Sen Pet (India) Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

1. Figures of the previous year have been regrouped, rearranged and/ or reclassified wherever considered necessary. All figures appearing in the Notes on Accounts are expressed in Rupees ( ~ ) unless otherwise stated.

2. In the opinion of the Board and to the best of their knowledge and belief the value on realization of the current assets, loans and advances, if realized, in the ordinary course of the business would not be less than the amount at which they are stated in the Balance Sheet. The provisions forall known liabilities are adequate and not in excess of amounts considered reasonably necessary.

3. The Company was declared Sick on 13th January 2000 under section 3(1)(o) of the Sick Industrial Company''s(Special Provision) Act, 1985. The Industrial Development Bank of India (IDBI) was appointed as the Operating Agency (OA). As per the directions of BIFR the company is in the process of submitting its rehabilitation scheme to the OA pending finalization of negotiations with Banks and Financial Institutions for one time settlement of their dues.

4. The Company had restarted commercial production in its Plant on and from the month of May, 2009. However, with the adverse market scenario in the Petrochemicals market in the last year, the management had no other option but to stop commercial production on August, 2009. Pursuant to the revival package under consideration by BIFR and other banks and financial institutions, management has prepared the accounts on the ''Going Concern'' concept despite its net worth having been fully eroded.

5. As per the consistent practice followed by the Company, no provision for interest and consequential charges has been made in the books of accounts in respect of the outstanding loans from banks & financial institutions based on various legal opinions obtained by the Company. However, interest paid to certain creditors has been disclosed under Interest Account in the Profit & Loss Account.

6. The matter relating to exemption on payment of E.S.I is pending with the Hon''ble High Court at Kolkata.

7. Earnings Per Share (EPS) -The numerators and denominators used to calculate

9. Expenditure in Foreign Currency [Clause (b) of Note 5 (viii)]

As the expenditure involved foreign currency but the original payment made by the company itself is in Rupees, therefore, no disclosure is depicted.

10. The value of Deferred Tax Assets amounting to ~ 2227.89 lacs (previous year ~ 2227.89 lacs) was ascertained on the basis of future projection of profit, which in the opinion of the management shall not be subjected to be taxed due to huge amount of carry forward loss and unabsorbed depreciation calculated as per Income Tax Act. The company considers it necessary to review and re ascertained the said amount as per AS 22 after obtaining the up to date income tax assessment order.

11. Related party disclosure in accordance with the Accounting Standards 18 issued by the Institute of Chartered Accountants of India ("ICAI") and effective from April 1, 2001

12. Based on the Accounting Standard 28, Impairment of Assets, issued by the Institute of Chartered Accountants of India, the Company has reviewed the potential generation of economic benefits from its sole cash generating unit and has concluded that the recoverable value of the assets after impairment in the earlier years is more or less in consonance with the replacement value of such plant and machinery consequently no fresh provision is required for the current year.

13. The company has not received any information from suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosure required under the act could not be compiled and disclosed.

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Mar 31, 2013

1. Figures of the previous year have been regrouped, rearranged and/ or reclassified wherever considered necessary. All figures appearing in the Notes on Accounts are expressed in Rupees ( Rs. ) unless otherwise stated.

2. In the opinion of the Board and to the best of their knowledge and belief the value on realization of the current assets, loans and advances, if realized, in the ordinary course of the business would not be less than the amount at which they are stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amounts considered reasonably necessary.

3. The Company was declared Sick on 13th January 2000 under section 3(l)(o) of the Sick Industrial Company''s (Special Provision) Act, 1985. The Industrial Development Bank of India (IDBI) was appointed as the Operating Agency (OA). As per the directions of BIFR the company is in the process of submitting its rehabilitation scheme to the OA pending finalization of negotiations with Banks and Financial Institutions for one time settlement of their dues.

4. The Company had restarted commercial production in its Plant on and from the month of May, 2009. However, with the adverse market scenario in the Petrochemicals market in the last year, the management had no other option but to stop commercial production on August, 2009. Pursuant to the revival package under consideration by BIFR and other banks and financial institutions, management has prepared the accounts on the ''Going Concern'' concept despite its net worth having been fully eroded.

5. As per the consistent practice followed by the Company, no provision for interest and consequential charges has been made in the books of accounts in respect of the outstanding loans from ban.'';s & financial institutions based on various legal opinions obtained by the Company. However, interest paid to certain creditors has been disclosed under Interest Account in the Profit & Loss Account.

6. The matter relating to exemption on payment of E.S.I is pending with the Hon''ble High Court at Kolkata.

7. Earnings Per Share (EPS) - The numerators and denominators used to calculate

Basic and Diluted Earnings Per Share:

8. Expenditure in Foreign Currency [Clause (b) of Note 5 (viii)]

As the expenditure involved foreign currency but the original payment made by the company itself is in Rupees, therefore, no disclosure is depicted.

9. Remittance during the year in foreign currencies on account of dividends [Clause (d) of Note 5 (viii)]

No remittance made during the year in foreign currencies on account of dividends.

10. The value of Deferred Tax Assets amounting to Rs. 2227.89 lacs (previous year Rs. 2227.89 lacs) was ascertained on the basis of future projection of profit, which in the opinion of the management shall not be subjected to be taxed due to huge amount of carry forward loss and unabsorbed depreciation calculated as per Income Tax Act. The company considers it necessary to review and re ascertained the said amount as per AS 22 after obtaining the up to date income tax assessment order.

11. Related party disclosure in accordance with the Accounting Standards 18 issued by the Institute of Chartered Accountants of India ("ICAI") and effective from April 1, 2001.

12. Based on the Accounting Standard 28, Impairment of Assets, issued by the Institute of Chartered Accountants of India, the Company has reviewed the potential generation of economic benefits from its sole cash generating unit and has concluded that the recoverable value of the assets after impairment in the earlier years is more or less in consonance with the replacement value of such plant and machinery consequently no fresh provision is required for the current year.

13. The company has not received any information from suppliers . regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosure required under the act could not be compiled and disclosed.

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Mar 31, 2012

1. Figures of the previous year have been regrouped, rearranged and/or reclassified wherever considered necessary. All figures appearing in the Notes on Accounts are expressed in Rupees (Rs ) unless otherwise stated.

2. In the opinion of the Board and to the best of their knowledge and belief the value on realization of the current assets, loans and advances, if realized, in the ordinary course of the business would not be less than the amount at which they are stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amounts considered reasonably necessary.

3. The Company was declared Sick on 13th January 2000 under section 3(1)(o) of the Sick Industrial Company's (Special Provision) Act, 1985. The Industrial Development Bank of India (IDBI) was appointed as the Operating Agency (OA). As per the directions of BIFR the company is in the process of submitting its rehabilitation scheme to the OA pending finalization of negotiations with Banks and Financial Institutions for one time settlement of their dues.

4. The Company had restarted commercial production in its Plant on and from the month of May, 2009. However, with the adverse market scenario in the Petrochemicals market in the last year, the management had no other option but to stop commercial production on August, 2009. Pursuant to the revival package under consideration by BIFR and other banks and financial institutions, management has prepared the accounts on the ‘Going Concern' concept despite its net worth having been fully eroded.

5. As per the consistent practice followed by the Company, no provision for interest and consequential charges has been made in the books of accounts in respect of the outstanding loans from banks & financial institutions based on various legal opinions obtained by the Company. However, interest paid to certain creditors has been disclosed under Interest Account in the Profit & Loss Account.

6. The matter relating to exemption on payment of E.S.I is pending with the Hon'ble High Court at Kolkata.

7. Expenditure in Foreign Currency (Clause (b) of Note 5 (viii))

As the expenditure involved foreign currency but the original payment made by the company itself is in Rupees, therefore, no disclosure is depicted.

8. Remittance during the year in foreign currencies on account of dividends (Clause (d) of Note 5 (viii))

No remittance made during the year in foreign currencies on account of dividends.

9. The value of Deferred Tax Assets amounting to Rs. 2227.89 lacs (previous year Rs. 2227.89 lacs) was ascertained on the basis of future projection of profit, which in the opinion of the management shall not be subjected to be taxed due to huge amount of carry forward loss and unabsorbed depreciation calculated as per Income Tax Act. The company considers it necessary to review and re ascertained the said amount as per AS 22 after obtaining the up to date income tax assessment order.

10. Related party disclosure in accordance with the Accounting Standards 18 issued by the Institute of Chartered Accountants of India ("ICAI") and effective from April 1, 2001

11. Based on the Accounting Standard 28, Impairment of Assets, issued by the Institute of Chartered Accountants of India, the Company has reviewed the potential generation of economic benefits from its sole cash generating unit and has concluded that the recoverable value of the assets after impairment in the earlier years is more or less in consonance with the replacement value of such plant and machinery consequently no fresh provision is required for the current year.

12. The company has not received any information from suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosure required under the act could not be compiled and disclosed.

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Mar 31, 2010

1. Figures of the previous year have been regrouped, rearranged and/or reclassified wherever considered necessary. All figures appearing in the Notes on Accounts are expressed in Rupees lacs unless otherwise stated.

2. In the opinion of the Board and to the best of their knowledge and belief the value on realization of the current assets, loans and advances, if realized, in the ordinary course of the business would not be less than the amount at which they are stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of amounts considered reasonably necessary.

3. The Company was declared Sick on 13th January 2000 under section 3(1)(o) of the Sick Industrial Companys (Special Provision) Act, 1985. The Industrial Development Bank of India (IDBI) was appointed as the Operating Agency (OA). As per the directions of BIFR the company is in the process of submitting its rehabilitation scheme to the OA pending finalization of negotiations with Banks and Financial Institutions for one time settlement of their dues.

4. The Company had restarted commercial production in its Plant on and from the May, 2009. However, with the adverse market scenario in the Petrochemicals market in the last year, the management had no other option but to stop commercial production on August, 2009. However, the management has prepared the accounts on the basis of going concern assumption despite its net worth having been fully eroded.

5. As per the consistent practice followed by the Company, no provision for interest and consequential charges has been made in the books of accounts in respect of the outstanding loans from banks & financial institutions based on various legal opinions obtained by the Company. However, interest paid to certain creditors have been disclosed under Interest Account in the Profit & Loss Account.

6. The matter relating to exemption on payment of E.S.I is pending with the Honble High Court at Kolkata.

7. The Deferred Tax Assets for the current year have been reviewed and no provision thereof is required for the current year keeping in view the status of the pending Rehabilitation Proposals with various banks and financial institutions.

8. Related party disclosure in accordance with the According Standards 18 issued by the Institute of Chartered Accountants of India (ICAI) and effective from April 1,2001.

a. Related parties and nature of relationship

i. Plastosen Limited - Company under the same management

9. Based on the Accounting Standard 28, Impairment of Assets, issued by the Institute of Chartered Accountants of India, the Company has reviewed the potential generation of economic benefits from its sole cash generating unit and has concluded that the recoverable value of the assets after impairment in the earlier years is more or less in consonance with the replacement value of such plant and machinery and consequently fresh provision is required for the the current year.

10. The company has not received any information from suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosure required under the act could not be compiled and disclosed.