| 1. Terms/rights attached to equity shares
The company has only one class of equity shares having par value of Rs.
10/- per share. Each holder of equity shares is entitled to one vote
per share. The company declare and pays dividend in indian rupee.
As per records of the company, including its register of share
holders/members and other declaration received from the share holders
regarding beneficial interest, the above share holding represents both
legal and beneficial ownership of shares
2. Term Loan from Oriental Bank of Commerce carriers interest rate of
3.50 % above basic rate. The loan is Primarily secured by
Hypothecation of plant and machinery and other fixed assets financed.
The loan further collateraly secured by the Residential premises at
Uttamnagar ward, B/h Suvidha Shopping Centre, Mahalaxmi Char Rasta,
Paldi, Ahmedabad Sub Plot no. 20 FP No. 963, TPS No. 3 which is owned
by Ashokkumar Goenka, Arvindkumar Goenka and Pulkit Goenka. The loan
further secured by personal guarantee of Shri Ashok V. Goenka, Shri
Arvind V. goenka and Shri Pulkit A. Goenka.
3. Installments falling due in respect of all the above term loans upto
31.03.2016 have been grouped under "Current maturities of long term
borrowing." (refer Note 6)
4. Cash Credit from Oriental Bank of Commerce carriers interest rate of
3.50 % above basic rate. The loan is Primarily secured by Hypothecation
of stock of raw materials, stock-in- process, finished goods, stores &
spares and receivables. The loan further collateraly secured by the
Residential premises at Uttamnagar ward, B/h Suvidha Shopping Centre,
Mahalaxmi Char Rasta, Paldi, Ahmedabad Sub Plot no. 20 FP No. 963, TPS
No. 3 which is owned by Ashokkumar Goenka, Arvindkumar Goenka and
Pulkit Goenka. The loan further secured by personal guarantee of Shri
Ashok V. Goenka, Shri Arvind V. goenka and Shri Pulkit A. Goenka.
5. Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
6. Figures have been rounded off to nearest rupee.
7. Balance of Sundry Debtors, Creditors, Loans and advances, unsecured
loans are subject to confirmation.
8. In the opinion of the directors, current assets, loans and advances,
other than doubtful have the value at which they are stated in the
Balance-Sheet if realized in the ordinary course of business. The
provision for all known liabilities is adequate and not in excess of
the amount reasonably necessary.
9. Provision for Income - Tax is made in accordance with taxable
profits of the company for the year under consideration.
10. There are no separate reportable segments as per Accounting Standard
17 as the entire operations of the Company relate to one segment, viz,
the Textile.
11. Contingent liabilities & Commitments NIL NIL
12. Pursuant to the enactment of Companies Act 2013, the Copmany has
applied the estimated useful lives as specified in Schedule II.
Accordingly the unamortised carrying value is being depreciated over
the revised/remaining useful lives. The written down value of Fixed
Assets whose lives have expired as at 1st April 2014 have been adjusted
in the opening balance of Profit and Loss Account amounting of Rs.
953072/-
13. Disclosures in respect of related parties as defined in Accounting
Standard 18, with whom transactions have taken place during the year
are given below:-
a. Associate Companies Advance Petro Chemicals Ltd.
in which directors or their Honest Synthetic Pvt. Ltd.
relatives are interested
b. Associate Concerns Advance Synthetics Mills
in which directors or
their relatives are interested
c. Directors and their relatives : Shri Ashok Goenka
Shri Arvind Goenka
Dr. S. R. Dhruv
Shri Pulkit Goenka
Omprakash Jalan
Shaileshsing Rajput
Nirish J. Parikh
Aanchal Goenka
Following transactions were carried out with the related parties in the
ordinary course of business:
Name Nature of Payment Amount
Shri Arvind Goenka Director Remuneration 900000
Dr. S.R. Dhruv Director Remuneration 228000
Shri Ashok Goenka Director Remuneration 120000
Shri Pulkit Goenka Director Remuneration 120000
There are no provisions for doubtful debts or amounts written off or
written back during the year for debts due from or to related parties.
14. Break up of expenditure incurred on employess who were in receipt of
remuneration aggregating Rs. 6000000/- or more for year or Rs. 500000/-
or more, where employed for a part of the year. Nil (Previous Year Rs.
Nil).
15. Micro & Small Enterprises Dues
As per information given to us there were no amount overdue and
remaining outstanding to small scale and /or ancillary Industrial
suppliers on account of principal and /or interest as at the close of
the year. Based on the information available with company, there are no
dues outstanding to Micro and Small Enterprises as defined under Micro,
Small and Medium Enterprises Development Act, 2006 for more than 45
days as at March 31,2015.
16. Previous year's figures have been regrouped/rearranged wherever
necessary so as to make them comparable with the figures of the current
year.
|