Mar 31, 2018
a) Nature of Security for secured borrowings
Working Capital loans, Buyerâs Credit loans and Inland LC bill acceptance loans taken from bankâs are secured against hypothecation of inventories, receivables & equitable mortage of immovable proerties being factory land and buildings/other structures and embedded plant & machinery, and personal guarantee of Mr. Venugopal Bang and Mr. Brijgopal Bang. Also secured by pledge of margin money by way of term deposit receipts of Rs. 5,79,035,084/- (P. Y. Rs. 6,96,82,882/-). Loan facility availed from one NBFC secured against mortage of corporate office.
*A supplier has filed a Civil Suit with City Civil Court Bangalore against the Company for recovery of disputed outstanding amounting to Rs. 22,52,788/-. The future profitability of Company may get affected based on outcome of this case.
The Company has filed a Suit with Additional Chief Metropolitan Magistrate Bangalore against one of its supplier under section 138 of the Negotiable Instruments Act. An amount of Rs. 17,00,000/- was recoverable from said supplier on account of refund of advance paid for purchase of machineries.
1. Micro, Small and Medium Enterprises:
The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence discloses, if any relating to amounts unpaid as at the year-end together with interest paid/payable as required under the said Act have not been given.
2. Post Retirement Benefit Plan: Defined Contribution Plan
Contribution to Defined Contribution Plan, recognized as expenses for the year are as under:
Defined Benefits Plan Gratuity Plan
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employeesâ last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India.
The Company has recognized Rs. 1,96,220/- (PY 6,26,658/-) in the profit & Loss Account during the year ended 31 March 2018 under defined contribution plan.
The discount rate indicated above reflects the estimated timing and currency of benefit payments. It is based on the yields / rates available on applicable bonds as on the current valuation date.
The salary growth rate indicated above is the Companyâs best estimate of an increase in salary of the employees in future years, determined considering the general trend in inflation, sonority, promotions, past experience and other relevant factors such as demand and supply in employment market, etc.
(f) Sensitivity Analysis
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below has been determined based on reasonably possible changes of assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The results of sensitivity analysis are given below:
Please note that the sensitivity analysis presented above may not be representative of actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
There is no change in the method of valuation for the prior period. For change in assumptions please refer to section 5 above, where assumptions for prior period, if applicable, are given.
3. 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 yearâs figures)
*Segment Assets from outside India represents receivables from Export Sales outside India. In view of the interwoven / intermix nature of business and manufacturing facility, other information is not ascertainable.
4. Financial Risk Management: Financial risk management objectives and policies
The Companyâs financial risk management is an integral part of how to plan and execute its business strategies. The Companyâs financial risk management policy is set by the Managing Board.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments.
Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.
Market Risk- Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Companyâs position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.
Credit risk
Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward-looking information such as:
i) Actual or expected significant adverse changes in business
ii) Actual or expected significant changes in the operating results of the counterparty
iii) Financial or economic conditions that are expected to cause a significant change to the counterpartyâs ability to meet its obligations
iv) Significant increase in credit risk on other financial instruments of the same counterparty
Liquidity Risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time, or at a reasonable price. The Companyâs treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risk are overseen by senior management. Management monitors the Companyâs net liquidity position through rolling forecasts on the basis of expected cash flows.
The table below analyses the financial liability of the company into relevant maturity groupings based on the remaining period from reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flow.
5. Capital Risk Management Risk Management
The Companyâs objectives when managing capital are to
- safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders
- maintain an optimal capital structure to reduce the cost of capital
The Company monitors capital on the basis of the following debt equity ratio:
6. Fair Value Measurement
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
- Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans repayable on demand approximate their carrying amounts largely due to short term maturities of these instruments.
Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
The carrying amounts and fair values of financial instruments by category are as follows:
The Financial Instruments are categorised in two level based on the inputs used to arrive at fair value measurement as described below Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
7. First Time adoption of IND AS
The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with effect from April 1st, 2017, with a transition date of 1st April, 2016. The adoption of Ind AS has been carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards. Ind AS 101 requires that all Ind AS standards and interpretations that are issued and effective for the first Ind AS financial statements for the year ended 31st March, 2018, be applied retrospectively and consistently for all financial years presented. However, in preparing these Ind AS financial statements, the Company has availed of certain exemptions and exceptions in accordance with Ind AS 101, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and Previous GAAP have been recognised directly in equity (retained earnings or another appropriate category of equity). Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
A. Optional Exemptions availed
(a) Deemed Cost
The Company has opted paragraph D7 AA and accordingly considered the carrying value of property, plant and equipmentâs and Intangible assets as deemed cost as at the transition date.
(b) Investments in subsidiaries
The Company has opted para D14 and D15 and accordingly considered the Previous GAAP carrying amount of Investments as deemed cost as at the transition date.
B. Applicable Mandatory Exceptions Estimates
An entityâs estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies).
Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:
- Impairment of financial assets based on expected credit loss model.
C. Transition to Ind AS - Reconciliations
I. Reconciliation of Balance sheet as at April 1, 2016 and March 31,2017
II. Reconciliation of Total Comprehensive Income for the year ended March 31, 2017
III. Reconciliation of Equity as at April 1, 2016 and as at March 31, 2017
There are no foreign currency exposures that have not been hedged by any derivatives instrument or otherwise as on 31 March 2018.
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 Ltd
B. Key Managerial Persons (KMP) Brijgopal Bang
Purshottam Bang Raghavendra Bang
C. Relatives of Key Managerial Persons Late. Balaram Bang
Late. Radhadevi Bang Girdhargopal Bang Rajgopal Bang Venugopal Bang Vandana Bang Ramanujdas Bang Sharadkumar Bang
D. Enterprises owned or significantly influenced by key mangement perosnnel or their relatives
1) Thomas Scott India Ltd.
2) Bodywave Fashions (I) Pvt. Ltd.
3) Bang Data Forms Pvt. Ltd.
Mar 31, 2016
1. Operating Lease Arrangements:
a. As lessee:
Rental expenses of Rs. 1,50,47,605/- (P.Y. Rs. 1,35,85,209) 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 less or:
Rental Income recognized in the profit & Loss account during the year Rs, 1,37,94,969/- (Previous Year Rs, 1,36,19,484) relating lease arrangements.
2. Employee benefit plan:
The Company has recognized Rs. 16,96,884/- (PY Rs. 21,55,009/-) in the Profit and Loss Account for the year ended 31st March 2016 under defined contribution plans.
* A supplier has filed a Civil Suit with City Civil Court Bangalore against the Company for recovery of disputed outstanding amounting to Rs. 19,49,135/-. The future profitability of Company may get affected based on outcome of this case.
The Company has filed a Suit with Additional Chief Metropolitan Magistrate Bangalore against one of its supplier under Section 138 of the Negotiable Instruments Act. An amount of Rs. 17,00,000/- was recoverable from said supplier on account of refund of advance paid for purchase of machineries.
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.
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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