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Notes to Accounts of Amarjothi Spinning Mills Ltd.

Mar 31, 2015

1.During the five reporting periods immediately preceding the reporting date, no shares have been issued by capitalization of reserves as bonus shares or for Consideration other than cash.

2. The Company has a single class of equity shares. Accordingly all equity shares rank equally with regard to voting rights, dividends and share in the Company's residual assets.

3. Loan from Directors:

These amounts have been brought in pursuant to the terms of sanction of Loans by Bankers and retained as unsecured loans.

4. Interest Free Sales Tax Loan:

The Company started to pay this loan from 2006 and will have to pay the loan fully within the year 2015-16.

5. CONTINGENT LIABILITIES :

a) Bills discounted NIL NIL

b) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of Advances) Nil 5.00

6. Income Tax assessments have been completed up to the Assessment Year 2012- 2013.

7. The Company has opted the exemption route vide Central Excise Notification No.30/2004 and 31/2004 dated 09.07.2004.

8. As at the end of the year, the Company does not have small-scale industries as defined by Section 3-J of the Industries (Development and Regulation) Act, 1951 and to whom more than Rs. 1.00 lac is due and also for more than 30 days. Hence, the provision of interest does not arise. There were no overdue payments to Micro, Small and Medium scale enterprises during the year and there is no amount overdue as on the date of the Balance Sheet to such enterprises.

9. Sundry debtors which are overdue for a period of 6 months and more include a sum Rs.31.44 lacs (Rs.32.82 lacs) for which the Company has taken legal action and is hopeful of recovery. Provision has been made for Rs.32.84 Lacs for Doubtful Debtors.

10. Depreciation has been calculated according to Schedule II of the Companies Act, 2013 as amended on straight-line method.

11. The Company has received a demand towards Peak Hour Electricity charges amounting to Rs.55.26 lacs from TNEB against which the Company has gone on appeal to the Honourable High Court of Madras. The Company has paid this amount "Under Protest". This amount has not been debited to the Profit & Loss account nor any provision made in the accounts, pending disposal of appeal by the Honourable High Court of Madras.

12. Previous year figures have been regrouped and reclassified wherever necessary to conform to current year's classification.


Mar 31, 2014

1.1 CONTINGENT LIABILITIES: 31.03.2014 31.03.2013 Rs. In lacs Rs. In lacs

a. Bills discounted NIL NIL

b. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of Advances) 5.00 NIL

1.2 Income Tax assessments have been completed up to the Assessment Year 2012- 2013.

1.3 The Company has opted the exemption route vide Central Excise Notification No.30/2004 and 31/2004 dated 09.07.2004.

1.4 As at the end of the year, the Company does not have small-scale industries as defined by Section 3-J of the Industries (Development and Regulation) Act, 1951 and to whom more than Rs. 1.00 lac is due and also for more than 30 days. Hence, the provision of interest does not arise. There were no overdue payments to Micro, Small and Medium scale enterprises during the year and there is no amount overdue as on the date of the Balance Sheet to such enterprises.

1.5 Sundry debtors which are overdue for a period of 6 months and more include a sum Rs.32.82 lacs (Rs.30.80 lacs) for which the Company has taken legal action and is hopeful of recovery. Provision has been made for Rs.32.84 Lacs for Doubtful Debtors.

1.6 Depreciation has been calculated according to Schedule XIV of the Companies Act, 1956 as amended on straight-line method.

1.7 The Company has received a demand towards Peak Hour Electricity charges amounting to Rs.55.36 lacs from TNEB against which the Company has gone on appeal to the Honourable High Court of Madras. The Company has paid this amount "Under Protest". This amount has not been debited to the Profit & Loss account nor any provision made in the accounts, pending disposal of appeal by the Honourable High Court of Madras.

NOTES FORMING PART OF ACCOUNTS - DISCLOSURES

I. Segment-wise Reporting:

The Company is engaged mainly in the manufacture of yarn. The Company owns Eleven wind mills mainly for captive consumption purpose only. During the year the value of power generated through these mills is Rs.14,95,17,309.00 (24443368 units) and this is adjusted with the power cost of the Company. The processing division is operating mainly for captive utilization and hence segment-wise reporting as defined in Accounting Standard 17 is not required.

II. Deferred Tax Assets / Liability:

Deferred tax provision for the current year has been debited to the profit and loss account for the year. The Balance of deferred Tax liability is being disclosed as a liability.

III. Employee Benefits: AS-15:

a. Provident Fund Contribution:

During the year the Company has contributed Rs.3748419/- to Government Provident fund. The Company does not have a separate exempted provident fund.

b. Gratuity:

As per the records of the Company none of the employees come under the purview of Payment of Gratuity Act.

c. With regard to other terminal benefits payable to employees the Company makes a payment of such benefits every year and hence no provision is required.

IV. Related Party Disclosure as per AS 18:

1. Related Parties: Associates: (i) N.Rajan & Sons

2. Key Management Personnel: (i) Sri.R.Premchander, Managing Director

(ii) Sri.R.Jaichander, Joint Managing Director.


Mar 31, 2013

1.1 The Company''s wholly owned subsidiary, M/s.AMARJOTHI COLOUR MELANGE SPINNING MILLS LTD has been amalgamated with the Company on 1st April 2012 vide the order of Honourable High Court of Madras Dated on 1st February 2013. Hence the accounts of the Company for the year ended 31.03.2013 includes the Operations of the Amalgamated subsidiary Company for the full year.

1.2 Authorised share capital includes 30,00,000 Equity shares of Rs.10/- each being authorised share capital of Rs.3,00,00,000 of erstwhile Amarjothi Colour Melange Spinning mills Ltd which stood combined with authorised share capital of the Company based on the Scheme of Amalgamation approved by the Hon''ble High Court of Madras vide its Order dated 1 st February 2013

1.3 There was a major Fire Accident in one of the yarn storage godowns of the Company on 19.01.2013 as a result of which stock of Finished goods amounting to 440121 kgs was destroyed by Fire alongwith certain Machinery spares , Machinery & Building has also been damaged. Necessary Insurance claim has been lodged with the insurer. The cost of the stock of Finished goods has been shown under other income. The cost of spares damaged has been credited in the stores consumed account similarly the cost of the damaged machinery and building has been written off in the Fixed Assets under deletion. As soon as the claim is settled, necessary adjustment will be made in the accounts.

1.4. CONTINGENT LIABILITIES:

31.03.2013 31.03.2012 Rs. In lacs Rs. In lacs

a. Bills discounted NIL NIL

b. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of Advances) NIL 1920

1.5. Income Tax assessments have been completed up to the Assessment Year 2011 - 2012.

1.6. The company has opted the exemption route vide Central Excise Notification No.30/ 2004 and 31 /2004 dated 09.07.2004.

1.7. As at the end of the year, the Company does not have small-scale industries as defined by Section 3-J of the Industries (Development and Regulation) Act, 1951 and to whom more than Rs. 1.00 lac is due and also for more than 30 days. Hence, the provision of interest does not arise. There were no overdue payments to Micro, Small and Medium scale enterprises during the year and there is no amount overdue as on the date of the Balance Sheet to such enterprises.

1.8.Sundry debtors which are overdue for a period of 6 months and more include a sum Rs.30.80 lacs (Rs.58.07 lacs) for which the Company has taken legal action and is hopeful of recovery. Provision has been made for Rs.32.84 Lacs for Doubtful Debtors.

1.9. Depreciation has been calculated according to Schedule XIV of the Companies Act, 1956 as amended on straight-line method.

1.10. The Company has received a demand towards Peak Hour Electricity charges amounting to Rs.55.36 lacs from TNEB against which the Company has gone on appeal to the Honourable High Court of Madras. The company has paid this amount" Under Protest".

This amount has not been debited to the Profit & Loss account nor any provision made in the accounts, pending disposal of appeal by the Honourable High Court of Madras.

1.11 Previous year figures have been regrouped and reclassified wherever necessary to conform to current year''s classification.

I. Segment-wise Reporting:

The Company is engaged mainly in the manufacture of yarn. The Company owns Eleven wind mills mainly for captive consumption purpose only. During the year the value of power generated through these mills is Rs. 19,39,47,528.00 (34642420 units) and this is adjusted with the power cost of the Company. The processing division is operating mainly for captive utilization and hence segment-wise reporting as defined in Accounting Standard 17 is not required.

II. Deferred Tax Assets / Liability:

Deferred tax provision for the current year has been debited to the profit and loss account for the year. The Balance of deferred Tax liability is being disclosed as a liability.

Deferred Taxation Liability on account of Timing Difference : (Rs.)

As on 01.04.2012 158729635.77

Add: Transfer to Profit & Loss a/c -5322560.00

Balance of Liability as on 31.03.2013 153407075.77

III. Employee Benefits: AS-15:

a. Provident Fund Contribution:

During the year the company has contributed Rs. 1848823/- to Government Provident fund . The company does not have a separate exempted provident fund.

b. Gratuity:

As per the records of the company none of the employees come under the purview of Payment of Gratuity Act.

c. With regard to other terminal benefits payable to employees the company makes a payment of such benefits every year and hence no provision is required.

IV. Related Party Disclosure as per AS 18:

1. Related Parties: Associates: (i) N.Rajan & Sons

2. Key Management Personnel: (i) Sri.N.Rajan, Chairman

(ii) Sri.R.Premchander, Managing Director (iii) Sri.R.Jaichander, Joint Managing Director.


Mar 31, 2012

1.1 During the five reporting periods immediately preceding the reporting date, no shares have been issued by capitalization of reserves as bonus shares or for Consideration other than cash.

1.2 The Company has a single class of equity shares. Accordingly all equity shares rank equally with regard to voting rights, dividends and share in the Company's residual assets.

2.1 Loan from Directors:

These amounts have been brought in pursuant to the terms of sanction of Loans by Bankers and retained as unsecured loans.

2.2 Interest Free Sates Tax Loan:

The Company started to pay this loan from 2006 and will have to pay the loan fully within the year 2015.

3.1 CONTINGENT LIABILITIES: 31.03.2012 31.03.2011 Rs. In lacs Rs. In lacs

a. Bills discounted NIL NIL

b. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of Advances) NIL 1920

3.2. Income Tax assessments have been completed up to the Assessment Year 2010-2011.

3.3 The company has opted the exemption route vide Central Excise Notification No.30/2004 and 31/2004 dated 09.07.2004.

3.4 As at the end of the year, the Company does not have small-scale industries as defined by Section 3-J of the Industries (Development and Regulation) Act, 1951 and to whom more than Rs. 1.00 lac is due and also for more than 30 days. Hence, the provision of interest does not arise. There were no overdue payments to Micro, Small and Medium scale enterprises during the year and there is no amount overdue as on the date of the Balance Sheet to such enterprises.

3.5 Sundry debtors which are overdue for a period of 6 months and more include a sum Rs.58.07 lacs (Rs.32.09 lacs) for which the Company has taken legal action and is hopeful of recovery. Provision has been made for Rs.32.84 Lacs for Doubtful Debtors.

3.6 Depreciation has been calculated according to Schedule XIV of the Companies Act, 1956 as amended on straight-line method.

3.7 The Company has received a demand towards Peak Hour Electricity charges amounting to Rs.55.36 lacs from TNEB against which the Company has gone on appeal to the Honourable High Court of Madras. The company has paid this amount " Under Protest". This amount has not been 'debited to the Profit & Loss statement nor any provision made in the accounts, pending disposal of appeal by the Honourable High Court of Madras.

3.8 Previous year figures have been regrouped and reclassified wherever necessary to conform to current year's classification.

I. Segment-wise Reporting:

The Company is engaged mainly in the manufacture of yarn. The Company owns Eleven wind mills mainly for captive consumption purpose only. During the year the value of power generated through these mills is Rs. 12,64,33,405.50 (32509591 units) and this is adjusted with the power cost of the Company. The processing division is operating mainly for captive utilization and hence segment-wise reporting as defined in Accounting Standard 17 is not required.

II. Deferred Tax Assets I Liability:

Deferred tax provision for the current year has been credited to the profit and loss statement for the year. The Balance of deferred Tax liability is being disclosed as a liability.

III. Employee Benefits: AS-15:

a. Provident Fund Contribution:

During the year the company has contributed Rs.2468946 /- to Government Provident fund . The company does not have a separate exempted provident fund.

b. Gratuity:

As per the records of the company none of the employees come under the purview of Payment of Gratuity Act.

c. With regard to other terminal benefits payable to employees the company makes a payment of such benefits every year and hence no provision is required.

IV. Related Party Disclosure as per AS 18:

1. Related Parties: Associates: (i) N.Rajan & Sons

(i) Amarjothi Colour Melange Spinning Mills Ltd.

2. Key Management Personnel: (i) Sri.R.Premchander, Managing Director

(ii) Sri.R.Jaichander, Joint Managing Director.


Mar 31, 2010

1. CONTINGENT LIABILITIES: 31.03.2010 31.03.2009 Rs. In lacs Rs. In lacs

a. Bills discounted NIL NIL

b. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of Advances) 1920 NIL



2. Income Tax assessments have been completed up to the Assessment Year 2008 - 2009.

3. The company has opted the exemption route vide Central Excise Notification No.30/ 2004 and 31/2004 dated 09.07.2004.

4. As at the end of the year, the Company does not have small-scale industries as defined by Section 3-J of the Industries (Development and Regulation) Act, 1951 and to whom more than Rs. 1.00 lac is due and also for more than 30 days. Hence, the provision of interest does not arise. There were no overdue payments to Micro, Small and Medium scale enterprises during the year and there is no amount overdue as on the date of the Balance Sheet to such enterprises.

5. Sundry debtors which are overdue for a period of 6 months and more include a sum Rs.32.41 lacs (Rs.21.04 lacs) for which the Company has taken legal action and is hopeful of recovery. These Debtors have been provided in full.

6. Depreciation has been calculated according to Schedule XIV of the Companies Act, 1956 as amended on straight-line method.

7. The Company has received a demand towards Peak Hour Electricity charges amounting to Rs.26.89 lacs from TNEB against which the Company has gone on appeal to the Honourable High Court of Madras, which has granted a stay on the collection of the amount, pending disposal of the Appeal.

I. Segment-wise Reporting:

The Company is engaged in the manufacture of yarn. The Company owns Eleven wind mills mainly for captive consumption purpose only. During the year the value of power generated through these mills is Rs.10,62,31,868/-(3,20,31,013 /-units) and this is adjusted with the power cost of the Company. The processing division is operating mainly for captive utilization and hence segment-wise reporting as defined in Accounting Standard 17 is not required.

II. Employee Benefits: AS-15:

a. Provident Fund Contribution:

During the year the company has contributed Rs.6373911 /- to Government Provident fund . The company does not have a separate exempted provident fund.

b. Gratuity:

As per the records of the company none of the employees come under the purview of Payment of Gratuity Act.

c. With regard to other terminal benefits payable to employees the company makes a payment of such benefits every year and hence no provision is required.

III. Related Party Disclosure as per AS 18:

1. Related Parties: Associates: (i) N.Rajan & Sons

2. Key Management Personnel: (i) Sri.R.Premchander, Managing Director

(ii) Sri.R.Jaichander, Joint Managing Director.

3. Relatives of Key Management personnel: (i) Smt.J.Nandhini

 
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