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Notes to Accounts of Bharat Textiles & Proofing Industries Ltd.

Mar 31, 2015

1. Estimated amount of Contract remaining to be executed on capital account (Factory at TADA Andhra Pradesh) and not provided for is Rs 366 lakhs. PY (Nil).

2. As per the information and explanation provided by the company none of the suppliers of the company are micro enterprises or small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore the disclosures under section 22 of the said act are not necessary.

3. Amount due and outstanding to be credited to the Investor Education and protection fund Rs. NIL (P.Y.467853/-).

4. Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II. Accordingly the unamortized carrying value is being depreciated over the remaining useful lives. The transitional depreciation bn fixed assets as at Ist April 2014,amounting to Rs 33,58,252/- has been debited to Profit & Loss appropriation account and the current year depreciation of Rs II ,78,744/- has been charged to profit and loss account.

5. The Company's main activity of business is manufacturing and marketing of cotton canvas. All other activity revolve around this main business, hence there are is no separate segment within the company as defined by 'AS 17 - SEGMENT REPORTING'.

6. Related party disclosures

Key Management Personnel & relative

Ajeet Kumar Bhandari Anil Kumar Bhandari Klix Brainotech Krishna Kumar Bhandari Ajeet Kumar Huf Krishna Tarpaulin Industries Pvt Ltd Rudraaksh Textiles India LLP

7. Previous year figures have been regrouped/ rearranged wherever necessary to make them Comparable with the current year figures.


Mar 31, 2014

1. As per the information and explanation provided by the company none of the suppliers of the company are micro enterprises or small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore the disclosures under section 22 of the said act are not necessary.

2. Amount due and outstanding to be credited to the Investor Education and protection fund Rs.467853/-(P.Y.467853/-). However the Company has submitted letter to ING Vysya Bank Ltd (Banker to the Public issue) for transfer of money to Investor Protection fund.

3. The Company''s main activity of business is manufacturing and marketing of cotton canvas. All other activity revolve around this main business, hence there are is no separate segments within the company as defined by ''AS 17 - SEGMENT REPORTING''.

4. Previous year figures have been regrouped/ rearranged wherever necessary to make them comparable with the current year figures.


Mar 31, 2013

1 Corporate information

M/s Bharat Textiles and Proofing Industries Ltd is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacturing and trading of processed canvas, Tarpaulin, HDPE and chemically processing canvas on Job work basis. The Company caters to both domestic and international market.

2. CONTINGENT LIABILITIES

Contingent liabilities are determined on the basis of available information and are disclosed by way of notes to the accounts.

Amount in INR

Particulars 31.03.2013 31.03.2012

Claim against the company not (INR in Lakhs) (INR in Lakhs)

Acknowledged as debt being NIL 16.53 Disputed Customs matter

The Director General of Foreign Trade, New Delhi has revoked Bank Guarantee amount of INR 1,653,890/- towards non-fulfilment of Export obligation against EPCG Scheme. The Honourable High Court of Madras had given order in the favor of Company. However High court order has not been given effect by the DGFT, as it is received very recently. No provision has been made in the books of accounts.

3. As per the information and explanation provided by the company none of the suppliers of the company are micro enterprises or small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore the disclosures under section 22 of the said act are not necessary.

4. Amount due and outstanding to be credited to the Investor Education and protection fund INR 467,853/-(P.Y. INR 467,853/-). However the Company has submitted letter to ING Vysya Bank Ltd (Banker to the Public issue) for transfer of money to Investor Protection fund.

5. The accumulated provision for Gratuity debited to profit and loss account during the year is Nil PY (INR 1,106,977/-).

6. The Company''s main activity of business is manufacturing and marketing of cotton canvas. All other activity revolve around this main business, hence there are is no separate segments within the company as defined by ''AS 17 - SEGMENT REPORTING''.


Mar 31, 2012

1. Corporate information

M/s Bharat Textiles and Proofing Industries Ltd is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacturing and trading of processed canvas. Tarpaulin HDPE and chemically processing canvas on Job work basis. The Company caters to both domestic and international market.

2 Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India and the provision of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and at historical cost. Accounting policies not specifically referred to otherwise are consistent with and are in consonance with generally accepted accounting principles.

a.Term loan securities:

The term loan is secured by entire immovable properties of company situated at factory, go down, premises and Hypothecation of all movable assets including inventories, Book debts and Plant & Machinery. The loan is also guaranteed by one of the Director of company. The term loan is repayable on demand.

b.Unsecured loan from related parties are repayable on demand.

3. Contingent Liabilities:

Contingent liabilities are determined on the basis of available information and are disclosed by way of notes to the accounts:

Claim against the company not Acknowledged as debt being Disputed Customs matter 16.53 lakhs 16.53 lakhs

Director General of Foreign Trade, New Delhi has revoked Bank Guarantee amount of Rs.16,53,890/- towards non-fulfillment of Export obligation against EPCG Scheme. The Company has obtained interim injection order from Honorable High Court of Madras. The Company is confident of succeeding the case. No provision has been made in the 29.As per the information and explanation provided by the company none of the suppliers of the company are micro Enterprises or small enterprise under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore the disclosures under section 22 of the said act are not necessary.

4. Amount due and outstanding to be credited to the Investor Education and protection fund Rs.467853/- (F.Y.467853/-). However the However the Company has submitted letter to ING Vysya Bank Ltd (Banker to the Public issue) for transfer of money to Investor Protection fund.

5.The Gratuity provision debited to profit and loss account amounting to Rs 11,06,977/- includes earlier years accumulated provision of Rs 9,75,246/-.

6.The Companys main activity of business is manufacturing and marketing of cotton canvas. All other activity revolve around this main business, hence there are is no separate segments within the company as defined by AS 17 - SEGMENT REPORTING.

7. Previous year figures have been regrouped/ rearranged wherever necessary to make them comparable with the current year figures.


Mar 31, 2011

1. CONTINGENT LIABILITY

Claims against the company not acknowledged as debts, being disputed and pending in Appeals/assessment in respect of

Current Year Previous Year (in Lacs) (in Lacs)

(a) Customs matter 16.53 16.53

2. The Director General of Foreign Trade, New Delhi has revoked Bank Guarantee amount of Rs.16,53,890/- towards non-fulfillment of Export obligation against EPCG Scheme. The Company has obtained interim injection order from Honorable High Court of Madras. No provision has been made in the books of accounts.

3 The obligation of Company towards accumulated gratuity provision is estimated at Rs.19,50,492/-. However the Company has made provision for 50% of the amount i.e. Rs.975246/- only and the balance provision will be made in the subsequent year.

4. Debit and credit balances not recoverable / payable are written off/written back in the books of accounts.

5. Amount due and outstanding to be credited to the Investor Education and protection fund Rs.467853/- (F.Y.467853/-). However the Company has submitted letter to ING Vysya Bank Ltd (Banker to the Public issue) for transfer of money to Investor Protection fund.

6. Previous year figures have been regrouped/ rearranged wherever necessary to make them comparable with the current year figures.

7. The Company has been advised that the computation of net profits for the purpose of Directors remuneration under Section 349 of the Companies Act 1956 need not be enumerated since no Commission has been paid to the Directors. The monthly remuneration paid to the Director is as per Schedule XIII of the Companies Act 1956.

8. Payments against suppliers from Small Scale Industrial undertaking are made in accordance with agreed terms and to the extent ascertainable from available information. The names of small scale Industrial undertakings in whose account an amount of Rs.1.00 lakh or more was outstanding for more than 30 days are NIL (Previous year- Nil )

9.In accordance with 'Accounting Standard 22' the deferred tax assets has been recognized by company on its accumulated losses, Gratuity provision and MAT Credit amounting to Rs.1,39,52,516/-.Deferred tax Liability has recognized on depreciation amounting to Rs 75,10,066/-.The deferred Tax Asset and Liability are netted and Rs 64,42,450 /- has been stated as deferred Tax asset. A Provision of Deferred Tax amounting to Rs.6,17,403/- has made in the books of accounts.

10.The Company main activity of business is manufacturing and marketing of cotton canvas. All other activity revolve around this main business, hence there are is separate segments within the company as defined by 'AS 17 - SEGMENT REPORTING'.

 
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