SIGNIFICANT ACCOUNTING POLICIES FORMING PART OF THE FINANCIAL STATEMENTS AS AT  AND FOR THE YEAR ENDED 31ST MARCH 2015.

Company Information :

The Company was incorporated on September 30, 1992 as Tainwala Polycontainers Limited subsequently the name of the company changed to TPL Plastech Limited. w.e.f. 22.11.2006 with registration number (CIN) L25209DD1992PLC004656.The Company is primarily engaged in Manufacturing of Polymer Products having plants at Silvassa, Pantnagar, Jammu and Bhuj. The Company is subsidiary of Time Technoplast Limited.

A. SIGNIFICANT ACCOUNTING POLICIES:

a. BASIS OF ACCOUNTING:

(i) The financial statements are brpared on the basis of historical cost convention, and on the accounting principles of a going concern.

(ii) All expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

b. USE OF ESTIMATES:

The brsentation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses for that year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively.

c. REVENUE RECOGNITION:

Revenue from sale of goods is recognized when significant risks & rewards of ownership are transferred to the customers. Sales are inclusive of freight and net of sales returns.

d. FIXED ASSETS:

(i) Fixed Assets are stated at cost inclusive of freight, duties, taxes and all incidental expenses related thereto and net of Cenvat credit.

(ii) Expenditure incurred during construction period:

Apart from costs related directly to the construction of an asset, expenses incurred up to the date of Commencement of commercial production which are incidental and related to construction are Capitalised as part of construction cost. income, if any, earned during the construction period is deducted From indirect costs.

(iii) Fixed assets are stated at cost less accumulated debrciation.

e. DEbrCIATION / AMORTISATION:

(i) Premium on leasehold land is being amortized over the period of lease.

(ii) Debrciation on fixed assets is provided on straight line method over the useful lives of assets specified in Schedule II of the Companies Act, 2013.

(iii) Continuous Process Plant' as defined in the said Schedule, has been considered on technical assessment and debrciation provided accordingly.

f. INVENTORIES:

(i) Inventories are valued at lower of cost and net realizable value. Raw material cost is computed on quarterly weighted average basis.

(ii) Finished goods and Work-in-Process include estimated cost of conversion and other costs incurred in bringing the inventories to their brsent location and condition.

(iii) Inventory of stores and spares, being not material, are charged to consumption on procurement.

g. ACCOUNTING FOR TAXES ON INCOME:

Provision for current tax is made on the basis of the estimated taxable income for the current accounting year in accordance with the provisions as per Income-Tax Act, 1961.

MAT credit asset is recognized and carried forward as there is a reasonable certainty of it being set off against regular tax payable within the stipulated statutory period.

The deferred tax for timing differences between book profits and tax profits for the year is accounted for using the tax rules and laws that have been enacted or substantially enacted as of the balance sheet date. Deferred tax assets arising from timing differences are recognised to the extent there is a reasonable certainty that these would be realized in future and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

h. BORROWING COST:

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalised as a part of the cost of such asset up to the date when such asset is ready for its intended use. Other Borrowing costs are charged to Profit & Loss Account.

i. TRANSACTIONS IN FOREIGN CURRENCY:

(i) Foreign currency transactions are recorded at the rate of exchange brvailing on the date of the transactions.

(ii) All exchange differences on settlement / conversion are dealt with in the Profit and Loss Account.

(iii) Current Assets and Current Liabilities in foreign currency are translated at the rate of exchange brvailing at the close of the year.

j. EMPLOYEE BENEFITS:

Liability in respect of employee benefits is provided and charged to Profit and Loss Account as follows:

(i) Provident / Pension Funds (Contribution Plan): At a specified percentage of salary / wages for eligible Employees.

(ii) Leave Entitlement: As determined on the basis of accumulated leave to the credit of the employees as at the year end as per the Company's rules being the short term benefits.

(iii) The Company provides for gratuity, a defined benefit retirement plan, covering eligible employees. Liability under gratuity plan is determined on actuarial valuation done by the Life Insurance Corporation of India (LIC) at the close of the year, based upon which, the Company contributes to the scheme with LIC. The Company also provides for the additional liability over the amount contributed to the LIC based on the actuarial valuation done by LIC using the Projected Unit Credit Method.

k. IMPAIRMENT OF ASSETS:

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to its recoverable amount and the amount of such impairment loss is charged to profit and loss account. If at the balance sheet date there is any indication that a brviously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect.

l. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefit will be required to settle an obligation. Contingent liabilities, if material, are disclosed by way of notes to accounts. Contingent assets are not recognised or disclosed in the financial statements.

m. Necessary in respect of capital subsidy receivable of Rs. 30,00,000 each has been made in the year for Jammu Unit this will be credited in due course on getting necessary sanction & receipts thereof.

n. Previous year's figure have been regrouped / rearranged / recast / wherever necessary to conform to current year's brsentation.

SIGNATURES TO NOTES '1' TO '23'

For and on behalf of the Board

Sanjaya Kulkarni

Chairman

DIN - 00102575

Murarilal Jangid

Chief Financial Officer

Kamlesh Joisher

Whole Time Director DIN - 00510086

Manoj Kumar Mewara

Company Secretary

Place : Mumbai

Dated : 26th May 2015