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.