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Notes to Accounts of Lahoti Overseas Ltd.

Mar 31, 2015

1. In the opinion of Directors, Current Assets, Loans and Advances have the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business and the provision for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

2. Contingent Liabilities:

a) Contingent Liabilities not provided for in respect of Bills Discounted Rs. 2907.02 lakhs (Previous YearRs.6,045.35 lakhs).

b) Claims not acknowledged by the Company relating to cases contested by the Company :

(Rs. In lakhs)

Sr. Particulars As at As at No. March March 31, 2015 31, 2014

(I) Income Tax Matter 269.10 252.24 (Pending before Appellate Authorities in respect of which the Company is in appeal)

3. The information as required under Micro, Small and Medium Enterprises Development Act, 2006 was called from relevant parties. In view of no response, no such information is furnished.

4. The Management is of the view of that the fixed assets of the Company are capable of generating adequate returns over their useful lives in the course of business. Therefore the assets are not impaired and do not call for providing any loss.

5. Related Party Disclosure: -

i) The Company has identified following parties for the purpose of Related Party Disclosure:

Subsidiary Companies: Holding (%)

Lahoti Spintex Limited 100

G. Varadan Limited 100

Entities in which KMP / relatives of KMP have significant influence:

PSWare Information Pvt.Ltd.

Bauble Investment Pvt.Ltd.

Bhalchandram Clothing Pvt.Ltd.

Step By Step Export Pvt.Ltd..

Parvati Textiles Pvt.Ltd.

Key Management Personnel (KMP):

Shri Umesh R. Lahoti - Managing Director

Shri Ujwal R Lahoti - Executive Director

Shri Aadhitya Lahoti - Director

Shri Pradeep Bachhuka-Chief Financial Officer

Smt.Gayahtri S.Iyer - Company Secretary

6. The company has taken effort to verify the closing balances of the sundry creditors / Debtors subject to pending confirmations.

7. Additional Disclosure pursuant to clause 32 of Listing Agreement, (Excepting for employees) is not applicable as there are no transactions in that nature.

8. Segment Reporting : Segment identification, reportable segments

I) Primary/secondary segment reporting format:

The risk-return profile ofthe company's business is determined predominantly by the nature of its products and services. Accordingly, business segments constitute the primary segments for disclosure of segment information.

ii) Segment Identification:

Business segment have been on the basis of nature of product/services, the ri-return profile of individual business.

iii) Reportable Segment:

Reportable segment has been identified as per the criteria specified in Accounting Standard (AS) 17 "Segment Reporting Issued by the Institute of Chartered Accountants of India.

9. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2014

A) Particulars of Security :

i) Primary: Exclusive charge on all the assets of the project including cost of Land.

ii) Collateral: a) Hypothecation of a Wind Mill located at Dharmapuri District, Tamil Nadu

b) Personal guarantee of Umesh Lahoti, Ujwal Lahoti and Aadhitiya Lahoti Of the above, Installment of Year 2014-15 has been considered as current maturities of long term debts and re-grouped accordingly under Other Current Liabilities in March 2014 financials.

The loans from SBI, ICICI Bank, CITI Bank and DBS Bank are secured against Hypothecation of Stock and Book Debts of the Company with pari pasu clause.

1. In the opinion of Directors, Current Assets, Loans and Advances have the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business and the provision for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

2. Contingent Liabilities:

a) Contingent Liabilities not provided for in respect of Bills Discounted Rs. 6,045.35 lakhs (Previous Year Rs. 4,958.36lakhs).

b) Claims not acknowledged by the Company relating to cases contested by the Company:

(Rs. In Lakhs)

As at As at March March 31, 2014 31, 2013

Income Tax Matter 252.24 252.24 (Pending before Appellate Authorities in respect of which the Company is in appeal)

3. Earning in Foreign Exchange:

FOB value of export: Rs. 67,667.24/- Lakhs (PreviousYear Rs. 49,419.14/- Lakhs).

4. The information as required under Micro, Small and Medium Enterprises Development Act, 2006 was called from relevant parties. In view of no response, no such information is furnished.

5. The Management is of the view of that the fixed assets of the Company are capable of generating adequate returns over their useful lives in the course of business. Therefore the assets are not impaired and do not call for providing any loss.

6. Company has not been able to appoint a Company Secretary during the year, In spite of its best efforts.

7. The company has taken effort to verify the closing balances of the sundry creditors / debtors subject to pending confirmations.

8. Additional Disclosure pursuant to clause 32 of Listing Agreement, (Excepting for employees) is not applicable as there are no transactions in that nature.

9. Segment Reporting

a) Information about business segments (information provided in respect of revenue items for the year ended March 31, 2014 and in respect of assets/liabilities as at March 31,2014)

b) Segment Reporting : Segment identification, reportable segments

i) Primary/secondary segment reporting format:

The risk-return profile of the company''s business is determined predominantly by the nature of its products and services. Accordingly, business segments constitute the primary segments for disclosure of segment information.

ii) Segment Identification:

Business segment have been on the basis of nature of product/services, the ri-return profile of individual business.

iii) Reportable Segment:

Reportable segment has been identified as per the criteria specified in Accounting Standard (AS) 17 "Segment Reporting Issued by the Institute of Chartered Accountants of India.

10. The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2013

1. Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.

2. Contingent Liability is disclosed in case of:

i) A present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation.

ii) a present obligation arising from past events, when no reliable estimate is possible; and

3. Contingent assets are neither recognised, nor disclosed.

4. Provisions, Contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

5. Impairment of Assets

The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognized, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss except in case of revalued assets.

6. In the opinion of Directors, Current Assets, Loans and Advances have the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business and the provision for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

7. Contingent Liabilities:

a) Contingent Liabilities not provided for in respect of Bills Discounted Rs. 4958.36 lakhs (Previous YearRs. NIL).

b) Contingent Liability in respect of Letter of Credit opened amounts to Rs. 958.00 lakhs

c) Claims not acknowledged by the Company relating to cases contested by the Company :

8. Earning in Foreign Exchange:

FOB value of export: Rs. 49,419.14/- Lakhs (Previous Year Rs. 21,673.86/- Lakhs)

9. The information as required under Micro, Small and Medium Enterprises Development Act, 2006 was called from relevant parties. In view of no response, no such information is furnished.

10. The Management is of the view of that the fixed assets of the Company are capable of generating adequate returns over their useful lives in the course of business. Therefore the assets are not impaired and do not call for providing any loss.

11. Related Party Disclosure: -

i) The Company has identified following parties for the purpose of Related Party Disclosure:

Subsidiary Companies: Holding

(%) Lahoti Spintex Limited 100

G. Varadan Limited 100

Entities in which KMP / relatives of KMP have

significant influence:

PSWare Information Private Limited

Sri Laxmi Exports (Partnership Firm)

Kirti Stock Brokers Private Limited

Bauble Investment Private Limited

Hind Commerce Limited

Key Management Personnel (KMP):

Shri Umesh R. Lahoti - Managing Director

Shri Ujwal R Lahoti - Executive Director

Shri Aadhitiya Lahoti - Director

12. Company has not been able to appoint a Company Secretary during the year, In spite of its best efforts.

13. The company has taken effort to verify the closing balances of the sundry creditors / Debtors subject to pending confirmations.

14. Additional Disclosure pursuant to clause 32 of Listing Agreement, (Excepting for employees) is not applicable as there are no transactions in that nature.


Mar 31, 2012

A) Particulars of Security :

i ) Primary: First hypothecation/Mortgage charge on two wind power machine at distt.Nandurbar, Maharatshtra created out of banks finance

ii) Collateral: Hypothecation/mortage charge on CompanyRs.s existing windmill located at Village Salampalayam, erode, Tamil Nadu Of the above, Installment of Year 2011-12 has been considered as current maturities of long term debts and re-grouped accordingly under Other Current Liabilities in F.Y 2010-11. As entire amount of term loan has been repaid in the F.Y 2011- 12, no amount stands outstanding either as current maturities or as long term liability.

1. In the opinion of Directors, Current Assets, Loans and Advances have the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business and the provision for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

2. Contingent Liabilities:

a) Contingent Liabilities not provided for in respect of Bills Discounted Rs. NIL (Previous Year Rs. NIL).

b) Claims not acknowledged by the Company relating to cases contested by the Company :

(Rs. in lakhs)

As at As at 31-Mar-12 31-Mar-11

(i) Sales Tax Matter Nil 3.00

(ii) Income Tax 231.66 375.98 Matter (Pending

before Appellate Authorities in respect of which the Company is in appeal)

3. Earning in Foreign Exchange:

FOB value of export: Rs. 21,673.86/- Lakhs, (Previous Year Rs. 29,442.38 Lakhs).

4. The information as required under Micro, Small and Medium Enterprises Development Act, 2006 was called from relevant parties. In view of no response, no such information is furnished.

5. The Management is of the view of that the fixed assets of the Company are capable of generating adequate returns over their useful lives in the course of business. Therefore the assets are not impaired and do not call for providing any loss.

6. Company has not been able to appoint a Company Secretary during the year, In spite of itRs.s best efforts.

7. The company has taken effort to verify the closing balances of the sundry creditors / Debtors subject to pending confirmations.

8. Additional Disclosure pursuant to clause 32 of Listing Agreement, (Excepting for employees) is not applicable as there are no transactions in that nature.

b) Segment Reporting : Segment identification, reportable segments

i) Primary/secondry segment reporting formate: The risk-return profile of the companyRs.s business is determined predominantly by the nature of its products and services. Accordingly, business segments constitute the primary segments for disclosure of segment information.

ii) Segment Identification :Business segment have been on the basis of nature of product/services, the ri-return profile of individual business.

iii) Reportable Segment: Reportable segment has been identified as per the criteria specified in Accounting Standard (AS) 17 "Segment Reporting Issued by the Institute of Chartered Accountants of India.

9 The previous yeRs figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2011

1. Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.

2. Contingent Liability is disclosed in case of

i) a present obligation arising from past events, when it is not probable that an outfl ow of resources will be required to settle the obligation.

ii) a present obligation arising from past events, when no reliable estimate is possible; and

3. Contingent assets are neither recognised, nor disclosed.

4. Provisions, Contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

5 IMPAIREMENT OF ASSETS

An assets is treated as impaired when the carrying cost of assets exceed its recoverable value. An impairment loss is charged to Profi t and Loss Account in the year in which an asset is identifi ed by management as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

1. The previous year's fi gures have been reworked, regrouped, rearranged and reclassifi ed wherever necessary. Amount and other disclosures for the preceding year are included as an integral part of the current year fi nancial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

2. In the opinion of Directors, Current Assets, Loans and Advances have the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business and the provision for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

3. Contingent Liabilities:

a) Contingent Liabilities not provided for in respect of Bills Discounted ? NIL (Previous Year RS. 117.91 Lakhs).

b) Claims not acknowledged by the Company relating to cases contested by the Company :

(Rs. in lakhs)

As at As at 31-Mar-11 31-Mar-10

(i) Sales Tax 3.00 Nil

(ii) Income Tax (Pending before Appellate 375.98 Authorities in respect of which the Company is in appeal)

9. The information as required under Micro, Small and Medium Enterprises Development Act, 2006 was called from relevant parties. In view of no response, no such information is furnished.

10. The Management is of the view of that the fixed assets of the Company are capable of generating adequate returns over their useful lives in the course of business. Therefore the assets are not impaired and do not call for providing any loss.

12. Related Party Disclosure: -

i) The Company has identifi ed following parties for the purpose of Related Party Disclosure:

Subsidiary Companies: Holding (%)

Lahoti Spintex Limited 100

G. Varadan Limited 100

Associate Companies:

Lahoti Terra Knitfab Limited NIL

(Ceased to be associate during the year)

Other Related Parties:

PSWare Information Private Limited

Sri Laxmi Exports (Partnership Firm)

Kirti Stock Brokers Private Limited

Bauble Investment Private Limited

Key Management Personnel:

Shri Umesh R. Lahoti - Managing Director

Shri Ujwal R Lahoti - Executive Director

Shri Aadhitiya Lahoti - Director

15. Company has not been able to appoint a Company Secretary during the year, In spite of it's best efforts.

16. The company has taken effort to verify the closing balances of the sundry creditors / Debtors subject to pending confirmations.

17. Additional Disclosure pursuant to clause 32 of Listing Agreement, (Excepting for employees) is made under schedule "J" to the Accounts.


Mar 31, 2010

1. Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.

2. Contingent Liability is disclosed in case of

i) a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation.

ii) a present obligation arising from past events, when no reliable estimate is possible; and iii) a possible obligation from past events where the probability of outflow of resources is not remote.

3. Contingent assets are neither recognised, nor disclosed.

4. Provisions, Contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

L. IMPAIREMENT OF ASSETS

An assets is treated as impaired when the carrying cost of assets exceed its recoverable value. An impairment loss is charged to Profit and Loss Account in the year in which an asset is identified by management as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

5. The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

6. In the opinion of Directors, Current Assets, Loans and Advances have the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business and the provision for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

7. Contingent Liabilities:

Contingent Liabilities not provided for in respect of:

a) Income tax matters Rs. 42.53 Lakhs

b) Bill Discounted Rs. 117.91 Lakhs (Previous Year Rs. 123.82 Lakhs)

8. Earning in Foreign Exchange:

FOB value, including third party export: Rs. 24,270.93/- Lakhs (PreviousYear? 14,420.15 Lakhs)

9. The information as required under Micro, Small and Medium Enterprises Development Act, 2006 was called from relevant parties. In view of no response, no such information is furnished.

10. The Management is of the view of that the fixed assets of the Company are capable of generating adequate returns over their useful lives in the course of business. Therefore the assets are not impaired and do not call for providing any loss.

11. Particulars in respect of opening stock, purchases, closing stock and sales of goods traded during the period ended on March 31, 2010:

Key Management Personnel:

Shri Umesh R. Lahoti - Managing Director

Shri Ujwal R Lahoti - Executive Director

Shri Aadhitiya Lahoti - Jt. Executive Director

12. Company has not able to appoint a Company Secretary during the year. In spite of its best efforts.

13. The company has taken effort to verify the closing balances of the sundry creditors / Debtors subject to pending confirmations.

14. Additional Disclosure pursuant to clause 32 of Listing Agreement, (Excepting for employees) is made under schedule "J" to the Accounts.

 
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