5. The company has accounted Rs, 1,18,31,568/- (P.Y. Rs, 1,58,73,300/-) as export benefit receivable and outstanding as on March 31, 2016 in terms of duty free import of Raw materials on the basis of advance licenses, DFRC and DEPB received/ receivable against export sale of the company as accepted, ascertained and estimated realizable benefit on accrual basis. The realization of said benefit is dependent on the utilization thereof, custom duty rate and exchange rate.
6. The Management has reviewed old outstanding trade receivable which are overdue for more than one year. Provision for doubtful debts is not made in view of trade practice in the laminate industries in respect of dues for supply of publication or Folder etc. to be adjusted when the same are returned in good condition. As per the opinion of Management they said dues are fully recoverable hence no provision is requited Bad and Doubtful debts.
7. Profit/ Loss on sale of Raw material has not been segregated in showing the consumption thereof (i.e. Consumption is net of sale of Raw material).
8. The company has not reconciled the balances with various parties appearing under Note of trade receivable, Loans & advances and trade & other payable. Hence impact of such reconciliation, if any, is not ascertained.
9. In the absence of any intimation from vendors regarding status of their registration under "Micro, Small & Medium Enterprise Development Act, 2006", the company is unable to comply with the disclosure requirement to be made under the said act.
10. The company has recognized MAT Credit Asset of Rs, 47.40 Lacs (P.Y. Rs, 15.46 Lacs) which can be recovered, based on the provisions of Section 115JAA/115JB of the Income Tax Act, 1961. The management based on the present trend of profitability and also the future profitability projections, is of the view that there would be sufficient taxable income in foreseeable future, which will enable the company to utilize MAT Credit Asset.
11. Consumption of Raw material and spare parts :
The value of consumption of Raw Material and spare parts for indigenous and imported is not furnished separately as separate record s thereof are not maintained.
12. In the opinion of the Board, any of the current assets, loans and advances has a value on realization in the ordinary course of business at least equal to the amount at which they are stated including old debtors of folders and publicity articles aggregating ' 62,70,420/-.
13. Related Party Information:
Information about related parties as required by AS-18:
Sr. Name of the related party Description of relations
No. Key management personnel
1. Mr. Sunil S. Gupta Managing Director
2. Mrs. Rupal S. Gupta Executive Director
3. Mr. Karan S. Gupta Executive Director
4. Mrs. Brinda K. Gupta CFO- One of Director's Wife
Parties where control exists:-
1. Suncare Traders Limited Enterprise over which control exercised by key
management personnel
2. Karan Interior Limited Enterprise over which control exercised by key
management personnel
15. Segment Information :
a) Primary Segment - Business Segment :
The company manufactures and sales laminated sheets and wooden doors, Frames and Furniture which belong to the same product group of furnishing and construction material. The product has the same risks and returns, which are predominantly governed by market conditions, namely demand and supply position. Thus there is only one identifiable reportable segment.
17. Cash Flow Statement has been prepared under the "Indirect Method" as set out in Accounting Standard-3 on Cash Flow Statement issued by the Institute of Chartered accountants of India and figures in bracket represent outflow of cash.
18. The information required by clause 5(ii)(a),of part II of Schedule III of the companies Act, 2013 are as under:
NOTES :
Due to non receipt of balance 75% of amount of total warrant of ' 19.25/- per warrant on or before 18 months from date of allotment i.e.on or before 30th, october 2014, the Company during the financial year 2014-15, forfieted Part Payment received against Convertible Preferance Warrants as mentioned hereinabove.
(i) Car loan from HDFC Bank Ltd is secured primarily by First charge on vehicle mortgaged to bank and collaterally by personal gurantee by Directors.
(ii) Car loan from Kotak Mahindra Prime Ltd is secured primarily by First charge on vehicle mortgaged to bank and collaterally by personal gurantee by Directors.
(iii) Loan from Reliance Capital Ltd. Is secured primarily by first charge on Plant and Machinery of the company and collaterally by personal guarantee by Directors.
(iv) Loan from Religare Finvest Ltd. was secured primarily by first charge on Residential Bunglows situated at 9, Kalhar Bunglows, Shilaj, Ahmedabad registered in the name of M.D. Shri. Dr. Sunil Gupta and the collaterally personal guaranteed by Directors.During the year under report the same has been fully repaid.
(v) Loan from Bajaj Finance Ltd. bearing Loan Agreement No. : 418CSH17862363 is secured primarily by first charge on Residential Bunglows situated at 9, Kalhar Bunglows, Shilaj, Ahmedabad registered in the name of M.D. Shri. Dr. Sunil Gupta and the collaterally by personal guarantee by Directors.
(i) Loans from Punjab National Bank is secured primarily by first charge on entire current assets (present and future) of the company including stock of Raw material, Finish goods, stores & spares consumables Book debts, work in progress, demand/usance bills accompanied by RRs and GRs of approved transport companies, DP/DA bills and counter guarantee from borrower :
Further secured by following collateral securities.
(a) Registered Mortaged of factory Land & building at Block No.:- 267,268,269,271/P/2 at village - oran, Taluka - Prantij, Dist:- Sabarkantha.
(b) Registered Mortaged of Plot No.:- 28, Saket, Himalya Darshan Society, Makarba, Ahmedabad in the name of Director Dr. Sunil Gupta.
(c) Registered Mortaged of Office No - 1, 2/F, Sumel Complex, S.G. Highway, Thaltej, Ahmedabad. in the name of Director Dr. Sunil Gupta.
(d) Personal guarantee in individual capacity of Director Shri. Sunil Gupta and Smt. Rupal S. Gupta.
Additional Disclosure
17. In abesence of the information from vendors regarding status of their registration under "Micro, Small and medium enterprise Act , 2006 ", the company is unable to comply with the disclosure requirement to be made under the said Act.
(i) Car loan from HDFC Bank Ltd is secured primarily by First charge on vehicle mortgaged to bank and collaterally by personal gurantee by Directors.
(ii) Car loan from Kotak Mahindra Prime Ltd is secured primarily by First charge on vehicle mortgaged to bank and collaterally by personal gurantee by Directors.
(iii) Loan from Reliance Capital Ltd. Is secured primarily by first charge on Plant and Machinery of the company and collaterally by personal guarantee by Directors.
(iv) Loan from Religare Finvest Ltd. was secured primarily by first charge on Residential Bunglows situated at 9, Kalhar Bunglows, Shilaj, Ahmedabad registered in the name of M.D. Shri. Dr. Sunil Gupta and the collaterally personal guaranteed by Directors.During the year under report the same has been fully repaid.
(v) Loan from Bajaj Finance Ltd. bearing Loan Agreement No. : 418CSH17862363 is secured primarily by first charge on Residential Bunglows situated at 9, Kalhar Bunglows, Shilaj, Ahmedabad registered in the name of M.D. Shri. Dr. Sunil Gupta and the collaterally by personal guarantee by Directors.
Note 18 Earning per Share
Net Profit after tax has been used as numerator and no. of shares has been used as denominator for calculating the basic and diluted earning per share
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