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Notes to Accounts of Bannari Amman Spinning Mills Ltd.

Mar 31, 2015

1. Contingent Liability:

a. The amount of duty concession availed against the pending obligation (For import of capital goods under concessional customs duty linked to fulfillment of export obligations) for the year ended 31.03.2015 is Rs. 1538.69 Lakhs. (31.03.2014 - Rs. 5419.05 Lakhs).

b. The Sales Tax Department has demanded the Central Sales Tax amounting to Rs.134.15 Lakhs on account of exempted sales made by the Company during the financial year 2008-09 and 2009-10. The company has preferred a writ petition before the Hon'ble High Court of Madras on the ground that the order is barred by limitation and obtained an interim stay for payment of the impugned tax.

c. The Income Tax Department has demanded Rs. 11,420/- on account of income tax assessment for the financial year 2010 - 11. The Company has appealed the matter with ITAT, Chennai and Commissioner of Income Tax (Appeals), Coimbatore.

d. The Central Excise Department has demanded the excise duty amounting to Rs. 69.61 Lakhs on account of rebate claim on export of cotton yarn for the period from Dec'2008 to July'2009. The Company has appealed the matter with CESTAT, Chennai and obtained an interim stay for payment of duty.

e. The Central Excise Department has demanded the excise duty amounting to Rs. 46.84 Lakhs for sale of old machinery during the period Sep'2010 to Oct'2011. The Company has appealed the matter with Joint Commissioner of Central Excise, Madurai.

f. The Central Excise Department has demanded duty amounting to Rs.0.38 Lakhs for import of spares during the period Oct'2011 to Oct'2012. The Company has appealed the matter with Assistant Commissioner of Central Excise, Dindigul.

g. The Central Excise Department has demanded service tax amounting to Rs. 3.20 Lakhs on account of input service tax credit for the period Apr'2011 to Oct'2011. The Company has appealed the matter with CESTAT, Chennai.

2. Estimated amount of contracts to be executed on the capital accounts and not provided for amounts to Rs.5189.20 Lakhs (31.03.2014 - Rs. 9375 Lakhs) approximately.

3. The funds raised by way of Public Issue have been fully utilized for the purposes for which it was raised.

4. The Company has not received information from its creditors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence a disclosure relating to their outstanding amount and interest has not been given.

5. No Amount is due for credit to Investor Education and Protection Fund.

6. Details of borrowing cost capitalized during the year under fixed assets – Rs. 312.09 Lakhs (31.03.2014 - Rs. 150.57 Lakhs).

7. Disclosures regarding interest in Joint Venture - The Company has invested Rs. 2301.04 Lakhs (Rs. 1991.71 Lakhs) in the equity shares of Young Brand Apparel Private Limited (A Joint venture of the Company) as on 31.03.2015. The company does not have any further capital commitment towards purchase of shares of the Joint venture entity.

8. As a part of its initiative under the "Corporate Responsibility" the Company has undertaken projects in the area of rural development and promoting Health Care. These projects are in accordance with Schedule VII of the Companies Act, 2013 and the Company CSR Policy. The following activities listed below :


Mar 31, 2014

1. Contingent Liability:

a. The amount of duty concession availed against the pending obligation (For import of capital goods under concessional customs duty linked to fulfillment of export obligations) for the year ended 31.03.2014 is Rs. 5419.05 Lakhs. (31.03.2013 - Rs. 8111.25 Lakhs).

b. The Sales Tax Department has demanded the Central Sales Tax amounting to Rs. 132.47 Lakhs on account of exempted sales made by the Company during the financial year 2008-09 and 2009-10. The Company has preferred a writ petition before the Hon''ble High Court of Madras on the ground that the order is barred by limitation and obtained an interim stay for payment of the impugned tax.

2. Estimated amount of contracts to be executed on the capital accounts and not provided for amounts to Rs. 9375 Lakhs (31.03.2013 - Rs. 76.05 Lakhs) approximately.

3. The funds raised by way of Public Issue have been fully utilized for the purposes for which it was raised.

4. The Company has not received information from its creditors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence a disclosure relating to their outstanding amount and interest has not been given.

5. No Amount is due for credit to Investor Education and Protection Fund.

6. Related Party Transactions :

Key Management Personnel Sri S V Arumugam, Managing Director

Relatives of Key Management Sri A Senthil, S/o Sri S V Arumugam

Personnel Chief Executive Officer

Related Party

Shiva Texyarn Limited Anamallais Automobiles (P) Ltd Annamallai Infrastructures Limited Young Brand Apparel P Limited Bannari Amman Flour Mill Limited Sakthi Murugan Transports Limited

Relationship

Enterprises in which the Key management Personnel or relatives have significant influence.

7. Disclosures regarding interest in Joint Venture - The Company has invested Rs. 1991.71 Lakhs (Rs. 1991.71 Lakhs) in the equity shares of Young Brand Apparel Private Limited (A Joint venture of the Company) as on 31.03.2014. The company does not have any further capital commitment towards purchase of shares of the Joint venture entity.


Mar 31, 2013

1. Contingent Liability:

a. The amount of duty concession availed against the pending obligation (For import of capital goods under concessional customs duty linked to fulfillment of export obligations) for the year ended 31.3.2013 is Rs.. 8111.25 Lakhs. (31.3.2012 - Rs.. 5184.61 Lakhs).

b. The Central Excise Department has demanded an amount of Rs.. 69.99 Lakhs towards Cenvat credits availed by the Company in previous years on account of Capital and stores materials purchased and utilized. The Company has appealed against these demands before CESTAT, Chennai.

c. The Sales Tax Department has demanded the Central Sales Tax amounting to Rs..132.47 Lakhs on account of exempted sales made by the Company during the financial year 2008-09 and 2009-10. The company has preferred a writ petition before the Hon''ble High Court of Madras on the ground that the order is barred by limitation and obtained an interim stay for payment of the impugned tax.

2. Estimated amount of contracts to be executed on the capital accounts and not provided for amounts to Rs..76.05 Lakhs (31.3.2012 - Rs..1136 Lakhs) approximately.

3. The funds raised by way of Public Issue have been fully utilized for the purposes for which it was raised.

4. The Company has not received information from its creditors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence a disclosure relating to their outstanding amount and interest has not been given.

5. No amount is due for credit to Investor Education and Protection Fund.

6. Disclosures regarding interest in Joint Venture - The Company has invested Rs..1991.71 Lakhs (Rs..1419.27 Lakhs) in the equity shares of Young Brand Apparel Private Limited (A Joint venture of the Company) as on 31.3.2013. The company does not have any further capital commitment towards purchase of shares of the Joint venture entity.


Mar 31, 2012

1. Contingent Liability :

(i) The amount of duty concession availed against the pending obligation (For import of capital goods under concessional customs duty linked to fulfillment of export obligations) for the year ended 31.03.2012 is Rs 5184.61 Lakhs. (31.03.2011 - Rs 5117.84 Lakhs).

(ii) The Central Excise Department has demanded the Excise Duty rebate received by the company on account of Export of Yarn. The amount of demand is Rs 59.09 Lakhs (31.03.2011 - Rs 59.09).

2. Estimated amount of contracts to be executed on the capital accounts and not provided for amounts to Rs 1136 Lakhs (31.03.2011 - Rs 1120 Lakhs) approximately.

3. The funds raised by way of Public Issue have been fully utilized for the purposes for which it was raised.

4. The Company has not received information from its creditors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence a disclosure relating to their outstanding amount and interest has not been given.

5. No amount is due for credit to Investor Education and Protection Fund.

6. Details of Foreign currency Exposures

7. Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

8. Details of borrowing cost capitalized during the year under fixed assets - Rs 51.43 Lakhs (31.03.2011 - Rs 49.48 Lakhs).

The Company has recognized deferred tax asset on unabsorbed depreciation and brought forward business losses based on the Management's estimates of future profits of the Company.

9. Disclosures regarding interest in Joint Venture - The Company has invested Rs 1419.27 Lakhs (Rs 1419.27 Lakhs) in the equity shares of Bannari Amman Apparel Private Limited (A Joint venture of the Company) as on 31.03.2012. The company does not have any further capital commitment towards purchase of shares of the Joint venture entity. The company has paid Rs 572.91 Lakhs (31.03.2011 - Rs 418.44 Lakhs) towards share application money.

10. Dividend is paid to non resident shareholders in Indian Rupee by crediting to their Rupee bank account.

11. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1. Government of Tamil Nadu Interest Free Sales Tax (IFST) Loan is repayable in monthly installments, The Sales Tax loan carries no interest. Trie balance outstanding is Rs. 401.06 Lakhs (31,03,2010 - Rs, 569.37 Lakhs).

2. The borrowing cost capitalized during the yearisRs.49,48 Lakhs (31.03.2010-Rs. 91.31 Lakhs).

3. The Company has provided depreciation on straight-tine Pasis in respect of fixed assets other than Windmill Units at the rates prescribed in Schedule XIV to the Companies Act, 1956. In respect of Windmill assets, the method of providing for depreciation has been changed to written down value basis from straight line method basis as adopted in the previous year, On account of change in the method of providing deprecation, the profit for the year has decreased by Rs.2528.49 Lakhs.

4. Estimated amount of contracts to be executed on the capital accounts and not provided for amounts to Rs. 1120 Lakhs (31.03.2010-Rs, 1421.40 Lakhs) approximately.

5. a) Aggregate value of unquoted Investments Rs.2u,39,92,768/-(Rs. 9,11,55,7507-)

b) Aggregate value of Quoted Investments Rs.37,490/-£Rs.2,05,37,845/-)

c) Aggregate market value of Quoted Investments Rs. 1,52,035/- (Rs, 11,20,19,375/-)

6. a) The Company has not received information from its creditors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence a disclosure relating to their outstanding amount and interest has not been given.

b) No amount is due for credit to investor Education and Protection Fund,

7. The funds raised by way of Public Issue have been fully utilized for the purposes for which it was raised.

8. a) Amounts due from Officers of the Company during the year is Rs.32.66.792/- (31.03.2010 - Rs.29.84,337).

b) Maximum amount due from officers during the year is Rs, 33,19.773/- (31.03.2010-Rs,31,94,837).

9. Disclosures pursuant to AS 28- on Impairment of Assets - During the year, the company has reviewed the carrying value of the assets for finding out the impairment, if any. The review has revealed that there is no impairment of assets in terms of Accounting Standard 28,

10. Figures are rounded off to the nearest rupee.

11. Previous year figures have been regrouped/reclassified wherever necessary, The previous year comparative figure have been given in brackets.

12. Related Party Transactions:

I Key Management Personnel Dr S V Balasubramaniam, Chairman

Sri S V Alagappan, Vice Chairman

Sri S V Arumugam, Managing Director

Sri S K Sundararaman, Executive Director

Related Party Shiva Distilleries Limited

Shiva Texyarn Limited

Bannari Amman Sugars Limited

Anamallais Automobiles Private Limited

Annamallai Infrastructures Limited

Shiva Cargo Movers Limited

Bannari Amman Apparel Private Limited

Bannari Amman Flour Mill Limited

Sakthi Murugan Transports Limited

Relationship Enterprises in which the Key management Personnel or their relatives have significant influence.

III Remuneration to key management Personnel disclosed in schedule No. 24 in accounts read with Note No.4 in Notes on accounts.

13. Contingent Liability:

(i) The amount of duty concession availed against the pending obligation (For import of capital goods under concessional customs duty linked to fulfillment of export obligations) for the year ended 31.03.2011 is Rs.1692.00 Lakhs. (31.03.2010 - Rs. 3125.00 Lakhs).

(ii) The Central Excise Department has demanded the Excise Duty rebate received by the company on account of Export of Yarn. The amount of demand is Rs.59.09 Lakhs (31.03.2010- Rs. Nil)

14. The company has invested Rs.1419.27 Lakhs (Rs.815.53 Lakhs) in the equity shares of Bannari Amman Apparel Private Limited (A Joint venture of the Company) as on 31.03.2011. The company does not have any further capital commitment towards purchase of shares of the Joint venture entity. The company has paid Rs.418.44 Lakhs towards share application money.

 
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