Home  »  Company  »  Donear Industrie  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Donear Industries Ltd.

Mar 31, 2015

1. Terms / rights attached to equity shares:

(a) The company has only one class of equity shares having a par value of ' 2 per share. Each holder of equity shares is entitled to one vote per share. There is no interim dividend proposed by the Board of Directors.

(b) In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act, have not been given.

2. The Company can utilise these balances towards settlement of unpaid dividend only

3. Margin money deposits amounting to ' 1,82,40,832 (Previous Year Rs. 1,63,56,183) are lying with bank against Bank Guarantees and Letter of Credit.

Notes :

(a) The Company is engaged into two main business segments mainly (i) Manufacturing and Dealing in Textiles and (ii) Rental Property which have been identified and reported taking into account the nature of products and services, the differing risks and returns and the organisation structure.

(b) Segment revenue, results, assets and liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

(c) As this being the first year of reportable segment under Accounting Standard 17 on Segmental Reporting, previous year figures are not applicable.

4. RELATED PARTY DISCLOSURES

The disclosures of Related Party as under :

Related Parties

(a) (i) Shri Vishwanath L. Agarwal

(b) (i) Mrs. Bhavardevi Agarwal (Wife of Shri

Vishwanath L. Agarwal and mother of Shri

Rajendra V. Agarwal and Shri Ajay V. Agarwal)

(c) (i) Shri Rajendra V. Agarwal

(ii) Shri Ajay V. Agarwal

(d) (i) Mrs. Uma Agarwal (Wife of Shri Rajendra V. Agarwal)

(ii) Mr. Rahul R. Agarwal (Son of Shri Rajendra V. Agarwal)

(e) (i) Donear Synthetics Limited

(ii) Lav Kush Traders Pvt.Limited

(iii) Laxmi Synthetics

(iv) Rajendra Agarwal (HUF)

(v) Ajay V. Agarwal (HUF)

(vi) Sonia Synthetics Pvt.Limited

(vii) Sonia Synthetics LLP (Converted from Sonia Synthetic P.Ltd.)

(viii) Donear Retail Pvt.Limited

(ix) R. Ajay Kumar Real Estate LLP (Converted from

R.Ajay Kumar Investment Company Pvt. Ltd.)

(x) Rajendra Synthetics Pvt. Limted

(xi) U.N.Reality Pvt. Limited

(xii) V.R.A. Reality Pvt. Limited

(xiii) Neptune Fabs

(xiv) Venus Textiles

(xv) Lotus Fabrics

(xvi) Mercury Industries

(xvii) Donear Fashion Link Pvt. Limited

Nature of Relationship

(a) Individual having control / significant influence

(b) Relative of Individual having control / Significant influence and Key Management Personnel

(c) Key Management Personnel

Key Management Personnel

(d) Relative of Key Management Personnel

Relative of Key Management Personnel

(e) Entities where individual having control / significant influence or key management personnel or their relatives are able to exercise significant influence

5. In the opinion of the Board, the current assets, loans & advances have a value realisation, in the ordinary course of business at least equal to the amount at which they are stated.

6. The balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

7. Corporate Information

Donear Industries Limited (the 'Company') is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company is manufacturer of fabrics having its own brand name "Donear" and also trading in garments under the brand name of "Dcot". The Company has manufacturing facilities located at Silvassa and Surat. It has one of the best process house as compared to other textile industries located at Surat.

8. The Previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current presentation as per the revised schedule III.


Mar 31, 2014

1. Contingent Liabilities And Commitments (Amount in Rupees)

Particulars As at 31.03.2014 (a) Contingent Liability not provided for in respect of

(i) Claims against the Company not acknowledged as debt 495,502

(ii) Other money for which the company is contingently liable :

Disputed Income Tax Liability 788,770

Disputed Sales Tax Liability 130,639

Bonds executed under EPCG Schemes to Customs Authorities 132,966,418 133,885,827

(b) Commitments not provided for in respect of

(i) Estimated amount of contracts remaining to be executed on capital account (net of advances) 32,609,318

Total 166,990,647

(Amount in Rupees)

Particulars As at 31.03.2013

(a) Contingent Liability not provided for in respect of

(i) Claims against the Company not acknowledged as debt 495,502

(ii) Other money for which the company is contingently liable :

Disputed Income Tax Liability 21,430,343

Disputed Sales Tax Liability 130,639

Bonds executed under EPCG Schemes to Customs Authorities 193,011,996 214,572,978

(b) Commitments not provided for in respect of

(i) Estimated amount of contracts remaining to be executed on capital account (net of advances) 91,276,999

Total 306,345,479

2. In the opinion of the Board, the current assets, loans & advances have a value realisation, in the ordinary course of business at least equal to the amount at which they are stated.

3. The balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

4. Corporate Information

Donear Industries Limited (the ''Company'') is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company is manufacturer of fabrics having its own brand name "Donear" and also trading in garments under the brand name of "Dcot". The Company has manufacturing facilities located at Silvassa and Surat. It has one of the best process house as compared other textile industry located at surat.

5. The Previous year figures have been regrouped / reclassified, wherever necessary to confirm to the current presentation as per the revised schedule VI.


Mar 31, 2013

1 LEASE

a) Assets given on Lease

The Company''s major leasing arrangements are in respect of office premises given on leave and licence basis. These leasing arrangements, which are cancellable, is for the period of 3 years and are usually renewable by mutual consent at mutually agreed terms and conditions.

b) Assets taken on Lease

The Company''s major leasing arrangements are in respect of residential / godowns / office premises (including furniture and fitting therein, wherever applicable) taken on leave and licence basis. These leasing arrangements, which are cancellable, range between 11 months and 5 years generally, or longer, and are usually renewable by mutual consent at mutually agreed terms and conditions.

2 DERIVATIVES HEDGED :

The Company has entered into forward hedged exchange contracts, being derivative instruments hedge purpose and not intended for trading or speculation purposes, to establish the amount of currency in Indian Rupees required or available at the settlement date of certain payables and receivables. The following are the outstanding Forward Exchange Contracts entered into by the Company

3 In the opinion of the Board, the current assets, loans & advances have a value realisation, in the ordinary course of business at least equal to the amount at which they are stated.

4 The balances of Trade Receivables, Trade Payables and Loans and Advances are subject to confirmation and consequential adjustment, if any.

5 Corporate Information

Donear Industries Limited (the ''Company'') is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company is manufacturer of fabrics having its own brand name "Donear" and also trading in garments under the brand name of "Dcot". The Company has manufacturing facilities located at Silvassa and Surat. It has one of the best process house as compared with other textile industry located at surat.


Mar 31, 2011

(1) Secured Loans :

(a) Term Loan from State Bank of Hyderabad, Dena Bank. State Bank of India and State Bank of Indore :

Secured by way of first pari passu basis in favour of Banks over all the fixed assets of the Company, both present & future including but not limited to Fixed Assets pertaining to the Capital Expansion project of the Company at Unit Balaji Fabrics, Revenue Block No. 194 & 195 Kadodara, Bardoli Road, Village Jolwa , Taluka Palsana, District Surat, Gujarat except Land & Building at Plot No A-49 & A-50 Marol , MIDC Andheri (East) Mumbai and are also personally guaranteed by the directors Shri V. L. Agarwal and Shri R. V. Agarwal.

Term loans from State Bank of Hyderabad, Dena Bank and State Bank of India are further secured by second charge on the current assets of the company.

(b) Cash Credit, Working Capital Demand Loan from State Bank of Hyderabad and Dena Bank Secured by way of first charge on pari passu basis on all the current assets of the Company, and also secured by way of second and subsequent charge on pari passu basis on the fixed assets of the company (Present and future). The above loans and facilities are guaranteed by the Directors, Shri. V. L. Agarwal and Shri R. V. Agarwal.

(2) The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act, have not been given. The same has been relied upon by the Auditors.

(3) Sales are inclusive of Export Incentives of Rs.21,594,650 (Previous year Rs.19,263,193).

(4) Estimated amount of contracts remaining to be executed on Capital account & not provided for (net of advances) is Rs.39,331,242 (Previous year Rs.33,518,666)

(5) Contingent Liabilities :

2010-2011 2009-2010 Particulars Rs. Rs.

a) Disputed Income Tax Liability where Company is in appeal 22,529,953 NIL

b) Bank Guarantees executed under EPCG Schemes to Customs Authorities 895,000 895,000

c) Bank Guarantees executed towards Electricity Department 2,062,500 2,062,500

d) Bonds executed under EPCG Schemes to Customs Authorities 317,517,730 263,490,145

e) Bonds executed in favour of the excise department towards 3,740,229 3,740,229 concessional custom duty availed

f) Claims against the Company not acknowledged as debt 159,780 159,780

(6) Derivatives :

HEDGED:

The Company has entered into forward hedged exchange contracts, being derivative instruments hedge purpose and not intended for trading or speculation purposes, to establish the amount of currency in Indian Rupees required or available at the settlement date of certain payables and receivables. The following are the outstanding Forward Exchange Contracts entered into by the Company.

(7) Segment Reporting :

The Company has one business segment viz. Manufacturing and Dealing in Textiles (Man Made Fabrics) However, since the sales outside India was more than 10% of the total sales in the previous year, geographical segment is reported as the secondary segment.

(8) Disclosure for operating leases under Accounting Standard 19 - "Leases":

Assets taken on lease :

The Company's major leasing arrangements are in respect of residential / godowns / office premises (including furniture and fittings therein wherever applicable) taken on leave and license basis. The aggregate lease rentals Rs. 17,346,391/-(Previous Year Rs. 16,886,657/-) are charged as Rent and shown under Schedule 16 of "Administrative, Selling & Other Expenses" These leasing arrangements, which are cancelable, range between 11 months and 5 years generally, or longer, and are usually renewable by mutual consent at mutually agreed terms and conditions.

Assets given on lease :

The Company's major leasing arrangements are in respect of office premises given on leave and license basis. The aggregate lease rentals Rs. 378,000/- (previous year Rs. 760,106/-) are collected as Lease Rent and shown under Schedule "Other Income". These leasing arrangements, which are cancelable, is for the period 3 years and are usually renewable by mutual consent at mutually agreed terms and conditions.

(9) Related Party Disclosures :

The following related parties have been identified by the management and relied upon by the auditors.

(a) Individual having control/Significant influence.

(i) Shri Vishwanath L. Agarwal.

(b) Relatives of individual or entities where relatives of individual or individual himself has control / significant influence.

(i) Mrs.Kesari Devi Jajodia

(ii) Mrs.Bhavardevi Agarwal

(c) Key Management Personnel.

(i) Shri Rajendra V. Agarwal

(ii) Shri Ajay V. Agarwal

(d) Relative of Key Management Personnel

(i) Mrs.Uma Agarwal (Wife of Shri Rajendra V.Agarwal)

(ii) Mrs.Neena Agarwal (Wife of Shri Ajay V.Agarwal)

(iii) Mr.Rahul R. Agarwal ( Son of Shri Rajendra V.Agarwal)

(iv) Miss.Ruchi R. Agarwal (Daughter of Shri Rajendra V.Agarwal)

(v) Mr.Surya A. Agarwal (Son of Shri Ajay V.Agarwal)

(vi) Miss Sonia A. Agarwal (Daughter of Shri Ajay V.Agarwal)

(e) Entities where individual having control/significant influence or key management personnel or their relatives are able to exercise significant influence

(i) Donear Synthetics Ltd.

(ii) Lav Kush Traders Pvt. Ltd.

(iii) Vishwanath L.Agarwal (HUF)

(iv) Rajendra Agarwal (HUF)

(v) Ajay Agarwal (HUF)

(vi) Laxmi Synthetics......[ Proprietory concern of Shri Ajay V. Agarwal ]

(vii) Rajendra Synthetics.....[ Proprietory concern of Ajay Agarwal (HUF) ]

(viii) Sonia Synthetics Pvt. Ltd.

(ix) Ruchi Silk Mills Pvt. Ltd.

(x) R.Ajay Kumar Investment Co. Pvt. Ltd.

(xi) Rajendra Synthetics Pvt. Ltd.

(xii) U.N.Reality Pvt.Ltd.

(xiii) V.R.A. Reality Pvt.Ltd.

(xiv) Neptune Fabs

(xv) Venus Textiles

(xvi) Lotus Fabrics

(xvii) Mercury Industries

(xviii) Donear Fashion Link Pvt. Ltd

(10) In the opinion of the Board, the current assets, loans & advances have a value realization, in the ordinary course of business at least equal to the amount at which they are stated.

(11) Borrowing Cost capitalised during the year Rs.Nil (Previous Year Rs. 7,455,952)

(12) The Balance of Sundry Debtors & Sundry Creditors and Loans & Advances are subject to confirmation and consequential adjustment, if any.

(13) Previous year figures have been regrouped / restated wherever considered necessary to make them comparable with those of the current year.

 
Subscribe now to get personal finance updates in your inbox!