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Notes to Accounts of Uniply Industries Ltd.

Mar 31, 2016

Note No: 1 - ADDITIONAL INFORMATION TO FINANCIAL STATEMENT

a) Contingent Liability:-

i) Value Added Tax demand for the financial year 2006-07 & 2007-08 is Rs.54,91,371/- against which the company has filed an appeal with Appellate Commissioner Commercial Tax department Tamil Nadu. (31.03.2015 - Rs.54,91,371/-)

ii) Capital Commitments - Nil (31.03.2015 - Nil)

b) Value of Import on CIF basis is Rs.1,32,60,182/- ( 31.03.2015 - Rs.9,50,24,444/-)

d) FOB value of Exports is Nil. (31.03.2015- Nil)

e) Expenditure in Foreign Currency - Travelling Expenses - Rs.1,58,680/-( 31.03.2015 - Rs.2,54,703/-)

f) Amounted remitted during the year in foreign exchange on account of dividend for the previous year - Nil

g) Under Micro, Small & Medium Enterprises Development Act 2006, certain disclosures are required to be made relating to such enterprises. In view of the insufficient information from suppliers regarding their coverage under the said Act, no disclosure have been made in the accounts. However, in view of the management the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

Note No: 2. - ADDITIONAL INFORMATION TO FINANCIAL STATEMENT (contd.)

h) Related Party disclosures for the year ended 31.03.2016 List of Related Parties:-

I. Associate Concerns :

1. Mr.Keshav Kantamneni - Chairman & Managing Director

1. Globality Partners Private Limited

2. Foundation Outsourcing India Private limited

3. Madras Electronics Solutions Private Limited

4. Fourshore IT Outsourcing India Private Limited

5. Super Band Private Limited

6. RMKV Fabrics Private Limited - Wife is a Director

2. Mr.Manohar Rambatar Jhunjhunwala - Whole Time Director

1. MRJ Marketing Private Limited

2. MRJ Creations Private Limited

3. MRJ Trading Private Limited

4. Jalaram Veneers & Floors Private Limited

II. Key Management Personnel (KMP)

1. Mr. B.L. Bengani- Managing Director up to 10.06.2015

2. Mrs.K. Rajeswari- Executive Director up to 08.12.2015

3. Mr.Keshav Kantamneni - Managing Director from 10.06.2015

4. Mr. Manohar Rambatar Jhunjhunwala - Director from 09.02.2016

5. Mr. Raghuram nath-Chief Financial Officer

6. Mr.Antaryami Sahoo-Company Secretary

(i) Consequent to the adoption of Accounting Standard 15 on Employee Benefits as notified by the companies (Accounting Standard-Rule 2006), the following disclosures has been as required by the standard. The Company has recognized the following disclosures has been made as required by the standard. The Company has recognized the following amounts in the profit & loss account towards contribution to defined contribution plans, which are included under contribution to Provident Fund and other funds.

j) Previous year figures have been regrouped & reclassified wherever necessary to make comparable with the figures of current period. k) In the opinion of the Board of Directors Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount stated. l) The notes referred to in the Profit & Loss Account and Balance Sheet form an integral part of accounts.


Mar 31, 2015

Note No: 1.1 - ADDITIONAL INFORMATION TO FINANCIAL STATEMENT

a) Contingent Liability:-

i) Value Added Tax demand for the financial year 2006-07 & 2007-08 is Rs.54,91,371/- against which the company has filed an appeal with Appellete Commissioner Commercial Tax department Tamil Nadu. (31.03.2014 - Rs.54,91,371/-)

ii) Capital Commitments - Nil (31.03.2014 - Nil)

b) Value of Import on CIF basis is Rs.9,50,24,444/- ( 31.03.2014 - Rs.24,13,51,049/-)

c) Details of Value of Raw Materials, Consumable & Stores consumed:-

d) FOB value of Exports is Nil. (31.03.2014- Nil)

e) Expenditure in Foreign Currency - Travelling Expenses - Rs.2,54,703/-( 31.03.2014 - Rs.2,78,993/-)

f) Amounted remited during the year in foreign exchange on account of dividend for the previous year - Nil

g) Under Micro, Small & Medium Enterprises Development Act 2006, certain disclosures are required to be made relating to such enterprises.

In view of the insufficient information from suppliers regarding their coverage under the said Act, no disclosure have been made in the accounts.

However, in view of the management the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

h) Related Party disclosures for the year ended 31.03.2015 List of Related Parties:-

I. Associate Concerns : UIL International Private Limited

II. Key Management Personnel (KMP)

1. Mr. B.L. Bengani - Managing Director

2. Mrs.K. Rajeswari - Executive Director

3. Mr. Raghuram nath - Chief Financial Officer

4. Mr.Antaryami Sahoo - Company Secetery

III. Relatives of Key Mnagement Personnel

1. Suman Bengani - Wife of B.L.Bengani

2. K.C. Bengani - Father of B.L.Bengani

3. Varun Bengani - Son of B.L.Bengani

(i) Consequent to the adoption of Accounting Standard 15 on Employee Benefits as notified by the companies (Accounting Standard-Rule 2006), the following disclosures has been as required by the standard. The Company has recognised the following disclosures has been made as required by the standard. The Company has recognised the following amounts in the profit & loss account towards contribution to defined contribution plans, which are included under contribution to Provident Fund and other funds.

j) Previous year figures have been regrouped & reclassified wherever necessary to make comparable with the figures of current period.

k) In the opinion of the Board of Directors Current Assets, Loans & Advances have a value on realisation in the ordinary course of business atleast equal to the amount stated.

l) The notes referred to in the Profit & Loss Account and Balance Sheet form an integral part of accounts.


Mar 31, 2014

Note No: 1.1 - ADDITIONAL INFORMATION TO FINANCIAL STATEMENT

a) Contingent Liability:-

i) Value Added Tax demand for the financial year 2006-07 & 2007-08 is Rs.54,91,371/- against which the company has filed an appeal with Appellete Commissioner Commercial Tax department Tamil Nadu. (31.03.2013 - Rs.58,58,070/-)

ii) Capital Commitments - Nil (31.03.2013 - Nil)

b) Value of Import on CIF basis is Rs.24,13,51,049/- ( 31.03.2013 - Rs.35,86,02,986/-)

c) Details of Value of Raw Materials, Consumable & Stores consumed:-

d) FOB value of Exports is Nil. (31.03.2013- Nil)

e) Expenditure in Foreign Currency - Rs.2,78,993/- ( 31.03.2013 - Rs.2,32,469/-)

f) Amounted remited during the year in foreign exchange on account of dividend for the previous year - Nil

g) Under Micro, Small & Medium Enterprises Development Act 2006, certain disclosures are required to be made relating to such enterprises.

In view of the insufficient information from suppliers regarding their coverage under the said Act, no disclosure have been made in the accounts.

However, in view of the management, the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

(i) Consequent to the adoption of Accounting Standard 15 on Employee Benefits as notifi ed by the companies (Accounting Standard-Rule 2006), the following disclosures have been made as required by the standard. The Company has recognised the following disclosures as required by the standard. The Company has recognised the following amounts in the profit & loss account towards contribution to defined contribution plans, which are included under contribution to Provident Fund and other funds.

j) Previous year figures have been regrouped & reclassifi ed wherever necessary to make comparable with the figures of current period.

k) In the opinion of the Board of Directors Current Assets, Loans & Advances have a value on realisation in the ordinary course of business atleast equal to the amount stated.

l) The notes referred to in the Profit & Loss Account and Balance Sheet form an integral part of accounts.


Mar 31, 2013

A) Contingent Liability

i) Value Added Tax demand for 2007-08 & 2006-07 is Rs.58,58,070/- against which the company has filed an

appeal with Appellete Commissioner Commercial Tax department Tamil Nadu. (31.03.2012 - 73,13,274/-)

ii) Capital Commitments - Nil (31.03.2012 - Nil)

b) Value of Import on CIF basis is Rs.35,86,02,986/- ( 31.03.2012 - Rs.36,11,20,873/-)

c) Details of Value of Raw Materials, Consumable & Stores consumed :-

d) FOB value of Exports is Nil. (31.03.2012- Rs.23,12,294/-)

e) Expenditure in Foreign Currency - Rs.2,32,469/- ( 31.03.2012 - Rs.2,85,844/-)

f) Amounted remited during the year in foreign exchange on account of dividend for the previous year - Nil

g) Under Micro, Small & Medium Enterprises Development Act 2006, certain disclosures are required to be made relating to such enterprises. In view of the insufficient information from suppliers regarding their coverage under the said Act, no disclosure have been made in the accounts. However, in view of the management the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

h) Related Party disclosures for the year ended 31.03.2013

List of Related Parties:- I. Subsidiary Company : Surge Trading Ltd., Hong Kong

II. Associate Concerns : Uniply International Limited

III. Key Management Personnel (KMP)

1. Mr. B.L. Bengani

2. Mr. M.L. Pramod Kumar

IV. Relatives of Key Mnagement Personnel

1. Suman Bengani - Wife of B.L.Bengani

2. K.C. Bengani - Father of B.L.Bengani 3. Varun Bengani - Son of B.L.Bengani

(i) Consequent to the adoption of Accounting Standard 15 on Employee Benefits as notified by the Companies (Accounting Standard - Rules 2006), the following disclosures has been made as required by the standard. The Company has recognised the following amounts in the profit and loss account towards contribution to defined contribuction plans which are included under contribution to Provident Fund and other funds.

j) Previous year figures have been regrouped & reclassified wherever necessary to make comparable with the figures of current period.

k) In the opinion of the Board of Directors Current Assets, Loans & Advances have a value on realisation in the ordinary course of business atleast equal to the amount stated.

l) The notes referred to in the Profit & Loss Account and Balance Sheet form an integral part of accounts.


Mar 31, 2012

A) Contingent Liability

i) Sales Tax demand for 2007-08 & 2006-07 is Rs.7313274/- against which the company has filed an appeal with Appellete commissioner Commercial Tax department Tamil Nadu.(31.03.2011- Nil)

ii) Capital commitments - Nil.(31.03.2011- Nil)

b) Value of Import on CIF basis is Rs.361,120,873/- ( 31.03.2011 - Rs.28,61,55,797/-)

c) Details of Value of Raw Materials, Consumable & Stores consumed:-

d) FOB value of Exports Rs.23,12,294/- (31.03.2011- Rs. 19,60,572/-)

e) Expenditure in Foreign Currency - Rs.285844/- ( 31.03.2011 - Rs.2,12,252/-)

f) Amounted remited during the year in foreign exchange on account of dividend for the previous year - Nil

g) Under Micro, Small & Medium Enterprises Development Act 2006, certain disclosures are required to be made relating to such enterprises. In view of the insufficient information from suppliers regarding their coverage under the said Act, no disclosure have been made in the accounts. However, in view of the management the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

h) Related Party disclosures for the year ended 31.03.2012

List of Related Parties:-

I. Subsidiary Company : Surge Trading Ltd., Hong Kong

II. Associate Concerns : Uniply International Limited

III. Key Management Personnel (KMP) 1. Mr. B.L. Bengani

2. Mr. M.L. Pramod Kumar

IV. Relatives of Key Mnagement Personnel

1. Suman Bengani - Wife of B.L.Bengani

2. K.C. Bengani - Father of B.L.Bengani

3. Varun Bengani - Son of B.L.Bengani

Note No: 1.1. Consequent to the adoption of Accounting Standard 15 on Employee Benefits as notified by the Companies (Accounting Standard - Rules 2006), the following disclosures have been made as required by the standard.

(i) The Company has recognised the following amounts in the profit and loss account towards contribution to defined contribution plans which are included under contribution to Provident fund and other funds.

j) Previous year figures have been regrouped & reclassified wherever necessary to make comparable with the figures of current period.

k) In the opinion of the Board of Directors Current Assets, Loans & Advances have a value on realisation in the ordinary course of business atleast equal to the amount stated.

l) The notes referred to in the Profit & Loss Account and Balance Sheet form an integral part of accounts.


Mar 31, 2011

1. Previous year figures have been regrouped wherever necessary to confirm to current years classification.

2. Estimated amount of contracts remaining to be executed in Capital Accounts (net of advances) not provided for Rs. Nil. (31.03.2010 - Rs. Nil)

3. Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to such enterprises. In view of the insufficient information from suppliers regarding their coverage under the said act, no disclosures have been made in the accounts. However, in view of the management, the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

3A. Sundry Creditors include due to subsidiary company- Nil. (31.03.2010 Rs.270.82 Lacs)

4. Amounts remitted during the year in foreign exchange on account of dividends for the previous year: NIL.

5. The amount of exchange differences debited (net) to Profit & Loss account is Rs.5,22,436/-. (31.03.2010 - Net Credit Balance - Rs.2,55,10,544/-)

6. Contingent Liability:-

31.03.2011 31.03.2010 (Rs.) (Rs.)

A. Guarantees issued by the banks on Behalf of 25029 25029 the Company

B. Corporate Guarantee extended by the Company to Axis Bank Ltd for the loan given to M/S UV Boards Ltd Nil 65500000

C. Corporate Guarantee extended by the Company to Indian Overseas Bank for the line of credit given to its Wholly Owned Subsidiary, M/s. Surge Trading Limited, Hong Kong 44539560 45240000

7. Claims against Company not acknowledged as debts for Nil. (31.03.2010 - Nil)

8. a) Secured loan from State Bank of India is secured by the first charge on all current assets of the company, First paripassu Charge on the fixed assets of the Company, and further secured by personal guarantee of Mr. B.L.Bengani & Mrs. Suman Bengani.

b) Hire Purchase loans are secured against the hypothecation of respective assets.

9. The Schedules referred to in the Profit & Loss Account and Balance Sheet form integral part of accounts.

10. Sundry Debtors include debts due from subsidiary company - Nil (31.03.2010 - Rs.33.59 lacs)

11. Advance received from subsidiary company - Rs.45,05,021/- (31.03.2010 - Nil)

12. The company has revalued the land during the year to reflect the present market value of land. The land has been valued by M/s.Value Assessors & Surveyors P Ltd, during February and March 2011 and they have assessed the present market value of property at Rs. 13,22,99,000/- as against a book value of Rs.37,67,378/-. Accordingly, the company has debited a sum of Rs. 12,85,30,000/- to land and credited it to revaluation reserve.

13. Related party disclosures for the year ended 31.03.2011

List of Related Parties:-

I Subsidiary Company: Surge Trading Ltd., Hong Kong

II. Associate Concerns: Uniply International Limited

III. Key Management Personnel (KMP)

1. Mr.B.L.Bengani

2. Mr.M.L.Pramod Kumar

IV. Relatives of Key Management Personnel

1. Suman Bengani - Wife of B.L. Bengani

2. K.C.Bengani - Father of B.L.Bengani

3. Varun Bengani - Son of B.L.Bengani

14. Consequent to the adoption of Accounting Standard 15 on Employee Benefits as notified by the Companies (Accounting Standard) Rules 2006, the following disclosures have been made as required by the standard.


Mar 31, 2010

1. Previous year figures have been regrouped wherever necessary to confirm to current years classification.

2. Estimated amount of contracts remaining to be executed in Capital Accounts (net of advances) not provided for Rs. Nil. (31.03.2009 – Rs. Nil)

3. Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to such enterprises. In view of the insufficient information from suppliers regarding their coverage under the said act, no disclosures have been made in the accounts. However, in view of the management the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

4. There is no outstanding of FCNRB Loan as on 31.03.2010. (31.03.2009 – USD 2,500,000)

5. Amount Paid/Payable to Auditors

6. Amounts remitted during the year in foreign exchange on account of dividends for the pervious year: NIL.

7. The amount of exchange differences credited (net) to Profit & Loss account is Rs 255.11 Lacs. (31.03.2009 – Rs. 684.04(Dr) Lacs)

8. There are no derivative contracts pending as on 31.03.2010. The loss arising on closure of derivate contracts amounting to Rs.282.20 Lacs have been debited to profit and loss account during the year. The outstanding derivative contracts as on 31.03.2009 were valued at mark-to-market basis and consequently income amounting to Rs.135.49 Lacs has been credited to the profit & loss account during the year ending 31.03.2009.

9. Contingent Liability

31.03.2010 31.03.2009 (Rs.) (Rs.)

A. Guarantees issued by the banks on Behalf of 25029 25029 the Company

B. Corporate Guarantee extended by the Company to Axis Bank Ltd for the loan given to M/S UV Boards Ltd 65500000 113538000

C. Corporate Guarantee extended by the Company to Indian Overseas Bank for the line of credit given to its Wholly Owned Subsidiary, M/s. Surge Trading Limited, Hong Kong 45240000 52260000

10. Claims against Company not acknowledged as debts for

11. a) Secured loan from State Bank of India is secured by the first charge on all current assets of the company, first paripassu charge on the fixed assets of the Company, and further secured by personal guarantee of Mr.B.L.Bengani & Mrs. Suman Bengani.

b) Term Loan from Corporation Bank and Bank of India was secured by first charge on the respective wind mills including land on which such wind mills are commissioned. It was also secured by pari passu first charge on the other fixed assets of the Company and personal guarantee of Mr.B.L.Bengani and Mr.M.L.Pramod Kumar Directors of the Company.

c) Hire Purchase loans are secured against the hypothecation of respective assets.

12. The Schedules referred to in the Profit & Loss Account and Balance Sheet form integral part of accounts.

13. Loans due for payment within one year.

14. Sundry Debtors include debts due from subsidiary company – 33.59 Lacs (31.03.2009 Rs. Nil)

15. Sundry Creditors include due to subsidiary company – Rs. 270.82 Lacs (31.03.2009 Rs. 184.87 Lacs)

16. The company has made a slump sale of windmill division and the loss arising on the transaction amounting to Rs.370.73 lakhs has been debited to profit and loss account as extraordinary item.

17. Related party disclosures for the year ended 31.03.2010

List of Related Parties:-I. Subsidiary Company : Surge Trading Ltd., Hong Kong

II. Associate Concerns: Uniply International Limited

III. Key Management Personnel (KMP)

1. Mr.B.L.Bengani

2. Mr.M.L.Pramod Kumar

IV. Relatives of Key Management Personnel

1. Suman Bengani – Wife of B.L.Bengani

2. K.C.Bengani - Father of B.L.Bengani

Transactions with related parties

There are no transactions with Uniply International Ltd during the current financial year and in the previous financial year.

18. Consequent to the adoption of Accounting Standard 15 on Employee Benefits as notified by the Companies (Accounting Standard) Rules 2006, the following disclosures have been made as required by the standard.

i. The Company has recognized the following amounts in the Profit and Los Account towards contribution to defined contribution plans which are included under contribution to Provident Fund and other Funds:

ii. The details of post retirement benefit plans for Gratuity are given below which is certified by the actuary and relied upon by the auditors:

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