Mar 31, 2014
1.1 The company has issued only One class of shares referred to as
Equity shares having face value of Rs.5/-. Each Holder of One share is
entitled to One vote per share.
1.2 In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholder.
1.3 Under a scheme of the demerger, total paid up capital of the
company was reduced to Rs.13,50,00,000/- as against original paid up
capital of Rs.27,00,00,000/- by reducing the face value of share from
Rs.10 per share to Rs.5/- per share.
2.1 Security :
@ Term Loans under consortium finance are secured by first charge on
Fixed Assets (through mortgage/hypothecation of all immovable & movable
assets), both present & future; subject to prior charge in favour of
banker/other on specified assets for working capital loans/other loans
and secured by second charge on book debt & stocks and further secured
by personal guarantee of Promoter Directors & Corporate Gurantee of
Promoter''s Group Companies.
2.2 Interest:
In respect of Term Loans under consortium finance the company is liable
to pay fixed interest @10.75% p.a. and in case of Funded
Interest Term Loan (FITL) interest Shall be payable @9.75% p.a on
monthly basis.
2.3 Default in payment of Interest & Installments:
The Company has not paid total amount of Principal of Rs.350,426,887/-
as on 31st March, 2014 ( Previous year Rs 377,706,735/-) and total
interest of Rs.1,13,795,419/- to various banks as on 31st March, 2014
(Previous year Rs 68,067,857/-).
2.4 The Company has defaulted in payment of principal and interest for
the whole year and hence the entire trem loan is due for payment as per
the terms of sanction.
2.5 Compound interest, penal interest & liquidated damages have not
been considered on all borrowings, amount of which is unascertainable,
pending confirmation / reconciliation.
3 Deferred Tax
The company is entitled for set off of carried forward losses and
unabsorbed depreciation against the future income under the income tax
act. However, as a matter of prudence, the company is not recognising
the deffered tax asset as provided in the Accounting Standard-22 issued
by the Institute of Chartered Accountant of India.
3.1 Security :
@ Working Capital Loans under consortium finance are secured by First
Charge on Book Debts and Stocks, and second charge on fixed assets and
further secured by personal guarantee of the Promoter Directors and
Corporate Guarantee of Promoter''s Group Companies.
3.2 Default in payment of Interest & Cash Credit:
@ The Company has not paid total amount of Principal of cash Credit Rs.
235,817,211/- as on 31st March, 2014 ( Previous year Rs 235,835,862/-)
and total interest of Rs.95,454,215/- to various banks as on 31st March,
2014 (Previous year Rs 51,376,999/-).
3.3 @ Company has defaulted in payment of interest and Short term bank
borrowing Accounts not renewed and hence it is due for payment on
demand.
4.1 Default in payment of Interest on Term Loans & Working Capital
Loans:
The Details in respect of the Defaults made by the Company in payment
of Interest on Term Loan & Interest on Cash Credit has been given in
Note No.4.4 & Note No. 7.2 respectively.
5. CONTINGENT LIABILITIES:
Particulars 2013-14 2012-13
(Rs.in Lacs) (Rs.in Lacs)
a) Letters of Credit Outstanding Nil Nil
b) Income Tax demands disputed in appeal
by the Company/ Income Tax Authorities 23.67 234.72
(Against which the Company has paid amount
of Rs.6,23,979/-)
c) Bank Guarantee Nil 1.63
d) Value Added Tax demands disputed in
appeal by the Company 14.69 14.69
(Against which the Company has paid amount
of Rs.12,00,000/- )
e) Excise Duty demands disputed in appeal
by the Company/ Excise Authorities 2364.92 2128.10
(Against which the Company has paid
amount of Rs.400,736/-)
f) Textile Cess Demands disputed pending
with Textiles Committee, 50.90 50.90
Government of India, Ministry of Textiles.
g) Service Tax demand disputed in appeal by
the Company/Authority 41.96 41.96
(Against which the Company has paid
amount of Rs.503,046/-)
h) Claims not acknowledged as debts by the
company. 469.12 469.12
i) Show Cause Notices received from various
authorities 28.87 38.64
j) Employees Demands pending before
Labour Courts Amount not Amount not
ascertainable ascertainable
k) In respect of restructured Debts under CDR mechanisum, the banks
will have right Amount not Amount not to recompense in respect of
waivers/sacrifice made by them under CDR restructuring ascertainable
ascertainable
6. Debtors includes Rs. 2,642/- (Previous Year Rs. Nil) due from
private companies in which some of the directors are interested as
directors.
7. Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company has identified its business
segment as primary segment. "Others" represents income from Trading of
Cloth. There is no reportable secondary segment as none of the
conditions as laid down for determining the geographical segments are
satisfied.
8. Related Party Disclosures
a) Key Management Personnel
Sr.
No. Name Designation
1 Shri Shyam Gupta Chairman
2 Shri Sunilkumar Gupta Managing Director
b) List of Other Related Parties with whom transactions have taken
place during the year
Sr.
No. Name
1 Gupta Dying and Printing Mills Pvt. Ltd.
2 Gupta Synthetics Limited
3 Shubhlaxmi Dying and Print Mills P. Ltd
4 Poly Coat India Pvt. Ltd
5 Ellora Syntex Pvt. Ltd
6 Sharp Synthetics Pvt. Ltd
7 Basant Bahar Properties Pvt Ltd
8 Millennium Infosoft Pvt. Ltd.
9. The amount of Exchange Difference
Debited to Profit and Loss Account Rs. Nil/- (Previous Year debited to
Profit and Loss Account Rs. 26,780/-)
10. Impairment of Asset
During the year, the company has impaired it''s all assets to the tune
of Rs. Nil (Previous Year Rs. Nil)
11. Borrowing costs attributable to the acquisition or construction of
Qualifying Assets amounting to Rs. Nil (Previous Year Rs. Nil) is
capitalized by the company
12. Balances of Debtors, Creditors and Advances etc. are subject to
confirmation and reconciliation wherever required.
13. Figures of the previous year have been regrouped and/or rearranged
wherever necessary.
14. In the opinion of the board, Current Assets, Loans and Advances are
approximately of the value stated if realized in the ordinary course of
business.
Note : Previous year''s figures have been shown in brackets.
Mar 31, 2013
1. Debtors includes final (Previous Year Rs. 10,800,924/-) due from
private companies in which some of the directors are interested as
directors.
2. Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the company has identified its business
segment as primary segment. "Others" represents income from Trading of
Cloth & Chemical. There is no reportable secondary segment as none of
the conditions as laid down for determining the geographical segments
are satisfied.
3. Related Party Disclosures
a) Key Management Personnel
Sr. No. Name Designation
1 Shri Shyam Gupta Chairman
2 Shri Sunilkumar Gupta Managing Director
b) List of Other Related Parties with whom transactions have taken
place during the year Sr. No. Name
1 Gupta Dying and Printing Mills Pvt. Ltd.
2 Gupta Synthetics Limited
3 ShubhLaxmi Dying and Print Mills P. Ltd
4 Poly Coat India Pvt. Ltd
5 Ellora Syntex Pvt. Ltd
6 Sharp Synthetics Pvt. Ltd
7 Basant Bahar Properties Pvt Ltd
8 Nandan Dyeing Prints Povt. Ltd.
9 Aviva Power 8i Projects Pvt Ltd
10 Millennium Infosoft Pvt. Ltd.
11 Gupta Tex Print Pvt. Ltd.
12 Numech Synthetics Ltd.
13 Micro Filament Pvt Ltd
4. The amount of Exchange Difference
Debited to Profit and Loss Account Rs. 26,780/- (Previous Year debited to
Profit and Loss Account Rs. 3,51,387/-)
5. Impairment of Asset
During the year, the company has impaired it''s all assets to the tune
of Rs. Nil (Previous Year Rs.Nil)
6. Borrowing costs attributable to the acquisition or construction of
Qualifying Assets amounting to Rs. Nil (Previous Year Rs.Nil) is
capitalized by the company
7. Balances of Debtors, Creditors and Advances etc. are subject to
confirmation and reconciliation wherever required.
8. Figures of the previous year have been regrouped and/or rearranged
wherever necessary.
9. In the opinion of the board, Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business.
Note : Previous year''s figures have been shown in brackets.
Mar 31, 2012
The company has issued only One class of shares referred to as Equity
shares having face value of Rs.5/-. Each Holder of One share is entitled
to One vote per share.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholder.
Under a scheme of the demerger, total paid up capital of the company
was reduced to Rs.13,50,00,000/- as against original paid up capital of
Rs.27,00,00,000/- by reducing the face value of share from Rs.10 per share
to Rs.5/- per share.
Security :
@ Term Loans under consortium finance are secured by first charge on
Fixed Assets (through mortgage/hypothication of all immovable & movable
assets), both present & future; subject to prior charge in favour of
bankers/other on specified assets for working capital loans/other loans
and secured by second charge on book debt & stocks and further secured
by personal guarantee of Promoter Directors & Corporate Gurantee of
Promoter's Group Companies.
@@Vehicle loans are secured by Hypotication of Vehicles.
Interest:
In respect of Term Loans under consortium finance the company is liable
to pay fixed interest @10.75% p.a. and in case of Funded Interest Term
Loan (FITL) interest Shall be payable @9.75% p.a on monthly basis.
1. CONTINGENT LIABILITIES:
Particulars 2011-12 2010-11
(Amount in Rs) (Amount in Rs)
a) Letters of Credit Outstanding Nil 135,092,306
b) Income Tax demands disputed in
appeal by the Company/ Income Tax
Authorities 11,544,929 27,737,838
(Against which the Company has paid
amount of Rs22,50,000/-)
c) Bank Guarantee 325,000 325,000
d) Value Added Tax demands disputed
in appeal by the Company 14,69,152 14,69,152
(Against which the Company has paid
amount of Rs12,00,000/- )
e) Excise Duty demands disputed in
appeal by the Company/ Excise
Authorities 212,810,200 210,905,497
(Against which the Company has paid
amount of Rs 2,79,00,736/-)
f) Textile Cess Demands disputed
pending with Textiles Committee, 5,090,119 5,090,119
Government of India, Ministry of
Textiles.
g) Service Tax demand disputed in
appeal by the Company/Authority 4,195,789 2,859,242
(Against which the Company has
paid amount of Rs10,06,091/-)
h) Claims not acknowledged as debts
by the company 112,500 112,500
i) Show Cause Notices received from
various authorities 25,883,185 27,219,196
j) Employees Demands pending before
Labour Courts Amount not Amount not
ascertainable ascertainable
2. Debtors includes Rs1,659,212/-(Previous Year Rs 10,800,924/-) due
from private companies in which some of the directors are interested as
directors.
3. Based on the principles for determination of segments given in
Accounting Standard 17 ÃSegment Reporting" issued by the Institute of
Chartered Accountants of India, the company has identified its business
segment as primary segment. ÃOthers" represents income from Trading of
Cloth & Chemical. There is no reportable secondary segment as none of
the conditions as laid down for determining the geographical segments
are satisfied.
4. Earning in Foreign Exchange:
FOB Value of Exports Nil Nil
5. Balances of Debtors, Creditors, Advances etc. are subject to
confirmation and reconciliation wherever required.
6. Figures of the previous year have been regrouped and/or rearranged
wherever necessary.
7. In the opinion of the board, Current Assets, Loans and Advances
are approximately of the value stated if realised in the ordinary
course of business.
8. Previous year's figures have been regrouped and rearranged
wherever necessary, to make them comparable with those of current year.
Till the year ended 31st March 2011, the company was using pre-revised
Schedule VI to the Companies Act, 1956, for preparation and
presentation of its financial statements. During the year ended 31st
March, 2012, the revised schedule VI notified under the Companies Act,
1956, has become applicable to the company. The Company has
reclassified previous year figures to conform to this classification.
The adoption of revised schedule VI does not impact recognition and
measurement principles followed for preparation of financial statement.
However, it significantly impacts presentation and disclosures made in
the financial statements, particularly presentation of Balance Sheet.
Mar 31, 2010
1. Pursuant to the scheme of Arrangement for Demerger(the Scheme),as
approved by the Honble Gujarat High Court on 27th August,2009(being
effective from the date of filling of order with the Registrar of
Companies),the Unit-II situated at Survey Number 395/4,396(Paiki) at
Village Moraiya, Taluka Sanand, Dist. Ahmedabad is demerged as a going
concern w.e.f.1st April,2007,being the appointed date. In terms of the
scheme, the assets and liabilities relatable to the demerged
undertaking have been transferred at value appearing in the books of
accounts as on the closure of business on 31st March, 2007.
Accordingly, net asset of Rs.2018 Lacs were transferred to the
resulting entity.
2. CONTINGENT LIABILITIES:
2009-2010 2008-2009
(Rs. in Lacs) (Rs. in Lacs)
a) Letters of Credit Outstanding 1684.34 1588.85
b) Income Tax demands disputed
in appeal by the Company/ Income Tax
Authorities 272.60 272.60
(Against which the Company has
paid amount of Rs.20 Lacs)
c) Disputed demand of Custom Duty Nil Nil
d) Excise Duty demands disputed in
appeal by the Company/ Excise
Authorities 2994.21 2741.61
(Against which the Company has
paid amount of Rs. 202.77 Lacs)
e) Textile Cess Demands disputed
pending with Textiles Committee,
Government of India, 50.90 50.90
Ministry of Textiles.
f) Service Tax demand disputed
in appeal by the Company/Authority 42.75 Nil
g) Claims not acknowledged as debts
by the company 1.12 1.12 h) Show
Cause Notices received from various
authorities 169.53 158.66
i) Employees Demands pending before
Labour Courts Amount not Amount not
ascertainable ascertainable
3. The Company has pending export obligation to be fulfilled during
the specified period in lieu of items imported under concessional / nil
rate of custom duty. The Liability towards custom duty payable and
interest thereon in respect of unfulfilled export obligation as on 31st
March 2010 is Rs. 694.75 Lacs (Previous Year Rs. 1326.32 Lacs).
4. Debtors includes Rs. 343.82 lacs (Previous Year Rs.379.22 Lacs) due
from private companies in which some of the directors are interested as
directors and Rs. Nil (Previous Year Rs. Nil) due from firms in which
some of the directors are interested as partners.
5. Loans and Advances includes Rs. Nil Lacs (Previous Year Rs. Nil)
due from private companies in which some of the directors are
interested as directors and Rs. Nil (Previous Year Rs. Nil) due from
firms in which some of the directors are interested as partners.
6. Secured loans where repayments are stipulated include Rs. 413.00
Lacs (Previous year Rs. 272.40 Lacs) repayable within a period of one
year.
7. Unsecured loans where repayments are stipulated include Rs. Nil
(Previous year Rs. Nil) repayable within a period of one year.
8. Traveling, Conveyance & Vehicle Expenses include Directors
Traveling Rs. 12.30 Lacs (Previous Year Rs. 10.01 Lacs).
9. Maximum debit balance in Non Schedule Bank during the year is Rs.
0.01 Lacs (Previous year Rs. 0.04 Lacs).
10. Exceptional items consist of amount written back on account
settlement of some of the loans of Rs.79.88 Lacs (Previous year Rs. Nil
Lacs) and interest thereon Rs.26.20 lacs (Previous year Rs. Nil Lacs).
11. Based on the principles for determination of segments given in
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, the activities of the Company revolve
around the main business and as such there is no separate reportable
business or Geographical Segment.
*Note: Pursuant to the scheme of Demerger, the company issued and
allotted 2,70,00,000 equity shares to the share holders of Nova
Petrochemicals Ltd. in the ratio of one equity share of face value of
Rs.5 each fully paid up in the company for every one equity share of
Rs.10 each fully paid up held by the shareholders of Nova
Petrochemicals Ltd, which have been considered as issued on the first
day of the year for calculating Weighted average number of shares.
12. Related Party Disclosures
a) Key Management Personnel
Sr. No. Name Designation
1 Shri Shyam Gupta Chairman
2 Shri Sunilkumar Gupta Managing Director
3 Shri Ved Prakash Chiripal Director**
4 Shri Jyoti Prasad Chiripal Chairman** **
Resigned w.e.f. 5th October, 2009. Pursuant to scheme of demerger (the
Scheme).
b) List of Other Related Parties with whom transactions have taken
place during the year
Sr. No. Name Sr. No. Name
1 Gupta Dying and Printing
Mills Pvt. Ltd. 2 Gupta Synthetics
Limited
3 ShubhLaxmi Dying and
Print Mills P. Ltd 4 Poly Coat India
Pvt. Ltd
5 Aviva Industries Ltd 6 Ellora Syntex Pvt. Ltd
7 Sharp Synthetics Pvt. Ltd 8 CIL-Nova
Pertochemicals Ltd
9 Basant Bahar Properties
Pvt Ltd 10 Vishal Fabrics Pvt Ltd
13. The Company is entitled for set off of carried forward losses and
unabsorbed depreciation against the future income under the Income Tax
Act. However as a matter of prudence, the company is not recognizing
the deferred tax asset as provided in the Accounting Standard 22 issued
by The Institute of Chartered Accountant of India.
14. The amount of Exchange Difference
Credited to Profit and Loss Account Rs. 2.54 Lacs (Previous Year
Debited to Profit & Loss Account Rs. 51.55 Lacs)
15. The Gross Block of Fixed Asset includes Rs.3369.62 Lacs (Previous
Year Rs.Nil Lacs) on account of revaluation of Freehold Land Carried
out on 31/03/2010.
16. Based on the information available with the company following is
the details of parties to the extent to which they could be identified
as Small Scale and ancillary undertakings.
a) Sundry Creditors include Rs.94.19 Lacs (Previous year Rs. 117.57
Lacs) due to Small Scale and ancillary concerns.
b) The undertakings to whom amounts outstanding for more than 30 days
as on 31st March, 2010, in respect of Small Scale and ancillary
concerns where such dues exceed Rs. One Lac are as under:
Akshat Trader, Anushree Paper Packs Pvt. Ltd., Arjun Packaging,Flexi
Bond Industries, Nirmal Tubes & Containers P. Ltd., Pooja Paper Craft,
Pooja Plastic Ind., Rajhans Trader, Wonder packaging, Wimpack,
Jagdishwar packaging.
17. Balance in Current Account with Scheduled Banks includes Rs. 3.31
Lacs (Previous Year Rs. 4.66 Lacs) in the unpaid dividend account with
various banks.
18. The Company has not received information from vendor regarding
their status under the Micro, Small & Medium Enterprise Development
Act, 2006 and hence disclosure relating to amount unpaid as at year end
together with interest paid/payable under this act have been not given.
19. Sundry Debtors are Secured to the extent of Rs. 25.33 Lacs
(Previous Year Rs. 8.24 Lacs)
20. Information pursuant to provision of paragraphs 3 and 4 of part II
of Schedule VI Companies Act, 1956. (As certified by Directors):
21. Balances of Debtors, Creditors, Advances etc. are subject to
confirmation and reconciliation wherever required.
22. Figures of the previous year have been regrouped and/or rearranged
wherever necessary.
23. In the opinion of the board, Current Assets, Loans and Advances
are approximately of the value stated if realised in the ordinary
course of business.
Note : Previous years figures have been shown in brackets.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article