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Notes to Accounts of Haria Apparels Ltd.

Mar 31, 2015

Haria Apparels Limited ('the Company') was incorporated on 1st February, 2011 under The Companies Act, 1956. The company is in the Business of manufacturing of Garments and trading of Goods.

1. SHARE CAPITAL

Details of Shareholding as at March 31, 2015

i. Equity Shares held by various entities:

27,69,399(18.29%) {PY: 27,69,399 (18.29%)} Equity Shares of Rs.10/- each held by Associate Company Vilco Pharma Pvt. Ltd.

2. Shareholders holding more than 5% of Equity Shares:

30,20,496(19.75%){PY: 30,20,496(19.75%)} Equity Shares of Rs.10/- each held by Mr. Manish K. Haria 9,27,778(6.07%){PY: 9,27,778 (6.07%)} Equity Shares of Rs.10/- each held by Mr. Kantilal Haria

c. Each Equity Share is entitled to one voting right only.

d. In the event of liquidation of the company, the holders of equity shares will be entitled to receive assets remaining, and distribution of all preferential amounts.

Additional Information to Secured / Unsecured Long Term Borrowings:

3. Term Loan from Punjab National Bank

a. Loan from IDBI Bank was secured by plot nos. 279 at GIDC Vapi Industrial Estate, Vapi Taluka: Pardi, District: Valsad, Gujarat @ 12.25% per annum Interest. The loan as at 31st March, 2015 is repayable in 48 equal monthly installments from May 2015 of Rs. 7,80,474/- each.

b. There was no default in repayment of the loans.

4. Car Loan from HDFC Bank

a. Loan from HDFC Bank is will be by 14-monthly instalments as on 31st March of Rs.38,750/- at interest rate of 10.81% p.a, secured by way of hypothecation of Car as at March 31, 2015

b. The loans are regularly paid as per the repayment schedule and there is no default in repayment of the loans.

5. Loans and advances from related parties

a. Long Term loans from related parties are not going to be recalled before the end of 2 years.

b. There was no default in repayment of the loans.

6. Inter Corporate Deposits (Related & Others)

a. Inter Corporate Deposits are not going to be recalled before the end of 2 years.

b. There was no default in repayment of the loans.

Additional Information to Secured / Unsecured ShortTerm Borrowings:

7. Term Loan from Bajaj Finance

a. Loan from bajaj finance is given for 12 months at interest rate of 12.25%,secured by pledge of 11,260 Shares of Asian Paints, Shares are in name of Mr.Bimal Haria. Loan is guranateed by Mr.Bimal Haria.The loan of Rs. 35,50,000/- will be repaid after 12 months

8) CONTINGENT LIABILITIES AND COMMITMENTS

PARTICULARS 2014-2015 2013-2014

(I) Contingent Liabilities

(A) Claims against the company/ disputed NIL NIL liabilities not acknowledged as debts.

(B) Guarantees

(i) Guarantees to Banks and Financial 15,35,00,000 12,20,00,000 Institutions against credit facility extended to third parties.

(II) Capital Commitments

Estimated amount of contracts remainin g NIL NIL to be executed on Capital Account and not provided for (net of advances)

9. EMPLOYEE BENEFITS :

The Company has not completed 5 years of continuous business and there are no permanent employees in the company, hence the employees benefits under the payment of Gratuity Act are not applicable to the company during the year under consideration.

10. There is no Foreign Exchange Gain/Loss in the year under consideration.

11. SEGMENT REPORTING :

Segment reporting does not apply to the company, hence reporting under this clause is not applicable

Note: Related Parties Relationship is as identified by the company and relied upon by the auditors.

Figures in the brackets represent previous year figures.

12. LEASES

Operating Lease Payment in respect of certain office premises and factory premises on cancellable operating lease which are recognised into the Statement of Profit and Loss:

13. The trade receivable of Rs. 12,12,47,191/- are overdue and outstanding since last three years. The management was advised to make provision on these doubtful debts.However the management is confident of receiving the sum and hence no provisionhas been made accordingly.

14. The balance confirmations have been sent to Sundry Debtors, Creditors, Deposits and Loans & Advances Parties, due adjustment if any shall be done on receipt of the confirmation. Management is confident of receiving all the sums due. The provisions for all known liabilities and for depreciation is adequate and not in excess of the amounts reasonably necessary.

15. In the opinion of the board the current assets, loans and advances are approximately of the values stated in the Balance Sheet, realized in the ordinary course of business.

16.In the absence of declaration from sundry creditors / suppliers with regard to their status as SSI Undertaking wherever appropriate, it is not possible to determine the amount, payable to sundry creditors falling within the meaning of SSI Undertaking.

17. Disclosure under Micro, Small and Medium Enterprises development Act, 2006. The Company has not received any memorandum ( as required to be filed by the suppliers with notified authority under the Micro, Small and Medium Enterprises development Act, 2006) claiming their status as micro, small and medium enterprises. Consequently the amount paid/payable to these parties during the period under review is NIL.

18. Previous Year Figures have been regrouped & reclassified/rearranged wherever necessary.

As per Report of the even date attached.


Mar 31, 2014

GENERAL INFORMATION :

Haria Apparels Limited (''the Company'') was incorporated on 1st February, 2011 under The Companies Act, 1956. The company is in the Business of manufacturing of Garments and trading of Goods.

Additional Information to Secured / Unsecured Long Term Borrowings:

1.1 Term Loan from Punjab National Bank

a. "Loan from Punjab National Bank was secured by plot nos. 278/279/345/348 at GIDC Vapi Industrial Estate, Vapi Taluka: Pardi, District: Valsad, Gujarat @ 13.00% per annum Interest"The loan has been completely repaid in the current year.""

b. There was no default in repayment of the loans.

1.2 Car Loan from HDFC Bank

a. Loan from HDFC Bank is given on 26-monthly instalments of Rs.38,750/- at interest rate of 10.81% p.a, secured by way of hypothecation of Car as at March 31, 2014.

b. The loans are regularly paid as per the repayment schedule and there is no default in repayment of the loans.

1.3 Loans and advances from related parties

a. Long Term loans from related parties are not going to be recalled before the end of 2 years.

b. There was no default in repayment of the loans.

1.4 Inter Corporate Deposits

a. Inter Corporate Deposits are not going to be recalled before the end of 2 years.

b. There was no default in repayment of the loans.

Additional Information to Secured / Unsecured ShortTerm Borrowings:

2.1 Term Loan from Bajaj Finance

a. Loan from bajaj finance is given for 12 months at interest rate of 12.25%,secured by pledge of 86,260 Shares of Asian Paints, Shares are in name of Mr.Bimal Haria. Loan is guranateed by Mr.Bimal Haria.The loan of Rs. 2,65,00,000/- will be repaid after 12 months

3 CONTINGENT LIABILITIES & COMMITMENTS: (Amount in Rs.)

Particulars March 31, 2014 March 31, 2013

(I) Contingent Liabilities

(a) Claims against the company/ disputed liabilities not acknowledged as debts.

(i) Income Tax (FY:1998-1999, 1999-2000,2000-2001) NIL 1,54,00,000

(b) Guarantees

(i) Guarantees to banks and Financial Institutions against credit facility extended to third parties. 12,20,00,000 -

(II) Capital Commitments

Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) NIL 20,00,00,000

4 EMPLOYEE BENEFITS:

The Company has not completed 5 years of continuous business and there are no permanent employees in the company, hence the employees benefits under the payment of Gratuity Act are not applicable to the company during the year under consideration.

5 There is no Foreign Exchange Gain/Loss in the year under consideration.

6 SEGMENT REPORTING :

Segment reporting does not apply to the company, hence reporting under this clause is not applicable.

6 The trade receivable of Rs. 119,884,477/- are overdue and outstanding since last three years. The management was advised to make provision on these doubtful debts.However the management is confident of receiving the sum and hence no provisionhas been made accordingly.

7 The balance confirmations have been sent to Sundry Debtors, Creditors, Deposits and Loans & Advances Parties, due adjustment if any shall be done on receipt of the confirmation. Management is confident of receiving all the sums due. The provisions for all known liabilities and for depreciation is adequate and not in excess of the amounts reasonably necessary.

8 In the opinion of the board the current assets, loans and advances are approximately of the values stated in the Balance Sheet, realized in the ordinary course of business.

9 In the absence of declaration from sundry creditors / suppliers with regard to their status as SSI Undertaking wherever appropriate, it is not possible to determine the amount, payable to sundry creditors falling within the meaning of SSI Undertaking.

10 Disclosure under Micro, Small and Medium Enterprises development Act, 2006. The Company has not received any memorandum ( as required to be filed by the suppliers with notified authority under the Micro, Small and Medium Enterprises development Act, 2006) claiming their status as micro, small and medium enterprises. Conse- quently the amount paid/payable to these parties during the period under review is NIL

11 Previous Year Figures have been regrouped & reclassified/rearranged wherever necessary. As per Report of the even date attached.

 
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