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Notes to Accounts of Tainwala Chemicals & Plastics (India) Ltd.

Mar 31, 2015

1. Terms and Rights attached to equity shares:

The Company has only one class of equity shares having par value of '10 per share. Each Shareholder of equity is entitled to one vote per share.

In the Event of Liquidation by the company, the shareholders will be entitled in proportion to the number of equity shares held by them to receive remaining assets of the company, after distribution to those it was secured.

The shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act,2013, read together with the Memorandum of Association and Articles of Association of the company, as applicable.

2. Working capital facilities from a bank are secured by hypothecation of stocks of raw materials, finished goods, stock in process and book debts and further secured by equitable mortgage of plot of land measuring about 3,000 square meters bearing Survey No. 26, Plot No. 87 in the Govt. Industrial Estate, Village Khadoli, Dadra & Nagar Haveli, Silvasa and also the personal guarantee of a Director of the Company.There are no borrowings under the said facilities as at the year end.

3. No provision has been considered necessary for diminution in fair value of a long term unquoted equity investment, as in opinion of the management, such diminution is not of permanent nature and the investment was made on long term basis.

4. Pursuant to enactment of the Companies Act, 2013 and its applicability for accounting period commencing from 1st April, 2014, the estimated useful lives of fixed assets have been reviewed and revised generally to align with the provisions of Schedule II to the Act. Consequently:

a) The Company has fully depreciated the carrying value of assets, where the remaining useful life of the asset was determined to be nil as on April 1,2014, and has adjusted an amount of Rs. 52,25,180 against the opening Surplus in the Statement of Profit and Loss under Reserves and Surplus.

b) As a result, depreciation charge for the year is higher by Rs.9,02,784.

5. 'Stock in process' represents salvaged/ pelletised materials accumulated over a period of time to be consumed in the due course of time.

6. Disclosure as required under Section186 (4) of the Companies Act,2013 and Clause 32 of the Listing agreement:

7. Refer Note 32 for transactions with Related Parties of Loans given and Investment made.

8. The purpose of loans given/ Investments made - Deployment of surplus fund of the Company.

9. a) The balances in accounts of certain trade receivables, trade payables and loans and advances given are subject to confirmation, and consequent reconciliations. Adjustments in this respect in the opinion of the management are not likely to be material and would be carried out as and when ascertained.

b) In the opinion of the management, assets other than Fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

10. Related party disclosures: i. Related parties :

Key management personnel : Mr. Dungarmal Tainwala - Chairman Mr. Rakesh Tainwala- Managing Director Mrs. Simran Mansukhani- Executive Director (with effect from 24/09/2014 )

Relatives of Key management personnel: Ms. Vandana Tainwala

Mr. Rajkumar Tainwala

Enterprises in which Key management Abhishri Packaging Pvt. Ltd. personnel and/ or their relatives Tainwala Personal Care have significant influence: Products Pvt. Ltd. Tainwala Holdings Pvt. Ltd. Samsonite South Asia Pvt. Ltd. Periwinkle Fashions Pvt. Ltd.

Notes:

* Figures in brackets pertain to previous year.

* The related party relationships have been determined by the Company on the basis of the requirements of the

Accounting Standard (AS)-18 'Related Party Disclosures' and the same have been relied upon by the auditors.

* The relationships as mentioned above pertain to those related parties with whom transactions have taken place

during the year, except where control exists.

iii. Disclosure in respect of transactions which are more than 10% of the total transactions of the same type with related parties during the year:

* Remuneration includes, paid to Mr. Rakesh Tainwala Rs. 2,367,000(Previous year Rs.2,367,000); Mr. Dungarmal Tainwala Rs. 821,400 (Previous year Rs. 821,400); Ms. Vandana Tainwala Rs. 537,600 (Previous year Rs. 537,600); and Mrs. Simran Mansukhani Rs. 6,53,711 (Previous year Not Applicable)

* Sale of goods has been made to Abhishri Packaging Pvt. Ltd. Rs.1,77,018(Previous year Rs. 25,064).

* Sale of goods has been made to Samsonite South Asia Pvt. Ltd. Rs.1,37,460 (Previous year Nil)

* Purchase of goods has been made from Abhishri Packaging Pvt. Ltd. Rs. 56,46,363(Previous year Rs. 5,098,957).

* Job work income is from Abhishri Packaging Pvt. Ltd.. Rs.177,550(Previous year Rs.166,150).

* Rent income is from Abhishri Packaging Pvt. Ltd. Rs. 720,000(Previous year Rs.732,000) and from Tainwala Personal Care Products Pvt. Ltd. Rs.96,000 (Previous year Rs.144,000).

* Interest income is from Abhishri Packaging Pvt. Ltd. Rs.3,616,974 (Previous year Rs.3,616,974).

* Dividend Income is from Samsonite South Asia Pvt. Ltd.. Rs.1,68,84,302 (Previous year Nil).

* Deposits outstanding as at year end Rs.1,000,000 (Previous Year Rs.1,000,000) is given to Mr. Rajkumar Tainwala towards industrial Premises hired by the Company.

* Debit Balance as at year end relates to Abhishri Packaging Pvt.Ltd. Rs.40,188,604 (Previous Year Rs.40,188,604).

* Receivable as at year end (fully provided for) relates to Tainwala Holdings Pvt. Ltd. Rs.39,115,941 (Previous Year Rs. 39,115,941).

* Investment at year end relates to Samsonite South Asia Pvt. Ltd. Rs.30,698,730 and Periwinkle Fashions Pvt. Ltd. '7,00,00,000.

b. Secondary segment reporting (Geographical segments):

In accordance with Accounting Standard (AS)-17 "Segment Reporting" there is no reportable geographical segment.

11. As per Accounting Standard (AS)-22 "Accounting for taxes on Income", deferred tax assets (net) pertaining to timing difference arising for the period upto 31st March,2015 of '16,331,965 (31/03/2014'15,925,409 ) have been determined.

As the Company has unabsorbed depreciation and carry forward losses and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which deferred tax assets can be realised, deferred tax assets (net) upto 31st March 2015 have not been recognised.

12. The management based on their review of assets and operation of the Company has determined that there is no indication of potential impairment and that the recoverable amount of its fixed assets is not lower than its carrying amount. Accordingly, no provision for impairment has been considered necessary as at 31st March, 2015.

Notes:

1 .Figures in brackets relate to previous year.

2. *Includes samples, breakages, damages, write-off, etc, sale of non usable palletized /salvaged materials.

3. **Including excise duty.

13. Previous year figures have been regrouped / rearranged, wherever considered necessary.


Mar 31, 2014

1. Working capital facilities from a bank are secured by hypothecation of stocks of raw materials, finished goods, stock in process and book debts and further secured by equitable mortgage of plot of land measuring about 3,000 square meters bearing Survey No. 26, Plot No. 87 in the Govt. Industrial Estate, Village Khadoli, Dadra & Nagar Haveli, Silvasa and also the personal guarantee of a Director of the Company. There are no borrowings under the said facilities as at the year end.

2. No provision has been considered necessary for diminution in fair value of a long term unquoted equity investment, as in opinion of the management, such diminution is not of permanent nature and the investment was made on long term basis.

3. ''Stock in process'' represents salvaged/ pelletised materials accumulated over a period of time to be consumed in the due course of time.

4. Disclosure, including as per requirement of Clause 32 of the Listing agreement:

- Tainwala Holdings Pvt. Ltd.: Balance as at 31/03/2014 Rs. 39,115,941 (as at 31/03/2013 Rs.39,115,941) and maximum amount outstanding during the year Rs.39,115,941 (Previous year Rs.39,115,941).

- Abhishri Packaging Pvt. Ltd.: Balance as at 31/03/2014 Rs.40,188,604 (as at 31/03/2013 Rs.40,188,604) and maximum amount outstanding during the year Rs.40,188,604 (Previous year Rs.40,188,604).

5. a) The balances in accounts of certain trade receivables, trade payables and loans and advances given are subject to confirmation, and consequent reconciliations. Adjustments in this respect in the opinion of the management are not likely to be material and would be carried out as and when ascertained. b) In the opinion of the management, assets other than Fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

6. Related party disclosures:

i. Related parties :

Key management personnel :

Mr. Dungarmal Tainwala -Chairman

Mr. Rakesh Tainwala- Managing Director

Relatives of Key management personnel:

Ms. Vandana Tainwala

Mr. Rajkumar Tainwala

Enterprises in which Key management personnel and/ or their relatives have significant influence:

Abhishri Packaging Pvt.Ltd.

Tainwala Personal Care Products Pvt Ltd

Tainwala Holdings Private Limited

Notes:

- Figures in brackets pertain to previous year.

- The related party relationships have been determined by the Company on the basis of the requirements of the Accounting Standard (AS)-18 ''Related Party Disclosures'' and the same have been relied upon by the auditors.

- The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the year, except where control exists.

iii. Disclosure in respect of transactions which are more than 10% of the total transactions of the same type with

related parties during the year :

- Remuneration includes, paid to Mr. Rakesh Tainwala Rs. 2,367,000(Previous year Rs.2,367,000); Mr. Dungarmal Tainwala Rs.821,400 (Previous year Rs.821,400); Ms. Vandana Tainwala Rs.537,600 (Previous year Rs.537,600).

- Sale of goods has been made to Abhishri Packaging Private Ltd Rs. 25,064 (Previous year Rs.122,838).

- Purchase of goods has been made from Abhishri Packaging Private Ltd. Rs.5,098,957(Previous year Rs.Nil).

- Job work income is form Abhishri Packaging Private Ltd. Rs.166,150 (Previous year Rs. Nil).

- Rent income is from Abhishri Packaging Pvt. Ltd. Rs.732,000 (Previous year Rs.516,000)) and from Tainwala Per- sonal Care Products Pvt Ltd Rs.144,000 (Previous year Rs.144,000).

- Interest income is from Abhishri Packaging Pvt. Ltd. Rs.3,616,974 (Previous year Rs.3,616,974).

- Deposits outstanding as at year end Rs.1,000,000 (Previous Year Rs.1,000,000) is given to Mr. Rajkumar Tainwala towards industrial Premises hired by the Company.

- Debit Balance as at year end relates to Abhishri Packaging Pvt Ltd Rs.40,188,604 (Previous Year Rs.40,188,604).

b. Secondary segment reporting (Geographical segments):

In accordance with Accounting Standard (AS)-17 "Segment Reporting" there is no reportable geographical segment.

7. As per Accounting Standard (AS)-22 "Accounting for taxes on Income", deferred tax assets (net) pertaining to timing difference arising for the period upto 31st March,2014 of Rs.15,925,409 (31/03/2013 Rs.20,742,871) have been deter- mined.

As the Company has unabsorbed depreciation and carry forward losses and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which deferred tax assets can be realised, deferred tax assets (net) upto 31st March 2014 has not been recognised.

Major components of deferred tax assets and liabilities, arising on account of timing differences are as under :

8. Gratuity payable to employees as per provision of the Payment of Gratuity Act 1972 is a defined benefit plan. As per the Accounting Standard (AS)-15 "Employee Benefits", disclosure in respect of defined benefit plan are as under:

9. The management based on their review of assets and operation of the Company has determined that there is no indication of potential impairment and that the recoverable amount of its fixed assets is not lower than its carrying amount. Accordingly, no provision for impairment has been considered necessary as at 31st March, 2014.

10. Additional Information pursuant to paragraphs 3 and 4 of part II of Schedule VI to the Companies Act, 1956:

A. Details of turnover and stocks of finished goods:

Notes:

1. Figures in brackets relate to previous year.

2. Includes samples, breakages, damages, write-off, etc, sale of non usable palletized /salvaged materials.

3. Including excise duty.


Mar 31, 2013

1. Working capital facilities from a bank are secured by hypothecation of stocks of raw materials, finished goods, stock in process and book debts and further secured by equitable mortgage of plot of land measuring about 3,000 square meters bearing Survey No. 26, Plot No. 87 in the Govt. Industrial Estate, Village Khadoli, Dadra & Nagar Haveli, Silvasa and also the personal guarantee of a Director of the Company. Borrowings under the said facilities as at the year end were Nil, previous year Nil.

2. No provision has been considered necessary for diminution in fair value of a long term unquoted equity invest- ment, as in opinion of the management, such diminution is not of permanent nature and the investment was made on long term basis.

3. ''Stock in process'' represents salvaged/ pelletised materials accumulated over a period of time to be consumed in the due course of time.

4. Disclosure, including as per requirement of Clause 32 of the Listing agreement:

- Tainwala Holdings Pvt. Ltd.: Balance as at 31/03/2013 Rs. 39,115,942 (as at 31/03/2012 W9.115.942) and maximum amount outstanding during the year Rs. 39,115,942 (Previous year Rs. 39,115,942).

- Abhishri Packaging Pvt. Ltd.: Balance as at 31/03/2013 Rs. 40,188,604 (as at 31/03/2012 Rs. 40,188,604) and maximum amount outstanding during the year Rs. 40,188,604 (Previous year Rs. 40,188,604).

5. a) The balances in accounts of certain trade receivables, trade payables and loans and advances given are subject to confirmation, and consequent reconciliations. Adjustments in this respect in the opinion of the management are not likely to be material and would be carried out as and when ascertained.

b) In the opinion of the management, assets other than Fixed assets and non-current investments have a value on realisation in the ordinary course of business at the amount at which they are stated.

6. Related party disclosures:

i. Related parties:

Key management personnel: Mr. Dungarmal Tainwala -Chairman

Mr. Rakesh Tainwala- Managing Director

Relatives of Key management personnel: Ms. Vandana Tainwala

Mr. Rajkumar Tainwala

Enterprises in which Key management personnel Abhishri Packaging Pvt. Ltd. and/ or their relatives have significant influence: Tainwala Personal Care Products Pvt Ltd

Abhishri Polycontainers (upto 31stMarch,2012) Tainwala Holdings Private Limted

7. As per Accounting Standard (AS)-22 "Accounting for taxes on Income", deferred tax assets (net) pertaining to timing difference arising for the period upto 31 st March,2013 ofRs. 20,742,871 (31/03/2012Rs. 45,023,821) have been deter- mined.

As the Company has unabsorbed depreciation and carry forward losses and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which deferred tax assets can be realised, deferred tax assets (net) upto 31st March 2013 has not been recognised.

8. The management based on their review of assets and operation of the Company has determined that there is nc indication of potential impairment and that the recoverable amount of its fixed assets is not lower than its carrying amount. Accordingly, no provision for impairment has been considered necessary as at 31stMarch, 2013.


Mar 31, 2012

A) Terms and Rights attached to equity shares:

The company has only one class of equity shares having par value of Rs. 10 per share. Each Shareholder of equity is entitled to one vote per share.

In the Event of Liquidation by the company, the shareholders will be entitled in proportion to the number of equity shares held by them to receive remaining assets of the company, after distribution to those it was secured.

The shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the company, as applicable.

1. Commitments and contingent liabilities not provided for in respect of:_

As at As at

31/03/2012 31/03/2011 Rs Rs.

i. Income tax demands against which appeals are pending (Excluding further interest liability as may be determined on conclusion of the matter):

a. 1995-96 NIL 5,055,515

Rs.

Amount deposited 2,285,000

Amount adjusted against refund granted by the Department 1 ,1 65,457

TOTAL 3,450,457

b. 2004-05 (Including penalty Rs. Nil Previous year Rs. 17,877,960) 1,091,941 18,969,901 'Adjusted against refund granted by the Department and

Rs. 5,00,000 Deposited.

c. 2006-2007 3,317,036 3,317,036 Amount adjusted against refund granted by the Department Rs. 1,425,018

ii. Disputed liabilities in respect of central excise and custom duty 92,368 92,368

iii. Capital commitment in respect of long term investments 22,125,000 26,000,000

2. Working capital facilities from a bank are secured by hypothecation of stocks of raw materials, finished goods, stock in process and book debts and further secured by equitable mortgage of plot of land measuring about 3,000 square meters bearing Survey No. 26, Plot No. 87 in the Govt. Industrial Estate, Village Khadoli, Dadra & Nagar Haveli, Silvasa and also the personal guarantee of a Director of the Company. Borrowings under the said facilities as at the year end were Rs. Nil, previous year Rs. Nil.

3. No provision has been considered necessary for diminution in fair value of a long term unquoted equity investment, as in opinion of the management, such diminution is not of permanent nature and the investment was made on long term basis.

4. 'Stock in process' represents salvaged/ pelletized materials accumulated over a period of time to be consumed in the due course of time.

5. Disclosure as per requirement of Clause 32 of the Listing agreement:

- Tainwala Holdings Pvt. Ltd.: Balance as at 31/03/2012 Rs. 39,115,942 (as at 31/03/2011 Rs. 39,115,942) and maximum amount outstanding during the year Rs. 39,115,942 (Previous year Rs. 39,115,942). The Company has given legal notices to Tainwala Holdings Pvt. Ltd.

- Abhishri Packaging Pvt. Ltd.: Balance as at 31/03/2012 Rs. 40,188,604 (as at 31/03/2011 Rs. 40,188,604) and maximum amount outstanding during the year Rs. 40,188,604 (Previous year Rs. 40,188,604).

6. a) The balances in accounts of certain trade receivables, trade payables and loans and advances are subject to confirmation, and consequent reconciliations. Adjustments in this respect in the opinion ofthe management are not likely to be material and would be carried out as and when ascertained,

b) In the opinion of the management, assets other than Fixed assets and non-current investments have a value on realization in the ordinary course of business at the amount at which they are stated.

Notes:

- Figures in brackets pertain to previous year.

- The related party relationships have been determined by the Company on the basis of the requirements of the Accounting Standard (AS)-18 'Related Party Disclosures' and the same have been relied upon by the auditors.

- The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the year, except where control exists.

iii. Disclosure in respect of transactions which are more than 10% of the total transactions of the same type with related parties during the year:

- Remuneration includes, paid to Mr. Rakesh Tainwala Rs. 2,367,000 (Previous year Rs. 2,604,000);» Mr. Dungarmal Tainwala Rs. 806,400 (Previous year Rs. 806,400); Ms. Vandana Tainwala Rs. 537,600 (Previous year Rs. 537,600);

- Sale of goods has been made to Abhishri Packaging Private Ltd Rs. 189,361 (Previous year Rs. Nil)

- Rent income is from Abhishri Polycontainers Rs. 300,000 (Previous year Rs. 300,000) and from Tainwala Personal Care Products Pvt Ltd Rs. 144,000(PreviousyearRs. 144,000).

- Interest income isfromAbhishri Packaging Pvt. Ltd. Rs. 3,616,974 (Previous year Rs. 3,616,974).

- Deposits outstanding as at year end Rs. 1,000,000 (Previous Year Rs. 1,000,000) is given to Mr. Rajkumar Tainwala towards industrial Premises hired by the Company.

- Debit Balance as at year end relates to Abhishri Packaging Pvt Ltd Rs. 40,188,604 (Previous Year

Rs. 43,805,578), Abhishri Polycontainers Rs. 61,800 (Previous Year Rs. 3,00,000) and Tainwala Personal care products Pvt Ltd Rs. 1,73,664(Previous Year Rs. 1,44,000)

- Receivables as at year end fully provided for relates to Tainwala Holdings Pvt. Ltd.

7. Segment reporting

The disclosure in respect of Segment information as per Accounting Standard (AS) - 17 on "Segment Reporting" is given as follows:

8. As per Accounting Standard (AS)-22 "Accounting for taxes on Income", deferred tax assets (net) pertaining to timing difference arising for the period up to 31/03/2012 of Rs. 45,023,821 (31/03/2011 Rs. 49,275,516) have been determined.

As the Company has unabsorbed depreciation and carry forward losses and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which deferred tax assets can be realized, deferred tax assets (net) up to 31 st March 2012has not been recognized.

9. The management based on their review of assets and operation of the Company has determined that there is no indication of potential impairment and that the recoverable amount of its fixed assets is not lower than its carrying amount. Accordingly, no provision for impairment has been considered necessary as at 31st March, 2012.

10. The revised Schedule VI has been effective from 1st April, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Accordingly the company has reclassified the previous year figure to this year 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. Commitments and contingent liabilities not provided for in respect of:

As at As at

31/03/2010 31/03/2009

Rs. Rs.

i. Capital commitment in respect of long term investments 32,000,000 35,250,000

ii. Income tax demands against which appeals are pending for the following assessment years (Excluding further interest liability as may be determined on conclusion of the matter): a. 1995-96 5,055,515 5,055,515

Amount paid / adjusted against demand for assessment Year 1995-96 (as per Companys letter to department) is as under:

Amount deposited 2,285,000

Amount adjusted against refund 1,165,457

granted by the Department

TOTAL 3,450,457

b. 2004-05(lncluding penalty Rs. 1,78,77,960) 18,969,901 1,091,941

Rs. 12,72,338 adjusted against refund granted by the department

c: 2006-2007 33,17,036 -

iii. Disputed liabilities in respect of central excise and custom duty 92,368 102,288



2. Working capital facilities from a bank are secured by hypothecation of stocks of raw materials, finished goods, stock in process and book debts and further secured by equitable mortgage of plot of land measuring about 3,000 square meters bearing Survey No. 26, Plot No. 87 in the Govt. Industrial Estate, Village Khadoli, Dadra & Nagar Haveli, Silvasa and also the personal guarantee of a Director of the Company. Borrowings under the said facilities as at the year end were Rs. Nil, previous year Rs. Nil.

3. No provision has been considered necessary for diminution in fair value of a long term unquoted equity investment, as in opinion of the management, such diminution is not of permanent nature and the investment was made on long term basis.

4. The Company has recovered certain doubtful loans and advances given in earlier years to certain Companies and on re-assessment of doubtful loans and advances as at 31 March 2010, has written back provision aggregating to Rs. NIL (as at 31/03/2009 Rs. 34,727,284) which has been shown as "Exceptional items" in the profit and loss account.

5. Loans and advances include dues from companies under the same management within the meaning of sub-section 1(B) of Section 370 are as under:

Tainwala Holdings Pvt. Ltd.: Balance as at 31/03/2010 Rs. 39,115,942 (as at 31/03/2009 Rs. 39,115,942) and maximum amount outstanding during the year Rs. 39,115,942 (Previous year Rs. 39,115,942). The Company has given legal notices to Tainwala Holdings Pvt. Ltd.

Abhishri Packaging Pvt. Ltd.: Balance as at 31/03/2010 Rs. 40,188,604 (as at 31/03/2009 Rs. 40,188,604) and maximum amount outstanding during the year Rs. 40,188,604 (Previous year Rs. 40,188,604).

6. a) The balances in accounts of certain debtors, creditors and loans and advances are subject to confirmation, and consequent reconciliations. Adjustments in this respect in the opinion of the management are not likely to be material and would be carried out as and when ascertained.

b) In the opinion of the management, current assets, loans, advances and deposits are approximately of the value stated, if realised in the ordinary course of business. The provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

7. Related party disclosures:

i. Related parties:

Key management personnel: Mr. Dungarmal Tainwala

Mr. Rakesh Tainwala

Relatives of Key Ms. Vandana Tainwala

management personnel: Mr.Rajkumar Tainwala

Enterprises in which Key Concept Reality & Securities Ltd.

management personnel and/ or Tainwala Trading & Investment Co. Pvt. Ltd.

their relatives have Tainwala Holdings Pvt Ltd

significant influence: Abhishri Polycontainers

Abhishri Packaging Pvt. Ltd.



ii. Disclosure in respect of , transactions which are more than 10% of the total transactions of the same type with related parties during the period:

- Remuneration includes «paid to Mr. Rakesh Tainwala Rs. 3,360,000 (Previous year Rs. 3,360,000); Mr. Dungarmal Tainwala Rs. 806,400 (Previous year ,Rs.. 806.400); Ms. Vandana Tainwala Rs. 537,6,00 (Previous year Rs. 537,600);

- Loan taken / repaid is from / to ,1vlr. Rakesh Tainwala Rs. Nil (Previous year Rs. 3,700,000);

- Loans and Advances given received back include from Concept Reality and Securities Pvt. Ltd. Rs. NIL (Previous year 14,727,284) and Tainwala Trading and investment Co

- Rent income is from Abhishri Polycontainers Rs. 216,000 (Previous year Rs. 216,000).

- Interest income is from Abhishri Packaging Pvt. Ltd. Rs. 3,616,974 (Previous year Rs. 3,616,974).

- Deposits outstanding as at year Rs. 1,000,000 (Previous Year Rs. 1,000,000) is given to Rajkumar Tainwala towards industrial Premises hired by the Company.

- Debit Balance as at year end relates to Abhishri Packaging Pvt. Ltd.

- Receivables as at year end fully provided for relates to Tainwala Holdings Pvt. Ltd. 8. Segment reporting

b) Secondary segment reporting (Geographical segments):

In accordance with Accounting Standard (AS)-17 "Segment Reporting" there is no reportable geographical segment.

8. As per Accounting Standard (AS)-22 "Accounting for taxes on Income", deferred tax assets (net) pertaining to timing difference arising for the period upto 31/03/2010 of Rs. 46,882,819 (31/03/2009 Rs. 33,072,235) have been determined.

As the Company has unabsorbed depreciation and carry forward losses and there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which deferred tax assets can be realised, deferred tax assets (net) upto 31st March 2010 has not been recognised.

9. The management based on their review of assets and operation of the Company has determined that there is no indication of potential impairment and that the recoverable amount of its fixed assets is not lower than its carrying amount. Accordingly no provision for impairment is required as at 31 March 2010.

10. Additional Information pursuant to paragraphs 3 and 4 of part II of Schedule VI to the Companies Act, 1956:

A. Licensed Capacity - Not applicable

B. Installed Capacity and Actual Production

11. Previous years figures have been regrouped / rearranged / recast wherever necessary to confirm to the current years presentation.

 
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