(a) The Rupee Term Loan from Religare Finvest Limited consist three( Previous year two) joint loans secured against mortgage of Property at Farm House at Mustil NO.18, Khasra No.20/2, 21, 23/1, Village Samalaka, Vasant Vihar, New Delhi belongs to M/s S.K.D. Estates Private Limited, Since the Loan was disbursed to/and utilised by the compnay , hence all the transaction related thereto have been recorded in the Financial Statements of the Company as detailed hereunder:
Loan No. 1. Jointly in the name of M/s S.K.D. Estates Private Limited, Mauria Udyog Limited, Mr. Vishnu Kumar Sureka, Mrs. Prem Lata Sureka, Mr. Navneet Kumar Sureka, Mrs. Deepa Sureka and Mr. Akhil Kumar Sureka The Principal Installments due within the period of next twelve months are Rs. NIL ( Previous year Rs. 1,62,94,773)
Loan No. 2. Jointly in the name of M/s S.K.D. Estates Private Limited, Mauria Udyog Limited, Mrs. Prem Lata Sureka, Mr. Navneet Kumar Sureka, Mrs. Deepa Sureka and Mr. Pramod Kumar Agarwal and Bihariji Infotech Pvt. Ltd. The Principal Installments due within the period of next twelve months are Rs. NIL (Previous year Rs.1,45,21,272)
Loan No. 3. Jointly in the name of M/s. Mauria Udyog Limited, M/s S.K.D. Estates Private Limited, Mr. Navneet Kumar Sureka, Mrs. Deepa Sureka and Mr. Pramod Kumar Agarwal , Mr. Vishnu Kumar Sureka and Mrs. Prem Lata Surekaand , The Principal Installments due within the period of next twelve months are Rs. NIL (Previous year Rs.70,60,308)
(b) Term Loan from ICICI Home Finance is a joint loan with others as detailed hereunder :
(i) Loan No. 1. Jointly in the name of M/s. Bihariji Ispat Udyog Ltd, Shri Navneet Kumar Sureka and the Mauria Udyog Limited, The loan is secured by way of equitable mortgage of Property by way of deposit of the title deeds for mortgage in respect of the Property at apartment No. PNA 011, The Pinnacle In DLF City Gurgaon owned by the company, and also personal guarantee of Mr. Navneet Kumar Sureka, Managing Director of the Company. Since the loan was disbursed to/and utilised by the co-applicant M/s Mauria Udyoug Limited , hence, all the transaction related thereto have been recorded in the financial statements of the said co- applicant .The principal Installments due within the period of next 12 months are Rs.32,47,150 (Previous year Rs.30,72,106).
(ii) Loan No. 2 & 3, are Joint loans in the name of M/s. Mauria Udyog Limited ,Shri Navneet Kumar Sureka and Shri Vishnu Kumar sureka. The loans are secured by way of First and exclusive charge over the property situated at A-24, 24th floor, Tower-Z, A-25, Tower-X and C-4, Tower-Y , sector-50, TGB Meghdutam Noida and personal guarantee of Mr. Navneet Kumar Sureka, Managing Director of the Company and Sh. Vishnu Kumar Sureka chairman of the company. Since the loans were disbursed to/and utilised by the company , hence all the transaction related thereto have been recorded in the financial statements of the company.The principal due within the period of next 12 months are Rs. 1,07,69,694(Previous year Rs94,18,844).
(c) Term Loan from Housing Development Finance Corporation Limited is a joint loan in the name of Shri Navneet Kumar Sureka, M/s Bhama Properties Private Limited, Mrs. Prem Lata Sureka,M/s. Mauria Udyog Limited, Sh. Vishnu Kumar Sureka and Mrs. Deepa Sureka. The loan is secured by way of equitable mortgage of Property by way of deposit of the title deeds in respect of the agricultural Land measuring 12 Bigha out of Khasara No. 921/1min(1-9),922(5-5)and 923(5-6), Situated at village Rajokari, tehsil Vasant Vihar, New Delhi owned by the M/s Bhama Properties Pvt. Ltd. Since the loan was disbursed to/and utilised by the company, hence all the transaction related thereto have been recorded in the financial statements of the company. The instalments due within the period of next 12 months are Rs.2,01,89,688(Previous Year 1,83,12,245)
(d) Joint loan in the name of M/s. Mauria Udog Limited, Bihariji Infotech Private Limited, Navneet Kumar Sureka HUF, Mrs. Deepa Sureka, Sh Pramod Kumar Agarwal , Shri Navneet Kumar Sureka and Mrs. Prem Lata Sureka . The loan is secured by way of equitable mortgage of Property by way of deposit of the title deeds in respect of the Property at Plot No. 662, Udyog Vihar, Phase-V, Gurgaon, Haryana owned by M/s. Bihariji InfoTech Pvt. Ltd. Since the loan was disbursed to/and utilised by the company, hence, all the transaction related thereto have been recorded in the financial statements of the company.The installments due within the period of next 12 months are Rs. 80,51,217 (Previous year 1,4,865,314).
e) Term Loan from Aditya Birla Finance Limited in the name of M/s. Mauria Udog Limited, where M/s. Veshnodevi Properties Private Limited is co borrower. The loan is secured by way of exclusive charge on farm house at Bougan Villa Avenue Westend Greens Village Rajokari , Delhi Owned by M/s. Veshnodevi Properties Private Limited and
Personal Guarantees of Shri V.K. Sureka- Chairman, Shri Navneet Sureka-Managing Director, Mrs. Deepa Sureka and Smt. Prem Lata Sureka . Since the loan was disbursed to/and utilised by the company, hence, all the transaction related thereto have been recorded in the financial statements of the company. The installments due within the period of next 12 months are Rs. 7,19,04,558 (Previous year 719,05,332).
f) Term Loan Rs. 1650 Lacs and Overdraft Working Capital Limit of RS. 100 Lacs sanctioned by Kotak Mahindra Bank Limited is in the name of M/s. Mauria Udyog Limited. The loan is secured by way of exclusive charge on farm land area ad measuring 68 bighas & 19 biswas (14.568 acres) in jhatikra village tehsile kapashera district South -West Delhi -110043 owned by M/s. Strawberry Star India Private Limited and Personal Guarantees of Shri Navneet Surekha, Shri .Vishnu Kumar Surekha , Mr. Akhil Kumar Surekha , CG of M/s. Strawberry Star India Private Limited and Letter of Comfort from M/s. Jotindra Steel & Tubes Limited . All the transaction related thereto have been recorded in the financial statements of the company. The installments due within the period of next 12 months are Rs. 2,73,05,808 (Previous year Nil).
g) Over Draft /Shipping Loan- Pre Shipment Credit/ Bills Limit- Post Shipment Credit and Non-Fund Base Limits for Letter of Credits, Bank Guarantees and/or Forward Exchange contracts of Rs. 1,96,00,00,000 (Rupees One hundred Ninety Six Crore only ) from Karnataka Bank Limited are Secured by way of charge over entire current assets of the Company, both present and future on pari-passu with Allahabad Bank and Andhra Bank and also collaterally secured by way of Equitable mortgage of Land & Building/Industrial infrastructure situated at Sohna Road, Mauza Gouchi, Ballabgarh District, Faridabad, Plant & Machinery and other fixed assets (except vehicles which are financed by other financial institutions) and Personal Guarantees of Shri V.K. Sureka, Chairman , Shri Navneet Sureka, Managing Director, Outstanding Bank Guarantees/Letters of Credit were also secured by charge created in favour of the Bank.
h) Working Capital Limits from Allahabad Bank consists of Fund Base Limits of Rs. 20,00,00,000/- (Rupees Twenty Crores only) and Letter of Credit Limit of Rs. 80,00,00,000/- (Rupees eighty Crores only) are secured by way of charge over entire current assets of the Company, both present and future on pari-passu basis with Karnataka Bank and Andhra Bank and also collaterally secured by way of Registered mortgage of 4.09 Acre agricultural Land known as Mauria Garden situated at samalka village , tehsil Vasant Vihar, Dist. South West Near Rajokri Flyover NH-8 New Delhi and Personal Guarantees of Shri V.K. Sureka, Chairman, Shri Navneet Sureka, Managing Director and Shri Akhil Sureka and Corporate Guarantees of M/s Deepak Hotels Pvt. Ltd.
i) Working Capital Limits of Rs. 42,40,00,000 (including adhoc limit of Rs. 2.40 crore ) from Andhra Bank are secured by way of charge over entire current assets of the Company, both present and future on pari-passu basis with Karnataka Bank and Allahbad Bank and also collaterally secured by way of pari passu charge on Land admeasuring 23.34 acres & Building/Industrial infrastructure thereon situated at Sohna Road, Mauza Gouchi, Ballabgarh District, Faridabad, to be shared between Karnatka Bank and Andhra bank, and Personal Guarantees of Shri V.K. Sureka, Chairman and Shri Navneet Sureka,Managing Director.
j) Auto and Equipments Loans from HDFC BANK LTD. , Tata Capital Financial Services Limited , Karnataka Bank Limited and Kotak Mahindra Bank Limited are secured by way of Hypothecation of the Vehicles/Equipments financed by the Bank and Personal Guarantee of Shri V.K. Sureka, Chairman and Shri Navneet Sureka, Managing Director of the company.
k) Loan from Tata Capital Financial Services is secured by way of Personal Guarantee of Shri V.K. Sureka, Chairman and Shri Navneet Sureka, Managing Director of the company.
l) The Rupee Term Loan of Rs. 20,00,60,996 from Dewan Housing Finance Limited is in the name of M/s Mauria Udyog Limited where M/s S.K.D. Estates Private Limited , Sh. Vishnu Kumar Sureka is the co-borrower & secured against mortgage of Property at Farm House at F-28 known Floris bansal Mustil NO.18,Killa- .20min(1-0), 21(6-14), 23/1(4-16), Vill Samalaka Bandh Road, New Delhi-110037 belongs to M/s S.K.D. Estates Private Limited, Since the Loan was disbursed to/and utilised by the company , hence all the transaction related thereto have been recorded in the Financial Statements of the Company.The principal Installments due within the period of next 12 months are Rs.1,12,01,657(Previous Year NIL).
Acceptances amounting to Rs.133,48,36,176 (Previous year Rs.127,62,01,673) represents letters of credit/counter Guarantee issued to suppliers out of Non Fund base limits sanctioned by the following banks :
NOTE -1 - NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2018
1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements upto the year ended 31st March 2017 were prepared in accordance with the accounting standard rules 2006 (as amended) and other relavent provisions of the companies act, 2013 (Indian GAAP).
The ministry of corporate affairs (MCA) issued a notification on 16th February, 2015, making Indian Accounting standards, issued under section 133 of companies act, 2013 mandatory for certain class of companies.
As per notification, Ind AS is mandatory for the company for the financial year commencing 1st April 2017. Accordingly, the company has adopted Ind AS from 1st April 2017 and the financial statements for the year ended 31st March 2018 have been prepared in accordance with the principles laid down in the said Ind AS.
The financial statements are presented in Indian rupees, which is the functional currency of the company and the currency of the primary economic environment in which the company operates.
The financial statements have been prepared on a historical cost basis, except the following assets and liabilities:
i) Certain financial assets such as Investments are measured at fair market value (refer account policy regarding financial instruments).
ii) Employee’s define benefit plan as per actuarial valuation.
iii) Plant, property and equipment are measured at historical cost concept method.
2 FIRST TIME ADOPTION OF Ind AS
The company has restated the financial statement as at 1st April 2016 (opening), being the transition date, on the following basis:
The amount of transition reserve (component of retained earings) arising on the same is given below:
a) All tangible assets, including poperty, plant and equipments, and intangible asssets were taken at historical cost and hence no adjustments is required in financial statements.
b) Investments have been assessed at fair values.
c) The balances in revaluation reserve account (Rs 2002.25 lakhs credit) is transferred to transition reserve account.
Exemptions awailed as per Ind AS 101:
1) Past business combination:
The company has elected not to apply Ind AS 103-Business combination retrospectively to pass business combination that accured before the transition date of 01-April-2016 consequently, the company has kept the same classification for the past business combination as in its GAAP financial statements.
2) Propety, Plant and Equipments:
The company has elected to measure the PPE at historical cost method as was prevailing in the previous financial statements.
3) Investments in Subsidiaries & Associates :
There is no subsidiary of the company.
4) Fair value of financial Assets and Libilities:
As per the Ind AS exemption, the company has not fair valued the financial assets and libilities retrospectively and measured the same prospectively.
1 As per consistent accounting practice followed by the Company, Excise Duty aggregated approximately to Rs.NA (Rs. 83,11,327 ) on finished goods not cleared from factory is neither provided for nor the same as considered for valuation of Closing Stock. This policy has no impact on the profit for the year.
2 Estimated amount of contracts remaining to be executed on Capital accounts Rs. 1,28,89,956 (Rs. 1,60,93,731 ) against which advances made amounting to Rs.1,17,45,956 (Rs.1,44,56,874).
3 The Company purchased building and plant & machinery in Court Auction for Rs.85,21,000 in earlier years out of which Rs.43.00 Lacs was allocated to Land & Building vide Court Order for registration of properties, the Board of Directors allocated Rs.10.00 Lacs to Land and Rs.33.00 Lacs to Building respectively and depreciation charged accordingly. Out of plant & machinery so purchased certain machineries have been sold in earlier years in respect of which sale value has been adjusted in the cost of plant & machinery in the respective years.
The Company has filed a suit against the Hong-Kong and Shanghai Banking Corporation for realisation of Rs.19,34,730 for expenses incurred in connection with clearing the title of Property which was purchased in Court Auction and other damages/losses suffered by the Company for which no adjustment has been made in the books of accounts.
4 (i) In pursuance of liberal policy of Government to allow parallel marketing of Liquefied Petroleum Gas. Company started LPG division for marketing of Liquefied Petroleum Gas during the year 1993-1994, but due to unfeasibility, the said division as per an agreement made on 12th August, 1994 had already been transferred to another Company M/s BYGGING INDIA LIMITED and all the expenditures, income and liabilities had been transferred to the said Company from the date of inception to the date of agreement.
(ii) Recovery suit for Rs.32,40,707 filed against Bygging India Ltd.by the dealers of the above referred LPG Division is also pending with the Honorable Delhi’ High Court wherein the Company has also been made a party.
(iii) A Suit for recovery of Rs. 26,12,863 has been filed by M/s ESS ESS Chemitech in the civil court at Faridabad against which the company has incured Rs. 30,78,351 on account of inferior paint supplied by M/s ESS ESS Chemitech and the balance of Rs. 4,65,488 is recoverable from M/s ESS ESS Chemitech as on 31.03.2018
5 Rs. 2,06,30,092 in respect of insurance claim loged on New India Assurance Company Faridabad , for damage cause due to fire broke out on 19/06/2017 in the Terry towel Unit of the company in Faridabad against which the Insurance Company had paid Rs. 89,24,638 and for the balance amount the company has lodged the claim in the court of law.
6 The Company is in the process of identifying Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore, it is not possible for the Company to ascertain whether payment to such enterprises has been done within 45 days from the date of acceptance of supply of goods or services rendered by such enterprises and to make requisite disclosure. The disclosure as required under the said act is as under:
7 In the opinion of the management, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Sundry Creditors and Loans and Advances and commission on sales & purchases are however, subject to confirmations and adjustments, if any.
8 Sales is net of:
(i) Gain on Exchange fluctuation (net) Rs.9,98,60,804.58 (previous year Rs. (1,47,10,852 ),though in consonance with the accounting policy consistently followed by the company but is in contravention of Accounting Standard AS 11. where the same should have been reported separately.
(ii) Expense on repairs of exported goods outside India Rs. NIL (previous year Rs.Rs. 15,14,724)
9 Derivative Instruments and Unhedged Foreign Currency Exposure
(i) Forwarded Contract Outstanding at the Balance sheet date. NIL(NIL)
(ii) The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:
Amount receivable and payable as at March 31, 2018 in foreign currency on account of the following:
10 Comparative figures for the previous year have been re-grouped re-cast and re-arranged wherever necessary and figures in brackets represent previous year figures.
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