Donear Industries Ltd.

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'Notes to Accounts' Donear Industries Ltd.

[is] SECURED LOANS

[As] TERM LOAN FROM STATE BANK OF HYDERABAD , DENA BANK, STATE BANK OF INDIA and STATE BANK OF INDORE

Secured by way of first pari passu basis in favour of Banks over all the fixed assets of Company, both present and future including but not limited to Fixed Assets pertaining to the Capital Expansion project of the Comp. at Unit Balaji Fabrics, Revenue Block no 194 and 195 Kadodara, Bardoli Road, Village Jolwa , Taluka Palsana, District , Surat Gujarat except Land and Building at plot no A-49 and A-50 Marol , MIDC Andheri [Easts] Mumbai & are also personally guaranteed by the directors Shri V. L. Agarwal & Shri R. V. Agarwal.

Term loans from State Bank of Hyderabad, Dena Bank & State Bank of India are further secured by second charge on the current assets of the company.

[Bs] CASH CREDIT, WORKING CAPITAL DEMAND LOAN FROM STATE BANK OF HYDERABAD AND DENA BANK

Secured by way of first charge on pari passu basis on all the current assets of Company, & also secured by way of second & subsequent charge on pari passu basis on the fixed assets of Comp. [Present and futures]. The above loans & facilities are guaranteed by the Directors, Shri. V. L. Agarwal & Shri R. V. Agarwal.

[iis] The Comp. has not received information from vendors regarding their status under the Micro, Small & Medium Enterprises Development Act,2006 & hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act, have not been given. The same has been relied upon by Auditors.

[iiis] Sales are inclusive of Export Incentives of Rs. 16,495,481/- [Previous year Rs.8,617,914/-s]

[ivs] Estimated amount of contracts remaining to be executed on Capital account and not provided for [net of advancess] is Rs. 18,472,386/- [Previous year Rs.348,607,304/-s]

[vs] CONTINGENT LIABILITY:

2007-08 2006-07 Rs. Rs.

as] Disputed Income tax Liability where Comp. is in - 16,075,154 appeal. bs] Disputed Income tax Liability where Department 30,462,963 30,462,963 is in appeal. cs] Bank Guarantees executed under 895,000 895,000 EPCG Scheme to custom authorities ds] Bond executed under EPCG Scheme to 202,267,158 84,922,254 Custom authorities es] Bonds executed in favour of excise 3,740,229 3,740,229 department towards concessional custom duty availed. fs] Claims against the Comp. not acknowledged 159,780 159,780 as debt gs] Bills Discounted with the Companys Bankers 16,970,777 9,707,577

[vis] SEGMENT REPORTING

The Comp. has two business segment viz. manufacture and dealing in textiles [Man made Fabricss] Since the sales outside India was more than 10% of total sales in the previous year, geographical segment is reported as the secondary segment.

[viis] DISCLOSURE FOR OPERATING LEASES UNDER ACCOUNTING STANDARD 19 - 'LEASES':

Assets taken on lease :

The Companys major leasing arrangements are in respect of residential / godowns/ office premises [including furniture & fittings therein wherever applicable s] taken on leave & license basis. The aggregate lease rentals Rs.7,091,364/- [previous year Rs. 6,607,850/-s] are charged as Rent & shown under Schedule 16 of 'Administrative, Selling & Other Expenses' & Rs.1,593,984/- [previous year Rs.1,369,305/-s] has been capitalized. These leasing arrangements, which are cancelable, range between 11 months & 5 years generally, or longer, & are usually renewable by mutual consent at mutually agreed terms and conditions.

Assets given on lease :

The Companys major leasing arrangements are in respect of office premises given on leave & license basis. The aggregate lease rentals Rs.644,436/-[previous year Rs. 590,733/-s] are collected as Lease Rent and shown under Schedule 'Other Income'. These leasing arrangements, which are cancelable, is for period 3 years & are usually renewable by mutual consent at matually agreed terms & conditions.

[viiis] Interest paid to others include Rs. Nil [Previous year Rs. 247/-s] being interest paid to the Managing Director.

[ixs] In the opinion of Board, the current assets, loans and advances have a value realization, in the ordinary course of business at least equal to the amount at which they are stated.

[xs] The balance of Sundry Debtors and Sundry Creditors & Loans & advances are subject to confirmation & consequential adjustment, if any.

[xis] Provision for current tax for year has been made under Minimum Alternate Tax [MATs] as per the provisions of section 115JB of the Income Tax Act, 1961. In accordance with the 'Guidance Note on accounting for credit available in respect of MAT' under the Income Tax Act, 1961 issued by Institute of Chartered Accountants of India, the Comp. has recognized this MAT credit as asset under the head 'Loans & Advances' & has credited the same to the Profit & Loss Account under 'Provision for Tax'.

[xiis] Previous year figures have been regrouped /restated wherever considered necessary to make them comparable with those of current year.

 

 

 

 

 

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