Mar 31, 2015
1. The holders of equity shares are entitled to receive dividend as
declared from time to time and are entitled to voting rights
proportionate to their shareholding at the meeting of shareholders.
2. Convertible Preference Shares are convertible into Equity Shares at
par at the option of the shareholders and subject to the approval of
the relevant authorities.
3. 10,00,000 equity shares of Rs. 10/- each issued during the year
ended June 30, 2012 are subject to lock-in period of three years from
the date of allotment as per SEBI Regulations, 2009.
As at As at
Particulars 31st March, 31st March,
2015 2014
(Rs.) (Rs.)
4. Contingent liabilities and commitments
(to the extent not provided for)
(a) Claims against the Company
not acknowledged as debt NIL NIL
(b) Estimated amount of contracts
remaining to be executed on capital
account and not provided for (Net of advance) - 1,305,780
5. The Company has not received the required information from suppliers
requiring their status under the Micro Small and Medium Enterprises
Development Act 2006. Hence disclosures if any relating to amounts
unpaid at the year-end together with interest paid/payable as required
under the Act has not been made.
6. The operations of Company pre-dominantly consist of one segment i.e.
Job Work and sale of PET jars / bottles and caps. Therefore, segment
wise reporting as per AS -17 "Segmental Reporting " is not required.
7. Based on an overall assessment of the fixed assets, in the opinion
of the management there is no impairment of cash generating assets
during the year in terms of AS-28 'Impairment of Assets'.
8. In the opinion of Board and to the best of their knowledge, value on
realisation of assets, other than fixed assets in the ordinary course
of business shall not be less than the amount at which they are stated
in the balance sheet (except expressly disclosed elsewhere in the
notes) and provision for all known liabilities has been made and
contingent liabilities disclosed properly.
9. Disclosure of Employee Benefits defined in AS-15 (Revised) is as
follows:
a) Defined Contribution Plan :(i) Employer's contribution to provident
fund paid Rs. 4,64,221/- (previous year Rs. 1,91,260/ -) has been
recognized as expense for the year.(ii) Employer's contribution to
Employees State Insurance paid Rs. 1,81,228/- (previous year Rs.
96,326/-) has been recognized as expense for the year.
10. Related party disclosures:
Related party disclosures in accordance with the AS -18 on 'Related
Party Disclosure' as prescribed by the Companies (Accounting Standards)
Rules, 2006 are given as hereunder:
(i) Key Management Personnel and their relatives:
Mr. Upendra Datt Tripathi Managing Director
Ms. Akshat Maheshwari CS
Mr. Ashok Kumar Singh CFO
Mr. D.S. Sethi (Ceased to
exist as releated party w.e.f. 1 July,2013) Managing Director
Mr. D.S. Sethi, HUF (Ceased to
exist as releated party w.e.f. 1 July,2013) HUF of Mr. D.S. Sethi
Mrs. Shelly Sethi (Ceased to exist
as releated party w.e.f. 1 July,2013) Wife of Mr. D.S. Sethi
No Transaction with related parties during the year.
Note:- Related parties and their relationship are as identified by the
management and relied upon by the auditors.
11. Balances standing to the account of some parties are subject to
confirmation/ reconciliation and consequential adjustments if any, upon
confirmation/ reconciliation. However , management have the view that
same would not having any material impact ; if any.
12. Provision for Income-Tax has been made as per the normal provisions
of Income-tax Act,1961.
13. The previous year's figures are for nine months and the current
period figures are for twelve months, and are therefore not comparable
14. Previous year figures have been reclassified/ regrouped to confirm
to this years' classification. Previous year figures have been rounded
off to the nearest rupee.
Mar 31, 2014
1. (A) The holders of equity shares are entitled to receive dividend as
declared from time to time and are entitled to voting rights
proportionate to their shareholding at the meeting of shareholders.
(B) Convertible Preference Shares are convertible into Equity Shares at
par at the option of the shareholders and subject to the approval of
the relevant authorities.
(C) 10 ,00,000 equity shares of Rs. 10/- each issued during the year
ended June 30, 2012 and 7,50,000 equity shares of Rs. 10/ - each issued
during the year ended June 30, 2011 are subject to lock-in period of
three years from the date of allotment as per SEBI Regulations, 2009.
NOTE 2
CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)
(a) Claims against the Company not acknowledged
as debt NIL NIL
(b) Estimated amount of contracts remaining to
be executed on capital account and not
provided for (Net of advance)
1.305.780 NIL
1.305.780 NIL
3. There are no Micro, Small & Medium Enterprises to whom the company
owned dues with outstanding for more than 45 days as at 31st March,
2014. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company. This has been relied upon by
the auditors.
4. The operations of Company pre-dominantly consist of one segment
i.e. Job Work and sale of PET jars / bottles and caps. Therefore,
segment wise reporting as per AS-17 "Segmental Reporting " is not
required.
5. Based on an overall assessment of the fixed assets, in the opinion
of the management there is no impairment of cash generating assets
during the year in terms of AS-28 ''Impairment of Assets''.
6. In the opinion of Board and to the best of their knowledge, value
on realisation of assets, other than fixed assets in the ordinary
course of business shall not be less than the amount at which they are
stated in the balance sheet (except expressly disclosed elsewhere in
the notes) and provision for all known liabilities has been made and
contingent liabilities disclosed properly.
7. Disclosure of Employee Benefits defined in AS-15 (Revised) is as
follows:
a) Defined Contribution Plan:
(i) Employer''s contribution to provident fund paid Rs. 1,91,260/-
(previous year Rs. 2,18,606/-) has been recognized as expense for the
year.
(ii) Employer''s contribution to Employees State Insurance paid Rs.
96,326/- (previous year Rs. 1,16,709/-) has been recognized as expense
for the year.
b) Defined Benefit Plan:
Present value of gratuity and leave encashment obligation based on
actuarial valuation using the projected unit credit method which
recognizes each period of service as giving rise to additional unit of
employee benefit entitlement and measures each units separately to
built up the final obligation. The Company has made provision as per
actuarial valuation in accordance with Accounting Standard 15-"Employee
Benefits" (Revised).
8. Balances standing to the account of some parties are subject to
confirmation/ reconciliation and consequential adjustments if any, upon
confirmation/ reconciliation. However, management have the view that
same would not having any material impact ; if any.
9. Provision for income-tax has been made as per the normal provisions
of Income-tax Act,1961.
10. Long term other liabilities are trade payables.
11. Previous year figures have been given for tweleve months whereas
current period figures are for nine months only , hence figures are not
comparable.
12. Previous year figures have been reclassified/ regrouped to confirm
to this years'' classification.Previous year figures have been rounded
off to the nearest rupee.
Jun 30, 2013
1 The company has given advance of Rs. 360 lakhs to Pana Construction
Pvt. Ltd. for the purpose of developing properties for the purpose of
business of the Company out of the proceeds received from sale of land
and building at Surajpur(UP). However the aforesaid party did not meet
its contractual commitments and failed to return the advance money. The
Company is contemplating legal action to recover the amount and pending
initiation of recovery proceedings, the management considers it
appropriate to make provision of ''360 lacs towards doubtful advance.
2 The company has changed the method of depreciation on plant and
machinery and moulds during the year from straight line method to
written down value method. The net impact of Rs. 92,25,277/- up to June
30.2012 due to change in method of depreciation is disclosed separately
as exceptional item in statement of profit and loss. Further, had the
method been not changed, the profit before tax for the year before
exceptional items tax would have been increased by Rs. 29,93,877/-.
3. Contingent liabilities and commitments
(to the extent not provided for)
As at As at
Particulars 30-06-2013 30-06-2012
(a) Claims against the Company
not acknowledged as debt NIL NIL
(b) Estimated amount of contracts
remaining to be executed on
capital account and not
provided for (Net of advance) NIL 1,625,000
NIL 1,625,000
4 There are no Micro, Small & Medium Enterprises to whom the company
owned dues with outstanding for more than 45 days as at 30th June,
2013. This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act,2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company. This has been relied upon by
the auditors.
5 The operations of Company pre-dominantly consist of one segment i.e.
Job Work and sale of PET jars and caps. Therefore, segment wise
reporting as per AS -17 "Segmental Reporting" as prescribed by the
Companies (Accounting Standards) Rules, 2006 is not applicable.
6 Based on an overall assessment of the fixed assets, in the opinion
of the management there is no impairment of cash generating assets
during the year in terms of AS-28 ''Impairment of Assets'' as
prescribed by the Companies (Accounting Standards) Rules, 2006.
7 In the opinion of Board and to the best of their knowledge, value on
realisation of assets, other than fixed assets in the ordinary course
of business shall not be less than the amount at which they are stated
in the balance sheet (except expressly disclosed elsewhere in the
notes) and provision for all known liabilities has been made and
contingent liabilities disclosed properly.
8 Disclosure of Employee Benefits defined in AS-15 (Revised), as
prescribed by the Companies (Accounting Standards) Rules, 2006 is as
follows:
a) Defined Contribution Plan:
(i) Employer''s contribution to provident fund paid Rs. 2,18,606/-
(previous year Rs. 2,35,135/-) has been recognized as expense for the
year.
(ii) Employer''s contribution to Employees State Insurance paid Rs.
1,16,709/- (previous year Rs. 1,13,212/-) has been recognized as expense
for the year.
b) Defined Benefit Plan:
Present value of gratuity and leave encashment obligation based on
actuarial valuation using the projected unit credit method which
recognizes each period of service as giving rise to additional unit of
employee benefit entitlement and measures each units separately to
built up the final obligation. The Company has made provision as per
actuarial valuation in accordance with Accounting Standard
15-"Employee Benefits" (Revised).
* This pertains to total liability, Rs. 4,236 is recognized as short term
liability and Rs. 1,83,816 is long term liability. ** This pertains to
excess provision written back as per actuarial certificate and credited
to other income.
9 Related party disclosures:
Related party disclosures in accordance with the AS -18 on ''Related
Party Disclosure'' as prescribed by the Companies (Accounting Standards)
Rules, 2006 are given as hereunder:
(i) Enterprise over which Key Management Personnel and their relatives
are able to exercise significant influence:
Darsh Polymers Pvt. Ltd.
DTG India Pvt. Ltd.
Auram Polymers Pvt. Ltd.
(ii) Key Management Personnel and their relatives:
Mr.D.S.Sethi, Managing Director
Mr. D.S. Sethi, HUF HUF of Mr. D. S. Sethi
Mr. D. Bhattacharya Director
Mr. Kamal Mehra Director
Mr. A.S. Sethi Brother of Mr. D. S. Sethi
Mr. H.S. Sethi Brother of Mr. D. S. Sethi
Mrs. Shelly Sethi Wife of Mr. D. S. Sethi
Mrs. Sujata Bhattacharya Wife of Mr. D. Bhattacharya
Mrs. Paramjeet Kaur Sethi Mother of Mr. D. S. Sethi
Mrs. G.K. Sethi Wife of Mr. H. S. Sethi
Mrs. Puja Sethi Wife of Mr. A. S. Sethi
Note:- Related parties and their relationship are as identified by the
management and relied upon by the auditors.
10 Disclosure in respect of operating leases under Accounting Standard
-19 on ''Leases'' are as under:
(a) The company has entered into lease agreements for lease of factory
building, head office building and plant & equipments generally for a
period of 5 years, resulting in operating lease which are cancellable
on prior notice.
11 Balances standing to the account of some parties are subject to
confirmation/ reconciliation and consequential adjustments if any, upon
confirmation/ reconciliation.
12 Net Deferred tax liability has been recognized in current year as
per Accounting Standard-22 "Accounting for taxes on income".
13 Provision for income-tax has been made as per the normal provisions
of Income-tax Act,1961. The Company has been advised that the tax
liability computed as per the provisions of Section115JB shall not be
more than the tax computed as per the normal provisions and in the
opinion of the management, the provision made in these accounts is
considered reasonable.
14 Previous year figures have been reclassified/ regrouped to confirm
to this years'' classification. Previous year figures have been rounded
off to the nearest rupee.
Jun 30, 2011
1. CONTINGENT LIABILITIES EXIST IN RESPECT OF
AS ON AS ON
30.06.2011 31.03.2010
(Rs.) (Rs.)
Claims against the Company
not acknowledged as debt. NIL NIL
2. In view of unabsorbed losses,
no provision for income tax has been
considered necessary.
3. Estimated amount of contracts remaining to be executed on capital
accounts and not provided for, net of advances, if any paid - NIL/-
(Previous Year- Rs.21,50,219).
4. Based on an overall assessment of the fixed assets, in the opinion
of the management there is no impairment of cash generating assets
during the year in terms of AS-28 'Impairment of Assets' issued by the
Institute of Chartered Accountants of India.
5. Balances standing to the account of few parties are subject to
confirmation/reconciliation and consequential adjustments if any, upon
confirmation/reconciliation.
6. In the opinion of management, the value on realization of current
assets, loans and advances in the ordinary course of business shall not
be less than the amount at which they are stated in the balance sheet
(except expressly disclosed elsewhere in the notes) and provision for
all known liabilities has been made and contingent liabilities
disclosed properly.
7. Directors have waived off their right to sitting fee in respect of
meetings of Board of Directors attended by them.
8. Accounting Standard 15-"Employee Benefits"(Revised), the
disclosures of Employee Benefits as defined in the accounting standard
are given below:
a) Defined Contribution Plan :
i) Employer's contribution to provident fund paid Rs.3,97,225/- (previous
year Rs.3,12,607/-) has been recognized as expense for the year.
ii) Employer's contribution to Employees State Insurance paid
Rs.152,773/- (previous year Rs.85,501/-) has been recognized as expense for
the year.
b) Defined Benefit Plan :
Present value of gratuity and leave encashment obligation based on
actuarial valuation using the projected unit credit method which
recognizes each period of service as giving rise to additional unit of
employee benefit entitlement and measures each units separately to
built up the final obligation. The company has made provision as per
Actuarial Valuation in accordance with Accounting Standard 15-"Employee
Benefits" (Revised).
9. Related party disclosures :
Related parties and their relationship as identified by the management
and relied upon by the auditors are hereunder:
i) Enterprise over which Key Management Personnel and their relatives
are able to exercise significant influence : Darsh Polymers Pvt. Ltd.
DTG India P. Ltd. Auram Polymers P. Ltd.
10. The company has unabsorbed depreciation and carried forward losses
under the Tax Laws. In the absence of virtual certainty of sufficient
future taxable income, net deferred tax asset has not been recognized
by way of prudence in accordance with Accounting Standard-22
"Accounting for taxes on income" issued by The Institute of Chartered
Accountants of India.
11. The operations of company pre-dominantly consist of one segment
i.e. Job Work and sale of PET jars and caps. Therefore, segment wise
reporting as per AS -17 "Segmental Reporting" issued by Institute of
Chartered Accountants of India is not applicable.
12. There are no Micro, Small & Medium Enterprises to whom the company
owed dues with outstanding for more than 45 days as at 30.06.2011. This
information as required to be disclosed under the Micro, Small and
Medium Enterprises Developments Act, 2006 has been determined to the
extent such parties have been identified on the basis of information
available with the Company. This has been relied upon by the auditors.
13. The net worth of the company has become positive as on 30th June,
2011. Though the accumulated losses exceed 50 % of the net worth of the
Company, the accounts have continued to be prepared on going concern
basis.
*Partly paid equity shares are treated as fraction of an equity share
to the extent that was entitled to participation in dividend relating
to fully paid-up equity shares during the year. Consequent to the
change in Share Capital due to implementation of BIFR order, the number
of shares and EPS has been stated in accordance with the Accounting
Standard-20 issued by the Institute of Chartered Accountants of India.
14. Directors have waived off their right to setting fee in respect of
meetings of the Board of Directors and committees thereof attended by
them.
15. Loans and advances include Rs.1,60,94,971/- (Previous year
Rs.1,39,00,419/-) being amount advanced for purchase of fixed currently
being installed and used by the company, from two private companies in
which a director is a director/member. Maximum balance due at any time
during the year Rs.1,69,28,171/- (Previous Year Rs. 2,90,23,831/-).
16. Board for Industrial and Financial Reconstruction vide its order
dated 28.03.2011 sanctioned a Rehabilitation Scheme (Sanctioned Scheme)
for revival of the company under the provisions of Sick Industrial
Companies (Special Provisions) Act, 1985.
Pursuant to Sanction of the Rehabilitation Scheme, the necessary
effects have been given during the year in the Accounts as under:
(a) Secured loan from O.K. Play India Ltd. is payable over a period of
five years from the cut off date (i.e.31-03-2010) alongwith interest
@12.5% accruing after one year from the date of sanction of Scheme.
(d) To give effect to the reduction in face value of paid up share
capital from Rs.10 to Rs.5, the Equity Share Capital of the company has
also been restructured from 57,51,150 equity shares of Rs.10 each to
equity shares of Rs.5 each. Further the equity share capital after such
reduction is consolidated from 57,51,150 shares of Rs.5 each to 28,75,575
shares of Rs.10 each fully paid up.
(e) As per the Sanctioned Scheme, the promoters have to bring in
further sum of Rs.175 lacs by way of capital/warrants, out of which they
have brought up Rs.100 lacs by way of Rs. 75 lacs (including Rs.49.53 lacs
transferred from unsecured loans) in the form of 7,50,000 equity shares
of Rs.10 each fully paid and Rs. 25 lacs towards allotment of 20,00,000
share warrants of Rs.5 each. The arrears of share warrant allotment of
Rs.75 lacs have to be brought up at the time of conversion of share
warrants in 2011-12. The issue of fresh equity will, however, be
subject to lock-in period of three years as per SEBI guidelines.
(f) Apart from above, the effect of various reliefs and concessions as
envisaged in the Scheme will be given as and when the requisite
approvals are received.
17. Current period comprises of fifteen months i.e. period commencing
from April 01, 2010 to June 30, 2011 as against corresponding previous
period which comprised of twelve months from April 01, 2009 to March
31, 2010.Therefore, the current period figures may not be comparable
with those of previous year's figures to that extent.
18. Previous year's figures have been regrouped/recast where-ever
considered necessary to conform to the current period's classification.
19. Figures have been rounded off to the nearest rupee.
Signatures to schedules A to M annexed to and forming part of the
Balance Sheet as at and Profit & Loss Account for the period ended on
30th June, 2011.
Mar 31, 2010
1. CONTINGENT LIABILITIES EXIST IN RESPECT OF
AS ON AS ON
31.03.2010 31.03.2009
a) Claims against the Company not
acknowledged as debt-penal Amount Amount
interest, liquidated damages etc. of financial
institutions Indeterminate Indeterminate
banks, other parties against lending,
labour cases etc.
b) Arrears of dividend on cumulative
preference shares. 44,00,000 44,00,000
2. In view of unabsorbed losses, no provision for income tax has been
considered necessary.
3. Estimated amount of contracts remaining to be executed on capital
accounts and not provided for, net of advances, if any paid - Rs.
21,50,219/- (Previous Year- NIL).
4. There is no impairment of cash generating assets during the year in
terms of AS-28 Impairment of Assets issued by the Institute of
Chartered Accountants of India.
5. Balances standing to the account of sundry creditors, unsecured
loans, loans & other personal accounts are subject to confirmation /
reconciliation and consequent impact on accounts upon confirmation /
reconciliation not ascertainable in the absence of details.
6. In the opinion of management, the value on realization of current
assets, loans and advances in the ordinary course of business shall not
be less than the amount at which they are stated in the balance sheet
(except expressly disclosed elsewhere in the notes) and provision
forall known liabilities has been made and contingent liabilities
disclosed properly.
7. In respect of unsecured loans taken from Companies and other
parties, some of the lenders have filed suits againstthe Company for
recovery oftheirdues. Pending settlement of cases, the company
continues to provide interest and other charges on actual payment basis
and neither interest due on such loans have been worked out nor
provided for in these accounts.
8. The company had, during the year, made one time settlement of its
dues with Punjab Financial Corporation (PFC) / Punjab State Industrial
Development Corporation (PSIDC) and the surplus of Rs.3,38,876/-arising
on account of principal amount has been transferred to Capital
Fteserves in the Balance Sheet and Rs.i, 13,82,439/-arising on account of
interest provision has been transferred to Extraordinary Items/Prior
Period Adjustments Account in Profit & Loss Account.
9. Accounting Standard 15-"Employee Benefits"(Revised),the
disclosures of Employee Benefits as defined in the accounting standard
are given below:
a) Defined Contribution Plan:
i) Employers contribution to provident fund paid Rs.3,12,607/- (previous
year Rs. 4,38,680/-) has been recognized as expenses for the year.
ii) Employers contribution to Employees State Insurance paid
Rs.85,501/- (previous year Rs.1,11,974/-) has been recognized as expenses
for the year.
b) Defined Benefit Plan;
Present value of gratuity and leave encashment obligation based on
actuarial valuation using the projected unit credit method which
recognizes each period of service as giving rise to additional unit of
employee benefit entitlement and measures each units separately to
built up the final obligation.
10. Related party disclosures:
Related parties and their relationship as identified by the management
and relied upon by the auditors are hereunder:
i) Enterprise over which Key Management Personnel and their relatives
are able to exercise significant influence Anka India Ltd.
Darsh Polymers Pvt. Ltd.
DTG India P. Ltd.
Auram Polymers P. Ltd.
ii) Key Management Personnel and their relatives
Mr. D.S. Sethi,
Mr. D. Bhattacharya
Mr. A.S. Sethi
Mr. H.S. Sethi
Mrs. Shelly Sethi
Mrs. Paramjeet Kaur Sethi
11. The company has unabsorbed depreciation and carried forward losses
under the Tax Laws. In the absence of virtual certainty of sufficient
future taxable income, net deferred tax asset has not been recognized
by way of prudence in accordance with Accounting Standard-22
"Accounting for taxes on income" issued by The Institute of Chartered
Accountants of India.
12. The operations of company pre-dominantly consist of one segment
i.e. Job Work and accordingly segment wise reporting as per AS -17
"Segmental Reporting" Issued by Institute of Chartered Accountants of
India is not applicable.
13. There are no Micro, Small & Medium Enterprises to whom the company
owed dues which outstanding for more than 45 days as at 31.03.2010.
This information as required to be disclosed under the Micro, Small and
Medium Enterprises Developments Act, 2006 has been determined to the
extent such parties have been identified on the basis of information
available with the Company. This has been relied upon by the auditors.
14. The net worth of the company is in negative and the Company has no
intention to discontinue its operations considering this, the accounts
of the company have been prepared on "Going Concern Basis".
15. Loans and advances include Rs.1,39,00,419/- (Previous year
Rs.25,62,656/-) being amount due from three private companies in which a
director is a director/member. Maximum balance due at any time during
the year Rs.2,90,23,831/- (Previous Year Rs.53,15,656/-).
16. Other Liabilities include Rs.3,94,173/-(Previous Year Rs.3,94,173/-)
being the unpaid dividend on CCPS which shall be credited to Investor
Education & Protection Fund.
17. Previous years figures have been regrouped/recast where-ever
considered necessary to make them comparable with those of current
years classification.
18. Figures have been rounded off to the nearest rupee.
Signatures to schedules A to M annexed to and forming part of the
Balance Sheet as at and Profit & Loss Account for the year ended on 31
st March, 2010.
Mar 31, 2009
1. CONTINGENT LIABILITIES EXIST IN RESPECT OF
AS ON AS ON
31.03.2009 31.03.2008
(Rs) (Rs)
a) Claims against the Company not Amount Amount
acknowledged as debt-penal interest,
liquidated Indeterminate Indeterminate
damages etc. of financial
Institutions, Banks, other parties
against leading, labour cases etc.
b) Sales Tax demands made by the
authorities. 16,67,907 24,80,589
c) Arrears of dividend on cumulative
preference shares. 44,00,000 44,00,000
2. In view of unabsorbed losses, no provision for income tax has been
considered necessary.
3. There is no impairment of cash generating assets during the year in
terms of AS-28 Impairment of Assets issued by the Institute of
Chartered Accountants of India.
4. Balances outstanding in some of the accounts of sundry creditors,
loans & advances and other personal accounts are subject to
confirmation / reconciliation and consequent impact on accounts upon
confirmation / reconciliation not ascertainable in the absence of
details.
5. In the opinion of management, the value on realization of current
assets, loans and advances in the ordinary course of business shall not
be less than the amount at which they are stated in the balance sheet
(except expressly disclosed elsewhere in the notes) and provision for
all known liabilities has been made and contin- gent liabilities
disclosed properly.
6. In respect of unsecured loans taken from Companies and other
parties, some of the lenders have filed suits against the Company for
recovery of their dues. Pending settlement of cases, the company
continues to pro- vide interest and other charges on actual payment
basis and neither interest due on such loans have been worked out nor
provided for in these accounts.
7. The balance of secured loan from P.F.C. is subject to confirmation
and reconciliation and consequential adjust- ments. The company has
made one time settlement of its dues with P.S.I.D.C during the year.
Pending compli- ance of the terms and conditions of the settlement,
neither provision for interest on outstanding balance has been made nor
adjustment entries between book balance and settled amount has been
made.
8. The company had made one time settlement of its dues with
Industrial Development Bank of India (IDBI)/ Industrial Financial
Corporation of India Ltd (IFCI) during the previous years. The entire
security under the charge of IFCI/IDBI has been assigned in favour of.
O.K. Play India Limited.
9. Accounting Standard 15-"Employee Benefits", the disclosures of
Employee Benefits as defined in the account- ing standard are given
below:
a. Defined Contribution Plan
i) Employers contribution to provident fund paid Rs.4,38,680/-
(previous year Rs.4,10,684/-) has been recog- nized as expenses for the
year.
ii) Employers contribution to Employees State Insurance paid
Rs.1,11,974/- (previous year Rs.1,05,791/-) has been recognized as
expenses for the year.
b. Defined Benefit Plan
Present value of gratuity and leave encashment obligation based on
actuarial valuation using the projected unit credit method which
recognises each period of service as giving rise to additional unit of
employee benefit entitlement and measures each units separately to
built up the final obligation.
10. Related party disclosures
Related parties and their relationship as identified by the management
and relied upon by the auditors are hereunder:
i) Enterprise over which Key Management Personnel and their relatives
are able to exercise significant inflence
: Anka India Ltd.
Darsh Polymers Pvt. Ltd.
Auram Polymers Pvt. Ltd.
ii) Key Management Personnel and
their relatives : Mr. D.S. Sethi
Mr. D. Bhattacharya
Mr. A.S. Sethi
Mr. H.S. Sethi
Mrs. Shelly Sethi
Mrs. Gurpreet Kaur Sethi
Mrs. Paramjeet Kaur Sethi
11. The company has unabsorbed depreciation and carried forward losses
under the Tax Laws. In the absence of virtual certainty of sufficient
future taxable income, net deferred tax asset has not been recognized
by way of prudence in accordance with Accounting Standard-22
"Accounting for taxes on income" issued by The Institute of Chartered
Accountants of India.
12. The operations of company pre-dominantly consist of one segment
i.e. Job Work and accordingly segment wise reporting as per AS -17
"Segmental Reporting" issued by Institute of Chartered Accountants of
India is not applicable.
13. There are no Micro, Small & Medium Enterprises to whom the company
owed dues which outstanding for more than 45 days as at 31.03.2009.
This information as required to be disclosed under the Micro, Small and
Medium Enterprises Developments Act, 2006 has been determined to the
extent such parties have been identified on the basis of information
available with the Company. This has been relied upon by the auditors.
14. The net worth of the company is in negative and the Company has no
intention to discontinue its operations considering this, the accounts
of the company have been prepared on "Going Concern Basis".
15. Loans and advances include Rs.25,62,656/- (Previous year Rs. nil)
being amount due from two private companies in which a director is a
director/member.
16. Other Liabilities include Rs.3,94,173/-(Previous Year : Rs.
3,94,173/-) being the unpaid dividend on CCPS which shall be credited
to Investor Education & Protection Fund in the event of non-compliance
of the terms and conditions of the settlement of dues with financial
institutions.
17. The figures for the previous year are for the period from
01.07.2007 to 31.03.2008 and therefore, are not comparable with the
current years figures to that extent.
18. Previous year figures have been regrouped/recast where-ever
considered necessary to make them compa- rable with those of current
years classification.
19. Figures have been rounded off to the nearest rupee.
Signature to A to M annexed to and forming part of the Balance Sheet as
at and Profit & Loss Account for the period ended on 31st March, 2009.
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