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Notes to Accounts of Pudumjee Industries Ltd.

Mar 31, 2015

1. DISCONTINUING OPERATIONS

The Company has undertaken restructuring initiatives for demerger of the Paper Manufacturing Business of the Company. The Board of Directors of the Company at its Meeting held on 17th January, 2015 has considered and approved a Scheme of Arrangement Demerger) between the company, Pudumjee Pulp & Paper Mills Ltd,. Pudumjee Hygiene Products Ltd. and Pudumjee Paper Products Ltd. As per the Scheme the Paper Manufacturing Business of the Company would be demerged and transferred to Pudumjee Paper Products Limited The appointed date in respect of the scheme is 1 st April ,2014 The Paper Manufacturing is the main business segment of the company. The Scheme is subject to requisite approvals, including sanction of the The Hon'ble High Court at Mumbai which is pending. Accordingly aforesaid Paper Division has been considered as discontinuing operations.

2. To the best of knowledge of the company, none of the creditors are 'Small enterprise' within its meaning under clause (m) of section 2 of the Micro,Small and Medium Enterprises Development Act, 2006 & therefore principal amount,interest paid/payable or accrued is NIL.

3. Long term Investments in the share capital of companies have been shown at cost although there has been diminution in their value

In view of the long term prospects of these companies no permanent diminution in value is envisaged by the management except to the extent provided for.

4. Land admeasuring about 1,400 Sq.Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years. The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed.

5. Depreciation

(a) The Company has adopted the estimates of the useful lives of the Fixed Assets wef.1 st April,2014 as prescribed under schedule II of the companies Act.2013,as a result the charge of Depreciation for the year is lower by Rs.56.56 lacs.

(b) Further an amount of Rs.7.26 lacs has been added to the depreciation for the year in respect of the residual value of assets, whose remaining useful lives has become Nil.

(c) The Company has now adopted straight line method for all the assets instead of written down value method for certain assets. consequently an amount of Rs. 1.13 Lacs has been deducted from depreciation for the year.

(d) Consequent to these changes the depreciation for the year ended 31 st March 2015 is lower by Rs.50.43 Lacs and profit before and after tax is correspondingly higher by the same amount.

(b) The Deferred Tax Asset in respect of carry forward of losses and tax credit has been worked out on the basis of assessment orders, returns of income filed for subsequent assessment years and estimate of the taxable income for the year ending 31st March, 2015

6. Related party disclosures (Accounting Standard 18) :

A) Subsidiary Company

Pudumjee Hygiene Products Ltd. Pudumjee Holding Ltd.

B) Associate Firms/ Companies

a) Pudumjee Pulp & Paper Mills Ltd.

b) Pudumjee Plant Laboratories Limited.

c) Pudumjee Investments and Finance Co.Ltd.

d) Pudumjee Paper Products Ltd.

C) Key Management personnel

1) Mr.G.N.Jajodia Executive Director

2) Mr. Sudhir V. Duppaliwar Chief Finance Officer

3) Mr. J. W. Patil

Deputy Company Secretary V

7. The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits :

a) An amount of Rs.39.44 lacs (Last year Rs.35.84 lacs) has been recognized as an expenses for defined contribution plans by way of Company's contribution to Provident Funds & Superannuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan.The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

c) Expenses recognized during the year and reconciliation of the Assets & Liabilities recognized in Balance Sheet as at 31.03.2015:

8. The items and figures for the previous year have been recast and regrouped wherever necessary to conform to this year's presentation.


Mar 31, 2014

1. (a) : Excluding Rs. 130.39 lacs (Last year Rs. 180.00 lacs) shown under "Current maturities of Long Term Debt" under Note 8. Repayble in 20 equal quarterly installments beginning with 30.9.2010

(b) : Rs.Nil Lacs (Last Year Rs.5.79) shown under current maturities of Long Term Debts under note no.8 since repaid.

(c) : There has been no default in repayment of loan and payment of interest.

Note : There has been no default in repayment of Loan & Payment of Interest in respect of any of aforesaid borrowings.

2. To the best of knowledge of the company, none of the creditors are ''Small enterprise'' within its meaning under clause (m) of section 2 of the Micro,Small and Medium Enterprises Development Act, 2006 & therefore principal amount,interest paid/payable or accrued is NIL.

3. Long term Investments in the share capital of companies have been shown at cost although there has been diminution in their value In view of the long term prospectsof these companies no permanent diminution in value is envisaged by the management except to the extent provided for.

4. Land admeasuring about 1,400 Sq.Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years.The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed.

5. (a) Contingent Liabilities not provided for in respect of:

AS AT AS AT 31.03.2014 31.03.2013

(Rs.in lacs) (Rs.in lacs)

i) Bank Guarantees and Letters of Credit in favour of suppliers of raw materials, spares etc.* 1,189.06 1,360.69

ii) Guarantee for other Companies * 111.96 126.92

iii) Claims against the Company not acknowledged as debts for excise duty, property tax and commercial claims etc. ** 503.43 477.84

* Will not affect the future Profitability.

** May affect the future profitability to the extent indicated, if such liabilities crystallise.

(b) Commitments not provided for in respect of:

i) Estimate of contracts remaining to be executed on capital accounts - 7.98

6. Following significant accounting policies have been adopted in preparation and presentation of the financial statements:

a) Fixed Assets are valued at cost.

b) Borrowing costs comprising interest etc. relating to projects are capitalised up to the date of its completion and other borrowing costs are charged to Profit & Loss Account in the year of their accrual.

c) Depreciation on Machinery & Building has been provided on Straight Line Method and that on the other Assets on Written Down Value method in accordance with Schedule XIV of the Companies Act, 1956 as in force as on the date of Balance Sheet.

d) Finished paper stock is valued at lower of cost or market value. All other inventories are valued at lower of cost on First In First Out Method or realisable value.

e) Investments are classified into current and long term investments.Current investments are stated at lower of cost or fair value.Long term investments are stated at cost, less provision for permanent diminution in value ,if any.

f) (i) Contributions to defined contribution schemes,namely,Provident Fund and Supernnuation Fund is made at a pre-determined rates and are charged to the Profit & Loss Account.

(ii) Contributions to the defined benefit scheme,namely,Gratuity Fund & provision for the remaining Gratuity and for Leave encashment are made on the basis of actuarial valuations made in accordance with the revised Accounting Standard (AS) 15 at the end of each Financial Year and are charged to the Profit & Loss Account of the year.

(iii) Actuarial gains & losses are recognized immediately in the Profit & Loss Account.

g) Foreign Exchange Transactions are recorded at the then prevailing rate.Closing balances of Assets & Liabilities relating to foreign currency transactions are converted into rupees at the rates prevailing on the date of the Balance Sheet.The difference for transactions are dealt with in the Profit & Loss Account.

h) Revenue recognition is postponed to a later year only when it is not possible to estimate it with reasonable accuracy.

i) Factors giving rise to any indication of any impairment of the carrying amount of the company''s assets are appraised at each balance sheet date to determine and provide /revert an impairment loss following accounting standard AS 28 for impairment of assets.

7. The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits :

a) An amount of Rs.35.84 lacs (Last year Rs.35.64 lacs) has been recognized as an expenses for defined contribution plans by way of Company''s contribution to Provident Funds & Super annuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan.The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

8. The items and figures for the previous year have been recast and regrouped wherever necessary to conform to this year''s presentation.


Mar 31, 2013

1.1 Related party disclosures (Accounting Standard 18) :

a) Subsidiary Company

Pudumjee Hygiene Products Ltd. Pudumjee Holding Ltd.

b) Associate Firms/ Companies

a) Pudumjee Pulp & Paper Mills Ltd.

b) Pudumjee Plant Laboratories Limited

c) Pudumjee Investments and Finance Co.Ltd.

d) Prime Developers

c) Key Management personnel

Mr. S. M. Jatia Managing Director

1.2 The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits :

a) An amount of Rs. 35.64 lacs (Last year Rs. 31.77 lacs) has been recognized as an expenses for defined contribution plans by way of Company''s contribution to Provident Funds & Super annuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan. The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

c) Expenses recognized during the year and reconciliation of the Assets & Liabilities recognized in Balance Sheet as at 31.03.2013 :

1.3 The items and figures for the previous year have been recast & regrouped wherever necessary to conform to this year''s presentation


Mar 31, 2012

1.1 To the best of knowledge of the company, none of the creditors are 'Small enterprise' within its meaning under clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 & therefore principal amount, interest paid/payable or accrued is NIL.

1.2 Land admeasuring about 1,400 Sq. Meters has been acquired by Municipal Corporation for road widening purpose in the earlier years. The Company is entitled to TDR with an out side chance of cash compensation, which is yet to be determined and as such this will be included when finally decided since the relevant documentation is yet to be finalised and executed.

1.3 (a) Contingent Liabilities not provided for in respect of:

AS AT AS AT 31.03.2012 31.03.2011 (Rs.in lacs) (Rs.in lacs)

i) Bank Guarantees and Letters of Credit in favour of suppliers of raw materials, spares etc.* 160.01 270.73

ii) Guarantee for other Companies* 156.22 170.27

iii) Claims against the Company not acknowledged as debts for excise duty, property tax and commercial claims etc. ** 518.18 477.09

* Will not affect the future Profitability.

** May affect the future profitability to the extent indicated, if such liabilities crystallise.

(b) Commitments not provided for in respect of: 108.21 29.96

i) Estimate of contracts remaining to be executed on capital accounts

1.4 Related party disclosures (Accounting Standard 18):

a) Subsidiary Company

Pudumjee Hygiene Products Ltd.

Pudumjee Holding Ltd.

b) Associate Firms/ Companies

a) Pudumjee Pulp & Paper Mills Ltd.

b) Pudumjee Plant Laboratories Limited

c) Pudumjee Investments and Finance Co.Ltd.

d) Prime Developers

c) Key Management personnel Mr. S. M.Jatia

Managing Director

1.5 The following are the disclosures required under revised Accounting Standards (AS) 15 in respect of Employee Benefits :

a) An amount of Rs 31.77 lacs (Last year Rs 28.68 lacs) has been recognized as an expenses for defined contribution plans by way of Company's contribution to Provident Funds & Super annuation Fund.

b) The defined benefits plans comprise of Gratuity Plan and Leave Encashment Plan. The Gratuity Plan is partly funded with Life Insurance Corporation of India under its Cash Accumulation Plan.

Expenses aggregating Rs 37.56 lacs ( Last year Rs 11.69 lacs) covered under items (ii),(iii),(iv),(vi) and (x) above have been debited to the Profit & Loss Account under the Head 'Salaries, Wages, Bonus etc.

1.6 The items and figures for the previous year have been recast & regrouped wherever necessary to conform to this year's presentation.

 
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