Mar 31, 2015
1. Rights, preferences and restrictions attached to shares:
Equity Shares:
The Company has only one class of equity shares having a par value of
Rs 10 per share. Each holder of Equity Shares is entitled to one vote
per share. The Company declares & pays dividends in Indian rupees. The
dividend, if proposed by the Board of Directors, is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation, the Equity Shareholders are eligible to
receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding.
2. During the period of five years immediately preceding the reporting
date:
(i) The Company has not issued any shares pursuant to contract(s)
without payment being received in cash. (ii) The Company has not
allotted any shares as fully paid up by way of bonus shares. (iii) The
Company has not bought back any shares.
As per the records of the Company, including its register of
shareholders/members and other declarations received from the
shareholders regarding the beneficial interest, the above shareholding
represents both legal and beneficial ownerships of shares.
3. Term Loan from Bank comprising Rs 2,68,67,145 [Previous Year: Rs
3,59,53,310], including Current Maturities of Long Term Debt Rs
1,20,00,000 [Previous Year: 84,00,000] are secured by:
(a) Equitable mortgage of land & building situated thereon at Gat No
232/2, Survey No 28, admeasuring 3860 sq mtrs, Hissa 1A, Village Dheku,
Taluka Khalapur, District Raigad, Maharashtra
(b) Equitable mortgage of land & building situated thereon at Gat No
232/1, Survey No 28, admeasuring 2160 sq mtrs, Hissa 1A, Village Dheku,
Taluka Khalapur, District Raigad, Maharashtra, owned by Sonal Ropes
Limited
(c) Equitable mortgage of property at Ground Floor, "C" Wing, Bhagwati
Building, FP Nos 18 - 19 / 34 A, B, C and 35 A, B, C TPS VI and CTS No
1610 / 27 & 1610 / 28 of Santacruz West, Linking Road, Extension Road,
Mumbai 400054, owned by Sandeep Arora and Mridu Arora.
(d) Equitable mortgage of residential fat at 11th Floor, Morya Heights,
Plot No 15, 16 and 17, Near Sanjeevani International School, Sector -
18, Kharghar, Navi Mumbai , District Raigad, owned by Sonal Impex
Limited.
(e) Equitable mortgage of industrial property situation at Gut No 236
(1), House No 142, Village Dheku, off Takai - Adoshi Road, District
Raigad, owned by Sonal Impex Limited
(f) Mortgage of immovable property situated at Abhishek Bungalow No 4,
Four Bungalows, Andheri West, Mumbai 400 053, owned by director,
towards enhanced mortgage debt.
(g) Hypothecation of existing fixed assets of the Company.
(h) Hypothecation of plant and machinery of Sonal Ropes Limited at
written down values. (i) Cash collateral or immovable property valuing
at Rs 0.50 crores. (j) Third party guarantee of:
- Sandeep Mohanlal Arora, Kamal Arora and Mridu Arora
- Corporate Guarantee of Sonal Impex Limited and Sonal Ropes Limited
(k) Hypothecation of current assets, including stocks, receivables,
consumables, stores and spares and movable plant and machinery.
(l) Hypothecation of machines purchased out of bank fnance
4. Vehicle loan of Rs. 14,34,084 (Previous Year: Rs 9,88,922)
comprising Rs. 5,60,977 (Previous Year Rs. Rs 3,63,940) classified as
current maturities of long term borrowings included under other current
liabilities is secured by way of hypothecation of vehicle financed.
5. Sales Tax Deferral Loans from the Government of Maharashtra are
repayable as per the schedule provided by the Government of
Maharashtra.
6. Working capital loans from bank comprise Cash Credit, and EPC,
which are secured by:
(a) Hypothecation of Company's stocks of raw materials, fished goods,
SIP of finished goods of proposed manufacturing activity in factory, go
down, in transit or lying elsewhere.
(b) Charge on Company's receivables, book debts and other actionable
claims.
(c) Rate of interest - Base rate 7% on daily products with monthly
rests
7. The Company has not received any intimation from its suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, the disclosures, if any, relating to
the amounts unpaid as at the year end together with the interest paid /
payable, if any, as required under the said Act have not been given.
8. Trade Payables Due to related parties - -
9. Includes advance from related party Rs 14,37,722 [Previous Year: Rs
98,17,820]
10. The Company has been informed by its Bankers that an amount of Rs
35595 is lying to the credit of the account of the Company. This amount
pertains to the year 1999. The Company has instructed the Bankers to
deposit the amount into the Investor Education and Protection Fund. The
Bankers are yet to do the needful in the matter.
Mar 31, 2014
1 a. The company has only one class of equity shares having a par value
of Rs. 10 per share. Each holder of equity shares is entitiled to one
vote per share. In the event of liquidation of the company, the holder
of equity shares will be entitled to receive remaining assets of the
company.
2. Points:
1 Car Loan:
a There are 2 term loans. One term loan from Axis Bank is secured
against car.
The amount payable within one year is Rs 3.63 lakhs
2 Working Capital Facilities and Other Term Loans:
The working capital facilities and the term loans are secured against
the following: a Equitable mortgage of land and building situated
thereon at Gat 232 / 2, Survey No 28, Hissa 1A, measuring 3860 sq mtrs
within village Dheku, Taluka Khalapur, District Raigad. b Equitable
mortgage of land and building situated thereon at Gat 232 / 1, Survey
No 28, Hissa 1A, measuring 3860 sq mtrs within village Dheku, Taluka
Khalapur, District Raigad, owned by Sonal Ropes Limited. c Equitable
mortgage of property at Ground Floor, C Wing, Bhagwati Building, FP Nos
18 - 19 / 34 A, B, C and 35 A, B, C, TPS VI and CTS No 1610 / 27 and
1610 / 28 of Santacruz West, Linking Road, Extension Road, Mumbai 400
054, owned by Sandeep Arora and Mridu Arora.
d Equitable mortgage of property (Residential Flat) at 11th Floor,
Morya Heights, Plot No 15, 16 and 17, Near Sanjeevani International
School, Kharghar Sector 18, Navi Mumbai, District Panvel, owned by
Sonal Impex Limited
e Equitable mortgage of industrial property situated at Gut No 236 (1),
House No 142, Village Dheku, Off Takai - Adoshi Road, Adashi, Khopoli,
Raigad, owned by Sonal Impex Limited.
f Hypothecation of existing fixed assets
g Hypothecation of plant and machinery of Sonal Ropes Limited
h Cash collateral or immovable property worth Rs 0.50 crores.
i Third party guarantee of Sandeep Arora, Kamal Arora, Mridu Arora,
Corporate Guarantees of Sonal Impex Limited and Sonal Ropes Limited.
j Amount repayable within one year for term loan is Rs 84 lakhs
(Previous Year: Rs 84 lakhs).
3. Notes:
1 Section 205 of the Companies Act, 1956 mandates that companies
transfer dividend that has been unclaimed for a period of 7 years from
unclaimed dividend account to the Investor Education and Protection
Fund (''IEPF''). Accordingly, if the dividend is unclaimed for a period
of 7 years, it will be transferred to IEPF. The unclaimed dividend
pertains to the financial years 2009 - 2010, 2010 - 2011 and 2011 -
2012.
2 Of the above, fixed deposits aggregating to Rs 77.88 lakhs (Previous
Year: Rs 14.37 lakhs) have been kept as margin money against working
capital facilities availed by the Company. These fixed deposits mature
during the next 12 months.
4. Nature of business
1.1 The Company is in the business of manufacturing adhesive tapes and
plastic ropes. The manufacturing facility of the Company is situated at
Khopoli and its registered office is situated in Andheri (West),
Mumbai. The Company exports its products through its associate
companies. The Company also gets some part of the manufacturing done
from its associate companies on job work basis.
5. Notes:
1. Figures in italics represent previous year''s amount.
2. Items of a similar nature may be disclosed in aggregate by type of
related party except when separate disclosure is necessary for an
understanding of the effects of related party transactions on the
financial statements of the reporting enterprise. Disclosure of details
of particular transactions with individual related parties would
frequently be too voluminous to be easily understood. Accordingly,
items of a similar nature may be disclosed in aggregate by type of
related party. However, this is not done in such a way as to obscure
the importance of significant transactions. Hence, purchases or sales
of goods are not aggregated with purchases or sales of fixed assets.
Nor a material related party transaction with an individual party is
clubbed in an aggregated disclosure.
6. Other financial information
6.1 Auditor''s Remuneration
The above fees are exclusive of service tax.
The company takes credit for the service tax on the above payment.
6.2 Dues to Micro Small and Medium Enterprises
The Company has not received any intimation from its suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, the disclosures, if any, relating to
the amounts unpaid as at 31 Mar 2014 together with the interest paid /
payable as required under the said Act have not been given.
6.3 No provision has been created on trade receivables aggregating to
Rs 28,27,431 (Previous Year: Rs 70,17,053) which are older than six
months. Also, the Management assumes that the other current assets and
current liabilities will be realized and settled respectively atleast
at the values disclosed in the balance sheet.
6.4 Cash Flow Statements
Cash-flow statements are prepared in accordance with the "Indirect
Method" as explained in the Accounting Standard (AS) 3 - Cash Flow
Statements as prescribed under section 211(3C) of the Companies Act
1956 read with General Circular 15 / 2013 dated 13 September 2013 of
the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013.
6.5 Cash and Cash Equivalents
Cash and bank balances and current investments that have insignificant
risk of change in value, which have durations up to three months, are
included in the Company''s cash and cash equivalents in the Cash Flow
Statement.
Mar 31, 2013
1. Nature of business
1.1 The Company is in the business of manufacturing adhesive tapes and
plastic ropes. The manufacturing facility of the Company is situated at
Khopoli and its registered office is situated in Andheri (West), Mumbai.
The Company exports its products through its associate companies. The
Company also gets some part of the manufacturing done from its
associate companies on job work basis.
1.2 Dues to Micro Small and Medium Enterprises
The Company has not received any intimation from its suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, the disclosures, if any, relating to
the amounts unpaid as at 31st Mar 2013 together with the interest paid
/ payable as required under the said Act have not been given.
1.3 The Company submitted audited financial statements to the concerned
stock exchanges. Thereafter, an error was noticed in the financial
statements due to a software problem. The accounts were subsequently
revised and the Board of Directors re-approved the revised financial
statements
1.4 No provision has been created on debtors aggregating to Rs
70,17,053 (Previous Year: Rs 1,18,91,411) which are older than six
months. Also, the Management assumes that the other current assets and
current liabilities will be realized and settled respectively at least
at the values disclosed in the balance sheet.
1.5 Cash Flow Statements
Cash-flow statements are prepared in accordance with the "Indirect
Method" as explained in the Accounting Standard (AS) 3 - Cash Flow
Statements as prescribed under section 211(3C) of the Companies Act
1956.
1.6 Cash and Cash Equivalents
Cash and bank balances and current investments that have insignificant
risk of change in value, which have durations up to three months, are
included in the Company''s cash and cash equivalents in the Cash Flow
Statement.
Mar 31, 2012
Note 1 Share capital
1 Term loan is secured against car. The amount repayable within one
year is Rs. 4.31 lakhs
2 Represents loan for Cash Credit, Export Packing Credit and Term Loan.
The Cash Credit and Export Packing Credit facilities are secured by
stock in trade and book debts and other present and future current
assets.
The Term Loan is secured by the hypothecation of assets and machineries
purchased out of bank finance.
The above loans are also secured by personal guarantee of directors and
corporate guarantee of associate concerns
Sonal Impex Limited and Sonal Ropes Limited. The working capital amount
is repayable on demand.
The term loan is repayable in 65 monthly installments. Amount payable
in one year is Rs. 14 lakhs.
3 Represents 12 years of interest free sales tax deferment payment loan
received from the Government of Maharashtra. Repayment has commenced in
the financial year 2005 - 2006. The Company has not defaulted on any
payment. Repayment is made on the basis of schedule obtained.
The amount repayable within one year is Rs. 2050899 (Previous year: Rs.
2120463).
Note 2
Note:
a) The addition to fixed assets have been classified in accordance with
the classification normally adopted by the Management.
b} The additions to fixed assets are exclusive of VAT since the Company
claims set off credit for the same (except which cannot be taken as set
off.)
c) Motor cycle has been fully depreciated.
d) Of the machines purchased during the year, commercial production on
one machine has not commenced. Hence, no depreciation has been claimed
for that machine.
1. Nature of business
1.1 The Company is in the business of manufacturing adhesive tapes and
plastic ropes. The manufacturing facility of the Company is situated at
Khopoli and its registered office is situated in Andheri (West),
Mumbai. The Company exports its products through its associate
companies. The Company also gets some part of the manufacturing done
from its associate companies on job work basis.
Notes:
1. Figures in italics represent previous year's amount.
2. Items of a similar nature may be disclosed in aggregate by type of
related party except when separate disclosure is necessary for an
understanding of the effects of related party transactions on the
financial statements of the reporting enterprise. Disclosure of details
of particular transactions with individual related parties would
frequently be too voluminous to be easily understood. Accordingly,
items of a similar nature may be disclosed in aggregate by type of
related party. However, this is not done in such a way as to obscure
the importance of significant transactions. Hence, purchases or sales
of goods are not aggregated with purchases or sales of fixed assets.
Nor a material related party transaction with an individual party is
clubbed in an aggregated disclosure.
2. Other financial information
2.1 Dues to Micro Small and Medium Enterprises
The Company has not received any intimation from its suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, the disclosures, if any, relating to
the amounts unpaid as at 31 Mar 2012 together with the interest
paid/payable as required under the said Act have not been given.
2.1 Balance of debtors, creditors and bank are subject to confirmations
from the respective parties.
2.3 No provision has been created on debtors aggregating to Rs.
15964180 (Previous Year: Rs 1095322). Also, the Management assumes that
the other current assets and current liabilities will be realized and
settled respectively atleast at the values disclosed in the balance
sheet.
Notes:
1. The installed capacity is as certified by the Management and not
verified by the auditors, this being a technical matter.
2. Actual production includes production of goods captively consumed.
3. Production figures do not include quantity of product outsourced for
production.
Mar 31, 2011
1. Key Management Personnel include Mr Mohan Arora and Mr Sandeep
Arora.
2. Relatives to Key Management Personnel include Mona Arora.
3. Remuneration paid to directors is disclosed in Point 3.2 in the
Notes to Accounts.
4 Dues to Micro Small and Medium Enterprises
The Company has not received any intimation from its suppliers
Regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, the disclosures, if any, relating, to
the : amounts unpaid as at 31 Mar 2011 together with the interest paid
/ payable as required under the said Act have not been given. I
5 Balance of debtors, creditors and bank are subject to confirmations
from the respective parties.
6 No provision has been created on debtors aggregating to Rs 1095322
(Previous Year: Rs.1674274). Also, the Management assumes that the
other current assets and current liabilities will be realized and j
settled respectively at least at the values disclosed in the balance
sheet.
Mar 31, 2010
1. Nature of business
1.1 The Company is in the business of manufacturing adhesive tapes and
plastic ropes. The manufacturing facility of the Company is situated at
Khopoli and its administrative office is situated in Andheri (West),
Mumbai. The Company exports its products through its associate
companies. The Company also gets some part of the manufacturing done
from its associate companies on job work basis.
2. Key Management Personnel include Mohan Arora (Managing Director)
and Sandeep Arora.
3. Relatives to Key Management Personnel include Mona Arora.
4. Goods are sold on three (3) month credit to non-reiated parties.
Four (4) months credit period is generally allowed on sales made to
associates.
5. Loans taken from enterprises owned by key management personnel do
not stipulate any repayment schedule
6. Goods sold to Sonal Impex Limited are not sold in India and hence
there is no price comparison between goods sold to Sonal Impex Limited
and goods sold to an unrelated party.
7. Remuneration paid to directors is disclosed in Point 3.2 in the
Notes to Accounts.
8, Other financial information
8.1 No whole time company secretary
The Company does not have a whole time company secretary as prescribed
by section 383A of the Companies Act, 1956. .
8.2 Micro Small and Medium Enterprises
The Company has not received any intimation from its suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, the disclosures, if any, relating to
the amounts unpaid as at 31 Mar 2010 together with the interest paid /
payable as required under the said Act have not been given.
8.3 Balance of debtors, creditors and bank are subject to confirmations
from the respective parties.
Notes:
1. The installed capacity is as certified by the Management and not
verified by the auditors, this being a technical matter.
2. Actual production includes production of goods captively consumed.
3. Production figures do not include quantity of product outsourced
for production.
Note:
The closing stock stated above is after adjustments for in-transit
brokerage, obsolete and expired stocks and also for captive
consumption.
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