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Notes to Accounts of PTL Enterprises Ltd.

Mar 31, 2015

1. Contingent Liabilities

(Rs. Lacs)

Particulars 2014-15 2013-14

Income Tax 1266.00 1527.00

Service Tax 2880.62 2880.62

Employee Liability 1.14 1.14

Corporate Guarantee 18.79 -

2 a) A deferred tax asset (Net) amounting to Rs. 576.73 Lacs (previous year Rs. 408.87 Lacs has been recognized in the accounts for the year in accordance with the Accounting standard "Accounting for taxes on Income" (AS 22). The deferred tax asset in respect of gratuity and leave encashment liability has been recognized during the year in view of the sustained profitability and regular tax payouts.

3 The Company had taken 20.78 acres of land on 90 years lease w.e.f. 24.05.2007 at a premium of Rs. 519.50 lacs and the premium with other capitalized cost is amortized over a period of 90 years. Monthly lease rental, lighting expenses, water charges etc. are debited as revenue expenditure.

4 The Company has leased out its plant to Apollo Tyres Ltd. The lease is extended for a period of 8 years up to March 31,2022 vide agreement dated May l,2012.The lease rent, which is renewable annually as per the lease agreement at a rate to be mutually agreed, amounting to Rs. 4,000 Lacs for the year, has been credited to statement of Profit & Loss.

5 The Company''s operation predominantly comprises of only one segment -Income from lease of plant to Apollo Tyres Ltd as per agreement and there are no other business/ geographical segments to be reported as required under Accounting Standard (AS17) "Segmental Reporting" issued by The Institute of Chartered Accountants of India.

6 Sundry Creditors and Unsecured Loans are subject to confirmation.

7 As per information available with the company

a) Amount due to Micro, Medium & Small Enterprises - Nil (Previous year Nil)

b) Amount due to Labour Welfare Fund - Rs. Nil (Previous year- Rs. 1.22 Lacs )

9 The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving the Company at 15 days salary (last drawn salary) for each completed year of service.

The following table summaries the components of net benefit expense recognized in the profit and loss account and amounts recognized in the balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)

10 Consequent to the adoption of the revised estimation of the useful life of the fixed assets of the Company as stipulated in Schedule II of the Companies Act 2013 with effect from 1st April 2014, the depreciation for the current year is higher by Rs. 26.10 Lacs.

11 Govt, of Kerala, proposed to acquire 62.22 Ares (1.50 Acres) of land held by the company, comprised in Survey No. 369/1 of Trikkakara North Village for the Kochi Metro Rail Project (KMRP), through an agreement to sale dated 03.09.2014 for Rs. 2936.28 Lacs. The rate for the above piece of land was fixed in a tripartite meeting of Kochi Metro officials, District Revenue Officials and representatives of PTL Enterprises Ltd through negotiation at District Level Purchase Committee (DLPC) on 16.12.2013. The rate was fixed on the same basis at which the land acquired from a private party on the opposite side of the road. KMRP has issued D form cheques for 80% of the compensation on 18.09.2014 amounting to Rs. 2325.54 Lacs after deducting TDS of Rs. 23.49 Lacs, however the same were not allowed to be presented by the KMRP and they have filed a complaint to Finance Department (Govt, of Kerala) to reexamine the rates fixed by DLPC. The company has filed a WRIT petition against KMRP in Kerala High court. In view of above since the revenue is not certain, the company has not recognised this income and related TDS.

12 Management have ensured that all specified Domestic transactions have been taken place at Arm''s Length Price only.

13 Previous years figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/ disclosure.


Mar 31, 2013

1. Contingent Liabilities Rs. Lacs

Particulars 2012-13 2011-12

Income Tax 1,171.68 918.32

Service Tax 2,880.62 2,321.62

Employee Liability 1.14 1.14

2. Artemis Medicare Services Ltd. a step down wholly owned subsidiary Company has availed a loan of Rs. 4,600 Lacs from State Bank of India, Rs. 6,400 Lacs from State Bank of Mysore & Rs. 1,400 lacs from GE Money Financial Services Pvt. Ltd.. The Loan is secured by a charge over the entire fixed assets of the Company.

3. a) A deferred tax asset (Net) amounting to Rs. 384.31 Lacs (Rs. 393.26 lacs) has been recognized in the accounts for the year in accordance with the Accounting standard "Accounting for taxes on Income" (AS 22). The deferred tax asset in respect of gratuity and leave encashment liability has been recognized during the year in view of the sustained profitability and regular tax payouts.

b) The Components of Net Deferred Tax Asset/(Liability) as on March 31, 2013 are as under:

4. The Company had taken 20.78 acres of land on 90 years lease w.e.f. 24.05.2007 at a premium of Rs. 519.50 lacs and the premium with other capitalized cost is amortized over a period of 90 years. Monthly lease rental, lighting expenses, water charges etc are debited as revenue expenditure.

5. The Company has leased out its plant to Apollo Tyres Ltd. for a period of eight years upto March 31, 2014. The lease is further extended for a period of eight years upto March 31, 2022 vide agreement dated May 1, 2012. The lease rent, which is renewable annually as per the lease agreement at a rate to be mutually agreed, amounting to Rs. 4,000 Lacs for the year, has been credited to Statement of Profit & Loss,

6. The Company''s operation predominantly comprises of only one segment -Income from lease of plant to Apollo Tyres Ltd as per agreement and there are no other business/ geographical segments to be reported as required under Accounting Standard (AS17) "Segmental Reporting" issued by The Institute of Chartered Accountants of India.

7. Sundry Creditors and Unsecured Loans are subject to confirmation.

8. As per information available with the company

a) Amount due to Micro, Medium & Small Enterprises - Nil (Previous year Nil)

b) Amount due to Investor Education & Protection Fund- Nil (Previous year Nil)

c) Amount due to Labour Welfare Fund - Nil (Previous year Nil)

9. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving the Company at 15 days salary (last drawn salary) for each completed year of service.

The following table summarises the components of net benefit expense recognized in the Statement of Profit and Loss and amounts recognized in the Balance Sheet. (Net of reimbursement from Apollo Tyres Ltd.)

Statement of Profit & Loss

10 Management has ensured that all specified domestic transactions have taken place at Arm''s Length Price only.

11. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclousure.


Mar 31, 2012

1. Contingent Liabilities Rs. Lacs

Particulars 2011-12 2010-11

Income Tax 918.32 516.89

Service Tax 2,321.62 -

Employee Liability 1.14 1.14

2. Artemis Medicare Services Ltd. a step down wholly owned subsidiary Company has availed a loan of Rs 5,000 Lacs from State Bank of India Ernakulam & a loan of Rs. 5,175 Lacs from State Bank of Mysore New Delhi. The Loan is secured by a charge over the entire fixed assets of the Company.

3. a) A deferred tax asset (Net) amounting to Rs. 31.73 Lacs has been recognized in the accounts for the year in accordance with the Accounting standard "Accounting for taxes on Income" (AS 22). The deferred tax asset in respect of gratuity and leave encashment liability has been recognized during the year in view of the sustained profitability and regular tax payouts.

4. The Company had taken 20.78 acres of land on 90 years lease w.e.f. 24.05.2007 at a premium of Rs. 519.50 lacs and the premium with other capitalized cost is amortized over a period of 90 years. Monthly lease rental, lighting expenses, water charges etc are debited as revenue expenditure.

5. The Company has leased out its plant to Apollo Tyres Ltd. for a period of eight years w.e.f. 01.04.2006. The lease rent , which is renewable annually as per the lease agreement at a rate to be mutually agreed , amounting to Rs 4,000 Lacs for the year , has been credited to Statement of Profit & Loss.

6. The Company's operation predominantly comprises of only one segment -Income from lease of plant to Apollo Tyres Ltd as per agreement and there are no other business/ geographical segments to be reported as required under Accounting Standard (AS17) "Segmental Reporting" issued by The Institute of Chartered Accountants of India.

7. Sundry Creditors and Unsecured Loans are subject to confirmation.

8. As per information available with the company

a) Amount due to Micro, Medium & Small Enterprises - Nil (Previous year Nil )

b) Amount due to Investor Education & Protection Fund- Nil (Previous year Nil )

c) Amount due to Labour Welfare Fund - Nil (Previous year Nil )

9. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving the Company at 15 days salary (last drawn salary) for each completed year of service.

The following table summarizes the components of net benefit expense recognized in the Statement of profit & loss and amounts recognized in the balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)

The estimate of future salary increase takes into account inflation, seniority, promotions and other relevant factors.

10. The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly changed the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1. Contingent Liabilities

(Rs. Lacs)

Particulars Amount Amount 2010-11 2009-10

Sales Tax - 137.56

Income Tax 516.89 254.17

Employee Liability 1.14 1.44

2. Artemis Medicare Services Ltd. a step down wholly owned subsidiary company has availed a loan of Rs 5,000 Lacs from State Bank of India Ernakulam & a loan of Rs 5,175 Lacs from State Bank of Mysore, New Delhi. The Loan is secured by a charge over the entire fixed assets of the Company.

3. a). A deferred tax asset (Net) amounting to Rs. 104.83 Lacs has been recognized in the accounts for the year

in accordance with the Accounting standard "Accounting for taxes on Income" (AS 22). The deferred tax asset in respect of gratuity and leave encashment liability has been recognized during the year in view of the sustained profitability and regular tax payouts.

4. The Company had taken 20.78 acres of land on 90 years lease w.e.f. 24.05.2007 at a premium of Rs 519.50 lacs and the premium with other capitalized cost is amortized over a period of 90 years. Monthly lease rental, lighting expenses, water charges etc are debited as revenue expenditure.

5. The Company has leased out its plant to Apollo Tyres Ltd. for a period of eight years w.e.f. 01.04.2006. The lease rent, which is renewable annually as per the lease agreement at a rate to be mutually agreed, amounting to Rs 4,000 Lacs for the year , has been credited to Profit & Loss Account.

6. The Companys operation predominantly comprises of only one segment -Income from lease of plant to Apollo Tyres Ltd as per agreement and there are no other business/ geographical segments to be reported as required under Accounting Standard (AS17) "Segment Reporting" issued by The Institute of Chartered Accountants of India.

7. Sundry Creditors and Unsecured Loans are subject to confirmation.

8. As per information available with the company

(a) Amount due to Micro, Medium & Small Enterprises - Nil (Previous year Nil )

(b) Amount due to Investor Education & Protection Fund- Nil (Previous year Nil )

(c) Amount due to Labour Welfare Fund - Nil (Previous year Nil )

9. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving the Company at 15 days salary (last drawn salary) for each com- pleted year of service.

The following table summarises the components of net benefit expense recognized in the profit and loss account and amounts recognized in the balance sheet (net of reimbursement from Apollo Tyres Ltd.)

10. Previous years figures are given in brackets.

11. Previous years figures have been regrouped wherever necessary.


Mar 31, 2010

1. Contingent Liabilities

Particulars Amount (Rs. Lacs) Amount (Rs. Lacs) 2009-10 2008-09 Sales Tax 137.56 137.56 Income Tax 254.17 211.94 Employee Liability 1.44 1.44

2. Artemis Medicare Services Ltd., a step down subsidiary of the Company has availed a loan of Rs 5,000 Lacs from State Bank of India Ernakulam & a loan of Rs 5,175 Lacs from State Bank of Mysore New Delhi. The Loan is secured by a charge over the entire fixed assets of the Company.

3. a). A deferred tax assets (Net) amounting to Rs 10.49 lacs has been recognised in the accounts for the year in accordance with the Accounting Standard "Accounting for taxes on Income" (AS 22).

The deferred tax asset in respect of gratuity and leave encashment liability has been recognised during the year in view of the sustained profitability and regular tax payouts.

4. The Company had taken 20.78 acres of land on 90 years lease w.e.f. 24.05.2007 at a premium of Rs 519.50 lacs and the premium with other capitalised cost is amortized over a period of 90 years. Monthly lease rental, lighting expenses, water charges etc are debited as revenue expenditure.

5. Extra Ordinary item represents transfer by way of gift of 15,75,500 shares held by the company in its subsidiary "Artemis Health Sciences Ltd.," to CEO of its healthcare business towards his contribution in developing health care business as part of growth and expansion plans of its subsidiary.

6. The investment in Subsidiary company Artemis Health Sciences Ltd to the extent of 5,100 equity shares of Rs 10/-each are held in the name of nominees.

7. The Company has leased out its plant to Apollo Tyres Ltd. for a period of eight years w.e.f. 01.04.2006. The lease rent, which is renewable anually as per the lease agreement at a rate to be mutually agreed, amounting to Rs 2,500 Lacs for the year, has been credited to Profit & Loss Account.

8. The Companys operation predominantly comprises of only one segment -Income from lease of plant to Apollo Tyres Ltd as per agreement and there are no other business/ geographical segments to be reported as required under Accounting Standard (AS17) "Segmental Reporting" issued by The Institute of Char- tered Accountants of India.

9. Some of the Sundry Creditors and unsecured loans are subject to confirmation.

10. As per information available with the company

(a) Amount due to Micro, Medium & Small Enterprises - Nil

(b) Amount due to Investor Education & Protection Fund- Nil

(c) Amount due to Labour Welfare Fund - Nil

11. Information pursuant to the provision of para 3 and 4 of part II of Schedule VI of the Companies Act, 1956 (Quantitative information as certified by the Management).

12. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving the Company at 15 days salary (last drawn salary) for each completed year of service.

The following table summaries the components of net benefit expense recognised in the profit and loss account and amounts recognised in the balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)

13. Previous years figures are given in brackets

14. Previous years figures have been regrouped wherever necessary.

 
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