Mar 31, 2018
1. Terms/Rights attached to the equity shares
The Company has one class of shares referred to as equity shares having a par value of Rs. 10 each. Each shareholder is entitled to one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
* Credit facilities from Dena Bank are further secured by:
a) 1st Charge by way of Equitable Mortgage of Land & Building at 485, Santej Vadsar Road, Santej, Kalol, Gandhinagar and Hypothecation of Plant and Machinery and all other fixed assets of HDPE, BOPP & Label Division Santej, Bajaj and Khatraj.
b) 1st Charge by way of Equitable Mortgage of Land at Plot No 107, Bangurnagar, Goregaon (W), Mumbai, approximate 865.50 sq yards owned by Shri Mahendra Somani.
c) 1st Charge by way of Equitable Mortgage of Flat no I/2 Aakanksha Appt., near Sola Railway Crossing, Ahmedabad owned jointly by Shri Manish Somani & Smt Purnima Somani.
d) 1st Charge by way of Equitable Mortgage of Flat No B/1001, Gala Swing, South Bopal, Ahmedabad owned by Shri Mahendra Somani.
e) Lien of TDR NO - 136166033979 of Rs. 15 lakhs.
f) Personal Guarantee of Following Directors:
Mr. Mahendra Somani, Mr. Manoj Somani, Mr. Manish Somani & Mrs. Purnima Somani.
g) Address of property for point no. 18 and 19 is 5, Golden Tulip Bunglows, Near Shreyash Foundation, Ambawadi, Ahmedabad-380005.
h) All other unsecured loans further guaranteed by Mr. Mahendra Somani, Mr. Manoj Somani and Mr. Manish Somani.
2. Estimated amounts of contracts remaining to be executed on Capital Account (Net of Advance) and not provided for Rs. - Nil (Previous year - Nil)
3. As per management representation and clarification, there are no trade dues payable to micro, small and medium enterprises reportable as per Schedule III of Companies Act 2013
4. Related Parties Disclosure:
1. Parties where control exists : NIL
2. Other related parties where there is significant influence and transactions have taken place:
Related Concerns:
- Arunodaya Credit & Holding Investment (P) Ltd. - Everplus Plastics Private Limited
- Gopala Kraft pack (P) Ltd. - Gopala Mercantile Ltd.
- Gopala Trims Pvt. Ltd. - Indian Bobbin Manufacturing Co.(P) Ltd.
- Kabra Investment Pvt. Ltd. - Kagaj Marketing & Trading Pvt. Ltd.
- Kaustubh Trade Pvt. Ltd. - Navjeevan Synthetics (P) Ltd.
- New Life Marketing & Trading (P) Ltd. - Parag Velvets (P) Ltd.
- Status Credit & Capital Pvt Ltd - Vinayaka Credit & Holding Investment (P) Ltd
- Riddhi Traders and Exporters - Nathmal Somani and Co.
3. Fellow Subsidiaries where common control exists and transactions have taken place: Nil
4. Key Management Personnel
- Mr. Mahendra Somani : Whole-time Director
- Mr. Manoj Somani : Managing Director
- Mr. Manish Somani : Chief Financial Officer (w.e.f.12.01.2018)/Executive Director
- Mr. Sanjay Maniar : Director (w.e.f. 15.03.2018)
- Mr. Kishorilal Sonthaliy : Director (w.e.f 14.11.2017)
- Ms. Palak Parekh : Director (w.e.f 12.02.2018)
- Ms. Ketan Vala : Company Secretary (w.e.f 15.11.2017)
5. Name of Key Management Personnel resigned during the year:
- Mr. Malay Dalal : Director (Resigned w.e.f. 28.09.2017)
- Mr. Balkrishna Mittal : Director (Resigned w.e.f. 12.02.2018)
- Ms. Nirali Patel : Director (Resigned w.e.f. 23.11.2017)
- Mr. Krunal Shah : CFO (Resigned w.e.f. 05.08.2017)
- Ms. Anal Desai : Company Secretary (Resigned w.e.f. 10.11.2017)
6. Relatives of Key Management Personnel where transactions have taken places: o Mrs. Ushadevi Somani : Spouse of Mr. Mahendrakumar Somani
o Mrs. Purnima Somani : Spouse of Mr. Manish Somani
Notes:
a. The Company has identified business segments as primary segments. The reportable business segments are Woven Sacks and Woven Label.
b. Secondary Segment Information - Geographical Segments
The sales of Company are mainly in India. Therefore, no reportable Geographical Segments. 44. Balances of some of the Sundry Debtors, Loans & Advances, Creditors and other parties including inoperative Bank a/c are subject to confirmation and reconciliation.
Mar 31, 2016
1. Previous year figures have been regrouped and rearranged, wherever necessary, to make them comparable with the current year figures.
2. Additional information pursuant to the provisions of paragraph 3, 4C and 4D of Schedule VI of the Companies Act, 1956.
I. Quantitative information of Fabric Division is not possible to compile, hence, it is not given.
II. Quantitative details of Woven Sacks Division is as under:
* Excluding Production Outside on Job work basis 717 MT (Previous Year 1101 MT)
4. Broad Categories of Major Material & Services. :
A. Raw Material Consumed. :
a. Polypropylene / LLDPE / HDPE / LDPE
b. White & Colour Master Batch
c. Ink & Reducer
d. BOPP Film
e. Yarn
B. Finished Goods Manufactured :
a. Tape
b. Fabric
c. PP / BOPP / AD Star Woven Sacks
d. Woven Label
C. Finished Goods Traded: a. Fabric and Bags
D. Services Provided : NIL
E. Work In Progress :
a. Tape
b. Fabric
c. Woven Sacks Cut-Pcs.
* Credit facilities from Dena Bank are further secured by:
a) 1st Charge by way of Equitable Mortgage of Land & Building and Hypothecation of Plant and Machinery of HDPE & Label Division at Santej.
b) 1st Charge by way of Equitable Mortgage of Land at Plot No 107, Bangurnagar, Goregaon (W), Mumbai, approximate 865.50 sq yards owned by Shri Mahendra Somani.
c) 1st Charge by way of Equitable Mortgage of Flat no I/2, Aakanksha Appt., Near Sola Railway Crossing, Ahmadabad owned jointly by Shri Manish Somani & Smt Purnima Somani.
d) 1st Charge by way of Equitable Mortgage of Flat No B/1001, Gala Swing, South Bopal, Ahmadabad owned by Shri Mahendra Somani.
e) Lien of TDR NO - 136166033979 of Rs. 15 Lacs.
f) Personal Guarantee of Following Directors :
Mr. Mahendra Somani, Mr. Manoj Somani & Mr. Manish Somani
**Details of Tata Capital Financial Services Ltdâs EMI includes Loan amount Rs 11,24,524/- received in 2016-17.
against advance license
Due to rejection of Form 5 for increasing authorized share capital from 16 cr. to 20 cr. by ROC on the Grounds that company has not submitted proof of payment of registration fees and ROC Fees for the year 1996-97 for increase in authorized share capital from Rs. 5 crore to Rs. 10 crore. The company may be required to file form no. 5 afresh with applicable registration fees, late fees which cannot be quantified at this juncture. During the year the company has filed case with honorable Gujarat high court regarding the clarity and appropriate instruction to resolve the matter, till the pendency of which, the Authorized Capital in ROC records will appear at Rs. 16.00 Crore.
3. As per management representation and clarification, there are no trade dues payable to micro, small and medium enterprises reportable as per Schedule III of Companies Act 2013
4. Related Parties Disclosure:
List of Related Parties
(a) Key Management Personnel
Mr. Mahendra Somani : Chairman
Mr. Manoj Somani : Managing Director
Mr. Manish Somani : Executive Director
Mr. Jugal Kishor Khetawat : Director
Mr. Malay Dalal : Director
Mr. Balkrishna Mittle : Director
Ms. Nirali Patel : Director
Ms. Anal Desai : Company Secretary
Mr. Krunal Shah : CFO
(b) Relatives of Key Management Personnel where transactions have taken places:
Mrs. Purnima Somani : Wife of Shri Manish Somani
Mrs. Ushadevi Somani : Mother of Shri Manoj & Manish Somani
(c) Related Concerns:
Arunodaya Credit & Holding Investment (P) Ltd.
Gopala Mercantile Ltd.
Gopala Trims Pvt. Ltd.
Gopala Kraft pack (P) Ltd.
Indian Bobbin Manufacturing Co. (P) Ltd.
Kabra Investment Pvt. Ltd.
Kagaj Marketing & Trading Pvt. Ltd.
Kaustubh Trade Pvt. Ltd.
Navjeevan Synthetics (P) Ltd.
New Life Marketing & Trading (P) Ltd.
Parag Velvets (P) Ltd.
Status Credit & Capital Pvt Ltd
Vinayaka Credit & Holding Investment (P) Ltd.
Everplus Plastics Private Limited
Note : 1. Directors Remuneration is inclusive of Contribution to Provident Fund by Company.
2. Previous Year figures are given in brackets.
Notes: a. The company has identified business segments as primary segments. The reportable business segments are Woven Sacks and Woven Label.
b. Secondary Segment Information - Geographical Segments
The sales of company are mainly in India. Therefore no reportable Geographical Segments.
5. Balances of some of the Sundry Debtors, Loans & Advances, Creditors and other parties including inoperative Bank a/c are subject to confirmation and reconciliation.
6. The Company has assessed most of its fixed assets for probable impairment loss as on date of Balance Sheet as per the requirement of AS 28 issued by ICAI, and concluded that no impairment loss needs to be booked.
Mar 31, 2015
1. Previous year figures have been regrouped and rearranged, wherever
necessary, to make them comparable with the current year figures.
2. Additional information pursuant to the provisions of paragraph 3,
4C and 4D of Schedule VI of the CompaniesAct, 1956.
I. Quantitative information of Fabric Division is not possible to
compile, hence, it is not given.
II. Quantitative details of Woven Sacks Division is as under:
3. Broad Categories of Major Material & Services. :
A. Raw Material Consumed. :
a. Polypropylene / LLDPE / HDPE / LDPE
b. White & Colour Master Batch
c. Ink & Reducer
d. BOPP Film
e. Yarn
B. Finished Goods Manufactured :
a. Tape
b. Fabric
c. PP / BOPP / AD Star Woven Sacks
d. Woven Label
C. Finished Goods Traded:
a. Fabric and Bags
D. Services Provided : NIL
E. Work In Progress :
a. Tape
b. Fabric
c. Woven Sacks Cut-Pcs.
4. Estimated amounts of contracts remaining to be executed on Capital
Account (Net of Advance) and not provided for Rs. - Nil (Previous year
- Nil)
5. Contingent Liability not provided for in respect of:
31.03.2015 31.03.2014
Rs. in lacs Rs. in lacs
Guarantee given by Company's bankers 127.19 100.00
(Guarantees have been given by the Company's
bankers in the normal course of business and
are not expected to result in any liability
on the Company)
Export commitments to be fulfilled for 45.07 33.50
Import of Raw Material
against advance license
Due to rejection of Form 5 for increasing authorized share capital from
16 cr. to 20 cr. by ROC on the Grounds that company has not submited
proof of payment of registration fees and ROC Fees for the year 1996-97
for increase in authorized share capital from Rs. 5 crore to Rs. 10
crore. The company may be required to file form no. 5 afresh with
applicable registration fees, late fees which cannot be quantified at
this juncture. During the year the company has filed case with
honorable Gujarat high court regarding the clarity and appropriate
instruction to resolve the matter, till the pendency of which, the
Authorised Capital in ROC records will appear at Rs. 16.00 Crore.
6. On the basis of the information available with the company, there
is no amount remaining unpaid as on 31st March, 2015 to any supplier
who is a small scale or ancillary industrial undertaking beyond the
agreed credit period.
7. Related Parties Disclosure:
List of Related Parties
(a) Key Management Personnel
Mr. Mahendra Somani : Chairman
Mr. Manoj Somani : Managing Director
Mr. Manish Somani : Executive Director
Mr. Jugal Kishor Khetawat : Director
Mr. Malay Dalal : Director
Mr. Balkrishna Mittle : Director
Mr. Rajkumar Poddar : Director
Ms. Nirali Patel : Director
Ms. Anal Desai : Company Secretary
Mr. Krunal Shah : CFO
(b) Relatives of Key Management Personnel where transactions have taken
places:
Mrs. Purnima Somani : Wife of Shri Manish Somani
Mrs. Ushadevi Somani : Mother of Shri Manoj & Manish Somani
Miss Pallavi Somani : Daughter of Shri Manoj Somani
(c) Related Concerns:
Arunodaya Credit & Holding Investment (P) Ltd.
Gopala Mercantile Ltd.
Gopala Trims Pvt. Ltd.
Gopala Kraft pack (P) Ltd.
Indian Bobbin Manufacturing Co. (P) Ltd.
Kabra Investment Pvt. Ltd.
Kagaj Marketing & Trading Pvt. Ltd.
Kaustubh Trade Pvt. Ltd.
Navjeevan Synthetics (P) Ltd.
New Life Marketing & Trading (P) Ltd.
Parag Velvets (P) Ltd.
Status Credit & Capital Pvt Ltd
Vinayaka Credit & Holding Investment (P) Ltd.
Everplus Plastics Private Limited
a. The company has identified business segments as primary
segments. The reportable business segments are Woven Sacks and Woven
Label.
b. Secondary Segment Information - Geographical Segments
The sales of company are mainly in India. Therefore no reportable
Geographical Segments.
8. Balances of some of the Sundry Debtors, Loans & Advances,
Creditors and other parties including inoperative Bank a/c are subject
to confirmation and reconciliation.
9. The Company has assessed most of its fixed assets for probable
impairment loss as on date of Balance Sheet as per the requirement of
AS 28 issued by ICAI, and concluded that no impairment loss needs to be
booked.
Mar 31, 2014
1. Previous year figures have been regrouped and rearranged, wherever
necessary, to make them comparable with the current year figures.
* Credit facilities from Dena Bank are further secured by:
a) 1st Charge by way of Equitable Mortgage of Land & Building and
Hypothecation of Plant and Machinery of HDPE & Label Division at
Santej.
b) 1st Charge by way of Equitable Mortgage of Land at Plot No 107,
Bangurnagar, Goregaon (W), Mumbai, approximate 865.50 sq yards owned by
Shri Mahendra Somani.
c) 1st Charge by way of Equitable Mortgage of Flat no I/2 Aakanksha
Appt., near Sola Railway Crossing, Ahmedabad owned jointly by Shri
Manish Somani & Smt Purnima Somani.
d) 1st Charge by way of Equitable Mortgage of Flat No B/1001, Gala
Swing, South Bopal, Ahmedabad owned by Shri Mahendra Somani.
e) Lien of TDR NO - 8594207 of Rs. 15L dated - 01.03.2011.
2. Estimated amounts of contracts remaining to be executed on Capital
Account (Net of Advance) and not provided for Rs. - Nil (Previous year
- Nil)
3. Contingent Liability not provided for in respect of:
31.03.2014 31.03.2013
Rs. in lacs Rs. in lacs
Guarantee given by Company''s bankers 100.00 55.00
(Guarantees have been given by the Company''s
bankers in the normal course of business and
are not expected to result in any
liability on the Company)
Export commitments to be fulfilled for 33.50 33.50
Import of Raw Material
against advance license
Due to rejection of Form 5 for increasing authorized share capital from
16 cr. to 20 cr. by ROC on the Grounds that company has not submit
proof of payment of registration fees and ROC Fees for the year 1996-97
for increase in authorized share capital from Rs. 5 crore to Rs. 10
crore. The company may be required to file form no. 5 afresh with
applicable registration fees, late fees which cannot be quantify at
this juncture.
4. On the basis of the information available with the company, there
is no amount remaining unpaid as on 31st March, 2014 to any supplier
who is a small scale or ancillary industrial undertaking beyond the
agreed credit period.
Notes: a. The company has identified business segments as primary
segments. The reportable business segments are Woven Sacks and Woven
Label.
a. Secondary Segment Information - Geographical Segments
The sales of company are mainly in India. Therefore no reportable
Geographical Segments.
5. Balances of some of the Sundry Debtors, Loans & Advances,
Creditors and other parties including inoperative Bank a/c are subject
to confirmation and reconciliation.
6. The Company has assessed most of its fixed assets for probable
impairment loss as on date of Balance Sheet as per the requirement of
AS 28 issued by ICAI, and concluded that no impairment loss needs to be
booked.
* Number of Equity shares at the end of the year is 88,66,392 after
giving effect of Approved Scheme of Arrangement involving financial
restructuring of Company with its shareholders and according to Gujarat
high court order as on 07.05.2013. Effect has been given in books of
account as on 31.03.2013 however the effect of such scheme is not
considered while calculating EPS as on 31/03/13.
Mar 31, 2013
1. Previous year figures have been regrouped and rearranged, wherever
necessary, to make them comparable with the current year figures.
2. Additional information pursuant to the provisions of paragraph 3,
4C and 4D of Schedule VI of the Companies Act, 1956.
I. Quantitative information of Fabric Division is not possible to
compile, hence, it is not given.
II. Quantitative details of Woven Sacks Division is as under:
3. Broad Categories of Major Material & Services. :
A. Raw Material Consumed. :
a. Polypropylene / LLDPE / HDPE
b. White & Colour Master Batch
c. Ink & Reducer
d. Yarn
B. Finished Goods Manufactured :
a. Tape
b. Fabric
c. Woven Sacks
d. Woven Fabrics
C. Finished Goods Traded: a. Fabric
D. Services Provided : NIL
E. Work In Progress :
a. Tape
b. Fabric
c. Woven Sacks Cut-Pcs.
4. Shareholders with holding over 5% on date of Balance sheet:
As scheme of arrangement involving financial restructuring of company
with its shareholders has been approved by honorable high court of
Gujarat on 7th May, 2013 the effect of order has been given in
31.03.2013 by virtue of the above shareholder holding 5% on sign of
Balance Sheet date are as under.
5. Estimated amounts of contracts remaining to be executed on Capital
Account (Net of Advance) and not provided for Rs. - Nil (Previous year
- Nil)
6. Contingent Liability not provided for in respect of:
31.03.2013 31.03.2012
Rs. in lacs Rs. in lacs
Guarantee given by Company''s bankers 55.00 47.00
(Guarantees have been given by the
Company''s bankers in the normal
course of business and are not expected
to result in any liability on the
Company)
Export commitments to be fulfilled for
Import of Raw Material 33.50 45.00
against advance license
7. On the basis of the information available with the company, there
is no amount remaining unpaid as on 31 st March, 2013 to any supplier
who is a small scale or ancillary industrial undertaking beyond the
agreed credit period.
8. Related Parties Disclosure: List of Related Parties
(a) Key Management Personnel
Mr. Mahendra Somani Chairman
Mr. Manoj Somani Managing Director
Mr. Manish Somani Executive Director
(b) Relatives of Key Management Personnel where transactions have taken
places: Mrs. Purnima Somani Wife of Shri Manish Somani Mrs. Ushadevi
Somani Mother of Shri Manoj & Manish Somani
(c) Related Concerns:
Arunodaya Credit & Holding Investment (P) Ltd.
Gopala Mercantile Ltd.
Gopala Trims Pvt. Ltd.
Gopala Kraft pack (P) Ltd.
Indian Bobbin Manufacturing Co. (P) Ltd.
Kabra Investment Pvt. Ltd.
Kagaj Marketing & Trading Pvt. Ltd.
Kaustubh Trade Pvt. Ltd.
Navjeevan Synthetics (P) Ltd.
New Life Marketing & Trading (P) Ltd.
Parag Velvets (P) Ltd.
Status Credit & Capital Pvt Ltd
Vinayaka Credit & Holding Investment (P) Ltd.
9. Balances of some of the Sundry Debtors, Loans & Advances,
Creditors and other parties including inoperative Bank a/c are subject
to confirmation and reconciliation.
10. The Company has assessed most of its fixed assets for probable
impairment loss as on date of Balance Sheet as per the requirement of
AS 28 issued by ICAI, and concluded that no impairment loss needs to be
booked.
11. Scheme of Arrangement involving financial restructuring of Company
with its shareholders:
The salient features relevant to financial restructuring of Company
with its shareholders as per the Scheme of Arrangement approved by the
Honourable High Court of Gujarat vide Order dated 07.05.2013are as
under
1. On the sanction of this Scheme the existing Equity capital of the
Company shall be written down by 60% of the existing paid up Equity
Capital by canceling 1,30,98,600 Equity shares of Rs.5/- each
aggregating to Rs. 6,54,93,000/-. The existing paid-up Capital of the
Company shall be reduced from Rs'' 10,91,55,000/- divided into
2,18,31,000 Equity Shares of Rs. 5/- each fully paid up to Rs.
4,36,62,000/- divided into 87,32,400 Equity Shares of Rs. 5/- each
fully paid up.
2. An Equity share holder holding 10 Equity shares of Rs.5/- each ,
then post reduction, he will get 4 new Equity shares of Rs.5/- each.
The face value of Equity share will remain at Rs.5/- only.
3. In the second stage and after reduction of Equity share Capital as
per clause (1) above, the issued, subscribed and paid up Equity Shares
of the face value of Rs. 5/- each shall be consolidated into Equity
Shares of Rs.10/- each and accordingly the existing (2) Equity shares
of Rs.5/- each shall be consolidated into (1 ) Equity shares of
Rs.10/-each.
4. In the third stage and after reduction and consolidation in the
share capital as per clause (1) and (2) above respectively the Company
shall convert 4,50,000 1 % Cumulative Redeemable Preference shares of
Rs.100/ - each into Equity shares and allot 45,00,000 Equity shares of
Rs.10/- each.
5. Fraction shares generated if any will be rounded off to the nearest
integer.
Pursuant to the Scheme at Arrangement the treatment in the books of
accounts of the Company has been given as follows:
1. A sum of Rs. 6,54,91,080/- from existing Equity Capital of Rs.
10,91,55,000/- divided in to 2,18,31,000 Equity Shares of Rs.5/-
(Rupees Five) each fully paid up to Rs. 4,36,62,000/- divided into
87,32,400 Equity Shares of Rs.5/-(Rupees Five) each is transferred to
"Capital Restructuring Account".
2. Capital Reserve Balance of Rs. 5,95,61,288.33 as at 31 st March,
2012 is transferred to" Capital Restructuring Account".
3. Balance of Accumulated Losses of Rs. 12,50,52,369/- as at 31st
March, 2012, is transferred to "Capital Restructuring Account".
4. To the extent of the amount transferred to the Capital
Restructuring Account under this Para 1, 2 & 3 above, there is
reduction of share capital of the Company, which is effected as an
integral part of the Scheme in accordance with the provisions of
Sections 100 to 104 read along with Section 80 of the Act, without
involving either diminution of liability in respect of the unpaid share
capital or payment to any shareholder of paid up share capital.
5. As per Accounting standard -4 (Para 5.3) issued by ICAI, the effect
of the above scheme has been taken in the Balance Sheet by way of
adjustments to assets and liabilities, as the order was passed by
honorable High Court of Gujarat on 7th May, 2013 approving the above
scheme but the conditions were already existing on date of Balance
sheet.
Mar 31, 2012
1 Previous year figures have been regrouped and rearranged, wherever
necessary, to make them comparable with the current year figures.
2 Additional information pursuant to the provisions of paragraph 3,4C
and 4D of Schedule VI of the Companies Act, 1956.
I. Quantitative information of Label Division is not possible to
compile, hence, it is not given.
II. Quantitative details of Woven Sacks Division is as under:
3. Broad Categories of Major Material & Services.:
A. Raw Material Consumed.:
a. Polypropylene / LLDPE
b. White & Colour Master Batch
c. Ink & Reducer
B. Finished Goods Manufactured:
a. Tape ,
b. Fabric
c. Woven Sacks
d. Woven Label
C. Finished Goods Traded:
a. Fabric
D. Services Provided: NIL
E. Work In Progress:
a. Tape
b. Fabric
c. Woven Sacks Cut-Pcs.
* Above credit facilities are further secured by:
a) Second Charge on the Fixed Assets financed by IDBI Ltd.
b) First charge over the Fixed Assets of Kadi Unit of the Company.
c) Corporate Guarantee of Kabra Investment Pvt. Ltd.
4. Estimated amounts of contracts remaining to be executed on Capital
Account (Net of Advance) and not provided for Rs. - Nil (Previous year
- Nil)
5. Contingent Liability not provided for in respect of:
31.03.2012 31.03.2011
Rs. in lacs Rs. in lacs
Guarantee given by Company's bankers 47.00 55.75
(Guarantees have been given by the Company's
bankers in the normal course of business
and are not expected to result in any
liability on the Company)
Export commitments to be fulfilled for
Import of Raw Material 45.00 45.00
against advance license
6. On the basis of the information available with the company, there
is no amount remaining unpaid as on 31 st March, 2012 to any supplier
who is a small scale or ancillary industrial undertaking beyond the
agreed credit period.
7. Related Parties Disclosure:
List of Related Parties
(a) Key Management Personnel
Mr. Mahendra Somani Chairman
Mr. Manoj Somani Managing Director
Mr. Manish Somani Executive Director
(b) Relatives of Key Management Personnel where transactions have taken
places:
Mrs. Purnima Somani Wife of Shri Manish Somani
Mrs. Ushadevi Somani Mother of Shri Manoj & Manish Somani
(c) Related Concerns:
Arunodaya Credit & Holding Investment (P) Ltd.
Gopala Mercantile Ltd.
Gopala Trims Pvt. Ltd.
Gopala Kraft pack (P) Ltd.
Indian Bobbin Manufacturing Co. (P) Ltd.
Kabra Investment Pvt. Ltd.
Kagaj Marketing & Trading Pvt. Ltd.
Kaustubh Trade Pvt. Ltd.
Navjeevan Synthetics (P) Ltd.
New Life Marketing & Trading (P) Ltd.
Parag Velvets (P) Ltd.
Status Credit & Capital Pvt Ltd
Vinayaka Credits Holding Investment (P) Ltd.
Notes: a. The company has identified business segments as primary
segments. The reportable business segments are Woven Sacks and Woven
Label,
b. Secondary Segment Information - Geographical Segments -
The sales of company are mainly in India. Therefore no reportable
Geographical Segments.
8. Balances of some of the Sundry Debtors, Loans & Advances, Creditors
and other parties including inoperative Bank a/c are subject to
confirmation and reconciliation.
Mar 31, 2010
1. Previous year figures have been regrouped and rearranged, wherever
necessary, to make them comparable with the current year figures.
2. Additional information pursuant to the provisions of paragraph 3,
4C and 4D of Schedule VI of the Companies Act, 1956.
I. Quantitative information of Label Division is not possible to
compile, hence, it is not given.
3. I. Outstanding Term Loan & Working Capital Demand Loan (WCDL) from
IDBI Ltd. for the Santej Unit, is secured by:
a) Mortgage of Land & Building and Hypothecation of Plant & Machinery
at Santej Unit;
b) Second charge over the current assets of the Company, which are
under Dena Banks first charge.
II. Dena Bank
A. Term Loan from Dena Bank is secured by First charge over the assets
acquired from the said term loan.
B. The Working capital limits from Dena Bank comprising of WCDL/FCDL,
Cash Credit, Letter of Credit and Bank guarantee are secured by
Hypothecation of stocks of raw materials, work in process, finished
goods, stores & spares and receivables of the Company.
Both the above credit facilities are further secured by:
a) Second Charge on the Fixed Assets financed by IDBI Ltd.
b) First charge over the Fixed Assets of Kadi Unit of the Company.
c) Corporate Guarantee of Kabra Investment Pvt. Ltd.
III. All the above Loans are further secured by:
Personal Guarantees, wherever stipulated, of the Directors of the
Company viz. Shri Manoj Somani, Shri Manish Somani and Shri Mahendra
Somani.
4. Estimated amounts of contracts remaining to be executed on Capital
Account (Net of Advance) and not provided for Rs. - Nil (Previous year
- Nil)
5. The Income Tax Assessments of the Company has been completed upto
A. Y. 2007-08.
6. Contingent Liability not provided for in respect of:
31.03.2010 31.03.2009
Guarantee given by Companys bankers 55.75 50.50
(Guarantees have been given by
the Companys bankers in the
normal course of business and. are not
expected to result in any
liability on the Company)
7. Modvat credit in respect of Excise Duty paid on inputs & capital
goods has been credited in Profit & Loss account as per the practice
regularly followed by the Company. Based on legal opinion, the company
has availed Cenvat credit in respect of Excise Duty, various Education
& Secondary education cess in its excise records, on purchases from
EOU. However, keeping conservative approach in mind, this has not been
considered while calculating the profit & loss of the company and
provision of Rs. 9,61,509/ - (Previous Year Rs. 1,94,56,173/-) has been
made for the same.
8. On the basis of the information available with the company, there
is no amount remaining unpaid as on 31st March, 2010 to any supplier
who is a small scale or ancillary industrial undertaking beyond the
agreed credit period.
9. As reported in para 11 of the CARO report, the company has
defaulted in paying interest and principal in respect of the loans
taken from IDBI Bank. The company is negotiating with the IDBI Bank for
a restructuring/one time settlement (OTS) of the said loans and is
hopeful of getting it done in the coming months. In view of the
expected restructuring/OTS, the company has not provided interest on
the said loans in its books of accounts.
10. Prior Period Items:
Earlier year expenses debited to Profit & Loss A/c Rs. 6,27,655/-.
(Previous Year - Rs. Nil)
11. Related Parties Disclosure: List of Related Parties
(a) Key Management Personnel
Mr. Manoj Somani Managing Director
Mr. Manish Somani Executive Director
(b) Relatives of Key Management Personnel where transactions have taken
places:
Mrs. Purnima Somani Wife of Shri Manish Somani
Mrs. Ushadevi Somani Mother of Shri Manoj & Manish Somani
(c) Related Concerns:
Indian Bobbin Manufacturing Co. (P) Ltd.
Gopala Kraft Pack (P) Ltd.
Navjeevan Synthetics (P) Ltd.
Parag Velvets (P) Ltd.
Arunodaya Credit & Holding Investment (P) Ltd.
Gopala Mercantile Ltd.
Vinayaka Credit & Holding Investment (P) Ltd.
New Life Marketing & Trading (P) Ltd.
Star Treck Syntex (P) Ltd.
12. Balances of some of the Sundry Debtors, Loans & Advances, Creditors
and other parties including inoperative Bank a/c are subject to
confirmation and reconciliation.
Mar 31, 2009
1. Previous year figures have been regrouped and rearranged, wherever
necessary, to make them comparable with the current year figures.
2. Additional information pursuant to the provisions of paragraph 3,
4C and 4D of Schedule VI of the Companies Act, 1956.
3. I. Outstanding Term Loan & Working Capital Demand Loan (WCDL) from
IDBI Ltd. for the Santej Unit, is secured by:
a) Mortgage of Land & Building and Hypothecation of Pfant & Machinery
at Santej Unit;
b) Second charge over the current assets of the Company, which are
under Dena Banks first charge.
c) WCDL of IDBI is further secured by escrow of receivables of Gujarat
Ambuja Cement Ltd.
II. Dena Bank
A. Term Loan from Dena Bank is secured by First charge over the assets
acquired from the said term loan.
B. The Working capital limits from Dena Bank comprising of WCDL/FCDL,
Cash Credit, Letter of Credit and Bank guarantee are secured by
Hypothecation of stocks of raw materials, work in process, finished
goods, stores & spares and receivables of the Company.
Both the above credit facilities are further secured by:
a) Second Charge on the Fixed Assets financed by IDBI Ltd.
b) First charge over the Fixed Assets of Kadi Unit of the Company.
c) Corporate Guarantee of Kabra Investment Pvt. Ltd.
III. All the above Loans are further secured by:
Personal Guarantees, wherever stipulated, of the Directors of the
Company viz. Shri Manoj Somani, Shri Manish Somani and Shri Mahendra
Somani.
IV. Term Loan from The Mehsana Urban Co-operative Bank Ltd, is secured
by specific charge over the assets financed by them and personal
guarantee of Shri Manoj Somani and Shri Manish Somani
4. Estimated amounts of contracts remaining to be executed on Capital
Account (Net of Advance) and not provided for Rs. Nil (Previous year -
Rs. 40 Lakhs)
5. The Income Tax Assessments of the Company has been completed upto
A. Y. 2006-07.
6. Contingent Liability not provided
for in respect of: 31.03.2009 31.03.2008
Guarantee given by Companys bankers 50.50 55.75
(Guarantees have been given by the Companys bankers in the
normal course of business and are not expected to result in any
liability on the Company)
7. Modvat credit in respect of Excise Duty paid on inputs & capital
goods has been credited in Profit & Loss account as per the practice
regularly followed by the Company. Based on legal opinion, the company
has availed Cenvat credit in respect of Excise Duty, various Education
& Secondary education cess in itsexcise records, on purchases from
EOU. However, taking conservative approach in mind, this has not been
taken into books of accounts and provision of Rs. 1,94,56,173/- has
been made for the same.
8. On the basis of the information available with the company, there
is no amount remaining unpaid as on 31s1 March, 2009 to any supplier
who is a small scale or ancillary industrial undertaking beyond the
agreed credit period.
9. Sundry Debtors outstanding for more than six months include a sum
of Rs. 150.39 Lacs pertaining to amount receivable from the parties
against goods sold to them in earlier years. The parties had raised
disputes regarding delay in supply, poor quality of goods supplied etc.
which the Company has contested and refused to accept. However the
payment is not forthcoming.
10. Prior Period Items:
Earlier year expenses debited to Profit & Loss A/c Rs. Nil. (P Y Rs.
31,131/-)
11. Related Parties Disclosure: List of Related Parties
(a) Key Management Personnel
Mr. Manoj Somani Managing Director
Mr. Manish Somani Executive Director
(b) Relatives of Key Management
Personnel where transactions
have taken places:
Mrs. Purnima Somani Wife of Shri Manish Somani
Mrs. Ushadevi Somani Mother of Shri Manoj & Manish Somani
(c) Related Concerns:
Indian Bobbin Manufacturing Co. (P) Ltd.
Gopala Kraft Pack (P) Ltd.
Navjeevan Synthetics (P) Ltd.
Parag Velvets (P) Ltd.
New Life Marketing & Trading (P) Ltd.
Arunodaya Credit & Holding Investment (P) Ltd.
Gopala Mercantile Ltd.
Vinayaka Credit & Holding Investment (P) Ltd.
12. Balances of some of the Sundry Debtors, Loans & Advances, Creditors
and other parties including inoperative Bank a/c are subject to
confirmation and reconciliation.