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SENSEX NIFTY India | Notes to Account > Plastics > Notes to Account from Pearl Polymers - BSE: 523260, NSE: PEARLPOLY

Pearl Polymers

BSE: 523260|NSE: PEARLPOLY|ISIN: INE844A01013|SECTOR: Plastics
, 16:01
Dec 13, 12:24
-0.2 (-1.41%)
Mar 15
Notes to Accounts Year End : Mar '16

Terms/Rights attached to Equity Shares

The Company has only one class of Equity Shares havi ng a face value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. In the event of liquidation of the Company, the holder''s of equity shares would be entitled to receive remaining assets of the Company, after distribution of all Preferential amount. The distribution will be in proportion to the number of equity shares held.

I Term Loans_

(i) Term Loan of Rs. 266.71 lakhs (Previous Year Rs. 510.58 lakhs) is secured by way of exclusive charges on machines installed at company''s all units. The above said loan is further secured by personal guarantees of Mr. Chand Seth and Mr. Varun Seth, Directors of the Company. Repayments - in quarterly installments till 10.6.2019. Rate of interest as on 31.03.2016 was 13.50% p.a and current Rate of Interest is12.50% p.a.

(ii) Term Loan of Rs. 600 lakhs (Previous Year Nil) is secured by way of first charge on immovable property situated at Baddi (Himanchal Pradesh). The Company is in the process of creating mortgage on the said property to secure the above said loan. The above said loan is further secured by personal guarantees of Mr. Chand Seth and Mr. Varun Seth, Directors of the Company. Repayments - in monthly installments till 24.09.2020. Current Rate of interest is 11.70% p.a.

Loan Repayable on demand from Banks (secured)_

Working Capital Loans from Banks are secured by hypothecation of inventories and Book Debts and are further secured by first charge on Company''s immovable property at Mahad, Jigani, and Pantnagar. The above said loans are further secured by personal guarantees of M r.Chand Seth &

Mr. Varun Seth, Directors of the Company.

40 Related party disclosures

Name of relative parties and related party relationship

Key Management Personnel

Mr.Chand Seth - Chairman & Managing Director

Mr.Varun Seth - Whole Time Director

Mr. Ramesh Mehra - Whole Time Director

Relatives of Key Management personnel and their enterprises

where transactions have taken place

Mrs. Suneeta Seth

Mr. Amit Seth

Mr. Udit Seth

Related parties where control exists

Pearl Flats India Ltd

Pacific Pearl Finance & Leasing Ltd

Pearl Telefonics Ltd ( Formerly Sinclair Exports Ltd)

Theta Investments Pvt Ltd_

1. The Company is engaged in the manufacture of PET bottles & jars and there is no separate reportable segment as per the Accounting Standard 17 on ''Segment Reporting'' notified in the Companies (Accounting Standard) Rules. 2006

2.1n view of loss during the year, provision for Income Tax has not been made. |

3. The Company had made an insurance claim of Rs. 191.3 9 lakhs, on an estimated basis pending settlement, in respect of fire at one of it''s unit in 201415. During the year, the claim is finally settled at Rs. 124.75 lakhs resulting to a loss of Rs. 66.64 Lacs on settlement of the said fire claim.

4. a) Disclosure for operating leases under Accounting Standard 19 Lease. The Company has taken various residential flats/god owns/office premises (including furniture and fittings, there in as applicable) under operating lease or leave and license agreements. These are generally not non-cancellable and range between 11 months and 3 years under leave and license, or longer for other leases and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits in accordance with the agreed terms. No contingent rents are recognized in the P& L Account.

b) The Company does not have leased facilities under the non-cancellable operation lease during the year. Le ase rent amounting to Rs. Nil (previous year Rs. 43.12 lakhs) has been charged to Profit & Loss Account during the year.

5. Previous Year figures have been regrouped/reclassified, wherever considered necessary to conform to current year''s c lassification._

Source : Dion Global Solutions Limited
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