Mar 31, 2015
1. The Company has de-recognized deferred tax asset (DTA) of Rs. 5284
Lacs as the earnings of the Company are expected to stabilize after
debt restructuring is implemented by all the lenders in its entirety,
and that during such pendency the Company following Accounting Standard
22, is unable to estimate with certainty its ability to absorb the
amount of losses against future taxable income and the tax savings are
therefore, not quantifiable.
2. Suvidha Cooling Towers Pvt. Ltd. filed a civil suit in Karkardooma
Court, Delhi for recovery of Rs. 8.00 Lacs including interest. . Since,
the claim of the supplier is disputed by the Company, based on the legal
advice in the matter, the Company does not consider it necessary to
make any provision to this affect in its books of account.
3. Certain transactions between Standard Chartered Bank and the
Company, considered void ab initio by the Company, are subject matter
of suit filed by the Company against the said Bank before the Hon'ble
Bombay High Court. The Company has claimed the refund of the amount of
Rs. 3,666.38 lacs, including amounts paid to the said Bank along with
cost, charges and interest incurred by the Company thereon as
quantified in the said suit, and a declaration to the effect that no
further payments are required to be made to the said Bank. In line with
the claim filed by the Company, the latter has reversed the amount of
payment due to Standard Chartered Bank in the books of account. The
Hon'ble Bombay High Court has issued notice to parties in the matter of
above suit, and subsequently the said Bank has filed an Original
Application before the Hon'ble Debt Recovery Tribunal-II, Delhi for
recovery of its claim amounting to Rs. 2,216.37 lacs.
4. The Company had taken a Short Term Revolving Loan from SICOM Ltd.
against amounts accrued on account of Company's entitlement to receive
interest subsidy under Technology Upgradation Fund (TUF's as available
to Textile industry) and against export incentive pending release by
the appropriate authorities. The Company had given a Power of Attorney
to SICOM Ltd. to recover the amount directly from the concerned
agencies, and therefore, and in this manner the borrowings from SICOM
Ltd. would stand completely repaid.
SICOM Ltd. had filed a petition for winding-up of the Company before
the Hon'ble High Court of Delhi for recovery of loan amount, and by way
of interim orders dated 24.04.2014, the Hon'ble High Court of Delhi
restrained the Company from selling, transferring, encumbering or in
any manner alienating any of its immovable assets and also from selling
of movable assets except in the normal course of business.
SICOM Ltd. filed a complaint u/s 138 R/w section 141 of the Negotiable
Instrument Act, 1881 in the Court of Metropolitan Magistrate, Patiala
House Court, Delhi, in respect of dishonor of 3 nos. cheques
aggregating to Rs. 1500 lacs, being part of the amount of claim of
SICOM referred above. The aforesaid cheques had been given by the
Company to SICOM Ltd. as security and were not expected to be presented
for encashment.
SICOM Ltd. filed an Original Application (O.A.) before Hon'ble Debt
Recovery Tribunal-I, Delhi for recovery of its claim amounting to Rs.
1575.35 lacs in respect of Short Term Revolving Loan against export
incentive receivable by the Company. The Hon'ble DRT vide its order
dated 20.12.2013 has directed that in future all amounts recoverable by
the Company be received and deposited in an escrow account in the name
of the Company established with HDFC Bank and also by way of its
interim order dated 27.02.2014 restrained the Company from dealing in
any manner in respect of certain properties belonging to the Company as
specified in the order.
5. UCO Bank filed a complaint u/s 138 R/w section 141 of the
Negotiable Instrument Act, 1881 in the Court of Metropolitan
Magistrate, Dwarka Court, Delhi, in respect of dishonor of a cheque of
Rs. 300 lacs issued by the Company for payment of its liability towards
letter of credit availed by the Company over and above the sanctioned
limit. Part of the aforesaid outstanding towards UCO Bank has since
been paid and the balance amount has been restructured as part of
restructuring carried out by the CDR Forum, and has accordingly, been
accounted for in the books of account of the Company and reflected in
financial statements.
6. Notice from Tehsildar, Noida, UP, received by the Company against
an outstanding amount on account of electricity dues relating to
electric connection at property B-8,9,10 phase-II, Noida, UP, owned by
the Company. The aforesaid amount was not informed to the knowledge of
the Company at the time that the Company purchased this property. The
Company is taking appropriate legal steps against the said recovery.
For reasons that the recovery amount is disputed by the Company, no
provision is considered necessary to be made in the books of account.
7. Certain transactions between Hongkong & Shanghai Banking Corp. and
the Company, considered void ab initio by the Company, are subject
matter of suit filed by the Company against the said Bank before the
Hon'ble Bombay High Court. The Company has claimed the refund of the
amount of Rs. 1022.45 lacs, including amounts paid to the said Bank
along with cost, charges and interest incurred by the Company thereon
as quantified in the above suit, and has sought a declaration from the
Hon'ble Court to the effect that no further payments are required to be
made to the said Bank.
8. The Citi Bank NA has claimed Rs. 196.32 lacs against the forex
transaction which are considered void ab initio by the Company. Since,
the claim by the bank is disputed; the Company has not made any
provision in respect thereof in its books of account.
9. A Deed of guarantee executed by the Company in favour of Tata
Capital Financial Services Ltd. against loan taken by an Associate of
the Company did not take effect as the application of the Company made
to the Central Government for grant of approval under the Companies
Act, 1956 could not be processed as the provisions of Companies Act,
2013 were notified.
10. Segment Information
The Company is principally engaged in the business of Toys and Home
Furnishings. Accordingly there are two reportable segments as per
Accounting Standard (AS 17) issued by the Institute of Chartered
Accountant of India on 'Segment Reporting', which have been disclosed
below.
The Company's operating facilities are located in India
11. Related Party Transactions
As per AS-18, the Company's related parties and transactions with them
are disclosed below
12. There are no amounts due and outstanding to be credited to Investor
Education and Protection Fund as at March 31, 2015.
13. Debtors, Loans & Advances and Creditors in some cases are subject to
reconciliation and confirmation.
14. Comparative figures for the previous year have been regrouped,
recast and re-arranged wherever necessary.
Mar 31, 2014
1 Issued, Subscribed and Paid up Capital
26578775 (Pr. Yr. 26578775) Equity Shares of Rs. 10/- each fully paid
up. Of the above 5117330 (Pr. Yr. 5117330) Equity Shares allotted as
fully paid up by way of Bonus Shares and 7147835 (Pr. Yr. 7147835)
Equity Shares allotted as fully paid up pursuant to a contract without
payment being received in cash.
1.2 Company has allotted 1250000 warrants on a preferential basis to
promoter group on 06.06.2010 upon payment of 25% upfront money of
exercise price of Rs. 245.73 per warrant, paid at the time of allotment
of warrants. The last date for the exercise of the conversion right of
the warrant holder was December 6, 2011 (within 18 months from the date
of their allotment). The warrant holders (Promoter''s Group Entity) have
not exercise their option to convert the aforesaid 1250000 warrant in
to equity shares of the company. Therefore the amount of Rs. 767.91
lacs being the initial 25% of the total consideration of Rs. 3071.63
lacs received by the company have been forfeited.
1.3 Equity Shares carry voting rights at the General Meeting of the
Company and are entitled to dividend and to participate in surplus, if
any, in the event of winding up.
2. Abhinav International Pvt. Ltd. had taken a loan from Tata Capital
Financial Services Ltd. against pledge of their 2738000 shares of
Hanung Toys & Textiles Limited and 1370000 shares of Hanung Toys &
Textiles Limited owned by Hanung Furnishings Pvt. Ltd. The said loan
had not been paid by the Abhinav International Pvt. Ltd. due to this
Tata Capital Financial Services Ltd. sold the pledged shares in the
open market and accordingly holding of promoter''s group company reduced
to that extent.
3. The Board of Director at their meeting held on 26th June 2013
recommended the dividend for the Financial Year 2012-13. But as the
company is facing liquidity crunch and approached CDR for restructuring
existing debt, the lenders objected the same strongly, so the Board of
Director has decided to withdraw its recommendation for payment of
dividend of Rs. 531.58 lacs and dividend tax thereon of Rs. 86.25 lacs
for the Financial Year 2012-13 at their meeting held on 14.08.2014. The
same has been reversed during the financial year 2013-14.
4.1 The Company had approached it''s lead banker and lender, i.e.,
Punjab National Bank for restructuring of its debt under CDR mechanism,
and accordingly, the lead banker referred the matter to CDR Empowered
Group on 31st July, 2013. The case of the Company was admitted under
CDR on 26th September, 2013, and the CDR scheme was discussed in CDR EG
meeting held on 21.04.2014, and was approved in the meeting held on
23rd May, 2014 and the same was informed to the Company. As per the
direction of the CDR Empowered Group, The forensic audit of the company
was done by a chartered accountants firm and observations made by them,
in respect of prior period foreign currency losses, have been
incorporated in the books of accounts of the current year. The Company
currently awaits confirmatory communication of the aforesaid approval
of the CDR from the CDR Cell. The Company continues to reflect the
charges executed in favour of its lenders as were prior to
restructuring and has accounted the financial effect of debt
restructuring in its books of account; the variances in balances of
lenders, if any, as are known on execution of restructuring
documentation will be accounted at the time of execution of
modification of charges.
4.2 The main feature of CDR mechanism is as below:
1. Cut off date is 31st march 2013.
2. Moratorium period will be 2 years and repayment is 8 years.
3. Rate of interest on term loan is reduced to 11%.
4. Rate of interest on working capital and FITL (Funded interest Term
Loan) is reduced to 10.50%.
5. Waiver of all liquidity damages and penal interest and penal charges
etc.
6. Promoter''s contribution Rs.8000 Lacs to be brought in within one
year.
7. Conversion of interest for initial 24 month into FITL (Funded
interest Term Loan) with repayment period of 6 years.
4.3 The Term Loan, WCTL and FITL are secured against first pari-passu
charge with other banks on present and future fixed assets of the
Company, other than those exclusively financed by any other banks /
financial institutions and second pari-passu charge with other banks on
all present and future current assets of the Company, and personal
guarantee of 2 of its Directors (Sh. A.K. Bansal and Smt. Anju Bansal)
and corporate guarantee of associate concerns / others. The loans are
collaterally secured by equitable mortgage of land and building of
associate concerns / others on pari-passu basis with other member
banks. The charges on assets of the Company and registered in favour of
lenders will be modified on execution of documentation in relation to
CDR restructuring.
4.4 The repayment of the Term Loan, WCTL, and FITL shall start from the
01.04.2015 onward as per the CDR scheme.
4.5 Vehicle Loan from banks for purchase of vehicle is secured by
hypothecation of specific vehicle. The loans are repayable, in monthly
installments.
5.1 Working Capital loans Comprising of Export Packing Credit, FDBP
etc. from Banks, secured by hypothecation of stocks, book debts, bills
and personal / corporate guarantee of whole time directors / Group
Company / others. The borrowings (fund and non-fund based) are also
collaterally secured by immovable properties owned by directors and
associate concerns / others. The loans are collaterally secured by way
of equitable mortgage on pari-passu basis with other banks of all
present and future fixed assets of the Company. The charges on assets
of the Company and registered in favour of lenders will be modified on
execution of documentation in relation to CDR restructuring.
5.2 The promoters have given a deposit to the Company, which as per the
CDR scheme, is adjustable as application money towards allotment of
fresh equity by the Company.
6. Based on the information available with the company regarding the
status of suppliers as defined under MSMED Act, 2006, there was no
principle amount overdue and no interest was payable to the Micro Small
and Medium Enterprises on 31st March, 2014 as per the terms of
contract.
7. The current liabilities for the year 2013-14 includes outstanding
dues of Rs.80.48 Lacs ( Rs. 2.58 Lacs, Rs.36.32 lacs and Rs. 41.58 Lacs
on account of Service Tax, Sales Tax and TDS respectively.)
NOTE - 8 - DEPRECIATION
8.1 The company has sold some of its unusable, obsolete / surplus
assets situated at different locations.
8.2 The depreciation on plant and machinery has been charged on the
basis of shift operated during the year.
9.1 The Company has provided possible loss in value of its investment
in Cody Direct Corp., USA, and the provision is included in General
Expenses forming part of the Other Expenses appearing in Profit and
Loss Account. The amount of provision has been reduced from the value
of investment, and write-off of the amount is subject to obtaining
approval of Reserve Bank of India.
9.2 The Company has not provided for possible loss in value of its
investment in Hanung Shanghai Ltd., China though it is under winding up
process whereby the investment made in it amounting to Rs. 69.82 lacs
is likely to be non recoverable.
10. The Company had filed a petition with Hon''able Income tax
Settlement Commission on 19.02.2014 in respect of income for the years
ended March 31, 2011 to March 31, 2013, which was admitted vide its
order dated 29.04.2014. The Company had discharged due and admitted
liability of income tax based on favourable response from the Hon''ble
Settlement Commission and further liability expected is dependent on
outcome of disposal of the case by the Hon''ble Settlement Commission.
11.1 The Company has filed recovery suits against certain debtors,
namely, Frontline Fashions Exports India Pvt. Ltd. for Rs. 50 lacs, V
and S International Pvt. Ltd. for Rs. 10.90 lacs, Vastra International
for Rs. 18.73 lacs and Gulati Exports House for Rs. 209.24 lacs (since
settled in February 2013 for Rs. 150 lacs out of which Rs. 70 lacs has
been received as per agreed schedule of payment and balance is yet
receivable).
11.2 The Company had filed a claim with ECGC for Rs. 367.25 lacs ($
6.14 lacs) relating to non-payment by its customer, namely, Extreme
Linen LLC, USA, which was rejected by ECGC. The Company is of the view
that the claim was incorrectly rejected, and is filing a recovery suit
against ECGC for the amount of claim.
12. The Management considers its debtors are good and recoverable, and
that realization from certain debtors is likely to be staggered over a
period of 2-3 years except Hassan Abdula Ali Trading LLC whose
outstanding is more than one year and the recovery for the same may not
be fully realizable. The management has, however, only written off the
interest income shown as due from said debtor in the current year.
13. Fixed deposits with banks include the deposits pledged with banks
for bank guarantee / letter of credits etc.
14. Establishment Overheads include payments and provisions of
remuneration to whole-time directors of Rs. Nil (previous year Rs.
388.18 Lacs) and directors'' sitting fee of Rs. 2.80 Lacs (previous year
Rs. 3.25 Lacs). The management has decide not to give remuneration to
the directors due to the company has losses in the current financial
year.
15. The provision for deferred tax adjustments resulting from items of
timing differences have been measured using the rates and tax laws
enacted or substantially enacted as on 31.03.2014 and the same result
into the Deferred Tax Assets (net), which has been recognized due to
certainty of sufficient taxable income based on the future projection
of taxable income as per TEV study done by Dun & Bradstreet Information
Services India Pvt. Ltd.
16. The company has filed its Income Tax Return for the Assessment Year
2012-13 on 31st January 2014 (i.e. after the due date) and has claimed
losses for Rs. 16780.57 Lacs. Accordingly necessary changes have been
incorporated in the current year books of accounts.
17. CONTINGENT LIABILITIES AND COMMITMENTS
Bank Guarantees 5.46 8.46
Letter of Credits - 8,000.70
Bills Discounted - 4,406.38
Capital Commitments 2472.83 7,039.82
Debtors which may not be realized fully 10886.01 -
Claim against company not acknowledged
as debts 2216.37 -
17.1 Suvidha Cooling Towers Pvt. Ltd. has issue a legal notice for
recovery of Rs. 8.00 Lacs including the interest. The supplier has
since filed a civil suit in Karkardooma Court, Delhi. Since the claim
by the supplier is disputed, the company has not admitted the claim,
and on the basis of the legal advice in the matter, no provision
against these transactions is considered necessary.
17.2 Certain transactions between Standard Chartered Bank and the
Company, considered void ab initio by the Company, are subject matter
of suit filed by the Company against the said Bank before the Hon''ble
Bombay High Court. The Company has claimed the refund of the amount of
Rs. 3,666.38 lacs, including amounts paid to the said Bank along with
cost, charges and interest incurred by the Company thereon as
quantified in the above suit, and a declaration to the effect that no
further payments are required to be made to the said Bank. In line with
the claim filed by the company, The company has reversed the amount of
payment due to Standard Chartered Bank in the books of accounts. The
Hon''ble Bombay High Court has issued notice on above suit, subsequent
whereto, the said Bank has filed an Original Application before the
Hon''ble Debt Recovery Tribunal-II, Delhi for recovery of its claim
amounting to Rs. 2,216.37 lacs.
17.3 The Company had taken a Short Term Revolving Loan from SICOM Ltd.
against amounts accrued on account of Company''s entitlement to receive
interest subsidy under Technology Upgradation Fund (TUF''s as available
to Textile industry) and against export incentive pending release by
the appropriate authorities. The Company had given a power of attorney
to SICOM Ltd. to recover the amount directly from the concerned
agencies, and therefore, in this manner the borrowings from SICOM Ltd.
would stand completely repaid.
SICOM Ltd. filed a petition for winding-up of the Company before the
Hon''ble High Court of Delhi for recovery of Revolving Short Term Loan
referred, and by way of interim orders the Hon''ble High Court of Delhi
has put restriction on selling of encumbered assets of the company.
SICOM Ltd. filed a complaint u/s 138 R/w section 141 of the Negotiable
Instrument Act, 1881 in the Court of Metropolitan Magistrate, Patiala
House Courts, Delhi, in respect of dishonor of 3 nos. cheques
aggregating to a value of Rs. 1500 lacs, being part of the amount
referred above. The aforesaid cheques had been given by the Company to
SICOM Ltd. as security, and though not expected to be presented for
encashment, could not in any case, be honoured due to insufficiency of
funds.
SICOM Ltd. filed an Original Application (O.A.) before Hon''ble Debt
Recovery Tribunal-I, Delhi for recovery of its claim amounting to Rs.
1575.35 lacs in respect of Revolving Short Term Loan against export
incentive receivable by the Company. The Hon''ble DRT vide its order
dated 20.12.2013 has directed that amount received in future be
deposited in an escrow account with HDFC Bank and also by way of its
interim order dated 27.02.2014 has put restriction on selling of
certain immovable assets of the company.
17.4 UCO Bank filed a complaint u/s 138 R/w section 141 of the
Negotiable Instrument Act, 1881 in the Court of Metropolitan
Magistrate, Dwarka Courts, Delhi, in respect of dishonor of a cheque of
Rs. 300 lacs issued by the Company for payment of its liability towards
letter of credit over and above the sanctioned limit. Part of the
aforesaid outstanding towards UCO Bank has since been recovered by the
bank and the balance amount has been restructured as part of
restructuring of dues in the CDR Forum, and has accordingly, been
accounted far in the books of account of the Company and reflected in
these financial statements.
17.5 Notice from Tehsildar, Noida received against recovery of
electricity dues relating to the connection at property B-8, 9, 10
phase-II, Noida. The said due is not in the knowledge of the company at
the time of acquiring of the property. Company is taking appropriate
legal remedies against the said recovery. Since the recovery is
disputed, no provision is for the same is considered necessary in the
books of accounts.
17.6 Certain transactions between Hongkong & Shanghai Banking Corp. and
the Company, considered void ab initio by the Company, are subject
matter of suit filed by the Company against the said Bank before the
Hon''ble Bombay High Court. The Company has claimed the refund of the
amount of Rs. 1022.45 lacs, including amounts paid to the said Bank
along with cost, charges and interest incurred by the Company thereon
as quantified in the above suit, and a declaration to the effect that
no further payments are required to be made to the said Bank.
18. Segment Information
The Company is principally engaged in the business of Toys and Home
Furnishings. Accordingly there are two reportable segments as per
Accounting Standard (AS 17) issued by the Institute of Chartered
Accountant of India on ''Segment Reporting''.
The Company''s operating facilities are located in India
19. Related Party Transactions
As per AS-18, the Company''s related parties and transactions with them
are disclosed below.
19.1 Related Parties
(a) Subsidiary Company 1. Hanung (Shanghai) Ltd.
2. Cody Direct Corp.
(b) Associate Companies 1. Hanung Furnishings Pvt. Ltd.
2. Hanung Processors Pvt. Ltd.
3. Praneet Softech Pvt. Ltd.
4. C K Software Pvt. Ltd.
5. Abhinav International Pvt. Ltd.
6. Hanung Retail Ltd.
7. Hanung Infra & Power Ltd.
8. Glofin Investment & Finance Co. Pvt. Ltd.
(c) Key Management
Personnel 1. Mr. Ashok Kumar Bansal
(Chairman & Managing Director)
2. Mrs. Anju Bansal (Director)
3. Ms. Ena Bansal
4. Mr. Arvind Kumar Gupta
5. Mr. Umesh Dhal
6. Mr. K Ravindaran
7. Mr. Jaisheel Chaturvedi
20. There are no amounts due and outstanding to be credited to Investor
Education and Protection Fund as at 31st March 2014.
21. In view of the revision to the Schedule VI as per notification
issued by the Central Government, the financial statements for the year
ended 31st March 2014 have been prepared as per the requirements of the
Revised Schedule VI to the Companies Act, 1956. The previous year
figures have been accordingly regrouped/ reclassified to confirm to the
current year''s classification.
Mar 31, 2013
1 The Accounting Standard (AS-22) for accounting of deferred income
tax has become applicable on the company w.e.f. 01.04.2002.
Accordingly, provision for deferred tax liability has been made in
accordance with the Accounting Standard (AS-22). ''
2 CONTINGENT LIABILITIES AND COMMITMENTS
Bank Guarantees 8.46 8.46
Letter of Credits 8,000.70 9,564.13
Bills Discounted 4,406.38 3,521.39
Capital Commitments 7,039.82 10,099.29
Total 19,455.36 23,193.27
3 SEGMENT INFORMATION
The Company is principally engaged in the business of Toys and Home
Furnishings. Accordingly there are two reportable segments as per
Accounting Standard (AS 17) issued by the Institute of Chartered
Accountant of India on ''Segment Reporting'', which have been disclosed
below.
4 Related Party Transactions
As per AS-18, the Company''s related parties and transactions with
them are disclosed below.
4.1 Related Parties
(a) Subsidiary Company 1 Hanung (Shanghai) Ltd.
2 Cody Direct Corp.
(b) Associate Companies 1 Hanung Furnishings Pvt. Ltd.
2 Hanung Processors Pvt. Ltd.
3 Parneet Softech Pvt. Ltd.
4 C K Software Pvt. Ltd.
5 Abhinav International Pvt. Ltd.
6 Hanung Retail Ltd.
7 Hanung Infra & Power Ltd.
8 Glofin Investment & Finance Co. Pvt. Ltd.
(c) Key Management Personnel 1 Mr. Ashok Kumar Bansal
(Chairman & Managing Director)
2 Mrs. Anju Bansal (Director)
3 Ms. Ena Bansal
4. Mr. Arvind Kumar Gupta
5. Mr. Sanjeev Hota
6. Mr. K. Ravindran
7. Dr.Anil Kumar Jain
8. Mr. Jaisheel Chaturvedi
5 There are no amounts due and outstanding to be credited to Investor
Education and Protection Fund as at 31st March 2013
6 In view of the revision to the Schedule VI as per notification
issued by the Central Government, the financial statements for the year
ended 31st March 2013 have been prepared as per the requirements of the
Revised Schedule VI to the Companies Act, 1956. The previous year
figures have been accordingly regrouped/ reclassified to confirm to the
current year''s classification
Mar 31, 2012
1. The Accounting Standard (AS-22) for accounting of deferred income
tax has become applicable on the company w.e.f. 01.04.2002.
Accordingly, provision for deferred tax liability has been made in
accordance with the Accounting Standard (AS-22).
2. CONTINGENT LIABILITIES AND COMMITMENTS
Bank Guarantees 8.46 2,308.46
Letter of Credits 9,564.13 5,665.00
Bills Discounted 3,521.39 1,726.48
Capital Commitments 10,099.29 1,006.21
Total 23,193.27 10,706.15
3. Take Over of Business under Slump Sale Agreement
Some of the immoveable properties acquired by the company under the
agreement of slump sale are being registered in the name of the
company.
4. There are no amounts due and outstanding to be credited to Investor
Education and Protection Fund as at 31st March 2012.
5. In view of the revision to the Schedule VI as per notification
issued by the Central Government, the financial statements for the year
ended 31st March 2012 have been prepared as per the requirements of
the Revised Schedule VI to the Companies Act, 1956. The previous year
figures have been accordingly regrouped/ reclassified to confirm to the
current year`s classification.
Mar 31, 2011
01. Comparative figures for the previous year have been regrouped,
recast and re-arranged wherever necessary, so as to make them
comparable with the current year's figures.
02. Debtors, Creditors and Advances are subject to confirmation.
03. Loans and Advances include:
i) Dues from subsidiary company Hanung (Shanghai) Ltd. is Rs. 98.80
Lacs (Previous year Rs. 71.18). The maximum amount due from the
company during the year was Rs. 98.80 Lacs(Previous year Rs. 71.18)
ii) Due from companies under the same management or companies in which
any of the directors are interested is Praneet Softech Pvt Ltd Rs. Nil
(Previous Year Rs. 1.40 Lacs). The maximum amount due from the company
during the year was Rs. Nil (Previous Year Rs. 121.17 Lacs) and Hanung
Infra & Power Ltd. Rs. 51.56 Lacs (Previous Year Rs. Nil ). The maximum
amount due from the company during the year was Rs. 104.06 Lacs
(Previous Year Rs. Nil ).
04. In the opinion of Board of Directors, the Current Assets, Loans
and Advances have value on realization in ordinary course of business,
at least equal to the amount at which they are stated except as
expressly stated otherwise.
05. Based on the information / documents available with the Company,
Sundry Creditors include total outstanding dues to Small Scale
Industrial undertakings Rs. 21.63 Lacs (Previous Year Rs. 98.71 Lacs)
of which
a. Amount overdue on account of principal and / or interest is NIL.
b. Name of the Parties to whom the company owes any sum outstanding
for more than thirty days but not overdue as per the information
available with the company are :
Chaudhary Lables Pvt. Ltd., Malwa Leather Components Pvt. Ltd., Palak
Tapes Pvt. Ltd., Lace India Co, D.M. Enterprises, Praveen Print O Pack
Pvt. Ltd., Sushila Textiles.
06. The Accounting Standard (AS-22) for accounting of deferred income
tax has become applicable on the company w.e.f. 01.04.2002.
Accordingly, provision for deferred tax liability has been made in
accordance with the Accounting Standard (AS-22).
07. Establishment Overheads include payments and provisions of
remuneration to whole-time directors of Rs 248.44 Lacs (previous year
Rs. 198.75 Lacs) and directors' sitting fee of Rs. 2.95 Lacs (previous
year Rs. 3.65 Lacs).
08. Contingent Liabilities
2010Ã2011 2009Ã2010
Bank Guarantees 2308.46 1.12
Letters Of Credit 5665.00 6371.75
Bills Discounted 1726.48 4764.00
Capital Commitment 1006.21 437.64
09. Related Party Transactions
As per ASÃ18, the Company's related parties and transactions with them
are disclosed below
A. Related Parties
(a) Subsidiary Company 1. Hanung (Shanghai) Ltd.
2. Cody Direct Corp.
(b) Associate Companies 1. Hanung Furnishings Private Limited
2. Hanung Processors Private Limited
3. Parneet Softech Private Limited
4. C K Software Private Limited
5. Abhinav International Private Limited
6. Hanung Retail Limited
7. Hanung Infra & Power Limited
8. Glofin Investment & Finance Co. Private Limited
(c) Key Management Personnel 1. Mr. Ashok Kumar Bansal, (Chairman cum
Managing Director)
2. Mrs. Anju Bansal (Wholetime Director)
3. Mr. Arvind Kumar Gupta (Company Seretary)
4. Mr. Sandeep Agrawal (CFO)
5. Mr. Vijay Grover
6. Mr. Sunil Duggal
7. Mr. Rajat Saran Lal
10. Take Over of Business under Slump Sale Agreement
Some of the immoveable properties acquired by the company under the
agreement of slump sale are being registered in the name of the
company.
11. There are no amounts due and outstanding to be credited to
Investor Education and Protection Fund as at 31st March 2011.
12. Schedules "A" to "P" form an integral part of the Balance Sheet
and Profit and Loss Account and have been duly authenti- cated.
Mar 31, 2010
1. Comparative figures for the previous year have been regrouped,
recast and re-arranged wherever necessary, so as to make them
comparable with the current yearÃs figures.
2. Debtors, Creditors and Advances are subject to confirmation.
3. Loans and Advances include:
(i) Dues from subsidiary company Hanung (Shanghai) Ltd. is Rs. 71.18
Lacs (Previous year Rs. Nil). The maximum amount due from the company
during the year was Rs. 71.18 Lacs (Previous year Rs. Nil).
(ii) Dues from companies under the same management or companies in
which any of the directors are interested is Praneet Softech Pvt Ltd
Rs. 1.40 Lacs (Previous Year Rs. 58.67 Lacs). The maximum amount due
from the company during the year was Rs. 121.17 Lacs (Previous Year Rs.
61.69 Lacs).
4. In the opinion of Board of Directors, the Current Assets, Loans and
Advances have value on realization in ordinary course of business, at
least equal to the amount at which they are stated except as expressly
stated otherwise.
5. Based on the information / documents available with the Company,
Sundry Creditors include total outstanding dues to Small Scale
Industrial undertakings Rs. 98.71 Lacs (Previous Year Rs. 168.30 Lacs)
of which
a. Amount overdue on account of principal and / or interest is NIL
b. Name of the Parties to whom the company owes any sum outstanding
for more than thirty days but not overdue as per the information
available with the company are : Chaudhary Lables Pvt. Ltd., J J Foams
Pvt Ltd, Malwa Leather Components Pvt. Ltd., Printografik, Technotek
Industries, Ginni Spectra Pvt. Ltd., Palak Tapes Pvt. Ltd., Lace India
Co, D.M. Enterprises, Sun Glow manufacturing Pvt Ltd., Chenab Packs
Pvt. Ltd.
6. The Accounting Standard (AS-22) for accounting of deferred income
tax has become applicable on the company w.e.f. 01.04.2002.
Accordingly, provision for deferred tax liability has been made in
accordance with the Accounting Standard (AS- 22).
7. Establishment Overheads include payments and provisions of
remuneration to whole-time directors of Rs 198.75 Lacs (previous year
Rs. 125.40 Lacs) and directorsà sitting fee of Rs. 3.65 Lacs (previous
year Rs. 1.12 Lacs).
Particulars 2009-2010 2008-2009
8. Contingent Liabilities
Bank Guarantees 1.12 1.12
Letters Of Credit 6371.75 2270.03
Bills Discounted 4764.00 781.55
Capital Commitment 437.64 74.88
9. Related Party Transactions
As per AS-18, the CompanyÃs related parties and transactions with them
are disclosed below
A. Related Parties
(a) Subsidiary Company 1 Hanung (Shanghai) Ltd.
(b) Associate Companies
1. Hanung Furnishings Private Limited
2. Hanung Processors Private Limited
3. Parneet Softech Private Limited
4. C K Software Private Limited
5. Abhinav International Private Limited
6. Hanung Retail Limited
7. Hanung Infra & Power Limited
8. Glofin Investment & Finance Co. Private Limited
(c) Key Management Personnel
1. Mr. Ashok Kumar Bansal (Chairman & Managing Director)
2. Mrs. Anju Bansal (Director)
3. Col. Ashok Malhotra
4. Mr. Arvind Kumar Gupta
5. Mr. Sandeep Agrawal
6. Mr. Vijay Grover
7. Mr. Sunil Duggal
10. Take Over of Business under Slump Sale Agreement
Some of the immoveable properties acquired by the company under the
agreement of slump sale are being registered in the name of the
company.
11. There are no amounts due and outstanding to be credited to
Investor Education and Protection Fund as at 31st March 2010.
12. Schedules ÃAÃ to ÃPÃ form an integral part of the Balance Sheet
and Profit and Loss Account and have been duly authenticated.
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