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Company Information

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BIOPAC INDIA CORPORATION LTD.

15 January 2021 | 12:00

Industry >> Plastics - Plastic & Plastic Products

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ISIN No INE998A01017 BSE Code / NSE Code 532330 / BIOPAC Book Value (Rs.) -9.67 Face Value 10.00
Bookclosure 30/12/2020 52Week High 5 EPS 0.00 P/E 0.00
Market Cap. 3.43 Cr. 52Week Low 2 P/BV / Div Yield (%) -0.21 / 0.00 Market Lot 1.00
Security Type Other

NOTES TO ACCOUNTS

You can view the entire text of Notes to accounts of the company for the latest year
Year End :2016-03 

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

3. “The Micro, Small and Medium Enterprise Development Act, 2006” has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

4. Related Party Disclosures, as required by AS-18 are given below:

5. Relationships:

Category I: Holding Company NIL Category II: Key management Personnel Mr. Harish Doshi, Chairman Remuneration Rs. 84,00,000 Mr. Pankaj Doshi, Managing Director Remuneration Rs. 84,00,000

Category III: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence)

Mrs. Trupti H Doshi, President Marketing

Salary Paid Rs. 14,70,000

6. The excise duty shown, as deduction from turnover is total excise duty on sale of goods for the year. However, the excise duty related to difference between opening stock of finished goods and closing stock of finished goods is shown separately in Profit and Loss A/c.

7. The disclosure of “Employee Benefits” as per Accounting Standard 15 are as follows;

8.Defined contribution plans:

Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

9. Contribution to Provident Fund (Employer’s Contribution) Rs. 19,55,473

10. Defined Benefit Plans

11. Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by M/s K. A. Pandit, Consultants and Actuaries of India amounting to total liability till date of Rs.1,707,114

12. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on “Segment reporting”.

13. Disclosure of Deferred Taxes

14. The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assets; and there is no necessity as to impairment / write down provision in the accounts.

15. Disclosures required under Accounting Standard-19 on “Leases”.

Finance Lease - Assets Given on Lease

The Company has not given any of its assets on lease.

16. The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law / accounting standards for material foreseeable losses on such long term contracts has been made in the books of account.

17. The Company has a system of reviewing its pending litigations and proceedings, if any, and provide for where Provisions are required and disclose the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results. In respect of litigations, where the management assessment of a financial outflow is probable, the Company has made adequate provision in the financial statements and the contingent liabilities are disclosed in Note 21.

18. The previous year's figures have been regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

19. Notes “1” to “29” form an integral part of the accounts and have been duly authenticated.