Mar 31, 2015
1.1 Term Loans from Axis Bank Ltd.
Term Loans from Axis Bank Ltd. aggregating to Rs.6,71,46,992/- (Previous
Year Rs.4,29,68,658/-) is secured by Primary Security: Extension of first
charge on entire current assets of the company, both present and
future.
Collateral Security : Extension of first and exclusive charge on a) All
that piece and parcel of land totally admeasuirg about 6924.50 sq.mtrs
bearing plot no.63B admeasuring 1474.50 sq mtrs, plot no.64A (part)
admeasuring above 523.00 sq mtrs, Plot No.68B admeasuring about 1825.50
sq mtrs and plot no.69 admeasuring about 3102.00 sq mtr, lying being
and situated at Piparia Industrial Estate, Village Amli, silvassa,
Union Teritory of Dadra and Nagar Haveli, together with structure
standing thereon admeasuring about 1704.23 sq. mtrs. b) All that piece
and parcel of the property being pathway land an extent of 0.12 Cents
out of Hac, 1.42.5 Acre 3.52 comprised in S F Na63/2A in Thungavi
village Udumalpet Taluka, Tirupur Registration District and Koniyur Sub
Registration District.
1.2 Personal guarantee of the two directors of the company.
1.3 Pledge of promoters equity shares at 30% of the total shareholding.
1.4 Repayment Schedule and Rate of interest of Term Loans from Axis
Bank Ltd. as set out below :
# Primary Security: Extension of first charge on entire current assets
of the company, both present and future.
Collateral Security : Extension of first and exclusive charge on a) All
that piece and parcel of land totally admeasuirg about 6924.50 sq.mtrs
bearing plot no.63B admeasuring 1474.50 sq mtrs, plot no.64A (part)
admeasuring above 523.00 sq mtrs, Plot No.68B admeasuring about 1825.50
sq mtrs and plot no.69 admeasuring about 3102.00 sq mtr, lying being
and situated at Piparia Industrial Estate, Village Amli, silvassa,
Union Teritory of Dadra and Nagar Haveli, together with structure
standing thereon admeasuring about 1704.23 sq. mtrs. b) All that piece
and parcel of the property being pathway land an extent of 0.12 Cents
out of Hac, 1.42.5 Acre 3.52 comprised in S F Na63/2A in Thungavi
village Udumalpet Taluka, Tirupur Registration District and Koniyur Sub
Registration District.
Personal guarantee of the two directors of the company.
Pledge of promoters equity shares at 30% of the total shareholding.
* The company has not received intimation from suppliers regarding the
status under the Micro, Small and Medium Enterprises Development Act,
2006 and hence disclosures, if any, relating to amounts unpaid as at
the year end together with interest paid/payable as required under the
said Act have not been given.
# Includes Rs.13,22,62,667/- (Previous year Rs.2,40,67,076/-) payable to a
related party - Beekaylon Synthetics Private Limited. [Refer Note
No.27]
* These figures do not include any amounts due and outstanding to be
credited to Investor Education and Protection Fund.
** Includes Rs.Nil (Previous Year Rs.5,00,000/-) due to related party
(Refer Note No.27)
# Includes mainly statutory dues, security deposits and advances from
customers
@ Fixed deposit receipt of Rs.16,98,000 (Previous year Rs.16,98,000) of
Dena Bank Ltd. pledged as margin money under bank's lien for guarantee
given by the bank on behalf of the Company and Fixed deposit receipt of
Rs.41,90,570 (Previous year Rs.36,25,000) of Axis Bank Ltd. pledged towards
DSR money under bank's lien for term loan given by bank to the company.
# Fixed Deposits with Bank includes Rs.16,73,000 (Previous Year
Rs.15,05,000) with maturity of more than 12 months.
2.1 As per Accounting standard - 15 "Employees Benefits" the
disclosure of Employees benefits as defined in the Accounting Standard
are given below:
Defined Contribution Plan :
Employers contribution to Provident Fund Rs. 5,22,855 (Previous Year Rs.
97,111) charged to Profit & Loss account.
Defined benefits Plan (Non funded) :
The liability in respect of Gratuity has been provided based on the
Actuarial valuation. The liability at the beginning of the year was
Rs.85,161
(Previous Year Rs.53,002). Current Service Cost is Rs.7,59,652 (Previous
Year Rs.32,159) and liability at the end of the year is Rs.8,44,813
(Previous Year Rs.85,161). The same have been provided for by way of
charge to Profit & Loss account.
The liability in respect of Leave Encashment has been provided based on
the Actuarial valuation. The liability at the beginning of the year was
Rs.62,111 (Previous Year Rs.14,950). Current Service Cost is Rs.1,95,461
(Previous Year Rs.47,161) and liability at the end of the year is
Rs.2,57,572 (Previous Year Rs.62,111). The same have been provided for by
way of charge to Profit & Loss account.
3 RELATED PARTY DISCLOSURES:
a) Names of related parties and description of relationship:
i. Key Management Personnel :
Mr. Nand K. Khemani
Mr. Ashok K. Khemani
Mr. Kumar Nathani
Mr. Anil Mandhana
Mr. Rahul A. Khemani
Mr. Shahin N. Khemani
Mr.Vijay Kumar Mishra
Mr.Manmohan Anand
Mrs.Sraddha Teli
ii. Others (Entities in which Key Management Personnel have control or
significant influence)
Beekaylon Synthetics Private Limited
DNH Spinners Pvt. Ltd.
Indo Leather Works
Jay Gee Rayons
b) Transactions with related parties :
3.1 Related party relationship is as identified by the management and
relied upon by the Auditors.
3.2 Previous year figures are given in brackets.
3.3 Amount includes service tax paid under Reverse Charge Mechanism
during the year 2014-15.
4 CONTINGENT LIABILITIES AND COMITTMENTS:
(To the extent not provided for)
(i) In respect of Disputed Income Tax Liabilities/Demand :
F.Y.2014-15 FY.2013-14
Disputed Income Tax liability of
assessment year 2009-10 4,38,920 4,38,920
Disputed Income Tax liability of
assessment year 2010-11 3,71,690 3,71,690
Disputed Income Tax liability of
assessment year 2011-12 2,82,270 2,82,270
(ii) Custom Duty in respect of future
export obligation in 94,14,773 1,14,51,974
accordance with EXIM Policy
(iii) Bank Guarantee Outstanding. 84,62,000 16,73,000
4.2 The Company's main business segment is manufacturing of polyester
yarn. Hence there are no separate reportable segments as per Accounting
Standard 17 "Segment Reporting"- AS17.
4.3 The Company has provided depreciation on fixed assets as per the
revised useful life as specified in Schedule II of the Companies Act
2013, except for certain items of Plant and Machinery wherein the
useful life is taken based on certification obtained from a Chartered
Engineer.
The carrying value of the assets whose useful life is already exhausted
on 1st April 2014 has been adjusted against opening balance of retained
earningsRs1,05,109 (net of deferred tax)
Mar 31, 2014
1 SHARE CAPITAL:
1.1 All the equity shares carry equal rights and obligations including
for dividend and with respect to voting.
1.2 The details of Shareholders holding more than 5% shares:
2. LONG TERM BORROWING
2.1 Term Loans from Axis Bank Ltd.
Term Loans from Axis Bank Ltd. aggregating to Rs.4,29,68,658/-
(Previous Year Rs. 5,23,43,658/-) is secured by Primary Security:
Extension of first charge on entire current assets of the company, both
present and future.
Collateral Security : Extension of first charge of the entire fixed
assets of the company including equitable mortgage of land, building &
including other immovable assets of the factory unit at Plot No.63-B
(Approx.2000 sq.mtr. out of total plot area of 6822.50 sq.mtrs. On
which the company is constructing factory building). Exclusive first
charge over the entire movable/immovable assets of the wind power
project at Thungavi.
2.2 Personal guarantee of the two directors of the company.
2.3 Pledge of promoters equity shares at 30% of the total shareholding.
2.4 Vehicle Loan is secured by charge on the Specific Vehicle.
3. SHORT TERM BORROWINGS
# Primary Security: Extension of first charge on entire current assets
of the company, both present and future.
Collateral Security : Extension of first charge of the entire fixed
assets of the company including equitable mortgage of land, building &
including other immovable assets of the factory unit at Plot No.63-B
(Approx.2000 sq.mtr. out of total plot area of 6822.50 sq.mtrs. On
which the company is constructing factory building). Exclusive first
charge over the entire movable/immovable assets of the wind power
project at Thungavi.
Personal guarantee of the two directors of the company.
Pledge of promoters equity shares at 30% of the total shareholding.
4. TRADE PAYABLES
* The company has not received intimation from suppliers regarding the
status under the Micro, Small and Medium Enterprises Development Act,
2006 and hence disclosures, if any, relating to amounts unpaid as at
the year end together with interest paid/payable as required under the
said Act have not been given.
# Includes Rs. 2,40,67,076/- (Previous year Rs. 14,76,688/- payable to
a related party - Beekaylon Synthetics Private Limited. [Refer Note
No.27]
5.OTHER CURRENT LIABILITIES
* These figures do not include any amounts due and outstanding to be
credited to Investor Education and Protection Fund.
** Includes Rs.5,00,000/- (Previous Year Rs.5,00,000/-) due to related
party (Refer Note No.27).
# Includes mainly statutory dues, security deposits and advances from
customers.
6. FIXED ASSETS (AT COST)
6.1 The Company holds 10 (Previous year: 10) Equity shares of face
value of Rs 1,000 each in Danudyog Sahakari Sangh Ltd in respect of
ownership of Land, cost of which is included in "Land (Free hold)".
6.2 Plant and Machinery includes Windmill.
7. CASH AND CASH EQUIVALENTS
@ Fixed deposit receipt of Rs. 16,98,000 (Previous year Rs.13,30,000)
of Dena Bank Ltd. pledged as margin money under bank''s lien for
guarantee given by the bank on behalf of the Company and Fixed deposit
receipt of Rs.36,25,000 (Previous year Rs.36,25,000) of Axis Bank Ltd.
pledged towards DSR money under bank''s lien for term loan given by bank
to the company.
# Fixed Deposits with Bank includes Rs.16,73,000 (Previous Year
''15,05,000) with maturity of more than 12 months.
8. As per Accounting standard - 15 "Employees Benefits" the disclosure
of Employees benefits as defined in the Accounting Standard are given
below:
Defined Contribution Plan:
Employers contribution to Provident Fund Rs.97,111 (Previous Year Rs.
86,795) charged to Profit & Loss account.
Defined benefits Plan (Non funded):
The liability in respect of Gratuity has been provided based on the
Actuarial valuation. The liability at the beginning of the year was
Rs.53,002
(Previous Year Rs.9,628). Current Service Cost is Rs. 32,159 (Previous
Year Rs.43,374) and liability at the end of the year is Rs. 85,161
(Previous Year Rs.53,002). The same have been provided for by way of
charge to Profit & Loss account. The liability in respect of Leave
Encashment has been provided based on the Actuarial valuation. The
liability at the beginning of the year was Rs.14,950 (Previous Year
Rs.657). Current Service Cost is Rs. 47,161 (Previous Year Rs.14,293)
and liability at the end of the year is Rs. 62,111 (Previous Year
Rs.14,950). The same have been provided for by way of charge to Profit
& Loss account.
9. Related party relationship is as identified by the management and
relied upon by the Auditors.
9.1 Previous year figures are given in brackets.
9.2 Amount includes service tax paid under Reverse Charge Mechanism
during the year 2013-14.
10. CONTINGENT LIABILITIES AND COMITTMENTS
(To the extent not provided for)
(i) In respect of Disputed Income Tax Liabilities/Demand
F.Y.2013-14 F.Y.2012-13
Disputed Income Tax liability of
assessment year 2009-10 4,38,920 4,38,920
Disputed Income Tax liability of
assessment year 2010-11 3,71,690 3,71,690
Disputed Income Tax liability of
assessment year 2011-12 2,82,270 2,82,270
(ii) Custom Duty in respect of future
export obligation in accordance with 1,14,51,974 86,57,406
EXIM Policy
(iii) Bank Guarantee Outstanding as
at 31.03.2014 16,73,000 13,05,000
11. Previous year''s figures are given in brackets and regrouped
/rearranged wherever necessary.
11.1 The Company''s main business segment is manufacturing of polyester
yarn. Hence there are no separate reportable segments as per Accounting
Standard 17 "Segment Reporting"- AS17.
Mar 31, 2013
1.1 Interest expenses includes Rs. 46,54,262 (Previous year Rs. 7,49,232)
to a related party - [Refer Note No.27]
2 RELATED PARTY DISCLOSURES:
a) Names of related parties and description of relationship: i. Key
Management Personnel : Mr. Nand K. Khemani
Mr. Ashok K. Khemani
Mr. Kumar Nathani
Mr. Anil Mandhana
Mr. Rahul A. Khemani
Mr. Shahin N. Khemani ii. Others (Entities in which Key Management
Personnel have controlor significant influence)
Beekaylon Synthetics Private Limited
Indo Leather Works
Jay Gee Rayons
2.1 Related party relationship is as identified by the management and
relied upon by the Auditors.
2.2 Previous year figures are given in brackets.
2.3 Amount does not includes service tax paid under Reverse Charge
Mechanism during the year 2012-13.
3.1 Previous year''s figures are given in brackets and regrouped
/rearranged wherever necessary.
3.2 The Company''s main business segment is manufacturing of polyester
yarn. Hence there are no separate reportable segments as per Accounting
Standard 17 "Segment Reporting"- AS17.
Mar 31, 2012
1.1 Term Loans from Axis Bank Ltd.
Term Loans from Axis Bank Ltd. aggregating to Rs6,24,99,908/- (Previous
Year Rs1,68,30,115/-) is secured by Primary Security: Extension of first
charge on entire current assets of the company, both present and
future.
Collateral Security : Extension of first charge of the entire fixed
assets of the company including equitable mortgage of land, building &
including other immovable assets of the factory unit at Plot No.63-B
(Approx.2000 sq.mtr. out of total plot area of 6822.50 sq.mtrs. On
which the company is constructing factory building).
Exclusive first charge over the entire movable/immovable assets of the
wind power project atThungavi.
1.2 Personal guarantee of the two directors of the company.
1.3 Pledge of promoters equity shares at 30% of the total
shareholding.
1.4 Repayment Schedule and Rate of interest of Term Loans from Axis
Bank Ltd. as set out below :
Collateral Security : Extension of first charge of the entire fixed
assets of the company including equitable mortgage of land, building &
including other immovable assets of the factory unit at Plot No.63-B
(Approx.2000 sq.mtr. out of total plot area of 6822.50 sq.mtrs. On
which the company is constructing factory building).
Exclusive first charge over the entire movable/immovable assets of the
wind power project at Thungavi. Personal guarantee of the two
directors of the company.
Pledge of promoters equity shares at 30% of the total shareholding.
2.1 As per Accounting standard - 15 "Employees Benefits" the
disclosure of Employees benefits as defined in the Accounting Standard
are given below:
Defined contribution Plan : The Provisions of Employees Provident Fund
Act, 1952 is not applicable to the Company.
Defined benefits Plan (Non funded) :
The liability in respect of Gratuity has been provided based on the
Actuarial valuation. The liability at the beginning of the year was
Rs8,554.
Current Service Cost is Rs1,074 and liability at the end of the year is
Rs9,628. The same have been provided for by way of charge to profit &
Loss account.
The liability in respect of Leave Encashment has been provided based on
the Actuarial valuation. The liability at the beginning of the year
was Rs2,151.
Current Service Cost is Rs(1,494) and liability at the end of the year
is Rs657. The same have been provided for by way of credit to profit &
Loss account.
3.1 Related party relationship is as identified by the management and
relied upon by the Auditors.
3.2 Previous year figures are given in brackets
4 CONTINGENT LIABILITIES AND COMITTMENTS:
(To the extent not provided for)
(i) In respect of Disputed Income Tax Liabilities/Demand :
F.Y. 2011-12 F.Y. 2010-11
Disputed Income Tax liability of
assessment year 2005-06 77,872 77,872
Disputed Income Tax liability of
assessment year 2009-10 4,63,702 Ã
Disputed Income Tax liability of
assessment year 2010-11 9,89,201 Ã
(ii) Comittments
Estimated amount of contracts
remaining to be executed 1,16,080 7,52,85,838
on capital accounts and not provided for. (net of advances)
5.1 Previous year's figures are given in brackets and
regrouped/rearranged wherever necessary.
5.2 The company has identified three reportable segments, viz, Yarn
Business, Wind power generation and Investments.
Segments have been identified taking into consideration nature of
products, differing risks and returns, the organisational structure and
the internal reporting system.
5.3 Unallocated assets and liabilities represent assets and
liabilities which are not identifiable to any of the reportable
segments.
Mar 31, 2011
1. Contingent liabilities
Previous year
Rs. Rs.
a. Disputed Income Tax liability of assessment
year 2005-06 77,872 77,872
b. Estimated amount of contracts remaining
to be executed on capital accounts
and not provided for (net of advances) 75,285,838 Nil
2. Considering the present financial strength of the company and in
view of the company being at the initial stage of growth after
recommencement of the manufacturing activities related to yarn business
and the commencement of business activity of generation of power, the
Managing Director of the company has forgone his remuneration, though
approved by the shareholders.
3. Related parties disclosures:
a) Names of related parties and description of relationship:
i. Key Management Personnel: Mr. Nand K. Khemani
Mr. Ashok K. Khemani
Mr. Kumar Nathani
Mr. Anil Mandhana
Mr. Rahul A. Khemani (Additional Director w.e.f. 1.11.2010)
Mr. Shahin N. Khemani (Additional Director w.e.f. 1.11.2010)
ii. Others (Entities in which Key Management Personnel have control or
significant influence)
Beekaylon Synthetics Private Limited
Indo Leather Works
Jay Gee Rayons
iii. Relatives of Key Management Personnel
Mr. Rahul A. Khemani (upto 31.10.2010)
Mr. Shahin N. Khemani (upto 31.10.2010)
4. As per Accounting standard - 15 "Employees Benefits" the
disclosure of Employees benefits as defined in the Accounting Standard
are given below:
Defined contribution Plan: The Provisions of Employees Provident Fund
Act, 1952 is not applicable to the Company.
Defined benefit Plan (Not funded):
The liability in respect of Gratuity has been provided based on the
Acturial valuation. The liability at the beginning of the year was Rs.
6,410. Current Service Cost is Rs. 2,144 and liability at the end
of the year is Rs. 8,554. The same have been provided for by way of
charge to profit & Loss account.
The liability in respect of Leave Salary has been provided based on the
Acturial valuation. The liability at the beginning of the year was Rs.
3,152. Current Service Cost is Rs. (1,001) and liability at the end of
the year is Rs. 2,151. The same have been provided for by way of credit
to profit & Loss account.
5. As at 31st March 2011, advance payment of income tax and provision
for taxation have been disclosed on a net basis, wherever legal right
to set off exists and when the company intends to settle the assets and
liabilities on a net basis.
6. The company has opted for exemption from payment of excise duty in
terms of Notification No.30/2004 of Central Excise Rules, dated
09.07.2004 amended by Notification No. 10/2005 of Central Excise Rules,
dated 01.03.2005.
7. Previous year's figures have been re-grouped and re-classified
wherever necessary to correspond with the figures of the current year.
Mar 31, 2010
1. Contingent liabilities
Rupees Previous year
Rupees
Claim against the company not
acknowledged as debt - 6,855
Disputed Income Tax liability of
assessment year 77,872 77,872
2. Considering the present financial strength of the company and in
view of the company being at the initial stage of growth after
recommencement of the manufacturing activities related to yarn business
and the commencement of business activity of generation of power, the
Managing Director of the company has forgone his remuneration, though
approved by the shareholders.
3. Related parties disclosures:
a) Names of related parties and description of relationship:
i. Key Management Personnel :
Mr. Nand K. Khemani
Mr. Ashok K. Khemani
Mr. Kumar Nathani
Mr. Anil Mandhana
ii. Others (Entities in which Key Management Personnel have control or
significant influence)
Beekaylon Synthetics Private Limited
Indo Leather Works
Jay Gee Rayons
Beekaylon Developer
iii. Relatives of Key Management Personnel
Rahul A. Khemani
Shahin N. Khemani
Notes:
1. Related party relationship is as identified by the company and
relied upon by the Auditors.
2. Previous year figures are given in brackets
Notes:
1. Previous years figures are given in brackets.
2. The company has identified three reportable segments, viz, Yarn
Business, Wind power generation and Investments. Segments have been
identified, taking into consideration nature of products, differing
risks and returns, the organisational structure and the internal
reporting system.
3. Unallocated assets and liabilities represent assets and liabilities
which are not identifiable to any of the reportable segments.
4. As per Accounting standard - 15 "Employees Benefits" the
disclosure of Employees benefits as defined in the Accounting Standard
are given below:
Defined contribution Plan : Since there are only three employees,
provident Fund is not applicable to the Company.
Defined benefit Plan (Not funded) : The liability in respect of
Gratuity have been provided based on the Acturial valuation. The
liability at the beginning of the year was Rs.3,868. Current Service
Cost is Rs. 2,542 and liability at the end of the year is Rs. 6,410.
The same have been provided for by way of charge to profit & Loss
account.
The liability in respect of Leave Salary have been provided based on
the Acturial valuation. The liability at the beginning of the year was
Rs.2,579. Current Service Cost is Rs. 573 and liability at the end of
the year is Rs. 3,152. The same have been provided for by way of charge
to profit & Loss account.
5. As at 31st March 2010, advance payment of income tax and provision
for taxation have been disclosed on a net basis, wherever legal right
to set off exists and when the company intends to settle the assets and
liabilities on a net basis. Accordingly, the previous years
corresponding figures which were disclosed on a gross basis have been
now regrouped.
6. The company has opted for exemption from payment of excise duty in
terms of Notification No.30/ 2004 of Central Excise Rules, dated
09.07.2004 amended by Notification No.10/2005 of Central Excise Rules,
dated 01.03.2005.
7. Previous years figures have been re-grouped and re-classified
wherever necessary to correspond with the figures of the current year.