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.