Home  »  Company  »  Sumeet Industrie  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Sumeet Industries Ltd.

Mar 31, 2015

1. Corporate information

Sumeet Industries Ltd. is a Public Limited Listed Company domiciled in India and Incorporated under the provisions of the Companies Act, 1956.The Company is engaged in the business of manufacturing and Exporting Poly Propylene (Crimped & FDY) Yarn, Polyester Yarn & Polyester Chips. The company caters to both domestic and international markets.

2. Borrowings shall be further classified as Secured / Unsecured. Nature of security to be disclosed. Classification of secured borrowings and Nature of security:

3. Term Loan From Banks :

Secured by way of hypothication of 1st charge on all fixed assets of the company and 2nd pari passue charge on all current assets of the company.

Mortgage of Fixed Assets of M/S. Sitaram Prints Pvt. Ltd. and Residence Bunglow of Shri Shankar Lai Somani and Smt. Ganga devi Somani.

4. Term Loan From Others:

Vehicle Loans are secured by hypothecation of vehicles itself.

LIC has Key Man Insurance policy hypothecated against Premium Amt. Paid.

Loans & Advances from Corporates:

Loans taken here are unsecured in nature.

5. All loans taken from Bank have been guaranteed by Directors/ Others, Jointly & the aggregate amount is as below:

Name of Directors / Others

Mr. Shankarlal Sitaram Somani

Mr. Rajkumar Sitaram Somani " Term Loan: 50Crores & US$ 14.71 Millions Working Capital:143Crores

Mr. Sumeetkumar Shankarlal Somani Non Fund Based 278 Crores

Smt. Gangadevi Shankarlal Somani

Corporate Guarantee of M/s. Sitaram Prints Private Limited.

Mr. Shankarlal Sitaram Somani has personally gauranteed amount of Euros 7987660.04 for loan taken from Bremer Kredit Bank AG .

A. Borrowings shall be further classified as Secured/ Unsecured. Nature of security to be disclosed. Classification of secured borrowings and Nature of security :

Cash Credit facility is secured by 1st pari passue charge on all current assets of the company and 2nd pari - passue charge on fixed assets of the company. Buyers credit secured by letter of comfort issued by Bank of Baroda Cosortium Banker.

B. Loan taken as C.C. facilities have been guaranteed by Directors/ Others & the aggregate amount of loans is as below :

Name of Directors / Others

Mr. Shankarlal Sitaram Somani

Mr. Rajkumar Sitaram Somani Term Loan: SOCrores & US$ 14.71 Millions Working Capital : 143 Crores

Mr.SumeetkumarShankarlalSomani Non Fund Based 278 Crores

Smt. Gangadevi Shankarlal Somani

Corporate Guarantee of M/s. Sitaram Prints Private Limited.

Mr. Shankarlal Sitaram Somani has personally gauranteed amount of Euros 7987660.04 for loan taken from Bremer Kredit Bank AG.

6. Non-Current Investments are Trade Investments.

A. - Name of Body Corporate (also indicating whether it is a subsidiary/associate/JV/SPE)

Nature & Extent of Investment so made (showing separately investments that are partly paid)

7. Other Notes to Accounts :

(1) Advances include 1054.62 Lacs to companies in which directors are interested.

(2) Contingent Liabilities (AS 29):

(a) Letter of credit outstanding is (20.313 Lacs US$) as on 31.03.2015.

(b) Excise duty of Rs. 3,52,429/-, was demanded by the department, which had been paid; for which appeal had been filed. More over the appeal filed has been resolved in the favor of company.

(c) SEBI has imposed penalty of Rs.2crore U/S 15-1 of Securities and Exchange Board of India Act, 1992 READ with rule 5 of SEBI (procedure for holding enquiry and imposing penalties by Adjudicating officer) Rules 1995 vide Adjudication order no.lVD/SIL/AO/DRK-CS/EAD-3/473-486/16-29-14. The Company has filed petition before SAT (Securities Appellate Tribunal) against the said order.

8. Figures of previous year have been regrouped and / or recast wherever necessary.

9. Cash Flow statement is as per Annexure "A "

10. Signature to notes "1" to "24"


Mar 31, 2014

Note: 1

Corporate information

Sumeet Industries Ltd. is a Public Limited Listed Company domiciled in India and Incorporated under the provisions of the Companies Act, 1956.The Company is engaged in the business of manufacturing and exporting Polyester Chips, Polyester Filament Yarn (POY & FDY) and Polypropylene Multifilament Yarn. The company caters to both domestic and international markets.

2. Borrowings shall be further classified as Secured / Unsecured. Nature of security to be disclosed.

Classification of secured borrowings and Nature of security :

Term Loan From Banks :

Secured by way of hypothication of 1st charge on all fixed assets of the company and 2nd pari passu charge on all current assets of the company.

Mortgage of Fixed Assets of M/S. Sitaram Prints Pvt. Ltd. And Residence Bunglow of Shri Shankar Lal Somani and Smt. Ganga devi Somani.

Term Loan From Others :

Vehicle Loans are secured by hypothecation of vehicles itself.

LIC has Key Man Insurance policy hypothecated against Premium Amt. Paid.

Loans & Advances from Corporates :

Loans taken here are unsecured in nature.

3. Borrowings shall be further classified as Secured/ Unsecured. Nature of security to be disclosed. Classification of secured borrowings and Nature of security :

Cash Credit facility is secured by 1st pari-passu charge on all current assets of the company and 2nd pari-passu charge on fixed assets of the company. Buyers credit secured by letter of comfort issued by Bank of Baroda, Union Bank & IDBI Bank Ltd. by earmarking working capital Limit /FDR.

4. Other Notes to Accounts :

(1) Advances include 761 Lacs to companies in which directors are interested.

(2) Contingent Liabilities (AS 29) :

(a) Letter of credit outstanding is (48.30 Lacs US$) as on 31.03.2014.

(b) Excise duty of Rs. 3,52,429/-, was demanded by the department, which has been paid; but for which appeal has been filed and no conclusion for it is availed till date.

(c) SEBI has imposed penalty of Rs. 2 crore U/S 15-1 of Securities and Exchange Board of India Act, 1992 READ with rule 5 of SEBI (procedure for holding inquiry and imposing penalties by adjudicating officer) Rules 1995 vide Adjudication Order No. IVD/SIL/AO/DRK-CS/EAD-3/473- 486/16-29-14. The Company has filed petition before SAT against the said order.

(3) Figures of previous year have been regrouped and / or recast wherever necessary.

(4) There are no sundry creditors due to small-scale industrial undertakings to whom the company owe a sum exceeding Rs. 1.00 lacs, which is outstanding for more than 30 days for the year ended 31st March 2014. This disclosure is on the basis of information available with the company regarding the status of suppliers.


Mar 31, 2013

Note:1

Corporate information :-

Sumeet Industries Ltd. is a Public Limited Listed Company domiciled in India and Incorporated under the provisions of the Companies Act, 1956.The Company is engaged in the business of manufacturing and Exporting Poly Propylene (Crimped & FDY) Yarn, Polyester Yarn & Polyester Chips. The company caters to both domestic and international markets.

(2) Figures of previous year have been regrouped and / or recast wherever necessary.

(3) There are no sundry creditors due to small-scale industrial undertakings to whom the company owe a sum exceeding Rs. 1.00 lacs, which is outstanding for more than 30 days for the year, ended 31sf March 2013. This disclosure is on the basis of information available with the company regarding the status of suppliers.

(4) Cash Flow statement is as per Annexure "A"

(5) Signature to notes''T'' to "24"


Mar 31, 2012

Note: 1

Corporate information :-

Sumeet Industries Ltd. is a Public Limited Listed Company domiciled in India and Incorporated under the provisions of the Companies Act, 1956.The Company is engaged in the business of manufacturing and exporting Polyester Chips, POY & FDY and Polypropylene Yarns. The company caters to both domestic and international markets.

(1) Advances include Rs. 674.07 Lacs to companies in which directors are interested.

(2) Contingent Liabilities ( AS 29 ) :

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for is NIL, (Previous Year : U.S. $ 1806000 and Euro 113680000)

(b) Export sale bills raised on overseas buyers purchased by company's banker outstanding is NIL, (Previous year Rs. 88.71 Lacs.)

(c) Letter of credit outstanding Rs. 1549.29 Lacs. as on 31.03.2012.

(3) Figures of previous year have been regrouped and / or recast wherever necessary.

(4) There are no sundry creditors due to small-scale industrial undertakings to whom the company owe a sum exceeding Rs. 1.00 lacs, which is outstanding for more than 30 days for the year, ended 31st March 2012. This disclosure is on the basis of information available with the company regarding the status of suppliers.

(5) Cash Flow statement is as per Annexure "A"

(6) Signature to notes"1" to "24"


Mar 31, 2011

(1) Advances include 511.99 Lacs to companies in which directors are interested.

(2) Contingent Liabilities ( AS 29 ) :

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for US $ 1806000 and EURO 11368000 against which advance of US $ 112800 and EURO 1136800 given (Previous year Rs. 168.87 Lacs Advance Rs. 75.40 Lacs).

(b) Export sale bills raised on overseas buyers purchased by company's banker outstanding Rs. 88.71 Lacs. (Previous year Rs. 630.05 Lacs.).

(c) Letter of credit outstanding Rs. 30.77 Lacs as on 31.03.2011.

3) Figures of previous year have been regrouped and / or recast wherever necessary.


Mar 31, 2010

(1) Advances include Rs. 513.64 Lacs to companies in which directors are interested.

(2) Contingent Liabilities ( AS 29 ) :

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.168.87 Lacs against which advance of Rs. 75.40 Lacs given (Previous year Rs. 289.98 Lacs Advance Rs.84.30 Lacs).

(b) Export sale bills raised on overseas buyers purchased by companys banker outstanding Rs. 630.05 Lacs. (Previous year Rs 80.61 Lacs.).

(c) Buyers credit outstanding Rs.4663.08 Lacs as on 31.03.2010. (Previous year Rs. 3185.00 Lacs)

(3) Figures of previous year have been regrouped and / or recast wherever necessary.

(4) There are no sundry creditors due to small-scale industrial undertakings to whom the company owe a sum exceeding Rs. 1 lacs, which is outstanding for more than 30 days for the years, ended 31st March 2010. This disclosure is on the basis of information available with the company regarding the status of suppliers.

(5) Part IV of schedule VI to the companies Act is as per Annexure "A".

(6) Cash Flow statement is as per Annexure "B"

(7) Signature to schedules "1" to "22"

 
Subscribe now to get personal finance updates in your inbox!