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Notes to Accounts of Time Technoplast Ltd.

Mar 31, 2016

1. NOTES

1. Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs.. 145.71 Lacs (Previous year Rs. 8.92 Lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(i) Letter of credit issued by banks on behalf of the Company Rs. 14,144.23 Lacs (Previous year Rs. 12,962.61 Lacs)

(ii) Guarantee given by the banks on behalf of the Company Rs. 1,548.77 Lacs (Previous Rs. 1,392.60 Lacs)

(iii) Disputed Direct Taxes Rs. 299.97 Lacs (Previous Year Rs. 299.97 Lacs)

(iv) Disputed Indirect Taxes Rs. 11.29 Lacs (Previous Year Rs. 11.29 Lacs)

(v) Corporate Guarantees given to banks for Loans taken by Subsidiaries / Joint Venture companies Rs. 39,308 Lacs against which outstanding as on 31st March 2016 is Rs. 26,975 Lacs

3. Foreign Currency exposure for import of material that are not hedged as on 31st March 2016 amount to Rs. 6,356.60 Lacs (US$ 9,593,427) (Previous Year Rs. 6,281.97 Lacs (US$ 10,051,162)

4. (a) Under the package scheme of incentives of Government of Tamil Nadu the Company is entitled to defer its sales

tax collection for a period of 9 years for one of its unit situated at Hosur, repayment of which has been already commenced. However, sufficient provision has been made to meet sales tax obligation of Rs. 6.91 Lacs on the basis of net present value of such obligation and the Company is regular in making payment of Installments.

5. Managerial Remuneration

Details of Payments and Provisions on Account of Remuneration to Managerial personnel included in Salary & Wages are as under:-

6. The consumption figures in respect of materials, stores and spares parts have been taken as balancing figure arrived at by deducting the closing stock (ascertained on physical count by management) from opening stock and purchases of the company during the year. Hence, the consumption figures includes adjustments for excess and shortages.

7. The Company has accounted for Deferred Tax in accordance with the Accounting Standard 22- "Accounting for Taxes on Income” issued by the Council of the Institute of Chartered Accountants of India and the Deferred Tax balances based on timing difference up to 31.03.2016 are set out under:

Note - The information has been given on the basis of information received from vendors.

9. i) In the opinion of the management, any of the assets other than fixed assets and non-current investments have

value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The Accounts of Trade Receivables, Trade Payables, Loans and Advances as on 31st March 2016 are however, subject to formal confirmations/reconciliations and consequents, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliation/adjustments.

10. Calculation of Earnings Per Share (EPS)

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares, if any.

11. Segment Reporting

Segment have been identified in line with the Accounting Standard -17 "Segment Reporting” issued by The Institute of Chartered Accountants of India, taking into account nature of products and services, the differing risks and returns and the Internal business reporting systems. Further the Financial statement of the company contain both the consolidated financial statement as well as the separate financial statement of the parent company. Accordingly, the company has also presented the segmental information on the basis of the consolidated financial statement as permitted by Accounting Standard -17.

12. Capital Work -in-progress comprises of cost of land, development and construction cost, plant & machinery and other equipments (including advances) Rs. 483,294,343 (P.Y. Rs. 290,792,324).

13. Previous year’s figures have been regrouped and restated wherever necessary to confirm the last year''s classification and figures shown in brackets are pertaining to previous year.


Mar 31, 2015

1.NOTES

1. Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs. 8.92 Lacs (Previous year Rs. 40.46 Lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(i) Letter of credit issued by banks on behalf of the Company Rs. 12962.61 lacs (Previous year Rs. 11,077.27 Lacs)

(ii) Guarantee given by the banks on behalf of the Company Rs. 1,392.60 Lacs (Previous Rs. 1,363.21 Lacs)

(iii] Disputed Direct Taxes Rs. 299.97 Lacs (Previous Year Rs. 119.07 Lacs)

(iv) Disputed Indirect Taxes Rs. 11.29 lacs (Previous Year Rs. 11.29 Lacs)

(v) Corporate Guarantees given to banks for Loans taken by Subsidiaries / Joint Venture companies Rs. 44,429 Lacs against which outstanding as on 31st March 2015 is Rs. 28,017 Lacs

3. Foreign Currency exposure for import of material that are not hedged as on 31st March 2015 amount to Rs. Lacs 6,281.97 Lacs (US$ 1,00,51,162) (Previous Year Rs. 6,047.98 Lacs (US$ 1,00,96,795)

4. Under the package scheme of incentives of Government of Tamil Nadu the Company is entitled to defer its sales tax collection for a period of 9 years for one of its unit situated at Hosur, repayment of which has been already commenced . However, sufficient provision has been made to meet sales tax obligation of Rs. 20.83 Lacs on the basis of net present value of such obligation and the Company is regular in making payment of Installments.

5. The consumption figures in respect of materials, stores and spares parts have been taken as balancing figure arrived at by deducting the closing stock (ascertained on physical count by management) from opening stock and purchases of the company during the year. Hence, the consumption figures included adjustments for excess and shortages.

6. i) In the opinion of the management, any of the assets other than fixed assets and non-current investments have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The Accounts of Trade Receivables, Trade Payables, Loans and Advances as on 31st March, 2015 are subject to formal confirmations/ reconciliations and consequents, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliation/adjustments.

7. Calculation of Earnings Per Share (EPS)

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares, if any

8. Segment Reporting

Segment have been identified in line with the Accounting Standard -17 "Segment Reporting" issued by The Institute of Chartered Accountants of India, taking into account nature of products and services, the differing risks and returns and the Internal business reporting systems. Further the Financial statement of the company contain both the consolidated financial statement as well as the separate financial statement of the parent company .Accordingly, the company has also presented the segmental information on the basis of the consolidated financial statement as permitted by Accounting Standard -17.

9. Capital Work –in-progress comprises of cost of land, development and construction cost, plant & machinery and other equipments (including advances) Rs. 290,298,128 (P.Y. Rs. 402,284,537).

10. Previous year''s figures have been regrouped and restated wherever necessary to confirm the last year''s classification and figures shown in brackets are pertaining to previous year.


Mar 31, 2014

Note 1 -Share Capital

[I) 19,905,000 Shares were allotted as fully paid-up pursuant to the Scheme of Amalgamation of erstwhile Shalimar Packaging Pvt. Ltd & Oxford Mouldings Pvt. Ltd with the company without payment received in cash.

[II) 78,525,000 Shares were allloted as fully paid-up byway of Bonus shares by capitalisation of Share Premium Account and General Reserves.

[III) 852,750 Shares were allloted as fully paid-up under ESOP scheme.

[IV) The Equity Shares ofRs. 10/- each of the Company have been sub divided into Equity Shares of Rs. 1 each with effect from 6th November 2008.

b) Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value ofRs. 1 each, holder of equity shares is entitled to one vote per share.In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the Company.

1. Estimated amount of contracts remaining to be executed on Capital Account not provided forRs. 40.46 Lacs (Previous yearRs. 1 51.76 Lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

[i] Letter of credit issued by banks on behalf of the Company Rs. 11077.27 lacs (Previous yearRs. 8,712.47 Lacs]

[ii] Guarantee given by the banks on behalf of the CompanyRs. 1,363.21 Lacs (PreviousRs. 1,342.05 Lacs]

(iii Disputed Direct TaxesRs.119.07 Lacs (Previous YearRs.63.30 Lacs]

[iv] Disputed Indirect TaxesRs. 11.29 lacs (Previous YearRs. 11.29 Lacs ]

[v] Corporate Guarantees give to banks for Loans taken by Subsidiaries / Joint Venture companies Rs. 55428 Lakhs against which outstanding as on 31st March 2014 isRs. 39,700 Lakhs

3. Foreign Currency exposure for import of material that are not hedged as on 31st March 2014 amount to Rs. Lacs 6,047.98 Lacs (US$ 1,00,96,795 ] (Previous YearRs. 5,095.75 Lacs (US$ 93,87,038]

U. (a] Under the package scheme of incentives of Government of Tamil Nadu the Company is entitled to defer its sales tax collection for a period of 9 years, repayment of which has commenced from 01/10/2005 for unit at Hosur. However, sufficient provision has been made to meet sales tax obligation of Rs. 79.37 Lacs on the basis of net present value of such obligation and the Company is regular in making payment of Installments.

7. The consumption figures in respect of materials, stores and spares parts have been taken as balancing figure arrived at by deducting the closing stock (ascertained on physical count by management] from opening stock and purchases of the company during the year. Hence, the consumption figures included adjustments for excess and shortages.

10. In the opinion of the management, the Current Assets, Loans and Advances except doubtful debts 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 is adequate and not in excess of what is required.

11. In the opinion of the management eventual recovery of the debts outstanding for a period exceeding six month is unascertainable due to filling of Legal Cases, however company has made 10% provision for doubtful debts against debts considered doubtful for a period of six month to meet out any short fall arises on the realization of amount.

12. Calculation of Earning Per Share (EPS)

Basic earning pershare is calculated by dividing the net profit or loss forthe period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares, if any

13. Segment Reporting

Segment have been identified in line with the Accounting Standard -17 "Segment Reporting" issued by The Institute of Chartered Accountants of India, taking into account nature of products and services, the differing risks and returns and the Internal business reporting systems. Further the Financial statement of the company contain both the consolidated financial statement as well as the separate financial statement of the parent company. Accordingly the company has also presented the segmental information on the basis of the consolidated financial statement as permitted by Accounting Standard -17.

15. Employee Benefits

The disclosure of Employee benefits as defined in the Accounting Standard -15 (Revised 2005] are give below

Defined Benefit Plan

In respect of Gratuity Fund, The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee Benefit entitlement and measures each unit separately to build up the final obligation.

16. Balance in respect of sundry debtors, sundry creditors and Loans and advances as on 31.03.2014 are subject to confirmation and reconciliation and resultant adjustment if any and thus are taken as per the Books.

17. Share Base Compensation

In accordance with the guidance note - 18 "Employee share base payment" the following information relates to stock option granted by the company

18. Capital Work -in-progress comprises of cost of Land, development and construction cost, plant & machinery and other equipments (including advances] Rs. 402,284,537 (P.Y. Rs. 1,030,745,098]: Project development expenditure includes borrowing cost, salaries & wages and other expenses Rs.1,221,878 (P.Y. Rs. 27,817,364].

19. Previous years figures have been regrouped and restated wherever necessary to confirm the last year''s classification and figures shown in brackets are pertaining to previous year.


Mar 31, 2013

1. Estimated amount of contracts remaining to be executed on Capital Account not provided forRS. 151.76 Lacs (previous yearRS. 262.35 Lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(i) Letter of credit issued by banks on behalf of the Company RS. 8,712.47 lacs (previous yearRS. 8,219.94 Lacs)

(ii) Guarantee given by the banks on behalf of the CompanyRS. 1,342.05 Lacs (previous RS. 4,53.21 Lacs)

(iii) Disputed Direct Taxes RS. 63.30 Lacs (previous YearRS. 7.59 Lacs)

(iv) Disputed Indirect Taxes RS. 11.29 Lacs (previous Year RS. 11.29 Lacs)

(v) Corporate Guarantees give to Banks for Loans taken by Subsidiaries / Joint Venture Companies RS. 63,069 Lacs against which outstanding as on 31st March 2013 is RS. 38,036 Lacs

3. Foreign Currency exposure for import of material that are not hedged as on 31st March 2013 amount to RS. 5,095.75 Lacs (US$ 9,387,038) (Previous YearRS. 4,843.14 Lacs (US$ 9,518,750)

4. (a) Under the package scheme of incentives of Government of Maharashtra the Company was entitled to defer

its liability to pay sales tax after a period of 12 years in six equal installments commenced from the year 2004 for unit at Tarapur. However suffcient provision has been made to meet sales tax obligation of RS. 49.38 Lacs on the basis of net present value of such obligation as per circular issued by Government of Maharashtra and the Company is regular in making payment of Installments.

(b) Under the package scheme of incentives of Government of Tamil Nadu the Company is entitled to defer its sales tax collection for a period of 9 years, repayment of which has commenced from 01/10/2005 for unit at Hosur. However, suffcient provision has been made to meet sales tax obligation of Rs. 167.09 Lacs on the basis of net present value of such obligation and the Company is regular in making payment of Installments.

5. In the opinion of the management, the Current Assets, Loans and Advances except doubtful debts 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 is adequate and not in excess of what is required.

6. In the opinion of the management eventual recovery of the debts outstanding for a period exceeding six month is unascertainable due to flling of Legal Cases, however company has made 10% provision for doubtful debts against debts considered doubtful for a period of six month to meet out any short fall arises on the realization of amount.

7. Calculation of Earning Per Share (EPS)

Basic earning per share is calculated by dividing the net proft or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earning per share, the net proft or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares, if any

8. Balance in respect of sundry debtors, sundry creditors and loans and advances as on 31.03.2013 are subject to confrmation and reconciliation and resultant adjustment if any and thus are taken as per the Books.

9. Capital Work-in-progress comprises of cost of land, development and construction cost, plant & machinery and other equipments (including advances) Rs. 1,030,745,098 (p.Y. Rs. 919,320,544): project development expenditure includes borrowing cost, salaries & wages and other expenses Rs. 27,817,364 (p.Y. Rs. 34,145,745 ).

10. Previous years fgures have been regrouped and restated wherever necessary to confrm the last year''s classifcation and fgures shown in brackets are pertaining to previous year.


Mar 31, 2012

1. Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs. 262.35 Lacs (Previous year Rs. 462.88Lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(i) Letter of credit issued by banks on behalf of the Company Rs. 8,219.94 lacs (Previous year Rs. 6,100.47 Lacs).

(ii) Guarantee given by the banks on behalf of the Company Rs. 453.21 Lacs (Previous Rs. 519.41 Lacs).

(iii) Disputed Direct Taxes Rs. 7.59 Lacs (Previous Year Rs. 95.02 Lacs).

(iv) Disputed Indirect Taxes Rs. 11.29 lacs (Previous Year Rs. 16.47 Lacs).

(v) Corporate Guarantees give to banks for Loans taken by Subsidiaries / Joint Venture companies Rs. 52,317 Lacs against which outstanding as on 31st March 2012 is Rs. 35,004 Lacs.

3. Foreign Currency exposure for import of capital goods and material that are not hedged as on 31st March 2012 amount to Rs. 4,843.14 Lacs (US$ 9,518,750 ) (Previous Year Rs. 3,359.38 Lacs (US$ 7,515,404)).

4 (a) Under the package scheme of incentives of Government of Maharashtra the Company was entitled to defer its liability to pay sales tax after a period of 12 years in six equal installments commenced from the year 2004 for unit at Tarapur. However sufficient provision has been made to meet sales tax obligation of Rs. 75.59 Lacs on the basis of net present value of such obligation as per circular issued by Government of Maharashtra and the Company is regular in making payment of Installments.

(b) Under the package scheme of incentives of Government of Tamil Nadu the Company is entitled to defer its sales tax collection for a period of 9 years, repayment of which has commenced from 01/10/2005 for unit at Hosur. However, sufficient provision has been made to meet sales tax obligation of Rs. 230.82 Lacs on the basis of net present value of such obligation and the Company is regular in making payment of Installments.

5. The consumption figures in respect of materials, stores and spares parts have been taken as balancing figure arrived at by deducting the closing stock (ascertained on physical count by management) from opening stock and purchases of the company during the year. Hence, the consumption figures included adjustments for excess and shortages.

6.In the opinion of the management, the Current Assets, Loans and Advances except doubtful debts 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 is adequate and not in excess of what is required.

7.In the opinion of the management eventual recovery of the debts outstanding for a period exceeding six month is unascertainable due to filling of Legal Cases, however company has made 10% provision for doubtful debts against debts considered doubtful for a period of six month to meet out any short fall arises on the realization of amount.

8.Calculation of Earning Per Share ( EPS ) :

Basic earning per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares, if any

9.Segment Reporting:

The Company is engaged in manufacture of polymer based products which as per accounting standard AS 17 on 'Segment Reporting' issued by the Institute of Chartered Accountants of India is considered as the only reportable business segment. The Geographical segmentation is not relevant as all units are manufacturing polymer based products and risk and return involved within the country are common. Further the Financial statement of the company contain both the consolidated financial statement as well as the separate financial statement of the parent company. Accordingly, the company has also presented the segmental information on the basis of the consolidated financial statement as permitted by Accounting Standard -17.

10.Balance in respect of sundry debtors, sundry creditors and loans and advances as on 31.03.2012 are subject to confirmation and reconciliation and resultant adjustment, if any, and thus are taken as per the Books.

11.Share Base Compensation

In accordance with the guidance note 18 “Employee share base payment” the following information relates to stock option granted by the company

12.Capital Work –in-progress comprises of cost of land, development and construction cost, plant & machinery and other equipments (including advances) Rs. 919,320,544 (P.Y. Rs. 924,873,983): Project development expenditure includes borrowing cost, salaries & wages and other expenses Rs. 34,145,745 (P.Y.Rs. 42,098,478 ).

13.Previous years figures have been regrouped and restated wherever necessary to confirm the last year's classification and figures shown in brackets are pertaining to previous year.


Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs. 462.88 Lacs (Previous Year Rs. 1346.61 Lacs).

2. Contingent Liabilities not provided for in respect of:

(i). Letter of credit issued by banks on behalf of the Company Rs.6,100.47Lacs(Previous year Rs.8032.46Lacs]

( ii). Guarantee given by the banks on behalf of the Company Rs. 519.41 Lacs Previous Rs.327.62Lacs)

(iii). Disputed Direct Taxes Rs.95.02Lacs(Previous Year Rs.222.77Lacs)

(iv). Disputed Indirect Taxes Rs.16.47Lacs (Previous Year Rs. 16.47 Lacs]

(v). Corporate Guarantees given to banks for Loans taken by Subsidiaries / Joint Venture companies Rs. 34,875 Lacs against which outstanding as on 31 st March 2011 is Rs. 20,674 Lacs

3. Foreign Currency exposure for import of capital goods and material that are not hedged as on31st March 2011 amount to Rs. 3359.38 Lacs (US$ 75,15,404) (Previous Year Rs.3602.48 Lacs(US$79,85,984))

4. (a) Under the package scheme of incentives of Government of Maharashtra the Company was entitled to defer its liability to pay sales tax after a period of 12 years in six equal installments commenced from they ear 2004 for unit at Tarapur. However sufficient provision has been made to meet sales tax obligation of Rs. 99.52 Lacs on the basis of net present value of such obligation as per circular issued by Government of Maharashtra and the Company is regular in making payment of Installments.

(b) Under the package scheme of incentives of Government of Tamil Nadu the Company is entitled to defer its Sales Tax collection for a period of 9 years, repayment of which has commenced from 01/10/2005 for unit at Hosur. However, sufficient provision has been made to meet sales tax obligation of Rs. 293.93 Lacs on the basis of net present value of such obligation and the Company is regular in making payment of Installments.

5. The consumption figures in respect of materials, stores and spares parts have been taken as balancing figure arrived at by deducting the closing stock (ascertained on physical count by management) from opening stock and purchases of the company during the year. Hence, the consumption figures included adjustments for excess and shortages.

6. In the opinion of the management, the Current Assets, Loans and Advances except doubtful debts 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 is adequate and not in excess of what is required.

7. In the opinion of the management eventual recovery of the debts outstanding for a period exceeding six month is unascertainable due to filing of Legal Cases, however company has made 10% provision for doubtful debts against debts considered doubt ful for a period of six month to meet out any short fall arises on the realization of amount.

8. Calculation of Earning Per Share (EPS):

Basic earning per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders By the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares out standing during the period are adjusted for the effects of all dilutive potential equity shares, if any

9. Segment Reporting:

The Company is engaged in manufacture of polymer based products which as per accounting standard AS 17 on 'Segment Reporting' issued by the Institute of Chartered Accountants of India is considered as the only reportable business segment. The Geographical segmentation is not relevant as all units are manufacturing polymer based products and risk and return involved within the country are common. Further the Financial statement of the company contain both the consolidated financial statement as well as the separate financial statement of the parent company .Accordingly, the company has also presented the segmental information on the basis of the consolidated financial statement as permitted by Accounting Standard -17.

Defined Benefit Plan

In respect of Gratuity Fund, The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee Benefit entitlement and measures each unit separately to build up the final obligation.

10. Balance in respect of sundry debtors, sundry creditors and loans and advances as on 31.03.2011 are subject to Confirmation and reconciliation and resultant adjustment if any and thus are taken as per the Books.

11. Share Base Compensation

In accordance with the guidance note 18 "Employee share base payment" the following information relates to stock option granted by the company

12. Capital Work in-progress comprises of cost of land, development and construction cost, plant & machinery and other equipments (including advances) Rs. 924,873,983 (P.Y. Rs. 369,258,816): Project development expenditure includes borrowing cost, salaries & wages and other expenses Rs.42,098,478(P.Y. Rs.24,065,380).

13. Previous years figures have been regrouped and restated wherever necessary to confirm the last year's classification and figures shown in brackets are pertaining to previous year.


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on Capital Account not provided for Rs. 1346.61 Lacs (PreviousyearRs. 380.92 Lacs).

2. Contingent Liabilities not provided for in respect of:

Letterof Credit issued by Banks on behalf of the Company Rs 8032.46 lacs (P. Y.Rs. 4542.61 Lacs) (ii) Guarantee given by the Banks on behalf of the Company Rs327.62Lacs (P.Y.Rs.199.93Lacs) Bills drawn on customers and discounted with Banks Rs Nil (P. Y.Rs. 107.90 Lacs) (iv) Disputed Direct Taxes Rs 222.77 Lacs (P. Y. Rs 406.60 Lacs) (v) Disputed Indirect Taxes Rs 16.47 Lacs (P. Y.Rs 16.47 Lacs) (vi) Corporate Guarantees given to Banks for Loans taken by Subsidianes/Joint Venture companies Rs36,027.00 Lacs against which outstanding as on 31s March 2010 is Rs 17,364.10 Lacs

3. Foreign Currency exposure for import of capital goods and material that are not hedged as on 31s March 2010 amount toRs 3602.48 Lacs (US$79,85,984) (P. Y. Rs 3023.99 Lacs (US$59,29,400))

4. (a) Under the Package Scheme of Incentives of Government of Maharashtra, the Company was entitled to defer its liability to pay sales tax afteraperiodof 12 years in six equal installments commenced from theyear2004forunit at Tarapur. However sufficient provision has been made to meet sales tax obligation of Rs.119.52 Lacs on the basis of net present value of such obligation as per circular issued by Government of Maharashtra and the Company is regular in making payment of Installments. (b) Under the package scheme of Incentives of Government of Tamil Nadu, the Company is entitled to defer its sales tax collection for a period of 9 years, repayment of which has commenced from 01/10/2005 for unit at Hosur.However, sufficient provision has been made to meet sales tax obligation of Rs. 345.81 Lacs on the basis of net present value of such obligation and the Company is regular in making payment of Installments.

The consumption figures in respect of materials, stores and spares parts have been taken as balancing figure arrived at by deducting the closing stock (ascertained on physical count by management) from opening stock and purchases of the company during the year.Hence.the consumption figures included adjustments for excess and shortages.

5. In the opinion of the management, the Current Assets, Loans and Advances except Doubtful Debts have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the BalanceSheet. The provision isadequateand not inexcessofwhat is required.

6. In the opinion of the management eventual recovery of the debts outstanding for a period exceeding six months is unascertainable due to filing of Legal Cases, however company has made 10% provision for Doubtful Debts against debts considered doubtful for a period of six months to meet out any short fall arises on the realization of amount.

7. Segment Reporting:

The Company is engaged in the manufacture of polymer based products which as per accounting standard AS 17 on Segment Reporting issued by the Institute of Chartered Accountants of India is considered as the only reportable business segment. The Geographical segmentation is not relevant as all units are manufacturing polymer based products and risk and return involved within the country are common. Further the Financial statement of the company contains both the consolidated financial statement as well as the separate financial statement of the parent company Accordingly, the company has also presented the segmental information on the basisoftheconsolidatedfinancialstatementas permitted by Accounting Standard-17.

8 Related Party Disclosure (As Identified by the Management): (A) Particulars of Associated Companies/Concerns

Name of the Related Party Nature of Relationship

(i) Avion EximPvt. Ltd. Common Key Managerial Persons

(ii) Vishwalaxmi Tradings, Finance Pvt. Ltd. -do-

Time Exports Pvt. Ltd -do-

(iv) Apex Plastics -do-

(v) TimeSecuritiesServicesPvt.Ltd -do-

(vi) Ace Mouldings Pvt. Ltd. -do-

(vii) TPLPlastechLtd. Subsidiary Company

(viii) Elan Incorporated FZE -do-


(x) NED Energy Ltd. -do-

(xi) KampozitPrahas.ro. -do-

(xii) Schoeller Area Time Material Handling Solution Ltd -do-

(xiii) GulfPowerbeatW.L.L FellowSubsidiary

(xiv) Technika Corporation FZE -do-

(xv) Tianjin Elan PlastechCo.Ltd. —do—

(xvi) YPA(Thailand) Ltd. -do-

(xvii) Pack Delta Public Company Ltd -do-

(xviii)Mauser Holding Asia Pte Ltd JointVenture

(xix) Time Mauser Industries Pvt.Ltd. -do-

(xx) Key Management Personnel

Mr.Anil Jain Managing Director

Mr.BharatVageria Director

Mr.NaveenJain Director

Mr.Raghupathy Thyagarajan Director

IB) Related Party Transaction Amount (Rs. In Lacs)

(i) Purchase of finished/Unfinished goods 571.19

(ii) Sale of finished/Unfinished goods 2938.16

Recovery of expenses (Net) 690.40

(iv) Outstanding balance included in Current Assets 337.03

(v) Managerial Remuneration 70.75

9. Balance in respect of sundry debtors, sundry creditors and loans and advances as on 31.03.2010 are subject to confirmation and reconciliation and resultant adjustment if any and thus aretaken as perthe Books.

10. Capital Work-in-progress comprises of cost of land, development and construction cost, plant & machinery and other equipments (including advances) Rs 369,258,816 (P.Y. Rs 208,095,048): Project development expenditure includes borrowing cost, salaries & wages and otherexpenses Rs 24,065,380 (P.Y.RsI 4,628,642/-).

11. Previous years figures have been regrouped and restated wherever necessary to confirm the last years classification and figures shown in brackets are pertaining to previous year.