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Notes to Accounts of Nagreeka Exports Ltd.

Mar 31, 2015

1. CAPITAL COMMITMENTS: Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. NIL (Net of advances) (Previous Year Rs. 160.19 Lacs ).

2. CORPORATE SOCIAL RESPONSIBILITY : As per Section 135 of the Companies Act 2013, a corporate social responsibility (CSR) committee has been formed by the Company. The Company is working primarily in the field of woman empowerment and promoting women education and tribal education. The funds were primarily transferred to the trust for the said purpose. Amount to be spent on CSR : Rs. 11,81,481/-, Amount actually spent on CSR : Rs. 15,03,000/-.

3. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

i. Bills discounted with Banks Rs. 2669.52 Lacs (Previous Year Rs. 7197.21 lacs).

ii. Bank Guarantees of Rs. 325.15 Lacs (Previous Year Rs. 305.55 lacs) issued in favour of Custom, Central Excise & Other Government Authorities.

iii. Disputed Statutory Dues :

a) The Income Tax Assessment of the Company have been completed up to Assessment Year 2013-2014. Disputed Income Tax Liabilities for which appeal is pending before different appellate authorities for Assessment Year 2000-2001, 2005-2006, 2006-2007, 2010-2011 & 2011-2012 are Rs. 344.84 Lacs.

b) Disputed Central Excise liability for which appeal is pending before different excise authorities relating to financial year from 2005-2006 is Rs. 27.13 Lacs.

c) Disputed Central Service Tax liability for which appeal is pending before different Service Tax authorities relating to financial year from 2004-2005, 2005-2006 & 2009-2010 is Rs. 15.15 Lacs.

Based on the decision of the Appellate authorities and the interpretations of the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

4. As per Accounting Standard 28 issued by the institute of Chartered Accountants of India, the company has assessed recoverable value of generating unit based on value in used method which has worked out to be much higher than corresponding book value of net assets thereby not warranting further exercise of arriving at their net selling price. This further confirms absence of exigency of making any provision for impairment of asset(s)

5. The Company has only one business segment i.e. Textiles and thus no further disclosure are required in accordance with Accounting Standard 17 notified by Companies (Accounting Standards) Rules, 2006 (As amended) of the Companies Act, 1956.

6. The Previous Year figures has been re-grouped / re-arranged wherever necessary to conform to the current year presentation.


Mar 31, 2014

1. COMPANY OVERVIEW:

The Company was incorporated on 6th March, 1989 under the laws of republic of India and has its registered office at Kolkata, West Bengal. The company is engaged in manufacturing and export of cotton yarn and other various merchandise. The shares of the company are listed in National Stock Exchange. Company has set up 100% export oriented unit with the state of art, Plant with manufacturing capacity of 55440 spindles at Kolhapur in Maharashtra. The company has also set up yarn dying and cotton bleaching plant at Kagal Kolhapur. The Company was also awarded International standard Organization certificate for export performance. The company''s marketing network is spread over in various countries. The Company is also doing trading of cotton yarn and various commodities. The company is Merchant exporter also.

2. i) Rupee Term loan from Canara Bank - Kolkata, Oriental Bank of Commerce - Kolkata and State Bank of Patiala - Mumbai is secured by

(a) an equitable mortgage ranking pari passu inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its spinning unit premises at Village : Yavluj, District : Kolhapur, Maharastra and

(b) by way of hypothecation ranking pari passu inter-se of all movable properties of the company both present and future including movable machineries, spares, tools & accessories (save & except book debts) subject to prior charges created or to be created in favour of the Company''s Bankers, on its stock of Raw Materials, finished goods, consumable stores, book debts & such other movables as may be specifically permitted by the institutions in writing, to secure borrowings for working capital requirements and

(c) Personal guarantee of some of the Directors of the Company.

ii) Working Capital Term Loan from Canara Bank, Overseas Branch, Kolkata is secured by way of :

(a) hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata,

(b) Second charge on immovable properties of the company relating to above mentioned spinning unit, and

(c) Personal guarantee of some of the Directors of the Company.

iii) For the above loan a securitisation agreement entered in between the Company, AXIS Bank Limited and the above lenders.

iV) Rupee Term loan from Canara Bank - Kolkata is secured by

(a) an equitable mortgage ranking exclusive charges inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its Dying & Bleaching unit premises at Village : Kagla, District : Kolhapur, Maharastra

(b) all the excisting securities for other regular limits will be available as co-lateral secutiry on pari pasu basis

3. i) Working Capital Loan from Canara Bank, Overseas Branch, Kolkata & Mumbai , Oriental Bank of Commerce, Overseas Branch, Kolkata, Allahabad Bank, Industrial Finance Branch, Kolkata, State Bank of Patiala - Commercial Branch,Mumbai and ICICI Bank Limited, Kolkata are secured by way of :

(a) First charge by way of hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata, both present and future in a form and manner satisfactory to the bank, ranking pari pasu with each other participating working capital banks.

(b) Second charge on all the fixed assets of the company, both present and future ranking pari pasu with each other participating working capital banks.

(c) Personal guarantee of some of the Directors of the Company.

4. CAPITAL COMMITMENTS:

Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 160.19 Lacs (Net of advances) (Previous Year Rs. 6.09 Lacs ).

5. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

i. Bills discounted with Banks Rs. 7197.21 Lacs (Previous Year Rs. 5403.55 lacs).

ii. Bank Guarantees of Rs. 305.55 Lacs (Previous Year Rs. 426.47 lacs) issued in favour of Custom, Central Excise & Other Government Authorities.

iii. Disputed Statutory Dues :-

a) The Income Tax Assessment of the Company have been completed up to Assessment Year 2011-2012. Disputed Income Tax Liabilities for which appeal is pending before different appellate authorities for Assessment Year 2000-2001, 2005-2006, 2006-2007 ,2008-2009, 2010-2011 & 2011-2012 are Rs. 445.99.

b) Disputed Central Excise liability for which appeal is pending before different excise authorities relating to financial year from 2005-2006 is Rs. 27.13 Lacs.

c) Disputed Central Service Tax liability for which appeal is pending before different Service Tax authorities relating to financial year from 2004-2005, 2005-2006 & 2009-2010 is Rs. 25.15 Lacs.

Based on the decision of the Appellate authorities and the interpretations of the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

6. As per Accounting Standard 28 issued by the institute of Chartered Accountants of India, the company has assessed recoverable value of generating unit based on value in used method which has worked out to be much higher than corresponding book value of net assets thereby not warranting further exercise of arriving at their net selling price. This further confirms absence of exigency of making any provision for impairment of asset(s)

7. The Previous Year figures has been re-grouped / re-arranged wherever necessary to conform to the current year presentation


Mar 31, 2013

1. COMPANY OVERVIEW :

The company was incorporated on 6th March, 1989 under the laws of republic of india and has its registered office at kolkata,West bengal. The company is engaged in manufacturing and export of cotton yarn and other various merchandise. The shares of the company are listed in National stock exchange and Bombay stock exchange. Company has set up 100% export oriented unit with the state of art, Plant with export capacity of 55440 spindles at Kolhapur in Maharashtra. The Company was also awarded International standard organization certificate for export performance. The Company''s marketing network is spread over in various countries. The Company also doing trading of cotton yarn and various commodities. The Company is merchant exporter also. The Company has taken up for setting of yarn deying and cotton bleaching plant at Kolhapur.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

i. Bills discounted with Banks Rs. 5403.55 Lacs (Previous Year Rs. 4199.76 lacs).

ii. Bank Guarantees of Rs. 426.47 Lacs (Previous Year Rs. 371.37 lacs) issued in favour of Custom, Central Excise & Other Government Authorities. in Disputed Statutory Dues :-

a) The Income Tax Assessment of the Company have been completed up to Assessment Year 2010-2011. Disputed ''Income Tax Liabilities for which appeal is pending before different appellate authorities for Assessment Year 2000- 2001, 2005-2006, 2006-2007, 2008-2009 & 2010-2011 are Rs. 269.61.

b) Disputed Central Excise liability for which appeal is pending before different excise authorities relating to financial year from 2005-2006 is Rs. 27.13 Lacs.

c) Disputed Central Service Tax liability for which appeal is pending before different Service Tax authorities relating to financial year from 2004-2005, 2005-2006 & 2009-2010 is Rs. 25.15 Lacs.

Based on the decision of the Appellate authorities and the interpretations of the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made,

3. As per Accounting Standard 28 issued by the institute of Chartered Accountants of India, the company has assessed recoverable value of generating unit based on value in used method which has worked out to be much higher than corresponding book value of net assets thereby not warranting further exercise of arriving at their net selling price. This further confirms absence of exigency of making any provision for impairment of asset(s).

4. The Company has only one business segment i.e. Textiles and thus no further disclosure are required in accordance with Accounting Standard 17 notified by companies ( Accounting Standards) Rules, 2006 ( As amended) of the Companies Act, 1956.


Mar 31, 2012

1. COMPANY OVERVIEW :

The company was incorporated on 6th March, 1989 under the laws of republic of india and has its registered office at kolkata,West bengal. The company is engaged in manufacturing and export of cotton yarn and other various merchandise. The shares of the company are listed in National stock exchange and Bombay stock exchange. Company has set up 100% export oriented unit with the state of art, Plant with export capacity of 55440 spindles at Kolhapur in Maharashtra. The Company was also awarded International standard organization certificate for export performance. The Company's marketing network is spread over in various countries. The Company also doing trading in export of cotton yarn arid various commodities. The Company is merchant exporter also. The Company has taken up for setting of yarn deying and cotton bleaching plant at Kolhapur.

i) Rupee Term loan from Canara Bank - Kolkata, Oriental Bank of Commerce - Kolkata and State Bank of Patiala - Mumbai is secured by

(a) an equitable mortgage ranking pari passu inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its spinning unit premises at Village : Yavluj, District : Kolhapur, Maharastra and

(b) by way of hypothecation ranking pari passu inter-se of all movable properties of the company both present and future including movable machineries, spares, tools & accessories (save & except book debts) subject to prior charges created or to be created in favour of the Company's Bankers, on its stock of Raw Materials, finished goods, consumable stores, book debts & such other movables as may be specifically permitted by the institutions in writing, to secure borrowings for working capital requirements and

(c) Personal guarantee of some of the Directors of the Company.

iii) Working Capital Term Loan from Canara Bank, Overseas Branch, Kolkata is secured by way of :

(a) hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata,

(b) Second charge on immovable properties of the company relating to above mentioned spinning unit, and

(c) Personal guarantee of some of the Directors of the Company.

i) Working Capital Loan from Canara Bank, Overseas Branch, Kolkata & Mumbai , Oriental Bank of Commerce, Overseas Branch, Kolkata, Allahabad Bank, Industrial Finance Branch, Kolkata, State Bank of Patiala - Commercial Branch,Mumbai and ICICI Bank Limited, Kolkata are secured by way of :

(a) First charge by way of hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District: Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata, both present and future in a form and manner satisfactory to the bank, ranking pari pasu with each other participating working capital banks.

(b) Second charge on all the fixed assets of the company, both present and future ranking pari pasu with each other participating working capital banks.

(c) Personal guarantee of some of the Directors of the Company.

ii) Previous Year working Capital Loan includes working capital loan from ING Vysya Bank Limited, Overseas Branch, Mumbai was secured by way of:

(a) hypothecation of stock of raw materials, work in process, Finished goods, book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharastra and

(b) second charge on immovable Properties of the Company relating to above mentioned spinning unit and

(c) Personal guarantee of some of the Directors of the Company.

i) The Company Has not received any information its suppliers regarding registration under "The Micro, Small and Medium Enterprises Development Act, 2006 " Hence, the information required to be given in accordance section 12 of the said Act, is not ascertainable. Hence, not disclosed.

ii) The Company has also computed and made necessary provisions on account of leave encashment benefits based on acturial valuation as per accounting standard - 15 (Revised) "Employee Benefits" The total service eligibility as per the company's leave rules are estimated and provided in Ihe books as a revenue expenditure after making adjustment towards the benefit paid on this benefit obligation were carried out at 31st March 2012

2 CAPITAL COMMITMENTS :

Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 2948.91 Lacs (Net of advances) (Previous Year Rs. Nil Lacs).

3CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

i. Bills discounted with Banks Rs. 4199.76 Lacs (Previous Year Rs. 5918.49 lacs).

ii. Bank Guarantees of Rs. 371.37 Lacs (Previous Year Rs. 341.70 lacs) issued in favour of Custom, Central Excise & Other Government Authorities.

iii. Disputed Statutory Dues

a) The Income Tax Assessment of the Company have been completed up to Assessment Year 2009-2010. Disputed Income Tax Liabilities for which appeal is pending before different appellate authorities for Assessment Year 2000- 2001, 2005-2006, 2006-2007 & 2008-2009 are Rs. 328.78.

b) Disputed Central Excise liability for which appeal is pending before different excise authorities relating to financial year from 2005-2006 is Rs. 27.13 Lacs.

c) Disputed Central Service Tax liability for which appeal is pending before different Service Tax authorities relating to financial year from 2004-2005, 2005-2006 & 2009-2010 is Rs. 25.15 Lacs.

Based on the decision of the Appellate authorities and the interpretations of the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

4. As per Accounting Standard 28 issued by the institute of Chartered Accountants of India, the company has assessed recoverable value of generating unit based on value in used method which has worked out to be much higher than corresponding book value of net assets thereby not warranting further exercise of arriving at their net selling price. This further confirms absence of exigency of making any provision for impairment of asset(s).

5. The financial statements for the year ended March 31,2011 had been prepared as per applicable, pre-revised schedule VI to the companies Act, 1956. Consequent to the notification of Revised schedule VI under the Companies Act. 1956, the financial statements for the year ended March 31,2012 are prepared as per revised Schedule VI. Accordingly the previous year figures have also been classified to confirm to this year classification. The adoption of revised Schedule VI for previous year figures does not impact recognition and measurement principle followed for preparation of financial statements.


Mar 31, 2010

1. CAPITAL COMMITMENTS : Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. Nil (Net of advances) (Previous Year Rs. 185.00 Lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

i. Bills discounted with Banks Rs. 5484.31 Lacs (Previous Year Rs. 2060.47 lacs).

ii. Bank Guarantees of Rs. 144.70 lacs (Previous year Rs. 138.50 lacs) issued in favour of Custom, Central Excise &

Other Government Authorities. iii. Disputed Statutory Dues :-

a) The Income Tax Assessment of the Company have been completed up to Assessment Year 2007-2008. Disputed Income Tax Liabilities for which appeal is pending before different appellate authorities for Assessment Year 2000-2001 & 2006-2007 is Rs. 43.59 lacs.

b) Disputed Sales Tax Liability for which appeal is pending before Maharashtra Sales Tax Appellate Tribunal for Financial Year 1998-1999 is Rs. 7.01 lacs.

c) Disputed Central Excise liability for which appeal is pending before different excise authorities relating to financial year from 2005-2006 to 2008-2009 is Rs. 75.61 Lacs.

Based on the decision of the Appellate authorities and the interpretations of the other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

d) Disputed liability on account of custom duty, current fees and interest thereon Rs. 25.59 Lacs has not been provided for as the Company has not acknowledged the debts.

3. SECURED LOAN :

i. Rupee Term loan from Canara Bank - Kolkata, Oriental Bank of Commerce - Kolkata and State Bank of Patiala - Mumbai is secured by

(a) an equitable mortgage ranking pari passu inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its spinning unit premises at Village : Yavluj, District : Kolhapur, Maharastra and

(b) by way of hypothecation ranking pari passu inter-se of all movable properties of the company both present and future including movable machineries, spares, tools & accessories (save & except book debts) subject to prior charges created or to be created in favour of the Companys Bankers, on its stock of Raw Materials, finished goods, consumable stores, book debts & such other movables as may be specifically permitted by the institutions in writing, to secure borrowings for working capital requirements and

(c) personal guarantee of some of the Directors of the Company.

ii. Working Capital Term Loan from Canara Bank, Overseas Branch, Kolkata is secured by way of :

(a) hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District: Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata,

(b) Second charge on immovable properties of the company relating to above mentioned spinning unit, and

(c) personal guarantee of some of the Directors of the Company.

iii. Working Capital Loan from Canara Bank, Overseas Branch, Kolkata and Mumbai and Oriental Bank of Commerce, Overseas Branch, Kolkata are secured by way of :

(a) hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata,

(b) Second charge on immovable properties of the company relating to above mentioned spinning unit, and

(c) personal guarantee of some of the Directors of the Company.

iv. Working Capital Loan from ING Vysya Bank Limited, Overseas Branch, Mumbai is secured by way of:

(a) hypothecation of stock of raw materials, work in process, Finished goods, book debts relating to spinning unit at Village : Yavluj, District: Kolhapur, Maharastra and

(b) Second charge on immovable Properties of the Company relating to above mentioned spinning unit, and

(c) personal guarantee of some of the Directors of the Company.

v. For the above loan a securitisation agreement entered in between the Company, AXIS Bank Limited and the above lenders.

vi. Term Loans repayable within one year Rs. 606.96 lacs (previous year Rs. 160.00 lacs). vii. Working Capital Term Loan repayable withing one year Rs. Nil.

4. Sales is net of Foreign Exchange difference Debit (Net) Rs. 7.88 lacs (Previous year Debit Rs 0.13 lacs.)

5. a) Sundry creditors includes outstanding dues to SSI undertakings amounting to Rs. 4,74,153/- (Previous year Rs. 4,34,645/-) and no dues are outstanding for more than 30 days. b) The Company has not received any information from its suppliers regarding registration under "The Micro, Small and Medium Enterprises Development Act, 2006." Hence the information required to be given in accordance with section 22 of the said Act, is not ascertainable. Hence, not disclosed.

6. Based on the information/documents available with the Company, there was no amount due and outstanding as on 31st March, 2010 which is to be transferred to Investors Education and Protection Fund under Section 205C of the Companies Act, 1956.

7. As per Accounting Standard 28 issued by the Institute of Chartered Accountants of India, the company has assessed recoverable value of generating unit based on value in used method which has worked out to be much higher than corresponding book value of net assets thereby not warranting further exercise of arriving at their net selling price. This further confirms absence of exigency of making any provision for impairment of asset(s).

8. Derivative Instruments

In view of notification Number G.S.R 225 (E) dated 31st March, 2010 issued by Ministry of Company Affairs, the Company opted to adjust the exchange differences arising on reporting of long term foreign exchange monetary items. Pursuant to exercise of aforesaid option the Company has debited Rs. 154.44- Lacs to "Foreign currency monetary item Transaction difference Account" that will amortised over the exercise of the option but not beyond 31st March, 2011.

The Company has also computed and made necessary provisions on account of leave encashment benefits based on acturial valuation as per Accounting Standard - 15 (Revised) "Employee Benefits". The total service eligibility as per the Companys leave rules are estimated and provided in the books as a revenue expenditure after making adjustment towards the benefit paid on this benefit obligation were carried out at 31st March, 2010.

Note : 1) Cotton Yarn production includes 3,19,687 Kgs (Previous Year 5,42,973 Kgs) and Knitted Fabrics Production includes Nil Kgs (Previous year 76 kgs) inter department transfer. 2) Shortage of Raw Cotton during the year Nil MT (Previous year 6 MT) and Cotton Yarn Nil Kgs (Previous Year 103 kgs).

Note : a) There is no doubtful debts as on 31.03.2010 hence no provision is made.

b) There is no amounts written off or written back during the year in respect of debts due from or to related parties.

9. Previous year figures have been regrouped and/or rearranged wherever necessary.

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