Mar 31, 2016
Terms/Rights attached to Equity Shares
The Company has only one class of Equity Shares havi ng a face value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. In the event of liquidation of the Company, the holder''s of equity shares would be entitled to receive remaining assets of the Company, after distribution of all Preferential amount. The distribution will be in proportion to the number of equity shares held.
I Term Loans_
(i) Term Loan of Rs. 266.71 lakhs (Previous Year Rs. 510.58 lakhs) is secured by way of exclusive charges on machines installed at company''s all units. The above said loan is further secured by personal guarantees of Mr. Chand Seth and Mr. Varun Seth, Directors of the Company. Repayments - in quarterly installments till 10.6.2019. Rate of interest as on 31.03.2016 was 13.50% p.a and current Rate of Interest is12.50% p.a.
(ii) Term Loan of Rs. 600 lakhs (Previous Year Nil) is secured by way of first charge on immovable property situated at Baddi (Himanchal Pradesh). The Company is in the process of creating mortgage on the said property to secure the above said loan. The above said loan is further secured by personal guarantees of Mr. Chand Seth and Mr. Varun Seth, Directors of the Company. Repayments - in monthly installments till 24.09.2020. Current Rate of interest is 11.70% p.a.
Loan Repayable on demand from Banks (secured)_
Working Capital Loans from Banks are secured by hypothecation of inventories and Book Debts and are further secured by first charge on Company''s immovable property at Mahad, Jigani, and Pantnagar. The above said loans are further secured by personal guarantees of M r.Chand Seth &
Mr. Varun Seth, Directors of the Company.
40 Related party disclosures
Name of relative parties and related party relationship
Key Management Personnel
Mr.Chand Seth - Chairman & Managing Director
Mr.Varun Seth - Whole Time Director
Mr. Ramesh Mehra - Whole Time Director
Relatives of Key Management personnel and their enterprises
where transactions have taken place
Mrs. Suneeta Seth
Mr. Amit Seth
Mr. Udit Seth
Related parties where control exists
Pearl Flats India Ltd
Pacific Pearl Finance & Leasing Ltd
Pearl Telefonics Ltd ( Formerly Sinclair Exports Ltd)
Theta Investments Pvt Ltd_
1. The Company is engaged in the manufacture of PET bottles & jars and there is no separate reportable segment as per the Accounting Standard 17 on ''Segment Reporting'' notified in the Companies (Accounting Standard) Rules. 2006
2.1n view of loss during the year, provision for Income Tax has not been made. |
3. The Company had made an insurance claim of Rs. 191.3 9 lakhs, on an estimated basis pending settlement, in respect of fire at one of it''s unit in 201415. During the year, the claim is finally settled at Rs. 124.75 lakhs resulting to a loss of Rs. 66.64 Lacs on settlement of the said fire claim.
4. a) Disclosure for operating leases under Accounting Standard 19 "Lease". The Company has taken various residential flats/god owns/office premises (including furniture and fittings, there in as applicable) under operating lease or leave and license agreements. These are generally not non-cancellable and range between 11 months and 3 years under leave and license, or longer for other leases and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits in accordance with the agreed terms. No contingent rents are recognized in the P& L Account.
b) The Company does not have leased facilities under the non-cancellable operation lease during the year. Le ase rent amounting to Rs. Nil (previous year Rs. 43.12 lakhs) has been charged to Profit & Loss Account during the year.
5. Previous Year figures have been regrouped/reclassified, wherever considered necessary to conform to current year''s c lassification._
Mar 31, 2015
1. Terms/Rights attached to Equity Shares
The Company has only one class of Equity Shares having a face value of
Rs. 10/- per share. Each holder of equity is entitled to one vote per
share. In the event of liquidation of the Company, the holder's of
equity shares would be entitled to receive remainning assets of the
Company, after distribution of all Prefrential amount. The distribution
will be in proportion to the number of equity shares held.
2. Loan Repayable on demand from Banks (secured)
Working Capital Loans from Banks are secured by hypothecation of
inventories and Book Debts and are further secured by first charge on
Company's immovable property at Mahad, Jigani, and Pantnagar. The above
said loans are further secured by personal guarantees of Mr.Chand Seth
& Mr. Varun Seth, Directors of the Company.
lodgment of counter guarantees of the Company 73.48 67.98
* Provided by way of Margin Money Rs. 18.37
lakhs (Previous Year Rs. 17 lakhs)
In respect of Service Tax 0.04 0.04
In respect of demands for Excise Duty * 807.07 807.46
The Company has received for its unit at
Mahad show cause notice from Excise
Department for Rs. 3.61 lacs for
disallowance of CENVAT credit on shrink
films for the year 2013-14.
for Rs. 3.24 lakhs.
The Company had received for its unit
Mahad show cause notice from Excise
Department for Rs.50.10 lacs against
Excise Duty not Paid on freight
Charged separately in invoices
covered period from October 2008
to July 2013.
non-dutiable products under
notification 4/97 dated 1.03.97.
The Company period had been
adjudicated in Company's favour
by CESTAT, DELHI
The Company had received for its
unit at Mahad show cause notice
from Excise Department for
Rs. 72.65 lacs for disallowing
cenvat credit on SHRINK FILMS /
SHRINK SLEEVES ,as the same has
been wrongly classified by
supplier under CH 4901.90
instead of CH 3 920.19 for the
period from August 2001 to Feb 2006
Excise Department for Rs.10.00
lakhs for penalty and deposited
Rs.2.50 lakhs under protest.
In respect of sales Tax * 19.49 19.49
In respect of sales tax demand
for the year 2002-03 of its
unit at Jigni of Rs. 9.88 lakhs
( Net of bank guarantee)
2011-12 for Assessment under
section 143(3) 21.86 7.49
3. Related party disclosures
Name of relative parties and related party relationship
Key Management Personnel
Mr.Chand Seth - Chairman & Managing Director
Mr.Varun Seth - Whole Time Director
Mr. Ramesh Mehra - Whole Time Director
Relatives of Key Management personnel and their enterprises
where transactions have taken place
Mrs. Suneeta Seth
Mr. Amit Seth
Mr. Udit Seth
Related parties where control exists
Emperor T ravels & T ours Pvt Ltd
Pearl Apartments Ltd
Pearl Flats India Ltd
MRK Shares & Stocks Pvt Ltd
Pacific Pearl Finance & Leasing Ltd
Pearl Telefonics Ltd ( Formerly Sinclair Exports Ltd)
Theta Investments Pvt Ltd
4. The Company is engaged in the manufacture of PET bottles & jars and
there is no seprate reportab;e segment as per the Accounting Standard 17
on 'Segment Reporting' notified in the Companies (Accounting Standard)
Rules. 2006
5. Prsuant to the enactment of companies Act 2013. The Company has
Applied the estimate useful lives as specified in schedulee II except in
respect of certain assets as disclosed in Accounting Policies on
depreciation & Intangibles. Accordingly, unamortised carrying value is
being depreciated/amortised over the revised/remaining useful lives. The
written down value of Fixed Assets whose life have expired as at 1st
April, 2014 has been adjusted net of tax, in the opening balance of
Profit and Loss Account amounting to Rs. 711.29 lacs.
6. In view of loss duraing the year,provision for income tax has not
been made.
7. During the year, there was fine at one of company's unit due to
shortcircuit. The company has filed insurance claim for loss of
Stocks,Building, Furniture & Fixture and Machinery. Insurance claim of
Rs. 191.39 lacs has been provided on estimated basis. Any short/excess
on this account shall be considered at the time of settlement of claim.
8. a) Disclosure for operating leases under Accounting Standard 19"
Lease". The Companyhas taken various residential flasts/godown/office
premises (including furniture and fittings, there in as applicable)
under operating lease or leave and license agreements. These are
generally not non-cancellable and range between 11 months and 3 years
under leve and license, or longer for other leases and are renewable by
mutual consent on mutually agreeable terms. The Company has given
refundable interest free security deposits in accordance with the agreed
terms. No contingent rents are recognized in the P&L Account.
b) The Company has leased facilities under the non-cancellable
operation lease. Lease rent amounting to Rs. 43.12 lakhs (previous year
Rs. 94.96 lakhs) has been charged to Profit & Loss Account during the
year.
9. Previous Year figures have been regrouped/reclassified, wherever
considered necessary to conform to current year's classification. |
Mar 31, 2014
1. Term Loans
(a) (i) Term Loan of Rs. 9.38 lakhs (Previous Year Rs. 95.30 lakhs) is
secured by way of pari-passu first mortgage/charge created on all
immovable and movable assets, both present and future (save and except
book debts) in respect of property situated at Baddi. The above said
loan is further secured by personal guarantees of Mr. Chand Seth,
Director of the Company and Mr.Harish Seth. Repayments - in quarterly
installments till 10.07.2014.Current Rate of Interest is 12% p.a.
(ii) Term Loan of Rs. 388.41 lakhs (Previous Year Rs. 615.03 lakhs) is
secured by way of exclusive charges on machines installed at company''s
all units. The above said loan is further secured by personal
guarantees of Mr. Chand Seth, Director of the Company and Mr.Harish
Seth. Repayments - in quarterly installments till 10.3.2016. Current
Rate of Interest @ 13.75% p.a.
Repayments of above Term Loans are as follows:
(b) (i) From 1 to 2 years - Rs. 9.38 lakhs
(ii) From 1 to 2 years - Rs. 388.41 lakhs
2. Vehicles Loans
Vehicle loans are secured against hypothecation of respective vehicles.
Repayment is as follow:
From 1 to 2 years - Rs. 20.86 lakhs, from 2 to 4 years Rs. 10.12 lacs
and from 5 to 6 years Rs. 4.88 lacs
Last installment date: 05.01.2019
3. Deposits
Deposits repayable in more than one year are considered above.
Loan Repayable on demand from Banks (secured)
Working Capital Loans from Banks are secured by hypothecation of
inventories and Book Debts and are further secured by first charge on
Company''s immovable property at Okhla and second charge on Company''s
erstwhile property at Gurgaon. The company is in the process of giving
alternative securities to Working Capital Lendors against existing
securities. The above said loans are further secured by personal
guarantees of Mr.Chand Seth & Mr. Varun Seth, Directors of the Company.
Deposits (unsecured)
Deposits repayable with in a year are considered above. Public deposits
period is from six months to three years. Current Rate of Interest @
10% p.a. for six months & more than one year period and @ 11% p.a. for
one year period.
Note-4
CONTINGENT LIABILITIES
In respect of guarantees executed by
Banks against lodgment of counter 67.98 150.62
guarantees of the Company Provided
by way of Margin Money Rs. 17 lakhs
(Previous Year Rs. 37.16 lakhs)
In respect of Service Tax 0.04 0.04
In respect of demands for Excise Duty * 807.46 747.86
* includes:
The Company had received for its unit at Mahad show cause notice from
Excise Department for Rs. 3.24 lakhs.
The Company had received for its unit at Mahad show cause notice from
Excise Department for Rs. 360.00 lakhs for producing and clearing
dutiable and non- dutiable products under notification 4/97 dated
1.03.97. The Company has preferred an appeal against the same. Similar
case for a different period had been adjudicated in Company''s favour by
CESTAT, DELHI At its unit at Mahad the Excise Department has filed an
appeal against a demand of Rs. 72.72 lakhs which had been dropped by
the Commissioner, Central Excise. (The original show cause notice was
received on 17.2.2002 and related to imposition of Excise Duty on
recovery of freight
Note-5
Purchases are net of incentives received.
Note-6
RELATED PARTY DISCLOSURES
Name of relative parties and related party relationship
Key Management Personnel
Mr.Chand Seth - Chairman & Managing Director
Mr.Varun Seth - Whole Time Director
Relatives of Key Management personnel and their
enterprises where transactions have taken place
Mrs. Suneeta Seth
Mr. Amit Seth
Mr. Udit Seth
Related parties where control exists
Amit Apartments Ltd
Emperor Travels & Tours Pvt Ltd
Gama Investments Pvt Ltd
Pearl Apartments Ltd
Pearl Flats India Ltd
MRK Shares & Stocks Pvt Ltd
Pacific Pearl Finance & Leasing Ltd
Pearl Telefonics Ltd (Formerly Sinclair Exports Ltd)
Theta Investments Pvt Ltd
Note-7
The Company is engaged in the manufacture of PET bottles & jars and
there is no separate reportable segment as per the Accounting Standard
17 on ''Segment Reporting'' notified in the Companies (Accounting
Standard) Rules. 2006
Note-8
During the year, Provision for Income Tax has been made on the basis of
Books profits u/s 115 JB of Income Tax Act,1961.
Note-9
a) Disclosure for operating leases under Accounting Standard 19
"Lease". The Company has taken various residential flats/godowns/office
premises (including furniture and fittings, there in as applicable)
under operating lease or leave and license agreements. These are
generally not non-cancellable and range between 11 months and 3 years
under leve and license, or longer for other leases and are renewable by
mutual consent on mutually agreeable terms. The Company has given
refundable interest free security deposits in accordance with the
agreed terms. No contingent rents are recognized in the P&LAccount.
b) The Company has leased facilities under the non-cancellable
operation lease. Lease rent amounting to Rs. 94.96 lakhs
Note-10
Previous Year figures have been regrouped/reclassified, wherever
considered necessary to conform to current year''s classification.
Mar 31, 2013
Note-1
The Company is engaged in the manufacture of PET bottles & jars and
there is no separate reportable segment as per the Accounting Standard
17 on ''Segment Reporting'' notified in the Companies (Accounting
Standard) Rules. 2006
Note-2
During the year, current tax is provided under the Income Tax Act,1961
and the same is net of MAT credit entitlement of Rs. 176 lakhs for
earlier years.
Note-3
(a) During the year, the company''s manufacturing unit at Gurgaon was
closed and one time settlement was done with the labour.Plant &
Machineries were transferred to company''s other units or disposed off.
Land & Building was sold, under an agreement to sell. The possession of
Land & Building was handed over on 15.03.2013 and the execution of sale
deed is pending due to completion of formalities in this regard.
Note-4
As on 31st March, 2013, the Company has Investments of 54,92,960 Equity
Shares (amounting to Rs. 545.40 lakhs) of Pearl Engineering Polymers Ltd,
a Company under the same management. The unit is closed since March,
2011 and there is no revival plan now despite best effort of the
Company over the period. In view of this, during the year,the Company
has made a provision of Rs. 478.39 Lacs towards diminution in the value
of said equity. The said amount is shown as exceptional item in the
statement of Profit & Loss for the current year.
Note-5
a) Disclosure for operating leases under Accounting Standard 19
"Lease": The Company has taken various residential flats/godowns/office
premises (including furniture and fittings, there in as applicable)
under operating lease or leave and license agreements. These are
generally not non-cancellable and range between 11 months and 3 years
under leave and license, or longer for other leases and are renewable
by mutual consent on mutually agreeable terms. The Company has given
refundable interest free security deposits in accordance with the
agreed terms. No contingent rents are recognized in the Statement of
Profit & Loss.
b) The Company has leased facilities under the non-cancellable
operation lease:Lease rent amounting to Rs. 94.96 lakhs (Previous year Rs.
95.19 lakhs) has been charged to Statement of Profit & Loss.
Note-6
Prior Year Comparatives
Previous Year figures have been regrouped/reclassified, wherever
considered necessary to conform to current year''s classification.
Mar 31, 2012
I. Term Loans
a) Term Loan of Rs.410.00(Rs. in lakhs) (previous year Rs.570.00(Rs. in
lakhs) is secured by a first mortgage/charge on immovable properties
situated at company's unit at Pantnagar (Uttrakhand). The above said loan
is further secured by personal guarantee of Mr.Chand Seth and Mr.Harish
Seth, Directors of the Company. Repayments - in quarterly installments
till 1.7.2014.Current Rate of Interest @ 14.50% p.a.
b) i Term Loan of Rs.101.36(Rs. in lakhs) (previous Year-Rs.180.36(Rs. in
lakhs) is secured by first charge on the assets situated at the
Company's unit situated at Gurgaon (Haryana). The above said loan is
further secured by personal guarantees of Mr. Chand Seth and Mr. Harish
Seth, Directors of the Company. Repayments - in installments till
31.7.2013. Current Rate of Interest @ 12.50% p.a.
ii Term Loan of Rs.36.00 (Rs. in lakhs) (Previous Year Rs.60.00 (Rs. in
lakhs) is secured by way of pari-passu first mortgage/charge created on all
immovable and movable assets, both present and future (save and except
book debts) in respect of property situated at Baddi. The above said
loan is further secured by personal guarantees of Mr. Chand Seth and
Mr.Harish Seth, Directors of the Company. Repayments - in equal
quarterly installments till 1.9.2013. Current Rate of Interest @9.75%
p.a.
iii Term Loan of Rs.199.02(Rs. in lakhs) (Previous Year Rs.302.74 (Rs.in
lakhs)is secured by way of pari-passu first mortgage/charge created on all
immovable and movable assets, both present and future (save and except
book debts) in respect of property situated at Baddi. The above said
loan is further secured by personal guarantees of Mr. Chand Seth and
Mr.Harish Seth, Directors of the Company. Repayments - in quarterly
installments till 10.07.2014.Current Rate of Interest on Rs. 126.00 lakhs
@ 9.75% p.a., on Rs. 29.00 lakhs @13% p.a. and on Rs.44.02 lakhs @ 12% p.a.
iv Term Loan of Rs.803.69(Rs.in lakhs) (Previous Year Rs.474.02(Rs.in
lakhs)) is secured by way of exclusive charges on machines installed at
Company's all units. The above said loan is further secured by personal
guarantees of Mr. Chand Seth and Mr.Harish Seth, Directors of the
Company. Repayments - in quarterly installments till 10.3.2016. Current
Rate of Interest @ 13.50% p.a.
Repayments of above Term Loans are as follows:
a) From 1 to 2 years - Rs. 320.00 lakhs, From 2 to 3 years -Rs. 90.00 lakhs
b) i From 1 to 2 years - Rs. 101.36 lakhs ii From 1 to 2 years - Rs. 36.00
lakhs
iii From 1 to 2 years - Rs. 189.64 lakhs,From 2 to 3 years Rs.9.38 lakhs
iv From 1 to 2 years - Rs. 434.26 lakhs,From 2 to 3 years Rs.217.17 lakhs,
From 3 to 4 years Rs.152.26 lakhs
II. Vehicles Loans
Vehicle loans are secured against hypothecation of respective vehicles.
Repayments - in monthly installments till 15.12.2015
III. Deferred Sales Tax
Deferred sales tax is in respect of company's unit at Mahad. The
repayment is in annual installments till 30.09.2012.
IV. Deposits
Deposits repayable in more than one year are considered above. Public
deposits period is from six months to three years..Current Rate of
Interest @ 10% p.a. for six months & more than one year period and 11%
p.a. for one year period .
Loan Repayable on demand from Banks (secured)
Working Capital Loans from Banks are secured by hypothecation of
inventories and Book Debts and are further secured by first charge on
Company's immovable property at Okhla and second charge on Company's
property at Gurgaon. The above said loans are further secured by
personal guarantees of Mr.Chand Seth, Mr. Harish Seth, Directors of the
Company, and Mr.Krishen Seth.
Note-1
Purchases are net of incentives received during the year from the
suppliers.
Note-2
Related party disclosures
Name of relative parties and related party relationship
Key Management Personnel
Mr.Chand Seth - Chairman & Managing Director Mr.Harish Seth -
Vice-Chairman & Managing Director Mr.Varun Seth - Whole Time Director
Relatives of Key Management personnel and their enterprises where
transactions have taken place
Mrs Suneeta Seth Mrs Madhu Seth Mrs Rupali Seth Mr Udit Seth Mr Adhar
Seth Mrs Ashna Chopra
Related parties where control exists
Amit Apartments Ltd
Beta Finance & Trading Pvt Ltd
Emperor Travels & Tours Pvt Ltd
Gama Investments Pvt Ltd
Pearl Apartments Ltd
Pacific Pearl Finance and Leasing Ltd
Pearl Engineering Polymers Ltd
Pearl International Tours & Travels Ltd
Theta Investments Pvt Ltd
Pearl Telefonics Ltd
Note-3
The Company is engaged in the manufacture of PET bottles & jars and
there is no separate reportable segment as per the Accounting Standard
17 on 'Segment Reporting' notified in the Companies (Accounting
Standard) Rules. 2006
Note-4
In view of loss, MAT is not applicable. Moreover, deduction is
available u/s 80(IC) of the Income Tax Act, against taxable income of
the Company. Hence, no provision for Income Tax has been made during
the year.
Note-5
In accordance with the Central Capital Investments Subsidy Scheme 2003,
the Company has received a Capital Subsidy of Rs. 30.00 lakhs during the
year, in respect of its Pant Nagar Unit. The same has been credited to
Capital Reserve Account
Note-6
As on 31st March, 2012, the Company has Investments of 5492960 equity
shares (amounting to Rs. 545.40 lakhs) of Pearl Engineering Polymers Ltd,
a Company under the same management, which is temporarily shut down
since March 2011. No provision has been made for diminution of the
value of the said investment since, in the opinion of the management,
the enterprise value is much higher, and the going concern of the
Company is not impacted at this stage.
Note-7
a) Disclosure for operating leases under Accounting Standard 19
"Lease".The Company has taken various residential flats/godowns/office
premises (including furniture and fittings, there in as applicable)
under operating lease or leave and license agreements. These are
generally not non-cancellable and range between 11 months and 3 years
under leave and license, or longer for other leases and are renewable
by mutual consent on mutually agreeable terms. The Company has given
refundable interest free security deposits in accordance with the
agreed terms. No contingent rents are recognized in the P&L Account.
b) The Company has leased facilities under the non-cancellable
operation lease. Lease rent amounting to Rs. 95.19 lakhs (Previous year Rs.
95.19 lakhs) has been charged to Profit & Loss Account
Note-8
Prior Year Comparatives
Till the year ended March 31. 2012, the Company was using pre-revised
Schedule VI to the Companies Act, 1956, for preparation and
presentation of its financial statements. During the year ended March
31, 2012, the revised Schedule VI notified under the Companies Act,
1956, has become applicable to the Company. The Company has
reclassified previous year's figures to confirm to this year
classifications.
Mar 31, 2011
1 Contingent Liabilities
As at As at
31st March 2011 31st March 2010
(Rs. in '000) (Rs. in '000)
a) Bills discounted - 911
b) In respect of guarantees - 15219
executed by Banks against
lodgement of counter guarantees
of the Company
*Provided by way of Margin
Money Rs.Nil Previous Year
-Rs 39,15 ('000))
c) In respect of Service Tax 4 4
d) In respect of demands 72887 72071
for Excise Duty*
*includes:
- The Company had received for its unit at Mahad show cause notice from
Excise Department for Rs. 3,60,00('000) for producing and clearing
dutiable and non-dutiable products under notification 4/97 dated
1.03.97. The Company has preferred an appeal against the same. Similar
case for a different period had been adjudicated in Company's favour by
CESTAT, DELHI.
- At its unit at Mahad the Excise department has filed an appeal
against a demand of Rs.72,72('000) which had been dropped by the
Commissioner, Central Excise. (The original show cause notice was
received on 17.2.2002 and related to imposition of Excise Duty on
recovery of freight charges, detention charges etc separately by the
company and non-inclusion of the same)
- The Company had received for its unit at Gurgaon Demand Notice from
Excise Department for Rs.10,00('000) for penalty and deposited Rs.
2,50('000) under protest
2 Purchases are net of the incentives received during the year from
the suppliers.
3 Current Assets, Loans and Advances :
In the opinion of the Board, the Current Assets, Loans and Advances
have a value on realization in the ordinary course of business, atleast
equal to the amount stated in the Balance Sheet.
4 Balances of Sundry Debtors, Loans & Advances and Sundry Creditors
are subject to confirmation by the parties.
6 The Company is engaged in the manufacture of PET bottles & jars and
there is no separate reportable segment as per the Accounting Standard
17 on 'Segment Reporting' notified in the Companies (Accounting
Satandard) Rules, 2006.
7 Related party Disclosures:
i) In accordance with the Accounting Standard on " Related Party
Disclosures" (AS-18), the disclosures in respect of related parties and
transactions with the related parties, carried out in the normal course
of the business, as identified and certified by the management, are as
follows:-
a) Key Management Personnel
Mr. Chand Seth - Chairman & Managing Director
Mr. Harish Seth - Vice Chairman & Managing Director
Mr. Varun Seth - Whole Time Director
b) Relatives of Key Management personnel and their enterprises where
transactions have taken place.
Mrs. Suneeta Seth
Mrs. Madhu Seth
Mrs. Rupali Seth
Mr. Udit Seth
Mr.Adhar Seth
Mrs. Ashna Chopra
c) Other related parties where control exists
Amit Apartments Ltd
Beta Finance & Trading Pvt Ltd
Emperor Travels & Tours Pvt Ltd
Gama Investments Pvt Ltd
Pearl Apartments Ltd
Pacific Pearl Finance and Leasing Ltd
Pearl Engineering Polymers Ltd
Pearl International Tours & Travels Ltd
Theta Investments Pvt Ltd
8 Employees Benefits
a)The Company has adopted Accounting Standard (AS)-15, "Employees
Benefits" notified in the Companies (Accounting Standards) Rules, 2006.
9 In view of deduction available u/s 80(IC) of the Income Tax Act,
provision for Income Tax has been made on the basis of Book Profit u/s
115JB of the Income Tax Act.
10 As on 31st March, 2011, the Company has Investments of 54,92,960
equity shares (amounting to Rs.54,540('000) of Pearl Engineering
Polymers Ltd, a Company under the same management, which is temporarily
shut down since March 2011. No provision has been made for diminution
of the value of the said investment since,in the opinion of the
management, the enterprise value is much higher, and the going concern
of the Company is not impacted at this stage.
11 (a) Disclosure for operating leases under Accounting Standard 19
"Lease". The Company has taken various residental flats/godowns/office
premises (including furniture and fittings, there in as applicable)
under operating lease or leave and licence agreements. These are
generally not non-cancellable and range between 11 months and 3 years
under leave and license, or longer for other leases and are renewable
by mutual consent on mutually agreeableterms. The Company has given
refundable interest free security deposits in accordance with the
agreed terms. No contingent rents are recognised in the P&L Account.
12 Previous Year figures have been recasted / rearranged, wherever
considered necessary to conform to current year's presentation.
Mar 31, 2010
As at As at
31st March 2010 31st March 2009
(Rs. in Ã000) (Rs. in Ã000)
1 Estimated amount of contracts
remaining to be executed on
Capital account and not
provided for (Net of Advances) 9404 8402
2 Contingent Liabilities
a) Bills discounted 911 -
b) In respect of guarantees
executed by Banks against
lodgement of counter guarantees
of the Company 15219 12185
Provided by way of Margin Money
Rs.39,15(000) (Previous Year-
Rs. 38,05 (000))
c) In respect of Service Tax 4 -
d) In respect of Sales Tax - 4288
e) In respect of demands for
Excise Duty;* 72071 70679
*includes:
- The Company had received for its unit at Mahad show cause notice from
Excise Department for Rs. 3,60,00(Ã000) for producing and clearing
dutiable and non-dutiable products under notification 4/ 97 dated
1.03.97. The Company has preferred an appeal against the same. Similar
case for a different period had been adjudicated in Companys favour by
CESTAT DELHI.
- At its unit at Mahad the Excise department has filed an appeal
against a demand of Rs.72,72(Ã000) which had been dropped by the
Commissioner, Central Excise. (The original show cause notice was
received on 17.2.2002 and related to imposition of Excise Duty on
recovery of freight charges, detention charges etc separately by the
company and non-inclusion of the same)
- The Company had received for its unit at Gurgaon Demand Notice from
Excise Department for Rs.10,00(000) for penalty and deposited
Rs,2,50(000) under protest
3 Purchases are net of the incentives received during the year from
the suppliers.
4 Current Assets, Loans and Advances :
In the opinion of the Board, the Current Assets, Loans and Advances
have a value on realization in the ordinary course of business, atleast
equal to the amount stated in the Balance Sheet.
5 The Company is engaged in the manufacture of PET bottles & jars and
there is no separate reportable segment as per the Accounting Standard
17 on Segment Reporting notified in the Companies (Accounting
Satandard) Rules, 2006.
6 Related party Disclosures:
i) In accordance with the Accounting Standard on " Related Party
Disclosures" (AS-18), the disclosures in respect of related parties and
transactions with the related parties, carried out in the normal course
of the business, as identified and certified by the management, are as
follows:-
a) Key Management Personnel
Mr. Chand Seth - Chairman & Managing Director
Mr. Harish Seth - Vice Chairman & Managing Director
Mr. Varun Seth - Whole Time Director
b) Relatives of Key Management personnel and their enterprises where
transactions have taken place.
Mrs. Suneeta Seth
Mr. Udit Seth
c) Other related parties where control exists
Amit Apartments Ltd
Beta Finance & Trading Pvt Ltd
Emperor Travels & Tours Pvt Ltd
Gama Investments Pvt Ltd
Pearl Apartments Ltd
Pacific Pearl Finance and Leasing Ltd
Pearl Engineering Polymers Ltd
Pearl International Tours & Travels Ltd
Theta Investments Pvt Ltd
8 Provision for Income Tax has been made on the basis of Book Profit
u/s 115JB of the Income Tax Act. In view of the deduction available u/s
80-IC of the Income T ax Act, MAT credit availed amounting to Rs.123.81
lacs till the previous year has been reversed to the Profit & Loss A/c.
9 In accordance with the Central Capital Investment Subsidy Scheme
2003, the Company has received Capital Subsidy of Rs.30.00 lacs, during
the year, in respect of its Baddi Unit. The same has been credited to
Capital Reserve Account.
10 (a) Disclosure for operating leases under Accounting Standard 19
"Lease". The Company has taken various residental flats/godowns/office
premises (including furniture and fittings, there in as applicable)
under operating lease or leave and licence agreements. These are
generally not non-cancellable and range between 11 months and 3 years
under leave and license, or longer for other leases and are renewable
by mutual consent on mutually agreeable terms. The Company has given
refundable interest free security deposits in accordance with the
agreed terms. No contingent rents are recognised in the P&L Account.
(b) The Company has leased facilities under non-cancellable operation
lease. Lease rent amounting to Rs.56,62(000) (Previous Year Rs.Nil)
has been charged to Profit & Loss Account.
11 Previous Year figures have been recasted / rearranged, wherever
considered necessary to conform to current years presentation.
Mar 31, 2009
1 Purchases are net of the incentives received during the year from
the suppliers
2 Current Assets Loans and Advances:
In the opinion of the Board trie Current Assets Loans and Advances have
a value on realization in the ordinarycourse of business atleast equal
to the amount stated in the Balance Sheet.
3 Balances of Sundry Debtors Loans & Advances and Sundry Creditors are
subject to confirmation by the parties
4 The Company is engaged in the manufacture of PET bottles & jars and
there is no separate reportable segment as per the Accounting Standard
17 on Segment Reportingnotified in the Companies (Accounting
Satandard) Rules 2006
5 Related party Disclosures:
i) In accordance with the Accounting Standard on " Related Party
Disclosures" (AS-18) the disclosures in respect of related parties and
transactions with the related parties carried out in the normal course
of the business as identified and certified by the management are as
follows:-
a) Key Management Personnel c) Other related parties where control
exists
Mr Chand Seth -
Chairman & Managing Director Amit Apartments Ltd Mr
Harish Seth -
Vice Chairman & Managing
Director Beta Finance & Trading Pvt Ltd
Mr Varun Seth -
Whole Time Director Emperor Travels & Tours Pvt Ltd
Gama Investments Pvt Ltd
Pearl Apartments Ltd
b) Relatives of Key Management personnel and their enterprises where
transactions have taken place
Pacific Pearl Finance and Leasing Ltd
Pearl Engineering Polymers Ltd
Pearl International Tours & Travels Ltd
Mr Krishen Seth Theta Investments Pvt Ltd
Mrs Suneeta Seth
Mr Udit Seth
6 The Company has earned taxable profits for the last Five years and
barring unforeseen circumtances the management is hopeful that the
Company would earn sufficient taxable income in subsequent years to
wipeout unabsorbed depreciation and will be entitled to credit of taxes
paid under section 115JB (MAT) of the Income Tax Act
7 Disclosure for operating leases under Accounting Standard 19 "Lease"
The Company has taken various residental flats/ godowns/office premises
(including furniture and fittings there in as applicable) under
operating lease or leave and licence agreements These are generally not
non-cancellable and range between 11 months and 3 years under leave and
license or longer for other leases and are renewable by mutual consent
on mutually agreeable terms The Company has given refundable interest
free security deposits in accordance with the agreed terms No
contingent rents are recognised in the P&LAccount
8 Previous Year figures have been recasted / rearranged wherever
considered necessary to conform to current years presentation
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