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Notes to Accounts of Stylam Industries Ltd.

Mar 31, 2015

Not Available


Mar 31, 2014

1.1 Related Party Disclosures

As per Accounting Standard 18, tie disclosures of transactions with the related party are given below: i. Key Management Persone;

S-No. Name of Related Party Relationship

1 M/s Golden Chemtech Private Limited Enterprises over which Key Managerial Personnel are able to exercise significant influence

2 M/s Amravati Infrastructure Developers Ltd Enterprises over which Key Managerial Personnel are able to exercise significant influence

3 M/s Evershine Recreation Private Ltd Enterprises over which Key Managerial Personnel are able to exercise significant influence

5 M/s Zeal Exim Private Limited Enterprises over which Key Managerial Personnel are able to exercise significant influence

4 Mr. Jagdish Gupta (Managing Director) Key Managerial Personnel & Their relatives

5 Mrs. Usha Gupta (Wife of Managing Director) Key Managerial Personnel & Their relatives

6 Mr. Manit Gupta (Son of Managing Director) Key Managerial Personnel & Their relatives

7 Mr. Satish Gupta (Executive Director) Key Managerial Personnel & Their relatives

8 Mrs. Pushpa Gupta (Wife of Executive Director) Key Managerial Personnel & Their relatives

9 Mr. Manav Gupta (Director) Key Managerial Personnel & Their relatives

1.2 Segment reporting:

Company''s operations predominantly comprise of only one segment Le. Laminates.

1.3 Contingent Liabilities and commitments to the extent not provided for A. Contigent Liabilities

i) Other Money for which the company is contigently liable Liability in respect of bills discounted with banks

a. In respect of Export bills Rs. 1,76,41,338/- b.ln respect of Domeslic bills Rs. 55,61,2941-

B. Capital contracts pending execution

i) Estimated amount of contracts remaining to be executed on capital account and not provided for:

a. The company has started the construction of rr Project Building at Panchkula. The further estimated capital commitment for the projects is Rs.667.78 Lakh

C. Disputed Demands

a Disputed demand raised by income tax authorities for the AY 2009-10 Rs.16,62,460 out of which company has deposited Rs.8,31,230 and has appealed against the orders with Income Tax Appelant Tribunal.

b. Disputed demand raised by income tax authorities for the AY 2010-11 Rs.10,24,950/-, company has filed appeal with CIT (Appeal) against the order of Income tax department.

c. Disputed demand raised by income tax authorities for the AY2011-12 Rs.2,04,750/-, company has filed appeal wilh CIT (Appeal) against die order of Income tax department.


Mar 31, 2012

The company has availed Term Loan-I and amount outstanding as on 31st March, 2012 is USD 6,92,655 equivalent Rs. 3,53,25,401 which repayable in ten quarterly in equal installments being last installment in July 2014 . The repayments due during the next financial year has been shown under the current maturities of Long term debt grouped under Other Current Liabilities equivalent Rs. 1,41,30,161. The foreign currency loan has been secured by way of first charge of fixed assets of the company and further guaranteed by Mr.Jagdish Gupta and Mr.Satish Gupta, the promoter directors of the company by way of their personal guarantees. ( Ref. Note No.7)

The company has availed Term Loan-II which is repayable in ten equal installments starting September 2011 and last installment to be paid in December 2013and the outstanding as on 31st March 2012 is Rs.4,60,50773. The repayments due during the next financial year Rs.2,60,00,000 has been shown under the current maturities of Long term debt grouped under Other Current Liabilities. The corporate loan is secured by way of first charge on the fixed assets of the company and further guaranteed by Mr.Jagdish Gupta and Mr.Satish Gupta, the promoter directors of the company by way of their personal guarantees. ( Ref. Note No.7)

The company has availed Term Loan-III which is repayable in twelve equal installments starting June 2012 and last installment to be paid in March 2014 and the outstanding as on 31st March 2012 is Rs.1,50,65,562. The repayments due during the next financial year Rs.50,00,000 has been shown under the current maturities of long term debt grouped under Other Current Liabilities. The corporate loan is secured by way of first charge on the fixed assets of the company and further guaranteed by Mr.Jagdish Gupta and Mr.Satish Gupta, the promoter directors of the company by way of their personal guarantees. ( Ref. Note No.7)

The company has availed vehicles loans and the amount the amount outstanding as on 31st March 2012 is Rs.56,72,303. The repayments due during the next financial year Rs.26,45,759 has been shown under the current maturities of long term debt grouped under Other Current Liabilities. The vehicle loan is secured by way of hypothecation of the respective vehicle against which the loan is taken. ( Ref. Note No.7)

* Income tax paid under appeal is 50% of the demand for Assessment Year 2009-10 Rs.16,62,460 raised by income tax authorities. The appeal is lying with Income Tax Tribunal, Chandigarh.

** The company has taken Vat Input Credit against the material used for the construction of building for its IT Project in Panchkula Technology Park.

Notes:

1. Company's operations predominantly comprise of only one segment i.e. Laminates. The figures shown above relate to that segment only.

2. Business segments have been identified on the basis of the nature of products/ services, the risk and return profile of individual business, the organisational structure and the internal reporting system of the company.

3. Reportable segments have been identified as per the quatitative criteria specified " Accounting Standard-l7 Segment Reporting" issued by the Instuitue of Chartered Accountants of India.

27.8 Contingent Liabilities and commitments to the extent not provided for

a. Export bills discounted with banks Rs. 2,55,10,289

b. Letter of credit issued by bank on behalf of the company Rs.6,51,10,626

c. Capital contracts pending execution : The company has started the construction of building at Panchkula Technology Park. The estimated further project cost is Rs.281375000 out of which the company has already done capital expenditure of Rs.28960922. The capital commitment of the IT Project is around Rs.25,24,14,078. Further capital commitents in the laminate business are Rs.51,71,130.

d. Disputed demand raised by income tax authorities for the AY 2009-10 Rs.16,62,460 out of which company has already deposited Rs.8,31,230 and company has gone in appeal against the Income Tax department.


Mar 31, 2010

1. Contingent Liabilities and Commitments: (Rs.- Lacs)

31.03.2010 31.3.2009

(a) Capital Contract Pending Execution NIL NIL

(b) Contingent Liabilities

- Letter of Credit (Import) 400.06 255.07

- Export Bills negotiated under

Letter of Credit - 47.60

(c) Disputed demand raised by Income Tax Department against which

Company has gone on Appeal 155.26 155.26

2. Interest was capitalized in Fixed Assets Building & Furniture & Fixtures by Rs.58,20,840/- & Rs.1,25,340/- respectively and till Financial year 2008-09 capitalized interest was written off in General Reserve by Rs.202,350/ - each year and the remaining amount of Rs.33,15,629/- has been reversed through General Reserve during the current financial year 2009-10.

3.In the opinion of the Board of Directors, Current Assets and Loans & Advances are approximately of the value stated in the balance sheet, realized in the ordinary course of business and to the best of their knowledge; provisions for all known liabilities have been made.

4.Certain balances appearing under Current Assets, Loans & Advances and Current Liabilities are subject to their confirmation.

5. Prior Period Adjustments include Freight Subsidy Income of Rs. 10 Lacs for the financial year 2007-08 & interest on FDR of Rs.1500/-. And Prior Period Expenses include Rs.51655/-Cenvat on Excise Duty reversed under protest in earlier years.

6. Security Deposit others includes the amount of Rs. 1.50 Lacs deposited as Bail surety in the Honorable District Court of Rohtak.

7. Misc. Income of Financial Year 2009-10 includes Interest Subvention of Rs. 1014653/- 8. The exact liabilities of Excise, Sales Tax and Income Tax are indeterminate pending finalization of respective Assessments.

8. Related Party Transactions:

Name of the related parties with whom transaction were carried out during the year and Description of transactions:

Entities over which control is exercised Amravati Infrastructure Developers Limited

Sister Concern:

Golden Chem-Tech Ltd.

Teji Brar Financial Services Ltd

Subsidiary Company:

Golden Net Soft Pvt. Ltd.

Key Management Personnel & their relatives:

1. Mr. Jagdish Gupta (Managing Director)

Mrs. Usha Gupta (Wife)

2. Mr. Satish Gupta (Executive Director)

Mrs. Pushpa Gupta (Wife)

3. Mrs. Rattan Devi (Mother of Managing Director & Executive Director)

ii) Disclosure of Related Party Transactions:

9. Segment reporting:

Information about Business Segments (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

10. Deferred Tax

10.1. In Accordance with AS-22 "Accounting For Taxes on Income" issued by ICAI, the net Decrement in Deferred tax liability of Rs. 2417246/- for the financial year 2009-10 has been transferred to P & L Account.

10.2. Deferred tax is recognized on timing differences between the accounting income & taxable income for the year & quantified using the tax rates & laws enacted or substantively enacted as on the Balance Sheet date.

10.3. Deferred tax assets are recognized and carried forward to the extent that there is a reasonable certainly that sufficient future taxable income will be available against which such deferred tax assets can be realized.

The managerial remuneration paid has been duly approved by Board of Directors of the Company and is in conformity with the provisions of Schedule XIII of the Company Act. 1956.

11. Sundry Creditors:

On the basis of information available with the Company, there are no known small scale undertaking to whom the Company owes a sum exceeding Rs. 1 Lac which is outstanding for more than 30 days at the balance sheet date.

12. Additional information pursuant to the provisions of paragraph 3 & 4 of part II of Schedule VI of the Companies Act. 1956

13. Previous year figures are re-grouped/ re-arranged, wherever considered necessary.

14. Figures are rounded off to the nearest rupee.

 
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