Mar 31, 2015
1. Of the above, 12500000 Equity Shares (FY 2010-11) of RS. 10/- each
are issued pursuant to Global Depository receipts issued at a premium
of Rs. 44/- per equity shares.
2. Of the above, 2499510 Equity Shares (FY 2010-11) of Rs. 10/- each
are issued as bonus shares out of Profit and Loss Appropriation
Account.
Notes 3
Related Party Disclosure
As per Accounting Standard (AS-18) or related party disclosures issued
by ICAI, the disclosures of transactions with the related parties are
as follow;
Name of Party Relationship
Gopal Extrusions Pvt. Ltd. Enterprise Significantly influenced by
directors
Tulsi Plastics SA (Proprietary) Ltd.
EnterpriseControlled/Significantly influenced by directors
Sanjay Taparia (HUF) Hindu Undivided Family of Key Managerial Person
Pradip Mundhra (HUF) Hindu Undivided Family of Key Managerial Person
Pradip Mundhra Key Managerial Person
Sanjay Kumar Taparia Key Managerial Person
Tulsi International FZE Wholly owned subsidiary
Mar 31, 2014
Not available
Mar 31, 2012
NOTES (1.1 .a) Indian Rupee loan Purpose:
Term Loan is taken from consortium of Allahabad Bank, UCO Bank and
Punjab National Bank to undertake mega protect expansion by adding the
capacity of existing plant, by adding new machinery and relocation of
existing machineries for manufacture of PVC injection, moulded
fittings, HOPE Sprinkler System, inline drip irrigation System, LLDPE
fittings for micro irrigation pellet including fruits and vegetables
crates.
Tenure and repayment schedule:
Tam loans shaV be repaid in 24 structured quarterly installments alter
moratorium period of 8 quarters from the date of first disbursement
with door to door tenure of 32 quarters.
(ii) Extension of First Pari-passu Charge on block assets both present
& Future of the company by way of Hypothecation of Machinery & other
fixed assets and Equitable Mortgage of land and building.
(iii) Second Pari-passu hypothecation charge on the entire current
assets of the company other than project assets (Both present &
Future).
(iv) First charge on all Borrower's bank account in relation to the
project including, without limitation, the Project Capex account and
each of the other accounts required to be created by the company under
any project document or contract.
'Project Documents' includes all fresh raw material agreements to
be entered into for the projects; all purchase agreements, product
sales agreement, EPC Contract and any Operations & Maintenance
agreement, among others.
(v) Assignment of Project Documents including Contractor guarantees,
liquidated damages, letter of credit, guarantee or performance bond
that may be provided by any counter pd.ly under any project document or
contract in favour of borrower and insurance policies.
(vi) Corporate guarantee of M/s Gopal Extrusions Pvt. Ltd, one of the
promoter group companies.
(vii) Personal guarantee of Promoters of the company.
NOTES (2.1.a) Working Capital Loan (Cash Credit and inland Letter of
Credit facilities)
(i) Sanction of Cash credit limit of Rs 85 crore and Letter of credit
of Rs 20 crore from Punjab National Bank.
(ii) Cash Credit and Inland Letter of Credit facilities from Punjab
National Bank are secured against hypothecation of Stocks, Receivables
not exceeding 120 days and all other current assets, present and future
of the company on Pari-passu basis with other working capital
(iii) Corporate guarantee of the M/s Gopal Extrusions Limited, one of
the promoter group companies.
(iv) Personal Guarantee of the Promoters and executive Directors of the
company.
NOTE3 (2.1.b.) Corporate Loan
Security
(i) Extension of First Charge on the Block of assets of the company by
way of Hypothecation of Machinery and equipment & other fixed assets
and Equitable Mortgage of land and building.
(ii) Corporate guarantee of the M/s Gopal Extrusions Limited, one of
the promoter group companies.
(iii) Personal Guarantee of the Promoters and executive Directors of
the company.
Terms of repayment
(i) Entire term loan of Rs.12 crore Will be repaid in 12 equal
Quarterly installments of Rs 1.00 Crores each at the rate of interest
of 12.50%.
(ii) Entire Term Loan of Rs. 6.90 Crores will be repaid in Interest to
be paid as and when charge.
NOTES : 3
CONTINGENT LIABILITY NOT PROVIDED FOR
Sr.
No. Particulars As at
31.03.2012 As at
31.03.2011
1. Bank Guarantee 0.63 0.31
2. Corporate Guarantee Given to other 0.20 -
3. Claims not acknowledged as debts
including show cause demand notice
in relation to excise and consumer
court forum 1.11 1.11
4. Disputed Income tax Demands 5.22 -
Mar 31, 2011
1. Contingent Liability not provided for:
(Rs. In lacs)
Sr. Particulars As at As at
No. 31.03.2011 31.03.2010
1. Bank Guarantee 31.12 28.10
2. Capital Contracts remaining to be
executed - 150.00
3. Claims not acknowledged as debts 111.11 97.83
including show cause demand notice
in relation to excise and consumer
court forum.
4. Disputed Income tax Demands - 184.83
2. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated, if realized in the ordinary
course of business. The provisions for all the known and determined
liabilities are adequate and not in excess of the amounts reasonably
required. The advance for capital goods included in capital work in
progress are as per management estimates/agreements/quotations and have
a value unless otherwise stated, on realization at least equal to the
amount at which they are stated in the Balance Sheet.
3. In terms of the requirements of the Accounting Standard - 28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India, the amount recoverable against Fixed Assets has been
estimated at the period end by the management based on the present
value of estimated future cash flows expected to arise from the
continuing use of such assets. The recoverable amount so assessed was
found to be adequate to cover the carrying amount of the assets,
therefore no provision for impairment in value thereof has been
considered necessary, by the management.
4. The board has recommended a dividend of Rs. Nil (Previous Year -
Rs. 0.50) per equity share of face value of Rs. 10 each for the
financial year ended March 31, 2011.
5. The company has issued 12,500,000 equity shares of Rs. 10/- (Rupees
Ten Only) each fully paid up at Rs. 10/- (Rupees Ten Only) per share
and premium of Rs. 44/- (Rupees forty four only) per share, as
underlying equity shares against 1,250,000 Global Depository Receipts
(GDRs) on August 23, 2010 and the total amount raised was US$ 14.32
million = INR 6750.00 lacs. The listing of the GDRs has been carried
out at Luxembourg Stock Exchange.
6. Related Party Disclosure:-
As Per Accounting Standard (AS-18) on related party disclosures issued
by ICAI, the disclosures of transactions with the related parties are
as follows:
Sr. Name of Party Relationship
No.
A Gopal Extrusions Pvt. Ltd. Enterprise significantly
influenced by directors
B Tulsi Plastics SA (Propri- Enterprise controlled/significantly
etory) Ltd. influenced by directors
C Kiran Polyvinayel Pvt. Ltd. Enterprise controlled by directors/
directors' relatives
D Sanjay Taparia (HUF) Relative of KMP
E Pradip Mundhra KMP
F Sanjay Kumar Taparia KMP
7. There is no outstanding amount and interest on delayed payments to
vendors falling under the Micro, Small and Medium Enterprises
Development Act, 2006, and hence disclosures regarding to it have not
been made.
8. The company is in process of appointing a full time Company
Secretary by the provision of Section 383A of the Companies Act, 1956.
In absence of the Company Secretary, these financial statements have
not been authenticated by a whole time company secretary u/s 215 of the
Companies Act, 1956.
9. Unclaimed Dividend - Rs. 2.90 lacs (PY Rs. 1.82 lacs)
Amount due and outstanding to be credited to Investor Education and
Protection Fund as on 31.03.2011 is Rs. NIL (Previous Year Rs. Nil).
10. Previous year's figures have been reworked, regrouped, rearranged
and reclassified wherever necessary to make the figures comparable.
11. Additional Information pursuant to Part IV of Schedule VI of the
Companies Act, 1956 is as per annexure enclosed.
Mar 31, 2010
1. Contingent Liability not provided for:
(Rs . In lacs)
Sr. Particulars As at As at
No. 31.03.2010 31.03.2009
1. Bank Guarantee 28.10 7.00
2. Capital Contracts remaining
to be executed 150.00 250.00
3. Claims not acknowledged as debts
including show 97.83 1.62
cause demand notice in relation
to excise and consumer court forum.
4. Disputed Income tax Demands 184.83* -
*Rs. 74.00 lacs have already
been deposited till March 31, 2010 and the matter is subjudice with
Appellant Authorities.
2. The Company has not provided for employee benefit as the company
follows the practice of accounting for the employee benefits as and
when paid. This is not in accordance with the Accounting Standard (AS)
15 on "Employee Benefits" issued by The Institute of Chartered
Accountants of India.
3. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated, if realized in the ordinary
course of business. The provisions for all the known and determined
liabilities are adequate and not in excess of the amounts reasonably
required.
4. In terms of the requirements of the Accounting Standard - 28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India, the amount recoverable against Fixed Assets has been
estimated at the period end by the management based on the present
value of estimated future cash flows expected to arise from the
continuing use of such assets. The recoverable amount so assessed was
found to be adequate to cover the carrying amount of the assets,
therefore no provision for impairment in value thereof has been
considered necessary, by the management.
5. The board has recommended a dividend of Rs. 0.50(Previous Year -
Nil) per equity share of face value of Rs. 10 each (5%) for the
financial year ended March 31, 2010.
6. Related Party Disclosure:-
As Per Accounting Standard (AS-18) on related party disclosures issued
by ICAI, the disclosures of transactions with the related parties are
as follows:
Sr. No. Name of Party Relationship
A Gopal Extrusions Pvt. Ltd. Enterprise significantly
influenced by directors
B Tulsi Plastics SA
(Proprietory) Ltd. Enterprise controlled/
significantly influenced by
directors
C Kiran Polyvinayel Pvt. Ltd. Enterprise controlled by
directors/directors relatives
D Sanjay Taparia (HUF) Relative of KMP
E Pradip Mundhra KMP
F Sanjay Kumar Taparia KMP
Commission is not payable to the directors and hence the computation of
net profit under Section 349 of the Companies Act, 1956 has not been
given.
7. There is no outstanding amount and interest on delayed payments to
vendors falling under the Micro, Small and Medium Enterprises
Development Act, 2006, and hence disclosures regarding to it have not
been made.
Secondary Segment Reporting (Geographical Segment)
The Geographical segment is not reportable as marketing of products is
in India only
8. Additional information:
Note: - Installed capacity is as certified by the management but not
verified by the auditors being technical matter.
9. Foreign currency exposure as on March 31,2010 amounting to NIL
(Previous year US$ 655234.00) are not hedged by derivative or forward
contracts.
10. Items covered by Investor Education and Protection fund: Unclaimed
DividendRs. 1.82 lacs (PY Rs. 2.98 lacs) Amount due and outstanding to
be credited to Investor Education and Protection Fund as on 31.03.2010
is Rs. NIL (Previous Year Rs. Nil).
11. Previous years figures have been reworked, regrouped, rearranged
and reclassified wherever necessary to make the figures comparable.
12. Additional Information pursuant to Part IV of Schedule VI of the
Companies Act, 1956 is as per annexure enclosed.
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