| 1. Contingent Liabilities:
1) Estimated amount of contracts remaining to be executed on capital
accounts net of advance
Rs. NIL (Previous Year Rs. NIL)
2) Bank Guarantee given : NIL Previous Year: NIL
3) Disputed Sales Tax Rs.: 843346/- Previous Year Rs.843346/-
2. Related Party Disclosures: Related party disclosures as required
under Accounting
Standards AS-18 on Related Party Disclosures:
a) Relationship:
I) Associates: Pankaj Capfin Private Limited, Pankaj Tubes (P) Ltd.,
Jaya Polywear Private Limited., Pankaj Stripes (P) Limited., Aman Tubes
Private Limited, Pankaj Polytec (P) Ltd., Pankaj Polypack Limited.,
II) Key Management Personnel: Mr. Pankaj Goel and Mr. Paras Goel
3. In accordance with the provisions of the accounting standards,
AS-22 "Accounting for Taxes on Income" the deferred tax assets of
Rs.33,71,994/- has been recognised in the profit & loss account for the
year issued by the Institute of Chartered Accountants of India the
Company has recognized tax effect of the timing differences,
representing the difference between Taxable Income and Accounting
Income.
4. The information relating to the registration status of suppliers
under the Micro, Small & Medium Enterprises Development Act 2006 is
complied & disclosed to the extent of information available with the
Company.
5. Previous years figures have been regrouped and reclassified
wherever necessary to make them comparable.
6. The company is holding 23.32% equity stake in one of its associates
i.e. M/s Pankaj Polypack Limited. As the investments are being held for
subsequent sale in near future, the results of the associate are not
being consolidated with the company in terms of AS- 23.
9. Depreciation for the current year has been charged based upon the
useful life of fixed assets as prescribed in Part C of the Schedule II
of the Companies Act, 2013. Accordingly, from 1st April 2014 the
carrying amount of the fixed assets has been depreciated over the
remaining useful life. In respect of assets whose remaining useful life
has become 'Nil' the carrying amount as on 1st April 2014 less residual
value amounting to Rs. 76.56 Lakhs has been recognized in the opening
balance of General Reserve. Due to the adoption of the revised useful
life of assets as prescribed in Schedule II, the charge for
depreciation in the statement of Profit and Loss is lower by Rs. 28.99
Lakhs for the current year.
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