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Notes to Accounts of Vallabh Poly-Plast International Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

Vallabh Poly Plast International Limited ('VPPIL'), 'the Company' was originally incorporated on April 1, 1989 as a Partnership Firm, bearing the name Vallabh Poly-Plast. The said firm was reconstituted thrice on January 27, 1993, April 2, 1993 and July 14, 1993. Thereafter, on October 7, 1994, it was converted into a Private Limited Company. On December 1, 1994, the Company was converted to a Public Limited Company. The Company was engaged in manufacturing of Plastic Plain / Printed Bags, Rolls, Garbage and Zhabala Bags etc till 2008, thereafter it is now carrying on the activities of commission, brokerage and packaging services.

2. There is no employee in the Company during the year, therefore compliance to requirement of Accounting Standard (AS-15 Revised) pertaining to making provision for future gratuity liability and leave encashment is not applicable.

3. There is no amount due and payable to 'Suppliers' registered under the Micro, Small and Medium Enterprises Development Act, 2006 at the end of the year. No interest has been paid/ is payable by the Company during/for the year to these 'Suppliers'.

4. In the opinion of the Board, the assets of the company have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

5. The Company has filed its return of income upto A.Y.2014-15 and its Income tax assessment has been completed up to assessment year 2012-13 as per the return of income filed by the Company.

6. The Company was engaged in manufacturing of Plastic Plain / Printed Bags, Rolls, Garbage and Zhabala Bags etc till 2008, thereafter it is now carrying on the activities of commission, brokerage and packaging services and as such there are no separate reportable segments as specified in Accounting Standard (AS 17) on "Segment Reporting".

7. Figures for the previous year have been regrouped, rearranged and reclassified wherever necessary. Accordingly, amounts and other disclosure for the previous year are included as an integral part of the current year's financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.




Mar 31, 2014

1. SHARE CAPITAL

1.1 The Company has, at present, one class of issued, subscribed and paid up shares referred to as equity shares having a par value of Rs. 10/- each. Each holder of equity share is entitled to one vote per share.

1.2 The reconciliation of the number of shares outstanding and the amount of share capital as at the beginning and at the end of the reporting period.

2. Other Non-Current Assets

2.1 The advance to suppliers, debtors and custom deposits, are outstanding since very long and subject to confirmation.

2.2 During the year company has paid Rs. 23,98,065/- on account of ROC filing fees including stamp duty and interest on delayed payment for authorised share capital increased in earlier year. The same has been shown as preliminary expenses and Rs. 4,79,613/- being 1/5th of the said amount has been written off in Profit & Loss Account.

3. ADMINISTRATIVE & OTHER EXPENSES

3.1 During the year 1/5th of preliminary expenses has been written off.

4. There is no employee in the Company during the year, therefore compliance to requirement of Accounting Standard (AS-15 Revised) pertaining to making provision for future gratuity liability and leave encashment is not applicable.

5. There is no amount due and payable to ''Suppliers'' registered under the Micro, Small and Medium Enterprises Development Act, 2006 at the end of the year. No interest has been paid/is payable by the Company during/for the year to these ''Suppliers''.

6. In the opinion of the Board, the assets of the company have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

7. The Company has filed its return of income up to A.Y. 2013-14 and its Income tax assessment has been completed up to assessment year 2011-12 as per the return of income filed by the Company.

8. The main business of the Company is plastic layflat tubing/bags and accordingly there are no separate reportable segment and as such there are no separate reportable segments as specified in Accounting Standard (AS 17) on "Segment Reporting".

9. Figures for the previous year have been regrouped, rearranged and reclassified wherever necessary. Accordingly, amounts and other disclosure for the previous year are included as an integral part of the current year''s financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2013

A CORPORATE INFORMATION

Vallabh Poly Plast International Limited (''VPPIL''), ''the Company'' was originally incorporated on April 1,1989 as a Partnership Firm, bearing the name Vallabh Poly-Plast. The said firm was reconstituted thrice on January 27, 1993, April 2, 1993 and July 14, 1993. Thereafter, on October 7, 1994, it was converted into a Private Limited Company. On December 1, 1994, the Company was converted to a Public Limited Company. The Company was engaged in manufacturing of Plastic Plain / Printed Bags, Rolls, Garbage and Zhabala Bags etc till 2008, thereafter it is now carrying on the activities of commission, brokerage and packaging services. During the year the company has shifted its registered office to Raheja Point 1, 3rd Floor, Netaji Subhash Road, Vakola Santacruz (East), Mumbai - 400 055.

1.1 As per the resolution passed on 23rd February, 2010 in the Extra Ordinary General Meeting, authorised share capital was increased from Rs. 5 crores to Rs. 25 crores. However relevant forms have not been submitted with Registrar of Companies. As such company is liable to pay about Rs. 22,86,775/- on account of stamp duty, filing fees and additional fees etc. as on reporting date.

1.2 The Company has, at present, one class of issued, subscribed and paid up shares referred to as equity shares having a par value of Rs. 10/- each. Each holder of equity share is entitled to one vote per share.

1.3 The reconciliation of the number of shares-wutstanding and the amount of share capital as at the beginning and at the end of the reporting period:

2 TRADE PAYABLES:

There is no amount due and payable to ''Suppliers'' registered under the Micro, Small and Medium Enterprises Development Act, 2006 at the end of the year. No interest has been paid/ is payable by the Company during/for the year to these ''Suppliers''. The above information takes into account only those suppliers who have submitted their registration details or has responded to the inquiries made by the Company for this purpose.

3 In the opinion of the Board, the assets of the company have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

4 The Company has filed its return of income up to A.Y.2012-13 and its Income tax assessment has been completed up to assessment year 2009-10 as per the return of income filed by the Company.

5 The main business of the Company is plastic lay flat tubing / bags and accordingly there are no separate reportable segment and as such there are no separate reportable segments as specified in Accounting Standard (AS 17) on "Segment Reporting". The company caters mainly to the needs of the domestic market and the export turnover is nil having regard to the total turnover. As such there are no reportable geographical segments.

6 Additional fees as may be payable on filing fees to Registrar of Companies on account of increase in authorised capital

Contingent liability: 31.03.2013 31.03.2012

On account of additional fees payable to ROC on filing fees of - - Rs. 22,86,775/-

7 Figures for the previous year have been regrouped, rearranged and reclassified wherever necessary. Accordingly, amounts and other disclosure for the previous year are included as an integral part of the current year''s financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2012

A CORPORATE INFORMATION

Vallabh Poly Plast International Limited ('VPPIL'), 'the Company' was originally incorporated on April 1,1989 as a Partnership Firm, bearing the name Vallabh Poly-Plast. The said firm was reconstituted thrice on January 27,1993, April 2,1993 and July 14,1993. Thereafter, on October 7, 1994, it was converted into a Private Limited Company. On December 1,1994, the Company was converted to a Public Limited Company. The Company was engaged in manufacturing of Plastic Plain / Printed Bags, Rolls, Garbage and Zhabala Bags etc till 2008, thereafter it is now carrying on the business of commission, brokerage and packaging services. The company has its registered office at 194, Jawahar Nagar, Road No. 3, Goregaon (West), Mumbai-400 062.

1.1 As per the resolution passed on 23rd February, 2010 in the Extra Ordinary General Meeting, authorised share capital was increased from Rs. 5 crores to Rs. 25 crores. However relevant forms have not been submitted with Registrar of Companies. As such company is liable to pay about Rs. 22.56 lacs on account of stamp duty, filing fees and additional fees etc. as on reporting date.

1.2 The Company has, at present, one class of issued, subscribed and paid up share referred to as equity shares having a par value ofRs. 10/- each. Each holder of equity share is entitled to one vote per share.

2 TRADE PAYABLES:

There is no amount due and payable to 'Suppliers' registered under the Micro, Small and Medium Enterprises Development Act, 2006 at the end of the year. No interest has been paid/ is payable by the Company during/for the year to these 'Suppliers'. The above information takes into account only those suppliers who have submitted their registration details or has responded to the inquiries made by the Company for this purpose.

3 In the opinion of the Board, the assets of the company have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

4 The Company's Income tax assessment has been completed up to assessment year 2009-10 as per the return of income filed by the Company.

5 The main business of the Company is plastic layflat tubing / bags and accordingly there are no separate reportable segment and as such there are no separate reportable segments as specified in Accounting Standard (AS 17) on "Segment Reporting". The company caters mainly to the needs of the domestic market and the export turnover is nil having regard to the total turnover. As such there are no reportable geographical segments.

6 Figures for the previous year have been regrouped, rearranged and reclassified wherever necessary. Accordingly, amounts and other disclosure for the previous year are included as an integral part of the current year's financial statement and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2011

1. Figures to the previous year are regrouped reclassified and rearranged wherever necessary to correspond with the figures of the current year. (Figures in the brackets represent previous year figures)

2. a. Key Managerial Personnel

b. Related Party Disclosures: During the year, there have been no transactions with the related parties as stated in Accounting Standard 18 issued by Institute of Chartered Accountants of India.

3. Payment made to Auditors has been included in Legal and Professional fees (including service tax).

4. There are no employees in receipt of remuneration exceeding Rs. 60,00,000/- p.a. or at the rate of Rs. 5,00,000/- p.m vide notification no. G.S.R. 289 (E) dated 31st March, 2011 and G. C. no. 23/2011 dated 3rd May, 2011.

5. Advances recoverable in cash or in kind or for value to be received include trade advances aggregating to Rs. 12,89,942/- given to suppliers, which are pending recovery as the said suppliers have not supplied the materials over a long period of time. The auditors have relied upon the judgment of the management that the trade advances are duly classified and fully realizable.

6. Advances recoverable in cash or in kind or for value to be received includes deposit with custom authority aggregating to Rs. 1,94,517/-, which are pending over a long period of time. The auditors have relied upon the judgment of the management that the trade advances are duly classified and fully realizable.

7. In the opinion of the Board of Directors of the Company, all items of Current Assets, loans & Advances continue to have a realizable value of at least the amounts at which they are stated in the Balance-sheet.

8. Payments against supplies for SSI and Ancillary undertaking are generally made in accordance with agreed credit terms and to the extent ascertained from available information, there was no due amount in this regard.

9. Pursuant to Accounting Standard-17 on 'Segment Reporting' the company is primarily engaged in the business of plastic layflat tubing / bags and accordingly there are no separate reportable segment. The company caters mainly to the needs of the domestic markets & the export turnover is nil having regard to the total turnover. As such there are no reportable geographical segments.

10. Deferred tax assets are not recognized for all deductible timing difference and carried forward income tax losses, as the company anticipate that there will be no taxable profit available in near future for set off against such deductible timing difference and carried forward losses, unless adequate funding for current and future operation is provided. The carrying amount of deferred tax assets will be reviewed at each balance sheet date and necessary provision if any will be made at relevant time.

11. There is no Contingent Liability.

12. In the opinion of the Board, the provisions for all known Liability are adequate and the amount considered reasonable necessary.

13. In the opinion of the management, there are no present obligation requiring provision in accordance with the guiding principals as enunciated in AS-29 as it is not probable that out flow of resources embodying economic benefits will be required.


Mar 31, 2010

1. Figures to the previous year are regrouped reclassified and rearranged wherever necessary to correspond with the figures of the current year. (Figures in the brackets represent previous year figures)

2. There are no employees in receipt of remuneration exceeding Rs. 24,00,000/- p.a. or at the rate of Rs. 2,00,000/- p.m.

3. Advances recoverable in cash or in kind or for value to be received include trade advances aggregating to Rs. 12,89,942/- given to suppliers, which are pending recovery as the said suppliers have not supplied the materials over a long period of time. The auditors have relied upon the judgment of the management that the trade advances are duly classified and fully realizable.

4. Sundry Debtors, considered good, includes Rs. 1,19,276/-, which are overdue. The auditors have relied upon the judgment of the management that the trade debtors are duly classified and fully realizable.

5. Advances recoverable in cash or in kind or for value to be received includes deposit with custom authority aggregating to Rs.1,94,517/-, which are pending over a long period of time. The auditors have relied upon the judgment of the management that the trade advances are duly classified and fully realizable.

6. In the opinion of the Board of Directors of the Company, all items of Current Assets, loans & Advances continue to have a realizable value of at least the amounts at which they are stated in the Balance-sheet.

7. Payments against supplies for SSI and Ancillary undertaking are generally made in accordance with agreed credit terms and to the extent ascertained from available information, there was no due amount in this regard.

8. Pursuant to Accounting Standard-17 on Segment Reporting the company is primarily engaged in the business of plastic layflat tubing / bags and accordingly there are no separate reportable segment. The company caters mainly to the needs of the domestic markets & the export turnover is nil having regard to the total turnover. As such there are no reportable geographical segments.

9. Deferred tax assets are not recognized for all deductible timing difference and carried forward income tax losses, as the company anticipate that there will be no taxable profit available in near future for set off against such deductible timing difference and carried forward losses, unless adequate funding for current and future operation is provided. The carrying amount of deferred tax assets will be reviewed at each balance sheet date and necessary provision if any will be made at relevant time.

10. There is no Contingent Liability.

Pursuant to the Special Resolution(s) passed by the shareholders at Extra Ordinary Meeting held on 23-02-2010 the Company has increased its Authorised Share Capital from Rs. 5 crore to Rs. 25 crore and as informed to us by the Management the Company is in the process of filing relevant e-form 23 and e-form No. 5 with ROC/MCA.

11. In the opinion of the Board, the provisions for all known Liability are adequate and the amount considered reasonable necessary.

12. In the opinion of the management, these are no present obligation requiring provision in accordance with the guiding principals as enunciated in AS-29 as it is not probable that out flow of resources embodying economic benefits will be required.

13. Related Party Disclosures: During the year, there have been no transactions with the related parties as stated in Accounting Standard 18 issued by Institute of Chartered Accountants of India.

 
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