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Notes to Accounts of Sunil Industries Ltd.

Mar 31, 2015

1. In the opinion of the Board :

i) The current assets, loans and advances will realize in the ordinary course of business, at least the amount at which these are stated in the Balance Sheet

ii) Provision for all known liabilities have been made.

2. The balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation.

3. The Company has been informed by their suppliers that they are not falling under the category of Small Scale Industries.

4. The company has a spinning unit at Dindigul, Tamilnadu. The accounts of the Dindigul unit has been audited by S.M.M & Co. -Chartered Accountants

5. Cash flow statement is enclosed as Annexure – 1

6. The previous year's figures have been reclassified to conform to the current year's classification.


Mar 31, 2014

1. Term Loan from Yes Bank secured by hypothecation of machinery purchaseout of term loan , charge over the company''s Factory Building, equitable mortgage of Industrial Property at Dombivali East, personal guarantee of Directors Mr. Vinod Lath and Mr.Pradeep Roongta and Corporate Guarantees of M/s Sunil Exim Pvt Ltd, M/s Sunil Print Pvt Ltd, M/s Sunil Fabrics Pvt Ltd., M/s Sunil Synthetics Pvt Ltd and owners of the property till the end of tenor of facility.

2. Loan from Edelweiss Housing Finanace Ltd secured by mortgage of residential property at Sunbean May Flower chs Ltd , Peddar Road, Mumbai-400026.

3. Car loan from Yes bank secured by hypothecation of Rexton motor car.

(Secured by hypothecation of Fixed Assets and current assets, charge over the company''s Factory Building, equitable mortgage of Industrial Property at Dombivali East, personal guarantee of Directors Mr. Vinod Lath and Mr.Pradeep Roongta and Corporate Guarantees of M/s Sunil Exim Pvt Ltd, M/s Sunil Print Pvt Ltd, M/s Sunil Fabrics Pvt Ltd., M/s Sunil Synthetics Pvt Ltd and owners of the property till the end of tenor of facility)

Trade Payables include - -- Nil payable to "Suppliers" registered under Micro, Small and Medium enterprises development act, 2006. No interest has been paid /payable by company during the year to the suppliers covered under the Micro, Small and Medium enterprises development act, 2006

Method of Valuation of Stock :

a) Stock of Raw Material & Packing material is valued at lower of Cost determined on FIFO basis or net realisable value

b) Stores & spares and Fuel ,oil & Gases

c) Work -in Progress and Finished Goods are valued at cost or net realizable value whichever is lower.

The cost includes manufacturing expenses and appropriate overheads. Of the above, the balances that meet the definition of Cash and cash equivalents as per AS 3 Cash Flow Statements is -Rs.379,99,115/- for the PY 2012-2013 and - Rs.931,93,438/- for the CY 2013-2014

Notes Forming Part of the Financial Statements Note

1 Corporate information

The Company is engaged in the business of manufacturing of cloth and processing thereof.

2.1 Contingent Liabilities not provided for: 31/03/2014 31/03/2013 Particulars

i) Disputed Excise Duty liability 458.04 457.85

ii) Disputed Customs Duty liability of M/s. Sunil Impex, a firm in which the company was an erstwhile partner sharing 80% profit and loss (to the extent of the profit and loss sharing ratio). 336.00 336.00

iii) Bank Guarantee 344.50 281.27

3 In the opinion of the Board :

i) The current assets, loans and advances will realise in the ordinary course of business, at least the amount at which these are stated in the Balance Sheet

ii) Provision for all known liabilities have been made.

4 The balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation.

5 The Company has been informed by their suppliers that they are not falling under the category of Small Scale Industries.

5.1 The company has a spinning unit at Dindigul, Tamilnadu. The accounts of the Dindigul unit has been audited by S.M.M & Co. -Chartered Accountants

5.2 Cash flow statement is enclosed as Annexure - 1

6 The previous year''s figures have been reclassified to conform to the current year''s classification.


Mar 31, 2013

1 Corporate information

The Company is engaged in the business of manufacturing of cloth and processing thereof.

2 In the opinion of the Board :

i) The current assets, loans and advances will realise in the ordinary course of business, at leastthe amount at which these are stated in the Balance Sheet

ii) Provision for all known liabilities have been made.

3 The balances of Sundry Debtors, Creditors, Loans and Advances are subjectto confirmation.

4 The Company has been informed by their suppliers that they are not falling under the category of Small Scale Industries.

4.1 The company has a spinning unit at Dindigul, Tamilnadu. The accounts of the Dindigul unit has been audited by S.M.M& Co.-Chartered Accountants

4.2 Cash flow statement is enclosed as Annexure- 1

5 The previous year''s figures have been reclassified to conform to the current year''s classification.


Mar 31, 2010

31.3.2010 31.3.2009 Rs. In Rs. In Lakhs Lakhs

1) Contingent Liabilities not provided for:

i) disputed Excise Duty 590.89 590.89 liability

ii) disputed Customs Duty 336.00 336.00 liability of M/s. Sunil Impex, a firm in which the company was an erstwhile partner sharing 80% profit and loss (to the extent of the profit and loss sharing ratio).

2) Secured Loans :

A) Working Capital Loans :

i) Cash credit, Overdraft facilities and Working Capital Term Loan are secured by joint hypothecation of Stocks, book debts and other Current Assets of the Company, both present and future and equitable mortgage charge on Factory Building at MIDC, Dombivili ranking pari-pasu between Indian Bank and Allahabad Bank.

ii) Loan from Allahabad Bank is also secured by Corporate guarantee of Sunil Fabrics Pvt. Ltd. & Eske Tex (India) Pvt. Ltd. with negative lien on land and building owned by them.

B) Other Secured Loans:Plant & Machinery purchased under hire purchase scheme is secured against the machinery purchased under the scheme.

C) Secured Loans from Allahabad Bank are guaranteed by Shri. V.G. Lath .Managing Director and Smt. Saroj Lath .wife of Shri. V.G. Lath.

D) Secured Loans from Indian Bank are guaranteed by Shri V. G. Lath, Managing Director, Smt. Saroj Lath .wife of Shri.V. G. Lath, and Shri. Laxmikant Lath.

3) In the opinion of the Board :

i) The current assets, loans and advances will realise in the ordinary course of business, at least the amount at which these are stated in the Balance Sheet

ii) Provision for ail known liabilities have been made.

4) The balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation.

5) The Company has been informed by their suppliers that they are not falling under the category of Small Scale Industries.

6) Segment Reporting:

Business Segments The company is primarily engaged in business of processing of fabrics and sale . The company also processes fabrics on job work basis. However the revenue from processing on job work basis during the year under review and in the preceding financial year is less than 10% of the total revenue, the disclosure requirements of Accounting Standard (AS-17) issued by the Institute of chartered Accountants Of India are not applicable. Since there are no exports reporting on geographical segments is not required.

7) Disclosure of related party transactions :

A) Related party and their relationships :

i) Enterprises controlled by Director and Relatives.

Eske Tex (India) Private Limited

Sunil Fabrics Private Limited

Sunil Synthetics Private Limited

Sunil Prints Private Limited

Sunil Industrial Finance Private Limited

Sunil Bleaching Co. Private Limited

ii) Name of Key Management Personnel and their relatives :

a) Mr. Vinod Lath - Managing Director

b) Mr. Laxmikant Lath - Son of Managing Director

c) Mr. Ramesh Khanna- Whole time Director

d) Mr. Pradeep Rungta - Whole time Director

e) Mrs. Saroj Lath - Wife of Managing Director

f) Mrs. Rashmi Khanna - Wife of the Director

Mrs. Reena Rungta - Wife of the Director

8) Previous year figures have been regrouped, rearranged, recast and reclassified wherever considered necessary.

9) The figures have been rounded off to the nearest multiple of Rupee.

10) Information required by Part IV of Schedule VI is enclosed as annexure - 1

11) Cash flow statement is enclosed as Annexure - 2

 
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