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Notes to Accounts of Raj Packaging Industries Ltd.

Mar 31, 2015

A. NATURE OF OPERATIONS

Raj Packaging Industries Limited was incorporated on 18th June, 1987 in Hyderabad, Telangana.It has got manufacturing facility at the outskirts of Hyderabad and engaged in manufacture of multilayer co-extruded plastic film and flexible packaging material. It is a part of the plastic packaging material industry.

B. OTHER NOTES

1. In the opinion of the Board, all the assets other than Non-current Assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for depreciation and all other known liabilities is adequate and not in excess of the amount reasonably necessary.

2.1 Contingent Liabilities and Commitments (to the extent not provided for) - Nil.

2.2 The Company's pending litigations comprise of claims against the Company and proceedings pending with Tax and other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not reasonably expect the outcome of these proceedings to have a material impact on its financial statements.

3. Balances in Trade Payables, Trade Receivables, Other Current Liabilities and Loans and Advances are subject to confirmations, reconciliation & adjustments. In the opinion of the management, adjustments, if any, on such confirmations / reconciliations will not have material impact on the profit for the year.

4. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

5. In terms of Accounting Standard 17, the Company operates materially only in one business Segment viz., Plastic Films and has its production facilities and all other assets located in India. Sales comprise of export sales of Rs. 1,02,87,419 (Previous Year Rs. Nil) and local sales of Rs. 43,95,66,082 (Previous Year Rs. 42,81,41,260)

6. Disclosure in respect of related parties pursuant to Accounting Standard 18:

(A) List of related parties:

Related parties with whom company entered into transactions during the year:

i) Companies in which directors are interested:

Chetanya Securities Private Limited

ii) Key Management Personnel

Shri Prem Kankaria, Managing Director (M.D)

Shri M. Narsimha, CFO (Chief Financial Officer)

iii) Relative of Key Management Personnel and their entities

Miss Neepa Kankaria, Daughter of M.D

Mrs Shyama Kankaria, Spouse of M.D

Kankaria Leasing & Finance Private Limited

7. Previous years figures have been regrouped / rearranged where ever necessary to conform to the current year's presentation.




Mar 31, 2014

NATURE OF OPERATIONS

Raj Packaging Industries Limited was incorporated on 18th June, 1987 in Hyderabad, Andhra Pradesh. It has got manufacturing facility at the outskirts of Hyderabad and engaged in manufacture of multilayer co- extruded plastic film and flexible packaging material. It is a part of the plastic packaging material industry.

Note 1

A. OTHER NOTES

1. In the opinion of the Board, all the assets other than Non-current Assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for depreciation and all other known liabilities is adequate and not in excess of the amount reasonably necessary.

2. Balances in Trade Payables, Trade Receivables, Other Current Liabilities and Loans and Advances are subject to confirmations, reconciliation & adjustments. In the opinion of the management, adjustments, if any, on such confirmations / reconciliations will not have material impact on the profit for the year.

3. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

4. In terms of Accounting Standard 17, the Company operates materially only in one business Segment viz., Plastic Films and has its production facilities and all other assets located in India.

6. Disclosure in respect of related parties pursuant to Accounting Standard 18:

(A) List of related parties:

Related parties with whom company entered into transactions during the year:

i) Companies in which directors are interested:

Chetanya Securities Private Limited

Peekay Securities Private Limited (w.e.f 08.04.2013)

ii) Key Management Personnel

Shri Prem Kankaria, Managing Director

iii) Relative of Key Management Personnel and their entities

Miss Neepa Kankaria, Daughter

Kankaria Leasing & Finance Private Limited

Notes:

1. No amounts in respect of related parties have been written off / written back during the year.

2. Figures in bracket represent previous year''s figures.

3. Related parties are as identified by the management and relied upon by the auditors.

12. Previous years figures regrouped / rearranged where ever necessary to conform to the current year''s presentation.


Mar 31, 2013

NATURE OF OPERATIONS

Raj Packaging Industries Limited was incorporated on 18th June, 1987 in Hyderabad, Andhra Pradesh. It has got manufacturing facility at the outskirts of Hyderabad and engaged in manu- facture of multilayer co-extruded plastic film and flexible packaging material. It is a part of the plastic packaging material industry.

1. In the opinion of the Board, assets other than fixed assets and non-current investment have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The provision for depreciation and all other known liabilities is adequate and not in excess of the amount reasonably necessary.

2. Balances in Trade Payables, Trade Receivables and Short Term loans and Advances are subject to confirmations, reconciliation & adjustments. In the opinion of the management, adjustments, if any, on such confirmations / reconciliations will not have material impact on the loss for the year.

3. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

4. In accordance with the practice being followed by the Company, no provision has been made in respect of estimated total liability for future payment of Gratuity and Leave Encashment and the same is being accounted for as and when paid which is not in accordance with the accounting method prescribed in Accounting Standard 15 - "Employee Benefits" issued by the Institute of Chartered Accountants of India. However, in the opinion of management, it will not have any material financial impact on the results of the company.

5. In terms of Accounting Standard 17, the Company operates materially only in one business Segment viz., Plastic Films and has its production facilities and all other assets located in India.

6 Disclosure in respect of related parties pursuant to Accounting Standard 18:

(A) List of related parties:

Related parties with whom company entered into transactions during the year:

i) Companies in which directors are interested:

Kankaria Leasing & Finance Private Limited Chetanya Securities Private Limited

ii) Key Management Personnel

Shri Prem Kankaria, Managing Director

Relative of Key Management Personnel

Miss Neepa Kankaria, Daughter

7. Previous years figures regrouped / rearranged where ever necessary to conform to the current year''s presentation.


Mar 31, 2012

(A) The Company has only one class of equity shares having par value of Rs.10. Each holder of equity shares is entitled to only one vote. The shareholders have the right to receive interim dividend declared by the Board of Directors and final dividend proposed by the Board of Directors and approved by the shareholders. In the event of liquadation of the Company, the holder of equity shares will be entitled to receive 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.

(B) As per records of the Company, including its Register of Shareholders/Members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

NATURE OF OPERATIONS

Raj Packaging Industries Limited was incorporated on 18th June, 1987 in Hyderabad, Andhra Pradesh. It has got manufacturing facility at the outskirts of Hyderabad and engaged in manufacture of multilayer co-extruded plastic film and flexible packaging material. It is a part of the plastic packaging material industry.

1. Contingent liabilities and commitments (to the extent not provided for):

Particulars Year ended Year ended 31.03.2012 31.03.2011 Rs. Rs.

Commitments Estimated amount of contracts remaining to be executed on capital account and not provided for, Net of Advances Rs. 5,40,000. __ 13,81,000



2. In the opinion of the Board, all the assets other than fixed assets have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for depreciation and all other known liabilities is adequate and not in excess of the amount reasonably necessary.

3. Balances in Trade Payables, Trade Receivables and Short Term loans and Advances are subject to confirmations, reconciliation & adjustments. In the opinion of the management, adjustments, if any, on such confirmations / reconciliations will not have material impact on the loss for the year.

4. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

5. In accordance with the practice being followed by the Company, no provision has been made in respect of estimated total liability for future payment of Gratuity and Leave Encashment and the same is being accounted for as and when paid which is not in accordance with the accounting method prescribed in Accounting Standard 15 - "Employee Benefits" issued by the Institute of Chartered Accountants of India. However, in the opinion of management, it will not have any material financial impact on the results of the company.

6. In terms of Accounting Standard 17, the Company operates materially only in one business Segment viz., Plastic Films and has its production facilities and all other assets located in India.

7. Disclosure in respect of related parties pursuant to Accounting Standard 18: (A) List of related parties:

Related parties with whom company entered into transactions during the year:

i) Companies in which directors are interested:

Kankaria Leasing & Finance Private Limited Chetanya Securities Private Limited

Peekay Securities Private Limited

ii) Key Management Personnel

Shri Prem Kankaria, Managing Director Relative of Key Management Personnel Shri Rajendra Kankaria, Brother Miss Neepa Kankaria, Daughter

Notes:

1. No amounts in respect of related parties have been written off / written back during the year.

2. Figures in bracket represent previous year's figures.

3. Related parties are as identified by the management and relied upon by the auditors.

8. a) The Company uses Forward Exchange Contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Company does not enter into any such instruments for trading or speculative purposes.The following are the contracts entered into by the Company and outstanding at the year-end:

9. The Company was using pre-revised Schedule VI to the Companies Act 1956, for the preparation and presentation of its financial statements upto the year ended 31st March 2011. During the year ended 31st March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the Company. The Company has reclassified previous year figures to conform to this year's classification. The adoption of revised Schedule VI does not impact revenue recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2010

1. Additions to fixed assets include a sum of Rs.7,99,530/- capitalized during the year on account of interest paid upto the period when respective assets were ready for its intended use.

2. In the opinion of the management, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which those are stated in the Balance Sheet. The provision for depreciation and for all the known liabilities is adequate and not in excess of what is required.

3. Accounts of certain debtors, creditors, loans and advances and unsecured loans given are subject to confirmation and reconciliation, if any. However, in the opinion of management, there would not be any material impact on the financial statements.

4. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

5. A sum of Rs.48,111 (Previous Year Rs.43,460) on account of unclaimed dividend has not been deposited in the Investor Education and Protection Fund as required under Section 205C of the Companies Act, 1956. However, the process for the remittance of the same has already been initiated.

6. In accordance with the practice being followed by the Company, no provision has been made in respect of estimated total liability for future payment of Gratuity and Leave Encashment and the same is being accounted for as and when paid which is not in accordance with the accounting method prescribed in Accounting Standard 15- "Employee Benefits" issued by the Institute of Chartered Accountants of India. However, in the opinion of management, it will not have any material financial impact on the results of the company.

7. In terms of Accounting Standard 17, the Company operates materially only in one business Segment viz., Plastic Films and has its production facilities and all other assets located in India.

8. Deferred Tax Liabi!ity/(Asset) for the year and at the year end comprise timing differences on account of:

9. Disclosure in respect of related parties pursuant to Accounting Standard 18:

(A) List of related parties:

Related parties with whom company entered into transactions during the year:

i) Companies in which directors are interested: Kankaria Leasing & Finance Private Limited Chaitanya Securities Private Limited

ii) Key Management Personnel Shri Prem Kankaria, Managing Director Relative of Key Management Personnel Shri Rajendra Kankaria, Brother

Notes:

1. No amounts in respect of related parties have been written off / written back during the year.

2. Figures in bracket represent previous years figures.

3. Related parties are as identified by the management and relied upon by the auditors.

10. a) Foreign exchange difference (net) debited to Profit and Loss Account Rs.5,96,910/- (Previous Year credited Rs. 13,39,881/-). b) The Company uses Forward Exchange Contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The Company does not enter into any such instruments for trading or speculative purposes.

11. Additional information pursuant to the provisions of Schedule VI of the Companies . Act,1956

* including sale of Raw Material 5.00 MT (Previous Year Nil)

* Including Semi Finished Goods

* Includes sale of Raw Material 5.00 Mts. (Previous Year Nil)

* evaluated as per Income Tax Rules, wherever applicable

12. Previous years figures have been regrouped and rearranged wherever necessary so as to confirm it with the current years presentation.











 
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