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Notes to Accounts of Aditya Spinners Ltd.

Mar 31, 2015

L. Related party transactions

The Company had transactions with the following related parties:

(a) Major shareholders holding more than 20% of the share capital (herein after referred to as Parties having significant influences":

1. Mr.K Vijay Kumar

2. IVlrs.K V Nags Lalitha

(b) Enterprises over which major investing parties have control

Nit

(c) Key Manageriat Personnel represented on board

Name Designation

1. K. Vijay Kumar Managing Director

2. R. Shw Kumar Executive Vice Chapman

3. P. Ramamoorthy CFO

4. P. Rajendna Babu Company Secretary

(d) Relatives of Key Managerial Personnel

V N. Krishna Mohan

2. K. V. Magalalitha

3. P. Dharralakshmi

(e) Companies controlled by directors f relatives of directors

1. Errvean Leasing &. Investment Limited

2. Contingent LiafalEities and commitments :

(to the extend not provided for

I) Contingent Liebilliies 31.03.2015 31-03.2014

a Claimt against Hie Company not 9.59 Lakhs 9.59 lakhs acknowlwdged as debt

b| Guarantees NIL NIL

C Others NIL NIL

ii) commitments

(a) Estabilshment amount of confects rgmerning NIL NIL to be executed On capital account and not provided for

(b Uncalled liblity on Shares and other Investment! parity pad NIL NIL

(6 Others NIL NIL

7 Balances due to or due from oadi-es are subject to confirmation

8. previous year figures have been regrouped reclassed whether necessary confirm to the current year classification

9. Figures have been rounded off to near rupee.


Mar 31, 2014

Note 1.1: Cash Credit Facility represents loan from Andhra Bank which is secured by hypothecation of stocks and receivables. The above loan is also secured by mortage of land and buildings of the Company and the land belonging to the Managing Director and further guaranted by Mr.K.Vijay Kumar, Managing Director and Mrs.K.V.Naga Lalitha, Director.

Note:2.1 Out of the said amount Rs.Nil (Previous year Rs.Nil) pertains to Micro, Small and Medium Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006.

II. Notes on Other Disclosures :

1. RELATED PARTY DISCLOSURE:

Related Parties :

Sri Chakra Cement Ltd

Envean Leasing & Investments Ltd

Relationship :

Key Management Personnel

Mr.N Krishna Mohan

Mr.K Vijay Kumar

Related Party Transactions :

Loans & Advances amounting to Rs.164.77 Lakhs Outstanding balance with related parties as on March 31, 2014: Rs.164.77 Lakhs

2. Contingent Liabilities and commitments : (to the extent not provided for)

i) Contingent Liabilities 31.03.2014 31.03.2013

a) Claims against the Company not 9.59 Lakhs 9.59 Lakhs acknowledged as debt

b) Guarantees NIL NIL

c) Others NIL NIL

ii) Commitments

(a) Estimated amount of contacts remaining NIL NIL to be executed on capital account and not provided for;

(b) Uncalled Liability on Shares and other Investments partly paid NIL NIL

(c) Others NIL NIL

3. Balances due to or due from parties are subject to confirmation.

4. Consumption details of Raw Materials & Stores & spares.


Mar 31, 2013

1. RELATED PARTY DISCLOSURE:

Related Party: Sri Chakra Cement Ltd

Relationship : Key Management Personnel , Mr. N. Krishna Mohan, Mr. K. Vijay Kumar Related Party Transactions: Loans & Advances amounting to Rs.1.20 Lakhs Outstanding balance with related party as on March 31, 2013: Rs.1.20 Lakhs

2. Contingent Liabilities and commitments :

(to the extent not provided for)

i) Contingent Liabilities 31.03.2013 31.03.2012

a) Claims against the Company not acknowledged as debt 9.59 Lakhs 9.59 Lakhs

b) Guarantees NIL NIL

c) Others NIL NIL

ii) Commitments

(a) Estimated amount of contacts remaining to be executed on capital account and not provided for; NIL NIL

(b) Uncalled Liability on Shares and other

Investments partly paid NIL NIL

(c) Others NIL NIL

3. Balances due to or due from parties are subject to confirmation.

4. Consumption details of Raw Materials & Stores & spares.

5. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year classification.

6. Figures have been rounded off to nearest rupee.


Mar 31, 2012

1. RELATED PARTY DISCLOSURE: Related Party: Sri Chakra Cement Ltd

Related Party Transactions: Loans & Advances amounting to Rs. 13.24 Lakhs

Outstanding balance with related party as on March 31' 2012: Rs.Nil

2. Contingent Liabilities and commitments :

(to the extent not provided for)

i) Contingent Liabilities 31.03.2012 31.03.2011

a) Claims against the Company not

acknowledged as debt 9.59 Lakhs NIL

b) Guarantees NIL NIL

c) Others NIL NIL

3. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year classification.

4. Figures have been rounded off to nearest rupee.


Mar 31, 2011

31.03.11 31.03.10

2. Contingent Liabilities in respect of In Rs. In Rs.

a) Bank Guarantee NIL NIL

b) Letter of Credit NIL NIL

4. Deferred Tax Asset Even though, the company has unabsorbed depreciation, carry forward losses and adjustments under section 43B of Income tax Act, 1961, Deferred Tax asset as per the Accounting Standard -22" Accounting for taxes on incomes" issued by the Institute of Chartered Accountants of India, has not been recognized and could not be quantified in the books of account since generation of sufficient taxable income in near future is uncertain.

5. Calls in arrears account is showing an amount of Rs. 977,802/- towards call money to be received. The amount of call money is still under reconciliation and is subject to confirmation.

6. Secured Loans:

i) The term loans are secured by:

a) First Charge on all assets of the company present and future, excluding the specified receivables charged to the bankers for working capital.

b) Personal guarantees of Managing Director, and three other promoters of the company.

c) Interest on Term Loan was not provided in the Books for the period since the company has entered into an OTS agreement with the financial institutions.

The Company has entered into One Time Settlement with all the above Financial Institutions and cleared the entire amount due as per OTS and obtained no due certificate but the impact of this OTS agreements was not reflected in the books of account resulting thereby overstatement of Long Term Loans and Interest accrued thereon by Rs.20369.71 lakhs,

ii) The working capital borrowings are secured by

a) Hypothecation of raw material, stock in progress, finished goods, receivables, and stores & spares.

b) First charge on all current assets past, present and future of the company ranking pari passu among consortium.

c) Second charge on fixed assets of the company,

d) Personal Guarantees of the Managing Director and three other promoters of the company.

e) Interest on working capital borrowings was not provided in the Books for the year since the company has entered into an OTS agreement with the respective Banks.

The Company has entered into One Time Settlement with all the above Banks and cleared the entire amount due as per OTS and obtained no due certificate but the impact of this OTS agreements was not reflected in the books of account resulting thereby overstatement of Long Term Loans and Interest accrued thereon by Rs.577.55 Lakhs.

Segment Accounting:

The Company has no reportable segments under AS-17.

8. Balances due to or due from parties are subject to confirmation.

9. For the years 2006-07 to 2009-10 depreciation was charged on Continuous Process basis. Since the factory has actually worked on triple shift basis, depreciation was reworked and provided for the difference amounting to Rs.44285046/- during the current year.

10. Quantitative information pursuant to the provisions of paragraphs 3, 4C and 4D of part II of Schedule VI of companies Act, 1956 in respect of goods manufactured.

11. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year classification.

12. Figures have been rounded off to nearest rupee.


Mar 31, 2010

31.03.10 31,03.09

1. Contingent Liabilities in respect of In Rs. In Rs.

a) Bank Guarantee NIL NIL

b) Letter of Credit NIL NIL

2. Deferred Tax Asset

Even though, the company has unabsorbed depreciation, carry forward losses and adjustments under section 43B of Income tax Act, 1961, Deferred Tax asset as per the Accounting Standard -22" Accounting for taxes on incomes" issued by the Institute of Chartered Accountants of lndia, has not been recognized and could not be quantified in the books of account since generation of sufficient taxable income in near future is uncertain.

3. Calls in arrears account is showing an amount of Rs.977,802/- towards call money to be received. The amount of call money is still under reconciliation and is subject to confirmation.

4. Secured Loans:

i) The term loans are secured by:

a) First Charge on all assets of the company present and future, excluding the specified receivables charged to the bankers for working capital.

b) Personal guarantees of Managing Director, and three other promoters of the company.

c) Interest on Term Loan was not provided in the Books for the period since the company has entered into an OTS agreement with the financial institutions.

The Company has entered into One Time Settlement with the Financial Institutions i.e. IFCI and IDB1 and cleared the entire amount due as per OTS and obtained no due certificate but the impact of this OTS Settlements was not reflected in the books of account pending finalization of DRS by BIFR resulting thereby overstatement of Long Term Loans and Interest accrued thereon by Rs. 20369.71 Lakhs.

ii) The working capital borrowings are secured by

a) Hypothecation of raw material, slock in progress, finished goods, receivables, and stores & spares.

b) First charge on all current assets past, present and future of the company ranking pari passu among consortium.

c) Second charge on fixed assets of the company,

d) Persona] Guarantees of the Managing Director and three other promoters of the company.

e) Interest on working capita! borrowings was not provided in the Books for the year since the company has entered into an OTS agreement with the respective Banks,

The Company has entered into One Time Settlement with the Banks i.e. SBH, SBP SB I and SBT and cleared the entire amount due as per OTS and obtained no due certificate but the impact of this OTS settlements was not reflected in the books of account pending finalization of DRS by BIFR resulting fhereby overstatement of working Capital Borrowings and interest accrued thereon by Rs, 577.55 Lakhs.

5. Segment Accounting:

The financial results relate to Textile segment only have no segment reporting is made in accordance with Accounting Standards-17,

6. Balances due to or due from parties are subject to confirmation.

7. Previous year figures have been regrouped/reclassified wherever necessary for the current year classification.

8. Figures have been rounded off to nearest rupee.

 
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