Mar 31, 2015
1. Term Loan from SBBJ is secured by way of First Charge on certain
Plant & Machinery acquired out of said term loan and personal guarantee
of two Directors of the Company and also secured by way of second
charge on entire present & future current & fixed assets of the
Company. The said loan is repayable in quarterly installments of Rs.
14.65 Lac. The last of which is due in June, 2020. Rate of Interest on
Term Loan is at 13.25% P.A.
2.1 Term Loan from RFC
2.2 Security Details
Term Loans from Rajasthan Financial Corporation (RFC) are secured by
equitable mortgage on Fixed Assets of the company both present & future
situated at Jaipur and Chopanki (Bhiwadi) and also secured by personal
guarantee of two Directors of the company
2.3 Car Loan from Kotak Mahindra Prime Ltd. is secured by hypothecation
of vehicle purchased out of said loan. The said loan is repayable in
monthly installment of Rs. 30200/- (including Interest) The last of
which is due in June, 2018. Rate of interest on Car Loan is @ 12.60%
P.A.
2.4 Car Loan from ICICI Bank Ltd. is secured by hypothecation of
vehicle purchased out of said loan. The said loan is repayable in
monthly installment of Rs. 62000/- (including Interest). The last of
which is due in February, 2016. Rate of interest on Car Loan is @
10.4%P.A.
3. Secured against hypothecation of all current and noncurrent assets
including stock of raw materials, work in process, finished goods and
book debts both present and future.
4. 1st charge over Plant & Machinery financed for different
Machineries installed at Jaipur & Bhiwadi Plant.
5. 2nd charge on fixed assets of the company i.e all immovable
properties held with the company under its Jaipur & Bhiwadi Plant.
6. Cash Credit Limit from banks Carry Interest ranging between 12% -
13% p.a, computed on monthly bases on actual amount utilized, and are
repayable on demand.
*Dues to Micro, small and Medium enterprises have been determined to
the extent such parties have been identified on the basis of
information collected. The total amount remaining unpaid as at the end
of the year is Rs. 28.81 lacs (Previous Year 56.34 lacs) (Refer Note
31)
7. SEGMENT INFORMATION Primary
The Company is engaged in manufacture and sale of PET and other plastic
products which constitutes single business segment. As per management
perspective the risks and returns from its sales do not materially vary
geographically. Accordingly, there are no other business segments to
be reported as per AS-17 issued under the Companies (Accounting
Standards) Rules, 2006.
8. Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Develop- ment Act, 2006
The Ministry of Micro, Small & Medium Enterprises has issued an office
Memorandum Dated 26.08.2008, which recommends that Micro and small
Enterprises Should mention in their correspondence with its customers,
the entrepreneurs memorandum number as allocated after filling of the
memorandum. Accordingly. the disclosure in respect of the amounts
payable to such enterprises as on 31.3.2015 and 31.03.2014 has been
made in the financial statements based on the information provided by
the management. Based on the information currently available with the
company, There are no dues payable to micro and Small Suppliers as
defined in the Micro, Small And Medium Enterprises Development
Act,2006.
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the management. This has been relied upon by the auditors.
Inventories, loans & advances, trade receivables/payables and other
current/non-current assets are reviewed annually and in the opinion of
the Management do not have a value on realization in the ordinary
course of business, less than the amount at which they are stated in
the Balance Sheet. The response to letters sent by the Company
requesting confirmation of balances has been insignificant. In the
management's opinion, in the event of any disparity in the balances,
any consequential adjustments required on reconciliation of the
balances, will not be material in relation to the financial statements
of the Company and the same will be adjusted in the financial
statements as and when the reconciliation is completed.
A fire broke out on 11th February, 2013 at Company's premises located
at F-954(A), Chopanki Industrial Area, Bhiwadi, Distt. Alwar resulted
in losses amounting to Rs. 49.01 lacs for inventories and Rs. 232.77
lacs for fixed assets. The claim had been lodged witht he insurance
company considering the re- statement clause covered under the
insurance Policy Cover Note issued by the Insurance Company. Against
the said claim, company had received Rs 37.24 lacs and Rs 92.67 lacs
towards inventories and fixed assets respectively. Now for the balance
claim, company had approached to insurance company to revocation of
arbitration clause and matter still is pending with the insurance
company.
Pending receipt of claim from the insurance company amounting to Rs
70.29 lacs both for inventories and fixed assets as per books (Rs
151.87 lacs as per Re-statement clause of Insurance co.) has been shown
as insurance claim receivable as Long term loans and advances under the
head current assets. Short fall/surplus, if any, will be accounted for
when the claim is finally settled by the arbitrators.
Note 9
Previous year's figures have been regrouped/reclassified wherever
necessary to correspond with the current year's
classification/disclosure.
Note 10
The Company carries Rs. 94.98 Lacs as receivables from demerged company
M/S Vinayak Polycon International Limited by virtue of demerger scheme
of Polycon International Limited approved by Rajasthan High Court order
dated
Note 11 RELATED PARTY TRANSACTIONS
Names of related parties & relationship
Names of related parties & relationship
a) Jai Sinter Polycon Pvt. Ltd. Relatives of Directors are Director
b) Crystal Packaging Relatives of Directors are Partner
c) Bassi Mechanical Works Relatives of Directors are Partner
d) Shri Varun Baid Held office of profit
e) Ms Varsha Baid Held office of profit
Key Management Personnel (KMP)
Shri Lal Chand Baid
Shri Rajiv Baid
Enterprise over which key management personnel and their
relatives are able to exercise significant influence
Bassi Mechanical Works, Jaipur
Mar 31, 2014
Note 01 COMPANY INFORMATION
POLYCON International Limited (the Company) is a public limited company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed at the Bombay stock
Exchange. The company is engaged in the manufacturing and trading of
PET Items like PET Bottles, PET Jars, PET Preforms, Caps & Lids and
LLDPE Rotomoulding Water Storage Tanks, PVC Profiles, Sections etc. Its
manufacturing facilities are located in Jaipur & Bhiwadi, Rajasthan.
Note 02 SHARE CAPITAL
b) Terms/rights attached to equity shares :
The Company has only one class of equity shares having a par value of
Rs. 10/- per share. Each equity shareholder is entitled to one vote per
share. The Board of Directors have not declared Dividend during the
year under review due to marginal profit. In the event of liquidation,
the equity shareholders are eligible to receive the remaining assets of
the Company after distribution of all preferential amount in proportion
to their shareholding.
2.1 Term Loan from Bank is secured by way of First Charge on certain
Plant & Machinery acquired out of said term loan and personal guarantee
of two Directors of the Company and also secured by way of second
charge on entire present & future current & fixed assets of the
Company. The said loan is repayable in quarterly instalments. The last
of which is due in June, 2020. Rate of Interest on Term Loan is at
13.25% P.A.
2.2 Term Loans from Rajasthan Financial Corporation (RFC) are secured
by equitable mortgage on fixed assets of the company both present and
future, situated at Jaipur and Chopanki, Bhiwadi and also secured by
Personal Guarantee of two Directors of the Company. The said loan is
repayable in quarterly instalments. The last of which is due in
September, 2019. Rate of interest on Term Loans range from 10.25% to
13.50% P.A.
2.3 Car Loan from Kotak Mahindra Prime Ltd. is secured by hypothecation
of vehicle purchased out of said loan. The said loan is repayable in
monthlly instalments. The last of which is due in June, 2018. Rate of
interest on Car Loan is @ 12.60% P.A.
2.4 Car Loan from ICICI Bank Ltd. is secured by hypothecation of
vehicle purchased out of said loan. The said loan is repayable in
monthlly instalments. The last of which is due in February, 2016. Rate
of interest on Car Loan is @ 10.4% P.A.
Note 3 SEGMENT INFORMATION Primary
The Company is engaged in manufacture and sale of PET and other plastic
products which constitutes single business segment. As per management
perspective the risks and returns from its sales do not materially vary
geographically. Accordingly, there are no other business segments to
be reported as per AS-17 issued under the Companies (Accounting
Standards) Rules, 2006.
Note 4 CONTINGENT LIABILITIES
(Rupees in Lacs)
As at As at
31.3. 2014 31.3. 2013
In respect of :
a) Excise matters disputed in appeal 0.12 0.98
b) Sales tax matters disputed in appeal 0.97 0.97
c) Bank Guarantee issued in favour
of HPCL - 8.00
vi) the amount of further interest
due and payable even in the
succeeding year, until such date
when the interest dues as above are
actually paid - -
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the management. This has been relied upon by the auditors.
Note 5
Inventories, loans & advances, trade receivables/payables and other
current/non-current assets are reviewed annually and in the opinion of
the Management do not have a value on realization in the ordinary
course of business, less than the amount at which they are stated in
the Balance Sheet.
The response to letters sent by the Company requesting confirmation of
balances has been insignificant. In the management''s opinion, in the
event of any disparity in the balances, any consequential adjustments
required on reconciliation of the balances, will not be material in
relation to the financial statements of the Company and the same will
be adjusted in the financial statements as and when the reconciliation
is completed.
Note 6
A fire broke out on 11th February, 2013 at Company''s premises located
at F-954(A), Chopanki Industrial Area, Bhiwadi, Distt. Alwar resulted
in losses amounting to Rs. 49.01 lac for inventories and Rs. 232.77lacs
for fixed assets.
Further a massive fire take place on 01st February, 2014 at Company''s
premises located at F-97,98,99 & G-96, Hirawala Industrial Area,
Kanota, Jaipur resulted in losses amounting to Rs. 156.66 lacs for
inventories and fixed assets. As these all assets were insured, hence
corresponding claim for loss as per insurance policies have been filed
with insurers. Pending receipt of claim for insurance company the
amount has been shown as insurance claim receivables as short term
loans and advances under current Assets. Short fall/surplus if any will
be accounted for when the claim is settled by insurance companies.
Note 7 RELATED PARTY TRANSACTIONS Names of related parties &
relationship
a) Jai Sinter Polycon Pvt. Ltd. Relatives of Directors are Director
b) Crystal Packaging Relatives of Directors are Partner
c) Bassi Mechanical Works Relatives of Directors are Partner
d) Shri Varun Baid Held office of profit
e) Ms Varsha Baid Held office of profit
Key Management Personnel (KMP)
Shri Lal Chand Baid
Shri Rajiv Baid
Enterprise over which key management personnel and their relatives are
able to exercise significant influence Bassi Mechanical Works, Jaipur
Note 8
The Company is in the process of obtaining the Compliance Certificate
regarding maintenance of Cost Accounting Records for the current
financial year as required under Notification No. G.S.R. 429(E) dated
3rd June, 2011 issued by the Ministry of Corporate Affairs.
Note 9
Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s classification/
disclosure.
Mar 31, 2013
Note 01 COMPANY INFORMATION
POLYCON International Limited (the Company) is a public limited company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on the Bombay stock
Exchange. The company is engaged in the manufacturing and trading of
PET Items like PET Bottles, PET Jars, PET Preforms, Caps & Lids and
LLDPE Rotomoulding Water Storage Tanks, PVC Profiles, Sections etc. Its
manufacturing facilities are located in Jaipur & Bhiwadi, Rajasthan and
Pantnagar, Uttrakhand.
Note 02 SEGMENT INFORMATION Primary
The Company is engaged in manufacture and sale of PET and other plastic
products which constitutes single business segment. As per management
perspective the risks and returns from its sales do not materially vary
geographically. Accordingly, there are no other business segments to
be reported as per AS-17 issued under the Companies (Accounting
Standards) Rules, 2006.
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the management. This has been relied upon by the auditors. Note 32
Inventories, loans & advances, trade receivables/payables and other
current/non-current assets are reviewed annually and in the opinion of
the Management do not have a value on realization in the ordinary
course of business, less than the amount at which they are stated in
the Balance Sheet. The response to letters sent by the Company
requesting confirmation of balances has been insignificant. In the
management''s opinion, in the event of any disparity in the balances,
any consequential adjustments required on reconciliation of the
balances, will not be material in relation to the financial statements
of the Company and the same will be adjusted in the financial
statements as and when the reconciliation is completed. Note 33
A fire broke out on 11th February, 2013 at Company''s premises located
at F-954(A), Chopanki Industrial Area, Bhiwadi, Distt.
Alwar resulted in losses amounting to Rs. 49.01 lac for inventories and
Rs. 232.77lacs for fixed assets. As these assets were insured, hence
correspponding claim for loss as per insurance policies have been filed
with insurers. Pending receipt of Claims from insurance Company the
amount has been shown as insurance claims receivables as short term
loans and advance under current assets. Shortfall/surplus if any will
be accounted for when the claim is settled by Insurance Companies.
Note 34 RELATED PARTY TRANSACTIONS
Names of related parties & relationship
a) Jai Sinter Polycon Pvt. Ltd. Relatives of Directors are Director
b) Crystal Packaging Relatives of Directors are Partner
c) Shri Varun Baid Held office of profit
d) Ms Varsha Baid Held office of profit
Key Management Personnel (KMP)
Shri Lai Chand Baid, Shri Rajiv Baid
Note 03
The Company is in the process of obtaining the Compliance Certificate
regarding maintenance of Cost Accounting Records for the current
financial year as required under Notification No. G.S.R. 429(E) dated
3rd June, 2011 issued bythe Ministry of Corporate Affairs.
Note 04
The Revised Schedule-VI has become effective from 01st April, 2012 for
the preparation of financial statements. This has sig- nificantly
impacted the disclosure and presentation made in the financial
statements. Previous year''s figures have been re- grouped/reclassified
wherever necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2012
Note 01 COMPANY INFORMATION
POLYCON International Limited (the Company) is a public limited company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on the Bombay stock
Exchange. The company is engaged in the manufacturing and trading of
PET Items like PET Bottles, PET Jars, PET Preforms, Caps & Lids and
LLDPE Rotomoulding Water Storage Tanks, PVC Profiles, Sections etc. Its
manufacturing facilities are located in Jaipur & Bhiwadi, Rajasthan and
Pant agar, Ultra hand.
a) Terms/rights attached to equity shares :
The Company has only one class of equity shares having a par value of
Rs. 10/- per share. Each equity shareholder is entitled to one vote per
share. The Board of Directors not declared Dividend during the year
under review due to marginal profit. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amount in proportion to
their shareholding.
1 Term Loan from Bank is secured by way of First Charge on certain
Plant & Machinery acquired out of said term loan and personal guarantee
of four Directors of the Company.
2 Term Loans from Rajasthan Financial Corporation (RFC) are secured by
equitable mortgage on fixed assets and hypothecation on moveable assets
of the company both present and future situated at Jaipur and Chopanki,
Bhiwadi and also secured by personal guarantee of two Directors of the
Company.
Cash Credit Limit from banks are secured by hypothecation of stocks and
book debts of the Company, both present and future and second charge
created / to be created on all the fixed assets of the Company situated
at Jaipur and Chopanki,Bhiwadi and also secured by Personal Guarantee
of four Directors of the Company..
Note 2 SEGMENT INFORMATION Primary
The Company is engaged in manufacture and sale of PET and other plastic
products which constitutes single business segment. As per management
perspective the risks and returns from its' sales do not materially
vary geographically. Accordingly, there are no other business segments
to be reported as per AS-17 issued under the Companies (Accounting
Standards) Rules, 2006.
Note 3 CONTINGENT LIABILITIES
(Rupees in Lacs)
As at As at
31.3.2012 31.3.2011
In respect of :
a) Excise matters disputed in appeal 0.98 0.98
b) Sales tax matters disputed in appeal 0.97 0.97
c) Bank Guarantee issued in favour
of HPCL 10.00 -
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the management. This has been relied upon by the auditors.
Note 4 RELATED PARTY TRANSACTIONS Names of related parties &
relationship
a) Jai Sinter Poly con Pvt. Ltd. Relatives of Directors are Director
b) Bassi Mechanical Works Relatives of Directors are Partner
c) Shri Varun Baid Held office of profit
Key Management Personnel (KMP)
Shri Lai Chand Baid Shri Rajiv Baid
Enterprise over which key management personnel and their relatives are
able to exercise significant influence Bassi Mechanical works, Jaipur
Note 5
The Company is in the process of obtaining the Compliance Certificate
regarding maintenance of Cost Accounting Records for the current
financial year as required under Notification No. G.S.R. 429(E) dated
3rd June, 2011 issued by the Ministry of Corporate Affairs.
Note 6
The Revised Schedule-VI has become effective from 01st April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosure.
Mar 31, 2011
1. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the values stated if realized in the
ordinary course of business and the provisions for depreciation and all
known liabilities are adequate and not in excess of the amounts
reasonably necessary.
2. Figures for the previous year have been reworked/regrouped and
recast wherever considered necessary and are nearest to Rupees.
3. Contingent Liabilities
Bank Guarantee given to Hindustan Petroleum Corporation Ltd. at the
time of application for tender Rs. NIL (previous year Rs. 12 lac).
4. The Company has obtained the entitled certificate from State level
screening committee/District level screening committee in form of
subsidy towards labour and interest payments in respect of expansion
projects undertaken by the company at Jaipur Unit. The aforesaid amount
of subsidy is not being paid in cash and are being adjusted against the
sales tax liability of the company by deducting the respective head of
expenses.
5. Details of Capacities, Production, Stocks and Sales (Figures in
brackets relate to previous year)
(Note : Installed capacities are as assessed by Management) * Including
job work of others ** Including job work by others
6 As the company involves only in manufacturing of plastic goods,
therefore, Segment reporting as defined under Accounting Standard
(AS)-17 is not applicable to the company
7(a) Sundry Creditors for supplies (Item No.1st to Schedule 11)
includes Rs.22.15lac (Rs. 5.79 lac on 31.03.2010) due to small scale
and ancillary undertakings.
(b) Name of Small Scale Industrial Undertakings to whom the company
owned any sum which was outstanding more than 30 days at the end of the
financial year are - Color Point, Pack Master, Perfect Pack Ltd.,
Vyanktesh
Corrugators Pvt. Ltd.
The above information and the amount due to all SSIs has been
identified by the management based on information available and relied
upon by the Auditors.
8 As stipulated in AS-28, the Company assessed potential generation of
economic benefits from its business units and is of the view that
assets employed in continuing businesses are capable of generating
adequate returns over their useful lives in the usual course of
business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
9 Earning Per Share
Basic and diluted earnings per share are calculated by dividing the net
profit for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year
Mar 31, 2010
1. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the values stated if realized in the
ordinary course of business and the provisions for depreciation and all
known liabilities are adequate and not in excess of the amounts
reasonably necessary.
2. Figures for the previous year have been reworked/regrouped and
recast wherever considered necessary and are nearest to Rupees.
3. Contingent Liabilities
Bank Guarantee given to Hindustan Petroleum Corporation Ltd. at the
time of application for tender Rs. 12 lac (previous year Rs. 12 lac).
4. The Company has obtained the entitled certificate from State level
screening committee/ District level screening committee in form of
subsidy towards labour and interest payments in respect of expansion
projects undertaken by the company at Jaipur Unit, The aforesaid amount
of subsidy is not being paid in cash and are being adjusted against the
sales tax liability of the company by deducting the respective head of
expenses.
5 As the company involves only in manufacturing of plastic goods,
therefore, Segment reporting as defined under Accounting Stan- dard
(AS)-17 is not applicable to the company
6(a) Sundry Creditors for supplies (Item No. 1st to Schedule 11) in-
cludes Rs.5.79 lac (Rs. 37.66 lac on 31.03.2009) due to small scale and
ancillary undertakings.
(b) Name of Small Scale Industrial Undertakings to whom the com- pany
owned any sum which was outstanding more than 30 days at the end of the
financial year are - Compact Pack Moulders Pvt. Ltd., Perfect Pac Ltd.
& Vyanktesh Corrugators Pvt. Ltd.
The above information and the amount due to all SSIs has been
identified by the management based on information available and relied
upon by the Auditors.
7 As stipulated in AS-28, the Company assessed potential genera- tion
of economic benefits from its business units and is of the view that
assets employed in continuing businesses are capable of generating
adequate returns over their useful lives in the usual course of
business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
Mar 31, 2009
1. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the values stated if realised in the
ordinary course of business and the provisions for depreciation and all
known liabilities are adequate and not in excess of the amounts
reasonably necessary.
2. Figures for the previous year have been reworked/ regrouped and
recast wherever considered necessary and are nearest to Rupees.
3. Contingent Liabilities
Bank Guarantee given to Hindustan Petroleum Corporation Ltd. at the
time of application for tender Rs. 12.00 lac (previous year Rs. NIL).
4. The Company has obtained the entitled certificate from State level
screening committee/District level screening committee in form of
subsidy towards labour and interest payments in respect of expansion
projects undertaken by the company at Jaipur Unit. The aforesaid amount
of subsidy is not being paid in cash and are being adjusted against the
sales tax liability of the company by deducting the respective head of
expenses.
5 As the company involves only in manufacturing of plastic goods,
therefore, Segment reporting as defined under Accounting Stan- dard
(AS)-17 is not applicable to the company
6(a) Sundry Creditors for supplies (Item No.1st to Schedule 10)
includes Rs. 37.66 lac (Rs. 19.24 lac on 31.03.2008) due to small scale
and ancillary undertakings.
(b) Names of Small Scale Industrial Undertakings to whom the company
owned any sum which was outstanding more than 30 days as the end of the
financial year are - M/s. Color Point, M/s. Colour Shade, M/s. Compact
Pack Moulders (P) Ltd., M/s. Empire Packages(P) Ltd., Shyam Adarsh
Pack (P) Ltd., Vyankatesh Corrugators (P) Ltd., Maanekar Industries The
above information and the amount due to all SSIs has been identified by
the management based on information available and relied upon by
the Auditors.
7 Related Party Disclosures ;
A) List of Realeted Parties & relationship
Party : Relationship
Ridam Polymers Pvt. Ltd. : Relatives of Directors are
HMI Corporation : either Partner or Director.
Jai Sinter Polycon Pvt. Ltd. : or held office of profit
Crystal Packaging Vikram Baid Vijay Baid
B) Key Management Personnel :
Shri L. C. Baid : Managing Director
Shri Bharat Baid : Executive Director .
Shri Rajiv Baid : Executive Director
8 As stipulated in AS-28, the Company assessed potential generation of
economic benefits from its business units and is of the view that
assets employed in continuing businesses are capable of generating
adequate returns over their useful lives in the usual course of
business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
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