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Notes to Accounts of TPL Plastech Ltd.

Mar 31, 2015

A. Contingent Liabilities and Commitments:

i. Contingent liabilities not provided for in respect of :

The Company's pending litigations comprises mainly claims against the Company, in favour of proceedings pending with Tax and other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not reasonably expect the outcome of these proceedings to have a material impact on its financial statements. Future cash outflow in respect of the above are determinable only on receipt of judgments/decisions pending with various forums/authorities.

b. The amount of exchange difference (net) credited to the Statement of Profit and Loss for the year Rs 15,471,909 (Previous year debited Rs 7,32,991)

c. The Company's operations fall under a single segment i.e. Polymer Products and all its business operations are in India..

d. Trade Payables include Rs 8,56,86,764 (Previous Year Rs 15,52,38,687) towards Buyer's Credit and Rs Nil (Previous Year 1,30,85,286) towards Bills accepted by the Company.

e. Sales of products includes Rs 2,16,96,848 (Previous year Rs Nil) towards Advance License Duty Benefits.

f. 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 certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year's financial statements on such reconciliation/adjustments.

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

h. Necessary in respect of capital subsidy receivable of Rs 30,00,000 each has been made in the year for Jammu Unit this will be credited in due course on getting necessary sanction & receipts thereof.

i. Previous year's fgure have been regrouped / rearranged / recast / wherever necessary to conform to current year's presentation.


Mar 31, 2014

A. Contingent Liabilities and Commitments:

i. Contingent liabilities not provided for in respect of :

Particulars 2013-14 (Rs.) 2012-13 (Rs.)

Guarantees given by the bank on behalf of the Company 5,014,729 5,052,229

Disputed indirect taxes (Excluding interest, if any) 7,037,748 4,568,698

Disputed Electricity Duty (Excluding Interest) 3,275,619 -

Liability is respect of Bill discounted by the company * 6,954,074 -

* Since realized.

ii. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs. Nil Previous year Rs. 123,763) Rs. Nil (Previous Year 288,161).

iii. Foreign Currency Exposure only relates to import of raw materials as on 31st March 2014 are as follows :-

Particulars 2013-14 2012-13

USD Rs. USD Rs.

Hedged 1,124,207 67,747,178 762,345 41,371,193

Unhedged 4,179,280 250,464,250 4,485,410 243,468,055

b. The amount of exchange difference (net) debited to the Statement of Profit and Loss for the year Rs. 7,32,991 (Previous year credited Rs. 92,70,981)

c. The Company''s operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

Note:

i) Figures in brackets pertains to previous year.

ii) No amounts in respect of related parties have been written off/written back/provided for during the year.

iii) Related party relationships have been identified by the management and relied upon by the auditors.

iv) *Sale includes Sale of Fixed Assets Rs. 636,346 (Previous year Rs. 3,406,638).

v) **Purchase includes Purchase of fixed Assets Rs. 4,343,613 (Previous year Rs. 14,251,661).

h. Trade Payables include Rs. 15,52,38,687 (Previous Year Rs. 11,25,20,912) towards Buyer''s Credit and Rs. 1,30,85,286 (Previous Year Nil) towards Bills accepted by the Company.

i. 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 certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliation/adjustments.

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


Mar 31, 2013

A. Contingent Liabilities and Commitments:

i. Contingent liabilities not provided for in respect of :

Particulars 2012-13 (Rs.) 2011-12 (Rs.)

Guarantees given by the bank on behalf of 50,52,229 37,37,500 the company

Disputed indirect taxes (Excluding interest, if 45,68,698 28,67,132 any)

ii. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs. 1,23,763; Previous year Rs. 9,83,503 ) Rs. 2,88,161 (Previous yearRs. 21,43,600).

b. The amount of exchange difference (net) debited to the Profi t and Loss Account for the year Rs. 92,70,981 (Previous year credited Rs. 4,41,518)

c. The Company''s operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

d. Trade Payables include Rs. 11,25,20,912 (Previous Year Rs. 14,95,52,092) towards Buyer''s Credit.

e. i) In the opinion of the management, any of the assets other than fi xed 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 certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confi rmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s fi nancial statements on such reconciliation/adjustments.

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

g. Capital Work-in-progress comprise of Plant & Equipment under installation Rs. 1,63,99,306 (P.Y Rs. 1,83,76,540), Building under construction Rs. Nil ( P.Y. Rs. 1,62,165) , Others Rs. 18,20,800 (P.Y. Rs. 16,41,577); Project development expenditure Rs. 1,14,886 (P.Y. Rs. Nil).

h. Previous year''s fi gure have been regrouped / rearranged / recast / wherever necessary to conform to current year''s presentation.

i. Necessary applications in respect of capital subsidy receivable of Rs. 30,00,000 each has been made in the year for Jammu and Pant nagar Unit. The management expects to receive the same in due course on necessary sanction and will be accounted thereafter as and when received.


Mar 31, 2012

A. Contingent Liabilities and Commitments:

i. Contingent liabilities not provided for in respect of:

Particulars 2011-12 (Rs.) 2010-11 (Rs.)

Guarantees given by the bank on behalf of 3,737,500 5,475,000 the company

Disputed indirect taxes (Excluding interest, if 2,867,132 2,867,132 any)

ii. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs. 983,503; Previous year Rs. 1,670,038) Rs. 2,143,600 (Previous yearRs. 2,782,518).

b. The amount of exchange difference (net) credited to the Profit and Loss Account for the year Rs. 441,518 (Previous year credited Rs. 161,620)

c. The Company's operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

d. Trade Payables include Rs. 149,552,092 (Previous Year Rs. 86,645,354) towards Buyer's Credit.

e. 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 certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year's financial statements on such reconciliation/adjustments.

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

g. Capital Work-in-progress comprise of towards Plant & Equipment under installation Rs.18,376,540 (P.YRs. 43,256), Building under construction Rs. 162,165 (PY. Rs. 13,578,284), Others Rs.1,641,577 (P.Y Rs. 145,316); Project development expenditure Rs. Nil (PY Rs. 634,227).

h. Previous year's figure have been regrouped / rearranged / recast / wherever necessary to conform to current year's presentation.


Mar 31, 2011

A. i. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs. 1,670,038; Previous year 23,616,787) Rs. 2,782,518 (Previous year Rs. 27,535,484).

ii. Contingent liabilities in respect of:

Particulars 2010-11 (Rs.) 2009-10 (Rs.)

Guarantees given by the 5,475,000 3,875,000 bank on behalf of the company

Disputed indirect taxes 2,867,132 2,979,637

b. i. The amount of exchange difference (net) credited to the Profit and Loss Account for the

year Rs. 161,620 (Previous year credited Rs. 4,930,355)

c. The Company's operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

e. (i) Managerial Remuneration*:

Excluding contribution to the gratuity fund, since determined for the Company as a whole.

(ii) No Commission is payable to Directors/Managing Director and hence computation of Net Profit in accordance with Section 198,309 and 349 of the Companies Act, 1956 has not been given.

f. Related Party Disclosures as per Accounting Standard (AS) 18:

A) List of Related party and their relationships:

Sr. Name of the Related Party Relationship No.

1 Time Technoplast Limited Holding Company

2 Time Mauser Industries Pvt. Associate Limited

3 Elan Incorporated FZE, Fellow Subsidiary Sharjah

4 Novo Tech Sp. Z.O.O., Fellow Subsidiary Poland 5 Ned Energy Ltd., India Fellow Subsidiary

6 Kamlesh Joisher Whole Time Director

Note: i) Figures in brackets pertains to previous year.

ii) No amounts in respect of related parties have been written off/written back/provided for during the year.

iii) Related party relationships have been identified by the management and relied upon by the auditors.

iv) *Sale includes Sale of Fixed Assets Rs. 2,855,630 (Previous year Rs. 14,729,902).

v) "Purchase includes Purchase of fixed Assets Rs. 98,810,992. (Previous year Rs. 54,078,376).

j. Sundry Creditors include Rs. 86,645,354 (Previous Year Rs. 23,114,322) towards Buyer's Credit.

k. i) In the opinion of the Board, current assets, loans and advances have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Sundry Debtors, Creditors, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year's financial statements on such reconciliation/adjustments.

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

m. Capital Work-in-progress comprise of Advances towards Plant & Machinery and others Rs. 15,436,894 (P.Y. Rs. 109,435,610); Project development expenditure Rs. 634,227 (P.Y. Rs. 23,783,651) which includes Borrowing cost Rs. Nil (P.Y. Rs. 17,525,124), Salary & wages Rs. 214,419 (P.Y. Rs. 1,901,356) & Other expenses Rs. 419,808 (P.Y. Rs. 4,357,171).

n. During the year, in order to comply with the group company policy, the Company has provided depreciation on fixed assets as per Straight Line Method instead of Written Down Value as was done hitherto. As a result, depreciation of Rs. 33,029,448 (net of deferred tax of Rs. 17,170,972) provided in earlier years have been written back and disclosed as exceptional items in profit and loss account. MAT has not been provided on the same, as it relates to earlier years.

o. Previous year's figure have been regrouped / rearranged / recast / wherever necessary to conform to current year's presentation.


Mar 31, 2010

A. i. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs 2,36,16,787; Previous year Rs 52,61,270 ) Rs 2,75,35,484 (Previous year Rs 62,62,583).

ii. Contingent liabilities in respect of :

Particulars 2009-10 (Rs.) 2008-09 (Rs.)

Guarantees given by the bank on behalf of the 3,875,000 3,000,000 Company

Disputed Indirect Taxes 2,979,637 --

b. i. The amount of exchange difference (net) credited to the Profit and Loss Account for the year Rs. 4,930,355 (Previous year debited Rs. 8,195,485).

c. The Companys operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

d. Related Party Disclosures as per Accounting Standard (AS) 18: A) List of Related party and their relationships:

Sr No Name of the Related Party Relationship

Time Technoplast Limited Holding Company

2Time Mauser Industries Pvt. Limited Associate

3Elan Incorporated FZE, Sharjah Fellow Subsidiary

4Novo Tech Sp. Z.O.O., Poland Fellow Subsidiary

5NED Energy Ltd., India Fellow Subsidiary

6Kamlesh Joisher Whole Time Director

7 Bhavin Joisher (upto 08th March, 2010) Relative of Director

e. Sundry Creditors include Rs. 23,114,322 (Previous Year Rs. 75,700,081) towards Buyers Credit.

fi) In the opinion of the Board, current assets, loans and advances have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Sundry Debtors, Creditors, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current years financial statements on such reconciliation/adjustments.

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

h. Additional information pursuant to paragraph 3 and 4 of part II of Schedule VI to the Companies Act, 1956;

i. Capital Work-in-progress comprise of Advances towards land, Plant & Machinery and others Rs. 109,435,610 (RY. Rs. 31,856,405), Project development expenditure Rs. 23,783,651 (RY. Rs. 13,189,012) which includes Borrowing cost Rs. 17,525,124 (RY. Rs. 10,126,708), Salary & wages Rs. 1,901,356 (RY. Rs. 1,512,647) & Other expenses Rs.4,357,171 (RYRs. 1,549,657).

j. Previous years figure have been regrouped / rearranged / recast / wherever necessary to conform to current years presentation.

 
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