Mar 31, 2016
P.N.B.TERM LOAN A/C NO.175600IB20032834 - (Rs. 350 lacs)
- Security: - Machineries purchased against the said Term Loan.
- Rate of Interest: - BR TP 3.25 -0.50 % i.e. 10.25 0.50 3.25 -0.50 = 13.50% p.a.
- Margin: - 25%
- Terms of Repayment :- Moratorium - 6 months from the date of first release and thereafter 84 equal monthly installment starting from 01.10.2010 and last installment is due on 30.09.2017, total door to door tenor of 90 months
P.N.B.TERM LOAN A/C NO.175600IB20032904 - (Rs. 1150 lacs)
- Security: - Machineries purchased against the said Term Loan.
- Rate of Interest: - BR TP 3.25 -0.50 % i.e. 10.25 0.50 3.25 -0.50 = 13.50% p.a.
- Margin: - 25%
- Terms of Repayment: - Moratorium - 12 months from the date of first release and thereafter 72 monthly installment*** starting from October 2012 and last installment is due on 30.09.2018, total door to door tenor of 84 months
P.N.B.TERM LOAN A/C NO.175600IC00000146 - (Rs. 50 Lacs )
- Security: - Machineries purchased against the said Term Loan.
- Rate of Interest: - BR TP 3.25 -0.50 % i.e. 10.25 0.50 3.25 -0.50 = 13.50% p.a.
- Margin: - 26.83%
- Terms of Repayment: - 72 monthly installment starting from 31/10/2009 and last
Installment is due on 31/10/2015
P.N.B.TERM LOAN A/C NO.175600IB20032995 - (Rs. 650 lacs)
- Security: - Machineries purchased against the said Term Loan.
- Rate of Interest: - BR TP 3.25 -0.50 % i.e. 10.25 0.50 3.25 -0.50 = 13.50% p.a.
- Margin: - 32.64%
- Terms of Repayment: - Moratorium - 12 months from the date of first release and thereafter 72 monthly installment**** starting from October 2013 and last installment is due on
30.09.2019, total door to door tenor of 84 months
P.N.B.TERM - WCTL Rs. 8 Crore
- Security: - Hypothecation of entire stock of raw materials, stock in progress and finished goods, consumable stores & spare & packing material etc., and Book debts arising out of genuine sale transaction.
- Rate of Interest: - BR TP 3.25 -0.50 %
- Terms of Repayment: - Moratorium - 24 months upto 31.03.2017 and 60 structured monthly installments commencing from April 2017
(b) Motor Car loan taken from PNB against hypothecation of Motor Car
(b) Motor Car Loan
P.N.B.MOTOR CAR A/C NO.175600IB20332922 (Tata LPT) - (Rs. 7 Lacs)
- Security: - Hypothecation of Motor Car ( TATA LPT)
- Rate of Interest: - BR TP 3.25 -0.50 % i.e. 10.25 0.50 3.25 -0.50 = 13.50% p.a.
- Margin: - 25%
- Terms of Repayment: - 84 equal monthly installment of Rs. 8330/- starting from 23/12/2011 and last installment is due on 23/12/2018
P.N.B.MOTOR CAR LOAN A/C NO.175600NG00003126 (Innova) - (Rs. 10.36 Lacs)
- Security: - Hypothecation of Motor Car ( INNOVA)
- Rate of Interest: - 12% p.a.
- Margin: - 25%
- Terms of Repayment: - 84 equal monthly installment of Rs. 18567/- starting from 25/07/2011 and last installment is due on 25/07/2018
P.N.B.MOTOR CAR LOAN A/C NO.175600NG00003311 (Vento)
- Security: - Hypothecation of Motor Car (VENTO)
- Rate of Interest: - 12% p.a.
- Margin :- 25%
- Terms of Repayment: - 84 equal monthly installment of Rs. 19500/- starting from 25/04/2012 and last installment is due on 25/04/2019
(a) Working Capital Loan - CC (H)
- Security: - Hypothecation of entire stock of raw materials, stock in progress and finished goods, consumable stores & spare & packing material etc., and Book debts arising out of geuine sale transaction.
- Rate of Interest: - BR 3.25% - 0.50% presently 13.00% P.A.
- Margin: - 25%
(b) Packing Credit:
- Security:-First charge on entire current assets, present & future, including entire stocks, book debts, loans & advance etc. DP, however, to be allowed against stocks only as per CC (H) facility
- Amount Limit: - Upto Rs 10 Crore (sub limit to CC (H))
- Margin: - 10% for packing credit
- Terms of Repayment :- Each packing credit shall be adjusted by the borrower within the specified period (maximum 180 days) duly assessed on the basis of the total operating cycle from procurement of raw material to actual shipment of finished goods of validity period of Export order/LC, whichever is earlier
-Personal Guarantee :- Refer Note 3(a)
-Provision for Taxes contains an amount of Rs. 57, 89,871 towards Income Tax Payable of FY 2013-14 which has not been paid by the Company. Further the Company is not filed its Income Tax return for FY 2013-14.
Mar 31, 2015
A. Basis of preparation
1. These financial statement have been prepared and presented under the
historical cost convention on the accrual basis of accounting, unless
otherwise stated and comply with generally accepted accounting
principles, statutory requirements, the Accounting Standards (AS)
issued by the Institute of Chartered Accountants of India (ICAI) to the
extent applicable and current practice prevailing.
B. Use of Estimates
The preparation of the financial statements, in conformity with
generally accepted accounting principles, requires management to make
estimates and assumptions that affect the reported amounts of Assets
and Liabilities , revenues and expenses and disclosure of Contingent
Liabilities at the date of the financial statements. Actual result
could differ from those estimates. Management believes that the
estimates used in the preparation of the financial statements are
prudent and reasonable. Any revision to the accounting estimates is
recognized prospectively in the current and future period.
C. Fixed Assets / Capital work-in-progress/ Intangible assets
Fixed assets are stated at actual cost, which comprises of purchase
consideration and other directly attributable costs for bringing the
assets to its working condition for the intended use. Direct Costs are
Capitalized until fixed assets are ready for use. Capital
work-in-progress comprises of the cost of fixed assets that are not yet
ready for their intended use at the reporting date. Intangible assets
are recorded at the consideration paid for acquisition of such assets
and are carried at cost less accumulated amortization and impairment.
D. Depreciation and Amortization
Depreciation has been provided on written down value as per rates of
depreciation prescribed as per schedule II of the Company Act, 2013
except plant & machinery and electrical installation which is provided
on straight line method.
E. Investments
Investment that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments. Current
investments are carried at lower of cost and fair value determined on
an individual basis. Long term investments are carried at cost. However
provision for diminution in the value is made to recognize a decline
other than temporary in the value of investments.
F. Revenue Recognition
1. Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
2. Revenue is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer.
3. The Company follows the Accrual System of accounting and recognizes
income and expenditure on accrual basis.
G. Inventory
Inventories are valued at cost or net realisable value whichever is
lower. Cost of inventories comprises all costs of purchase, conversion
and other costs incurred in bringing the inventories to their present
location and condition.
H. Taxation
I. Current Income tax on income for the current period is determined
on the basis of taxable income and tax credit computed in accordance
with the provisions of the Income Tax Act 1961, and based on expected
outcome of assessment /appeals.
2. Deferred Tax is recognized subject to the consideration of prudence
on the timing difference, being the difference between the taxable
income and accounting income that originate in one period and are
capable of reversal of one or more subsequent periods.
I. Employee Benefits
a) Short Term Employees Benefits
Short Term Employees Benefits are recognised as an expense at the
undiscounted amount in the Profit and Loss Account of the period in
which the related services are rendered.
b) Post Employment Benefits
i) Provident Fund - Defined Contribution Plan
The Company contributes monthly at a determined rate. These
contributions are remitted to the Employees' Provident Fund
Organisation, India for this purpose and is charged to Profit and Loss
Account on accrual basis.
ii) Gratuity - Defined Benefit Plan
The Company provides for gratuity to all the eligible employees. The
benefit is in the form of lump sum payments to vested employees on
retirement, on death while in employment, or termination of employment
for an amount equivalent to 15 days salary payable for each completed
year of service.
Vesting occurs on the completion of five years of service. Liability in
respect of gratuity is determined using the projected unit credit
method with actuarial valuations as on the Balance Sheet date and
gains/losses are recognised immediately in the Profit and Loss Account.
iii) Leave Encashment
Liability in respect of leave encashment is determined using the
projected unit credit method with actuarial valuations as on the
Balance Sheet date and gains/losses are recognised immediately in the
Profit and Loss Account.
J . Foreign Currency Transaction
1. Transaction denominated in foreign currency if any, are recorded at
the exchange rate prevailing on the date of transactions. Exchange
difference arising on foreign exchange transactions settled during the
year, if any, are recognized in the Profit and Loss account of the year
except that exchange difference related to acquisition of fixed assets
from a country outside India are adjusted in the carrying amount of the
related Fixed Assets.
2. Monetary assets and liabilities in foreign currency, if any , are
translated at the year end at the closing exchange rate and the
resultant exchange differences are recognized in the Profit and Loss
Account. Non-monetary foreign currency items are carried at cost.
3. The premium or discount on forward exchange contracts, if any, is
amortisized as expenses or income over the life of the contract.
K. Impairment of Assets
a) The Carrying amount of assets are reviewed at each balance sheet
date if there is any indication of impairment based on
internal/external factors. An impairment loss is recognised where the
carrying amount of an assets exceeds its recoverable amount. The
recoverable amount is greater of the asset's net selling price and
value in use. In assessing value in use the estimated future cash flows
are discounted to their present value at the weighted average cost of
capital
b) After impairment, depreciation/deletion is provided in subsequent
period on the revised carrying amount of the asset over its remaining
useful life.
c) Impairment loss recognised in an earlier period will be reversed in
a later period depending on changes in circumstances to the extent that
the discounted future net cash flows are higher than net book value at
the time. In reversing impairment losses, the carrying amount of the
asset will be increased to lower of its original carrying value or the
carrying value that would have been determined (net of depletion) had
no impairment loss been recognised in prior periods.
L. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of qualifying assets are capitalized as part
of the cost of that assets. Other borrowing costs are recognized as an
expense in the period in which they are incurred.
M. Excise and Customs Duty
Excise Duty in respect of finished goods lying in the factory premises
and Customs duty on goods lying in customs bonded warehouse are
provided for and included in the valuation of Inventory
N. Earning per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to the equity shareholders by the
weighted average number of equity shares outstanding the period. The
weighted number of equity shares outstanding during the period is
adjusted for events of bonus issue.
Mar 31, 2014
A. Basis of Preparation
These financial statement have been prepared and presented under the
historical cost convention on the accrual basis of accounting, unless
otherwise stated and comply with generally accepted accounting
principles, statutory requirements, the Accounting Standards (AS)
issued by the Institute of Chartered Accountants of India (ICAI) to the
extent applicable and current practice prevailing.
B. Use of Estimates
The preparation of the financial statements, in conformity with
generally accepted accounting principles, requires management to make
estimates and assumptions that affect the reported amounts of Assets
and Liabilities, revenues and expenses and disclosure of Contingent
Liabilities at the date of the financial statements. Actual result
could differ from those estimates. Management believes that the
estimates used in the preparation of the financial statements are
prudent and reasonable. Any revision to the accounting estimates is
recognized prospectively in the current and future period.
C. Fixed Assets/ Capital Work-in-Progress/ Intangible Assets
Fixed assets are stated at actual cost, which comprises of purchase
consideration and other directly attributable costs for bringing the
assets to its working condition for the intended use. Direct Costs are
Capitalized until fixed assets are ready for use. Capital
work-in-progress comprises of the cost of fixed assets that are not yet
ready for their intended use at the reporting date. Intangible assets
are recorded at the consideration paid for acquisition of such assets
and are carried at cost less accumulated amortization and impairment.
D. Depreciation and Amortization
Depreciation has been provided on written down value as per rates of
depreciation prescribed as per schedule XIV of the Company Act, 1956
except plant & machinery and electrical installation which is provided
on straight line method.
E. Investments
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments. Current
investments are carried at lower of cost and fair value determined on
an individual basis. Long term investments are carried at cost. However
provision for diminution in the value is made to recognize a decline
other than temporary in the value of investments.
F. Revenue Recognition
1. Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
2. Revenue is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer.
3. The Company follows the Accrual System of accounting and recognizes
income and expenditure on accrual basis.
G. Inventory
Inventories are valued at cost or net realisable value whichever is
lower. Cost of inventories comprises all costs of purchase, conversion
and other costs incurred in bringing the inventories to their present
location and condition.
H. Taxation
1. Current Income tax on income for the current period is determined
on the basis of taxable income and tax credit computed in accordance
with the provisions of the Income Tax Act 1961, and based on expected
outcome of assessment /appeals.
2. Deferred Tax is recognized subject to the consideration of prudence
on the timing difference, being the difference between the taxable
income and accounting income that originate in one period and are
capable of reversal of one or more subsequent periods.
I. Employee Benefits
a. Short Term Employees Benefits
Short Term Employees Benefits are recognized as an expense at the
undiscounted amount in the Profit and Loss Account of the period in
which the related services are rendered.
b. Post-Employment Benefits
i. Provident Fund - Defined Contribution Plan
The Company contributes monthly at a determined rate. These
contributions are remitted to the Employees'' Provident Fund
Organisation, India for this purpose and is charged to Profit and Loss
Account on accrual basis.
ii. Gratuity - Defined Benefit Plan
The Company provides for gratuity to all the eligible employees. The
benefit is in the form of lump sum payments to vested employees on
retirement, on death while in employment, or termination of employment
for an amount equivalent to 15 days salary payable for each completed
year of service. Vesting occurs on the completion of five years of
service. Liability in respect of gratuity is determined using the
projected unit credit method with actuarial valuations as on the
Balance Sheet date and gains/losses are recognised immediately in the
Profit and Loss Account.
iii. Leave Encashment
Liability in respect of leave encashment is determined using the
projected unit credit method with actuarial valuations as on the
Balance Sheet date and gains/losses are recognised immediately in the
Profit and Loss Account.
J. Foreign Currency Transaction
i. Transaction denominated in foreign currency if any, are recorded at
the exchange rate prevailing on the date of transactions. Exchange
difference arising on foreign exchange transactions settled during the
year, if any, are recognized in the Profit and Loss account of the year
except that exchange difference related to acquisition of fixed assets
from a country outside India are adjusted in the carrying amount of the
related Fixed Assets.
ii. Monetary assets and liabilities in foreign currency, if any, are
translated at the year end at the closing exchange rate and the
resultant exchange differences are recognized in the Profit and Loss
Account. Non- monetary foreign currency items are carried at cost.
iii. The premium or discount on forward exchange contracts, if any, is
amortized as expenses or income over the life of the contract
K. Impairment of Assets
a. The Carrying amount of assets is reviewed at each balance sheet
date if there is any indication of impairment based on
internal/external factors. An impairment loss is recognized where the
carrying amount of an asset exceeds its recoverable amount. The
recoverable amount is greater of the assets net selling price and value
in use. In assessing value in use the estimated future cash flows are
discounted to their present value at the weighted average cost of
capital
b. After impairment, depreciation/deletion is provided in subsequent
period on the revised carrying amount of the asset over its remaining
useful life.
c. Impairment loss recognized in an earlier period will be reversed in
a later period depending on changes in circumstances to the extent that
the discounted future net cash flows are higher than net book value at
the time. In reversing impairment losses, the carrying amount of the
asset will be increased to lower of its original carrying value or the
carrying value that would have been determined (net of depletion) had
no impairment loss been recognized in prior periods.
L. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of qualifying assets are capitalized as part
of the cost of those assets. Other borrowing costs are recognized as an
expense in the period in which they are incurred.
M. Excise and Customs Duty
Excise Duty in respect of finished goods lying in the factory premises
and Customs duty on goods lying in customs bonded warehouse are
provided for and included in the valuation of Inventory.
N. Earnings per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to the equity shareholders by the
weighted average number of equity shares outstanding the period. The
weighted number of equity shares outstanding during the period is
adjusted for events of bonus issue.
Mar 31, 2013
A. Basis of Preparation
These financial statement have been prepared and presented under the
historical cost convention on the accrual basis of accounting, unless
otherwise stated and comply with generally accepted accounting
principles, statutory requirements, the Accounting Standards (AS)
issued by the Institute of Chartered Accountants of India (ICAI) to the
extent applicable and current practice prevailing.
B. Use of Estimates
The preparation of the financial statements, in conformity with
generally accepted accounting principles, requires management to make
estimates and assumptions that affect the reported amounts of Assets
and Liabilities, revenues and expenses and disclosure of Contingent
Liabilities at the date of the financial statements. Actual result
could differ from those estimates. Management believes that the
estimates used in the preparation of the financial statements are
prudent and reasonable. Any revision to the accounting estimates is
recognized prospectively in the current and future period.
C. Fixed Assets/ Capital Work-in-Progress/ Intangible Assets
Fixed assets are stated at actual cost, which comprises of purchase
consideration and other directly attributable costs for bringing the
assets to its working condition for the intended use. Direct Costs are
Capitalized until fixed assets are ready for use. Capital
work-in-progress comprises of the cost of fixed assets that are not yet
ready for their intended use at the reporting date. Intangible assets
are recorded at the consideration paid for acquisition of such assets
and are carried at cost less accumulated amortization and impairment.
D. Depreciation and Amortization
As informed to us by the management of the company the manufacturing
unit at Palghar had remained closed up to 31st May'' 2011 and hence it
has not charged any depreciation on the fixed assets pertaining to the
said manufacturing activity for that period. However depreciation has
been provided on written down value as per rates of depreciation
prescribed as per schedule XIV of the Company Act, 1956 except plant &
machinery and electrical installation which is provided on straight
line method.
E. Investments
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long term investments. Current
investments are carried at lower of cost and fair value determined on
an individual basis. Long term investments are carried at cost. However
provision for diminution in the value is made to recognize a decline
other than temporary in the value of investments.
F. Revenue Recognition
i. Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
ii. Revenue is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer.
iii. The Company follows the Accrual System of accounting and
recognizes income and expenditure on accrual basis.
G. Inventory
Inventories are valued at cost or net realizable value whichever is
lower. Cost of inventories comprises all costs of purchase, conversion
and other costs incurred in bringing the inventories to their present
location and condition.
H. Taxation
i. Current Income tax on income for the current period is determined
on the basis of taxable income and tax credit computed in accordance
with the provisions of the Income Tax Act 1961, and based on expected
outcome of assessment /appeals.
ii. Deferred Tax is recognized subject to the consideration of
prudence on the timing difference; being the difference between the
taxable incomes and accounting income that originate in one period and
are capable of reversal of one or more subsequent periods.
I. Employee Benefits
a. Short Term Employees Benefits
Short Term Employees Benefits are recognized as an expense at the
undiscounted amount in the Profit and Loss Account of the period in
which the related services are rendered.
b. Post-Employment Benefits
i. Provident Fund - Defined Contribution Plan
The Company contributes monthly at a determined rate. These
contributions are remitted to the Employees'' Provident Fund
Organization, India for this purpose and are charged to Profit and Loss
Account on accrual basis.
ii. Gratuity - Defined Benefit Plan
The Company provides for gratuity to all the eligible employees. The
benefit is in the form of lump sum payments to vested employees on
retirement, on death while in employment, or termination of employment
for an amount equivalent to 15 days salary payable for each completed
year of service. Vesting occurs on the completion of five years of
service. Liability in respect of gratuity is determined using the
projected unit credit method with actuarial valuations as on the
Balance Sheet date and gains/losses are recognized immediately in the
Profit and Loss Account.
iii. Leave Encashment
Liability in respect of leave encashment is determined using the
projected unit credit method with actuarial valuations as on the
Balance Sheet date and gains/losses are recognized immediately in the
Profit and Loss Account.
K. Impairment of Assets
i. The Carrying amount of assets is reviewed at each balance sheet
date if there is any indication of impairment based on
internal/external factors. An impairment loss is recognized where the
carrying amount of an asset exceeds its recoverable amount. The
recoverable amount is greater of the assets net selling price and value
in use. In assessing value in use the estimated future cash flows are
discounted to their present value at the weighted average cost of
capital
ii. After impairment, depreciation/deletion is provided in subsequent
period on the revised carrying amount of the asset over its remaining
useful life.
iii. Impairment loss recognized in an earlier period will be reversed
in a later period depending on changes in circumstances to the extent
that the discounted future net cash flows are higher than net book
value at the time. In reversing impairment losses, the carrying amount
of the asset will be increased to lower of its original carrying value
or the carrying value that would have been determined (net of
depletion) had no impairment loss been recognized in prior periods.
L. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of qualifying assets are capitalized as part
of the cost of those assets. Other borrowing costs are recognized as an
expense in the period in which they are incurred.
M. Excise and Customs Duty
Excise Duty in respect of finished goods lying in the factory premises
and Customs duty on goods lying in customs bonded warehouse are
provided for and included in the valuation of Inventory.
N. Earnings per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to the equity shareholders by the
weighted average number of equity shares outstanding the period. The
weighted number of equity shares outstanding during the period is
adjusted for events of bonus issue.