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అకౌంట్స్ గమనికలుIntegrated Rubian Exports Ltd.
Mar 31, 2010
1. Integrated Rubian Exports Limited is engaged in processing and
export of marine products. It has its own processing plant in Aroor and
a leased unit in the state of Orissa. As the company has fulfilled its
export and other obligations under the EOU Scheme of its Aroor unit, it
has de- bonded from the scheme with effect from 12th October, 2001 as
per the final de-bonding order Number 24/I2/92/EOU/KL/CEPZ/VOL.II-7474
dated 12.10.2001 issued by the Development Commissioner, Cochin Export
Processing Zone. The company is under lock-out since March 31, 2003 and
hence there was no operation during the year.
2. Secured loan include:
a. Term Loan from IFCI secured by a first charge on the fixed and movable assets of the company.
b. Packing Credit Loan from Federal bank Ltd. and Indian Bank of consortium basis secured by first charge on all the current assets of the company namely stock of raw-materials, semi finished and finished goods, tools and spares, bills receivables and book debts and all other movable assets both present and future; and second charge on all immovable assets including Plant and Machinery.
c. All the above loans are also secured by the personal guarantees of the Promoter Directors.
3. Contingent Liabilities:
a. The capital investment subsidy of Rs.4.86 lakhs from MPEDA is refundable in the event of non-compliance of certain conditions attached to the grant of this subsidy.
4. The loan liability to IFCI amounting to Rs.398.73 lakhs is as per the One-time Settlement allowed by IFCI. However the company has not repaid the amount on the agreed due date of 30th November, 2000 but has requested extension of time from IFCI. As the loan amount is not repaid as on the settlement date stipulated by IFCI, the interest accrued and charged to the Profit and Loss Account statement of Rs. 163.50 lakhs in the earlier years has not been reversed and taken to income. Similarly, no interest is provided for the period beyond November 30, 2000, on the same ground.
5. As the Company has defaulted on the loan repayment and servicing interest on the packing credit, the Financial Institutions have filed a recovery suit in the Debt Recovery Tribunal
Figures for the Figures for the
Current Year Previous year
6. Claims against the Company not acknowledged as debts Nil Nil
7. Estimated amount of contracts remaining to be Nil Nil executed on capital account
8. Any other monies for which company is Nil Nil contingently liable
9. Remuneration to Directors Nil Nil
10. All Loans & Advances are considered good in respect of which Company holds no security other than the partys personal security
11. Sundry Debtors are considered good in respect of which Company holds no security other than the debtors personal security.
12. Loans and advances due by directors or other officers of the Company or any of them either Nil Nil jointly or severally with any other person
13. Loans and advances due by firms or private limited companies in which such director is a Nil Nil partner or a director or a member
14. Loans and advances due by companies under same management within the meaning of Nil Nil section 370(1 B) of the Companies Act
15. Maximum amount due by directors or other officers of the Company any time during the Nil Nil year
16. Deposits from Directors Nil Nil
17. Remuneration to Auditors: Rs. 16,545 Rs. 16,545 Fee tor Statutory Audit
18. Accounting Standard 15 is not applicable since there are no employees in the employees register during the year.
19. Related Party Disclosure (AS-18): There are no transactions between the reporting enterprise and its related parties.
20. Additional information pursuant to provisions of paragraphs 3, 4C and 4D of Part II of Schedule VI of the Companies Act 1956:
a) Licensed Capacity : Not Applicable
b) Installed Capacity, production, stock & Turnover : Not Applicable
c) Raw Materials Consumed : Not Applicable
d) CIF value of imports : Nil
e) Expenditure in foreign Currency : Nil
f) Amount remitted during the year in foreign currency on : Nil account of dividend
g) Earnings in foreign exchange : Nil
21. The Balance Sheet Abstract and the Companys General Business Profile as required by part IV to Schedule VI to the Companies Act 1956 is attached.
22. Previous years figures have been regrouped wherever considered necessary.
2. Secured loan include:
a. Term Loan from IFCI secured by a first charge on the fixed and movable assets of the company.
b. Packing Credit Loan from Federal bank Ltd. and Indian Bank of consortium basis secured by first charge on all the current assets of the company namely stock of raw-materials, semi finished and finished goods, tools and spares, bills receivables and book debts and all other movable assets both present and future; and second charge on all immovable assets including Plant and Machinery.
c. All the above loans are also secured by the personal guarantees of the Promoter Directors.
3. Contingent Liabilities:
a. The capital investment subsidy of Rs.4.86 lakhs from MPEDA is refundable in the event of non-compliance of certain conditions attached to the grant of this subsidy.
4. The loan liability to IFCI amounting to Rs.398.73 lakhs is as per the One-time Settlement allowed by IFCI. However the company has not repaid the amount on the agreed due date of 30th November, 2000 but has requested extension of time from IFCI. As the loan amount is not repaid as on the settlement date stipulated by IFCI, the interest accrued and charged to the Profit and Loss Account statement of Rs. 163.50 lakhs in the earlier years has not been reversed and taken to income. Similarly, no interest is provided for the period beyond November 30, 2000, on the same ground.
5. As the Company has defaulted on the loan repayment and servicing interest on the packing credit, the Financial Institutions have filed a recovery suit in the Debt Recovery Tribunal
Figures for the Figures for the
Current Year Previous year
6. Claims against the Company not acknowledged as debts Nil Nil
7. Estimated amount of contracts remaining to be Nil Nil executed on capital account
8. Any other monies for which company is Nil Nil contingently liable
9. Remuneration to Directors Nil Nil
10. All Loans & Advances are considered good in respect of which Company holds no security other than the partys personal security
11. Sundry Debtors are considered good in respect of which Company holds no security other than the debtors personal security.
12. Loans and advances due by directors or other officers of the Company or any of them either Nil Nil jointly or severally with any other person
13. Loans and advances due by firms or private limited companies in which such director is a Nil Nil partner or a director or a member
14. Loans and advances due by companies under same management within the meaning of Nil Nil section 370(1 B) of the Companies Act
15. Maximum amount due by directors or other officers of the Company any time during the Nil Nil year
16. Deposits from Directors Nil Nil
17. Remuneration to Auditors: Rs. 16,545 Rs. 16,545 Fee tor Statutory Audit
18. Accounting Standard 15 is not applicable since there are no employees in the employees register during the year.
19. Related Party Disclosure (AS-18): There are no transactions between the reporting enterprise and its related parties.
20. Additional information pursuant to provisions of paragraphs 3, 4C and 4D of Part II of Schedule VI of the Companies Act 1956:
a) Licensed Capacity : Not Applicable
b) Installed Capacity, production, stock & Turnover : Not Applicable
c) Raw Materials Consumed : Not Applicable
d) CIF value of imports : Nil
e) Expenditure in foreign Currency : Nil
f) Amount remitted during the year in foreign currency on : Nil account of dividend
g) Earnings in foreign exchange : Nil
21. The Balance Sheet Abstract and the Companys General Business Profile as required by part IV to Schedule VI to the Companies Act 1956 is attached.
22. Previous years figures have been regrouped wherever considered necessary.
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