Hitkari Industries Ltd. के अकाउंट के लिये नोट

Mar 31, 2010

A. NATURE OF OPERATIONS

The business of manufacturers, processors, dealers, importers, exporters, sellers, buyers and agents of all kinds and varieties of multilayer plastic packaging films, plastic sheets, plastic powder, P.V.C. compound, plastic granules, synthetic leather, thermo- Plastic PVC rigid and flexible pipes, and hoses of all kinds and descriptions, plastic collapsible tubes, finished leather celluloid, rexine, terpuline, rubber sheets, rubber pads, rayon, polyster fibre, HDPE, woven sacks, artificial cloth and textiles, chemical acrylic sheets and all kind of items made of PVC plastic and HDPE.

1. The figures for the previous year have been re-arranged to make the same comparable with that of the current year.

2. Rs. 21.81 Lacs was due to micro, small & medium enterprises units, as per information received from the parties which are Suvidha Tubes Pvt. Ltd., Perfect Colorants & Plastics Pvt. Ltd., Om Packaging, Nandani Grevres Pvt. Ltd., Sachdeva Enterprises and Scj Plastics (Baddi). Payments against supplies from small scale industrial units are made in accordance with agreed terms. Besides, there are no claims from parties for interest on overdue payments and the same has not been provided for.

3. The company is engaged in only one line of business i.e. co-extruded plastic films. In view of the same, segment reporting, as required under Accounting standard 17 issued by the Institute of Chartered Accountants of India is not applicable.

4. Some balances appearing under the headings "Sundry Creditors", "Sundry Debtors" and "Loans & Advances" are pending confirmation / reconciliation.

5. i) Advances include Rs.102.42 Lacs (Previous year Rs.149.95 lacs) due from companies in which some Directors are Directors. The Directors consider these advances as well as other amounts due including from companies in which Directors are interested as good for recovery.

ii) Advances also include Rs.288.47 lacs (previous year 288.47 lacs) which is under litigation. High Court of Himachal Pradesh, Shimla vide order dated 29 December, 2008 has remanded the matters to Company Law Board for fresh adjudication.

6. Computation of net profit in accordance with section 349 of the Companies Act, 1956 for calculation of Managerial Remuneration :-

Loss before tax 16,400,096.67

Less: Directors Remuneration 12,38,400.00

Net Loss for the year under section 349 of

The Companies Act, 1956 15,161,697.67

Maximum Directors Remuneration permissible -

Minimum Directors Remuneration including -

Perquisites paid being approved remuneration 12.38

7. Balance with banks include Rs.1.13 Lacs (Previous year 1.04 lacs) pending confirmations.

8. Employees Benefits under Accounting Standard-15 (Revised)

Defined Contribution Plan

Contribution to Defined Contribution Plan are charged off for the year as under:-

Employers Contribution to Providend Fund - Rs. 9,31,925

Employers Contribution to Employee State Insurance - Rs. 1,93,972

9. Contingent liabilities not provided for :-

(Rs. In lacs)

(Current Year) (Previous Year)

i) Letters of Credit-since paid 231.84 151.64

ii) Bank guarantees 0.60 -

iii) Gratuity of Ex-Managing Director Not ascertained Not ascertained

iv) Income-tax demand - 185.00

v) Corporate guarantee 425.00 265.00

10. Hire Purchase obligations due in next 12 months. 10,73,768(Current Yr.) ll,96,424(Pr. Year)

11. Related party disclosures:-

(As identified and certified by the Management)

i) Associates

a) Hitkari Potteries Limited

b) Himachal Ceramics Industries Pvt. Ltd.

c) Hitkari Houseware Private Limited

d) Himachal Potteries Pvt. Ltd.

e) Himachal Folien Pvt. Ltd.

f) Kalima Plastics Pvt. Ltd.

g) H.B. Home Concepts India Pvt. Ltd.

h) Hitkari China Limited

ii) Subsidiary

Terra Films Pvt. Ltd.

iii) Same Management

a) Hitkari Potteries Limited

b) Hitkari China Limited

iv) Key Management Personnel

Shri Ajay Kapoor- Managing Director

12. Statement of Balance Sheet Abstract & Companys General Business Profile in terms of Part-III Schedule VI of the Companies Act, 1956 is annexed herewith.

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Mar 31, 2009

1. The figures for the previous year have been re-arranged to make the same comparable with that of the current year.

2. Rs. 32.04 Lacs was due to micro, small & medium enterprises units, as per information received from the parties which are Suvidha Tubes Pvt. Ltd., Perfect Colorants & Plastics Pvt. Ltd., Om Packaging, Nandani Grevres Pvt. Ltd., Sachdeva Enterprises and Scj Plastics (Baddi). Payments against supplies from small scale industrial units are. made in accordance with agreed terms. Besides, there are no claims from parties for interest on overdue payments and the same has not been provided for.

3. The company is engaged in only one line of business i.e. co-extruded plastic films. In view of the same, segment reporting, as required under Accounting standard 17 issued by the Institute of Chartered Accountants of India is not applicable.

4. Some balances appearing under the headings "Sundry. Creditors", "Sundry Debtors" and "Loans & Advances" are pending confirmation / reconciliation.

5. i) Advances include Rs.l 15.40 Lacs (Previous year Rs. 149.95 lacs) due from companies in which some Directors are Directors. The Directors consider these advances as well as other amounts due including from companies in which Directors are interested as good for recovery.

ii) Advances also include Rs.288.47 lacs (previous year 288.47 lacs) which is under litigation. High Court of Himachal Pradesh, Shimla vide order dated 29n December, 2008 has remanded the matters to Company Law Board for fresh adjudication.

6. Sundry creditors include Rs.2.85 lacs (Previous year 4.07 lacs) due to a Director.

7. Market value of quoted Investments is Rs.0.90 Lacs (previous year Rs. 2.27 lacs). According to management the investment held is long term and is inthe group companies. Provision for diminution of Rs. 26.10" lacs ( previous year Rs. 24.73 lacs) has been provided for.

8. Balance with banks include Rs.1.04 Lacs (Previous year 0.97 lacs) pending confirmations.

9. Employees Benefits under Accounting Standard-15 (Revised)

a. Defined Contribution Plan

Contribution to Defined Contribution Plan are charged off for the year as under:- Employers Contribution to Providend Fund - Rs. 10,24,365 Employers Contribution to Employee State Insurance - Rs. 2,38,066

b. Define Benefit Plan .

The employees gratuity fund scheme is managed by Life Insurance Corporation of India. Thespresent value of obligation is determined based on Actuarial valuation by Life Insurance Corporation of India, individual investment wise details of plan assets are not provided by them.

10. Contingentliabilities not provided for :-

(Rs. In lacs)

i) Letters of Credit-since paid 151.64 218.27

ii) Bank guarantees -- 5.60

iii) Gratuity of Ex-Managing Director Not Not

ascertained ascer tained

iv) Income-tax demand 185.00 -

v) Corporate guarantee 265.00 290.00

18. Related party disclosures

(As identified and certified by the Management)

i) Associates

a) Hitkari Potteries Limited

b) Himachal Ceramics industries Pvt. Ltd.

c) Hitkari Houseware Private Limited

d) Himachal Potteries Pvt. Ltd.

e) Himachal Folien Pvt. Ltd.

f) Kalima Plastics Pvt. Ltd.

g) H.B. Home-Concepts India Pvt. Ltd.

h) Hitkari China Limited

ii) Subsidiary

Terra Films Pvt. Ltd.

iii Same Management .

a) Hitkari Potteries Limited

b) Hitkari China Limited

iv) Key Management Personnel

Shri Ajay Kapoor - Managing Director

11. Statement of Balance Sheet Abstract & Companys General Business Profile in terms of Part-III Schedule VI of the Companies Act, 1956 is annexed here with.