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Notes to Accounts of Konark Synthetics Ltd.

Mar 31, 2015

1. Rights, Preference and Restrictions attached to equity Shares.

Equity Share Holder is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuring General Meeting. Dividend is paid to the equity Shareholders, whose name appears in the register of members as on record date.

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

2. Secured Loans:

Term Loans:

a) Term Loans from INDIAN BANK is Secured against i) Mortgage of entire fixed and moveable properties including land & Building of the company. ii) Hypothecation of entire Plant & Machinery, Machinery spares, tools and accessories, Electrical Installation and Furniture & Fixtures of the company and iii) Floating charge on all the other Assets of the company.

b) Loan against Flat is Secured against the same Flat i.e. Flat No. 2101, situated at Orchid Crown, Tower B, Gokhale Road South, Dadar (W), Mumbai, which is payable in 120 EMIs after getting the possession from the Developer.

c) Loan against Property was taken from Religare Finvest Limited against Shop No. 6 situated at Skylark Building, Plot No. 63, Sector-11, CBD Belapur, Navi-Mumbai -400614 on the term i.e 120 EMI of Rs. 203400/-and interest is 14.00 p.a floating and also against Shop No. 11 situated at Skylark Building, Plot No. 63, Sector -11, CBD Belapur, Navi-Mumbai - 400614 on the term i.e 120 EMI of Rs. 145951/- and interest is 14.00 p.s floating. Both the loans were guaranteed by Two Directors and one Authorised Signatory and also one of the Share Holder of the Company Namely Fillmore Trading & Investment Private Limited,

d) The loan has been taken from IDBI Bank Ltd against the flat of Shri Amitabh Kejriwal-Director, situated at Flat No. 101, Santusthi, Janki Kutir, Juhu Ville Parle, Juhu, Mumbai - 400049. The Guarantee was given by Company and its Directors Shri Prakashchand Dalmia and Authorised Signatory Mr. Shonit Dalmia. Terms of Payment is 180 EMI of Rs. 845328/- including interest @12.25% p.a. Floating.

e) All loans are personally guaranteed by the Managing Director and one other Directors and one Authorised Signatory.

Vehicle Loans:The Loans against the cars are hypothecation of the specific car against which it was sanctioned and is payable in 3 to 5 Years.

3. No provision for gratuity has been made during the year as the Company has not gone for actuarial valuation as prescribed by AS 15 "Employee Benefits". It is accounted on as and when it is paid. Since the amount is unascertainable, the impact of the same on Profit and Loss statement cannot be stated.

4. During the year Company has revised the useful life of its fixed assets based on Schedule II of the Companies Act, 2013 for the purpose of providing depreciation on fixed assets. Accordingly, the carrying amount of the fixed assets as on 1 st April 2014 has been depreciated over the remaining revised useful life of the fixed assets. Consequently, an amount of Rs. 99.12 Lac has been reduced from retained earnings.

5. Due to change the rates of the depreciation on fixed assets as per schedule II of the Companies Act, 2013 Depreciation amount of the current financial year is excess by Rs. 1.36 Lac, hence the profit of the company has reduced by the same amount during the year.

6. The Company is operating in single segment i.e. Textiles and thus there is no reportable segments as per Accounting Standard 17 "Segment Reporting". There is no reportable geographical segment either.

7.. As per Accounting Standard 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the disclosure of Related Parties and transactions with them thereof are given below:

A. Related Parties

i) Subsidiaries and Fellow Subsidiaries:

India Denim Limited - Subsidiary

Trade Bazaar Retail Private Limited (Formally known as Konark Greentech Private Limited) - Subsidiary Konark Natural Foods Private Limited (formally known as Konark Solartech Private Limited) - Fellow Subsidiary

Konark Wind Projects Private Limited - Fellow Subsidiary Konark Infratech Private Limited - Subsidiary Konark Gujarat PV Private Limited - Fellow Subsidiary

ii) Individual having significant influence:

Smt. Raka Devi Dalmia - Share Holder

iii) Key Managerial Personnel (KMP) and Relative:

Mr. Prakashchand Dalmia - Chairman & Managing Director Mr. AmitabhKejriwal - Whole-Time Director Ms. Shikha Dalmia - Relative of Director Ms. Smita Kejriwal - Relative of Director

iv) Enterprise over which Key Management Personnel are able to exercise significant influence:

M/s Konark Silk Mills

M/s Konark Realtech Private Limited

M/s Trade Bazaar Hometech Ventures LLP.

8. Contingent Liability/ Capital Commitments

The Bankers of the Company have given Guarantees to various Government Authorities amounting to Rs.47.36 Lac (P. Y. Rs.58.49 Lac) for which the Company has given counter guarantee and margin money to the bankers amounting to Rs. 12.25 Lac(P.Y. Rs. 13.66 Lac).

The Company has given a Counter Guarantee of Rs.5960.00 Lac (P.Y. Rs. 3190.00) to the bankers of its subsidiary; India Denim Limited against the subsidiary's sanctioned Term Loan and Working Capital Facilities. The Company does not expect any outflow of resources in respect of the above.

The company has no capital and other commitments as on the Balance Sheet date.

9. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the Balance Sheet realizable in the ordinary course of business. Sundry Debtors, Creditors & Advances are subject to reconciliation with parties.

10. Income Tax Assessment of the company has been completed up to the Financial Year ended on 31st March, 2012.

11. Additional information as per Revised Schedule VI:

12. Disclosure as per Micro, Small, and Medium Enterprises Development Act, 2006

The Company has not received information from the vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 hence disclosure required by notification dated 16th November, 2007 issued by Ministry of Company Affairs have not been given.

13. Disclosure as per the clause 32 of the Listing Agreement:

Loans and Advances in the nature of loans and advances given to Subsidiary are given below. The previous year figures are shown in brackets:

14. The Financial Statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year figures have been regrouped / rearranged wherever necessary to make them comparable with those of the Current Year.


Mar 31, 2014

1. Rights, Preference and Restrictions attached to equity Shares.

"Equity Share Holder is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuring General Meeting. Dividend is paid to the equity Shareholders, whose name appears in the register of members as on record date.

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

2. Secured Loans:

Term Loans:

a) Term Loans from INDIAN BANK is Secured against i) Mortgage of entire fixed and moveable properties including land & Building of the company.

ii) Hypothecation of entire Plant & Machinery, Machinery spares, tools and accessories, Electrical Installation and Furniture & Fixtures of the company and

iii) Floating charge on all the other Assets of the company.

b) Loan against Flat is Secured against the same Flat i.e. Flat No. 2101, situated at Orchid Crown, Tower B, Gokhale Road South, Dadar (W), Mumbai, which is payable in 120 EMIs after getting the possession from the Developer.

3. No provision for gratuity has been made during the year as the Company has not gone for actuarial valuation as prescribed by AS-15 "Employee Benefits". It is accounted on as and when it is paid. Since the amount is unascertainable, the impact of the same on Profit and Loss statement cannot be stated.

4. The Company is operating in single segment i.e. Textiles and thus there is no reportable segments as per Accounting Standard 17 "Segment Reporting". There is no reportable geographical segment either.

5. As per Accounting Standard 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the disclosure of Related Parties and transactions with them thereof are given below:

A. Related Parties

i) Subsidiaries and Fellow Subsidiaries:

India Denim Limited - Subsidiary Konark Greentech Private Limited - Subsidiary Konark Solartech Private Limited - Fellow Subsidiary Konark Wind Projects Private Limited - Fellow Subsidiary Konark Infratech Private Limited - Subsidiary Konark Gujarat PV Private Limited - Fellow Subsidiary

ii) Individual having significant influence:

Smt. Raka Devi Dalmia - Share Holder

iii) Key Managerial Personnel (KMP) and Relative:

Mr. Prakashchand Dalmia - Chairman & Managing Director Mr. Amitabh Kejriwal - Whole Time Director Ms. Shikha Dalmia - Relative of Director Ms. Smita Kejriwal - Relative of Director

iv) Enterprise over which Key Management Personnel are able to exercise significant influence:

M/s Konark Silk Mills

M/s Konark Realtech Private Limited

M/s Trade Bazaar Hometech Ventures LLP.

6. Contingent Liability/ Capital Commitments

The Bankers of the Company have given Guarantees to various Government Authorities amounting to Rs. 58.49 Lac (P.Y. Rs. 58.49 Lac) for which the Company has given counter guarantee and margin money to the bankers amounting to Rs. 13.66 Lac (P.Y. Rs. 13.66 Lac).

The Company has given a Counter Guarantee of Rs. 3190.00 Lac (P.Y. Rs. 2706.00) to the bankers of its subsidiary; India Denim Limited against the subsidiary''s sanctioned Term Loan and Working Capital Facilities. The Company does not expect any outflow of resources in respect of the above.

The company has no capital and other commitments as on the Balance Sheet date.

7. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the Balance Sheet realizable in the ordinary course of business. Sundry Debtors, Creditors & Advances are subject to reconciliation with parties.

8. Income Tax Assessment of the company has been completed up to the Financial Year ended on 31st March, 2011.

9. Disclosure as per Micro, Small, and Medium Enterprises Development Act, 2006

The Company has not received information from the vendors regarding their status under the Micro, Small and Medium Enterprises Development Act , 2006 hence disclosure required by notification dated 16th November, 2007 issued by Ministry of Company Affairs have not been given.

10. The Financial Statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year figures have been regrouped / rearranged wherever necessary to make them comparable with those of the Current Year.


Mar 31, 2013

1. No provision for gratuity has been made during the year as the Company has not gone for actuarial valuation as prescribed by (AS-15) "Employee Benefits". It is accounted on as and when it is paid. Since the amount is unascertainable, the impact of the same on Profit and Loss statement cannot be stated.

2. The Company is operating in single segment i.e. Textiles and thus there is no reportable segments as per Accounting Standard (AS-17) "Segment Reporting". There is no reportable geographical segment either.

3. As per Accounting Standard (AS-18) "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the disclosure of Related Parties and transactions with them thereof are given below:

A. Related Parties:

i) Subsidiaries and Fellow Subsidiaries:

India Denim Limited – Subsidiary

Konark Greentech Private Limited – Subsidiary

Konark Solartech Private Limited – Fellow Subsidiary

Konark Wind Projects Private Limited – Fellow Subsidiary

Konark Infratech Private Limited – Subsidiary

Konark Gujarat PV Private Limited - Fellow Subsidiary

ii) Individual having significant influence:

Smt. Raka Devi Dalmia – Shareholder

iii) Key Managerial Personnel (KMP) and Relative:

Mr. Prakashchand Dalmia – Chairman & Managing Director Mr. Amitabh Kejriwal – Whole Time Director Ms. Shikha Dalmia – Relative of Director Ms. Smita Kejriwal – Relative of Director

iv) Enterprise over which Key Management Personnel are able to exercise significant influence:

M/s Konark Silk Mills

M/s Konark Realtech Private Limited

M/s Trade Bazaar Hometech Ventures LLP.

4. Contingent Liability/ Capital Commitments

The Bankers of the Company have given Guarantees to various Government Authorities amounting to Rs. 58.49 Lac (P.Y. Rs. 58.49 Lac) for which the Company has given counter guarantee and margin money to the bankers amounting to Rs. 13.66 Lac (P.Y. Rs.15.74 Lac).

The Company has given a Counter Guarantee of Rs. 2706.00 Lac (P.Y. Rs. 2706.00) to the bankers of its subsidiary; India Denim Limited against the subsidiary''s sanctioned Term Loan and Working Capital Facilities. The Company does not expect any outflow of resources in respect of the above.

The Company has no capital and other commitments as on the Balance Sheet date.

5. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the Balance Sheet realizable in the ordinary course of business. Sundry Debtors, Creditors & Advances are subject to reconciliation with parties.

6. The Company is eligible for 30% deduction under Sections 80IB of the Income Tax Act, 1961 (Tax Holidays benefit) on the profit earned by the Company from Unit No. IV.

7. Income Tax Assessment of the Company has been completed up to the Financial Year ended on 31st March, 2010.

8. Disclosure as per Micro, Small, and Medium Enterprises Development Act, 2006

The Company has not received information from the vendors regarding their status under the Micro, Small and Medium Enterprises Development Act , 2006 hence disclosure required by notification dated 16th November, 2007 issued by Ministry of Company Affairs have not been given.

9. The Financial Statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year figures have been regrouped / rearranged wherever necessary to make them comparable with those of the Current Year.


Mar 31, 2012

Rights, Preference and Restrictions attached to Equity Shares.

"Equity Shareholder is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors, if any, is subject to the approval of shareholders in the General Meeting. Dividend is paid to the Equity Shareholders, whose name appears in the register of members as on AGM date.

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

"Secured Loans:

Term Loans:

a) Term Loans from INDIAN BANK and CORPORATION BANK are Secured against

i) Mortgage of entire fixed and moveable properties including land & Building of the company.

ii) Hypothecation of entire Plant & Machinery, Machinery spares, tools and accessories, Electrical Installation and Furniture & Fixtures of the company and

iii) Floating charge on all the other Assets of the company.

b) All loans are personally guaranteed by the Managing Director and two other Directors.

c) The Term Loan is payable in quarterly instalments and the same should be paid in total five years."

Vehicle Loans:

The Loans against the cars are hypothecation of the specific car against which it was sanctioned.

"Unsecured Loans:

Above loan is not gauranted by any director of the company and is payable after 31.03.2013"

a) All working capital loans are secured by Hypothecation on Stock of Raw Materials, Semi-finished, Finished Goods, Stores & Spare, Packing Materials, Consumables & Book Debts and second charge on Land & Building and Plant & Machinery of the Company.

b) All loans are personally guaranteed by the Managing Director and two other Director.

1. No provision for gratuity has been made during the year as the Company has not gone for actuarial valuation as prescribed by AS 15 "Employee Benefits". It is accounted on as and when it is paid. Since the amount is unascertainable, the impact ofthe same on Profit and Loss statement cannot be stated.

2. The Company is operating in single segment i.e. Textiles and thus there is no reportable segments as per Accounting Standard 17 "Segment Reporting". There is no reportable geographical segment either.

3. As per Accounting Standard 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the disclosure of Related Parties and transactions with them thereof are given below:

A. Related Parties

I) Subsidiaries and FellowSubsidiaries:

India Denim Limited -Subsidiary Konark Greentech Private Limited - Subsidiary Konark Solartech Private Limited - Fellow Subsidiary Konark Wind Projects Private Limited - Fellow Subsidiary Konark Infratech Private Limited - Subsidiary Konark Gujarat PV Private Limited - Fellow Subsidiary

ii) Individual having significant influence:

Smt. Raka Devi Dalmia - Shareholder

iii) Key Managerial Personnel (KMP)and Relative:

Mr. Prakashchand Dalmia - Chairman & Managing Director

Mr. Amitabh Kejriwal - Whole Time Director

Ms. Shikha Dalmia - Relative of Director

Ms. Smita Kejriwal - Relative of Director

iv) Enterprise overwhich Key Management Personnel are able to exercise significant influence:

M/s Konark Silk Mills

M/s Konark Realtech Private Limited

4. Contingent Liability/ Capital Commitments

The Bankers ofthe Company have given Guarantees to various Government Authorities amounting to Rs. 58.49 Lac (P.Y. Rs. 58.49 Lac) for which the Company has given counter guarantee and margin money to the bankers amounting to Rs. 13.66 Lac (P.Y. Rs. 15.74 Lac).

The Company has given a Counter Guarantee of Rs. 2706.00 Lac (P.Y. Rs. 2506.00) to the bankers of its subsidiary; India Denim Limited against the subsidiary's sanctioned Term Loan and Working Capital Facilities. The Company does not expect any outflow of resources in respect ofthe above.

The company has no capital and other commitments as on the Balance Sheet date.

5. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the Balance Sheet realizable in the ordinary course of business. Sundry Debtors, Creditors & Advances are subject to reconciliation with parties.

6. The Company is eligible for 30% deduction under Sections 80IB ofthe Income Tax Act, 1961 (Tax Holidays benefit) on the profit earned by the Company from Unit No. IV.

7. Income Tax Assessment of the company has been completed up to the Financial Year ended on 31st March, 2010.

8. Disclosure as per Micro, Small, and Medium Enterprises Development Act, 2006

The Company has not received information from the vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 hence disclosure required by notification dated 16th November, 2007 issued by Ministry of Company Affairs have not been given.

9. The Financial Statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year figures have been regrouped I rearranged wherever necessary to make them comparable with those of the Current Year.


Mar 31, 2010

1. No provision for gratuity has been made during the year as the amount is unacertained. It will be accounted as and when paid.

2. Contingent Liability (As Certified by management)

The Banker of the Company has given Guarantee to various Government Authorities amounting to Rs. 76.55 Lacs (P.Y.Rs.76.10 Lacs) for which the Company has given counter guarantee and margin money to the bankers amounting to Rs.31.72 Lacs (P.Y. Rs. 31.28 Lacs).

3. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the Balance Sheet realizable in the ordinary course of business. Sundry Debtors, Creditors & Advances are subject to reconciliation with parties.

4. The Company is eligible for 30% deduction under Sections 80IB of the Income Tax Act, 1961 (Tax Holidays benefit) on the profit earned by the Company from Unit No. IV.

5. Income Tax Assessment of the company has been completed up to the accounting year ended on 31.03.2007.

6. During the year Company has done capitalization of Fixed Assets amounting to Rs. 148.68 Lac (including the upgradation) which includes financial cost i.e. interest on Term Loan up to the date of capitalization for the year Rs. Lac(P.Y. Rs.)

7. Capital Work in Progress is Rs. 6.96 Lac and unpaid creditors against the same amounting to Rs. 6.74 Lac, which is includes in the Trade Creditors.

8. Segment Reporting (AS-17)

Since the Company primarily operates in one segment - Textiles, segment reporting as required under Accounting Standard 17 is not applicable. There is no reportable geographical segment either.

9. Additional information pursuant to the provisions of paragraph 3 and 4 of Schedule VI of the Companies Act, 1956.

10. Previous year figures have been regrouped / rearranged wherever necessary to make them comparable with those of the Current year.

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