Mar 31, 2014
A. During the year the Company has made interest refund claim amounting
to Rs. 8,51,94,611/- in respect of term loans granted by Banks under
Technology Up-gradation Fund Scheme (TUFS) and during the year the
Company has not received any interest refund.
b. Factory land is owned by the promoters and their relatives. The
Company has entered into an agreement with the landowners for lease of
land in the year 2000-01. Factory Land of new project is also owned by
key management personnel and the Company has executed lease agreement
for new project in the year 2008-09.
c. The outstanding balances as on 31.03.2014 in respect of Sundry
Debtors, Sundry Creditors, Loans & Advances, Deposits are subject to
confirmation from respective parties and consequential reconciliation /
adjustment arising there from, if any. The Management, however, does
not expect any material variation.
d. We are compiling the information about the status of our suppliers
as a Micro, Small and Medium Enterprises and registered under MSMED Act
2006 (Micro, Small and Medium Enterprises Development Act, 2006) hence
disclosure under schedule VI of the Companies Act is not made
e. In the opinion of the Board of Directors, the current assets, loans
and advances as well as unquoted investments have realisable value in
the ordinary course of business at least equal to the amounts at which
they are stated.
f. Figures of the previous year are regrouped wherever necessary.
g. Figures are rounded off to nearest lac of rupees.
h. Consumption of Raw Material, Packing & Spares :
Mar 31, 2013
A. During the year the Company has made interest refund claim
amounting to Rs. 8,79,89,174/- in respect of term loans granted by
Banks under Technology Up-gradation Fund Scheme (TUFS) and during the
year the Company has not received any interest refund.
b. Factory land is owned by the promoters and their relatives. The
company has entered into an agreement with the landowners for lease of
land in the year 2000-2001. Factory Land of new project is also owned
by key management personnel and the company has executed lease
agreement for new project in the year 2008-09.
c. The outstanding balances as on 31.03.2012 in respect of Sundry
Debtors, Sundry Creditors, Loans & Advances, Deposits are subject to
confirmation from respective parties and consequential reconciliation /
adjustment arising there from, if any. The Management, however, does
not expect any material variation.
d. We are compiling the information about the status of our suppliers
as a Micro, Small and Medium Enterprises and registered under MSMED Act
2006 (Micro, Small and Medium Enterprises Development Act, 2006) hence
disclosure under schedule VI of the Companies Act is not made
e. In the opinion of the Board of Directors, the current assets, loans
and advances as well as unquoted investments have realisable value in
the ordinary course of business at least equal to the amounts at which
they are stated.
f. Figures of the previous year are regrouped wherever necessary
g. Figures are rounded off to nearest lack of rupees.
h. Contingent liabilities are not provided for: (Rs, In Lacs)
i. Guarantee given by bankers Current Year Rs.64.82/- (previous year
Rs. 64.82 /-)
j. Central Sales Tax & VAT Assessments are completed up to the
accounting year ended on 31.3.2008. The Liability, if any, in respect
of pending assessments and appeals, is unascertainable, hence not
provided for.
k. Income Tax assessments are completed up to Assessment year 2009-10
(relevant to the Accounting Year ended on 31.3.2009). The Liability, if
any, in respect of pending assessments and appeals under the Income Tax
Act 1961 is unascertainable, hence not provided for.
Mar 31, 2012
Note: Longterm Borrowings
On 16/ 12/ 2010 the company opted for CDR and the terms of repayment of
Term Loans, Working Capital Loans and Interest thereon were rescheduled
accordingly. However the company could not adhere to the terms of the
CDR package and hence the banks declared that the CDR package was
failed. The same was accepted by CDR EG during its meeting held in
January 2012.Considering the above scenario, the term loans for 2011
are classified on the basis of the then existing CDR package. On
account of notice under the SARFAESI Act, 2002 (received by the company
on 25/ 05/ 2012) recalling the loans, the status of Long Term Loans is
changed and shown under Other Current Liabilities.
Note: Secured Short term Borrowings
Working capital facilities are secured against first charge on Current
assets, second charge on Fixed Assets and personal gaurantees of
directors which are repayable on demand subject to review carri out by
banks every year.Funded Interest Term Loan and Working Capital Term
Loan accounts created the basis of CDR package are classified as Short
Term Borrowings as they are repayable on demand, the above loans are
recalled by notice under the SARFAESI Act 2002.
Note: On account of notice under the SARFAESI Act, 2002 (received by
the company on 25^)^2012) recalling the loans, the status of Long Term
Loans is changed and shown under Other Current Liabilities.
Note In consideration of prudance, no provision is made in respect of
net deferred tax asset, arising due to timing differences after set off
of deferred tax liability, against deferred tax asset
Note: Out of the above, debts of Rs. 502.44 lacs is outstanding from R
M Mohite and Company, where the promoters hold sunstantial interest
Note: The outstanding balances in respect of Loans and Advances are
subject to confirmations. Also the claims receivable from revenue
authorities are subject to review/assessments by Revenue Authorities.
The management, however, does not expect any material variation.
1. Revenue Recognition AS - 9
Sales of textile and wastes are recognised upon despatch of goods to
customers. There are no revenues from construction division during the
year
2. Related Party Transactions AS -18
1 Promoters : Mr. Ramchandra M. Mohite
2 Key Management Personnel : Mr. Anasaheb R. Mohite, Chairman &
Managing Director
: Mr. Abhishek A. Mohite, Director (Marketing & Strategy)
3 Others - Enterprises in which : M/s Maruti Construction Promoters
Directors hold : M/s R.M. Mohite & Co Substantial Interest
4 Relatives to Key Managerial : Mrs. Anjali A Mohite Associate Vice
President Personnel
5 Relatives : Miss. Apurva A Mohite.
3. Segment information for the year ended 31 March 2012 AS -17
The construction division of the company is inoperative, therefore the
whole of the operations of the company relates only to the Textile unit
and hence Segment wise reporting is not necessitated.
a. During the year the Company has made interest refund claim
amounting to Rs. 920,32,144/- in respect of term loans granted by Banks
under Technology Up-gradation Fund Scheme (TUFS) and during the year
the Company has received interest refund amounting to Rs. 366,36,67?/-
b. Factory land is owned by the promoters and their relatives. The
company has entered into an agreement with the landowners for lease of
land in the year 2000-2001. Factory Land of new project is also owned
by promoters and the company has executed lease agreement for new
project in the year 2008-09.
c. The outstanding balances as on 31.03.2012 in respect of Sundry
Debtors, Sundry Creditors, Loans & Advances, Deposits are subject to
confirmation from respective parties and consequential reconciliation /
adjustment arising there from, if any. The Management, however, does
not expect any material variation.
d. We are compiling the information about the status of our suppliers
as a Micro, Small and Medium Enterprises and registered under MSMED Act
2006 (Micro, Small and Medium Enterprises Development Act, 2006) hence
disclosure under schedule VI of the Companies Act is not made
e. In the opinion of the Board of Directors, the current assets, loans
and advances as well as unquoted investments have realisable value in
the ordinary course of business at least equal to the amounts at which
they are stated.
f. Figures of the previous year are regrouped wherever necessary
g. Figures are rounded off to nearest lack of rupees.
I. Contingent liabilities are not provided for: (Rs. In Lacs)
1. Guarantee given by bankers Current Year Rs.64.82/- (previous year
Rs. 64.82 /-)
j. Central Sales Tax & VAT Assessments are completed up to the
accounting year ended on 31.3.2008. The Liability, if any, in respect
of pending assessments and appeals, is unascertainable, hence not
provided for.
k. Income Tax assessments are completed up to Assessment year 2009-10
(relevant to the Accounting Year ended on 31.3.2009). The Liability, if
any, in respect of pending assessments and appeals under the Income Tax
Act 1961 is unascertainable, hence not provided for.
Mar 31, 2010
1. Term Loan availed from Indian Overseas Bank, and Corporation Bank
are secured against first charge on factory land, building and plant
and Machinery (Fixed Assets Block) situated at Gat No. 148, Tamgaon,
Kolhapur - Hupari Road, Tal - Karveer, Dist Kolhapur and further
secured by second charge on current assets of the company (i.e stock of
raw material, semi finished goods, stores, spares (not relating to
plant & machinery) consumables, stores, bills receivables, book debts,
and all movable assets both present and future on pari passu basis.
Working Capital Facilities (i.e. Bills Discounting, Letter of Credit,
Bank Guarantee and packing credit) availed from Indian Overseas Bank,
IDBI Bank (previously The United Western Bank Limited) Corporation Bank
and Bank of India are secured against first charge on current assets of
the company (i.e stock of raw material, semi finished goods, stores,
spares (not relating to plant & machinery) consumables, stores, bills
receivables, book debts, and all movable assets both present and future
and further secured by second charge on factory land, building and
plant and Machinery (Fixed assets Block) situated at Gat No. 148 & 149
Tamgaon, Kolhapur - Hupari Road, Tal -Karveer, Dist Kolhapur on pari
passu basis
Term Loans availed from IDBI Bank (previously The United Western Bank
Limited) are secured against the respective machinery for which loans
are availed.
Indian Overseas Bank in consortium with State Bank of Hyderabad, State
Bank of Patiala.Punjab National Bank, State Bank of India, Bank of
Baroda, Corporation Bank, Bank of India, Unian Bank of India and Axis
Bank Ltd. (formerly UTI Bank Ltd) has sanctioned Term Loan of Rs. 170
Crores for "New Yarn Dyed Shirting Fabric Project". The said term loans
of Rs. 170 Crores is secured against the part of Gat No. 148
admeasuring 13 hector, 37R, and Gat No. 149 area 17 hectors and 42R
together with all building and structures and all plant and machinery
attached / permanently fastened to anything attached to the said land,
both present and future, pertaining to Phase IV. Further whole of the
movable properties of the company in Phase IV including fixed assets of
the Company pertaining to the Properties and its movable plant and
machinery, movable spares, tools and accessories and other movables are
secured against the said loan.
Related Party Transactions
1 Promoters : Shri Ramchandra M. Mohite
2 Key Management Personnel : Shri Anasaheb R. Mohite,
Managing Director
: Shri Abhishek A. Mohite, Director
(Marketing & Strategy)
3 Others - Enterprises in : M/s Maruti Construction Promoters
which
Prometer Directors hold
Substantial Interest : M/s R.M. Mohite & Co
4 Relatives to Key
Managerial Personnel : Mrs. Anjali A Mohite Associate
Vice President