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Notes to Accounts of AUNDE India Ltd.

Mar 31, 2015

1. The financial statements of year ended June 2014 have been restated to correct an error in the trade receivables to the extent of Rs. 563 lacs .The said receivables were irrecoverable, consequently, the same have been charged to the profit and loss account(restated) for the said period. Also the appropriate tax adjustment has been done thereon amounting to 88.73 lacs.

2. The revised Schedule VI notified under the Companies Act 2013, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification.


Jun 30, 2014

Corporate Information

Aunde India Limited (the company) is a public company domiciled in India and incorporated under the provisions of Indian Companies Act, 1956. The company’s equity shares are listed for trading on the Bombay Stock Exchange. The company is engaged in manufacturing of Automotive Fabrics.

Basis of Accounting

The Financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The financials are prepared under the historical cost convention on an accrual basis and to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 (as amended) and to the extent applicable and relevant provisions the Companies Act, 1956.

1. Share Capital

a. Terms/rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. All the Equity Shares rank pari passu in all respect.

b. The company has not issued bonus shares and shares for consideration other than cash nor the company has bought back any shares during the period of five years immediately preceding the reporting date.

2. Long Term Borrowings

The term loans from Saraswat Bank are secured by way of hypothecation of specific Plant & Machineries/ Fixed assets to be purchased / installed out of the sanctioned Term Loans amount, Pledge of Margin Money TDRs against LCs (F/I) and collaterally secured by way of EMT of Land & Building at Plot No. 146/145(1), Waghdhara Village Road, Dadra - 396 193, Union Territory of Dadra & Nagar Haveli and further charge on entire Plant & Machineries installed at Survey No 356/1&2, Village Dadra, Dadra-396193, Survey No.380/1, Khanvel Silvassa Road, Dapada-396230 and Plot No.71, Phase -1, Indl Area, GIDC, Vapi-396195.

3. Short Term Borrowings

Cash Credit from Saraswat Bank is secured by way of hypothecation of inventories of Raw Materials, Semifinished Goods & Finished Goods of Auto Fabrics including imported Laminated and coated materials and Book Debts as Primary and Collaterally secured by way of EMT of Land & Building at Plot No. 146/145(1), Waghdhara Village Road, Dadra - 396 193, Union Territory of Dadra & Nagar Haveli and hypothecation of Inventories/Plant & Machineries installed at Survey No.356/1-2, Village Dadra, Dadra-396193, Survey No.380/1, Khanvel Silvassa Road, Dapada-396230 & Plot No.71, Phase 1, Indl Area, GIDC,Vapi-396195.

4. Contingent Liabilities

Particulars 30th June 2014 30th June 2013 Rs. Rs.

(i) Contingent Liabilities

Claims against the company not acknowledged as debt - -

Guarantees and Letter of Credit 21,112,746 12,818,230

Other money for which the company is contingently liable - -

21,112,746 12,818,230

(ii) Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for - 6,724,652

Uncalled liability on shares and other investments partly paid - -

Other commitments (specify nature) - -

- 6,724,652


Jun 30, 2013

1 Corporate Information

Aunde India Limited (the company) is a public company domiciled in India and incorporated under the provisions of Indian Companies Act, 1956. The company''s equity shares are listed for trading on the Bombay Stock Exchange. The company is engaged in manufacturing of Automotive Fabrics.

2 Basis of Accounting

The Financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The financials are prepared under the historical cost convention on an accrual basis and to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 (as amended) and to the extent applicable and relevant provisions the Companies Act, 1956.

3. Related Party Disclosures

(a) List of Related Parties and Relationship

Name of the Party Relationship

Aunde Achter & Ebels GMBH Venturer

Madhyam Vinimay Pvt. Ltd. Associate

(b) Key Management Personnel

Mr. Ajay Anand Managing Director

(c) Related Party Transaction during the Year :-

4. The revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year''s classification.


Jun 30, 2012

1. Corporate Information

Aunde India Limited (the company) is a public limited company domiciled in India and incorporated under the provisions of Indian Companies Act, 1956. The company's equity shares are listed for trading on the Bombay Stock Exchange. The company is engaged in manufacturing of Automotive Fabrics.

2. Basis of Accounting

The Financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The financials are prepared under the historical cost convention on an accrual basis and to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 (as amended) and to the extent applicable and relevant provisions the Companies Act, 1956.

a. Terms/rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs.. 10/- per share. All the Equity Shares rank pari passu in all respect.

b. The company has not issued bonus shares and shares for consideration other than cash nor the company has bought back any shares during the period of five years immediately preceeding the reporting date.

As per records of the company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

Note No.3.1

The term loans from Saraswat Bank are secured by way of hypothecation of specific plant & machineries/ fixed assets to be purchased / installed out of the sanctioned Term Loans amount, pledge of margin money TDRs against LCs (F/I) and collaterally secured by way of EMT of Land & Building at Plot No. 146/145(1), Waghdhara Village Road, Dadra - 396 191, Union Territory of Dadra & Nagar Haveli and further charge on entire plant & machineries installed at Dadra & Vapi units.

Note No.4.1

Cash Credit from Saraswat Bank is secured by way of hypothecation of inventories of raw materials, semi- finished goods & finished goods of auto fabrics including imported laminated and coated materials and book debts as primary and collaterally secured by way of eMt of land & building at Plot No. 146/145(1), Waghdhara Village Road, Dadra - 396 191, Union Territory of Dadra & Nagar Haveli and hypothecation of plant & machineries installed at Dadra & Vapi Units. Previous year figures relate to Cash Credit Facility which were taken from Canara Bank. This Cash Credit Facility is taken over by Saraswat Bank w.e.f. November'2011.

5. Contingent liabilities

Particulars 30th June 2012 30th June 2011 Rs. Rs.

(i) Contingent Liabilities

Claims against the company not acknowledged as debt - -

Guarantees and Letter of Credit 13,005,230 14,524,426

Other money for which the company is contingently liable - -

13,005,230 14,524,426

(ii) Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for 6,877,640 17,662,011

Uncalled liability on shares and other investments partly paid - -

Other commitments (specify nature) - -

6,877,640 17,662,011

6. Till the year ended 30th June 2011,the company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of it's financial statements. During the year ended 30th June 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.


Jun 30, 2010

1 Unsecured Loan of Rs.59,400,000/- from a company is balance consideration payable to Faze Three Ltd. consequent to the implementation of the scheme of arrangement.

2 Sundry Creditors include Rs. 1,58,603/- (previous year Rs. 8,84,406/-) due to ancillary / small scale industrial undertakings to the extent such parties have been identified from available information. As at 30th June 2010, there were no small scale industrial undertaking to whom the company owes Rs.100,000/- or more and which are outstanding for more than 30 days.

3 Company does not have any scheme for leave encashment.

4 Segmental Reporting

The Company has only one segment of activity namely Autofabrics.

5 Related Party Disclosures

a) List of Related Parties and Relationship

Name of the party Relationship

M/s. Faze Three Ltd Associate

b) Key Management Personnel

1 Mr. AjayAnand Managing Director

6 Previous years figures have been regrouped/reclassified wherever necessary.


Jun 30, 2009

1 In the absence of taxable income for the year ended on 30-06-2009, the company has made provision for tax under section 115JB of the Income Tax Act (MATTax) on book profits of the company.

2 The company has provided for Fringe Benefit Tax for the FY 2008-2009 for value of benefits for the period ended 31-03-2009 upto the date said tax is applicable.

2008-2009 2007-2008 Rupees Rupees 3 Contingent Liabilities:

a) Bank Guarantees 1,875,000 1,875,000

b) Foreign Letter of Credits - 11,076,800

c) Estimated amount of contracts remaining to be 812,283 18,078,964 executed on capital account not provided for

4 Additional information pursuant to paragraph 3.4(c) and 4(d) of Part II of Schedule VI of the Companies Act, 1956.

5 Unsecured Loan of Rs.59,400,000/- from a company is balance consideration payable to Faze Three Ltd. consequent to the implementation of the scheme of arrangement

6 Sundry Creditors include Rs.-8,84,406/- (previous year Rs.15,38,012/-) due to ancillary / small scale industrial undertakings to the extent such parties have been identified from available information. As at 30th June 2009, there were no small scale industrial undertaking to whom the company owes Rs. 100,000/- or more and which are outstanding for more than 30 days.

7 Company does not have any scheme for leave encashment.

8 Segmental Reporting

The Company has only one segment of activity namely Autofabrics.

9 Related Party Disclosures

a) List of Related Parties and Relationship

Name of the party Relationship

M/s. Faze Three Ltd Associate

b) Key Management Personnel

1 Mr. AjayAnand Managing Director

10 Previous years figures have been regrouped/reclassified wherever necessary.

 
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