| Note 1 CORPORATE INFORMATION
Vinayak Polycon International Limited (the Company) is a public limited
company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The company were demerged from Polycon
International Limited, a list company also domiciled in India under the
Demerger Scheme approved by the Honourable High Court of Rajasthan,
Jaipur Bench vide Order Dated 21-07.2011. The company is engaged in the
manufacturing and trading of PET Items like PET Bottles, PET Jars, PET
Preforms, Caps and Lids etc. Its manufacturing facilities are located
at Chennai
Note 2 LONG TERM BORROWINGS
a) Term Loans Rs.162.20 Lac from Bank together with interest and other
charges thereon, is secured by equitable mortgage on company's land and
building situate at village Pandur, Chengalpattu Taluk, Distt.
Kanchipuram (Tamil Nadu) and Hypothecation of plant and machinery and
are further secured by way of extension of charge on entire current
assets of the company both present and future and are guaranteed by
Chairmen, Managing Director and Executive Directors of the company.
b) Term Loans from Bank carry interest @13.5% P.A. on monthly rest.
These are due for repayment as under : TL (Ist) Rs.17.04 Lac -To be
repaid in balance 2 instalments of Rs.7.95 Lac and 3rd instalment of
Rs.1.14 Lcas TL (IInd) Rs 6.70 Lac. -To be repaid in balance 2
instalments of Rs.2.57 Lac and 3rd instalment of Rs. 2.70 Lacs TL
(IIIrd) Rs.134.54 Lac -To be repaid in balance 12 instalments of 10.42
Lcas and 13th instalment of Rs.9.50 Lacs Car Loan From HDFC Bank of
Rs.3.92 lacs @10%p.a. on monthly interest with instalment of Rs.22,400
per month The loan is secured by hypothecation of vehicle.
Note 3 EARNINGS PER SHARE (EPS)
Earnings per share is calculated by dividing the profit attributable to
the equity shareholders by the weighted average number of equity shares
outstanding during the year. (For the purpose of calculation of number
of shares outstanding during the year, shares issued / to be issued
pursuant to the scheme of demerger are also counted as complete shares
fully paid up.
Note 4 CONTINGENT LIABILITIES
(Amt. In Rs.)
AS AT AS AT
31.03.2014 31.03.2013
a) Excise matter disputed in appeals - -
b) Claims against the company not
acknowledged as debts - -
c) Sales tax matters disputed in appeals - -
d) Income Tax matters disputed in appeals - -
TOTAL - -
Note 5 RELATED PARTY TRANSACTIONS
Names of related parties where control exists and their Relationship
Ridam Polymers Pvt. Ltd. Relative of Director are Directors
HMI Corporation Relative of Director are Partner
Jai Sinter Polycon Pvt. Ltd. Director Holds office of Profit
Crystal Packaging Relative of Director are Partner
Vinod Baid Relative of Director
Key Management Personal
- Shri Bharat Baid
- Shri Vikram Baid
Enterprise over which key management personnel and their relatives are
able to exercise significant influence
- Ridam Polymers Pvt. Ltd.
- HMI Corporation
- Jai Sinter Polycon Pvt. Ltd.
- Crystal Packaging
Note 6 Inventories,loans and advances,trade receivables/payables and
other current/non current assets are reviewed annually and in the
opinion of the management do not have a value on realization in the
ordinery course of business, less than the amount at which they are
stated in the Balance Sheet. The response to letter sent by the company
requesting confirmation of balances has been insignificant. In the
management's opion , in the event of any disparity in the balances,any
consequential adjustments required on reconciliation of balances will
not be material in relation to the financial statements of the company
and the same will be adjusted in the financial statementa as and when
the reconciliation is completed.
Note 7 The Company is in the process of conducting the Cost Audit of
Cost Accounting Records for the current financial year as required
under Notification No. G.S.R. 429(E) dated 3rd June, 2011 issued by the
Ministry of Corporate Affairs.
Note 8 Previous year's figure have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/ disclosure.
|