Time Technoplast
BSE: 532856 | NSE: TIMETECHNO | ISIN: INE508G01029 | Packaging
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Notes to Accounts | Year End : Mar '09 |
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. |
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| Source : Religare Technova | |
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