Mar 31, 2023
Securities Premium: Securities premium is created due to premium on issue of shares. This will be utilised in accordance with the provisions of the Act.
Capital Reserve :Capital reserve represents the capital subsidy received by the Company. This will be utilised in accordance with the provisions of the Act.
General Reserve : The General reserve is created by way of transfer of profits from retained earnings .It is a free reserve and will be utilised in accordance with the provisions of the Act.
Share Based Payment Reserve : Share based payment reserve represents the cumulative expense recognised for equity settled transaction at each reporting date until the employee share options are exercised/ expired.
Retained Earning :Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.
A Contingent Liabilities |
||
Disputed demand in respect of Excise /service tax/Custom duty/ Sales tax/ Income Tax |
19.32 |
19.32 |
Corporate Guarantees Given to Banks against Credit facilities extended to Subsidiaries & Joint venture companies |
16,153.90 |
17,761.21 |
Guarantees Issued By Banks on behalf of the company |
1,527.64 |
1,618.11 |
B Commitments |
||
Estimated amount of contracts remaining to be executed on capital account and not provide for |
287.32 |
241.89 |
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India.
As per Ind AS 108- "Operating Segment", segment information has been provided under the Notes to Consolidated Financial Statements
37. Financial Risk ManagementFinancial risk management objectives and policies
The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.
Market Risk- Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio
Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assess financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward-looking information such as:
i) Actual or expected significant adverse changes in business
ii) Actual or expected significant changes in the operating results of the counterparty
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations
iv) Significant increase in credit risk on other financial instruments of the same counterparty Liquidity Risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time, or at a reasonable price. The Company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related such risk are overseen by senior management. Managemen monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.
The table below analyse the financial liability of the company into relevant maturity groupings based on the remainin period from reporting date to the contractual maturity date. The amounts disclosed in the table are the contractua undiscounted cash flow.
38. Capital Risk Management Risk Management
The Company''s objectives when managing capital are to
⢠safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders
⢠maintain an optimal capital structure to reduce the cost of capital
The Board of Directors at its meeting held on 29th May 2023 have recommended a payment of Final dividend of ? 1.25 per equity shares of face value of ? 1 each for the financial year ended 31st March 2023. The same amount to ? 2,826.84 Lakhs. This proposed dividend is subject to the approval of shareholders in the ensuing annual general meeting.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
⢠Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.
⢠Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
The Financial Instruments are categorized in two level based on the inputs used to arrive at fair value measurement as described below
Level 1: This level includes those financial instruments which are measured by reference to quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
The company''s lease asset class primarily consists of lease of buildings. These leases were classified as operating lease under Ind AS 17.
Under Ind AS , the nature of expenses in respect of operating lease has changed from lease rent to depreciation cost and finance cost for the right-to-us assets and for interest accrued on lease liability respectively.
43. (a) No proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988, as amended, and rules made thereunder.
(b) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(c) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(d) There were no transactions relating to previously unrecorded income that have been surrendered and disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
(e) The Company has not advanced or loaned to or invested in funds to any other person(s) or entity(is), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(i) directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(f) The Company has not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall
(i) directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
Return on Capital Employed ( % ) : Increase in the ratio is on account of the improvement in profitability during the current year due to increase in revenue during the current year and better working capital management.
Return on Investment ( % ) : Increase in the ratio is on account of the improvement in profitability during the current year due to increase in revenue during the current year and better working capital management.
45. Event occurring after balance sheet date
The Board of Directors has recommended Equity dividend of Rs 1.25 (Previous year Rs 1.00 ) on face value of Rs 1.00 per share, for the financial year 2022-23.
46. The figures for the corresponding previous year have been regrouped/reclassified wherever necessary, to make the comparable
47. Approval of Financial Statements
The financial statements were approved for issue by the Board of Directors on May 29,2023
Mar 31, 2021
36. Segment reporting
As per Ind AS 108- "Operating Segment", segment information has been provided under the Notes to Consolidated Financial Statements
37. Financial Risk ManagementFinancial risk management objectives and policies
The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.
Market Risk- Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio
Market Risk- Foreign currency risk
The Company operates internationally and portion of the business is transacted in several currencies. Consequently the Company is exposed to foreign exchange risk through its sales and services in overseas and purchases from overseas suppliers in various foreign currencies. Exports of the company are significantly lower in comparison to its imports. Foreign currency exchange rate exposure is partly balanced by exports of goods and prudent hedging policy.
The following Table Shows foreign Currency exposures in USD on financial instrument at the end of the reporting period
Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assess financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward-looking information such as:
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time, or at a reasonable price. The Company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related such risk are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
⢠Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.
⢠Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
The Financial Instruments are categorized in two level based on the inputs used to arrive at fair value measurement as described below
Level 1: This level includes those financial instruments which are measured by reference to quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
The Company has adopted Ind AS 116 effective 1st April 2019 using the modified retrospective approach. The company''s lease asset class primarily consists of lease of buildings. These leases were classified as operating lease under Ind AS 17 .
Under Ind AS , the nature of expenses in respect of operating lease has changed from lease rent to depreciation cost and finance cost for the right-to-us assets and for interest accrued on lease liability respectively.
42. Risk due to outbreak of Covid-19 pandemic
The company has considered the possible effects that may result from the pandemic on the recoverability/ carrying value of its assets which does not have any significant impact on carrying value of its assets. However, the impact of the pandemic could be different from that estimated at the date of approval of these financial statements. Considering the continuing uncertainties, the company will continue to closely monitor any changes to future economic conditions.
43. Code on social security, 2020
The Code on social security, 2020 (''code'') relating to employee benefits during employment and post-employment benefits has been published in the Gazette of India. However, the date on which the code will come into effect has not been notified. The company will assess the impact of the code and recognize the same when the code becomes effective.
44. Event occurring after balance sheet date
The Board of Directors has recommended Equity dividend of ? 0.70 (Previous year ? 0.95 ) on face value of ? 1.00 per share, for the financial year 2020-21.
45. The figures for the corresponding previous year have been regrouped/reclassified wherever necessary, to make the comparable
46. Approval of Financial Statements
The financial statements were approved for issue by the Board of Directors on May 28,2021.
Mar 31, 2018
I. Background
Time Technoplast Ltd (TTL or the company) incorporated in India is a multinational conglomerate involved in the manufacturing of technology and innovation driven polymer & Composite products.
Of the Above Includes
(I) 19,905,000 Shares were allotted as fully paid-up pursuant to the Scheme of Amalgamation of erstwhile Shalimar Packaging P Ltd & Oxford Mouldings P Ltd with the company without payment received in cash.
(II) 78,525,000 Shares were allotted as fully paid-up by way of Bonus shares by capitalisation of Share Premium Account and General Reserves.
(III) 8,52,750 Shares were allotted as fully paid-up under ESOP scheme.
(IV) The Equity Shares of Rs.10/- each of the Company have been sub divided into Equity Shares of Rs.1 each with effect from 6th November 2008.
(V) 1,60,29,000 Shares were allotted as fully paid-up under preferential issue to Non Promoter.
b) Rights of Equity Shareholders
The Company has only one class of Equity Shares having par value of Rs.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.
Gratuity Plan
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is the employeesâ last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India.
VII The expected contribution for defined benefit plan for next year will be Rs.127.11 lac
VIII Senstivity Analysis
Significant Actuarial Assumptions for the determination of the defined benefit obligation are discount trade ,expected salary increase and employee turnover. The sensitivity analysis below, have been determined based on reasonably possible changes of the assumptions occurring at end of the reporting period , while holding all other assumptions constant. The result of Sensitivity analysis is given below:
2. Share Based Payments
a) Scheme Details
The company has Employee Stock Option Plan 2017 (ESOP 2017) under which options have been granted at the exercise price of Rs.93.58 (face value Rs.1 each) to be vested from time to time on the basis of performance and other eligibility criteria.
Options granted under ESOP 2017 would vest subject to maximum period of 6 (six) years from the date of grant of such options. The exercise period shall not be more than 2 (two) years from the date of respective vesting of Options. The options granted may be exercised by the Grantee at one time or at various points of time within the exercise period as determined by the committee from time to time.
b) Fair Value on Grant Date
The company adopt fair value method to account for the stock options it grants to the employee by using Black Scholes pricing model with the following assumptions;
3. Segment reporting
As per Ind AS 108- âOperating Segmentâ, segment information has been provided under the Notes to Consolidated Financial Statements
4. Financial Risk Management
Financial risk management objectives and policies
The Companyâs financial risk management is an integral part of how to plan and execute its business strategies. The Companyâs financial risk management policy is set by the Managing Board.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.
Market Risk- Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Companyâs position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.
Market Risk- Foreign currency risk
The Company operates internationally and portion of the business is transacted in several currencies. Consequently the Company is exposed to foreign exchange risk through its sales and services in overseas and purchases from overseas suppliers in various foreign currencies. Exports of the company are significantly lower in comparison to its imports. Foreign currency exchange rate exposure is partly balanced by exports of goods and prudent hedging policy.
The following Table Shows foreign Currency exposures in USD on financial instrument at the end of the reporting period.
Credit risk
Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assess financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward-looking information such as:
i) Actual or expected significant adverse changes in business
ii) Actual or expected significant changes in the operating results of the counterparty
iii) Financial or economic conditions that are expected to cause a significant change to the counterpartyâs ability to meet its obligations
iv) Significant increase in credit risk on other financial instruments of the same counterparty.
Liquidity Risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time, or at a reasonable price. The Companyâs treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related such risk are overseen by senior management. Management monitors the Companyâs net liquidity position through rolling forecasts on the basis of expected cash flows.
The table below analyse the financial liability of the company into relevant maturity groupings based on the remaining period from reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flow.
5. Capital Risk Management Risk Management
The Companyâs objectives when managing capital are to
- safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders
- maintain an optimal capital structure to reduce the cost of capital
Proposed Dividend
The Board of Directors at its meeting held on 24th May 2018 have recommended a payment of Final dividend of Rs.0.80 per equity shares of face value of Rs.1 each for the financial year ended 31st March 2018. The same amount to Rs.2,181.13 Lacs including dividend tax and surcharge. This proposed dividend is subject to the approval of shareholders in the ensuing annual general meeting.
6. Fair Value Measurement
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
- Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.
- Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
The Financial Instruments are categorised in two level based on the inputs used to arrive at fair value measurement as described below
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Mar 31, 2017
1. Segment reporting
As per Ind AS 108- "Operating Segmentâ, segment information has been provided under the Notes to Consolidated Financial Statements
2. Financial Risk Management
Financial risk management objectives and policies
The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.
Market Risk- Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.
Market Risk- Foreign currency risk
The Company operates internationally and portion of the business is transacted in several currencies. Consequently the Company is exposed to foreign exchange risk through its sales and services in overseas and purchases from overseas suppliers in various foreign currencies. Exports of the company are significantly lower in comparison to its imports. Foreign currency exchange rate exposure is partly balanced by exports of goods and prudent hedging policy.
The following Table Shows foreign Currency exposures in USD on financial instrument at the end of the reporting period .
Credit risk
Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward-looking information such as:
i) Actual or expected significant adverse changes in business
ii) Actual or expected significant changes in the operating results of the counterparty
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations
iv) Significant increase in credit risk on other financial instruments of the same counterparty
Liquidity Risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time, or at a reasonable price. The Company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risk are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.
The table below analyses the financial liability of the company into relevant maturity groupings based on the remaining period from reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flow.
3. Capital Risk Management Risk Management
The Company''s objectives when managing capital are to
- safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders
- maintain an optimal capital structure to reduce the cost of capital
The Company monitors capital on the basis of the following debt equity ratio:
Proposed Dividend
The Board of Directors at its meeting held on 27th May 2017 have recommended a payment of Final dividend of '' 0.65 per equity shares of face value of '' 1 each for the financial year ended 31st March 2017. The same amounts to '' 1,769.20 Lacs including dividend distribution tax of '' 299.24Lacs
4. Fair Value Measurement
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
- Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.
- Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
The Financial Instruments are categorized in two level based on the inputs used to arrive at fair value measurement as described below
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Specified Bank Notes is defined as Bank Notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees.
The disclosures with respects to ''Permitted Receipts'', ''Permitted Payments'', ''Amount Deposited in Banks'' and ''Closing Cash in Hand as on 30.12.2016'' is understood to be applicable in case of SBNs only.
5. First Time adoption of IND AS
The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with effect from April 1st, 2016, with a transition date of 1st April, 2015. The adoption of Ind AS has been carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards. Ind AS 101 requires that all Ind AS standards and interpretations that are issued and effective for the first Ind AS financial statements for the year ended 31st March, 2017, be applied retrospectively and consistently for all financial years presented. However, in preparing these Ind AS financial statements, the Company has availed of certain exemptions and exceptions in accordance with Ind AS 101, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and Previous GAAP have been recognized directly in equity (retained earnings or another appropriate category of equity).
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
A. Optional Exemptions availed
(a) Deemed Cost
The Company has opted paragraph D7 AA and accordingly considered the carrying value of property, plant and equipments and Intangible assets as deemed cost as at the transition date.
(b) Investments in subsidiaries, Joint Venture and associate
The Company has opted para D14 and D15 and accordingly considered the Previous GAAP carrying amount of Investments as deemed cost as at the transition date.
B. Applicable Mandatory Exceptions (a) Estimates
An entity''s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies).
Ind AS estimates as at 1 April 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP. The company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:
- Impairment of financial assets based on expected credit loss model.
C. Transition to Ind AS - Reconciliations
I. Reconciliation of Balance sheet as at April 1, 2015 and March 31,2016
II. Reconciliation of Total Comprehensive Income for the year ended March 31, 2016
III. Reconciliation of Equity as at April 1, 2015 and as at March 31, 2016
NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2017 Notes to first time adoption
Proposed Dividend
Under the previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events and accordingly, provision for proposed dividend was recognized as a liability. Under Ind AS, such dividends are recognized when the same is approved by the shareholders in the general meeting.
Remeasurements of post employment benefit obligation
Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of profit and loss.
Other comprehensive income
Under Ind AS, all items of income and expense recognized in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognized in profit or loss but are shown in the statement of profit and loss as ''other comprehensive income'' includes remeasurements of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP.
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 Incomeâ 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 Reportingâ 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 yearâs 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 Âin-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 ÃEmployee share base paymentÃ
the following information relates to stock option granted by the
company
12.Capital Work Ãin-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-
(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. ÃdoÃ
(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
(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.