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Notes to Accounts of Tulsi Extrusions Ltd.

Mar 31, 2015

1. Of the above, 12500000 Equity Shares (FY 2010-11) of RS. 10/- each are issued pursuant to Global Depository receipts issued at a premium of Rs. 44/- per equity shares.

2. Of the above, 2499510 Equity Shares (FY 2010-11) of Rs. 10/- each are issued as bonus shares out of Profit and Loss Appropriation Account.

Notes 3

Related Party Disclosure

As per Accounting Standard (AS-18) or related party disclosures issued by ICAI, the disclosures of transactions with the related parties are as follow;

Name of Party Relationship

Gopal Extrusions Pvt. Ltd. Enterprise Significantly influenced by directors

Tulsi Plastics SA (Proprietary) Ltd. EnterpriseControlled/Significantly influenced by directors

Sanjay Taparia (HUF) Hindu Undivided Family of Key Managerial Person

Pradip Mundhra (HUF) Hindu Undivided Family of Key Managerial Person

Pradip Mundhra Key Managerial Person

Sanjay Kumar Taparia Key Managerial Person

Tulsi International FZE Wholly owned subsidiary


Mar 31, 2014

Not available


Mar 31, 2012

NOTES (1.1 .a) Indian Rupee loan Purpose:

Term Loan is taken from consortium of Allahabad Bank, UCO Bank and Punjab National Bank to undertake mega protect expansion by adding the capacity of existing plant, by adding new machinery and relocation of existing machineries for manufacture of PVC injection, moulded fittings, HOPE Sprinkler System, inline drip irrigation System, LLDPE fittings for micro irrigation pellet including fruits and vegetables crates.

Tenure and repayment schedule:

Tam loans shaV be repaid in 24 structured quarterly installments alter moratorium period of 8 quarters from the date of first disbursement with door to door tenure of 32 quarters.

(ii) Extension of First Pari-passu Charge on block assets both present & Future of the company by way of Hypothecation of Machinery & other fixed assets and Equitable Mortgage of land and building.

(iii) Second Pari-passu hypothecation charge on the entire current assets of the company other than project assets (Both present & Future).

(iv) First charge on all Borrower's bank account in relation to the project including, without limitation, the Project Capex account and each of the other accounts required to be created by the company under any project document or contract.

'Project Documents' includes all fresh raw material agreements to be entered into for the projects; all purchase agreements, product sales agreement, EPC Contract and any Operations & Maintenance agreement, among others.

(v) Assignment of Project Documents including Contractor guarantees, liquidated damages, letter of credit, guarantee or performance bond that may be provided by any counter pd.ly under any project document or contract in favour of borrower and insurance policies.

(vi) Corporate guarantee of M/s Gopal Extrusions Pvt. Ltd, one of the promoter group companies.

(vii) Personal guarantee of Promoters of the company.

NOTES (2.1.a) Working Capital Loan (Cash Credit and inland Letter of Credit facilities)

(i) Sanction of Cash credit limit of Rs 85 crore and Letter of credit of Rs 20 crore from Punjab National Bank.

(ii) Cash Credit and Inland Letter of Credit facilities from Punjab National Bank are secured against hypothecation of Stocks, Receivables not exceeding 120 days and all other current assets, present and future of the company on Pari-passu basis with other working capital

(iii) Corporate guarantee of the M/s Gopal Extrusions Limited, one of the promoter group companies.

(iv) Personal Guarantee of the Promoters and executive Directors of the company.

NOTE3 (2.1.b.) Corporate Loan

Security

(i) Extension of First Charge on the Block of assets of the company by way of Hypothecation of Machinery and equipment & other fixed assets and Equitable Mortgage of land and building.

(ii) Corporate guarantee of the M/s Gopal Extrusions Limited, one of the promoter group companies.

(iii) Personal Guarantee of the Promoters and executive Directors of the company.

Terms of repayment

(i) Entire term loan of Rs.12 crore Will be repaid in 12 equal Quarterly installments of Rs 1.00 Crores each at the rate of interest of 12.50%.

(ii) Entire Term Loan of Rs. 6.90 Crores will be repaid in Interest to be paid as and when charge.

NOTES : 3

CONTINGENT LIABILITY NOT PROVIDED FOR

Sr. No. Particulars As at 31.03.2012 As at 31.03.2011

1. Bank Guarantee 0.63 0.31

2. Corporate Guarantee Given to other 0.20 -

3. Claims not acknowledged as debts including show cause demand notice in relation to excise and consumer court forum 1.11 1.11

4. Disputed Income tax Demands 5.22 -


Mar 31, 2011

1. Contingent Liability not provided for:

(Rs. In lacs)

Sr. Particulars As at As at No. 31.03.2011 31.03.2010

1. Bank Guarantee 31.12 28.10

2. Capital Contracts remaining to be executed - 150.00

3. Claims not acknowledged as debts 111.11 97.83 including show cause demand notice in relation to excise and consumer court forum.

4. Disputed Income tax Demands - 184.83

2. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all the known and determined liabilities are adequate and not in excess of the amounts reasonably required. The advance for capital goods included in capital work in progress are as per management estimates/agreements/quotations and have a value unless otherwise stated, on realization at least equal to the amount at which they are stated in the Balance Sheet.

3. In terms of the requirements of the Accounting Standard - 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the amount recoverable against Fixed Assets has been estimated at the period end by the management based on the present value of estimated future cash flows expected to arise from the continuing use of such assets. The recoverable amount so assessed was found to be adequate to cover the carrying amount of the assets, therefore no provision for impairment in value thereof has been considered necessary, by the management.

4. The board has recommended a dividend of Rs. Nil (Previous Year - Rs. 0.50) per equity share of face value of Rs. 10 each for the financial year ended March 31, 2011.

5. The company has issued 12,500,000 equity shares of Rs. 10/- (Rupees Ten Only) each fully paid up at Rs. 10/- (Rupees Ten Only) per share and premium of Rs. 44/- (Rupees forty four only) per share, as underlying equity shares against 1,250,000 Global Depository Receipts (GDRs) on August 23, 2010 and the total amount raised was US$ 14.32 million = INR 6750.00 lacs. The listing of the GDRs has been carried out at Luxembourg Stock Exchange.

6. Related Party Disclosure:-

As Per Accounting Standard (AS-18) on related party disclosures issued by ICAI, the disclosures of transactions with the related parties are as follows:

Sr. Name of Party Relationship No.

A Gopal Extrusions Pvt. Ltd. Enterprise significantly influenced by directors

B Tulsi Plastics SA (Propri- Enterprise controlled/significantly etory) Ltd. influenced by directors

C Kiran Polyvinayel Pvt. Ltd. Enterprise controlled by directors/ directors' relatives

D Sanjay Taparia (HUF) Relative of KMP

E Pradip Mundhra KMP

F Sanjay Kumar Taparia KMP

7. There is no outstanding amount and interest on delayed payments to vendors falling under the Micro, Small and Medium Enterprises Development Act, 2006, and hence disclosures regarding to it have not been made.

8. The company is in process of appointing a full time Company Secretary by the provision of Section 383A of the Companies Act, 1956. In absence of the Company Secretary, these financial statements have not been authenticated by a whole time company secretary u/s 215 of the Companies Act, 1956.

9. Unclaimed Dividend - Rs. 2.90 lacs (PY Rs. 1.82 lacs)

Amount due and outstanding to be credited to Investor Education and Protection Fund as on 31.03.2011 is Rs. NIL (Previous Year Rs. Nil).

10. Previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary to make the figures comparable.

11. Additional Information pursuant to Part IV of Schedule VI of the Companies Act, 1956 is as per annexure enclosed.


Mar 31, 2010

1. Contingent Liability not provided for:

(Rs . In lacs)

Sr. Particulars As at As at No. 31.03.2010 31.03.2009

1. Bank Guarantee 28.10 7.00

2. Capital Contracts remaining to be executed 150.00 250.00

3. Claims not acknowledged as debts including show 97.83 1.62 cause demand notice in relation to excise and consumer court forum.

4. Disputed Income tax Demands 184.83* -

*Rs. 74.00 lacs have already been deposited till March 31, 2010 and the matter is subjudice with Appellant Authorities.

2. The Company has not provided for employee benefit as the company follows the practice of accounting for the employee benefits as and when paid. This is not in accordance with the Accounting Standard (AS) 15 on "Employee Benefits" issued by The Institute of Chartered Accountants of India.

3. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions for all the known and determined liabilities are adequate and not in excess of the amounts reasonably required.

4. In terms of the requirements of the Accounting Standard - 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the amount recoverable against Fixed Assets has been estimated at the period end by the management based on the present value of estimated future cash flows expected to arise from the continuing use of such assets. The recoverable amount so assessed was found to be adequate to cover the carrying amount of the assets, therefore no provision for impairment in value thereof has been considered necessary, by the management.

5. The board has recommended a dividend of Rs. 0.50(Previous Year - Nil) per equity share of face value of Rs. 10 each (5%) for the financial year ended March 31, 2010.

6. Related Party Disclosure:-

As Per Accounting Standard (AS-18) on related party disclosures issued by ICAI, the disclosures of transactions with the related parties are as follows:

Sr. No. Name of Party Relationship

A Gopal Extrusions Pvt. Ltd. Enterprise significantly influenced by directors

B Tulsi Plastics SA (Proprietory) Ltd. Enterprise controlled/ significantly influenced by directors

C Kiran Polyvinayel Pvt. Ltd. Enterprise controlled by directors/directors relatives

D Sanjay Taparia (HUF) Relative of KMP

E Pradip Mundhra KMP

F Sanjay Kumar Taparia KMP



Commission is not payable to the directors and hence the computation of net profit under Section 349 of the Companies Act, 1956 has not been given.

7. There is no outstanding amount and interest on delayed payments to vendors falling under the Micro, Small and Medium Enterprises Development Act, 2006, and hence disclosures regarding to it have not been made.

Secondary Segment Reporting (Geographical Segment)

The Geographical segment is not reportable as marketing of products is in India only

8. Additional information:

Note: - Installed capacity is as certified by the management but not verified by the auditors being technical matter.

9. Foreign currency exposure as on March 31,2010 amounting to NIL (Previous year US$ 655234.00) are not hedged by derivative or forward contracts.

10. Items covered by Investor Education and Protection fund: Unclaimed DividendRs. 1.82 lacs (PY Rs. 2.98 lacs) Amount due and outstanding to be credited to Investor Education and Protection Fund as on 31.03.2010 is Rs. NIL (Previous Year Rs. Nil).

11. Previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary to make the figures comparable.

12. Additional Information pursuant to Part IV of Schedule VI of the Companies Act, 1956 is as per annexure enclosed.



 
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