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

Notes to Accounts of Addi Industries Ltd.

Mar 31, 2015

1: Corporate Information

Addi Industries limited (the company) is a public limited company incorporated in the year 1980 under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the manufacturing and marketing of readymade garments.

2. Share Capital

(a) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 5/- per share. Each holder of Equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuring Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

3. a) Contingent Liabilities

i) Claims against the company, not accepted and not provided for: Rs. 7,742,020 towards Employees State Insurance (March 31, 2014: Rs. 7,742,020).

4. (i) Defined Benefit plans

The employee's gratuity fund scheme defined unfunded benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to built up the final obligation. The obligation for leave encashment is a defined unfunded benefit plan, which is recognized in the same manner as gratuity.

5. Disclosure of Related parties/ Related parties transactions:

A. Name of the Related Parties and description of relationship

i) Wholly owned Subsidiary Company

Aum Texffab Pvt. Ltd.

ii) Key Management Personnel

Mr. C.L. Jain

Mrs. Urmila Jain Mr. Atul Jain

6. In view of the management,the current assets,loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet as at 31.03.2015.

7. The company is in business of single product "ready garments". Therefore, the requirements in context of the Accounting Standard -17 Segmental Reporting" are not applicable.

8. The closing balances of creditors and loans and advances are subject confirmation.

9. Previous year figures have been regrouped/ rearranged wherever considered necessary.


Mar 31, 2014

Note 1: Corporate Information

Addi Industries limited (the company) is a public limited company incorporated in the year 1980 under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the manufac- turing and marketing of readymade garments.

2. (a) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 5/- per share. Each holder of Equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distributuion will be in proprtion to the number of equity shares held by the shareholders

3. Note :

Keeping in view the principle of prudence as per Accounting Standard - "22 "Accounting for Taxes on Income", read with ASI- 3; since there is no virtual certainty of future profits to absorb the entire business losses, the company has not recognized deferred tax assets on the brought forward losses and unabsorbed depreciation.

4. Contingent Liabilities

i) Claims against the company, not accepted and not provided for : Rs. 7,742,020 towards Employees State Insurance (March 31, 2013: Rs. 7,742,020).

(ii) Defined Benefit plans

The employee''s gratuity fund scheme defined unfunded benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to built up the final obligation. The obligation for leave encashment is a defined unfunded benefit plan, which is recognized in the same manner as gratuity.

Note 5 :

In view of the management, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet as at 31.03.2014.

Note 6 :

The company is in business of single product "ready garments". Therefore, the requirements in context of the Accounting Standard - 17 Segmental Reporting" are not applicable.

Note 7 :

The closing balances of creditors and loans and advances are subject to confirmation.

Note 8 :

Previous year figures have been regrouped/ rearranged wherever considered necessary.


Mar 31, 2013

Note 1: Corporate Information

Addi Industries limited (the company) is a public limited company incorporated in the year 1980 under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the manufacturing and marketing of readymade garments.

Note 2: Disclosure of Related parties/ Related parties transactions :

A. Name of the Related Parties and description of relationship

i) Wholly owned Subsidiary Company Aum Texffab Pvt. Ltd.

ii) Key Management Personnel Mr. C.L. Jain

Mrs. Urmila Jain Mr. Hari Bansal Mr. Abhishek Bansal

iii) Enterprises owned or substantially influenced by Ultimate Investments LLP. key management personnel or their relatives

Note 3:

In view of the management, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet as at 31.03.2013.

Note 4:

The company is in business of single product "ready garments". Therefore, the requirements in context of the Accounting Standard - 17 Segmental Reporting" are not applicable.

Note 5 :

The closing balances of creditors and loans and advances are subject to confirmation.

Note 6 :

Previous year figures have been regrouped/ rearranged wherever considered necessary.


Mar 31, 2012

NOTE 1 : BASIS OF PREPARATION

The financial statements are prepared under the historical cost convention on an accrual basis and in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) The company has prepared these financial statements to comply in all material respects with accounting standards notified under the Companies (Accounting Standard) Rules, 2006 and other relevant provisions of the Companies Act, 1956 and guidelines issued by the Security Exchange Board of India as adopted consistently by the Company

2 Estimated amount of contracts remaining to be executed on Capital account (Net of advances) - Rs. Nil (Previous Year Rs Nil)

3 Contingent Liabilities

a) Claims against the company, not accepted and not provided for:

Rs. 7,742,020 towards Employees State Insurance (Previous Year Rs. 7,742,020)

b) Bills discounted with Bank outstanding Rs NIL (Previous Year Rs 2,087,796)

4 The Company has not received information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

5 No provision for current tax has been made in view of brought forward accumulated losses

b) Defined Benefit plans

The employee's gratuity fund scheme defined unfunded benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to built up the final obligation. The obligation for leave encashment is a defined unfunded benefit plan, which is recognized in the same manner as gratuity.

6 The company is in business of single product "ready garments"Therefore, the requirements in context of the Accounting Standard -17 Segmental Reporting" are not applicable.

General Description of Lease Terms

- Lease rental are charged on the basis of agreed terms.

- Assets are taken/given on lease over a period of 1 to 5 years

7 In view of the management, the current asssets, loans and advances have a value on realisation in the ordinary course of buisness at least equal to the amount at which they are stated in the balance sheet as at 31st March, 2012.


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on Capital account (Net of advances) - Rs. Nil (Previous Year Rs Nil)

2. Contingent Liabilities

a) Claims against the company, not accepted and not provided for :

- Rs.7,742,020 towards Employees State Insurance (Previous Year Rs.7,742,020)

- Rs.8,675,514 towards claim for recovery by the Franchisee (Previous Year Rs.8,675,514)

b) Bills discounted with Bank outstanding Rs 1,527,325 (Previous Year Rs. 4,964,863)

c) Trade tax Liability for Rs. 89,311 (Previous Year Rs. 89,311) under Appeal with Trade Tax Tribunal.

3. The Company has not received information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/ payable under this Act have not been given.

4. No provision for current tax has been made in view of brought forward accumulated losses.

Note: Managerial Remuneration to Directors does not include incremental liability for gratuity unless paid/payable as per company rules.

5. The Computation of Managerial remuneration & Commission payable u/s 349 of the Companies Act has not been given since the remuneration paid is as minimum remuneration.

Note: Keeping in view the principle of prudent as per Accounting Standard - "22 - "Accounting for Taxes on Income", since there is no virtual certainty of future profits to absorb the entire business losses, the company has not recognized deferred tax assets on the brought forward losses and unabsorbed depreciation.

Note: The other expenditures have been charged under the account head "Legal and Professional Charges" and "Auditors Expenditures".

6. Disclosure of Related parties/ Related parties transactions :

A. Name of the Related Parties and description of relationship

i) Wholly owned Subsidary Company Aum Texfab Pvt. Ltd.

ii) Key Management Personnel Mr. C.L. Jain

Mrs. Urmila Jain

Mr. Hari Bansal

Mr. Abhishek Bansal

iii) Enterprises owned or substantially influenced Ultimate Investments Pvt. Ltd. by key management personnel or their relatives

iv) Enterprises owned or siginificantly influenced M/s. Revaty R. Exports by group of individual or their relatives who have control or significant influence over the company.



Note : Figures in brackets represents corresponding amounts of previous years.

b) Defined Benefit plans

The employees gratuity fund scheme defined unfunded benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to built up the final obligation. The obligation for leave encashment is a defined unfunded benefit plan, which is recognized in the same manner as gratuity.

Note : The estimate of rate of escalation in salary considered in actuarial valution, taken into account inflation, seniority, promotion and other relevant factors on long term basis including supply and demand in the employment market.

7. Capacities, Production,Purchases, Turnover and Stocks

a) Licensed and Installed Capacities

As certified by the management as per the norms laid down by the Central Government no licence is required for the class of goods manufactured by the company and hence information pertaining to the licensed is not given. The Compnay is of the view that the installed capacity of its machinery in terms of measurable unit can not be determined as it varies, based on the design/process of its range of products hence installed capacity is not given.

Note: Figures in Brackets represent previous years figures.

Note: The above consumption are after reducing the sales of raw material 17,188.30 kgs (P.Y. 27,870.29 kgs) at Rs. 1,615,233 (P.Y. Rs. 971,104).

8. The company is in business of single product "ready garments". Therefore, the requirements in context of the Accounting Standard - 17 Segmental Reporting" are not applicable.

General Description of Lease Terms

- Lease rental are charged on the basis of agreed terms.

- Assets are taken/given on lease over a period of 1 to 5 years

9. In view of the management, the current asssets, loans and advances have a value on realisation in the ordinary course of buisness at least equal to the amount at which they are stated in the balance sheet as at 31st March, 2010.

10. Previous year figures have been regrouped/rearranged wherever considered necessary.


Mar 31, 2009

1. Estimated amount of contracts remaining to be executed on Capital account (Net of advances) - Rs. Nil (Previous Year Rs Nil)

2. Contingent Liabilities

a) Claims against the company, not accepted and not provided for :

- Rs.7,742,020 towards Employees State Insurance (Previous Year Rs.7,742,020)

- Rs.8, 675,514 towards claim for recovery by the Franchisee (Previous Year Rs.8,675,514)

b) Bills discounted with Bank outstanding Rs 4,964,863 (Previous Year Rs. 4, 414,249)

c) Trade tax Liability for Rs. 89,311 (Previous Year Rs. 89,311) under Appeal with Trade Tax Tribunal.

3. The Company has not received information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act have not been given.

4. No provision for current tax has been made in view of brought forward accumulated losses.

5. The Computation of Managerial remuneration & Commission payable u/s 349 of the Companies Act has not been given since the remuneration paid is as minimum remuneration.

6. Disclosure of Related parties/ Related parties transactions :

A. Name of the Related Parties and description of relationship

i) Wholly owned Subsidary Company Aum Texffab Pvt. Ltd.

ii) Key Management Personnel Mr. C.L. Jain

Mrs. Urmila Jain Mr. Hari Bansal Mr. Abhishek Bansal iii) Enterprises owned or substantially influenced Ultimate Investments Pvt. Ltd. by key management personnel or their relatives

iv) Enterprises owned or siginificantly influenced by M/s. Revaty R. Exports group of individual or their relatives who have control or significant influence over the company.

b) Defined Benefit plans

The employee’s gratuity fund scheme defined unfunded benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to built up the final obligation. The obligation for leave encashment is a defined unfunded benefit plan, which is recognized in the same manner as gratuity.

7. Capacities, Production, Purchases, Turnover and Stocks a) Licensed and Installed Capacities

As certified by the management as per the norms laid down by the Central Government no licence is required for the class of goods manufactured by the company and hence information pertaining to the licensed is not given. The Compnay is of the view that the installed capacity of its machinery in terms of measurable unit can not be determined as it varies, based on the design/process of its range of products hence installed capacity is not given.

8. The company is in business of single product “ready garments”. Therefore, the requirements in context of the Accounting Standard - 17 Segmental Reporting” are not applicable.

9. In view of the management, the current asssets, loans and advances have a value on realisation in the ordinary course of buisness at least equal to the amount at which they are stated in the balance sheet as at 31st March, 2009.

10. Previous year figures have been regrouped/rearranged wherever considered necessary.

b) Bills discounted with Bank outstanding Rs 4,964,863 (Previous Year Rs. 4, 414,249)

c) Trade tax Liability for Rs. 89,311 (Previous Year Rs. 89,311) under Appeal with Trade Tax Tribunal.

11. The Company has not received information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act have not been given.

12. No provision for current tax has been made in view of brought forward accumulated losses.

13 The Computation of Managerial remuneration & Commission payable u/s 349 of the Companies Act has not been given since the remuneration paid is as minimum remuneration.

14. Deferred Tax: As per the Accounting Standard 22 “Accounting for Taxes on Income” issued by the Institute of Chartered Accountants of India, the Company estimates the deferred Tax charge/(credit) using the applicable rate of taxation based on the impact of timing differences between financial statements and estimated taxable income for the current year.

15 Disclosure of Related parties/ Related parties transactions :

A. Name of the Related Parties and description of relationship

i Key Management Personnel Mr. C.L. Jain

Mrs. Urmila Jain Mr. Hari Bansal Mr. Abhishek Bansal ii. Enterprises owned or substantially influenced by Ultimate Investments Pvt. Ltd.

key management personnel or their relatives

III Enterprises owned or siginificantly influenced by group M/S Revaty R. Exports of individual or their relatives who have control or significant influence over the company.

16 Employee Benefits

a) Defined Constribution Plans

Contribution to Defined Contribution Plan, recognized as expemses for the year are as under :

(Amount in Rs.)

2008-09 2007-08

Employer’ Contribution to Provident Fund/ Pension Fund 884,526 867,158

Employer’s Contribution to Employee State Insurance 1,301,293 1,009,587

The contribution payable to these schemes by the Company are at the rates specified in the rules of the schemes.

b) Defined Benefit plans

The employee’s gratuity fund scheme defined unfunded benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional

- Assets are taken/given on lease over a period of 1 to 5 years

17. In view of the management, the current asssets, loans and advances have a value on realisation in the ordinary course of buisness at least equal to the amount at which they are stated in the balance sheet as at 31st March, 2009.

18. Previous year figures have been regrouped/rearranged wherever considered necessary.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X