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Notes to Accounts of Abhishek Corporation Ltd.

Mar 31, 2014

A. During the year the Company has made interest refund claim amounting to Rs. 8,51,94,611/- in respect of term loans granted by Banks under Technology Up-gradation Fund Scheme (TUFS) and during the year the Company has not received any interest refund.

b. Factory land is owned by the promoters and their relatives. The Company has entered into an agreement with the landowners for lease of land in the year 2000-01. Factory Land of new project is also owned by key management personnel and the Company has executed lease agreement for new project in the year 2008-09.

c. The outstanding balances as on 31.03.2014 in respect of Sundry Debtors, Sundry Creditors, Loans & Advances, Deposits are subject to confirmation from respective parties and consequential reconciliation / adjustment arising there from, if any. The Management, however, does not expect any material variation.

d. We are compiling the information about the status of our suppliers as a Micro, Small and Medium Enterprises and registered under MSMED Act 2006 (Micro, Small and Medium Enterprises Development Act, 2006) hence disclosure under schedule VI of the Companies Act is not made

e. In the opinion of the Board of Directors, the current assets, loans and advances as well as unquoted investments have realisable value in the ordinary course of business at least equal to the amounts at which they are stated.

f. Figures of the previous year are regrouped wherever necessary.

g. Figures are rounded off to nearest lac of rupees.

h. Consumption of Raw Material, Packing & Spares :


Mar 31, 2013

A. During the year the Company has made interest refund claim amounting to Rs. 8,79,89,174/- in respect of term loans granted by Banks under Technology Up-gradation Fund Scheme (TUFS) and during the year the Company has not received any interest refund.

b. Factory land is owned by the promoters and their relatives. The company has entered into an agreement with the landowners for lease of land in the year 2000-2001. Factory Land of new project is also owned by key management personnel and the company has executed lease agreement for new project in the year 2008-09.

c. The outstanding balances as on 31.03.2012 in respect of Sundry Debtors, Sundry Creditors, Loans & Advances, Deposits are subject to confirmation from respective parties and consequential reconciliation / adjustment arising there from, if any. The Management, however, does not expect any material variation.

d. We are compiling the information about the status of our suppliers as a Micro, Small and Medium Enterprises and registered under MSMED Act 2006 (Micro, Small and Medium Enterprises Development Act, 2006) hence disclosure under schedule VI of the Companies Act is not made

e. In the opinion of the Board of Directors, the current assets, loans and advances as well as unquoted investments have realisable value in the ordinary course of business at least equal to the amounts at which they are stated.

f. Figures of the previous year are regrouped wherever necessary

g. Figures are rounded off to nearest lack of rupees.

h. Contingent liabilities are not provided for: (Rs, In Lacs)

i. Guarantee given by bankers Current Year Rs.64.82/- (previous year Rs. 64.82 /-)

j. Central Sales Tax & VAT Assessments are completed up to the accounting year ended on 31.3.2008. The Liability, if any, in respect of pending assessments and appeals, is unascertainable, hence not provided for.

k. Income Tax assessments are completed up to Assessment year 2009-10 (relevant to the Accounting Year ended on 31.3.2009). The Liability, if any, in respect of pending assessments and appeals under the Income Tax Act 1961 is unascertainable, hence not provided for.


Mar 31, 2012

Note: Longterm Borrowings

On 16/ 12/ 2010 the company opted for CDR and the terms of repayment of Term Loans, Working Capital Loans and Interest thereon were rescheduled accordingly. However the company could not adhere to the terms of the CDR package and hence the banks declared that the CDR package was failed. The same was accepted by CDR EG during its meeting held in January 2012.Considering the above scenario, the term loans for 2011 are classified on the basis of the then existing CDR package. On account of notice under the SARFAESI Act, 2002 (received by the company on 25/ 05/ 2012) recalling the loans, the status of Long Term Loans is changed and shown under Other Current Liabilities.

Note: Secured Short term Borrowings

Working capital facilities are secured against first charge on Current assets, second charge on Fixed Assets and personal gaurantees of directors which are repayable on demand subject to review carri out by banks every year.Funded Interest Term Loan and Working Capital Term Loan accounts created the basis of CDR package are classified as Short Term Borrowings as they are repayable on demand, the above loans are recalled by notice under the SARFAESI Act 2002.

Note: On account of notice under the SARFAESI Act, 2002 (received by the company on 25^)^2012) recalling the loans, the status of Long Term Loans is changed and shown under Other Current Liabilities.

Note In consideration of prudance, no provision is made in respect of net deferred tax asset, arising due to timing differences after set off of deferred tax liability, against deferred tax asset

Note: Out of the above, debts of Rs. 502.44 lacs is outstanding from R M Mohite and Company, where the promoters hold sunstantial interest

Note: The outstanding balances in respect of Loans and Advances are subject to confirmations. Also the claims receivable from revenue authorities are subject to review/assessments by Revenue Authorities. The management, however, does not expect any material variation.

1. Revenue Recognition AS - 9

Sales of textile and wastes are recognised upon despatch of goods to customers. There are no revenues from construction division during the year

2. Related Party Transactions AS -18

1 Promoters : Mr. Ramchandra M. Mohite

2 Key Management Personnel : Mr. Anasaheb R. Mohite, Chairman & Managing Director

: Mr. Abhishek A. Mohite, Director (Marketing & Strategy)

3 Others - Enterprises in which : M/s Maruti Construction Promoters Directors hold : M/s R.M. Mohite & Co Substantial Interest

4 Relatives to Key Managerial : Mrs. Anjali A Mohite Associate Vice President Personnel

5 Relatives : Miss. Apurva A Mohite.

3. Segment information for the year ended 31 March 2012 AS -17

The construction division of the company is inoperative, therefore the whole of the operations of the company relates only to the Textile unit and hence Segment wise reporting is not necessitated.

a. During the year the Company has made interest refund claim amounting to Rs. 920,32,144/- in respect of term loans granted by Banks under Technology Up-gradation Fund Scheme (TUFS) and during the year the Company has received interest refund amounting to Rs. 366,36,67?/-

b. Factory land is owned by the promoters and their relatives. The company has entered into an agreement with the landowners for lease of land in the year 2000-2001. Factory Land of new project is also owned by promoters and the company has executed lease agreement for new project in the year 2008-09.

c. The outstanding balances as on 31.03.2012 in respect of Sundry Debtors, Sundry Creditors, Loans & Advances, Deposits are subject to confirmation from respective parties and consequential reconciliation / adjustment arising there from, if any. The Management, however, does not expect any material variation.

d. We are compiling the information about the status of our suppliers as a Micro, Small and Medium Enterprises and registered under MSMED Act 2006 (Micro, Small and Medium Enterprises Development Act, 2006) hence disclosure under schedule VI of the Companies Act is not made

e. In the opinion of the Board of Directors, the current assets, loans and advances as well as unquoted investments have realisable value in the ordinary course of business at least equal to the amounts at which they are stated.

f. Figures of the previous year are regrouped wherever necessary

g. Figures are rounded off to nearest lack of rupees.

I. Contingent liabilities are not provided for: (Rs. In Lacs)

1. Guarantee given by bankers Current Year Rs.64.82/- (previous year Rs. 64.82 /-)

j. Central Sales Tax & VAT Assessments are completed up to the accounting year ended on 31.3.2008. The Liability, if any, in respect of pending assessments and appeals, is unascertainable, hence not provided for.

k. Income Tax assessments are completed up to Assessment year 2009-10 (relevant to the Accounting Year ended on 31.3.2009). The Liability, if any, in respect of pending assessments and appeals under the Income Tax Act 1961 is unascertainable, hence not provided for.


Mar 31, 2010

1. Term Loan availed from Indian Overseas Bank, and Corporation Bank are secured against first charge on factory land, building and plant and Machinery (Fixed Assets Block) situated at Gat No. 148, Tamgaon, Kolhapur - Hupari Road, Tal - Karveer, Dist Kolhapur and further secured by second charge on current assets of the company (i.e stock of raw material, semi finished goods, stores, spares (not relating to plant & machinery) consumables, stores, bills receivables, book debts, and all movable assets both present and future on pari passu basis.

Working Capital Facilities (i.e. Bills Discounting, Letter of Credit, Bank Guarantee and packing credit) availed from Indian Overseas Bank, IDBI Bank (previously The United Western Bank Limited) Corporation Bank and Bank of India are secured against first charge on current assets of the company (i.e stock of raw material, semi finished goods, stores, spares (not relating to plant & machinery) consumables, stores, bills receivables, book debts, and all movable assets both present and future and further secured by second charge on factory land, building and plant and Machinery (Fixed assets Block) situated at Gat No. 148 & 149 Tamgaon, Kolhapur - Hupari Road, Tal -Karveer, Dist Kolhapur on pari passu basis

Term Loans availed from IDBI Bank (previously The United Western Bank Limited) are secured against the respective machinery for which loans are availed.

Indian Overseas Bank in consortium with State Bank of Hyderabad, State Bank of Patiala.Punjab National Bank, State Bank of India, Bank of Baroda, Corporation Bank, Bank of India, Unian Bank of India and Axis Bank Ltd. (formerly UTI Bank Ltd) has sanctioned Term Loan of Rs. 170 Crores for "New Yarn Dyed Shirting Fabric Project". The said term loans of Rs. 170 Crores is secured against the part of Gat No. 148 admeasuring 13 hector, 37R, and Gat No. 149 area 17 hectors and 42R together with all building and structures and all plant and machinery attached / permanently fastened to anything attached to the said land, both present and future, pertaining to Phase IV. Further whole of the movable properties of the company in Phase IV including fixed assets of the Company pertaining to the Properties and its movable plant and machinery, movable spares, tools and accessories and other movables are secured against the said loan.

Related Party Transactions

1 Promoters : Shri Ramchandra M. Mohite

2 Key Management Personnel : Shri Anasaheb R. Mohite, Managing Director

: Shri Abhishek A. Mohite, Director (Marketing & Strategy)

3 Others - Enterprises in : M/s Maruti Construction Promoters which

Prometer Directors hold Substantial Interest : M/s R.M. Mohite & Co

4 Relatives to Key Managerial Personnel : Mrs. Anjali A Mohite Associate Vice President

 
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