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Notes to Accounts of Adinath Textiles Ltd.

Mar 31, 2015

1. GENERAL INFORMATION

ADINATH TEXTILES LIMITED is a public limited company incorporate in India under the provisions of the Companies Act,1956.The company is engaged in the business of Manufacturing of Blended acrylic Yarn and Trading of Unstitched Suitings, Shirtings & Dress Materials.

2 CONTINGENT LIABILITIES NOT PROVIDED FOR :

a) Outstanding Excise Duty (Penalty) of Rs. 10,00,000/-**.

** Note: The amount includes Rs.5,00,000/- has been deposited under protest.

3 In the opinion of the Board of Directors, the current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except as expressly stated otherwise.

4 Since the company has become sick and has been registered with the Board for Industrial and Financial Reconstruction.

5 Confirmation of balances, whether in debit or credit from parties have not been obtained. As such their effect on Profit & Loss Account cannot be reflected.

6 As per Accounting Standard (AS)-28 on "Impairment of Assets"At each Balance Sheet date, an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

7 Previous year figures have been regrouped/recasted wherever necessary to make them comparable.

8 Sundry Debtors exceeding six month amount to Rs.11858779.89/- ,against which provision of Rs 5500000 /- has been made. However the company has filed suits against some of the debtors whose outstanding amount as on 31.03.2015 is Rs.4176132/-

A. Key Management Personnel and relatives of Key Management Personnel:

1. Key Management Personnel:

i) Rajneesh Oswal (Managing Director)

ii) Rajesh Kumar, CFO

iii) Preet Kanwar Singh, Company Secretary

2. Relatives of Key Management Personnel

i) Mr. Vishal Oswal (Brother)

ii) Mr. Kunal Oswal (Brother)

iii) Mrs. Priti Oswal (Wife)

iv) Mrs. Nirmal Oswal (Mother)

B. Entities Over Which Key Management Personnel and Relatives of Such Personnels are able to Exercise Significant Influence

i) Punctual Dealers Private Limited

ii) Fountain Tie-up Private Limited

9 Employee Benefits (Defined Benefit Plan)

The Company has a defined benefit plan for gratuity and leave encashments . The present value of obligation is determined based on the actuarial valuation using the Project unit Credit Method, which recognised each period of service as giving rise to additional unit of employee benefit entitlement and measure each unit separately to build up the final obligation.

The Accounting Standard (AS-15 Revised) prescribed by Companies Accounting Standard Rules 2006 is being followed and the following table summarize the components of net benefit/expenses recognised in the statement of Profit and loss and the amount recognised in the balance sheet for the gratuity and Leaves with wages plan.

10 Disclosure requirement as per AS - 19 on 'Leases':- factory building is given on Lease to different parties for the period varies between 1 to 7 years.

General description of the Lease agreement :

i) lease agreement can be terminated by either party by giving advance notice either by lease or lessor.

ii) Leases can not sublet the building further.

iii) lease rent is subject to yearly increase by 10%.

11. C.I.F. value of Imports - NIL


Mar 31, 2014

1. GENERAL INFORMATION

ADINATH TEXTILES LIMITED is a public limited company incorporate in India under the provisions of the Companies Act, 1956.The company is engaged in the business of Manufacturing of Blended acrylic Yarn and Trading of Unstitched Suitings, Shirtings & Dress Materials.

2 CONTINGENT LIABILITIES NOT PROVIDED FOR :

a) Outstanding Excise Duty (Penalty) of Rs. 1500000/-**.

** Note: The amount includes Rs.500000/- has been deposited under protest.

3 In the opinion of the Board of Directors, the current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except as expressly stated otherwise.

4 Since the company has become sick and has been registered with the Board for Industrial and Financial Reconstruction.

5 Confirmation of balances, whether in debit or credit from parties have not been obtained. As such their effect on Profit & Loss Account cannot be reflected.

6 As per Accounting Standard (AS)-28 on "Impairment of Assets"At each Balance Sheet date, an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

7 Previous year figures have been regrouped/recasted wherever necessary to make them comparable.

8 Sundry Debtors exceeding six month includes Rs.13667768.89/- which are outstanding for more than three years,against which provision of Rs 7110000 /- has been made. however the company has filed suits against some of the debtors whose outstanding amount as on 31.03.2014 is Rs.5076837

A. Key Management Personnel and relatives of Key Management Personnel:

1. Key Management Personnel:

i) Rajneesh Oswal (Executive Director)

2. Relatives of Key Management Personel

i) Mr. Vishal Oswal (Brother)

ii) Mr. Kunal Oswal (Brother)

iii) Mrs. Priti Oswal (Wife)

iv) Mrs. Nirmal Oswal (Mother)

B. Associates:

i) Shreyans Industries Limited.

C. Entities Over Which Key Managemant Personnel and Relatives of Such Personnels are able to Exercise Significant Influence

i) Punctual Dealers Private Limited

ii) Fountain Tie-up Private Limited

9 Employee Benefits (Defined Benefit Plan)

The employee''s gratuity fund scheme managed by the Trust is a defined benefits plan. The present value of obligation is determined based on the actuarial valuation using the Project unit Credit Method, which recognised each period of service as giving rise to additional unit of employee benefit entitlement and measure each unit separately to build up the final obligation.

10 Disclosure requirement as per AS - 19 on ''Leases'':- factory building is given on Lease to different parties for the period varies between 1 to 7 years.

General discription of the Lease agreement :

lease aggrement can be terminated by either party by giving advance notice either by lesse or lessor.

Lesses can not sublet the building further. lease rent is subject to yearly increase by 10%.

11. C.I.F. value of Imports - NIL


Mar 31, 2013

1. GENERAL INFORMATION

ADINATH TEXTILES LIMITED is a public limited company incorporate in India under the provisions of the Companies Act,1956.The company is engaged in the business of Manufacturing of Blended acrylic Yarn and Trading of Unstitched Suitings, Shirtings & Dress Materials.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR :

a) Outstanding Excise Duty (Penalty) of Rs. 1500000/-**.

** Note: The amount includes Rs.500000/- has been deposited under protest.

3. In the opinion of the Board of Directors, 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 except as expressly stated otherwise.

4. Since the company has become sick and has been registered with the Board for Industrial and Financial Reconstruction.

5. Confirmation of balances, whether in debit or credit from parties have not been obtained. As such their effect on Profit & Loss Account cannot be reflected.

6. As per Accounting Standard (AS)-28 on "Impairment of Assets "At each Balance Sheet date, an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

7. Earnings Per Share- The numerators and denominators used to calculate Basic and Diluted Earnings per Share.

8. Previous year figures have been regrouped/recanted wherever necessary to make them comparable.

9. As the allotment money on 480 Fully convertible Debentures, out of 3,80,880 Fully convertible Debentures issued during 1989-91 has not been received as on 31.3.2012, the same have not been converted into equity shares.

10. Sundry Debtors exceeding six month includes Rs. 15158488.89/- which are outstanding for more than three years, against which provision of Rs 8510000 /- has been made. however the company has filed suits against some of the debtors whose outstanding amount as on 31.03.2013 is Rs. 5076837

11. Detail of transactions entered into with the related parties during the year as required by Accounting Standard (AS)- 18 on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as under:

A. Key Management Personnel and relatives of Key Management Personnel:

1. Key Management Personnel:

i) Rajneesh Oswal (Executive Director)

2. Relatives of Key Management Personel

i) Mr. Vishal Oswal (Brother)

ii) Mr. Kunal Oswal (Brother)

iii) Mrs. Priti Oswal (Wife)

iv) Mrs. Nirmal Oswal (Mother)

B. Associates:

i) Shreyans Industries Limited.

C. Entities Over Which Key Management Personnel and Relatives of Such Personnel are able to Exercise Significant Influence

i) Punctual Dealers Private Limited

12 Employee Benefits (Defined Benefit Plan)

The employee''s gratuity fund scheme managed by the Trust is a defined benefits plan. The present value of obligation is determined based on the actuarial valuation using the Project unit Credit Method, which recognized each period of service as giving rise to additional unit of employee benefit entitlement and measure each unit separately to build up the final obligation.

13. Disclosure requirement as per AS - 19 on ''Leases'':-

factory building is given on Lease to different parties for the period varies between 1 to 7 years. General description of the Lease agreement :

lease agreement can be terminated by either party by giving advance notice either by lesse or lessor. Lesses cannot sublet the building further. lease rent is subject to yearly increase by 10%.


Mar 31, 2012

1 GENERAL INFORMATION

ADINATH TEXTILES LIMITED is a public limited company incorporate in India under the provisions of the Companies Act, 1956.The company is engaged in the business of Manufacturing of Blended acrylic Yarn and Trading of Unstitched Suitings, ShirtingsS Dress Materials.

2 CONTINGENT LIABILITIES NOT PROVIDED FOR :

a) Outstanding Excise Duty (Penalty) of Rs. 1500000/-**.

** Note: The amount includes Rs.500000/- has been deposited under protest.

3 In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization in the ordinary course of business at least I to the amount at which they are stated except as expressly stated otherwise.

4 Since the company has become sick and has been registered with the Board for Industrial and Financial Reconstruction.

5 Confirmation of balances, whether in debit or credit from parties have not been obtained. As such their effect on Profits Loss Account cannot be reflected.

6 As per Accounting Standard (AS)-28 on "Impairment each Balance Sheet date, an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

7 Previous year figures have been regrouped/recanted wherever necessary to make them comparable.

The deferred tax asset has not been recognized in the books of accounts in view of there being no virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

8 As the allotment money on 480 Fully convertible Debentures, out of 3,80,880 Fully convertible Debentures issued during 1989-91 has not been received as on 31.3.2012, the same have not been converted into equity shares.

9 Sundry Debtors exceeding six month includes Rs. 12948488.89/- which are outstanding for more than three years, however the company has filed suits against some of the debtors whose outstanding amount as on 31.03.2012isRs.5076837

10 Detail of transactions entered into with the related parties during the year as required by Accounting Standard (AS)-18on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as under:

A Key Management Personnel and relatives of Key Management Personnel:

1. Key Management Personnel:

i) Rajneesh Oswal (Executive Director)

2. Relatives of Key Management Personel

i) Mr. Vishal Oswal (Brother) ii) Mr. Kunal Oswal (Brother) iii) Mrs. Priti Oswal (Wife) iv) Mrs. Nirmal Oswal (Mother)

B Associates:

i) Shreyans Industries Limited.

C Entities Over Which Key Managemant Personnel and Relatives of Such Personnels are able to Exercise Significant Influence

i) Punctual Dealers Private Limited

11 Employee Benefits (Defined Benefit Plan)

The employee's gratuity fund scheme managed by the Trust is a defined benefits plan. The present value of obligation is determined based on the actuarial valuation using the Project unit Credit Method, which recognized each period of service as giving rise to additional unit of employee benefit entitlement and measure each unit separately to build up the final obligation.


Mar 31, 2010

1) The Company is a single segment company engaged in manufacturing of blended acrylic yarn. Accordingly the disclosure requirement as prescribed in the Accounting Standard (AS) -17 on Segment Reporting issued by the institution of Charted Accountants of India is not applicable.

2) 11% Non-cumulative Preference Shares will be redeemed with in the period specified under section 80 of the Company Act, 1956 as amended from the date of allotment i.e.29.11 1998 or earlier at the discretion of Board of Directors.

3) As the allotment money on 480 Fully convertible Debentures, out of 3,80,880 Fully convertible Debentures issued during 1989-91 has not been received as on 31.3.2010, the same have not been converted into equity shares.

4) Sundry Debtors exceeding six month includes Rs. 17540404- which are outstanding for more than three years, however the company has filed suits against some of the debtors whose outstanding amount as on 31.03.2010 is Rs.5289509/-

5) CONTINGENT LIABILITES NOT PROVIDED FOR:

a) Outstanding Custom Duty (include Interests, Penalty) of Rs. 195001/-

b) Outstanding Excise Duty (Penalty) of Rs. 1500000/-**.

** Note: The amount includes Rs.500000/- has been deposited under protest.

6) In the opinion of the directors and best of their information and belief, all the current assets and loan advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

7) In other liability, cheques issued but not presented include cheques amounting to Rs.2 lacs issued for redemption of preference shares.

8) Since the Company has become sick and has been registered with the Board for Industrial and Financial Reconstruction 10) As per Accounting Standard (AS)-28 on "Impairment of Assets", the company has assessed on the balance sheet date whether there are any indication with regards to the impairment of any of the assets. Based on such assessment, it has been ascertained that no potential loss is present and therefore formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

The deferred tax asset has not been recognized in the books of accounts in view of there being no virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

9) Related Party Disclosure as per Accounting Standard-18 prescribed by the Companies Accounting Standards Rules 2006. are given below:

A. KEY MANAGEMENT PERSONNEL

1. Sh.Rajneesh Oswal (Executive Director)

B. RELATIVES OF KEY MANAGEMENT PERSONNEL

1. Mr. Vishal Oswal (Brother)

2. Mr.Kunal Oswal (Brother)

3. Mrs.Priti Oswal (Wife)

4. Mrs.Nirmal Oswal (Mother)

C. ENTITIES OVER WHICH KEY MANAGEMENT PERSONNEL AND RELATIVES OF SUCH PERSONELS ARE ABLE TO EXERCISE SIGNIFICANT INFLUENCE:-

1. Ojasvi Investments Mercantile co.

2. Achin Investment & Mercantile co.

3. Virat Investment & Mercantile co.

4. Levina Investments Mercantile co.

5. Adeep Investment co.

6. Jagvallabh Prashanath Capital Investment (P) Ltd

7. Oasis Share Trading (P) Ltd.

10) Under Micro, Small and Medium Enterprises Development Act 2006, which come into force in October 2006, certain Disclosures are required to be made related to micro, small and medium enterprises. The Company is in the process of compiling the relevant information from its suppliers about their coverage under the Act. Since the relevant information is not readily available in books, no disclosure has been made in Accounts.


Mar 31, 2009

1) The Company is a single segment company engaged in manufacturing of blended acrylic yarn. Accordingly the disclosure requirement as prescribed in the Accounting Standard (AS) -17 on Segment Reporting issued by the institution of Charted Accountants of India is not applicable.

2) 11 % Non-cumulative Preference Shares will be redeemed with in the period specified under section 80 of the Company Act, 1956 as amended from the date of allotment i.e.29.11.1998 or earlier at the discretion of Board ofDirectors.

3) As the allotment money on 480 Fully convertible Debentures, out of 3,80,880 Fully convertible Debentures issued during 1989-91 has not been received as on 31.3.2009, the same have not been converted into equity shares.

4) Sundry Debtors exceeding six month includes Rs. 12216509/- which are outstanding for more than three years, however the company has filed suits against some of the debtors whose outstanding amount as on 31 03.2009 is Rs.5508842/-.

5) CONTINGENT LIABILITES NOT PROVIDED FOR:

a)Outstanding Custom Duty (include Interests Penalty)ofRs. 195001/-b) Outsta nding Excise Duty (Penalty) of Rs. 1500000/-" "Note The amount includes Rs.500 000/- has been deposited under protest

6) In the opinion of the directors and best of their information and belief, all the current assets and loan advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

7) In other liability, cheques issued but not presented include cheques amounting to Rs.2 Lac issued for redemption of preference shares.

8) Since the Company has become sick and has been registered with the Board for Industrial and Financial Reconstruction

9) During the year ended 31 03.2009, company have settled its dues, under one time settlement, with Spice Telecom. The settled amount has been duly paid before 31" March 2009 and the excess provision/balance to the extent of Rs.38809/- has been written back and is included in Other Income.

10) As per Accounting Standard (AS)-28 on "Impairment of Assets", the company has assessed on the balance sheet date whether there are any indication with regards to the impairment of any of the assets. Based on such assessment, it has been ascertained that no potential loss is present and therefore formal estimate of recoverable amount has not been made Accordingly no impairment loss has been provided in the booKsof account.

11) The position of Deferred Tax & Deferred Tax liability as at 31st March 2009 is as under:

Deferred Tax assets arising on a account of: Rs. In Lacs

On account of una bsorbed depreciation and b/f losses 170.25

LessDTL: OnaccountofTiming Diff. of depreciation 37.32

Deferred Tax assets (Net) 132.93



The deferred tax asset has not been recognized in the books of accounts in view of there being no virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

12) Employee Benefits(AS 15).

The summarized position of employee benefits recognized in the Profit and loss Account and the amount recognized in the balance sheet forthe gratuity and Leave Encashment plan are as under:

13) Related Party Disclosure as per Accounting Standard-18 prescribed by the Companies Accounting Standards Rules 2006. are given below.

A. KEY MANAGEMENT PERSONNEL

1. Sh.RajneeshOswal (Executive Director)

B. RELATIVES OF KEY MANAGEMENTPERSONNEL

1. Mr. Vishal Oswal (Brother)

2. Mr.Kunal Oswal (Brother)

3. Mrs.Priti Oswal (Wife)

4. Mrs.Nirmal Oswal (Mother)

C. ENTITIES OVER WHICH KEY MANAGEMENT PERSONNEL AND RELATIVES OF SUCH PERSONELS ARE ABLE TO EXERCISE SIGNIFICANTINFLUENCE-

1. Ojasvi Investments Mercantile co.

2. Achin Investment & Mercantile co.

3. Virat Investments Mercantile co

4. Levina Investments Mercantile co.

5. Adeep Investment co.

6. Jagvallabh Prashanath Capital Investment (P) Ltd

7. Oasis Share Trading (P) Ltd.

14) Under Micro, Small and Medium Enterprises Development Act 2006, which come into force in October 2006, certain disclosures are required to be made related to micro, small and medium enterprises. The Company is in the process of compiling the relevant information from its suppliers about their coverage under the Act. Since the relevant information is not readily available in books, no disclosure has been made in Accounts.

15) Corresponding figures of the previous year have been regrouped/rearranged wherever necessary, to make these comparable with current year.

16) Annexure A to N form an integral part of the Balance sheet and have been duly authenticated This is the schedule reffered to in our report of even date.

 
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