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Union Quality Plastics 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.) 3.46 Cr. P/BV -0.46 Book Value (Rs.) -16.02
52 Week High/Low (Rs.) 12/7 FV/ML 10/1 P/E(X) 0.00
Bookclosure 27/09/2024 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2024-03 

8) Provisions, contingent liabilities and contingent assets
Provision

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. If the effect of the time value of money is material, provisions are
determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. Where discounting is used,
the increase in the provision due to the passage of time is recognized as a finance cost.

Contingent liabilities

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation
that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a
present obligation in respect of which the likelihood of outflow of resources is remote, no provision or
disclosure is made.

Contingent assets

Contingent assets are not recognised in the financial statements. However, contingent assets are assessed
continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and
related income are recognised in the period in which the change occurs.

Revenue Recognition

Sale of goods and trade license

Effective April 1, 2018, the company has applied Ind AS 115 which establishes a comprehensive
framework for determining whether, how much and when revenue is to be recognized. Ind AS 115
replaces Ind AS 18 Revenue and Ind AS 11 Construction Contracts. The company has adopted Ind AS
115 using the cumulative catch-up method. The effect of initially applying this standard is recognized at
the date of initial application (i.e. .April 1, 2018).The effect of adoption of Ind AS 115 is insignificant

Revenue from sale of goods is recognized when significant risks and rewards in respect of ownership of
the product is transferred to the customer. Revenue from the sale of Products includes excise duty and is

measured at the fair value of the consideration received or receivable, net of returns, sales tax and
applicable trade discounts and allowances.

Other Income

Interest Income

Interest Income mainly comprises of interest on Margin money deposit with banks relating to bank
guarantee. Interest income should be recorded using the effective interest rate (EIR).However, the
amount of margin money deposits relating to bank guarantee are purely current in nature, hence effective
interest rate has not been applied. Interest is recognized using the time-proportion method, based on rates
implicit in the transactions.

9) Borrowing Costs

Borrowing costs consist of interest, ancillary and other costs that the Company incurs in connection with
the borrowing of funds and interest relating to other financial liabilities. Borrowing costs also include
exchange differences to the extent regarded as an adjustment to the borrowing costs. Borrowing costs
directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the
asset. All other borrowing costs are expensed in the period in which they occur.

10) Tax Expenses

Tax expense consists of current and deferred tax.

Income Tax

Income tax expense is recognized in the statement of profit and loss except to the extent that it relates to
items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected
tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the
reporting date, and any adjustment to tax payable in respect of previous years.

Deferred Tax

Deferred tax is recognised using the balance sheet method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the
temporary differences when they reverse, based on the laws that have been enacted or substantively
enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable
right to offset current tax liabilities and assets, and they relate to income taxes levied by the same
tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax
liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be
realized.

Dividend distribution tax arising out of payment of dividends to shareholders under the Indian Income
tax regulations is not considered as tax expense for the Company and all such taxes are recognized in the
statement of changes in equity as part of the associated dividend payment.

11) Earnings Per Share

The Company presents basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic
earnings per share is computed by dividing the net profit after tax by the weighted average number of
equity shares outstanding during the period. Diluted earnings per share is computed by dividing the profit
after tax by the weighted average number of equity shares considered for deriving basic earnings per
share and also the weighted average number of equity shares that could have been issued upon
conversion of all dilutive potential equity shares.

12) Trade receivables

Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using
effective interest method, less provision for impairment.

13) Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of
the financial year which are unpaid. The amounts are unsecured and are presented as current liabilities
unless payment is not due within twelve months after the reporting period.

14) Determination of fair values

The Company’s accounting policies and disclosures require the determination of fair value, for certain
financial and non-financial assets and liabilities. Fair values have been determined for measurement
and/or disclosure purposes based on the following methods. When applicable, further information
about the assumptions made in determining fair values is disclosed in the notes specific to that asset or
liability. A fair value measurement of a non-financial asset takes into account a market participant’s
ability to generate economic benefits by using the asset in its highest and best use or by selling it to
another market participant that would use the asset in its highest and best use.

(I) Property, plant and equipment

Property, plant and equipment, if acquired in a business combination or through an exchange of non¬
monetary assets, is measured at fair value on the acquisition date. For this purpose, fair value is based
on appraised market values and replacement cost.

(ii) Intangible assets

The fair value of brands, technology related intangibles, and patents and trademarks acquired in a
business combination is based on the discounted estimated royalty payments that have been avoided
as a result of these brands, technology related intangibles, patents or trademarks being owned (the
“relief of royalty method”). The fair value of customer related, product related and other intangibles
acquired in a business combination has been determined using the multi-period excess earnings
method after deduction of a fair return on other assets that are part of creating the related cash flows.

(iii) Inventories

The fair value of inventories acquired in a business combination is determined based on its
estimated selling price in the ordinary course of business less the estimated costs of completion
and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories.

(iv) Investments in equity and debt securities and units of mutual funds

The fair value of marketable equity and debt securities is determined by reference to their
quoted market price at the reporting date. For debt securities where quoted market prices are not
available, fair value is determined using pricing techniques such as discounted cash flow analysis.

In respect of investments in mutual funds, the fair values represent net asset value as stated by the
issuers of these mutual fund units in the published statements. Net asset values represent the price
at which the issuer will issue further units in the mutual fund and the price at which issuers will
redeem such units from the investors.

Accordingly, such net asset values are analogous to fair market value with respect to these
investments, as transactions of these mutual funds are carried out at such prices between investors and
the issuers of these units of mutual funds.

(v) Non-derivative financial liabilities

Fair value, which is determined for disclosure purposes, is calculated based on the present value of
future principal and interest cash flows, discounted at the market rate of interest at the reporting date.
For finance leases the market rate of interest is determined by reference to similar lease agreements.
In respect of the Company’s borrowings that have floating rates of interest, their fair value
approximates carrying value.

For Sagar & Associates For and on behalf of the board

Chartered Accountants UNION QUALITY PLASTICS LIMITED

FRN:003510S

(B Srinivasa Rao) Jeethendra Singh Goud

Partner Managing Director

M.No: 202352 DIN: 07678735

Place: Hyderabad
Date: 30/05/2024

Karthik Singh Javvari K

Director
DIN: 08082707

Kavitha Devi

Company Secretary

Venkata Satya Sesha Sai Munusuri

Chief Financial Officer


 
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