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SENSEX NIFTY India | Notes to Account > Packaging > Notes to Account from MTZ Polyesters - BSE: 512424, NSE: N.A

MTZ Polyesters

BSE: 512424|ISIN: INE864A01011|SECTOR: Packaging
MTZ Polyesters is not traded in the last 30 days
MTZ Polyesters is not listed on NSE
Mar 09
Notes to Accounts Year End : Mar '10
1.  As the Companys business activity falls within a single segment
 viz. PET FILM, the disclosure requirements of Accounting Standard-17,
 Segment Reporting, issued by the Institute of Chartered Accountants
 of India, are not applicable.
 2.  The implementation of the Companys captive Polyester Chips
 manufacturing plant at Jhagadia Industrial Estate, Bharuch, Gujarat
 continues to be deferred for nearly fifteen years for want of required
 resources and other economic considerations. Due to the inordinate
 delay in completing and commissioning of the project, a difference has
 arisen between the amount already spent on the Polyester Chips project
 and the estimated realisable value of the same amounting to
 approximately Rs. 3130 lacs, resulting in a loss to the Company. As per
 the requirement of Para 4.4 of Accounting Standard-4, the estimate in
 regard to the contingent loss has to be provided for in the judgement
 and perception of the management of the Company. Given that no
 provision is made for such contingent loss in the Profit and Loss
 Account for the year ended 31st March, 2010, the losses have been
 understated to the extent of Rs. 3130 lacs.
 3.  Balances of Debtors, Creditors, Deposits and Loans and Advances are
 subject to confirmation.
 4.  (a) Sundry Debtors includes an amount of Rs. 350.53 lacs (Previous
 Year Rs. NIL) considered doubtful of recovery. No provision has been
 made in the books of accounts as the management is making efforts to
 recover the same.
 (b) Advances recoverable in cash or in kind includes an amount of Rs.
 383.55 lacs (Previous Year Rs. 112.32 lacs) considered doubtful of
 recovery. Against this, no provision has been made in the books of
 accounts since the Company is still pursuing the recovery of this
 (c) Provision has not been made for diminution in the value of the
 Companys Investment aggregating to Rs. 18.92 lacs in Equity Shares of
 Synthetics and Chemicals Limited. A final view with respect to
 providing for total diminution in the value of this Investment will be
 taken in due course.
 5.  Duty credits receivable under the Duty Entitlement Pass Book Scheme
 of the Government have been accounted for on accrual basis, amounting
 to Rs. 45.35 lacs (Previous Year Rs. 29.13 lacs) and included under
 export sales.
 6.  The Company did not owe any sum of money exceeding Rs. 1.00 lac
 for more than thirty days as at 31st March, 2010 due to a creditor
 registered as a Small Scale Industrial Undertaking.
 7.  Extraordinary/Prior Period Items comprise of:
 (a) Credits:
 (i) Time-barred Sundry Creditor Balances written back Rs. NIL (Previous
 Year Rs. 0.38 lac)
 (b) Debits:
 (i) Prior Period Expenses Rs. 0.81 lac (Previous Year Rs. NIL)
 8.  In the opinion of the Board, all Current Assets and Loans and
 Advances have a value on realization, in the ordinary course of
 business, at least equal to the amount at which they are stated, except
 as stated in Note No. B.8 on the Accounts.
 9.  As a matter of prudence, Deferred Tax Assets have not been
 considered in terms of Para-17 of Accounting Standard-22 relating to
 Accounting for Taxes on Income.
 10.  Previous years figures have been rearranged/regrouped wherever
Source : Dion Global Solutions Limited
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