| 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.: Nil Previous Year: Nil
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 Polymers Limited.,
II) Key Management Personnel: Mr.Njraj Goel
3. In accordance with the provisions of the accounting standards, AS-22
"Accounting for Taxes on Income" the deferred tax liability of
Rs.2,19,663/- 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. The Company is operating into only one segment i.e, manufacture of
PP Disposable containers hence segment information is not given.
6. Previous Years figures have been regrouped and reclassified
wherever necessary to make them comparable.
7. 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. 1.35 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. 3.62
Lakhs for the current year.
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