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Notes to Accounts of Premier Synthetics Ltd.

Mar 31, 2015

1. The Secured Term Loans is secured by hypothecation of Stocks and Book Debts and first charge on the fixed assets of the Company and are personally guaranteed by Promoter Director of the Company Mr. Anand Arya

2. Due to default in their repayment and as settled with the asignee of the Institutional borrowings of the Company M/s Edelweiss Asset Reconstruction Co. Ltd the outstanding long term loan of Rs.990.37 lacs has been agreed to be repaid for Rs. 1777.50 lacs by 27/06/2015. The excess amount of Rs. 767.13 lacs to be repaid has been debited to Capita! Reserve,

3. Exceptional Items

Exceptional ltems(Previous Year-Nil) includes: The Exceptional items of Rs 51.07 lacs consist of Loss on sale of investment.

4. No Provision for taxation has boon made in view of the brought forwarded losses

5. Related Party Disclosures

As per Accounting Standard 18, the disclosures of transactions during the year with the related parties are given below: Related Parties/Nature of Relationship ;

Key Managerial Persons

Mr. Anand Arya

Mr. Suresh John

Mr. S. K. Tambswalla

Mr. Janardan Joshi

Associates

Blue Blends (India) Ltd.

Bindal Synthetics Pvt. Ltd Blue Blonds Leasing Pvt. Ltd.

Agrawal Synthetics.

Silvassa Span Yarn Industries.

Blue Blends Petrochemicals Ltd.

Cressida Traders Pvt. Ltd.

Murbad Syntax Pvt. Ltd. (Upto 18.12.2014)

Entwine Mobisoft Technologies Pvt. Lid.

Mr. Aman Arya Mrs. Indu Anand Arya

Disclosure in Respect of Material Related Party Transaction during the year

6. Segment Information

Textile business Is the Company's only business segment hence the disclosure of segment wise information as required by Accounting Standard (AS) 17 on 'Segment Reporting" Is not applicable.

7. Contingent Liabilities and Commitments

i) Claims by parties/customers not acknowledged as debts -Rs, 73.90 lakhs (Previous Year Rs.253.71 lakhs)

ii) Demand of Excise duty of Rs 14.40 lacs raised by the Commissioner of Central Excise, Ahmedabad for the years from 2001 to 2004 has been disputed and has not been provided in the books. The Company is In appeal against the same with the Central Excise and Service Tax Appellate Tribunal,Ahmedabad and has been legally advised that It will not have any liability .

However the company has deposited Rs. 3.60 lacs under protest with the respective Central Excise Authorities.

8. Balances of Sundry Debtors. Creditors, Loans and Advances and transactions are subject to their confirmation .

9. Except otherwise mentioned herein, In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business and the provision of all known liabilities are adequate and not in excess of the amount reasonably necessary

10. Subsquent to the date of balancesheet, Mr Gautamchand Kewatchand Surana.MrVikram Amritlal Sanghvi,Mr Rajiv Giriraj Bansal & Mr.Sanjaykumar Vinodbhai Majethia entered into Share Purchase Agreement with the present Promoters - Mr. Anand ChandutalArya, Mrs. irduAnand Arya & M/s Cressida Traders Pvt. Ltd.for acquisition of 23,35,000 equity shares of the company on 24th April, 2015. Accordingly, Public Announcement and Draft Open Offer to Public have been filed with BSE and 5EBI.

11. Previous Year figures have been regrouped and recasted wherever necessary,


Mar 31, 2013

Method of Accounting

The financial statements are prepared under historical cost convention on an accrued basis and comply with the Accounting Standards (AS) issued by the Institute of Chartered Accountants of India (ICAI) referred to in Section 211 (3C) of the Companies Act, 1956.

"1" Exceptional Items

Exceptional Items includes:

i) Rs. 1697.83 lacs (Previous year Rs. Nil) of Capital Profit on sale of Company''s land at Navi Mumbai ii) Rs. 548.59 lacs (Previous year Rs. Nil) of Bad and Doubtful Debts and Advances written off and iii) Rs. Nil (Previous year Rs. 414.73 lacs) of interest liabilities written back on waiver of interest liabilities payable to Oman International Bank S.A.O.G as per negotiation made with them.

"2" The terms of Redemption of Preference Shares:

The arrears of dividend upto 31/03/2012 on the Preference shares as mentioned in Note no. 2(i) above are fully waived. Now these preference shares as mentioned in Note no. 2(i) and 2(H) above are redeemable on 30/09/2015 and carry Nil dividend.

"3" Related Party Disclosures

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

Related Parties/Nature of Relationship :

Key Managerial Persons

Mr. Anand Arya

Mr. Suresh John

Mr. S. K.Tambawalla

Mr. Janardan Joshi

Associates

Blue Blends (India) Ltd.

Bindal Synthetics Pvt. Ltd

Blue Blends Leasing Pvt. Ltd.

Agarwal Synthetics.

Silvassa Span Yarn Industries.

Blue Blends Stocks & Securities Ltd.

Blue Blends Petrochemicals Ltd.

Blue Blends Finance Ltd.

Cressida Traders Pvt. Ltd.

Murbad Syntex Pvt. Ltd.

Blue Blends Equity Ltd.

Blue Blends Holdings Ltd.

Mr. Aman Arya

Mrs. Indu Anand Arya

Subsidiary Company (100%)

Premier Equity Ltd

"4" Segment Information

Textile business is the Company''s only business segment,hence the disclosure of segment wise information as required by Accounting Standard (AS) 17 on "Segment Reporting" is not applicable .

"5" Contingent Liabilities and Commitments

i) Guarantees extended by the Company on behalf of other companies Rs. 1500 lakhs (Previous Year Rs.2400 lakhs) ii) Claims by parties/customers not acknowledged as debts Rs. 253.71 lakhs (Previous Year Rs.253.71 lakhs)

"6" Balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation, if any.

"7" Except otherwise mentioned herein, in the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business and the provision of all known liabilities is adequate and not in excess of the amount reasonably necessary

"8" Previous reporting period figures have been regrouped and recasted wherever necessary.


Mar 31, 2011

1. Contingent Liabilities and commitments not provided for:-

As at 31.3.11 As at 31.3.10 (Rs. In lakhs) (Rs. In lakh)

(i) Guarantees extended by the Company on behalf of other companies 2400.00 2400.1

(ii) Bank Guarantees given by the Company 20.80 20.1

(iii) Claims by parties/customers not acknowledged as debts 250.36 250.1

2. The Company has determined the Sundry Debtors to the extent of Rs. 1867.02 lakhs (Previous Year Rs. 1867.59 lakhs) as doubtful det However the Company has not made any provision for the same in expectation of the recovery.

3. Balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation, if any.

4. The Company has been negotiating with its lender Oman International Bank S.A.O.G. for settlement of its dues in respect of working cap facilities provided by them and as the Company does not foresee any further liability in respect of interest and overdue interest on such work capital facilities, it has not provided such interest amounting to Rs. 1790.39 lakhs (Previous Year: Rs. 1472.96 lakhs).

5. (i) All the Secured Term Loans from IFC! and Debentures privately placed with them including interest accrued and due together with underlying security interests, all rights, pledges and/or guarantee thereto, have been absolutely assigned and transferred unto in favoui Genuine Commercial Services Pvt. Ltd. in the F.Y. 2008-09 and all the secured loans from SASF (IDBI) and working capital loans from 1 Federal Bank Ltd. Including interest accrued and due thereon together with ail underlying security interests, all rights, pledges and guarantee thereto have been absolutely assigned and transferred unto in favour of Genuine Commercial Services Pvt, Ltd. in the F. 2009-10.

(ii) Exceptional items credited to Profit & Loss Account includes Rs. Nil in the current year (Rs. 57.63 Crores in the previous year) of writ! back of interest liabilities due on loans assigned to M/s Genuine Commercial Services Pvt. Ltd .which were waived as per the negotiat made with them in the previous year.

(iii) Adjustments in Principal amount of such assigned loans, if any, will be made at the time of final settlement/negotiation with M/s. Genu Commercial Service Pvt. Ltd.

6. Machineries in Company's Fabric Processing Unit at New Bombay have scraped and have been sold during the year.

7. Except otherwise mentioned herein, in the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stai if realized in the ordinary course of business and the provision of all known liabilities is adequate and not in excess of the amount reason necessary.

8. The terms of Redemption of Preference Shares:-

(i) 15% Redeemable Cumulative Non Convertible Preference Shares were redeemable at par in three equal annual installments from the s of 7th year from the date of allotment i.e. 18th December 1996. However installments of redemption due by the year end date have not be paid.

(ii) 0 % Redeemable Cumulative Non Convertible Preference Shares were redeemable at par on the expiry of 10th year from the date allotment i.e. on 4th November, 2009. However, the Company has not paid anything to such Preference Shareholders till the year end.

9. (i) The computation of Net Profit for the purpose of calculation of directors' remuneration under section 349 of the Companies Act, 19 is not enumerated, since no commission has been paid to any director.

10. The Company has not provided depreciation on fixed assets situated in its units at Baroda, Panoli & Daman, which are closed.

11. Related Party Transactions

Disclosures as required by Accounting Standard AS 18 "Related Party Disclosure" in respect of transaction for the year ended 31" March,2( are as under:- a) Relationship

(i) Subsidiary Company - Premier Equity Ltd.

12 Company's entire net worth stands eroded and it is a sick industrial company within the meaning of clause (o) of sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. In the opinion of the Board, considering the present circumstances, reasonable certainty may not be expected about the future profitability of the Company.

In view of above, no provision has been made for deferred tax assets arising on account of timing differences due to carry forward accumulated business losses.

13. Segment Information

Textile business is the Company's only business segment; hence disclosure of segment-wise information is not applicable.

14. In absence of any business activity carried out by the only subsidiary company, consolidated financial statements have not been prepared.

15, Previous years figures have been regrouped and recasted wherever necessary.


Mar 31, 2010

1. Contingent Liabilities and commitments not provided for:-

As at 31.3.2010 As at 31.3.2009 (Rs. In lakhs) (Rs. In lakhs}

(i) Guarantees extended by the Company on behalf of other companies 2400.00 2400.00

(ii) Bank Guarantees given by the Company 20.80 20.80

(iii) Claims by parties/ customers not acknowledged as debts Nil 2.00

2. The Company has determined the Sundry Debtors to the extent of Rs.1867.59 lakhs (Previous Year Rs. 1870.09 lakhs) as doubtful debts. However the Company has not made any provision for the same in expectation of the recovery.

3. Balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation, if any.

4. The Company has been negotiating with its Lenders for settlement of its dues in respect of working capital facilities from them and as the Company does not foresee any liability in respect of interest and overdue interest on such working capital facilities, it has not provided such interest amounting to Rs. 1472.96 lakhs (Previous Year: Rs. 4284.08 lakhs).

5. (i) All the Secured Term Loan from IFCI and Debentures privately placed with them including interest accrued and due together with all underlying security interests, all rights, pledges and/or guarantee thereto, have been absolutely assigned and transferred unto in favour of Genuine Commercial Services Pvt. Ltd. during the F.Y. 2008-09 and similarly all the secured loan from SASF (IDBI) and working capital loans from The Federal Bank Ltd. Including interest accrued and due thereon together with all underlying security interests, all rights, pledges and/ or guarantee thereto have been absolutely assigned and transferred unto in favour of Genuine Commercial Services Pvt. Ltd.

(ii) In view of the negotiation after the Balance Sheet date with Genuine Commercial Services Pvt. Ltd the accrued and due interest as provided in the books amounting to Rs.57.63 crores on such assigned loans are not payable and hence they have been written back in the Books and credited to Profit & Loss account as exception item during the year.

(iii) Adjustments in Principal amount of such assigned loans, if any, will be made at the time of final settlement/negotiation with M/s. Genuine Commercial Service Pvt. Ltd.

6. Except otherwise mentioned herein, in the opinion of the Board, the Currenf Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business and the provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

7. The terms of Redemption of Preference Shares: -

(i) 15% Redeemable Cumulative Non Convertible Preference Shares were redeemable at par in three equal annual installments from the end of 7th year from the date of allotment i.e. 18th December 1996. However installments of redemption due by the year end date have not been paid.

(ii) However, the Company has not redeemed the same and has not paid anything to such Preference Shareholders till the year end.

8. (i) The computation of Net Profit for the purpose of calculation of directors remuneration under section 349 of the Companies Act, 1956 is not enumerated, since no commission has been paid to any director

9. The Company has not provided depreciation on fixed assets situated at Baroda, Panoli & Daman, which are closed.

10. Related Party Transactions

Disclosures as required by Accounting Standard AS 18 "Related Party Disclosure" in respect of transaction for the year ended 31st March,2010 are as under:-

a) Relationship

(i) Subsidiary Company

- Premier Equity Ltd.

(ii) Associates

- Blue Blends (India) Ltd. - Bindal Synthetics Pvt. Ltd

- Blue Blends Leasing Pvt. Ltd. - Agrawal Synthetics.

- Silvassa Span Yarn industries. - Blue Blends Stocks & Securities Ltd.

- Blue Blends Petrochemicals Ltd. - Blue Blend Finance Ltd.

- Cressida Traders Pvt. Ltd. - Murbad Syntex Pvt. Ltd.

- Blue Blends Equity Ltd. - Blue Blends Holdings Ltd.

(iii) Key Persons

- Whole time Director : Mr. Anand Arya

- Executive Director : Mr. Suresh John

- Non-Executive Director : Mr. S.K. Tambawalla

- Non- Executive Director : Mr. Janardan Joshi

11. Companys entire networth stands eroded and it is a sick industrial company within the meaning of clause (o) of sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. In the opinion of the Board, considering the present circumstances, reasonable certainty may not be expected about the future profitability of the Company.

In view of above, no provision has been made for deferred tax liability arising on account of timing differences in depreciation. Similarly, deferred tax assets arising on account of timing differences due to carry forward accumulated business losses and other provisions has not been adjusted

12. Segment Information

Textile business is the Companys only business segment; hence disclosure of segment-wise information is not applicable.

13. In absence of any business activity carried out by the only subsidiary company, consolidated financial statements have not been prepared.

 
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