Mar 31, 2015
1) Share Capital
a) Details of Shareholders Holding more than 5% shares in the company.
There are no shareholders holding more than 5% shares in the company
during the F.Y. 2014-15 & F.Y. 2013-14.
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. On show hands, each holder of equity shares is
entitled to one vote per share. On a poll the voting rights of a holder
of equity shares shall be as specified in Section 47 of the Companies
Act, 2013.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2015 (as well as year ended 31st March
2014), company has not declared dividend.
If the company shall be wound up and the assets available for
distribution among the members as such shall be distributed so that as
nearly as may be the losses shall be borne by the members in proportion
to the capital paid-up or which ought to have been paid-up at the
commencement of the winding up on the shares held by them respectively.
And if in a winding-up the assets available for distribution among the
members shall be more than sufficient to repay the whole of the capital
paid-up at the commencement of the winding- up the excess shall be
distributed winding-up is paid-up or which ought to have been paid-up
on the shares held by them respectively. But this Article is to be
without prejudice to the rights of the holders of shares issued upon
special terms and conditions.
c) Out of the unpaid call money of Rs.49,49,000/- as per previous year,
company has received Rs.Nil/- (PY Rs.NIL/-) from shareholders upto 31st
Mach 2015. The balance amount of Rs.49,49,000/- (PY Rs. 49,49,000/-)
are shown as unpaid call money,(Directors and Officers unpaid call
money is Rs. NIL) in the Balance sheet.
2. Employees Benefit Plans:
Provident Fund:
The company makes contribution towards Employee's Provident Fund Amount
of Rs. 10,52,919 (P.Y. Rs. 9,39,958) is recognized as expense and
included in Note No. 21 of Statement of Profit & Loss.
Gratuity Scheme:
The company makes contributions to " The Trustees Polmech plast
Machines Ltd, "Employees" Group Gratuity Assurance Scheme",
administered by LIC, a funded defined benefit plan for qualifying
employees. The scheme provides for a lump sum payment to vested
employees at retirement, death while in employment or on termination of
employment. Vesting occurs upon completion of five years of service.
Leave Encashment:
Provision of leave salaries, is made for value of unutilized leave due
to employees at the end of the year. (Quantification is not possible
as per AS-15(Revised))
3. Product warranty expenses have been accounted as & when paid & no
provision of such expenses have been made at the year end. The
procedure is not in the accordance with the AS-29, "Provisions,
Contingent Assets and Contingent Liability "provided by the Institute
of Chartered Accountants of India. Further the quantification is not
possible in this regards.
4. Segment Information:
The company has identified two reportable segments viz. Trading
Activity & Manufacturing Activity. The following table shows the
distribution of the Company's consolidated sales by Trading Activity &
Manufacturing Activity.
29. Related Party Disclosures :
Name of Related Parties & Description of Relationship :
1. Key Management Personnel :
Mr. K. R. Bhuva
Mr. M. R. Bhuva
Mr. H. P. Bhuva
Mr. A. N. Shah
Mr. Jayesh Pathak
Mrs. H. D. Pathak
2 Relatives of Key Management Personnel: Mrs. V. R. Bhuva
3. Enterprises over which management or relative of key management
personnel have significant influence
Plastomech Equipments Pvt. Ltd.
5. Earning Per Share:
Nominal value of ordinary share : Rs. 10/-
Paid up Equity Share Capital : Rs. 5,27,66,000/-
No. of Shares : No. 57,71,500
Net Profit/Loss : Rs. 56,54,373
Basic/Diluted earning per share : Rs. 0.98
6. The Company is in the process of identifying the small scale units
and Micro, Small & Medium Enterprises and hence.
(a) Interest, if payable as per Interest on Delayed Payment to Small
Scale and Ancillary Industrial Undertakings Ordinance, 1993 and the
Micro, Small and Medium Enterprises Development Act, 2006 is not
ascertainable
(b) Amount payable to Small-scale units is not ascertainable.
7. DEFERRED TAX :
Deferred Tax is recognized on timing difference; being the difference
between taxable incomes and accounting income that originate in one
period and are reversible in one or more subsequent period.
c) Earning in Foreign Currency on account of Sales of Machine &
Components is Rs. 63,43,811/- (PY. Rs. 2,77,23,195/-) ,(Out of the
above realized 1,04,250,56 US $) (R Y. 4,67,925,66 US$).
d) The company has made the Direct Export worth of Rs.45,48,362/-
(Previous year Rs.2,54,10,668/-) and Export through Other Parties worth
of Rs.-Nil- (Rs. Nil) respectively.
8. Debtors, Loans & Advances and Creditors balances are subject to
confirmations.
9. Previous year's figures have been recast/restated wherever
necessary.
10. Contingent Liabilities:
1) No provision has been made for underwriting commission payable by
the company for which cases are pending in various civil court
amounting toRs. 86,000/-
2) No provision has been made for disputed Income Tax liability for the
F.Y. 2011-12 for which case is pending with Commissioner Appeals
amounting to Rs. 3,79,650/-
Mar 31, 2014
1. Details of Shareholders Holding more than 5% shares in the company.
There are no shareholders holding more than 5% shares in the company
during the F.Y.2013-14 & 2012-13.
2. Terms/Rights attached to Equity Shares
The company has only one class of equity shares having at par value of
Rs.10 per share. On show hands, each holder of equity shares is
entitled to one vote per share. On a poll the voting rights of a holder
of equity shares shall be as specified in Section 87 of the Companies
Act, 1956.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2014 (as well as year ended 31st March
2013), company has not declared dividend.
If the company shall be wound up and the assets available for
distribution among the members as such shall be distributed so that as
nearly as may be the losses shall be borne by the members in proportion
to the capital paid-up or which ought to have been paid-up at the
commencement of the winding up on the shares held by them respectively.
And if in a winding-up the assets available for distribution among the
members shall be more than sufficient to repay the whole of the capital
paid-up at the commencement of the winding-up the excess shall be
distributed winding-up is paid-up or which ought to have been paid-up
on the shares held by them respectively. But this Article is to be
without prejudice to the rights of the holders of shares issued upon
special terms and conditions.
3. Out of the unpaid call money of Rs.49,49,000/- as per previous year,
company has received Rs. Nil/- (PY Rs. 12,15,000/-) from shareholders
upto 31st Mach 2014. The balance amount of Rs. 49,49,000/- (PY
49,49,000/-) are shown as unpaid call money.(Directors and Officers
unpaid call money is Rs. NIL) in the Balance sheet.
4. Employees Benefit Plans:
Provident Fund:
The company makes contribution towards Employee's Provident Fund Amount
of Rs. 9,39,958(P.Y. Rs. 8,00,972) is recognized as expense and
included in Note No. 21 of Statement of Profit & Loss.
Gratuity Scheme:
The company makes contributions to " The Trustees Polmech plast
Machines Ltd, "Employees" Group Gratuity Assurance Scheme",
administered by LIC, a funded defined benefit plan for qualifying
employees. The scheme provides for a lump sum payment to vested
employees at retirement, death while in employment or on termination of
employment. Vesting occurs upon completion of five years of service.
Leave Encashment:
Provision of leave salaries, is made for value of unutilized leave due
to employees at the end of the year. (Quantification is not possible
as per AS-15(Revised))
5. Product warranty expenses have been accounted as & when paid & no
provision of such expenses have been made at the year end. The
procedure is not in the accordance with the AS-29, "Provisions,
Contingent Assets and Contingent Liability "provided by the Institute
of Chartered Accountants of India. Further the quantification is not
possible in this regards.
6. Segment Information:
The company has identified two reportable segments viz. Trading
Activity & Manufacturing Activity. The following table shows the
distribution of the Company's consolidated sales by Trading Activity &
Manufacturing Activity.
7. Related Party Disclosures :
Name of Related Parties & Description of Relationship :
1. Key Management Personnel :
Mr. K. R. Bhuva
Mr. M. R. Bhuva
Mr. H. P. Bhuva
Mr. D. A. Pathak
Mr. V. V. Vachharajani
Mrs. H. D. Pathak
2 Relatives of Key Management Personnel: Mrs. V. R. Bhuva
3. Enterprises over which management or relative of key management
personnel have significant influence
Plastomech Equipments Pvt. Ltd. Plastico
8. The Company is in the process of identifying the small scale units
and Micro, Small & medium Enterprises and hence.
(a) Interest, if payable as per Interest on Delayed Payment to Small
Scale and Ancillary Industrial Undertakings Ordinance, 1993 and the
Micro, Small and Medium Enterprises Development Act, 2006 is not
ascertainable
(b) and Amount payable to Small scale - units is not ascertainable.
9. The Insurance Claim of the Company for stock of materials damaged
due to heavy rainfall & rainwater entering in factory premises in the
year 1997-98 and the case is awarded by the Arbitration Court still it
is not settled with the Insurance Company.The said amount of stock is
reflected as non-moving items under the Schedule of Inventories.
10. Debtors, Loans & Advances and Creditors balances are subject to
confirmations.
11. Previous year's figures have been recast/restated wherever
necessary.
12. Contingent Liabilities:
1) No provision has been made for Re-instatement payable by the company
for which amount could not be ascertained.
2) No provision has been made for underwriting commission payable by
the company for which cases are pending in civil court amounting to Rs.
86,000/-.
Mar 31, 2013
1. Employees Benefit Plans: Provident Fund:
The company makes contribution towards Employee''s Provident Fund,
Amount of Rs. 8,00,972(P.Y. Rs. 8,02,227) is recognized as expense and
included in note no. 19 of Statement of Profit & Loss. Gratuity
scheme:
The company makes contributions to " The Trustees Polmech plast
Machines Ltd, Employees" Group Gratuity
Assurance Scheme", administered by LIC, a funded defined benefit plan
for qualifying employees. The scheme provides for a lump sum payment to
vested employees at retirement, death while in employment or on
termination of employment, Vesting occurs upon completion of five years
of service. Leave Encashment:
Provision of leave salaries, is made for value of unutilized leave due
to employees at the end of the year. (Quantification is not possible
as per AS-15(Revised))
2. Product warranty expenses have been accounted as & when paid & no
provision of such expenses have been made at the year end. The
procedure is not in the accordance with the AS-29, "Provisions,
Contingent Assets and Contingent Liability "provided by the Institute
of Chartered Accountants of India. Further the quantification is not
possible in this regards.
3. Segment Information:
The company has identified two reportable segments viz. Trading
Activity & Manufacturing Activity. The following table shows the
distribution of the Company''s consolidated sales by Trading Activity &
Manufacturing Activity.
4. Related Party Disclosures :
Name of Related Parties & Description of Relationship :
1. Key Management Personnel :
Mr. K. R. Bhuva Mr. M. R. Bhuva Mr. H. P. Bhuva Mr. D. A. Pathak Mr. V.
V. Vachharajani Mrs. H. D. Pathak
2 Relatives of Key Management Personnel: Mrs. V. R. Bhuva
3. Enterprises over which management or Plastomech Equipments Pvt.
Ltd. relative of key management personnel Plastico have significant
influence
5. Earning Per Share:
Nominal value of ordinary share Rs. 107-
Paid up Equity Share Capital Rs. 5,27,66,000/-
No. of Shares No. 52,76,600
Net Profit/Loss Rs. 22,40,916/-
Basic/Diluted earning pershare : Rs.0.42
6. The Company is in the process of identifying the small scale units
and Micro, Small & medium Enterprises and hence.
(a) Interest, if payable as per Interest on Delayed Payment to Small
Scale and Ancillary Industrial Undertakings Ordinance, 1993 and the
Micro, Small and Medium Enterprises Development Act, 2006 is not
ascertainable
(b) and Amount payable to Small scale - units is not ascertainable.
7. DEFERRED TAX :
Deferred Tax is recognized on timing difference; being the difference
between taxable incomes and accounting income that originate in one
period and are reversible in one or more subsequent period.
c) Earning in Foreign currency on account of Sales of Machine &
Components is Rs. 2,66,22,232/- (P.Y. Rs. 3,88,51,768/-) ,(Out of the
above realized - 5,28,132.22 US $) (P.Y. 649698US$).
d) The company has made the Direct Export worth of Rs.2,66,22,232/-
(Previous year Rs.3,88,51,768/-) and Export through Other Parties worth
of Rs.-Nil- (Rs. Nil) respectively.
8. The Insurance Claim of the Company for stock of materials damaged
due to heavy rainfall & rainwater entering in factory premises in the
year 1997-98 and the case is awarded by the Arbitration Court still it
is not settled with the Insurance Company.The said amount of stock is
reflected as non-moving items under the Schedule of Inventories.
9. Debtors, Loans & Advances and Creditors balances are subject to
confirmations.
10. Previous year''s figures have been recast/restated wherever
necessary.
11. Contingent Liabilities:
1) i. No provision has been madeforTerminationofHardevral approval
payable bycompanyforwhich case is pending amounting to Rs. 6,00,261/-.
ii. No provision has been made for Re instatement payable by the
company for which amount could not be ascertained.
2) No provision has been made for underwriting commission payable by
the company for which cases are pending in civil court amounting to Rs.
86,000/-.
Mar 31, 2012
1. Employees Benefit Plans:
Provident Fund:
The company makes contribution towards Employee's Provident Fund,
Amount of Rs. 8,02,227(PY. Rs. 7,55,624) is recognized as expense and
included in note no. 19 of Statement of Profit & Loss.
Gratuity scheme:
The company makes contributions to " The Trustees Polmechplast
Machines Ltd, Employees" Group Gratuity Assurance Scheme",
administered by LIC, a funded defined benefit plan for qualifying
employees. The scheme provides for a lump sum payment to vested
employees at retirement, death while in employment or on termination of
employment, Vesting occurs upon completion of five years of service.
Leave Encashment:
Provision of leave salaries, is made for value of unutilized leave due
to employees at the end of the year. (Quantification is not possible
as per AS-15(Revised))
2. Product warranty expenses have been accounted as & when paid & no
provision of such expenses have been made at the year end. The
procedure is not in the line of AS-29, "Provisions, Contingent Assets
and Contingent Liability "provided by the Institute of Chartered
Accountants of India. Further the quantification is not possible in
this regards.
3. Segment Information:
The company has identified two reportable segments viz. Trading
Activity & Manufacturing Activity. The following table shows the
distribution of the Company's consolidated sales by Trading Activity
& Manufacturing Activity.
4. The Company in the process of identifying the small scale units and
Micro, Small & medium Enterprises and hence.
(a) Interest, if payable as per Interest on Delayed Payment to Small
Scale and Ancillary Industrial Undertakings Ordinance, 1993 and the
Micro, Small and Medium Enterprises Development Act, 2006 is not
ascertainable
(b) and Amount payable to Small scale - units is not ascertainable.
5. DEFERRED TAX :
Deferred Tax is recognized on timing difference; being the difference
between taxable incomes and accounting income that originate in one
period and are reversible in one or more subsequent period.
c) Earning in Foreign currency on account of Sales of Machine &
Components is Rs. 3,88,51,768/- (P.Y. Rs. 1,62,72,184-/) ,(Out of the
above realized - 649698 US $) (P.Y. 3,51,879.78 US$ & 7500 EUR).
d) The company has made the Direct Export worth of Rs.3,88,51,768/-
(Previous year Rs.84,11,818/-) and Export through Other Parties worth
of Rs.-Nil- (Rs. Nil) respectively.
6. The Insurance Claim of the Company for stock of materials damaged
due to heavy rainfall & rainwater entering in factory premises in the
year 1997-98 and the case is awarded by the Arbitration Court still it
is not settled with the Insurance Company. The said amount of stock is
reflected as non-moving items under the Schedule of Inventories.
7. Debtors, Loans & Advances and Creditors balances are subject to
confirmations.
8. Previous year's figures have been recast/restated wherever
necessary.
9. Contingent Liabilities:
1) No provision has been made on which case is pending under labour
court, as the judgement are awaited and for which amount could not be
ascertained.
2) No provision has been made for underwriting commission payable by
the company for which cases are pending in various civil court
amounting to Rs. 86,000/-.
3) No provision has been made for professional fees payable to Mr.
Devesh Pathak for F.Y. 2010-11 & F.Y. 2011-12, Rs. 72,000 for each
financial year, as Approval from Central Government under Section 309(1
)(b) of the Companies Act, 1956 is pending.
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