of Chartered Accountants of India are given below:

A. Name of the related parties and descriptions of relatives.

Joint Venture Company

Prima Dee-Lite Plastics Pvt. Ltd.

Key Management personnel (Whole time Directors).

Mr. Bhaskar M. Parekh

Mr. Dilip M. Parekh

Mr. Pratik B. Parekh

Mr. Paras B. Parekh

Entities over which the key management personnel and/ or their relatives are able to exercise significant influence.

Firms (Where the Director has substantial interest).

i) M/s. Classic Plastics

ii) M/s. Sanya Plastics

iii) M/s. National Plastics Ailled Industries

 
Subscribe now to get personal finance updates in your inbox!