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Notes to Accounts of Captain Polyplast Ltd.

Mar 31, 2023

Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 2 each. Each holder of equity shares is entitled to one vote per

share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after

Note:

Business Loans from Bank :

Secured by hypothecation over Inventory, Stock in Process, Finished Goods, Receivables and the entire current assets of the Company (Present & Future), hypothecation of plant & machinery of the Company, hypothecation of Receivables IOCL Polymer Division Dealership (Present & Future), registered equitable mortgage of industrial properties (Land & Building) in the name of Company, registered equitable mortgage of residential premises in the name of promoter, pledge of Fixed Deposits and Shares in the name of Directors and personal guarantee of Directors / Promoters. Rate of Interest for borrowings from banks ranges between 7.40% p.a. to 10.25% p.a. Repayable within 1 to 6 Years from the balance sheet date, as per the terms of respective banks.

Unsecured Loans From Directors :

Unsecured Loans from directors and relatives are long term in nature and as per management explanation, generally not repayable within one year from the balance sheet date. Rate of Interest @ 12% p.a.

Unsecured Loans From Banks :

Unsecured Loans from bank are long term in nature repayable within 1 to 5 Years from the balance sheet date, rate of interest being 10.32% p.a.

Unsecured Inter Corporate Deposits : (Loan from Others)

Unsecured Inter Corporate Deposits are long term in nature repayable within 1 to 2 Years from the balance sheet date and are carrying NIL rate of interest.

Note :

Working Capital Facilities from Banks :

Secured by hypothecation over Inventory, Stock in Process, Finished Goods, Receivables and the entire current assets of the Company (Present & Future), hypothecation of plant & machinery of the Company, hypothecation of Receivables IOCL Polymer Division Dealership (Present & Future), registered equitable mortgage of industrial properties (Land & Building) in the name of Company, registered equitable mortgage of residential premises in the name of promoter, pledge of Fixed Deposits and Shares in the name of Directors and personal guarantee of Directors / Promoters. Rate of Interest between 8.25% p.a. to 10.00% p.a. as per the terms of respective banks.

15. A Details of Borrowings from banks or financial institutions on the basis of Security of Current Assets

a) Whether quarterly returns or statement of current assets filed by the company with banks or financial institution are in agreement with the books of account.

* Whatever information the company could identify as above were possible at the yearend only, and in view of the same & according to the company, it could not identify payments beyond due date during the year and to make interest provisions to that extent, as per the agreed terms with the suppliers. The company could identify the principal amount remaining unpaid as on 31st March, 2023 based on the status of respective suppliers received during the year. However, as informed by the management, considering the materiality aspect and as per the agreed terms with respective suppliers, the company has not made provision of any interest due to suppliers for outstanding balance / payment made beyond respective due dates.

Note :

a) Other Payables - Polymer Division denote amounts payables to parties for transactions done on DCA cum CS basis of Indian OilCorporation Ltd. (IOCL) - Polymer Business.

b) Other Payables - Others denote provisional amounts received from dealers / customers pending certain statutory approvals for acquiring the goods, which may be required to be refunded, if such approvals are not received by such persons

(2) GEOGRAPHICAL SEGMENTS:

The major and material activities of the company are restricted to only one geographical segment i.e., India, hence the secondary segment disclosures are also not applicable.

39. Derivatives and Foreign Currency exposures :

The Company uses forward contract to mitigate its risks associated with foreign currency fluctuations having underlying transaction in relation toSale of goods. The company does not enter into any forward contract which is intended for trading or speculative purposes.

40. Employee benefit

The Company has defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (Last drawn salary) for each completed year of service.

The following table summarizes the component of net benefit expenses recognized in Statement of Profit & Loss.

Gratuity Obligation as at year end as per Actuarial Valuation Report.

The Board provides guiding principles for overall risk management as well as policies covering specific areas such as foreign exchange risk, credit risk and investment of surplus liquidity

(a) Credit risk

Credit risk refers to the risk of a counter party default on its contractual obligation resulting into a financial loss to the Company. The maximum exposure of the Financial assets represents trade receivables, work in progress and other receivables. In respect of tradereceivables, the Company used a provision matrix to compute the expected credit loss allowances for trade receivables in accordance with the expected credit loss ( ECL ) policy of the Company. The Company regularly reviews trade receivables and necessary provisions, wherever required are made in the financial statements.

(b) Liquidity risk

Liquidity risk is that the Company will encounter difficulty in raising funds to meet its commitments associated with financial instruments. Liquidity risk may result from an inability to sell as financial asset quickly at close to its fair value.

The Company manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. Contractual maturities of significant financial liabilities are as

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in foreign currency exchange rates, interest rates, credit, liquidity and other market changes. foreign currency exchange rates, interest rates, credit, liquidity and other market changes.

The Company is earning in foreign currency and consequently, the company is exposed to foreign exchange risk. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.

(d) Capital management

The Company''s capital management objective is to maximize the total shareholders'' return by optimizing cost of capital through flexible capital structure that supports growth. Further, the Company ensure optimal credit risk profile to maintain / enhance credit rating.

The Company determined the amount of capital required on the basis of annual operating plan and long-term strategic plans. The funding requirements are met through internal accruals and long term / short term borrowings.

The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

44. In the opinion of the Board of Directors, Current assets and other noncurrent assets have a value on realization in ordinary courseof business at least equal to the amount at which they are stated.

45. Confirmation of debit / credit balances have not been received and hence these balances are subject to adjustment if any.

46. Previous year figures :

The company has regrouped / rearranged previous year figures in view of easy comparison with current year figures.

47. Figures rounded off to nearest rupee. All the figures including previous year figures have been rounded off to nearest rupee.

48. In the opinion of the Board and to the best of its knowledge and belief, all other contractual liabilities connected with business operations of theCompany have been appropriately provided for.

49. In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they are stated in the Balance sheet.

50. Willful Defaulter

a) Whether a company is a declared willful defaulter by any bank or financial institution or other lender.

51. Relationship with Struck off Companies

a) Whether a company has any transactions with companies struck off under section 248 of the Companies Act 2013 or section 560 of the Companies Act, 1956.

52. Compliance with approved Scheme(s) of arrangements Not Applicable

53. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Companyto

or in any other person/s or entity/ies including foreign entity/ies ("Intermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediaries shall lend or invest in party (âUltimate Beneficiaries) identified by or on behalf of the Company.

The Company has not received any fund from any party(s) (âFunding Party/iesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (âUltimate Beneficiaryâ) or provide any guarantee, security, or the like on behalf of the Ultimate Beneficiary.

Mar 31, 2018

1 Corporate Information

Captain Polyplast Ltd. (âthe company") having its manufacturing facilities at Shapar (Veraval), Rajkot, is engaged in the business of manufacturing and selling of quality Micro Irrigation Systems and allied products. Further, the company also undertakes installation of micro irrigation systems and providing of agronomical services to farmers. During the year under review, the company has also carried out business activities on DCA cum CS basis of Indian Oil Corporation Ltd. (IOCL) of Polymer Business.

Notes

1. The company has elected to present to present government grant as a separate non-current line item on the face of ''- balance sheet.

2. Borrowing cost measured applying effective interest rate method as described in Ind AS 109. The cost related to the period prior to 1⁵'' April, 2016 has been adjusted to the retained earnings and the cost related to the period thereafter has been debited to the statement of profit and loss of respective periods.

3. Under Ind AS, investment in mutual funds are shown at fair value through other comprehensive income, which were shown at cost under previous IGAAP.

4. Above Ind AS adjustments resulted into Deferred Tax adjustments, effect of which duly given in respective periods.

Notes

1. Borrowing cost measured applying effective interest rate method as described in Ind AS 109. The cost related to the period prior to 1st April. 2016 has been adjusted to the retained earnings and the cost related to the period thereafter has been debited to the statement of profit and loss of respective periods.

2. Under Ind AS, investment in mutual funds are shown at fair value through other comprehensive income, which were '' shown at cost under previous IGAAP

3. Above Ind AS adjustments resulted into Deferred Tax adjustments, effect of which duly given in respective periods.

2. Realisation:

In the opinion of the Board and to the best of its knowledge and belief, the value on realisation of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they are stated in the Balance sheet.

3. Contratual Liabilities :

All other contractual liabilities connected with business operations of the Company have been appropriately provided for.

4. Gratuity Benefits

5. Previous year''s figure have been reworked, regrouped, rearranged and reclassified wherever necessary Accordingly, amounts and other disclosures for the preceding year are Included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year

6. Balances of Trade Payables. Unsecured Loans. Trade Receivables. Long Term and Short Term Loans & Advances. Other Current and Other Non Current Assets and Provisions are subject to the confirmation of the parties concerned. Wherever confirmation of the parties for the amounts due to them / amounts due from them as per books of accounts are not received, necessary adjustments. If any, will be made when the accounts are reconciled I settled.

7. Segment Reporting

The Group''s operating segments are established on the basis of those components of the Group that are evaluated regularly by the Executive Committee (the Chief Operating Decision Maker'' as defined in Ind AS 108 - ''Operating Segments''), in deciding how to allocate resources and in assessing performance. These have been identified taking into account nature of products and services, the differing risks and returns and the internal business reporting systems.

In accordance with Ind AS -108 - "Operating Segments", the Company has identified its business segment as

Segment-1 : "Manufacturing of Micro Inigation Systems & Allied Products" and

Segment-2 : âDCA cum CS of Indian Oil Corporation Ltd (IOCL) - Polymer Business"

The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

a. Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as âUnallocable"

b. Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as âUnallocable".

Secondary Segment Information

The major and material activities of the company are restricted to only one geographical segment i.e. India, hence the secondary segment disclosures are also not applicable,

8. In the absence of information regarding outstanding dues of MICRO or Small Scale Industnal Enterprise(s) as per The Micro, Small & Medium Enterprise Development Act. the Company has not disclosed the same as required by Schedule III to the Companies Act.

9. Wherever no vouchers and documentary evidences were made available for our verification, we have relied on the authentication given by management of the company.

10. Figures have been rounded off to nearest rupee and have been regrouped, rearranged and reclassified wherever necessary.

Mar 31, 2016

Notes :

Secured Loans From Banks :

a) Term Loan-1 from S. B. I., Current O/s. as on 31-03-16 Rs. 2,26,01,711/-, secured by hypothecation of machinery and guarantee by all Directors, Rate of Interest @ 12.15% p. a., Repayable in monthly installment of Rs. 1050000/p. m. plus interest

b) Wind Turbine -1 Term Loan from S. B. I., Current O/s. as on 31-03-16 Rs. 19,19,674/- is secured by hypothecation of Wind Turbine and guarantee by all Directors, Rate of Interest @ 12.15% p. a. Repayable in monthly installment of Rs. 150000/- p. m. plus interest.

c) Wind Turbine - II Term Loan from S. B. I., Current O/s. as on 31-03-16 Rs. 1,06,33,133/- is secured by hypothecation of Wind Turbine and guarantee by all Directors, Rate of Interest @ 12.15% p. a. Repayable in monthly installment of Rs. 455000/- p. m. plus interest.

d) HDFC Bank Car Loan -1, Current O/s. as on 31-03-16 Rs. 74609/- is secured by hypothecation of Car registered in the name of Director Rate of Interest 10% p. a., Repayable in 36 monthly EMI of Rs. 12800/-, Last installment due on 05-09-16

e) HDFC Bank Car Loan - 2, Current O/s. as on 31-03-16 Rs. 74609/- is secured by hypothecation of Car registered in the name of Director Rate of Interest 10% p. a., Repayable in 36 monthly EMI of Rs. 12800/-, Last installment due on 05-09-16

f) HDFC Bank Car Loan - 3, Current O/s. as on 31-03-16 Rs. 74609/- is secured by hypothecation of Car registered in the name of Director Rate of Interest 10% p. a., Repayable in 36 monthly EMI of Rs. 12800/-, Last installment due on 05-09-16

Business Loans From Bank & Financial Institutions :

g) Term Loan from TATA Capital Ltd, Current O/s. as on 31-03-16 Rs. 597563/- secured by hypothecation of Machinery, Rate of Interest 14.01% p. a., Repayable in 48 monthly HP Installment of Rs. 291851/-, Last Installment due on 15-07-17

h) Business loan from Bajaj Finance Ltd, Current O/s. as on 31-03-16 Rs. 3894847/- is secured by hypothecation of residential building of Directors, Rate of interest 10.75% p. a., Repayable in 180 monthly EMI of Rs. 44166/-, Last Installment due on 02-10-30.

i) Car Loan from BMW Financial Services, Current O/s. as on 31-03-16 Rs. 218656/- is secured by hypothecation of Car registered in the name of Directors, Rate of interest 9.00% p. a., Repayable in 36 monthly EMI of Rs. 110450/-, Last installment due on 16-06-17

j) Business loan from Bajaj Finance Ltd, Current O/s. as on 31-03-16 Rs. 25787244/- is secured by hypothecation of residential building of Directors, Rate of interest 11.35% p. a., Repayable in 178 monthly EMI of Rs. 320121/-, Last Installment due on 05-03-29

Unsecured Loans

From Directors

k) Unsecured Loans from directors and relatives are long term in nature and as per management explanation, generally not repayable within one year from the balance sheet date. Rate of Interest @ 12% p.a.

From Banks

I) Business loan from Kotak Mahindra Bank Ltd, Current O/s. as on 31-03-16 Rs. 52,20,848/- Rate of interest 15.72% p. a.,

Repayable in 18 monthly EMI of Rs. 4,66,875/-, Last Installment due on 05.03.2017

Note :

Working Capital Facilities from Banks:

Cash Credit from Banks o/s. as on 31.03.2016 Rs. 16,57,62,418 secured by way of first charge by hypothecation of stocks, book debts and all current assets of the Company (Present & Future) including Plant & Machinery situated at Company''s premises. Rate of interest at PLR 12.05% subject to change from time to time..

1. There is no employees getting remuneration as required under

Section 217 (2-A) of the Companies Act, 2013 NA NA

2. Realization :

In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they are stated in the Balance sheet.

3. Contratual Liabilities:

All other contractual liabilities connected with business operations of the Company have been appropriately provided for.

4. Gratuity Benefits

The following table summarizes the component of net benefit expenses recognized in Statement of Profit & Loss and Gratuity Obligation as at year end as per Acturial Valuation Report.

5. Previous year''s figure have been reworked, regrouped, rearranged and reclassified wherever necessary. Accordingly, amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

6. Balances of Trade Payables, Unsecured Loans, Trade Receivables, Long Term and Short Term Loans & Advances, Other Current and Other Non Current Assets and Provisions and are subject to the confirmation of the parties concerned. Wherever confirmation of the parties for the amounts due to them / amounts due from them as per books of accounts are not received, necessary adjustments, if any, will be made when the accounts are reconciled / settled.

7. In the absence of information regarding outstanding dues of MICRO or Small Scale Industrial Enterprise(s) as per The Micro, Small & Medium Enterprise Development Act, the Company has not disclosed the same as required by Schedule III to the Companies Act,

8. Wherever no vouchers and documentary evidences were made available for our verification, we have relied on the authentication given by management of the company.

9. Figures have been rounded off to nearest rupee and have been regrouped, rearranged and reclassified wherever necessary.

Mar 31, 2015

1. Corporate Information :

The Company is engaged in the business of manufacturing and selling of quality Micro irrigation Systems and allied products tor more than decade and half. Apart form manufacturing and selling of products the Company also undertakes supply and installation of micro irrigation systems and provision of agronomical services to farmers.

2. Secured Loans From Banks :

a) Term Loan from S.B Current O/s. as on 31-03-15 Rs. 1486365/-, secured by hypothecation of machinery and guarantee My all Pi rectors, Rate of interest @13.5% . p. a Repayable in monthly installment of Rs 140000/- p. m plus interest

b) Term Loan-M from &. 8.) Current O/s. as on 31-03-15 Rs. 35396245V-, secured by hypothecation of machinery and guarantee by ell Drnectom-, Rate of interest @ 13 5% p m Repgygbte in monthly installment of Rs- 1050000'- p m- plus

c) Wind Turbine -1 Term Lean from S B. L, Currant O.'s. as on 31-03-15 Rs. 3T44111/- Is secured by hypothecation of Wind Turbine and guarantee by all Directors, Rate of Interest @ 13.5% p a Repayable in monthly mslallment of Rs. 150000/- p. m. plus interest.

3. Realisation :

In the opinion of the Board and to the best of its knowledge and belief, the value on realisation of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they am stated in (he Balance shaet.

4. Contratual Liabilities i

All other contractual liabilities connected with business operations of the Company have been appropriately provided for

5. Previous year's figures have been regrouped wherever necessary to confirm to the Current years

6. Related Party Disclosure :

a, Key Management Personnel:

Mr. Ramesh D. Khichadia CHairman and Managing Director

Mr, Ashok K, Patel Whole time Director

b. Related Key Management Personnel :

M/s. Capital Polymers Relative Party

IWs. Captain Pipes Ltd. Associated Parly

7. In the absence of information regarding ouIslanding dues of MICRO or Small Scale Industrial Enterprise(s) as per The Micro, Small & Medium Enterprise Development Act, the Company has not disclosed the same as required by Schedule Vl to the Companies Act,

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