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Notes to Accounts of Urbaknitt Fabs Ltd.

Mar 31, 2015

1. Contingent Liabilities:

1) Estimated amount of contracts remaining to be executed on capital accounts net of advance Rs. NIL(Previous Year Rs. NIL)

2) Bank Guarantee given : Nil Previous Year: NIL

3) Disputed Sales Tax Rs.: Nil Previous Year: Nil

2. Related Party Disclosures: Related party disclosures as required under Accounting Standards AS-18 on Related Party Disclosures:

a) Relationship:

I) Associates: Pankaj Capfin Private Limited, Pankaj Tubes (P) Ltd., Jaya Polywear Private Limited., Pankaj Stripes (P) Limited., Aman Tubes Private Limited, Pankaj Polytec (P) Ltd., Pankaj Polymers Limited.,

II) Key Management Personnel: Mr.Njraj Goel

3. In accordance with the provisions of the accounting standards, AS-22 "Accounting for Taxes on Income" the deferred tax liability of Rs.2,19,663/- has been recognised in the profit & loss account for the year issued by the Institute of Chartered Accountants of India the Company has recognized tax effect of the timing differences, representing the difference between Taxable Income and Accounting Income.

4. The information relating to the registration status of suppliers under the Micro, Small & Medium Enterprises Development Act 2006 is complied & disclosed to the extent of information available with the Company.

5. The Company is operating into only one segment i.e, manufacture of PP Disposable containers hence segment information is not given.

6. Previous Years figures have been regrouped and reclassified wherever necessary to make them comparable.

7. Depreciation for the current year has been charged based upon the useful life of fixed assets as prescribed in Part C of the Schedule II of the Companies Act, 2013. Accordingly, from 1st April 2014 the carrying amount of the fixed assets has been depreciated over the remaining useful life. In respect of assets whose remaining useful life has become 'Nil' the carrying amount as on 1st April 2014 less residual value amounting to Rs. 1.35 Lakhs has been recognized in the opening balance of General Reserve. Due to the adoption of the revised useful life of assets as prescribed in Schedule II, the charge for depreciation in the statement of Profit and Loss is lower by Rs. 3.62 Lakhs for the current year.


Mar 31, 2014

1. Contingent Liabilities:

1) Estimated amount of contracts remaining to be executed on capital accounts net of advance Rs. NIL (Previous Year Rs. NIL )

2) Bank Guarantee given : NIL Previous Year Rs.NIL

3) Disputed Sales Tax Rs. : NIL Previous Year Rs.NIL

2. Related Party Disclosures: Related party disclosures as required under Accounting Standards AS18 on Related Party Disclosures:

a) Relationship:

I) Associates: Pankaj Capfin Private Limited, Pankaj Tubes (P) Ltd., Jaya Polywear Private Limited., Pankaj Stripes (P) Limited., Aman Tubes Private Limited, Pankaj Polytec (P) Ltd., Pankaj Polymers Limited.,

II) Key Management Personnel: Mr. Niraj Goel

3. In accordance with the provisions of the accounting standards, AS-22 "Accounting for Taxes on Income" the deferred tax liability of Rs.47,365/- has been recognised in the profit & loss account for the year issued by the Institute of Chartered Accountants of India the Company has recognized tax effect of the timing differences, representing the difference between Taxable Income and Accounting Income.

4. The information relating to the registration status of suppliers under the Micro, Small & Medium Enterprises Development Act 2006 is complied & disclosed to the extent of information available with the Company.

5. The Company is operating into only one segment i.e, manufacture of PP Disposable containers hence segment information is not given.

6. Previous Years figures have been regrouped and reclassified wherever necessary to make them comparable.


Mar 31, 2013

1. Contingent Liabilities:

1) Estimated amount of contracts remaining to be executed on capital accounts net of advance Rs. NIL (Previous Year Rs. NIL)

2) Bank Guarantee given : NIL Previous Year Rs. NIL

3) Disputed Sales Tax Rs. : NIL Previous Year Rs. NIL

2. Related Party Disclosures: Related party disclosures as required under Accounting Standards AS18 on Related Party Disclosures:

a) Relationship:

I) Associates: Pankaj Capfin Private Limited, Pankaj Tubes (P) Ltd., Jaya Polywear Private Limited., Pankaj Strips (P) Limited., Aman Tubes Private Limited, Pankaj Polytec (P) Ltd., Pankaj Polymers Limited.,

II) Key Management Personnel: Shri. Niraj Goel

b) The following transactions were carried out with related parties in the ordinary course of business.

I) Associates: Advances taken

(a) Pankaj Strips (P) Limited - Rs. 25,00,000

Advances given (a) Pankaj Polymers Limited - Rs. 21,28,295

II) a) Purchase of Goods from M/s.Pankaj Polymers Ltd - Rs. 7,99,136 b) Purchase of Goods from M/s.Pankaj Polytec (P) Ltd - Rs. 14,26,155

3. In accordance with the provisions of the accounting standards, AS-22 "Accounting for Taxes on Income" the deferred tax liability of Rs.22,735/- has been recognised in the profit & loss account for the year issued by the Institute of Chartered Accountants of India the Company has recognized tax effect of the timing differences, representing the difference between Taxable Income and Accounting Income.

4. The information relating to the registration status of suppliers under the Micro, Small & Medium Enterprises Development Act 2006 is complied & disclosed to the extent of information available with the Company.

5. The Company is operating into only one segment i.e, manufacture of PP Disposable containers hence segment information is not given.

6. Previous Years figures have been regrouped and reclassified wherever necessary to make them comparable.

 
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