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.