Home  »  Company  »  Rollatainers Ltd  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Rollatainers Ltd.

Jun 30, 2015

A.For the purpose of calculating diluted earnings per share, the net profit and loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.

b. i) Equity Shares held by Holding Company 93730200 Equity shares (Previous Year 18746040) are held by WLD Investments Pvt Ltd., the holding Company.

ii) Preference Shares held by Holding Company

a) 10% Non-Convertible Redeemable Cumulative Preference Share 1,40,000 Preference shares (Previous year 1,40,000) are held by WLD Investments Pvt Ltd., the holding Company.

b) 2% Redeemable, Non Cumulative, Non Convertible Preference shares 10,00,000 Preference shares (Previous year 10,00,000) are held by WLD Investments Pvt Ltd., the holding Company.

c. i) Terms/right attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs 2/- per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder.

ii) Terms/right attached to Preference Shares

The Preference Shareholders enjoy a preferential right in the payment of dividend during the life time of the Company. The claim of Preference shareholders is prior to the claim of equity shareholders. In the event of winding up of the Company, the redemption of preference shares shall have priority over equity shareholders.

*The Company holds 22499900 Equity Shares having face value of Rs. 10/- each (previous year 22499900 equity shares) of RT Packaging Ltd., Out of which 2499900 equity shares received at NIL value in pursuance to the Reworked Restructuring package dt. 21-07-2015 approved by CDR Cell.

1. Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 6.32 Lacs (Previous Year 6.32 Lacs).

(b) Excise matters: Rs. 8.13 lacs (previous year Rs 33.74 lacs).

(c) Sales Tax Matters : RS. 40.88 Lacs ( Previous year Rs 15.57 Lacs).

2. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities has been made in the books of accounts.

3. In the matter of interest and demages levied by Regional Provident Fund Commissioner Faridabad, the company has filed an appeal with Provident Fund Tribunal in delhi involving a demand of Rs 142.68 Lacs. The company has already deposited a sum of Rs 62.26 Lacs against the above demand.

b) A general description of the lessor's significant leasing arrangements: Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements.

4. SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organization structure and internal reporting system.

The company's operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale.

Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

5. Lease Rent

A Rent Expense includes lease rental payments towards office and factory premises as well as other facilities. Such leases are generally for a period of 11 to 60 months with the option of renewal against increased rent.

B Rent income includes lease rental received towards Packaging Machines. Such operating Lease is generally for Five years with the option of renewable with mutual consent and premature termination of agreement through agreed notice period.


Jun 30, 2014

1. Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 6.32 Lacs (Previous Year 4.33 Lacs).

(b) Excise & Service Tax matters: Rs. 33.74 lacs (previous year Rs 76.58 lacs).

(c) Sales Tax Matters : RS. 15.57 Lacs ( Previous year Rs 53.55 Lacs).

(d) Unexpired Capital Commitments Rs. Nil (Previous year Rs 369 Lacs).

2. As per Accounting Standard-21 on "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India, the Company has presented consolidated financial statements separately in this annual report.

3. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities has been made in the books of accounts.

4. Maximum amount outstanding at any time during the year due from / due to directors is Rs. Nil. (Previous Year Rs. Nil).

5. Rs. 1.43 being loss (Previous year Rs. nil) on account of exchange difference have been debited/credited and shown separately in the Profit and Loss account.

6. Assets given on lease:

b) A general description of the lessor''s significant leasing arrangements:

Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements. The main lessees are Hindustan Lever Limited and Dabur India Limited.

7. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the company has implemented Accounting Standard (AS)-15 (Revised -2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the year in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average year until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The Company, in accordance with AS-15 (Revised) has made the provision for Gratuity and Leave Encashment on projected unit credit method.

8 SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The company''s operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale.

Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that can not be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

9. Related Party Disclosures for the year ended 30th June 2014 in accordance with AS - 18 issued by The ICAI

a) List of related parties & relationships, where control exists.

S. No. Nature of Relationship Name of Party

1 Holding Company WLD INVESTMENTS PVT LTD

2 Key Management Personnel & their Relatives Mr Sagato Mukerji

3 Subsidiary RT Packaging Ltd

10 Lease Rent

A Rent Expense includes lease rental payments towards office and factory premises as well as other facilities. Such leases are generally for a period of 11 to 60 months with the option of renewal against increased rent.

B Rent income includes lease rental received towards Packaging Machines. Such operating Lease is generally for Five years with the option of renewable with mutual consent and premature termination of agreement through agreed notice period.

11 Impairment of Fixed Assets:

In accordance with Accounting Standard (AS-28) on ''Impairment of Assets'' notified by Companies (Accounting Standards) rules 2006, the Company has reassessed its fixed assets and is of the view that no further impairment/ reversal is considered to be necessary in view of its expected realisable value.

12 a) The financial statements for the year ended 30-06-2014 are not comparable with previous period figures which are for nine months.

b) Previous period figures have been re-grouped and/or Re-arranged, where-ever cosidered necessary.

c) All figures or amount, including those in the notes to accounts have been rounded upto the nearest thousand, except wherever specifically mentioned.


Jun 30, 2013

1 Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 4.33 Lacs (Previous Year 34.41 Lacs).

(b) Excise & Service Tax matters: Rs. 76.58 lacs (previous year Rs 3.24 lacs).

(c) Sales Tax Matters : RS. 53.55 Lacs ( Previous year Rs 54.40 Lacs).

(d) Unexpired Capital Commitments Rs. 369 Lacs (Previous year Rs 843.75.

2. Preference share capital issued to National Insurance Company Limited in earlier years has been redeemed out of the proceeds of fresh issue of Non-Convertible Redeemable Cumulative Preference shares.

3. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities has been made in the books of accounts.

4. Maximum amount outstanding at any time during the period due from / due to directors is Rs. Nil. (Previous Year Rs. Nil).

5. Rs. Nil (Previous year Gain of Rs. 0.75 Lacs) on account of exchange difference have been debited/credited and shown separately in the Profit and Loss account.

6. Assets given on lease:

b) A general description of the lessor''s significant leasing arrangements:

Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements. The main lessees are Hindustan Lever Limited and Dabur India Limited.

7. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the Company has implemented Accounting Standard (AS)-15 (Revised -2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the Company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the period in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The Company, in accordance with AS-15 (Revised) has made the provision for Gratuity and Leave Encashment on projected unit credit method.

8 SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The Company''s operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale.

Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that can not be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

B Rent income includes lease rental received towards Packaging Machines. Such operating Lease is generally for Five years with the option of renewable with mutual consent and premature termination of agreement through agreed notice period.

9 Impairment of Fixed Assets:

In accordance with Accounting Standard (AS-28) on ''Impairment of Assets'' notified by Companies (Accounting Standards) rules 2006, the Company has reassessed its fixed assets and is of the view that no further impairment/reversal is considered to be necessary in view of its expected realisable value.

10 a) The financial statements for the period ended 30.06.2013 has been prepared for Nine months. So the previous year figures which are for twelve months are not comparable.

b) All figures or amount, including those in the notes to accounts have been rounded up to the nearest thousands, except wherever specifically mentioned.


Sep 30, 2012

1. Contingent Liabilities in respect of :

(a) Bank Guarantee issued Rs 34.41 Lacs (Previous Year 34.41 Lacs).

(b) Excise matters: Rs. 3.24 lacs (previous year Rs 3.24 lacs).

(c) Sales Tax Matters : RS. 54.40 Lacs ( Previous year Rs 54.40 Lacs)

(D) Unexpired Capital Commitments Rs. 843.75 Lacs (Previous year Rs Nil)

2. Company had accepted Preference Share application money of Rs. 100 Crore from unsecured lenders by converting their outstanding unsecured loans. The company has allotted 10,00,000 (Ten Lacs) 2% Non- Cumulative, Non-Convertible Redeemable Preference Shares of Rs 100/- at a premium of Rs 900/- each to the promoters of the company on preferential basis on 14-08-2012.

3. Preference share capital issued to Oriental Insurance Company Limited in earlier years has been redeemed out of the proceeds of fresh issue of Non-Convertible Redeemable Cumulative Preference shares.

Company has also redeemed Preference Shares issued to National Insurance Company on October 17, 2012 after the Balance Sheet date.

4. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities has been made in the books of accounts.

5. Maximum amount outstanding at any time during the year due from / due to directors is Rs. Nil. (Previous Year Rs. Nil).

6. Rs. 0.85 Lacs being net Loss (Previous year Gain of Rs. 0.75 Lacs) on account of exchange difference have been debited and shown separately in the Profit and Loss account.

b) A general description of the lessor''s significant leasing arrangements:

Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements. The main lessees are Hindustan Lever Limited and Dabur India Limited.

7. Earning per share:

"Earning per share" is calculated in accordance with Accounting Standard-20, issued by the Institute of Chartered Accountants of India:

8. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the company has implemented Accounting Standard (AS)-15 (Revised - 2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the period in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The company, in accordance with AS-15 (Revised) has made the provision for Gratuity and Leave Encashment on projected unit credit method.

Disclosure in respect of "Employees Benefit plans"

9. SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The company''s operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale. Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

B. Rent income includes lease rental received towards Packaging Machines. Such operating Lease is generally for Five years with the option of renewable with mutual consent and premature termination of agreement through agreed notice period.

C. Rent income also includes Lease Rental received towards factory Building. Such operating lease is generally for 36 Months.

10 : Impairment of Fixed Assets:

In accordance with Accounting Standard (AS-28) on ''Impairment of Assets'' notified by Companies (Accounting Standards) rules 2006, the Company has reassessed its fixed assets and is of the view that no further impairment/ reversal is considered to be necessary in view of its expected realisable value.

11: a) The financial statements for the year ended 30.09.2011 were prepared as per the then applicable Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 30.09.2012 are prepared as per Revised Schedule VI. Accordingly, the Previous Year''s figures have been regrouped/reclassified/rearranged wherever necessary to conform to the current year''s classification. The adoption of revised schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

b) All figures or amount, including those in the notes to accounts have been rounded up to the nearest thousands, except wherever specifically mentioned.


Sep 30, 2011

1. Contingent Liabilities:

i) (a) Bank Guarantee issued Rs 34.41 Lacs (Previous Year 34.41 Lacs).

(b) Excise matters: Rs. 3.24 lacs (previous year Rs 1.74 lacs).

(c) Provident fund damages and interest : Rs. Nil (Previous Year Rs 180.81 Lacs)

(d) Sales Tax Matters : RS. 54.40 Lacs ( Previous year Rs 97.79 Lacs)

(d) Penal charges/Interest on account of utilisation unpaid TDS, Provident Fund, ESI and other statutory dues - Amount, if any, un-ascertained.

2. In respect of outstanding fixed deposits and interest thereon, the company has been sanctioned another re- schedulement by the Honorable company Law Board through its order passed on 24th Nov. 2004 which inter- alia prescribes repayment of principle in 8 half yearly installments and payment of interest @ 3.5% p.a. from the date of maturity of respective Fixed Deposits till the date of actual repayment. The above scheme was effective from 1st Jan 2005 and company is following up repayment schedule

3. Confirmation of some of accounts at year-end included under the head "sundry debtors/creditors" and loan & advances is yet to be received as at the date of Audit Report.

4. In respect of cumulative preference shares held by Oriental insurance Corporation Ltd and National Insurance corporation ltd, as stated in Schedule - 1 of share capital, which have also become due for redemption, the unprovoked liability towards the arrear of dividend amounts to Rs. 32.94 lacs (excluding Corporate Dividend Tax, if any) and Rs.179.07 lacs towards dividend for the period after the due date of redemption till the end of the current year i.e 30th September 2011.

Preference share capital issued to canara Bank has been redeemed out of the proceeds of fresh issue of Non- Convertible Redeemable Cumulative Preference shares.

5. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities have been made in the books of accounts.

6. During the year the company has disposed off surplus and redundant assets, which resulted in extra-ordinary loss of Rs 333.77 Lacs.

7. During the year the Company has sold off its entire shareholding in erstwhile subsidiary Company RT Paper Board Ltd (Shown under the head Recoverable from erstwhile subsidiary Company and others in Schedule-6), which resulted into a loss of Rs 699.92 Lacs.

8. Maximum amount outstanding at any time during the year due from / due to directors is Rs.Nil. (Previous Year Rs. Nil).

9. (a) Sundry Creditors include a Sum of Rs 15.65 Lacs (Previous Year Rs 19.38 Lacs) due to Small & Medium Enterprises.

(b) The List of SMEs to whom company owes a sum exceeding Rs.1,00,000 and which is outstanding for more than 30 days is as under:- Bhatia Machine tools, S.I. Industries, M.A. Enterprises, SAP Engineering works, etc.

(c) The Payments to SMEs have been made as per stipulated terms.

(d) The above information has been compiled in respect of parties to the extent to which they could be identified as SMEs on the basis of information available with the company.

10. Rs. 0.75 Lacs being net Profit (Previous period Rs. nil lacs) on account of exchange difference have been debited and shown separately in the Profit and Loss account.

b) A general description of the lessor''s significant leasing arrangements:

Company is leasing out self manufactured fully automatic lined carton packing machines under the operating lease agreements. The main lessees are Hindustan Lever Limited and Dabur India Limited.

11. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the company has implemented Accounting Standard (AS)-15 (Revised - 2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the period in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The company, in accordance with AS-15 (Revised) has made the provision for Gratuity and Leave Encashment on projected unit credit method.

12. SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The company''s operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale. Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

13. i) Previous Year figures have regrouped and/or rearranged, wherever considered necessary.

ii) All figures or amount, including those in the notes to accounts'' have been rounded up to the nearest thousand. Except wherever specifically mentioned.


Sep 30, 2010

1. Contingent Liabilities:

i) (a) Bank Guarantee issued Rs 34.41 Lacs (Previous Year 34.41 Lacs).

(b) Sales Tax Matters: Rs. 97.79 lacs (Previous Period Rs. 172.64 lacs).

(d) Excise matters: Rs. 1.74 lacs (previous year Rs 1.74 lacs).

(e) Provident fund damages and interest : Rs. 180.81Lacs (Previous Rs 180.81 Lacs)

(d) Penal charges/Interest on account of utilisation of unpaid dividend money, interest payable to SSI units, TDS, Provident Fund, ESI and other statutory dues - Amount, if any, un-ascertained.

2. In respect of outstanding fixed deposits and interest thereon, the company has been sanctioned another re- schedulement by the Honourable company Law Board through its order passed on 24th Nov. 2004 which inter- alia prescribes repayment of principle in 8 half yearly instalments and payment of interest @ 3.5% p.a. from the date of maturity of respective Fixed Deposits till the date of actual repayment. The above scheme was effective from 1" Jan 2005 and company is following up repayment schedule

3. Confirmation of some of accounts at year-end included under the head "sundry debtors/creditors" and loan & advances is yet to be received as at the date of Audit Report.

4. In respect of cumulative preference shares, as stated in Schedule -1 of share capital, which have also become due for redemption, the unprovided liability towards the arrear of dividend amounts to Rs. 45.24 lacs (excluding Corporate Dividend Tax, if any) and Rs.202.02 lacs towards dividend,for the period after the due date of redemption till the end of the current year i.e 30th September 2010.

5. In the opinion of the Board of Directors, the current assets and loans & advances, if realized in the ordinary course of business, would be realized at least equal to the amounts at which these have been stated in the balance sheet. Further, provision for all known liabilities have been made in the books of accounts

6. Maximum amount outstanding at any time during the year due from / due to directors is Rs.Nil. (Previous Year Rs. Nil).

7. (a) Sundry Creditors include a Sum of Rs 13.35 Lacs (Previous Year Rs 19.38 Lacs) due to Small & Medium Enterprises.

(b) The List of SMEs to whom company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is as under:-

Bhatia Machine tools, S.A. Engg works, K.B.Engg works. New Age Chemicals, etc.

(c) The Payments to SMEs have been made as per stipulated terms,

(d) The above information has been compiled in respect of parties, to the extent to which they could be identified as SMEs on the basis of information available with the company.

8. Rs. nil Lacs being net toss (Previous period Rs. 0.46 lacs being net loss) on account of exchange difference have been debited and shown separately in the Profit and Loss account.

9. RETIREMENT BENEFITS

The Company has various Schemes of retirement benefits schemes such as Provident Fund, Gratuity and Earned Leaves.

Post Employment Benefit Plans:

Effective from financial year 2007-08, the company has implemented Accounting Standard (AS)-15 (Revised - 2005) dealing with Employees Benefits, issued by the Institute of Chartered Accountants of India. AS-15 (Revised-2005) deals with recognition, measurement and disclosure of short term, post employment, termination and other long term employee benefits provided by the company.

Payments to defined contribution retirement benefit schemes is charged as an expense as they fall due.

The cost of providing defined benefits is determined using Projected Unit Credit Method and accordingly, actuarial valuation has been carried out at the Balance Sheet date. Actuarial gain & losses are recognized in full in the profit & loss account for the period in which they occur. Past service cost is recognised to the extent the benefits are already vested, and otherwise is amortised on a Straight line Method over the average period until the benefits become vested.

The retirement benefit obligations recognised in the Balance Sheet represent the present value of the defined benefit obligations as adjusted for unrecognised past service cost, and as reduced by the fair value of available refunds and reductions in future contributions to the scheme.

a) Defined Benefit plan:

Gratuity Plan & Leave Encashment Plan

The company, in accordance with AS-15 (Revised) has made! the provision for Gratuity and Leave Encashment on projected unit credit method.

10. SEGMENT REBORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The companys operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic arid export sale. Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis,

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost,

Assets and liabilities that can not be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

11. Related Party Disclosures for the year ended 30th September, 2010 in accordance with AS-18 issued by the ICAI.

a) List of related parties & relationships, where control exists:

S. No. Nature of Relationship Name of Party

1 Holding Company WLD Investment Pvt. Ltd.

2 Key Management Personnel & their Relatives Mr. Vinod Uppal

Mr. Chandra Prakasti Nagpal

Mr. Ashish Pandit

Mr. Prakash Chandra Lohumi

12. i) Previous period figures have regrouped and/or rearranged, wherever considered necessary.

ii) All figures or amount, including those in the notes to accounts have been rounded upto the nearest thousand.


Sep 30, 2009

1. Contingent Liabilities:

i) (a) Excise matters: Rs. nil (previous year Rs 5.69 lacs).

(b) Sales Tax Matters: Rs. 172.64 lacs (Previous Period Rs. 278.68 lacs).

(c) Custom Duty including penalty: Rs. nil (Previous Period Rs. 29.82).

(d) Provident fund damages and interest: Rs. 180.81(Previous Rs 242.09 Lacs)

(e) Penal charges/Interest on account of utilisation of unpaid dividend money, interest payable to SSI units, TDS, Provident Fund, ESI and other statutory dues - Amount, if any, un-ascertained.

ii) Buyback of shares of subsidiary company from an overseas investor under contractual obligation is Rs. nil (Previous Year Rs. 2469.30 lacs).

(iii) Claims against the Company not acknowledged as debts: Legal Matters: Rs. 12.30 lacs (Previous Year Rs. 12.30 lacs).

(iv) Cases pending against the company relating to winding up petitions under Section 433/434tof the Companies Act 1956, under Section 138 of Negotiable Instruments Act, labour laws, etc- Being disputed, amount unascertained.

2. In respect of the investments made in two erstwhile subsidiary companies and doubtful recoverability of amount receivable from one wholly owned subsidiary company i.e. RT Paper Board Limited, no provision of diminution in the value of investments have been considered necessary keeping in view the reworked restructuring CDR package, fresh investments by strategic investor.

3. The creditors, debtors and other parties balances are subject to confirmations. However, in the opinion of the management and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except in case of those considered doubtful.

4. In respect of cumulative preference shares, as stated in Schedule -1 of share capital, which have also become due for redemption, the unprovided liability towards the arrear of dividend amounts to Rs. 45.24 lacs (excluding Corporate Dividend Tax, if any) and Rs. 160.82 lacs towards dividend for the period after the due date of redemption till the end of the current year i.e 30th September 2009.

5. Maximum amount outstanding at any time during the year due from / due to directors is Rs.Nil. (Previous Year Rs. Nil).

6. Company has made full provision of gratuity due as on 30th September 2009 as per actuarial valuation, charging the full amount to Profit & Loss Account.

7. (a) Sundry Creditors include a Sum of Rs 19.38 Lacs (Previous Year Rs 26.29) due to Small & Medium Enterprises.

(b) The List of SMEs to whom company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is as under:-

Bhatia Machine tools, S.A. Engg works, K.B.Engg works, New Age Chemicals, etc.

(c) The Payments to SMEs have been made as per stipulated terms.

(d) The above information has been compiled in respect of parties to the extent to which they could be identified as SMEs on the basis of information available with the company.

8. Previous years expenses of Rs. nil (Previous period Rs. 15.57 lacs) have been charged to Profit and Loss Account in the relevant account heads.

9. Rs. 0.46 Lacs being net loss (Previous period Rs. 0.57 lacs being net loss) on account of exchange difference have been debited and shown separately in the Profit and Loss account.

10. In view of the losses during the period, the Debenture Redemption Reserve has not been created in terms of the SEBI guidelines.

Note:

# Unabsorbed Depreciation and Unabsorbed Business Loss recognised for the purpose of Deferred Tax Assets in the earlier years on the basis of certain parameters considered by an expert in the opinion, have been suitably adjusted as per the assessment done by the management.

11. SEGMENT REPORTING

The Company has disclosed business segment as the primary segment. The segment have been identified taking into account the nature of the products, the differing risks and returns, the organisation structure and internal reporting system.

The companys operation predominantly relate to manufacturing of carton packaging product. Other business segment reported is Manufacturing of Packaging machines.

The Company has treated the geographical segment as secondary segment between the domestic and export sale. Segment revenue, segment results, segment assets and segment liabilities includes the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that can not be allocated between the segments are shown as a part of the unallocated corporate assets and liabilities respectively.

 
Subscribe now to get personal finance updates in your inbox!