Mar 31, 2017
1. The Company has only one class of shares referred to as Equity Shares having face value of Rs.10/- each. Each equity Shareholder is eligible for one vote per share held.
2. Reconciliation of No. of Equity Shares Outstanding at the Beginning & End of the reporting period:
3. Shares in the company held by each shareholder holding more than 5% Equity Shares
4. Car Loans from Bank & Financial Institutions are secured by hypothecation of Motor Cars for which loan has been taken.
5. Term Loans from Banks are secured by hypothecation of all the fixed assets of the company.
6. Term Loan from Banks are also secured by entire Land & Building of the Company located at Kudsad-Kim, Olpad Taluka, Surat.
7. The Term Loans are also secured against Flat at Soffitel Tower, Surat and Office at International Trade Center, Surat of the company. Term Loan is also secured against peronal properties of directors and sister concern M/s Mohit Yarns Ltd. All the term loans are guaranteed by directors of the company.
8. Terms of Repayment of Term Loans:-
(a) Term Loan of Rs.470 Lakhs is Repayable in monthly installments of Rs.8,78,000/- each and will be repaid on September, 2021. Term Loan of Rs.209 Lakhs is repayable in monthly installments of Rs.4,20,000/- each and shall be repaid by April, 2021. Term loan of SVC Bank of Rs.1842 Lakhs (O/s Amount Rs.803 Lakhs) shall be repaid in monthly installments of Rs.21,93,000/- and shall be repaid by December, 2023. The rate of interest of term loans is 12.70%.
(b) Car Loans from Kotak Mahindra Prime Limited is repayable in 5 monthly installments of Rs.18,939/- ; Rs.37,331/-and Rs.19,992/- each. Another Car loan from Kotak Mahindra Prime Limited is repayble in 59 monthly installments of Rs.25,934/- each.
(c) Car Loan taken from Volkswagen Finance Limited is repayable in 41 installments of Rs.52,910/- each.
9. Cash Credit Limit & Export Packing Credit Limit is secured against First paripassu charge on the stock, books debts and entire current assets of the company. It is also secured by charge over assets mentioned in Note No. 5.3 above.
10. CONTINGENT LIABILITY & COMMITMENTS:-
(i) Contingent Liability In Respect of
(ii) Commitments:-
(a) Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs.1896.26 Lakhs (P.Y. Rs.2456.08 Lakhs) against which advance paid is Rs.187.10 Lakhs (P.Y. Rs.352.04 Lakhs).
(b) Uncalled Liability on shares and other investments partly paid Rs. Nil (P.Y Rs. Nil)
(c) Other Commitments Rs. Nil (P.Y. Rs. Nil)
11. No provision for diminution in value of non-current investments has been made as in the opinion of management the diminution in of the temporary nature.
12. Disclosures of the Micro, Small and Medium Enterprises:-
The management of the Company has not received any intimation from ''suppliers'' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard as per Schedule III of the Companies Act, 2013 could not be provided.
13. Segment Reporting
In line with Accounting Standard 17 on ''Segment Reporting'', taking into account the organizational structure, product type as well as the differing risks and returns criterion, the Company is engaged in only one reportable segment viz. "Textiles"
14. Specified Bank Notes Disclosure (SBN''s)
During the year, the company has specified bank notes or other denomination note as defined in the MCA notification G.S.R. 308(E) dated March 30, 2017 on the details of Specified Bank Notes (SBN) held and transacted during the period from November 8, 2016 to December 30, 2016, the denomination wise SBNs and Other Notes as per the notification is given below :
Mar 31, 2016
1 The Company has only one class of shares referred to as Equity Shares having face value of Rs. 10/- each. Each equity Shareholder is eligible for one vote per share held. Pursuant to the Scheme of Demerger of AAC Block Division as approved by Hon''ble Gujarat High Court, Authorized Capital of Rs. 5,00,00,000/- is transfer to the resulting company Bigbloc Construction Limited.
2 Reconciliation of No. of Equity Shares Outstanding at the Beginning & End of the reporting period:
3. Car Loans from Bank & Financial Institutions are secured by hypothecation of Motor Cars for which loan has been taken. Car Loans have been taken in re-financing also.
4. Term Loans from Banks are secured by hypothecation of all the fixed assets of the company.
5. Term Loan from State Bank of Travancore is also secured by entire Land & Building of the company located at Kudsad-Kim, Olpad Taluka, Surat.
6. The Term Loans are also secured against Flat at Soffitel Tower, Surat and Office at International Trade Center, Surat of the company. Term Loan is also secured against personal properties of directors and sister concern M/s Mohit Yarns Ltd. All the term loans are guaranteed by directors of the company.
7. Terms of Repayment of Term Loans:-
(a) Term Loan of Rs. 632.00 Lakhs is Repayable in monthly installments of Rs. 8,78,000 each and will be repaid on October, 2021. The Corporate loan of Rs. 505.43 Lakhs is repayable in monthly installments of Rs. 20,83,000/and shall be repaid by August, 2016. Term loan of Rs. 302 lakhs is repayment in monthly installments of Rs. 4,20,000/- each and shall be repaid by October, 2021. Term Loan from SVC Bank of Rs. 1842 Lakhs shall be repaid in monthly installments of Rs. 21,93,000/- and shall be repaid by December, 2023. The rate of interest of term loans is 13.25% p.a.
(b) Car Loans from Kotak Mahindra Prime Limited is repayable in 17 monthly installments of Rs. 41901/-; Rs. 18939/; Rs. 86418/- and Rs. 19992/-each. Another Car loan from Kotak Mahindra Prime Limited is repayable in 21 monthly installments of Rs. 191440/- each.
(c) Car Loans from ICICI Bank are repayable 3 monthly installments of Rs. 25,280/-. Car Loan taken from Volkswagen Finance Limited is repayable in 53 installments of Rs. 52910/- each.
8. Cash Credit Limit & Export Packing Credit Limit is secured against First paripassu charge on the stock, books debts and entire current assets of the company. It is also secured by charge over assets mentioned in Note No.
9. above.
Deferred tax resulting from ''timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted as on the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is a reasonable certainty that the assets will be realized in future.
(ii) Commitments:-
(a) Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. 2456.08 Lakhs (P.Y. NIL) against which advance paid is Rs. 352.04 Lakhs (P.Y. NIL).
(b) Uncalled Liability on shares and other investments partly paid Rs. Nil (P.Y. Rs. Nil)
(c) Other Commitments Rs. Nil (P.Y. Rs. Nil)
* Includes Job Work done for outside parties of 706114.00 Mtrs. (P.Y. 819092.00 Mtrs.). ** Out of production, 513605.630 Kgs. Has been transferred to Looms Division.
10. RELATED PARTY RELATIONSHIP AND TRANSACTION A. Name of Related Parties & Nature of Relationships
a) Subsidiary
1 Maxim Metals Pvt. Ltd.
b) Associates
1 Mohit Overseas Limited 3 Mohit E-Waste Recovery Pvt. Ltd.
2 Mohit Yarns Limited
c) Enterprises Controlled by Key Managerial Personnel & their relatives
1 SoulClothingPvt.Ltd. 4 MohitTexportPvt.Ltd.
2 Mohit Exim Pvt. Ltd. 5 Mask Investments Limited
3 Bigbloc Construction Limited
d) Key Managerial Personnel
1 Sitaram Saboo 3 Naresh S. Saboo
2 Narayan S. Saboo 4 Manish N. Saboo
11. SCHEME OF ARRANGEMENT (DEMERGER) BETWEEN THE COMPANY AND BIGBLOC CONSTRUCTION LIMITED
The Company (Demerged Company) had entered into a Scheme of Arrangement (''the Scheme'') with Bigbloc Construction Limited (BCL) (''Resulting Company'') for demerger of the AAC Block Division of the company into BCL. In Consideration of vesting of AAC Block division of the company to BCL as per terms of the Scheme, each shareholder of Demerged Company in respect of each share held in the company, is entitled to one share each of the Resulting company of face value of Rs. 10/each credited as fully paid up.
The Scheme was approved by the Honorable High Court of Gujarat on February 22, 2016. The Company has filed the order and the Scheme and the Scheme Approved by the High Court with the Registrar of the Companies, Ahmadabad (ROC) on March 16, 2016. Thus, the scheme becomes effective on March 16, 2016 and the effect of the same is given from Appointed Dated which is 1st April, 2015. Thus, as the scheme has been approved by Hon''ble Gujarat High Court and effective from 16th March, 2016 all the assets and liabilities of AAC Block Division of the company with effect from 1st April, 2015 becomes Assets & Liabilities of BCL.
The following assets and liabilities have been divested into the Resulting Company from MIL with effect from 01st April, 2015 pursuant to the Scheme.
The Net Assets relating to the AAC Block Division amounting to Rs. 2,384.02 lakhs divested into the Resulting Company as at 01st April, 2015, pursuant to the scheme of arrangement has been adjusted as per the terms of the Scheme against the Reserves of the company as Under:-
Deferred Tax liability pertaining to the demerged undertaking (AAC Block Division) in the accounts of demerged company (MIL) as on 31.03.2015 being Rs. 3,05,91,432/- has also been transferred from the Demerged Company to the Resulting Company and as the same being opening balance (i.e. created out of profits of earlier years) has been adjusted directly from balance of Surplus.
12. Disclosures of the Micro, Small and Medium Enterprises:-
The management of the Company has not received any intimation from ''suppliers'' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard as per Schedule III of the Companies Act, 2013 could not be provided.
13. Previous period Comparatives
Consequent to the Scheme of De-merger of AAC Block Division effective from 1st April, 2015 the figures for the year ended March 31, 2016, are not comparable with the corresponding figures disclosed under previous year ended March 31, 2015.
14. SEGMENT INFORMATION:-
Consequent to the demerger of the AAC Block Division as mentioned in note 39 above, the Company''s operations predominately relates to Textile Division only and accordingly this is the only primary reportable segment as per AS -17.
(iii) The company has not reported Geographical Segment (i.e. Secondary Segment) as all the operations and risks & return of the company are based in India and no activity is done outside India.
Mar 31, 2015
1 CORPORATE INFORMATION
Mohit Industries Limited ('the company) is a public limited company
domiciled in India and incorporated under the provisions of the Company
Law. Its shares are listed on BSE and NSE. The company is having its
head quarters in Surat and plants at Kim and Umargaon. The company is
primarily engaged in manufacture of Texturized Yarn from POY and
weaving of the Yarn to Grey Cloth. The company is also engaged in
manufacture of Autoclaved Aerated Concrete Blocks (AAC Blocks).
2. The Company has only one class of shares referred to as Equity
Shares having face value of Rs. 10/- each. Each equity Shareholder is
eligible for one vote per share held.
3 Long Term Borrowings
4. Car Loans from Bank & Financial Institutions are secured by
hypothecation of Motor Cars for which loan has been taken. Car Loans
have been taken in re-financing also.
5. Term Loans from Banks are secured by hypothecation of all the fixed
assets of the company of both Textile and AAC Block Division.
6. Term Loan from State Bank of Travancore is also secured by entire
Land & Building of the company located at Kudsad-Kim, Olpad Taluka,
Surat. The Term Loans for AAC Block Division is also secured by Land &
Building of Factory at Umargaon, Valsad.
7. The Term Loans are also secured against Flat at Soffitel Tower,
Surat and Office at International Trade Center, Surat of the company.
Term Loan is also secured against peronal properties of directors and
sister concern M/s Mohit Yarns Ltd. All the term loans are guaranteed
by directors of the company.
8. Terms of Repayment of Term Loans:-
(a) Term Loan of Rs. 632.00 Lakhs is Repayable in 72 number of monthly
instalments of Rs. 8,78,000 each and will be repaid on October, 2021.
Term Loan of Rs. 72.15 Lakhs is repayable in 25 number of monthly
instalments of Rs. 2,86,000/- each and will be repaid by April, 2016.
The corporate loan of Rs. 505.43 is repayable in 24 monthly instalments
of Rs. 20,83,000/- each and will be repaid by March, 2016. Term Loan of
Rs. 302 Lakhs is repayable in 72 number of monthly installments of Rs.
4.20 Lakhs each will be repaid by October, 2021. The rate of interest
as at year end is 13.75%.
(b) The remaining Term Loans from State Bank of Travancore, Central
Bank of India and The Shamrao Vithal Co.Op. Bank Ltd. for AAC Block
Division at Umargaon of Rs. 1628.71 Lakhs are repayable in Equal
Monthly Instalments of Rs. 28.38 Lakhs by July, 2019. The rate of
interest at year end is 13.75%.
(c) Car Loans from Kotak Mahindra Prime Limited is repayble in 29
monthly instalments of Rs. 41901/-; Rs. 18939/-; Rs. 86418/- and Rs.
19992/- each.
(d) Car Loans from ICICI Bank are repayable in 13,16 and 16 monthly
instalments of Rs. 12,770; Rs. 14315/- and Rs. 25,280/- respectively.
9. Buyer's Line of Credit is secured by undertaking given by State
Bank of Travancore. The under-taking given is secured by securities
mentioned in above 5.2 & 5.3. The balance of Buyer's Line of Credit is
subject to confirmation / statement.
10. Cash Credit Limit & Export Packing Credit Limit is secured against
First paripassu charge on entire current assets of Textile Division of
the company and Stock and Book Debts of AAC Block Division of the
company. It is also secured by charge over assets mentioned in Note No.
5.3 above.
11. CONTINGENT LIABILITY&COMMITMENTS:-
(i) Contingent Liability In Respect of
As at As at
Particulars 31st March, 31st March,
2015 2014
(a) Sales Tax Demand Disputed in Appeal 486,462.00 486,462.00
(b) Gujarat VAT Demand of F.Y. 2006-07
pending at appeal stage* 46,080,888.00 46,080,888.00
Gujarat Entry Tax Demand of F.Y.
2006-07 pending at appeal stage* 43,318,045.00 43,318,045.00
* The management states that
Tribunal has granted stay in respect
of above demand raised and in opinion
of the management the demand raised
is not sustainable in law.
(c) Gujarat VAT Demand of F.Y. 2009-10
(Tax and Penalty)* 45,506,728.00 45,506,728.00
Gujarat Entry Tax Demand of F.Y.
2009-10 pending at 51,382,920.00 51,382,920.00
appeal stage*
* The management states that Tribunal
has granted stay in respect of above
demand raised and in opinion of the
management the demand raised is not
sustainable in law.
(d) Gujarat VAT Demand of F.Y. 2010-11
(Tax and Penalty)* 30,149,224.00 -
Gujarat Entry Tax Demand of F.Y.
2010-11 pending at 32,353,021.00 -
appeal stage*
* The order dated 30-03-2015 has been
received by the company and the company
is in process of filing appeal against
the same before First Appellate Authority.
(e) Income Tax Demand of A.Y. 2009-10
pending before Tribunal 3,073,713.00 3,073,713.00
(f) Excise Duty Demands/ Excise Rebate
rejected pending at 18,363,086.00 24,396,264.00
various Appellate Stages
(g) Service Tax Demands pending before
appellate authority 790,408.00 790,408.00
(ii) Commitments:-
(a) Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs. NIL (P.Y.NIL) against which advance
paid is Rs. NIL (P.Y. NIL).
(b) Uncalled Liability on shares and other investments partly paid Rs.
Nil (P.Y. Rs. Nil)
(c) Other Commitments Rs. Nil (P.Y. Rs. Nil)
12 (i) Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans and
Advances are subject to confirmation.
(ii) No provision for dimunition in value of non-current investments
has been made as in the opinion of management the dimunition is of
temporary nature.
13. RELATED PARTY RELATIONSHIP AND TRANSACTION A. Name of Related
Parties & Nature of Relationships
a) Associates
1 Mohit Overseas Limited 2 Mohit Yarns Limited
3 Mohit E-Waste Recovery Pvt. Ltd.
b) Enterprises Controlled by Key Managerial Personnel &their relatives
1 Soul Clothing Pvt. Ltd. 2 Mohit Exim Pvt. Ltd.
3 Mohit Texport Pvt.Ltd. 4 Mask lnvestments Limited
c) Key Managerial Personnel
1 Sitaram Saboo 2 Narayan S. Saboo
3 Naresh S. Saboo 4 Manish N. Saboo
14. Previous year figures have been regrouped wherever thought necessary
to make them comparable with figures of current year.
15. SEGMENT INFORMATION:-
In accordance with Accounting Standard - 17 on "Segment Reporting", the
company has identified two reportable segments viz. Textiles &AAC Block
and reported taking into account nature of products & services, the
differing risks and returns of these segments.
(ii) The reportable segments are further described below:
a) The Textiles Division includes production and marketing activities
of Textile Products viz. Texturised Yarn, Twisted Yarn, Grey Cloth
Fabrics & Finished Cloth Fabrics.
b) The AAC Block Division includes production and marketing activities
of Auto-claved Aerated Concrete Blocks.
(iii) The company has not reported Geographical Segment (i.e. Secondary
Segment) as all the operations and risks & return of the company are
based in India and not activity is done outside India..
Mar 31, 2014
1.1 The Company has only one class of shares referred to as Equity
Shares having face value of Rs. 10/- each. Each equity Shareholder is
eligible for one vote per share held.
1.2 Reconciliation of No. of Equity Shares Outstanding at the Beginning
& End of the reporting period:
2.1 Car Loans from Bank & Financial Institutions are secured by
hypothecation of Motor Cars for which loan has been taken.
2.2 Term Loans from Banks are secured by hypothecation of all the fixed
assets of the company of both Textile and AAC Block Division.
2.3 Term Loan from State Bank of Travancore is also secured by entire
Land & Building of the company located at Kudsad-Kim, Olpad Taluka,
Surat. The Term Loans for AAC Block Division is also secured by Land &
Building of Factory at Umargaon, Valsad.
2.4 The Term Loans are also secured against Flat at Soffitel Tower,
Surat and Office at International Trade Center, Surat of the company.
Term Loan is also secured against personal properties of directors and
sister concern M/s Mohit Yarns Ltd. All the term loans are guaranteed
by directors of the company.
2.5 Terms of Repayment of Term Loans:-
(a) Term Loan of Rs. 140.69 Lakhs is Repayable in 12 number of
instalments of Rs. 11,72,000 each and will be repaid on March, 2015.
Term Loan of Rs. 72.15 Lakhs is repayable in 25 number of instalments
of Rs. 2,86,000/- each and will be repaid by April, 2016. The
corporate loan of Rs. 505.43 is repayable in 24 monthly instalments of
Rs. 20,83,000/- each and will be repaid by March, 2016. The rate of
interest at year end is 12.25%
(b) The remaining Term Loans from State Bank of Travancore, Central
Bank of India and The Shamrao Vithal Co.Op. Bank Ltd. for AAC Block
Division at Umargaon of Rs. 1628.71 Lakhs are repayable in Equal
Monthly Instalments of Rs. 28.38 Lakhs by July, 2019. The rate of
interest at year end is 12.25%.
(c) Car Loan from Kotak Mahindra Prime Limited is repayble in 9
instalments of Rs. 9810/-
(d) Car Loans from ICICI Bank are repayable in 8, 25 and 28 instalments
of Rs. 38,700/-, Rs. 12,770/- and Rs. 25,280/- respectively.
2.6 Buyer''s Line of Credit is secured by undertaking given by State
Bank of Travancore. The under-taking given is secured by securities
mentioned in above 5.2 & 5.3. The balance of Buyer''s Line of Credit is
subject to confirmation / statement.
3.1 Cash Credit Limit & Export Packing Credit Limit is secured against
First paripassu charge on entire current assets of Textile Division of
the company and Stock and Book Debts of AAC Block Division of the
company. It is also secured by charge over assets mentioned in Note
No. 5.3 above.
Deferred tax resulting from ''timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted as on the balance sheet date. The deferred tax asset is
recognised and carried forward only to the extent that there is a
reasonable cetainty that the assets will be realised in future.
4 CONTINGENT LIABILITY&COMMITMENTS:-
(i) Contingent Liability In Respect of
As at As at
Particulars 31st Mar 2014 31st Mar 2013
(a) Sales Tax Demand Disputed in Appeal 486,462.00 486,462.00
(b) Gujarat VAT Demand of F.Y. 2006-07 46,080,888.00 46,080,888.00
pending at appeal stage*
Gujarat Entry Tax Demand pending atappeal 43,318,045.00 43,318,045.00
stage*
* The management states that Tribunal has
granted stay in respect of above demand
raised and in opinion of the management
the demand raised is notsustainable in law.
(c) GujaratVATDemandofF.Y. 2009-10 51,382,920.00 -
(Taxand Penalty)
* The order dated 29-03-2014 has been
received by the company and the company
is in process of filing appeal against
the same before First Appellate Authority.
(d) Income Tax Demand of A.Y. 2009-10 3,073,713.00 3,073,713.00
pending before Tribunal
(e) Excise Duty Demands/ Excise Rebate 24,396,264.00 388,000.00
rejected pending at various Appellate
Stages
(f) Service Tax Demands pending before 790,408.00 2,930,000.00
vaious Appellate Stages
(ii) Commitments:-
(a) Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs. NIL(P.Y.NIL) against which advance
paid is Rs. NIL (P.Y. NIL).
(b) Uncalled Liability on shares and other investments partly paid Rs.
Nil (P.Y. Rs. Nil)
(c) OtherCommitments Rs. Nil (P.Y. Rs. Nil)
* Includes Job Work done for outside parties of 2470830.00 Mtrs. (P.Y.
979511.00 Mtrs.). ** Out of production, 101284.530 Kgs. Has been
transferred to Looms Division.
In current year the stock of AAC Block has been taken in Unit of
Kilograms. The opening and closing stock of 6888 Pieces of Blocks are
lying at Kim Factory of the company.
* There is shortage of 5232.77 Meters.
** There is shortage of 28,716 Kgs. In AAC Block.
** There are various Raw Materials like Aluminium Powder, Lime Powder,
Cement, Gypsum Powder, Coal, Caustic Soda etc. are consumed to produce
AAC Blocks. As quantity units of all raw materials consumed are
different from each other, the same are not given above. However, value
of Raw Material consumed and Closing Stock are given.
5 (i) Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans and
Advances are subject to confirmation.
(ii) No provision for dimunition in value of non-current investments
has been made as in the opinion of managementthe dimunition is of
temporary nature.
6 EFFECT OF CHANGE IN SIGNIFICANT ACCOUNTING POLICY
During the year, the company has changed its accounting policy
regarding accounting of gain or loss arising on account of foreign
exchange flucuation in respect of Long Term Monetary assets or
liabilities. The loss arising on account of foreign exchange
flucutuation in respect of Long Term Monetary Liabilities (Buyers'' Line
of Credit) has been added to cost of Depreciable Assets for which such
liabilties was outstanding. Upto previous, the company was charging /
crediting the same to Statement of Profit & Loss Account.
Had the company followed same accounting policy as that of last year,
then profits of the company would be lower by Rs. 83.13 Lakhs and value
of Tangible Fixed Assets would be lower by Rs. 83.13 Lakhs.
7 Previous year figures have been regrouped wherever thought necessary
to make them comparable with figures of current year.
8 SEGMENT INFORMATION:-
In accordance with Accounting Standard - 17 on "Segment Reporting", the
company has identified two reportable segments viz. Textiles &AAC Block
and reported taking into account nature of products & services, the
differing risks and returns of these segments.
(ii) The reportable segments are further described below:
a) The Textiles Division includes production and marketing activities
of Textile Products viz. Texturised Yarn, Twisted Yarn, Grey Cloth
Fabrics & Finished Cloth Fabrics.
b) The AAC Block Division includes production and marketing activities
of Auto-claved Aerated Concrete Blocks.
(iii) The company has not reported Geographical Segment (i.e. Secondary
Segment) as all the operations and risks & return of the company are
based in India and not activity is done outside India.
Mar 31, 2013
1 CORPORATE INFORMATION
Mohit Industries Limited (''the company) is a public limited company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on BSE and NSE. The company
is having its head quarters in Surat and plants at Kim, Silvassa and
Umargaon. The company is primarily engaged in manufacture of Texturized
Yarn from POY and weaving of the Yarn to Grey Cloth.
The company is also engaged in manufacture of Autoclaved Aerated
Concrete Blocks (AAC Blocks).
2 CONTINGENT LIABILITY & COMMITMENTS:- (i) Guarantee given to State
Bank of Travancore for loans/credit facilities taken by associate
company namely Mohit Overseas Ltd., Rs 1,00,00,000/- (P.Y. Rs
1,00,00,000/-). To secure this guarantee and loan so taken by Mohit
Overseas Ltd., the bank has exteded the first charge on entire fixed
assets of the Kim unit of the company.
(ii) Disputed Sales Tax Demand of F.Y. 2001-02 of Rs. 4,86,462/- (P.Y.
4,86,462/-); disputed Gujarat VAT demand of F.Y. 2006-07 of Rs.
4,60,80,888/- (P.Y. Rs. 4,60,80,888/-) and disputed Entry Tax under
Gujarat Laws of Rs. 4,33,18,045/- (P.Y. Rs. 4,33,18,045) (including
interest and penalty) has not been provided. The management states that
Tribunal has granted stay in respect of above demand raised of F.Y.
2006-07.
(iii) Disputed Income Tax Demand of Rs. 30.74 Lakhs (P.Y. Rs. 31.47
Lakhs).
(iv) Disputed Excise Duty amount of Rs. 3.88 Lakhs (P.Y. Rs. NIL)
(v) Disputed Service Tax demand of Rs. 29.30 Lakhs (P.Y. Rs. NIL)
(vi) Commitments:-
(a) Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs. NIL (P.Y. Rs. 500 Lakhs against
which advance paid is Rs. NIL (P.Y. Rs. 410.35 Lakhs).
(b) Uncalled Liability on shares and other investments partly paid Rs.
Nil (P.Y. Rs. Nil)
(c) Other Commitments Rs. Nil (P.Y. Rs. Nil)
3 (i) Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans and
Advances are subject to confirmation.
(ii) No provision for dimunition in value of non-current investments
has been made as in the opinion of management the dimunition is of
temporary nature.
4 Previous year figures have been regrouped wherever thought necessary
to make them comparable with figures of current year.
Mar 31, 2012
1.1 The Company has only one class of shares referred to as Equity
Shares having face value of Rs. 10/- each. Each equity Shareholder is
eligible for one vote per share held.
1.2 Reconciliation of No. of Equity Shares Outstanding at the Beginning
& End of the reporting period:
1. CORPORATE INFORMATION
Mohit Industries Limited ('the company) is a public limited company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on Bombay Stock Exchange.
The company is having its head quarters in Surat and plants at Kim,
Silvassa and Palghar. The company is primarily engaged in manufacture
of Texturized Yarn from POY and weaving of the Yarn to Grey Cloth.The
company is also engaged in manufacture of Autoclaved Aerated Concrete
Blocks (AAC Blocks). The AAC Blocks unit of the company at Palghar has
been sold out during the year under consideration.The company is in
process of commissioning another plant of AAC Blocks at Umargam which
is still in Work in Progress stage.
2.1 Car Loans from Bank & Financial Institutions are secured by
hypothecation of Motor Cars for which loan has been taken.
2.2 Term Loans from State Bank of Travancore is secured by
hypothecation of of all the fixed assetsof the company of Textile
Division.
2.3 Term Loan from State Bank of Travancore is also secured by Factory
Land & Building of the company located at Kudsad-Kim, Olpad Taluka,
Surat & Silvassa, Dadra & Nagar Haveli. It is also secured against Flat
at Soffitel Tower, Surat and Office at International Trade Center,
Surat of the company. Term Loan is also secured against peronal
properties of directors and sister concern M/s Mohit Yarns Ltd.
2.4 Terms of Repayment of Term Loans:-
(a) Term Loan of Rs. 419.19 Lakhs is Repayable in 35 number of
installments of Rs. 11,72,000 each and will be repaid on February, 2015.
The rate of interest as at year end is 14% p.a.
(b) Term Loan of Rs. 25.60 Lakhs Repayable in 9 number of installments
of Rs. 2,86,000/- each and will be repaid in December, 2012. The rate
of interest as at year end is 14% p.a.
(c) Car Loans from Kotak Mahindra Prime Limited are repayable in 12 &
33 installments of Rs. 25,200/- and Rs. 9,810/- respectively.
(d) Car Loans from ICICI Bank are repayble in 23 & 32 installments of
Rs. 1,15,050/- and Rs. 38,700/- respectively.
2.5 Buyer's Line of Credit is secured by undertaking given by State
Bank of Travancore. The under-taking given is secured by securities
mentioned in above 5.2 & 5.3. The balance of Buyer's Line of Credit is
subject to confirmation / statement.
3.1 Cash Credit Limit & Export Packing Credit Limit is secured against
First paripassu charge on entire current assets of textile division of
the company. It is also secured against collateral charge over assets
mentioned in Note No. 5.3 above.
Deferred tax resulting from 'timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted as on the balance sheet date. The deferred tax asset is
recognised and carried forward only to the extent that there is a
reasonable cetainty that the assets will be realised in future.
4 CONTINGENT LIABILITY & COMMITMENTS:-
(i) Guarantee given to State Bank of Travancore for loans/credit
facilities taken by associate company namely Mohit Overseas Ltd., Rs
1,00,00,000/- (RY. Rs 1,00,00,000/-). To secure this guarantee and loan
so taken by Mohit Overseas Ltd., the bank has exteded the first charge
on entire fixed assets of the Kim unit of the company.
(ii) Liability in respect of loss in Foreign Exchange Swap Contract
with ICICI Bank Ltd., which matured on 18th September, 2009, of Rs.
134.28 Lacs (RY. 134.28 Lacs on Mark to Market basis), which liability
has not been acknowledged and provided by the the company as in the
opinion of the management of the company the Swap Contract was void in
law ab initio.
(iii) Disputed Sales Tax Demand of F.Y. 2001-02 of Rs. 4,86,462/- (RY.
4,86,462/-); disputed Gujarat VAT demand of F.Y. 2006-07 of Rs.
4,60,80,888/- (RY. Rs. 4,60,80,888/-) and disputed Entry Tax under
Gujarat Laws of Rs. 4,33,18,045/- (RY. Rs. 4,33,18,045) (including
interest and penalty) has not been provided. The management states that
Tribunal has granted stay in respect of above demand raised of F.Y.
2006-07.
(iv) Disputed Income Tax Demand of Rs. 31.47 Lakhs (RY. Rs. 9.79
Lakhs).
(v) Commitments
(a) Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs. 500 Lakhs (RY. Rs. NIL) against
which advance paid is Rs. 410.35 Lakhs (RY. Rs. NIL).
(b) Uncalled Liability on shares and other investments partly paid Rs.
Nil (RY. Rs. Nil)
(c) Other Commitments Rs. Nil (RY. Rs. Nil)
* Includes Job Work done for outside parties of 948610.50 Mtrs. (P.Y.
2164950.50 Mtrs.) for outsiders.
** Includes wastage yarn of 75111.000 Kgs. (P.Y. 63008.000 Kgs.)
** There are various Raw Materials like Aluminium Powder, Lime Powder,
Cement, Gypsum Powder, Coal, Caustic Soda etc. are consumed to produce
AAC Blocks. As quantity units of all raw materials consumed are
different from each other, the same are not given above. However, value
of Raw Material consumed and Closing Stock are given.
5 (i) Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans and
Advances are subject to confirmation.
(ii) No provision for dimunition in value of non-current investments
has been made as in the opinion of management the dimunition is of
temporary nature.
6 SEGMENTINFORMATION
In accordance with Accounting Standard - 17 on "Segment Reporting", the
company has identified two reportable segments viz. Textiles & AAC
Block and reported taking into account nature of products & services,
the differing risks and returns of these segments.
(ii) The reportable segments are further described below:
a) The Textiles Division includes production and marketing activities
of Textile Products viz. Texturised Yarn, Twisted Yarn, Grey Cloth
Fabrics & Finished Cloth Fabrics.
b) The AAC Block Division includes production and marketing activities
of Auto-claved Aerated Concrete Blocks
(iii) The company has not reported Geographical Segment (i.e. Secondary
Segment) as all the operations and risks & return of the company are
based in India and not activity is done outside India.
7 Previous year figures have been regrouped wherever thought necessary
to make them comparable with figures of current year.
Mar 31, 2011
1. a) CONTINGENT LIABILITY not provided for in Books of Accounts: -
(i) Guarantee given to State Bank of Travancore for loans/credit
facilities taken by associate company namely Mohit Overseas Ltd.,
Rs.l,00,00,000/-(P.Y. Rs.1,00,00,000/-). To secure this guarantee and
loan so taken by Mohit Overseas Ltd., the bank has extended the first
charge on entire fixed assets of the Kim unit of the company.
(ii) Liability in respect of loss in Foreign Exchange Swap Contract
with ICICI Bank Ltd., which matured on 18th September, 2009, of Rs.
134.28 Lacs (P.Y. Rs. 134.28 Lacs on Mark to Market basis), which
liability has not been acknowledged and provided by the the company as
in the opinion of the management of the company the Swap Contract was
void in law ab initio.
(iii) Disputed Sales Tax Demand of F.Y. 2001-02 of Rs. 4,86,462/- (P.Y.
Rs. 4,86,462/-); disputed Gujarat VAT demand of F.Y. 2006-07 of Rs.
4,60,80,888/- (P.Y. Rs. Nil) and disputed Entry Tax under Gujarat Laws
of Rs. 4,33,18,045/- (P.Y. Rs. Nil) (including interest and penalty)
has not been provided.
(iv) Disputed Income Tax Demand of Rs. 9.79 Lacs (P.Y. Rs. 29.31 Lacs).
2) Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans and
Advances are subject to confirmation.
3) Loans & Advances include a sum of Rs. 3.11 Lacs (P.Y. Rs. 191.31
Lacs) due from companies in which directors of this company are
directors and which is a company under the same management under
section 370(1B) of the Companies Act, 1956.
4) SEGMENT INFORMATION :-
In accordance with Accounting Standard - 17 on "Segment Reporting", the
company has identified two reportable segments viz. Textiles & AAC
Block and reported taking into account nature of products & services,
the differing risks and returns of these segments.
(ii) The reportable segments are further described below:
a) The Textiles Division includes production and marketing activities
of Textile Products viz. Texturised Yarn, Twisted Yarn, Grey Cloth
Fabrics & Finished Cloth Fabrics.
b) The AAC Block Division includes production and marketing activities
of Auto-claved Aerated Concrete Blocks
(iii) The company has not reported Geographical Segment (i.e. Secondary
Segment) as all the operations and risks & return of the company are
based in India and no activity is done outside India.
5) Previous year figures have been regrouped wherever thought
necessary to make them comparable with figures of current year.
6) EVENTS OCCURING AFTER BALANCE SHEET DATE :
The company after the date of balance sheet but before the approval of
accounts has sold out its AAC Block Unit at Palghar. The company has
sold the unit in June, 2011. Hence, the Unit of AAC Block of Palghar as
on the date of approval of accounts has already been sold and there
will be no operations with respect to the same after june, 2011.
Mar 31, 2010
1. a) CONTINGENT LIABILITY not provided for in Books of Accounts: -
(i) Guarantee given to State Bank of Travancore for loans/credit
facilities taken by associate company namely Mohit Overseas Ltd., Rs.
1,00,00,000/- (RY. Rs. 1,47,00,000/-). To secure this guarantee and
loan so taken by Mohit Overseas Ltd., the bank has extended the first
charge on entirefixed assets of the Kim unit of the company.
(ii) The company had procured Machines under EPCG (Export Promotion
Capital Goods Scheme) as per which the company has saved total Excise
Duty value of Rs.1,87,16,312/- (P.Y. Rs 1,87,16,312/-) against its
Export Obligation of USD 31,61,524 (P.Y. USD 31,61,524) to be fulfilled
within eight year from purchase of Machinery.
(iii) Liability in respect of loss in Foreign Exchange Swap Contract
with ICICI Bank Ltd., which matured on 18th September, 2009, of Rs.
134.28 Lakhs (P.Y. Rs. 116.20 Lakhs on Mark to Market basis), which
liability has not been acknowledged and provided by the the company as
in the opinion of the management of the company the Swap Contract was
void in law ab initio.
(iv) Disputed Sales Tax Demand of F.Y. 2001-02 of Rs. 4,86,462/- (P.Y.
NIL
(v) Disputed Income Tax Demand of A.Y. 2007-08 of Rs. 29.31 Lakhs (P.Y.
NIL).
b) Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs. NIL (P.Y. Rs. NIL) against which
advance paid is Rs. NIL (P.Y. Rs. NIL).
2) Unsecured Loans, Sundry Creditors, Sundry Debtors and Loans and
Advances are subject to confirmation.
3) Advances include a sum of Rs. 191.31 lacs (P.Y. Rs. 272.16 lacs)
due from a company in which directors of this company are directors and
which is a company under the same management undersection 370(1B) of
the Companies Act, 1956.
4) SEGMENT INFORMATION :-
In accordance with Accounting Standard - 17 on "Segment Reporting", the
company has identified two reportable segments viz Textiles & AAC Block
and reported taking into account nature of products & services, the
differing risks and returns of these segments.
(ii) The reportable segments are further described below:
a) The Textiles Division includes production and marketing activities
of Textile Products viz. Texturised Yarn, Twisted Yarn, Grey Cloth
Fabrics & Finished Cloth Fabrics.
b) The AAC Block Division includes production and marketing activities
of Auto-claved Aerated Concrete Blocks
(iii) The company has not reported Geographical Segment (i.e. Secondary
Segment) as all the operations and risks & return of the company are
based in India and not activity is done outside India.
5) Previous year figures have been regrouped wherever thought
necessary to make them comparable with figures of current year.