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Notes to Accounts of Olympia Industries Ltd.

Mar 31, 2016

1. Money Received Against Share Warrants

The Board of Directors of the company at their meeting held on 14.11.2015 and as approved by its members through Postal Ballot held on 13.01.2016 have resolved to create, offer issue and allot upto 30,00,000 warrants, convertible into 30,00,000 equity shares of Rs. 10/- each on a preferential allotment basis pursuant to Section 42 and 62 (1) (c) and all other applicable provisions of Companies Act 2013, at a conversion price of Rs. 45/- per equity share of the company arrived at in accordance with the SEBI Guidelines in this regard and subsequently these warrants were allotted on 03.02.2016 to the promoters and non promoters and the 25% application money amounting to Rs. 3,37,50,000 was received from them. As on 31st March,2016, the promoter partially exercised their entitlement to convert 400000 warrant in to equivalent number of equity shares as per the terms of issue and paid the balance 75% of the price thereon. The balance 2600000 warrants remail outstanding to be exercised on or before 2nd August, 2017. In the event the warrants are not converted into shares within the said period, the amounts received towards the warrants will be forfeited.

2. Details Of Security for Cash Credit Facility from Bank:

i. Hypothecation of entire current assets including Receivables and Inventories of the company

ii. Mortage of Industrial Land and Building at Palghar and Kim

iii. Mortgage of commercial office at Marol, Andheri East

iv. Pledge of 1,82,835 equity shares of Olympia Industries Ltd from Promoter Group holding

v. Personal gurantee of Whole Time Director Shri Navin Kumar Pansari

Term Loan from Company : (Secured)

i. Outstanding Balance as at Balance sheet date is repayable over a period of :

12 months (Previous Year NIL) 3,88,738

ii. Security

Term Loan from company is secured by hypothecation of Motor Car.

3. According to directors technical assessment, there is no impairment in the carrying cost of cash generating assets of the Company in terms of Accounting Standard 28 (AS 28) issued by the Institute of Chartered Accountants of India.

4. The balance of sundry debtors, creditors, secured, unsecured loans and loans & advance are subject to the confirmation.

5. Contingent Liabilities:

Non provision of dividend on 11% Cumulative Redeemable Preference Shares amounting to Rs. 39.60 lakh (Prev. Year : 37.40 lakhs)


Mar 31, 2015

1. In terms of the Order of Board for Industrial and Financial Reconstruction (BlFR) dated 7th March 2012, approving a scheme of rehabilitation of the Company, referred to therein as the Sanctioned Scheme (SS- 12),Paid upshare capital of the comapny has been reduced by 65% Nil (Previous year 3451630) Equity shares aggregating to Nil( Previous year Rs. 34516300).

2. Promoters have inducted Rs. 1,16,50,000 ( Rs. 60,00,000/- bythe promoter director and 56,50,000/- by unsecured Creditors) in terms of the Order of Board for Industrial and Financial Reconstruction (BlFR) dated 7th March 2012.

3. In terms of the Order of Board for Industrial and Financial Reconstruction (BlFR) dated 7th March 2012, approving a scheme of rehabilitation of the Company, referred to therein as the Sanctioned Scheme (SS- 12),Paid up share capital of the comapny has been reduced by 65% i.e Nil (Previous year 3451630) Equity shares aggregating to Nil ( Previous year Rs. 34516300).

4. Defined Benefit Plan

Incremental liability for gratuity for the year is accounted on accruaI basis.

5. Related party disclosures:

Related party disclosures as required by AS-18, "Related party Disclosures", a re given below: I. Relationships:

(a) Shareholders in the Company;

i) Agrankit Synfa b Private Limited.

ii) ChitrakarTextiles Private Limited

iii) Ekamat Synthetics Private Limited

iv) Jamjir Polyester Private Limited.

v) Navin K. Pansari

(b) Other related parties where common control exist;

i) Agrankit Synfab Private Limited.

ii) Chitrakar Textiles Private Limited

iii) Ekamat Synthetics Private Limited

iv) Jamjir Polyester Private Limited.

v) Manmol Textiles Pvt ltd

vi) Drutgati Yarns Pvt Ltd

(c) Directors ;

i) Mr. Navin Pansari

ii) Mr. Vijay G. Patel

iii) Mr. Balkrishna Uklikar

iv) Mr Anurag Pansari

v) Ms. Anisha Parmar

6. According to directors technical assessment, there is no impairment in the carrying cost of cash generating assets of the Company in terms of Accounting Standard 28 (AS 28) issued by the Institute of Chartered Accountants of India.

7. The balance of sundry debtors, creditors, secured, unsecured loans and loans & advance are subject to the confirmation.

8. Contingent Liabilities:

Non provision of dividend on 11% Cumulative Redeemable Preference Shares amounting to Rs. 37.40 lakh (Prev. Year: 35.2 lakhs)


Mar 31, 2014

1.1 In terms of the Order of Board for Industrial and Financial Reconstruction (BIFR) dated 7th March 2012, approving a scheme of rehabilitation of the Company, referred to therein as the Sanctioned Scheme (SS-12),Paid up share capital of the comapny has been reduced by 65% i.e 3451630 (Previous year NIL) Equity shares aggregating to Rs. 34511630/-( Previous vear NIL.)

1.2

Promoters have inducted Rs. 1,16,50,000 ( Rs. 60,00,000/- by the promoter director and 56,50,000/- by unsecured Creditors) in terms of the Order of Board for Industrial and Financial Reconstruction (BIFR) dated 7th March 2012.

2.1 In terms of the Order of Board for Industrial and Financial Reconstruction (BIFR) dated 7th March 2012, approving a scheme of rehabilitation of the Company, referred to therein as the Sanctioned Scheme (SS-12),Paid up share capital of the comapny has been reduced by 65% i.e 3451630 (Previous year NIL) Equity shares aggregating to Rs. 34511630/-( Previous year NIL).

The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable under the said Act have not been made.

Incremental liability for gratuity for the year is accounted on accrual basis.

3 Related party disclosures:

Related party disclosures as required by AS-18, "Related party Disclosures", are given below: I. Relationships:

(a) Shareholders in the Company ;

i) Agrankit Synfab Private Limited.

ii) Chitrakar Textiles Private Limited.

iii) Ekamat Synthetics Private Limited.

iv) Jamjir Polyester Private Limited.

v) Navin K. Pansari

(b) Other related parties where common control exist;

i) Agrankit Synfab Private Limited.

ii) Chitrakar Textiles Private Limited.

iii) Ekamat Synthetics Private Limited.

iv) Jamjir Polyester Private Limited.

v) Manmol Textiles Pvt ltd

vi) Drutgati Yarns Pvt Ltd

(c) Directors ;

i) Mr. Navin Pansari

ii) Mr. Vijay G. Patel

iii) Mr. BaJkrishna Uklikar

iv) Mr Anurag Pansari

v) Mr. Ketan Gala

4 According to an directors technical assessment, there is no impairment in the carrying cost of cash generating assets of the Company in terms of Accounting Standard 28 (AS 28) issued by the Institute of Chartered Accountants of India.

5 The balance of sundry debtors, creditors, secured, unsecured loans and loans & advance are subject to the confirmation.

6 Contingent Liabilities:

Non provision of dividend on 11% Cumulative Redeemable Preference Shares (Rs. 30.80 lakh)

(Rs. 28.60 lakh)

7 The Company has unabsorbed depreciation and Business losses available for set off under the Income Tax Act, 1961. However " in view of inability to assess future taxable income " the extent of net deferred tax assets which may be adjusted in the subsequent Years is not ascertainable with virtual certainty at this stage and accordingly " in keeping with Accounting Standard 22 on Accounting for taxes on income issued by the Institute of "Chartered Accountants of India" the same has not been recognised in these account.


Mar 31, 2012

1 According to an directors technical assessment' there is no impairment in the carrying cost of cash generating assets of the Company in terms of Accounting Standard 28 (AS 28) of India' issued by the Institute of Chartered Accountants

I. In the opinion of the Board of Directors' the current assets and loans & advances have a value approximately equal to the value stated in the accounts' unless otherwise stated' if realised in the ordinary course of business.

II. Despite erosion of net worth of the company due to losses in earlier years' the accounts for the year have been prepared on the assumption of going concern basis as the management has undertaken various measures for rehabilitation of the Company.

III During the year the Company has received an Order from Board for Industrial and Financial Reconstruction (BIFR) dated 7th March 2012. approving a scheme of rehabilitation of the Company' referred to therein as the Sanctioned Scheme (SS-12). The principal provisions in the are as under :-

a) Restructuring & Reduction of Share Capital

Paid-up share capital of Rs 531.02 lac to be reduced by 65%

b) Settlement of Dues of the Secured Creditors

All the secured creditors of Company viz. UBI and IDBI Bank stand paid-off as on March 31' 2010 under a one-time settlement

c) Infusion of Fresh Funds

Promoters to bring in Rs. 60 lac as envisaged in SS-12 and to undertake to finance the short fall' and if any' in case the projections of profitability cash flow do not materialize to the extent envisaged by the SS-12.

d) Settlement of Unpaid Bills

The company to settle the contingent liability of Rs. 24.47 lakh to Union Bank of India on account of acceptance of bills drawn by Orbit Polyesters Limited' at Rs. 2.00 lacs Union Bank to release the all securities including personal/corporate guarantees / undertaking and indemnity given by the existing promoters / directors issued to the banks.

e) Settlement of Dues towards CRB Capitals Ltd. - Leased Assets

CRB Capitals Ltd. To accept an amount of Rs 2 lakh as full and final settlement against the entire dues

f) Dues to Unsecured Creditors

Unsecured Creditors to accept Rs. 27.13 lakh towards its dues of Rs. 271.35 lakh i.e. 10% of principal amount.

g) Other Reliefs & Concessions

From Income Tax Authorities' SEBI' BSE and Stock Exchanges of Calcutta' Delhi' Chennai & Cochin Stock Exchanges' State Government of Gujarat' Gujarat State Electricity Board as detailed in the SS-12.

IV The effect of the Order from Board for Industrial and Financial Reconstruction (BIFR) dated 7th March 2012 is given in accounts as under:

a) To accept Rs. 27.13 lakh towards its dues of unsecured loan of Rs. 271.35 lakh i.e. 10% of principal amount. The Company consider it appropriate to take credit for the said waiver towards principal amount of Rs 2'44'22'267/- to capital reserve.

b) To accept the dues to M/S CRB capital Limited to the tune of Rs. 200000/- toward lease assets.

The company Considers' there will be no liability more than that stated in books of accounts' Therefore no effect is given in the books of accounts for the same. No effect are given in the books of accounts as same will be given as and when the amount will be paid.

V. The balance of sundry debtors' creditors' secured' unsecured loans and loans & advance are subject to the confirmation.

VI. Contingent Liabilities:

a) For non provision of dividend on 11% Cumulative Redeemable Preference Shares ( Rs. 26.40 lakh) ( Rs. 24.20 lakh )

VII. The Company has unabsorbed depreciation and Business losses available for set off under the Income Tax Act' 1961. However " in view of inability to assess future taxable income " the extent of net deferred tax assets which may be adjusted in the subsequent Years is not ascertainable with virtual certainty at this stage and accordingly" in keeping with Accounting Standard 22 on Accounting for taxes on income issued by the Institute of Chartered Accountants of India" the same has not been recognised in these account' issued by the Institute of Chartered Accountants of India" the same has not been recognised in these account.

2 In View of the revision to the schedule VI as per notification issued by the Central Government' the financial statements for the year ended 31 st March' 2012 have been prepared as per the requirements of the Revised Schedule VI to the Companies Act' 1956. The Previous year's have been accordingly regrouped/reclassified to confirm to the current year's classification.


Mar 31, 2010

1 .Previous years figure have been regrouped, rearranged and reclassified, wherever necessary.

2.In the opinion of the Board of Directors, the current assets and loans & advances have a value approximately equal to the value stated in the accounts, unless otherwise stated, if realised in the ordinary course of business.

3.Despite erosion of net worth of the company due to losses in earlier years, the accounts for the year have been prepared on the assumption of going concern basis as the management has undertaken various measures for rehabilitation of the Company.

4. In view of Companys request for repossession of assets taken on hire to respective hirers; no provision had been made for interest /hire charges and the provisions made in earlier years have been written back as the company estimates that there will be no liability more than that stated in books of accounts, i.e equivalent to value of assets taken on lease and/or hire purchase.

5.The balance of sundry debtors, creditors, secured, unsecured loans and loans & advance are subject to the confirmation.

6.Contingent Liabilities:

i) For non provision of dividend on 11% Cumulative Redeemable Preference Shares (Rs.22,00,000/-) ( Rs. 19,80,000/- )

ii) For Bills drawn on and accepted by the Company Rs. 34.08 lacs (Previous year Rs.24.47 lacs).

iii) Suit filed ?73,35,480/-. (Previous Year ?73,35,480/-).

7. Segment reporting (AS - 17):

Information about Business Segment (information provided in respect of revenue items for the year ended 31.03.2010 and in respect of Assets/Liabilities as at 31.03.2010).

8. The Company has unabsorbed depreciation and Business losses available for set off under the Income Tax Act, 1961. However "in view of inability to assess future taxable income" the extent of net deferred tax assets which may be adjusted in the subsequent Years is not ascertainable with virtual certainty at this stage and accordingly" in keeping with Accounting Standard 22 on Accounting for taxes on income issued by the Institute of Chartered Accountants of India" the same has not been recognised in these account.

9. Related party disclosures:

Related party disclosures as required by AS - 18, "Related party Disclosures", are given below:

1 .Relationships:

(a) Shareholders in the Company

i) Agrankit Synfab Pvt. Ltd.

ii) Chitrakar Textiles Pvt. Ltd.

iii) Ekamat Synthetics Pvt. Ltd.

iv) Jamjir Polyester Pvt. Ltd.

(b) Other related parties where common control exist:

i) Agrankit Synfab Pvt. Ltd.

ii) Chitrakar Textiles Pvt. Ltd.

iii) Ekamat Synthetics Pvt. Ltd.

iv) Jamjir Polyester Pvt. Ltd.

(c) Directors ;

i) Mr. Navin Pansari

ii) Mr. Vijay G. Patel

iii) Mr. Balkrishna Uklikar

10. Earning per Share (EPS)

11. ADDITIONAL INFORMATION PURSUANT TO PART II OF SCHUDLE VI OF THE COMPANIES ACT, 1956;

a) Particulars in respect of goods manufactured: YARN PROCESSING

Licensed Capacity NOT APLICABLE

Installed Capacity 3600MT (3600MT)

Production NIL (NIL)

c) EARNING IN FOREIGN CURRENCY ON FOB BASIS Rs. NIL (NIL).

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