Home  »  Company  »  Acknit Industries Lt  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Acknit Industries Ltd.

Mar 31, 2015

The company's operating business are organized and managed separately according to the nature of products. The five identified reportable segments are (i) Own manufactured cotton & synthetic gloves, (ii) Leather gloves, (iii) Readymade Garments (iv) Other & traded items and (v) Power generation segment. The secondary segment is the geographical segment based on the location of manufacturing unit.

1. RELATED PARTY DISCLOURES

Related Party Disclosures, as required by Accounting Standard 18," Related Party Disclosures", are given below:

1. ENTERPRISES WHERE THERE (a) Acme Safety wears Limited

IS A SIGNIFICANT INFLUENCE (b) Saraf Capital Markets Limited

(c) Prince Vanijya Pvt Ltd

(d) Century Safety Wears Pvt. Ltd

(e) Rosinate India Company

2. KEY MANAGEMENT PERSONNEL (a) Mr. Shri Krishan Saraf

(b) Mr. Deo Kishan Saraf

(c) Mr. Swapan Kumar Chakraborty

(d) Mr. Bishnu Kumar Kesan

(e) Mr. Abhishek Saraf

(f) Ms. Deepa Singh

2. DERIVATIVE INSTRUMENTS:

The company uses forward exchange contracts to hedge its exposures in foreign currency related to firm commitments and highly probable for casted transactions. The information on derivative instruments is as follows:-


Mar 31, 2014

1 Corporate Information

Acknit Industries Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in manufacturing and selling of Industrial Hand Gloves, Garments and Safety wears.

The company was first amongst the various units producing safety gloves in India. Because of approved international quality standards and its comparatively competitive sales price, the products of the company were accepted immediately in the European market.

Over the years the company has grown in its operation which has been multiplied continuously and in the process the company has diversified its products from gloves to garments and safety wears.

2 Note: - A sum of Rs. 67,77,228/- payable to Micro Small and Medium Enterprises as at 31st March, 2014 (Previous year - Rs. 47,81,549/-) There are no Micro, Small and Medium Enterprises, to whom the company owes dues, which are outstanding for more than 45 days during the year and also as at 31st March, 2014. This information as required to be disclosed under The Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

3 Note:

1. Building Freehold include Rs. 37,541,129/- (previous Year - Rs. 36,556,198/-), aggregate cost of Building on Leasehold Land situated at various locations.

2. Office Premises include Rs. 52,71,635/- (previous Year - Rs. 52,71,635/-), aggregate cost of Office Premises on lease. While the ownership of office premises Rs. 52,71,635/- is in the name of the company has not yet effected formal transfer.

3. The company imported plant & machineries under concessional rate or zero customs duty under Export Promotion Capital Goods Scheme (EPCG Scheme). Under the scheme, the company is obliged to export goods equivalent to 8 times of duty saved on capital goods. The company is required to meet this export obligation over a period of 8 years from the date of issue of authorisations. Out of the above, the company has fulfilled export obligation of USD 1.96 lacs upto 31.03.2014.

4. Depreciation had been provided at WDV up to the additions made on 31.03.95 and at SLM on the additions made on or after 31.03.95 as per Companies Act, 1956 (as amended). The Total depreciation provided Rs. 16,683/- on WDV method on Gross Block of Rs. 33,03,142/-( previous year depreciation Rs. 28,464/- on Gross Block of Rs. 33,03,142/-) and Rs. 1,72,04,312/- on SLM on Gross Block of Rs. 3,32,445,572/- (previous year depreciation Rs. 1,70,58,404/- on Gross Block of Rs. 3,12,333,777/-).

5. CONTINGENT LIABILTIES

(a) Claims against the company not acknoledged as debts

(i) Sales Taxes claims disputed by the company relating to issues of 76,29,958 76,29,958 applicability classification and disallowance.

(ii) Tax liability demanded by the Kolkata Municipal Tax Authorities*. 25,62,342 25,62,342

(b) Guarantees

Letter of Credit 1,91,23,102 1,52,39,170

(c) Other money for which company is contingently liable

Bills discounted by the Bank 6,97,78,878 4,55,92,365

* Tax liability demanded by the Kolkata Municipal Tax Authorities for the periods prior to acquisition of a property of Rs. 12,65,475/- (Previous Year. - Rs. 12,65,475/-), for the periods after acquisition of the property of Rs. 2,45,025/-(Previous Year. - Rs. 2,45,025/- and penalty and interest for above amounting to Rs. 10,51,842/- (Previous Year. - Rs. 10,51,842/-) is pending disposal before Hon''ble High Court at Kolkata against which the company has deposited on account a sum of Rs. 17,00,000/- (Previous Year. - Rs. 17,00,000/-).

6. SEGMENT REPORTING

The company''s operating business are organized and managed separately according to the nature of products. The five identified reportable segments are (i) Own manufactured cotton & synthetic gloves, (ii) Leather gloves, (iii) Readymade Garments (iv) Other & traded items and (v) Power generation segment. The secondary segment is the geographical segment based on the location of manufacturing unit.

7. Balance under heading trade receivables, trade payables and Ioans and advances are subject to confirmations.

8. Figures have been rounded off to the nearest rupee.


Mar 31, 2013

1. SEGMENT REPORTING

The company''s operating business are organized and managed separately according to the nature of products. The five identified reportable segments are (i) Own manufactured cotton & synthetic gloves, (ii) Leather gloves, (iii) Readymade Garments (iv) Other & traded items and (v) Power generation segment. The secondary segment is the geographical segment based on the location of manufacturing unit.

2. RELATED PARTY DISCLOSURES

Related Party Disclosures, as required by Accounting Standard 18, " Related Party Disclosures" , are given below :

1. ASSOCIATES : (a) Acme Safetywears Limited

(b) Saraf Capital Markets Limited

2. KEY MANAGEMENT PERSONNEL : (a) Mr. Shri Krishan Saraf

(b) Mr. Deo Kishan Saraf

(c) Mr. Swapan Kumar Chakraboarty

(d) Mr. Bishnu Kumar Kesan

(e) Mr. Abhishek Saraf

3. COMPANIES WHERE THERE IS A

SIGNIFICANT INFLUENCE : (a) Rosinate India Company

(b) Prince Vanijya Pvt Ltd.

(c) Century Safety Wears Ltd.

3. DERIVATIVE INSTRUMENTS :- The company uses forward exchange contracts to hedge its exposure in foreign currency related to firm commitments and highly probable forcasted transactions. The information on derivative instruments is as follows :-

4 Balance under heading trade receivables, trade payables and loans and advances are subject to confirmations.

5 Figures have been rounded off to the nearest rupee.


Mar 31, 2011

1. Contingent Liability in respect of :- a) Bills discounted by the Bank amounting to Rs.49,288,779/- (Previous year Rs. 33,557,522/-).

b) In respect of Letter of Credit Rs. 23,357,990/- approx (Previous year Rs. 7,482,562/- approx)

c) Counter Guarantee given to Bank Rs.2,488,630/- (Previous year Rs.3,167,833/-)

d) Tax liability demanded by the Kolkata Municipal Tax Authorities for the periods prior to acquisition of a property of Rs. 1,265,475/- (Previous year Rs. 1,265,475/-), for the periods after acquisition of the property of Rs. 245,025/- (Previous year Rs. 245,025/-) and penalty and interest for the above amounting to Rs. 1,051,842/ - (Previous year Rs. 1,051,842/-) is pending disposal before Hon'ble High Court at Kolkata against which the Company has deposited on account a sum of Rs. 1,700,000/- (Previous year Rs. 1,700,000/-)

2. Cyclic expenditure such as Professional Tax, Rates, Taxes, Bonus, Insurance, Telephone expenses are treated on cash basis.

3. Valuation of inventories certified and decided by the management are according to normally accepted accounting principal.

4. Balance under heading Sundry Debtors, Creditors and Loans & Advances are subject to confirmations.

5. Depreciation had been provided at WDV up to the additions made on 31.03.95 and at SLM on the additions made on or after 31.03.95 as per Companies Act, 1956 (as amended). The Total depreciation provided Rs.15,056/- on WDV method on Gross Block of Rs. 3,303,143/-( previous year depreciation Rs. 28,042/- on Gross Block of Rs. 3,707,017/-) and Rs. 15,369,366/- on SLM on Gross Block of Rs. 270,838,111/- (previous year depreciation Rs. 15,128,217/- on Gross Block of Rs. 260,593,093/-)

6. No provision was made in respect of Leave encashment in the accounts.

7. 480,000 Equity shares of Rs.10/- each forfeited in terms of Board resolution during the year 1998-99.

8. With reference to disclosure for amount due to SSI undertakings in Schedule 'M', to the extent of availability of information as to the identify of SSI undertaking, no amount was due to such undertaking in excess of Rs. 1.00 lacs and no outstanding was for more than 45 days as at Balance Sheet date.

9. There was a major fire on 16.09.2010, midnight, at one of its unit at Falta SEZ. In the same fire, Plant & Machineries, Electric Installations, Other Equipments along with Factory Building and Shed and Furniture & Fixtures were damaged. More over inventories also destroyed in the same fire. All these Fixed Assets and inventories were insured under "Standard Fire and Special Perills Policy". During the year, the claim was fully settled at Rs. 51,457,777/- after all deductions and expenditure incurred for cost of restoration.

The company had deducted the cost of inventories for Rs. 28,835,562/- (Net after salvage), WDV of Fixed on the date of fire for Rs. 15,133,902/- and cost of restoration of Fixed Assets for Rs. 10,430,140/- from the claim so settled and net shortfall of Rs. 2,941,827/- was shown in the Profit & Loss A/c under heading "Extra ordinary items - Loss incurred from Fire."

10. Segment Reporting

The Companies operating business are organized and managed separately according to the nature of Products. The four identified reportable segments are (i) own manufactured cotton & synthetic gloves, (ii) Leather Gloves (iii) Other & traded items & (iv) Power Generation Segment. The secondary segment is the Geographical segment based on the location of manufacturing unit.

11. Schedule "A" to "X" and Annexure "A" for Company's General Business Profile, forms a part of Balance Sheet and Profit & Loss Account for the year ended on 31st March, 2011.

12. An asset is treated as impaired when cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the Year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

13. The company has recognize the Income, for the shortfall in minimum generation of power for earlier year on actual realization basis.

14. Previous year figures have been regrouped / rearranged wherever necessary to conform to current year figures.

15. Figures have been rounded off to the nearest of rupee.


Mar 31, 2010

Schedule - U : - Related Party Transactions

The company has transactions with the following rotated parties :

Subsidiaries : Nil

Associates : a) Roslnate India Company.

b) Acme Safety Wears Limited.

c) Saraf Capital Markets Limited.

Key Management Personnel

a) Mr. Shri Krishan Saraf : Chairman cum Managing Director

b) Mr. Deo Krishan Saraf : Executive Director

c) Mr. Swapan Kumar Chakravarty : Works Manager

d) Mr. Bishnu Kumar Kesan : General Manager

e) Mr. Abhishek Saraf : Senior Executive

1. Contingent Liability in respect of :-

a) Bills discounted by the Bank amounting to Rs.33,557,522/- (Previous year Rs.22.975.882/-).

b) In respect of Letter of Credit Rs. 7,482,562/- approx (Previous Year Rs. 8,478,429/- approx)

c) Counter Guarantee given to Bank Rs.3,167,833/- (Previous year Rs.1,868.229/-)

d) Tax liability demanded by the Kolkata Municipal Tax Authorites for the periods prior to acquisition of a property of Rs. 1,265,475/- (Previous year Rs. 1,265,475/-), for the period after acquisition of the property of Rs. 245,025/- (Previous year Rs. 245,025/-) and penalty and interest for the above amounting to Rs. 1,051,842/. (Previous year Rs. 1,051,842/-) is pending disposal before Honble High Court at Kolkata against which the Company has deposited on account a sum of Rs 1,700,000/- (Previous year Rs. 700,000/-)

2. Cyclic expenditure such as Professional Tax, Rates, Taxes, Bonus, Insurance, Telephone expenses are treated on cash basis.

3. valuation of inventories certified and decided by the management are according to normally accepted accounting principal.

4. Balance under heading Sundry Debtors, Creditors and Loans & Advances are subject to confirmations.

5. Depreciation had been provided at WDV up to the additions made on 31 .03.95 and at SLM on the additions made on or after 31.03.95 as per Companies Act, 1956 (as amended) The Total depreciation provided Rs.28,042/- on WDV method on Gross Block of Rs. 3.707,017/- (previous year depreciation Rs. 36,076/- on Gross Block of Rs. 3,707,017/-) and Rs. 15,128,217/- on SLM on Gross Block of Rs. 260,593,093/- (previous year depreciation Rs. 14,945,836/- on Gross Block of Rs. 252,622,020/-)

6. No provision was made in respect of Leave encashment in the accounts.

7. 480,000 Equity shares of Rs. 10/- each forfeited in terms of Board resolution during the year 1998-99.

8. With reference to disclosure for amount due to SSI undertakings in Schedule L, to the extent of availability of information as to the identify of SSI undertaking, no amount was due to such undertaking in excess of Rs. 100 lacs and no outstanding was for more than 30 days as at Balance Sheet date.

9. Segment Reporting

The Companys operating business are organized and managed separately according to the nature of Products. The (our identified reportable segments are (i) own manufactured cotton & synthetic gloves, (ii) Leather Gloves (iii) Other & traded items & (iv) Power Generation Segment The secondary segment is the Geographical segment based on the location of manufacturing unit.

10. Schedule "A" to "U" and Annexure "A" for Companys General Business Profile, forms a part of Balance Sheet and Profit & Loss Acoount for the year ended on 31st March, 2010.

11. An asset is treated as impaired when cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the Year m which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

Defined Benefit Plan

The employees gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method. which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

12. The company has recognize the Income, for the shortfall in minimun generation of power for earlier year on actual realization basis.

13. Previous year figures have been regrouped / rearranged wherever necessary to conform to current year figures

14. Figures have been rounded off to the nearest of rupee.

 
Subscribe now to get personal finance updates in your inbox!