| 1 HISTORY:
Apt Packaging limited established in 1980 (earlier known as Anil
Chemicals and Industries Limited till -19.06.2008) engaged in
manufacturing of co extruded plastic tubes used for packaging. The
facility was set up in the Aurangabad, Maharashtra in the year 1996 and
a new unit has been put up in the state of Uttarakhand in the year
2010. The new unit is eligible for various incentives of excise, income
tax and other for a period of 10 years. The chemical division of the
Company was de merged into a new Company in the year 2008. The Company
has been registered as a sick Company by Board for Industrial and
Financial Reconstruction, New Delhi vide order dated 21.11.2013
2. In view of various High Courts judgments and on prudence basis, the
management of the Company is of the view that the penal provisions of
Rs. 200 per day for the returns of TDS / TCS filed beyond the
prescribed date as per the provisions of Section 234E of the Income Tax
Act, 1961 is neither provided nor disclosed in terms of amount
separately.
3. Hon'bie BIFR while discharging the Company from Sick Industrial
Companies Act (SiCA) vide order dated 16.06.2011 has ordered to
implement the unimplemented portion of the Sanctioned Scheme as yet by
all concerned. The unimplemented portion of the Sanctioned Scheme is as
under:
4. GOING CONCERN:
The Company has been once again declared as a "Sick Industrial Company"
by BIFR vldes Its hearing dated 10th October, 2013 vide order dated
20th November 2013. BIFR has appointed Punjab National Bank as the
operating agency.
The Company has approached to sole banker Punjab National Bank for
re-schedulement of installments and concessions in rate of Interest and
bank charges. The Company is approaching to other governments for some
reliefs. The Company is preparing Draft Rehabilitation Scheme for
submission to OA & BIFR. "In view of above the accounts of the Period
under review has been prepared on going concern basis".
5. Certain statutory requirements and records are in the process of
their compilation / up-dation.
6. The provision for capital gain tax (income tax) on sale of business
assets has not been made in the books of accounts as the same is to be
set off from unabsorbed brought forward business losses and unabsorbed
depreciation as well as current business loss and depreciation. This
view is also upheld by the Hon'bie Delhi High Court in case of
Assistant Commissioner of Income Tax v/s Lavish Apartments Private
Limited and the management has relied on the same.
7. In view of general circular Number 08/2014 dated April, 2014 issues
by the Ministry of Corporate Affairs (MCA) the financial statements,
auditor's report and board reports are prepared and presented
according to the relevant provisions / schedules /rules of the
Companies Act 1956.
8. The outstanding balances of Debtors, Creditors and Loans & Advances
(taken and given), balances with various statutory / fiscal authorities
(assets & Liabilities) are subject to confirmation, reconciliation and
consequent adjustments, if any. The differences as may be noticed on
reconciliation are being accounted for and will be duly accounted for
on completion thereof, tn the opinio of the Management thq ultimate
difference will not be material.
9. Employee Benefits
As per Accounting Standard 15 "Employee Benefits", the disclosures of
Employee benefits as defined in the Accounting Standard are given
below: Defined Contribution Plans: Provident Fund
During the year, the Company has recognized the following amounts in
the Profit & Loss Account
Defined Benefit Plans
The company has neither created fund nor contributed to Scheme framed
by the Insurance Company for the defined benefit plans for the
qualifying employees. The present value of the defined benefit
obligation and the related current service cost were measured using the
Projected Unit credit method with actuarial valuations being carried
out at each balance sheet date.
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