16.1 Car Loans from Bank & Financial Institutions are secured by hypothecation of Motor Cars for which loan has been taken.
16.2 Term Loans from Banks are secured by hypothecation of all the fixed assets of the company.
16.3 Term Loan from Banks are also secured by entire Land & Building of the Company located at Kudsad-Kim, Olpad, Taluka, Surat.
16.4 The Term Loans are also secured against Flat at Soffitel Tower, Surat and Office at International Trade Center, Surat of the company. Term Loan is also secured against peronal properties of directors and sister concern M/s Mohit Yarns Ltd. All the term loans are guaranteed by directors of the Company. Term Loan from Kotak Mahindra Bank is secured against hypothetication of Solar Power Plant and Sr. No. 16.3
16.5 Terms of Repayment of Term Loans:-
(a) Term Loans of Axis Bank are repayment in Monthly installmnets of Rs. 1300000/- and Rs. 11,58,000/-each and shall be repaid by September, 2025 and January, 2027. The rate of interest is 9.00% p.a.
(b) Term Loan from Kotak Mahindra Bank is repayable in installments of Rs. 4,16,625/- each. The rate of interest is 9.15% p.a.
(c) Car Loan taken from ICICI bank is repayable in installments of Rs. 11,841/- each.
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31 CONTINGENT LIABILITY & COMMITMENTS:-(i) Contingent Liability In Respect of
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Particulars
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As at 31st March, 2025
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As at 31st March, 2024
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Gujarat Entry Tax Demand of F.Y. 2006-07 pending at appeal (a) stage*
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433.18
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433.18
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* The Tribunal has set-aside the order to First Appellate Authority. The management states that the demand is not sustainable in law.
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Gujarat Entry Tax Demand of F.Y. 2009-10 pending at appeal (b) stage*
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513.83
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513.83
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* The Tribunal has set-aside the order to First Appellate Authority. The management
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states that the demand is not sustainable in law.
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(c) Gujarat VAT Demand of F.Y. 2010-11 (Tax and Penalty)*
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301.49
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301.49
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Gujarat Entry Tax Demand of F.Y. 2010-11 pending at appeal stage*
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323.53
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323.53
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* The appeal against above demands is pending before First Appellate Authority.
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The management states that Tribunal has deleted identical demand of FY 2009-10
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in case of VAT and demand in case of Entry Tax has been set aside for FY 2009-10 to
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First Appellate Authority and thus demand raised is not sustainable in law.
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(d) Gujarat VAT Demand of F.Y. 2011-12 (Tax and Penalty)*
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72.05
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72.05
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Gujarat Entry Tax Demand of F.Y. 2011-12 pending at appeal stage*
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577.26
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577.26
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* The appeal against above demand is pending before First Appellate Authority (Set aside by
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Tribunal). The management states that this demand is not sustainable in law.
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Gujarat Entry Tax Demand of F.Y. 2007-08 pending at appeal (e) stage*
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1097.26
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1097.26
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* The appeal against above demand is pending before First Appellate Authority
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The management states that this demand is not sustainable
in law.
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(f) Gujarat VAT Demand of F.Y. 2012-13 (Tax and Penalty)*
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14.10
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14.10
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Gujarat CST Demand of F.Y. 2012-13 (Tax and Penalty)*
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4.47
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4.47
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Gujarat Entry Tax Demand of F.Y. 2012-13 (Tax and Penalty)**
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339.64
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339.64
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* The appeal against above demands is pending before Second Appellate Authority
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** The appeal against above demands is pending before First Appellate Authority.
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The management states that Tribunal has deleted identical demand of FY 2009-10
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in case of VAT and demand in case of Entry Tax has been set aside for FY 2009-10 to
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First Appellate Authority and thus demand raised is not sustainable in law.
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Income Tax Demand of A.Y. 2014-15 disputed in appeal (effect (g) in A.Y. 2018-19)
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53.81
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53.81
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(h) Income Tax Demand of A.Y. 2011-12 disputed in appeal
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5.71
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5.71
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IGST refund demand raised for FY 2017-18 to FY 2018-19 along (i) with penalty and interest
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2045.61
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GST Demand for FY 2017-18 disputed in Appeal (First appellate (j) authority has rejected appeal but
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2.65
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2.65
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the company is awaiting to file appeal before GSTAT which has yet to start).
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(ii) Commitments:-
(a) Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. 1838.43 Lakhs (P.Y. NIL) against which advance paid is Rs. 615.34 Lakhs (P.Y. Rs. 20.82 Lakhs) and Capital work in progress of Rs. 85.56 Lakhs (P.Y. NIL).
(b) Uncalled Liability on shares and other investments partly paid Rs. Nil (P.Y. Rs. Nil)
(c) Other Commitments Rs. Nil (P.Y. Rs. Nil)
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The above information disclosure regarding Trade Payables of Micro, Small and Medium Enterprises is made by the Management as per information from suppliers' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and relied upon by Auditors. The liability to pay interest u/s 16 of MSMED Act is provided in books of accounts as and when same is claimed by supplier by raising Debit Note in respect of the same. Accordingly, the above disclosure has been given as per liability of Trade Payable shown in the books of accounts of the company.
38 Segment Reporting
In line with Accounting Standard 17 on 'Segment Reporting', taking into account the organizational structure, product type as well as the differing risks and returns criterion, the Company is engaged in only one reportable segment viz. "Textiles".
41 Financial Risk Management
Mohit Industries Limited (MIL) continues to deploy a well articulated risk management framework. This is based upon a three-tiered approach encompassing (i) enterprise risks, (ii) process risks, and (iii) compliance risks.
(i) Enterprise risk : The company continue to evaluate the risk and also ensures that the mitigation processes are in place.
(ii) Process risk management involves assurances by the Company's internal audit department regarding the effectiveness of business and financial controls and processes in all key activities across the various business processes.
(iii) Compliance risk management comprises a detailed mechanism of assurances with respect to adherence of all laws and regulations, with a comprehensive reporting process that cascades upwards from the accountable business line executives to MIL's Audit Committed and then on to the Board of Directors.
The outcomes of business review meetings conducted by management and internal audit regarding processes and their compliance, as well as observations of the Audit Committee and the Board of Directors are continuously incorporated to capture new risks and update the existing ones. All three dimensions of MIL's Risk Management framework are reviewed annually for their relevance and modifications, as required. The businesses and internal audit make regular presentations to the Audit Committee for detailed review. The risk manage ment process, including its tracking and adherence, is substantially enabled for greater consistency and better reporting capabilities
42 Previous Year Figures have been regrouped/rearranged wherever necessary.
Note on Explanation for difference in amount as per Books of accounts and amount reported in quarterly statement / return filed with bank : -
The difference between amounts as per books of accounts and amounts reported in quarterly statement filed with bank is because stock statements are filed with bank before updation / finalization of accounts for quarterly limited review / audit of the accounts. Hence, debtors, creditors and stock are reported on adhoc basis with bank without complete updation of books of 1 accounts. Further stock reported in bank is inclusive of GST amount in value of stock.
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