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Notes to Accounts of Bang Overseas Ltd.

Mar 31, 2015

1. Share Capital

a) Terms/rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

2. Operating Lease Arrangements:

a. As lessee:

Rental expenses of Rs. 1,35,85,209/- (P.Y. Rs. 1,21,96,057) in respect of obligation under operating leases have been recognized in the profit and loss account.

b. As lessor:

Rental Income recognized in the profit & Loss account during the year Rs. 1,36,19,484/- (Previous Year Rs. 1,24,24,786) relating lease arrangements.

3. Employee benefit plan:

The Company has recognized Rs. 21,55,009/- (PY Rs. 10,54,865/-) in the Profit and Loss Account for the year ended 31st March 2015 under defined contribution plans.

4. Contingent Liabilities (to the extent not provided for) (In Rs.)

Particulars 31.03.2015 31.03.2014

(a) Claims against Company not acknowledged as debts:

Income Tax Matters 2,46,74,430 2,46,74,430

Others* 17,96,893 16,43,803

(b) Bank Guarantees 3,94,42,544 2,17,65,000

(c) Other Liabilities

Letter of credit 5,63,66,616 4,84,72,816

Export Obligation 3,58,60,499 3,74,20,542

Sales Tax declaration forms 87,75,683 74,17,623

Stand by Letter of credit 2,56,00,000 2,56,00,000

Total 19,25,16,664 16,69,94,214

* A supplier has filed a Civil Suit with City Civil Court Bangalore against the Company for recovery of disputed outstanding amounting to Rs. 17,96,893/-. The future profitability of Company may get affected based on outcome ofthis case.

5. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities is adequate and not in excess of the amount reasonably necessary. Balances are subject to confirmation and reconciliation.

6. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid / payable as required under the said Act have not been given.

7. Segment Reporting: a. Primary Segment:

The company is primarily engaged in single business segment of manufacturing and marketing of textile and textile products and is managed as one business unit.

8. Previous year figure has been regrouped, rearranged and restated whenever necessary.

9. Information on Related Party Disclosure

A. Enterprises where control exists.

Subsidiaries

Vedanta Creations Ltd. Bang Europa SRO Bang HK Limited A.S.Raiment Pvt Ltd

B. Key Managerial Persons (KMP)

Brijgopal Bang Purshottam Bang Raghavendra Bang

C. Relatives of Key Managerial Persons

Balaram Bang Radhadevi Bang Girdhargopal Bang Rajgopal Bang Nandgopal Bang Venugopal Bang Vandana Bang Ramanujdas Bang Sharadkumar Bang

D. Enterprises owned or significantly influenced by key mangement personnel or their relatives

1) Thomas Scott India Ltd.

2) Body wave Fashions (I) Pvt. Ltd.

3) Bang Data Forms Pvt. Ltd.


Mar 31, 2014

1. Operating Lease Arrangements:

a. As lessee:

Rental expenses of Rs. 1,21,96,057/- (P.Y. Rs. 98,81,048) in respect of obligation under operating leases have been recognized in the profit and loss account.

The above figures include:

i. Lease rentals do not include common maintenance charges, tax payable, if any.

ii. The Company has not entered under any operating lease agreement which is not-cancelable more than five years.

b. As lessor:

Rental Income recognized in the profit & Loss account during the year Rs. 1,24,24,786/- (Previous Year Rs.1,40,29,786) relating lease arrangements.

2. Employee benefit plan:

The Company has recognized Rs. 10,54,865/- (PY Rs. 6,44,603/-) in the Profit and Loss Account forthe year ended 31 st March 2014 under defined contribution plans.

3. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities is adequate and not in excess of the amount reasonably necessary. Balances are subject to confirmation and reconciliation.

4. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid / payable as required under the said Act have not been given.

5. Segment Reporting:

a. Primary Segment:

The company is primarily engaged in single business segment of manufacturing and marketing of textile and textile products and is managed as one business unit.

b. Secondary Segment (By Geographical Segment):

6. Previous year figure has been regrouped, rearranged and restated whenever necessary.


Mar 31, 2013

1. Operatng Lease Arrangements:

a. As lessee:

Rental expenses of Rs. 98,81,048/- (P.Y. Rs.1,13,56,240) in respect of obligaton under operatng leases have been recognized in the proft and loss account.

b. As lessor:

Rental Income recognized in the proft & Loss account during the year Rs. 1,40,29,786/- (Previous Year Rs.1,32,53,130) relatng lease arrangements.

2. Employee beneft plan:

The Company has recognized Rs. 6,44,603 (PY Rs. 10,42,745/-) in the Proft and Loss Account for the year ended 31st March 2013 under defned contributon plans.

3. Contngent Liabilites

(In Rs.)

Partculars 31.03.2013 31.03.2012

Bank Guarantees 17,65,000 17,65,000

Leter of credit 1,13,43,201 6,68,72,722

Export Obligaton 3,04,81,689 3,65,71,097

Corporate Guarantee - 10,00,00,000

Sales Tax declaraton forms 56,19,686 11,25,798

Stand by Leter of credit 3,00,00,000 -

Total 7,92,09,576 20,63,34,617

4. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilites is adequate and not in excess of the amount reasonably necessary. Balances are subject to confrmaton and reconciliaton.

Debtors outstanding includes

(1) Amount of Rs.18,50,24,149/- recoverable from Koutons Retail India Ltd (KRIL). Some creditors are reported to have approached the Delhi High Court to recover their dues.

However, the Company is negotatng with the management of the above party for recovery of its dues. The Company is hopeful of being able to realize its entre outstanding and therefore no provision in regard thereto has been made in the accounts.

5. The Company has not received any intmaton from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relatng to amounts unpaid as the year end together with interest paid / payable as required under the said Act have not been given.

6. Segment Reportng:

a. Primary Segment:

The company is primarily engaged in single business segment of manufacturing and marketng of textle and textle products and is managed as one business unit.

7. The Company is in receipt of Assessment Order under Secton 5 (4) of The Entry Tax Act (Karnataka), wherein a liability of Rs. 60,28,044/- has been assessed vide order dated 2 April 2013. Further, the Company has preferred an Appeal against the said assessment order before The Joint Commissioner of Commercial Taxes, Appeal – 4, Bangalore.

8. The Company has received Income Tax Assessment Order dated 18 March 2013 passed under Secton 143 (3) of The Income Tax Act, 1961 in respect of Assessment year 2010-11 determining demand of Rs. 2.97 Crores payable by the Company. The Company has fled an Appeal before The Commissioner of Income Tax, (Appeals). No provision is being made in the books of accounts during the fnancial year 2012-13.

9. Previous year fgure has been regrouped, rearranged and restated whenever necessary.


Mar 31, 2012

1. Operating Lease Arrangements:

a. As lessee:

Rental expenses of Rs. 1,13,56,240/- (P.Y. Rs.3,50,65,735) in respect of obligation under operating leases have been recognized in the profit and loss account.

The above figures include:

i. Lease rentals calculated based on estimated date of commencement of lease in cases where the agreements / MOU's have been entered into but the date of commencement of lease is dependent on the date of construction/renovation of premises and based on the commitment for delivery by lessors.

ii. Lease rentals do not include common maintenance charges, tax payable, if any.

iii. The Company has not entered under any operating lease agreement which is not-cancelable more than five years.

b. As lessor:

Rental Income recognized in the profit & Loss account during the year Rs. 1,32,53,130/- (Previous Year Rs.1,31,43,600) relating lease arrangements.

2. Employee benefit plan:

The Company has recognized Rs. 10,42,745 (PY Rs. 4,34,633/-) in the Profit and Loss Account for the year ended 31st March 2012 under defined contribution plans.

3. Contingent Liabilities

Particulars 31.03.2012 31.03.2011

Bank Guarantees 17,65,000 16,30,000

Letter of credit 6,68,72,722 7,16,68,684

Export Obligation 3,65,71,097 3,52,21,146

Corporate Guarantee 10,00,00,000 10,00,00,000

Total 20,52,08,819 20,85,19,830

4. Details of Deferred Tax assets and liabilities:

In view of the Accounting Standard 22 issued by Institute of Chartered Accountants of India, the significant component and classification of deferred tax liability/ asset on account of timing difference comprises of the following:

5. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities is adequate and not in excess of the amount reasonably necessary. Balances are subject to confirmation and reconciliation.

Debtors outstanding includes

(1) Amount of Rs.18,50,24,149 recoverable from Koutons Retail India Ltd (KRIL). Some creditors are reported to have approached the Delhi High Court to recover their dues.

(2) Amount of Rs. 1,47,43,932/- receivable from Liverpool Retail India Ltd. The Company has filed a legal case in the Metropolitan Magistrate Court, Bombay

However, the Company is negotiating with the management of the above party for recovery of its dues.

The Company is hopeful of being able to realize its entire outstanding and therefore no provision in regard thereto has been made in the accounts.

6. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid / payable as required under the said Act have not been given.

7. Previous year figure has been regrouped, rearranged and restated whenever necessary.

8. Segment Reporting:

a. Primary Segment:

The company is primarily engaged in single business segment of manufacturing and marketing of textile and textile products and is managed as one business unit.

(Figures in bracket indicate previous year's figures)

*Segment Assets from outside India represents receivables from Export Sales. In view of the interwoven / intermix nature of business and manufacturing facility, other information is not ascertainable.

9. Demerger of Retail Division

The Company filed a Scheme of arrangement under section 391 to 394 of the Companies Act, 1956 ("the scheme") to demerge the Retail Division into a new Company, Thomas Scott India Ltd on going concern basis. The appointed date of the Scheme was 1 April 2011. The Hon'ble High Court of Judicature of Bombay vide its order dated 22 July 2011, had sanctioned the Scheme.

Consequent to the transfer of the Retail Division of the Company, the financial statements of the Company for the year ended 31 March 2012 does not include the operations of the Retail Division business and is therefore not strictly comparable with the figures of the previous year ended 31 March 2011. All the assets and liabilities of the Retail Division as on the appointed date of 1 April 2011 have been transferred to Thomas Scott India Ltd and excess of assets over liabilities relating to the Retail Business has been adjusted against the Reserves in accordance with the terms of the Scheme. Further the investment in Thomas Scott India Ltd existing prior to the date of Demerger was cancelled in accordance with the Scheme.

10. Information on Related Party Disclosure

A. Enterprises where control exists.

Subsidiaries Vedanta Creations Ltd.

Bang Europa SRO Bang HK Limited

Thomas Scott India Ltd. (Subsidiary till 31.03.2011)

B. Key Managerial Persons (KMP) Venugopal Bang (Chairman)

Brijgopal Bang (Managing Director)

C. Relatives of Key Managerial Persons Balaram Bang

Radhadevi Bang Girdhargopal Bang Rajgopal Bang Nandgopal Bang

D. Enterprises owned or significantly influenced by key management personnel or their relatives

1) Bang Data Forms Pvt. Ltd.

2) Thomas Scott India Ltd. (from 01.04.2011)


Mar 31, 2010

1. Previous year figure has been regrouped, rearranged and restated whenever necessary.

2. Segment Reporting:

a. Primary Segment:

3. Operating Lease Arrangements:

a. As lessee:

Rental expenses of Rs. 3,05,78,344 (P.Y. Rs. 2,72,71,174) in respect of obligation under operating leases have been recognized in the profit and loss account.

The above figures include:

i. Lease rentals calculated based on estimated date of commencement of lease in cases where the agreements / MOUs have been entered into but the date of commencement of lease is dependent on the date of construction/renovation of premises and based on the commitment for delivery by lessors.

ii. Lease rentals do not include common maintenance charges, tax payable, if any.

iii. The Company has not entered under any operating lease agreement which is not-cancelable more than five years.

b. As lessor:

4. Employee benefit plan:

The Company has recognized Rs. 8,33,401/-(PYRs. 545,143/-) in the Profit and Loss Account for the year ended 31st March 2010 under defined contribution plans.

5. Contingent Liabilities

Particulars 31.03.2010 31.03.2009

Bank Guarantees 31,62,000 96,58,910

Letter of credit 8,45,71,868 5,25,57,488

Export Obligation 7,39,56,158 6,60,84,641

Corporate Guarantee 7,00,00,000 7,00,00,000

Total 23,16,90,026 19,83,01,039

The balance unutilized proceeds Rs. 43,35,03,756/- are kept in Fixed Deposit with Scheduled Bank and Units of Mutual Funds.

6. Details of Deferred Tax assets and liabilities:

In view of the Accounting Standard 22 issued by Institute of Chartered Accountants of India, the significant component and classification of deferred tax liability/asset on account of timing difference comprises of the following:

7. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are

8. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and

9. Derivative instruments

There are no outstanding forward contracts entered into by the Company as on 31 March 2010.

Names of related parties Key Management Personnel

Relatives of Key Management Personnel

1. Shri Balaram Bang Fatherof Shri Venugopal Bang &Brijgopal Bang



6. Shri Raj Gopal Bang Brother of Shri Venugopal Bang &Brijgopal Bang

7. Shri Nand Gopal Bang Brother of Shri Venugopal Bang &Brijgopal Bang

Enterprises owned or significantly influenced by key management personnel or their relatives

1. Bodywave Fashions (I) Pvt. Ltd.

2. Bang Data Forms Pvt. Ltd.

4. Additional information pursuant to the provisions of paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956

5. Quantitative and Value of opening stock, Purchase, Production , sales and closing stock as per sheet attached

 
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