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SENSEX NIFTY India | Notes to Account > Chemicals > Notes to Account from Apt Packagings - BSE: 506979, NSE: N.A

Apt Packagings

BSE: 506979|ISIN: INE046E01017|SECTOR: Chemicals
Apt Packagings is not traded in the last 30 days
Apt Packagings is not listed on NSE
Mar 13
Notes to Accounts Year End : Mar '14
 Apt Packaging limited established in 1980 (earlier known as Anil
 Chemicals and Industries Limited till -19.06.2008) engaged in
 manufacturing of co extruded plastic tubes used for packaging. The
 facility was set up in the Aurangabad, Maharashtra in the year 1996 and
 a new unit has been put up in the state of Uttarakhand in the year
 2010. The new unit is eligible for various incentives of excise, income
 tax and other for a period of 10 years. The chemical division of the
 Company was de merged into a new Company in the year 2008. The Company
 has been registered as a sick Company by Board for Industrial and
 Financial Reconstruction, New Delhi vide order dated 21.11.2013
 2. In view of various High Courts judgments and on prudence basis, the
 management of the Company is of the view that the penal provisions of
 Rs. 200 per day for the returns of TDS / TCS filed beyond the
 prescribed date as per the provisions of Section 234E of the Income Tax
 Act, 1961 is neither provided nor disclosed in terms of amount
 3. Hon''bie BIFR while discharging the Company from Sick Industrial
 Companies Act (SiCA) vide order dated 16.06.2011 has ordered to
 implement the unimplemented portion of the Sanctioned Scheme as yet by
 all concerned. The unimplemented portion of the Sanctioned Scheme is as
 The Company has been once again declared as a Sick Industrial Company
 by BIFR vldes Its hearing dated 10th October, 2013 vide order dated
 20th November 2013. BIFR has appointed Punjab National Bank as the
 operating agency.
 The Company has approached to sole banker Punjab National Bank for
 re-schedulement of installments and concessions in rate of Interest and
 bank charges. The Company is approaching to other governments for some
 reliefs. The Company is preparing Draft Rehabilitation Scheme for
 submission to OA & BIFR. In view of above the accounts of the Period
 under review has been prepared on going concern basis.
 5. Certain statutory requirements and records are in the process of
 their compilation / up-dation.
 6. The provision for capital gain tax (income tax) on sale of business
 assets has not been made in the books of accounts as the same is to be
 set off from unabsorbed brought forward business losses and unabsorbed
 depreciation as well as current business loss and depreciation. This
 view is also upheld by the Hon''bie Delhi High Court in case of
 Assistant Commissioner of Income Tax v/s Lavish Apartments Private
 Limited and the management has relied on the same.
 7. In view of general circular Number 08/2014 dated April, 2014 issues
 by the Ministry of Corporate Affairs (MCA) the financial statements,
 auditor''s report and board reports are prepared and presented
 according to the relevant provisions / schedules /rules of the
 Companies Act 1956.
 8. The outstanding balances of Debtors, Creditors and Loans & Advances
 (taken and given), balances with various statutory / fiscal authorities
 (assets & Liabilities) are subject to confirmation, reconciliation and
 consequent adjustments, if any. The differences as may be noticed on
 reconciliation are being accounted for and will be duly accounted for
 on completion thereof, tn the opinio of the Management thq ultimate
 difference will not be material.
 9. Employee Benefits
 As per Accounting Standard 15 Employee Benefits, the disclosures of
 Employee benefits as defined in the Accounting Standard are given
 below: Defined Contribution Plans: Provident Fund
 During the year, the Company has recognized the following amounts in
 the Profit & Loss Account 
 Defined Benefit Plans
 The company has neither created fund nor contributed to Scheme framed
 by the Insurance Company for the defined benefit plans for the
 qualifying employees. The present value of the defined benefit
 obligation and the related current service cost were measured using the
 Projected Unit credit method with actuarial valuations being carried
 out at each balance sheet date.
Source : Dion Global Solutions Limited
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