Mar 31, 2015
A. Confirmation of balances from some of parties appearing under the
head current liabilities, sundry debtors, loans and advances are
awaited
B. Previous year adjustments of Rs. 48,773/- include Rs.5,827/- paid
for Sales Tax demand for the Assessment Year 2010-11; Rs.3,101/- paid
for Service Charges 2013-14, Rs. 14,510/- paid for License Renewal Fee
of 2013-14 & VAT Credits of Rs. 25,335/- has been written off due to
VAT exemption.
C. Company has revalued its Fixed Assets namely Land and Building on
31.03.2004. The value of aforesaid assets has increased by
Rs.5,90,00,625.42 as per Valuation Report dt.31.03.2004 from a
qualified & authorized firm of Engineers M/s.Universal Consultants,
Meerut. The aforesaid amount has been credited to Revaluation Reserve
Account. Further, during the year, same has been reduced by equivalent
amount of depreciation charged on this revalued amount.
D. The bifurcation of the total outstanding dues of small scale
industrial undertakings and other than small scale industrial
undertakings as well as the name of the small scale industrial,
undertakings to whom the company owes a sum of exceeding rupees one
lacs and which is outstanding for more than thirty days, are not
disclosed in the Balance Sheet as suppliers have not indicated their
status on their documents/papers whether they are small scale
undertakings or not hence it is not possible for the company to
disclose the said information in respect of trade creditors.
E. The cost records for the financial year 2014-2015 are still under
preparation and till the date of this Balance Sheet, the same could not
be finalized.
F. The company has valued the stock of finished goods at lower of cost
or realizable value in terms of AS-2. Earlier the company was valuing
the stock at realizable value.
G. The company has adopted Schedule II to the Companies Act, 2013, for
depreciation purposes, from 1 April 2014. The company was previously
not identifying components of fixed assets separately for depreciation
purposes; rather, a single useful life/ depreciation rate was used to
depreciate each item of fixed asset. Due to application of Schedule II
to the Companies Act, 2013, the company has changed the manner of
depreciation for its fixed assets. Now, the company identifies and
determines separate useful life for each major component of the fixed
asset, if they have useful life that is materially different from that
of the remaining asset. The company has used transitional provisions of
Schedule II to adjust the impact of component accounting arising on its
first application. The carrying amount of components whose remaining
useful life is not nil on 1 April 2015, is depreciated over their
remaining useful life.
H. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated if realised in the
ordinary course of business and the provision for all known liabilities
is adequate and not in excess of the amount reasonably necessary.
I. Managerial Remuneration :
Managerial remuneration has been paid within the limits specified by
Schedule V of the Companies Act, 2013. Computation of Net Profit u/s
198 of the Act is not given in view of there being no commission
payable to any director. The details of managerial remuneration paid
under Section 197 of the Companies Act, 2013 are as under:
J. During the current year no dividend is proposed to be paid hence
not provided for.
K. Particulars of Capacity, Production, Turnover and Stock for
manufacturing Activities:
L. Disclosures in respect of related party as defined in Accounting
Standard 18, with whom transactions were carried out in the ordinary
course of Business during the year as given below:-
Related party disclosures
a. List of related parties
i. Subsidiaries
- Sybly International FZE
ii. Key Management Personnel
- Mr. Mahesh Chand Mittal
- Mr. Nishant Mittal
iii. Relatives of Key Management Personnel
- Mrs. Suman Mittal
- Mrs. Parul Mittal
- Mrs. Rashi Mittal
- Mrs. Shikha Mittal
- Mr. Satya Prakash Mittal
- Mr. Umesh Kumar Mittal
- Sybly Techno Fibres Limited (Common KMP Mr. M.C.Mittal & Mr. Nishant
Mittal)
- Vartex Fabrics (P) Ltd. (Common KMP Mr. M.C. Mittal)
- Dux Textiles (P) Ltd. (Common KMP Mr. Nishant Mittal)
M. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated if realised in the
ordinary course of business and the provisions for all known
liabilities is adequate and not in excess of amount reasonably
necessary.
N. Previous Year's figures have been rearranged regrouped wherever
necessary.
Mar 31, 2014
Nature of Security and terms of repayments for Long Term secured
borrowings :
Nature of Security
i Term Loan from BMW India Financial Services (P) Ltd. for Car
amounting to Rs. 21.00 lacs (March 31, 2014 Rs.7.05 lacs) is secured by
way of Hypothecation of Vehicle.
Terms of Repayment
Repayable in 36 monthly installments commencing from April-12. Last
installment due in February-15. Rate of interest 10.23%.p.a. as at
year end.
Nature of Long Term Unsecured borrowings :
The Unsecured Loans have been taken from Directors / Promoters & their
relatives. These Unsecured Loans have been taken in the condition
imposed by the financial institution for bringing the adequate margins.
These unsecured loans will not be repaid without the permission of the
financial institution. During the year some of unsecured loans are
repaid and in place of them fresh are taken. However, the overall
quantum of the unsecured loans were within the adequate margins as
stipulated by the financial institution. The company is of the opinion
that these are well within the provision of Section 58A of the
Companies Act, 1956 as the same are accepted in pursuance of
stipulations of financial institutions.
NOTE - 19 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT
PROVIDED FOR) A Contingent Liabilities
(a) Claims against the company not acknowledged as debts NIL
(b) Guarantees NIL
(c) Other money for which company is contingently liable:
(i) The Income Tax assessments of the Company is pending for the
assessment year 2012-2013 and 2013-14. However the Company does not
envisage any liability in respect thereof. The Company''s Appeals for
assessment year 1998- 99 & 2001-02 are pending before the Income Tax
Appellate Tribunal but the Company does not envisage any liability and
expect full relief in the appeal.
(ii) The Trade Tax assessments of the Company for the assessment years
2011-2012, 2012-2013 and 2013-14 are pending but the Company does not
envisage any liability for these years other than what has been paid or
provided.
(iii) A demand of Rs. 8,51,135.34 has been raised by The Maharashtra
State Co-op. Cotton Growers Marketing Federation Ltd., Mumbai after
adjusting advance of Rs. 19,07,422.31, deposited by Company, for
purchase of Cotton. However, the Company did not purchase such Cotton,
The Maharashtra State Co-op. Cotton Growers Marketing Federation Ltd.,
Mumbai raised dispute, which is pending in litigation before the Court
of Law.
(d) Bills discounted with banks NIL
Note - 29 Additional Information to the financial statements
A. Confirmation of balances from some of parties appearing under the
head current liabilities, sundry debtors, loans and advances are
awaited
B. Previous year adjustments of Rs. 2,53,785/- include Rs.2,45,770/-
paid for Sales Tax demand for the Assessment Year 2009-10; Rs.8,015/-
paid for Professional Charges 2011-12.
C. Company has revalued its Fixed Assets namely Land and Building on
31.03.2004. The value of aforesaid assets has increased by
Rs.5,90,00,625.42 as per Valuation Report dt.31.03.2004 from a
qualified & authorized firm of Engineers M/s.Universal Consultants,
Meerut. The aforesaid amount has been credited to Revaluation Reserve
Account. Further, during the year, same has been reduced by equivalent
amount of depreciation charged on this revalued amount.
D. The bifurcation of the total outstanding dues of small scale
industrial undertakings and other than small scale industrial
undertakings as well as the name of the small scale industrial,
undertakings to whom the company owes a sum of exceeding rupees one
lacs and which is outstanding for more than thirty days, are not
disclosed in the Balance Sheet as suppliers have not indicated their
status on their documents/papers whether they are small scale
undertakings or not hence it is not possible for the company to
disclose the said information in respect of trade creditors.
E. The cost records for the financial year 2013-2014 are still under
preparation and till the date of this Balance Sheet, the same could not
be finalized.
F. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated if realised in the
ordinary course of business and the provision for all known liabilities
is adequate and not in excess of the amount reasonably necessary.
G. Managerial Remuneration :
Managerial remuneration has been paid within the limits specified by
Schedule XIII of the Companies Act, 1956. Computation of Net Profit u/s
349 of the Act is not given in view of there being no commission
payable to any director. The details of managerial remuneration paid
under Section 198 of the Companies Act, 1956 are as under:
H. During the current year no dividend is proposed to be paid hence
not provided for.
M. Disclosures in respect of related party as defined in Accounting
Standard 18, with whom transactions were carried out in the ordinary
course of Business during the year as given below:-
Related party disclosures a. List of related parties
i. Subsidiaries
- Sybly International FZE ii. Key Management Personnel
- Mr. Mahesh Chand Mittal
- Mr. Satya Prakash Mittal
- Mr. Nishant Mittal
iii. Relatives of Key Management Personnel
- Mrs. Suman Mittal
- Mrs. Parul Mittal
- Mrs. Rashi Mittal
- Mrs. Shikha Mittal
- Sybly Techno Fibres Limited (Common KMP Shri M.C.Mittal)
- Vartex Fabrics (P) Ltd. (Common KMP Shri M.C. Mittal)
- Dux Textiles (P) Ltd. (Common KMP Shri Nishant Mittal)
N. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated if realised in the
ordinary course of business and the provisions for all known
liabilities is adequate and not in excess of amount reasonably
necessary.
O. Previous Year''s figures have been rearranged regrouped wherever
necessary.
Mar 31, 2013
A. Confirmation of balances from some of parties appearing under the
head current liabilities, sundry debtors, loans and advances are
awaited
B. Previous year adjustments of Rs. 18,263/- include Rs.12,982/- paid
for Entry Tax demand & interest thereon for the Assessment Year
2008-09; Rs.5,281/- paid for Entry Tax demand & interest thereon for
the Assessment Year 2009-10.
C. Company has revalued its Fixed Assets namely Land and Building on
31.03.2004. The value of aforesaid assets has increased by
Rs.5,90,00,625.42 as per Valuation Report dt.31.03.2004 from a
qualified & authorized firm of Engineers M/s.Universal Consultants,
Meerut. The aforesaid amount has been credited to Revaluation Reserve
Account. Further, during the year, same has been reduced by equivalent
amount of depreciation charged on this revalued amount.
D. The bifurcation of the total outstanding dues of small scale
industrial undertakings and other than small scale industrial
undertakings as well as the name of the small scale industrial,
undertakings to whom the company owes a sum of exceeding rupees one
lacs and which is outstanding for more than thirty days, are not
disclosed in the Balance Sheet as suppliers have not indicated their
status on their documents/papers whether they are small scale
undertakings or not hence it is not possible for the company to
disclose the said information in respect of trade creditors.
E. The cost records for the financial year 2012-2013 are still under
preparation and till the date of this Balance Sheet, the same could not
be finalized.
F. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated if realised in the
ordinary course of business and the provision for all known liabilities
is adequate and not in excess of the amount reasonably necessary.
G. Managerial Remuneration :
Managerial remuneration has been paid within the limits specified by
Schedule XIII of the Companies Act, 1956. Computation of Net Profit u/s
349 of the Act is not given in view of there being no commission
payable to any director. The details of managerial remuneration paid
under Section 198 of the Companies Act, 1956 are as under:
H. During the current year no dividend is proposed to be paid hence
not provided for.
Mar 31, 2012
Nature of Long Term Unsecured borrowings :
The Unsecured Loans have been taken from Directors / Promoters & their
relatives. These Unsecured Loans have been taken in the condition
imposed by the financial institution for bringing the adequate margins.
These unsecured loans will not be repaid without the permission of the
financial institution. During the year some of unsecured loan are
repaid and in place of them fresh are taken. However, the overall
quantum of the unsecured loans were within the adequate margins as
stipulated by the financial institution. The company is of the opinion
that these are well within the provision of Section 58A of the
Companies Act, 1956 as the same are accepted in pursuance of
stipulations of financial institutions.
NOTE - 1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT
PROVIDED FOR)
A Contingent Liabilities
(a) Claims against the company not
acknowledged as debts ------NIL------
(b) Guarantees -------NIL------
(c) Other money for which company is contingently liable:
(i) The Income Tax assessments of the Company is pending for the
assessment year 2010-2011 and 2011-12. However the Company does not
envisage any liability in respect thereof. The Company's Appeals for
assessment year 1998-99 & 2001-02 are pending before the Income Tax
Appellate Tribunal but the Company does not envisage any liability
and expect full relief in the appeal.
(ii) The Trade Tax assessments of the Company for the assessment years
2009-2010, 2010-2011 and 2011-12 are pending but the Company does not
envisage any liability for these years other than what has been paid or
provided.
(iii)A demand of Rs. 8,51,135.34 has been raised by The Maharashtra
State Co-op. Cotton Growers Marketing Federation Ltd., Mumbai after
adjusting advance of Rs. 19,07,422.31, deposited by Company, for
purchase of Cotton. However, the Company did not purchase such Cotton,
The Maharashtra State Co-op. Cotton Growers Marketing Federation Ltd.,
Mumbai raised dispute, which is pending in litigation before the Court
of Law.
(d) Bills discounted with banks -------NIL-------
B Commitment
(a Estimated amount of contracts remaining to be executed Order Value
Rs. 400 Lacs, balance on capital account and not provided for unpaid
is Rs. 358.30 Lacs
Note - 2 Additional Information to the financial statements
A. Confirmation of balances from some of parties appearing under the
head current liabilities, sundry debtors, loans and advances are
awaited
B. Previous year adjustments of Rs. 5,82,318/- include Rs.3,000/- paid
for Sales Tax demand & interest thereon for the Assessment Year
2006-07; Rs.4,21,759/- paid for Sales Tax demand & interest thereon for
the Assessment Year 2008-09; Rs.1,57,559/- paid for outstanding Freight
& Cartage as charged by the Consignment Agents.
C. Company has revalued its Fixed Assets namely Land and Building on
31.03.2004. The value of aforesaid assets has increased by
Rs.5,90,00,625.42 as per Valuation Report dt.31.03.2004 from a
qualified & authorized firm of Engineers M/s.Universal Consultants,
Meerut. The aforesaid amount has been credited to Revaluation Reserve
Account. Further, during the year, same has been reduced by equivalent
amount of depreciation charged on this revalued amount.
D. The bifurcation of the total outstanding dues of small scale
industrial undertakings and other than small scale industrial
undertakings as well as the name of the small scale industrial,
undertakings to whom the company owes a sum of exceeding rupees one
lacs and which is outstanding for more than thirty days, are not
disclosed in the Balance Sheet as suppliers have not indicated their
status on their documents/papers whether they are small scale
undertakings or not hence it is not possible for the company to
disclose the said information in respect of trade creditors.
E. The cost records for the financial year 2011-2012 are still under
preparation and till the date of this Balance Sheet, the same could not
be finalized.
F. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated if realised in the
ordinary course of business and the provision for all known liabilities
is adequate and not in excess of the amount reasonably necessary.
G. Managerial Remuneration :
Managerial remuneration has been paid within the limits specified by
Schedule XIII of the Companies Act, 1956. Computation of Net Profit u/s
349 of the Act is not given in view of there being no commission
payable to any director. The details of managerial remuneration paid
under Section 198 ofthe Companies Act, 1956 are as under:
H. During the current year no dividend is proposed to be paid hence
not provided for.
I. Disclosures in respect of related party as defined in Accounting
Standard 18, with whom transactions were carried out in the ordinary
course of Business during the year as given below:-
Related party disclosures a. List of related parties
i. Subsidiaries
- Sybly International FZE
ii. Key Management Personnel
- Mr. Mahesh Chand Mittal
- Mr. Satya Prakash Mittal
iii. Relatives of Key Management Personnel
- Mrs. Suman Mittal
- Mr. Nishant Mittal
- Mrs. Parul Mittal
- Mahesh Chand Mittal HUF
- Sybly Threads Limited
- Vartex Fabrics (P) Ltd. (Common KMP Shri M.C. Mittal)
- Dux Textiles (P) Ltd.
J. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated if realised in the
ordinary course of business and the provisions for all known
liabilities is adequate and not in excess of amount reasonably
necessary.
K. During the year Company entered in to an agreement with M/s.Kush
Technologies P. Ltd. for purchase of 30,000 SQ. Yards Residential land
at Dharuhera, Haryana. For this transaction Company paid Rs.
15,00,000/- as Advance money in cash but contract was breached by Kush
Technologies P. Ltd. and for breach of contract Arbitrater finalized
the claim amount of Rs.3,30,00,000/-(including Rs.15,00,000/- Advance
money) which has been paid by Kush technologies Pvt. Ltd. This amount
is treated as Extraordinary Income as disclosed in Note No. 28.
L. Previous Years figures have been rearranged and regrouped wherever
necessary.
Mar 31, 2010
1. Contingent Liabilities:
(i) The Income Tax assessments of the Company is pending for the
assessment year 2008-20Q9 and 2009-2010. However the Company does not
envisage any liability in respect thereof. The Companys Appeals for
assessment year 1998-99 & 2001-02 are pending before the Income Tax
Appellate Tribunal but the Company does not envisage any liability and
expect full relief in the appeal.
(ii) The Trade Tax assessments of the Company for the assessment years
2008-2009 and 2009-2010 are pending but the Company does not envisage
any liability for these years other than what has been paid or
provided.
(iii) Estimated amount of Contracts remaining to be executed on capital
account and not provided for Rs. 45.00 Lacs (previous year Rs. 51.00
Lacs)
(iv) A demand of Rs. 8,51,135.34 has been raised by The Maharashtra
State Co-op. Cotton Growers Marketing Federation Ltd., Mumbai after
adjusting advance of Rs. 19,07,422.31, deposited by us, for purchase of
Cotton. However, the Company did not purchase such Cotton. The
Maharashtra State Co-op. Cotton Growers Marketing Federation Ltd.,
Mumbai raised dispute, which is pending in litigation before the Court
of Law.
2. Secured Loans: (i) Term Loans:
(a) From Bank of Baroda amounting to Rs. 289.70 lacs, (Previous Year
Rs. 407.92 lacs) are secured by way of exclusive charge over gross
block of the Company excluding vehicles financed by other banks and
also secured by way of exclusive charge over all Current Assets of the
company alongwith personal guarantees of the Promoter directors & their
relatives. (Repayable within one year Rs. 112.00 lacs).
(b) From ICICI Bank amounting to Rs. NIL (Previous year 5.61 lacs) were
secured by way of hypothecation of vehicles. (Repayable Within one
year Rs. NIL).
(c) From HDFC Bank amounting to Rs. 4.05 lacs (Previous year NIL) were
secured by way of hypothecation of vehicles. (Repayable within one
year Rs. 1.73 lacs).
(ii) Working Capital Loans:
Total Working Capital limits from Bank of Baroda as on 31.03.2010 Rs.
1214.22 lacs (Previous year Rs. 1211.00 lacs) are secured by way of
exclusive charge over gross block of the Company excluding vehicles
financed by other banks and also secured by way of exclusive charge
over all Current Assets of the company alongwith personal guarantees of
the Promoter directors & their relatives.
3. Unsecured loans:
The Unsecured Loans from others have been taken from the family members
and relative of directors out of which loans from directors are
amounting to Rs. 76.55 lacs. These unsecured loans have been taken in
the condition imposed by the financial institution for bringing the
adequate margins. These unsecured loans will not be repaid without the
permission of the financial institution. During the year some of
unsecured loans are repaid and in place of them fresh unsecured loans
are taken. However, the overall quantum of the unsecured loans was
within the adequate margins as stipulated by the financial Institution.
The company is of the opinion that these are well within the provisions
of Section 5 8 A of the Companies Act, 1956 as the same are accepted in
pursuance of stipulations of financial institutions.
4. Confirmation of balances from some of parties appearing under the
head current liabilities, sundry debtors, loans and advances are
awaited.
5. In accordance with the Accounting Standard 22 "Accounting for Taxes
on Income" (AS-22) issued by the ICAI, the company has accounted for
deferred taxes during the year. The tax provision for the current year
includes Rs. 1,27,84,400/- for deferred tax assets. The component of
deferred tax assets is the sum of tax of Rs. 1,01,17,766/- on
unabsorbed depreciation and carry forward losses and Rs. 26,66,634/-
being tax on difference between depreciation charged/chargeable in
books and claim of depreciation under Income Tax Act.
6. The Company has adopted the policy to account for the interest to
trade Creditors on final settlement with them.
7. Previous year adjustments of Rs. 9,48,602/- include Rs.7,74,425/-
on account of Freight & Cartage charged by the Consignment Agents;
Rs.24,704/- paid for Sales Tax demand & interest thereon for the
Assessment Year 2005-06; Rs.88,058/- written off as non recoverable
deposits; Rs. 28,103/- paid for Income Tax demand for the A.Y. 2006-07;
and Rs.33,312/- paid for Income Tax demand for the A.Y. 2007-08.
8. Other Income includes interest of Rs. 117.76 lacs accrued on Fixed
Deposits made out of GDR Issue with EURAM Bank in Austria.
9. Company has revalued its Fixed Assets namely Land and Building on
31.03.2004. The value of aforesaid assets has increased by
Rs.5,90,00,625.42 as per Valuation Report dt.31.03.2004 from a
qualified & authorized firm of Engineers M/s.Universal Consultants,
Meerut. The aforesaid amount has been credited to Revaluation Reserve
Account. Further, during the year, same has been reduced by equivalent
amount of depreciation charged on this revalued amount.
10. During the year company has promoted a fully owned subsidiary
foreign company under the name and style as "Sybly International FZE,
Sharjah (U.A.E.)" with an equity investment of Rs. 4,28,750/-. Company
has also made advance of Rs. 33,64,20,230/- to this WOS in 100%
utilization of the proceeds of GDR issue. Company has sold 4,10,000
shares of Vartex Fabrics Pvt. Ltd. For Rs. 2,13,20,000/- on which
Company earned gain of Rs. 1,72,200/- which resulted that M/s Vartex
Fabrics Private Limited now ceased to be a subsidiary company.
11. During the year share application money in Vishwanath Paper &
Board Ltd. has been converted in investment on allotment of Equity
Shares of Rs. 34,00,000/- (68000 Fully Paid Equity Shares of Rs. 10/-
each of Vishwanath Paper & Boards Ltd. including Premium of Rs. 40/-
each shares).
12. Out of 4,35,00,000 Convertible Warrants of Rs. 10/- each, carrying
a right to subscribe to equel no. of equity shares in the company on
conversion within a period of 18 months, only 5,00,000 warrants were
converted on receipt of call money. Rest of 4,30,00,000 warrants have
been forfeited during the year due to non receipt of call money. Rest
of 4,30,00,000 warrants have been forfeited during the year due to no
receipt of call money within 18 months from the date of allotment i.e.
28.03.2008.
13. Related party disclosures a. List of related parties
i. Subsidiaries
- Vartex Fabrics Private Limited (Ceased to be subsidiary)
- Sybly International FZE
ii. Key Management Personnel
- ShriMaheshChandMittal
- ShriSatyaPrakashMittal
- ShriUmesh Kumar Mittal
iii. Relatives of Key Management Personnel
- Smt.Suman Mittal
- Mr. Nishant Mittal
- Sybly Threads Limited (Common KMP Mr. U.K.Mittal)
14. In the opinion of the Board of Directors, the current assets,
loans and advances are approximately of the value stated if realised in
the ordinary course of business and the provisions for all known
liabilities is adequate and not in excess of amount reasonably
necessary.
15. Total outstanding dues of small scale industrial undertakings and
other than small scale industrial undertakings and the names of the
small scale industrial to whom the company own a sum of exceeding
Rupees one lakh which outstanding for more than thirty days, are not
disclosed on the Balance Sheet as the suppliers have not indicated
their status whether they are small scale undertakings or not or their
documents and accordingly it was not possible for the company to
bifurcate the trade creditors accordingly.
16. Previous Years figures have been rearranged and regrouped wherever
necessary.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article