Time Technoplast

1.  Estimated amount of contracts remaining to be executed on Capital
 Account not provided for Rs 380.92 Lakhs. (Previous year Rs. 645.15
 Lakhs].
 
 2.  Contingent Liabilities Not Provided for in Respect of:
 
 (i) Letter of Credit issued by banks on behalf of the Company Rs.
 4542.61 Lakhs (Previous year Rs. 1568.73 Lakhs)
 
 (ii) Guarantee given by the banks on behalf of the Company Rs 199.93
 Lakhs [Previous Rs. 188.42 Lakhs)
 
 (iii) Bills drawn on customers and discounted with Banks Rs 107.90
 Lakhs (Previous year Rs. 312.75 Lakhs)
 
 (iv) Disputed Direct Taxes Rs 406.60 Lakhs (Previous Year Rs 152.05
 Lakhs)
 
 (v) Disputed Indirect Taxes Rs 16.47 Lakhs (Previous Year Rs 13.52
 Lakhs)
 
 3.  Foreign Currency exposure for import of capital goods and material
 that are not hedged as on 31st March 2009 amount to Rs 3023.99 Lakhs
 (US$ 59,29,400) (Previous Year Rs 2436.11 Lakhs (US$ 60,94,849)
 
 4. (a) Under the package scheme of incentives of Government of
 Maharashtra the Company was entitled to defer its liability to pay
 sales tax after a period of 12 years in six equal installments
 commenced from the year 2004 for unit at Tarapur.  However sufficient
 provision has been made to meet sales tax obligation of Rs.137.05 Lakhs
 on the basis of net present value of such obligation as per circular
 issued by Government of Maharashtra and the Company is regular in
 making payment of Installments.
 
 (b) Under the package scheme of incentives of Government of Tamil Nadu
 the Company is entitled to defer its sales tax collection for a period
 of 9 years, repayment of which has commenced from 01/10/2005 for unit
 at Hosur. However, sufficient provision has been made to meet sales tax
 obligation of Rs. 410.03 Lakhs on the basis of net present value of
 such obligation and the Company is regular in making payment of
 Installments.
 
 5. The consumption figures in respect of materials, stores and spares
 parts have been taken as balancing figure arrived at by deducting the
 closing stock (ascertained on physical count by management) from
 opening stock and purchases of the company during the year. Hence, the
 consumption figures included adjustments for excess and shortages.
 
 6.  In the opinion of the management, the Current Assets, Loans and
 Advances except doubtful debts have a value on realisation in t he
 ordinary course of business, at least equal to the a mount at which
 they are stated in the Balance Sheet. The provision is adequate and not
 in excess of what is required.
 
 7.  In the opinion of the management eventual recovery of the debts
 outstanding for a period exceeding six months is unascertainable due to
 filing of Legal Cases, however company has made 10% provision for
 doubtful debts against debts considered doubtful for a period of six
 months to meet out any short fall a rises on the realization of amount.
 
 8.  The facilities at Tarapur unit of the Company are kept under
 temporary suspension for the year and the company is in the process of
 restructuring the activities to suit its economic viability.
 
 9.  Calculation of Earning Per Share ( EPS):
 
 Basic earning per share is calculated by dividing the net profit or
 loss for the period attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the period. For the
 purpose of calculating diluted earning per share, the net profit or
 loss for the period attributable to equity shareholders and the
 weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares, if
 any
 
 10.  Segment Reporting
 
 The Company is engaged in the manufacture of polymer based products
 which as per accounting standard AS 17 on Segment Reporting issued by
 the Institute of Chartered Accountants of India is considered as the
 only reportable business segment.  The Geographical segmentation is not
 relevant as all units are manufacturing polymer based products and risk
 and return involved within the country are common. Further the
 Financial statement of the company contain both the consolidated
 financial statement as well as the separate financial statement of the
 parent company .Accordingly, the company has also presented the
 segmental information on the basis of the consolidated financial
 statement as permitted by Accounting Standard -17.
 
 11.  Capital Work-in-progress comprises of cost of land, development
 and construction cost, plant & machinery and other equipments
 (including advances] Rs 208,095,048 (P.Y. Rs 494,954,642]: Project
 development expenditure includes borrowing cost, salaries & wages and
 other expenses Rs. 14,628,642 [P.Y.Rs 22,530,738/-].
 
 12.  Previous years figures have been regrouped and restated wherever
 necessary to confirm the last years classification and figures shown
 in brackets are pertaining to previous year.