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Futura Polyesters Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 21.13 Cr. P/BV -0.05 Book Value (Rs.) -72.21
52 Week High/Low (Rs.) 7/3 FV/ML 10/1 P/E(X) 0.00
Bookclosure 22/01/2020 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2012-12 
1. Contingent labilities and Commitments made by the company

1. Estimated amount of contracts remaining to be executed on capital account paid and not provided as on 31st December, 2012 Rs. Nil (net of advances). (Previous year Rs. 76.24 Lacs).

2. Contingent Liabilities not provided for:

                                               (Rs in Lakhs)
Sr. items                                 01.07.2011-  01.04.2010-
No                                        31.12.2012   30.06.2011
(i) Regarding Income tax on account of disputes raised by the Income tax department under the Income tax, Act 1961. Supreme Court 238.22 238.22

Madras High Court                           303.73       303.73

Demand Notice' for TDS, ITO, Mumbai.         154.4       151.69
(ii) Service Tax and Penalty demanded on technology transfer agreement. CESTAT 485 485

                                                (Rs in Lakhs) 
Sr Items                                01.07.2011-  01.04.2010-
No                                      31.12.2012   30.06.2011

Service Tax demand on Goods
Transport Agency during the Year.             6.37         6.37

Service tax credit denial on outward
freight and canteen services
Commissioner Appeals                         76.63        43.46

CESTAT                                       16.76        16.76

(iii) Central Excise: Claims against the
company on various issues pending
Commissioner Appeals                         66.56        66.56

CESTAT                                       93.44        93.44

High Court                                  185.36       185.36
Deputy Commissioner of Central

Excise - Non payment of Excise Duty            163         Nil
(iv) Central Excise: Method of calculation of duty under notification 2/95& other valuation issues.

Supreme Court                                  121          121

(v) Irrigation Department- Government
of Maharashtra High Court                     2835          Nil

(vi) Pending Export obligations under
Advance Licences                           1768.38       274.45

Penalty                                         50          Nil

(vii) Labour Matters                         10.86         9.72
(vii) Customs

ommissioner Appeal: PBS wrong
import of PVC ' 5 Nil
Import of PBS without MOEF
permission DR1                                  53         Nil

(x) Labour Settlement                        27.7        6 Nil
(xi)' Guarantees given by the company 500.00 3300.00

(xii) Others                                202.74         Nil
b) Claims against the Company not acknowledged as debts Rs. Nil Previous year (Rs.54.87 Lacs).

3. There are Micro, Small and Medium Enterprises, as defined in the Micro Small Medium Enterprises Development Act, 2006 to whom the company owes dues on account of principal amount together with interest.

The above information regarding Micro Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors. i) TGI Packaging Limited 9.10 Lacs

ii) Aruna Chaleswara Industries 5.45 Lacs

4. Discontinuing Operations

(i) The company has entered into Memorandum of Understanding (MOU) dated 19th December, 2012 for sale of its asset at Manali Chennai - Land, Factory, Building, Plant and Machinery, Office Equipment, FurYiiture and Fixture and Inventory on an "As is where is" basis for an aggregating consideration of Rs. 355 Crores. The MOU is subject to all the necessary and required approvals. Effect of the above MOU has been given in these Accounts.

(ii) The Company was operating only in single Product - Polyester Products which has been discontinued

(iii) Amounts of revenue and expenses in respect of the ordinary activities attributable to the discontinuing operation during the current financial reporting period are Rs. 3866.50 Lacs

(iv) Carrying amount of Rs 36522.38 Lakhs Liabilities to be settled as on 31.12.12.

(v) Allocation of Sale Proceeds to Land, Inventory and Other Fixed Assets

(vi) The Company has Sold its inventory consisting of Raw Material, Semi Finished Goods, Finished Goods, Stores and Spares as per above MOU as per details given below.

5. Interest received on Margin Money placed for Working Capital and other interest income aggregating to Rs. 107.22 Lakhs (Previous Year 64.77 lakhs) has been netted off against the Interest expenses incurred on Working Capital and Term Loan.

6. The Sundry Debtors, Sundry Creditors, Loans, Advances, deposits and other current liabilities are subject to confirmation and consequent reconciliation.

7. The Company operates in one segment i.e Polyesters Products.

8. Figures of the Previous Year have been regrouped and reclassified wherever necessary to confirm to the Current Year Classification.

9. These accounts being for the period of 18 months hence the previous year figure are not comparable with Current Period.

10. This being the first year of Revised Schedule VI hence previous year's figures are realigned in revised Schedule VI format.


 
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