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Notes to Accounts of Fenoplast Ltd.

Mar 31, 2014

1.1 Term loan from banks include loan from Syndicate bank

1.2 Term loans from banks are secured by first charge on all existing and future assets of the Company on pari pasu basis and personal guarantee of directors (Mr.H. Narsaiah, Mr. H. Kishen and Mr.H.Krishna Kumar) of the Company, other managerial persons (Mr. H. Mahesh Kumar and Mr. H. Praveen Kumar) Second charge on Current Assets of the Company.

1.3 Repayment schedule and Rate of Interest of Term Loans from Banks as follows:

1.4 The Company has taken Unsecured Loans from Andhra Pradesh State Finance Corporation (APSFC), which are secured by collateral security of Spouse of the Managing Director (Mr. H. Kishen) and guaranteed by Managing Director, Whole Time Director (Mr. H. Krishna Kumar), Director (Mr. H. Narsaiah) and Spouse of the Managing Director.

2.1 Working capital loans from banks are secured by hypothecation of movable assets including inventories and assignment of receivables, personal guarantees of Directors (Mr. H. Kishen, M r. H . Kri sh na Ku m ar and Mr. H. Narsaiah) of the Company and Second charge on the fixed assets of the Company.

3.1 Statutory Liabilites represent TDS of Rs.48.84 Lacs, VAT of Rs.37.68 Lacs, Provident Fund of Rs.30.53 Lacs, Employee State Insurance of Rs. 9.57 Lacs, Service tax of Rs.25.98 Lacs etc.,

Note 4 : Related Party Disclosures

A. Enterprises in which significant influence by Key Management Personnel

1. Feno Fiber Limited

2. Rex-O-Knits Private Limited

B. Key Management Personnel

1. Sri H. Kishen - Managing Director

2. Sri H. Krishna Kumar - Whole time Director

3. Sri H. Praveen Kumar - Chief Executive - Calendering Division

4. Sri H. Mahesh Kumar - Chief Executive - Domestic Sales

5. Sri H. Sanjay Kumar - Chief Executive - OEM Sales


Mar 31, 2013

1.1 Term loan from banks include loan from Syndicate bank

1.2 Term loans from banks are secured by first charge on all existing and future assets of the company on pari pasu basis and personal guarantee of directors (Mr.H. Narsaiah, Mr. H. Kishen and Mr.H.Krishna Kumar) of the company, other managerial persons (Mr. H. Mahesh Kumar and Mr. H. Praveen Kumar) second charge on current assets

1.3 Unsecured loans are taken from Andhra Pradesh State Finance Corporation (APSFC), which are secured by collateral security of Spouse of the Managing Director (Mr. H. Kishen) and guaranteed by Managing Direcor, Whole Time Director (Mr. H. Krishna Kumar), Director (Mr. H. Narsaiah) and Spouse of the Managing Director

2.1 Working capital from banks are secured by hypothecation of movable assets including inventories and assignment of receivables, personal guarantees of Directors (Mr. H. Kishen, Mr. H. Krishna Kumar and Mr. H. Narsaiah) of the company and second charge on the fixed assets of the Company.

3.1 Statutory Liabilites represent TDS of Rs.. 12.10 Lacs, VAT of Rs..44.97 Lacs, Provident Fund ofRs.. 3.61 Lacs, Employee State Insurance of Rs.. 1.24 Lacs, Service tax of Rs.. 4.67 Lacs etc.,

4.1 Amount paid under Protest represents Rs.52.95 Lacs under Income Tax Act, 1961, Rs..6.33 Lacs under Central Excise Act, 1944 and Rs..4.00 Lacs under AP VAT Act / CST on various appeals


Mar 31, 2012

1.1 Term loan from banks include loan from Canara bank and Syndicate bank

1.2 Term loans from banks are secured by first charge on all existing and future assets of the company on Pari Passu basis and personal guarantee of directors of the company and second charge on current assets

1.3 Unsecured loans are taken from Andhra Pradesh State Financial Corporation, which are secured by collateral security of spouse of the managing director and guaranteed by Managing Director, Whole Time Director, one more director and spouse of managing director.

Note 2 : Related Party Disclosures as per AS 18

A. List of related parties

1. Sri H. Narsaiah - Brother of Managing Director

2. Feno Foams Private Ltd.,

3. Feno Fiber Ltd.,

4. Feno Investments Ltd.,

5. H. Gangaram Cloth Merchants

6. Ganga Bros Spinning Private Ltd.,

7. Rex -O -Knits Pvt.Ltd.,

B. Key Management Personnel

1. Sri H. Kishen - Managing Director

2. Sri H. Krishna Kumar - Whole time Director

3. Sri H. Praveen Kumar - General Manager

4. Sri H. Mahesh Kumar - General Manager

Note 3 : Contingent Liabilities (not provided for) in respect of:

(Rs. In Lacs)

2011-11 2010-11

a. Demand raised by the Income Tax authorities, being disputed by the Company 92.21 73.55

b. Demands raised by Sales tax authorities, being disputed by the Company. 46.15 40.28 c. Bank guarantees, Letter of credits and other guarantees 443.74 974.80

Total 582.10 1088.63

Note 4: We have recorded all known liabilities in the financial statements. The Company has not received any intimations from suppliers regarding their status under the micro, small and medium enterprises development act, 2006 and hence disclosures, if any relating to amounts unpaid as at the yearend together with interest paid or payable as required under the said Act have not been given.

Note 5: The company has made relevant disclosures which are applicable as per revised schedule VI and the figures for the previous year are reclassified /regrouped and rearranged wherever necessary.


Mar 31, 2011

1. Contingent liabilities not provided for in respect of:

a) Letters of Credit, Bank Guarantees and other Guarantees of Rs 974.80 lakhs (Previous year: Rs.493.19 lakhs)

b) Claims against the company not acknowledged as debts:

Income tax matter under appeal Rs.73.55 lakhs (Previous year Rs.90.32 lakhs).

2. Term Loans from Canara Bank is secured by first charge on all existing and future assets of the company on pari passu basis and personal guarantees of Directors of the company and second charge on Current Assets.

3. Working Capital from Banks is secured by hypothecation of movable assets including Inventories and assignment of receivables and personal guarantees of Directors of the company and second charge on the Fixed Assets.

4. Investments of Rs.46.73 lakhs (Previous year Rs.46.73 lakhs) in equity share application money pending allotment with Feno Fiber Limited, a company in which directors are interested.

5. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small. Medium Enterprises Development Act, 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. .

6. During the year the company has taken a group gratuity cum insurance policy with LIC of India, The company has paid current service cost of Rs. 4.58 Lakhs. The company has agreed to contribute the past service cost in five annual installments.

7. During the year the company has sent balance confirmations to substantial number of Debtors and Creditors. Based on the responses received the company has reconciled major balances. The Company shall endeavor to reconcile the other balances on a priority basis.

8. Related party disclosure - as per AS-18 issued by the ICAI.

A. LIST OF RELATED PARTIES

I) Key Management Personnel Personnel having Significant Influence:

1) Sri H. Kishen - Managing Director

2) Sri H. Krishna Kumar - Whole time Director

3) Sri H. Praveen Kumar - General Manager

4) Sri H. Mahesh Kumar - General Manager

II) Related Persons/Entities

1) Sri H. Narsaiah - Brother of Managing Director

2) Feno Foams Private Ltd.,

3) Feno Fiber Ltd.,

4) Feno Investments Ltd.,

5) H. Gangaram - Cloth Merchant

6) Ganga Bros Spinning Private Ltd.,

7) Rex - O - Knits Pvt.Ltd.,

9. Earnings per Share:

Earning per share is calculated by dividing the net profit after taxation as per accounts for the year, which is attributable to the equity shareholders by average number of equity shares outstanding during the year. The basis adopted for calculation of the basic earnings per equity share is stated below:

10. Previous year figures have been regrouped / rearranged wherever necessary to conform to this year classification


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

a) Letters of Credit, Bank Guarantees and other Guarantees of Rs.493.19 lakhs (Previous year: Rs. 1121.14 lakhs)

b) Claims against the company not acknowledged as debts:

Income tax matter under appeal Rs.90.32 lakhs (Previous year Rs.106.90 lakhs).

2. Term Loans from Union Bank Of India and Canara Bank are secured by first charge on all existing and future assets of the company on pari passu basis and personal guarantees of Directors of the company and second charge on Current Assets.

3. Working Capital from Banks is secured by hypothecation of movable assets including Inventories and assignment of receivables and personal guarantees of Directors of the company and second charge on the Fixed Assets.

4. Investments of Rs.46.73 lakhs (Previous year Rs.46.73 lakhs) in equity share application money pending allotment with Feno Fiber Limited, a company in which directors are interested.

5. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small. Medium Enterprises Development Act, 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

6. Balances of Debtors, Creditors, Loans and Advances are subject to confirmation.

7. Related party disclosure - as per AS-18 issued by the ICAI. A. List of Related Parties

I) Key Management Personnel Personnel having Significant Influence:

1) Sri H. Narsaiah,

2) Sri H. Kishen,

3) Sri H. Krishna Kumar,

4) SriH. Ravi Raj,

5) Sri H. Praveen Kumar,

6) Sri H. Mahesh Kumar,

II) Related Entities

1) Feno Foams Private Ltd., 2) Feno Fiber Ltd., 3) Feno Investments Ltd., 4) Ganapa Enterprises 5) Ganga Bros Spinning Private Ltd., 6) H.Gangaram-Cloth Merchant, 7) H. Krishna Kumar & Associates, 8) Rex -O -Knits Pvt.Ltd.,


Mar 31, 2009

1. Contingent liabilities not provided for in respect of:

a) Letters of Credit. Bank Guarantees and other Guarantees of Rs.1121.14 lakhs (Previous year: Rs. 1363.60 lakhs)

b) Claims against the company not acknowledged as debts:

Income tax matter under appeal Rs.106.90 lakhs (Previous year Rs.254.34 lakhs).

2. Term Loan from Union Bank Of India is secured by first charge on all existing and future assets of the company on pari passu basis and personal guarantee -. of Directors of the company and second charge on Current Assets.

3. Working Capital from Banks is secured by hypothecation of movable assets including Inventories and assignment of receivables and personal guarantees of Directors of the company and second charge on the Fixed Assets.

4. Investments of Rs.46.73 lakhs (Previous year Rs.46.73 lakhs) in equity share application money pending allotment with Feno Fiber Limited, a company in which directors are interested.

5. There are no Micro Small and Medium Enterprises, as defined in the Micro, Small. Medium Enterprises Development Act, 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

6. Balances of Debtors, Creditors, Loans and Advances are subject to confirmation.

7. Related party disclosure - as per AS-18 issued by the ICAI. A. List of Related Parties

I) Key Management Personnel Personnel having Significant Influence:

1) Sri H. Narsaiah, 2) Sri H. Kishen, 3) Sri H. Krishna Kumar, 4) Sri H. Ravi Raj, 5) Sri H. Praveen Kumar, 6) Sri H. Mahesh Kumar, 7) Sri. H. Sanjay Kumar

II) Related Entities

1) Daya Kiran Cloth Stores, 2) Feno Foams Private Ltd., 3) Feno Fiber Ltd., 4) Feno Investments Ltd., 5) Ganapa Enterprises 6) Ganga Bros Spinning Private Ltd., 7) H.Gangaram-Cloth Merchant, 8) H.Gangaram Exclusives, 9) H. Krishna Kumar & Associates, 10) Rex -O -Knits Pvt.Ltd., 11) Shivaram Agencies, 12) Traders.

8. Previous year figures have been regrouped / rearranged wherever necessary to conform to this year classification

 
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