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Notes to Accounts of Blue Chip Tex Industries Ltd.

Mar 31, 2015

1.1 Term Loans from Axis Bank Ltd.

Term Loans from Axis Bank Ltd. aggregating to Rs.6,71,46,992/- (Previous Year Rs.4,29,68,658/-) is secured by Primary Security: Extension of first charge on entire current assets of the company, both present and future.

Collateral Security : Extension of first and exclusive charge on a) All that piece and parcel of land totally admeasuirg about 6924.50 sq.mtrs bearing plot no.63B admeasuring 1474.50 sq mtrs, plot no.64A (part) admeasuring above 523.00 sq mtrs, Plot No.68B admeasuring about 1825.50 sq mtrs and plot no.69 admeasuring about 3102.00 sq mtr, lying being and situated at Piparia Industrial Estate, Village Amli, silvassa, Union Teritory of Dadra and Nagar Haveli, together with structure standing thereon admeasuring about 1704.23 sq. mtrs. b) All that piece and parcel of the property being pathway land an extent of 0.12 Cents out of Hac, 1.42.5 Acre 3.52 comprised in S F Na63/2A in Thungavi village Udumalpet Taluka, Tirupur Registration District and Koniyur Sub Registration District.

1.2 Personal guarantee of the two directors of the company.

1.3 Pledge of promoters equity shares at 30% of the total shareholding.

1.4 Repayment Schedule and Rate of interest of Term Loans from Axis Bank Ltd. as set out below :

# Primary Security: Extension of first charge on entire current assets of the company, both present and future.

Collateral Security : Extension of first and exclusive charge on a) All that piece and parcel of land totally admeasuirg about 6924.50 sq.mtrs bearing plot no.63B admeasuring 1474.50 sq mtrs, plot no.64A (part) admeasuring above 523.00 sq mtrs, Plot No.68B admeasuring about 1825.50 sq mtrs and plot no.69 admeasuring about 3102.00 sq mtr, lying being and situated at Piparia Industrial Estate, Village Amli, silvassa, Union Teritory of Dadra and Nagar Haveli, together with structure standing thereon admeasuring about 1704.23 sq. mtrs. b) All that piece and parcel of the property being pathway land an extent of 0.12 Cents out of Hac, 1.42.5 Acre 3.52 comprised in S F Na63/2A in Thungavi village Udumalpet Taluka, Tirupur Registration District and Koniyur Sub Registration District.

Personal guarantee of the two directors of the company.

Pledge of promoters equity shares at 30% of the total shareholding.

* The company has not received intimation from suppliers regarding the status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, 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.

# Includes Rs.13,22,62,667/- (Previous year Rs.2,40,67,076/-) payable to a related party - Beekaylon Synthetics Private Limited. [Refer Note No.27]

* These figures do not include any amounts due and outstanding to be credited to Investor Education and Protection Fund.

** Includes Rs.Nil (Previous Year Rs.5,00,000/-) due to related party (Refer Note No.27)

# Includes mainly statutory dues, security deposits and advances from customers

@ Fixed deposit receipt of Rs.16,98,000 (Previous year Rs.16,98,000) of Dena Bank Ltd. pledged as margin money under bank's lien for guarantee given by the bank on behalf of the Company and Fixed deposit receipt of Rs.41,90,570 (Previous year Rs.36,25,000) of Axis Bank Ltd. pledged towards DSR money under bank's lien for term loan given by bank to the company.

# Fixed Deposits with Bank includes Rs.16,73,000 (Previous Year Rs.15,05,000) with maturity of more than 12 months.

2.1 As per Accounting standard - 15 "Employees Benefits" the disclosure of Employees benefits as defined in the Accounting Standard are given below:

Defined Contribution Plan :

Employers contribution to Provident Fund Rs. 5,22,855 (Previous Year Rs. 97,111) charged to Profit & Loss account.

Defined benefits Plan (Non funded) :

The liability in respect of Gratuity has been provided based on the Actuarial valuation. The liability at the beginning of the year was Rs.85,161

(Previous Year Rs.53,002). Current Service Cost is Rs.7,59,652 (Previous Year Rs.32,159) and liability at the end of the year is Rs.8,44,813 (Previous Year Rs.85,161). The same have been provided for by way of charge to Profit & Loss account.

The liability in respect of Leave Encashment has been provided based on the Actuarial valuation. The liability at the beginning of the year was Rs.62,111 (Previous Year Rs.14,950). Current Service Cost is Rs.1,95,461 (Previous Year Rs.47,161) and liability at the end of the year is Rs.2,57,572 (Previous Year Rs.62,111). The same have been provided for by way of charge to Profit & Loss account.

3 RELATED PARTY DISCLOSURES:

a) Names of related parties and description of relationship:

i. Key Management Personnel :

Mr. Nand K. Khemani

Mr. Ashok K. Khemani

Mr. Kumar Nathani

Mr. Anil Mandhana

Mr. Rahul A. Khemani

Mr. Shahin N. Khemani

Mr.Vijay Kumar Mishra

Mr.Manmohan Anand

Mrs.Sraddha Teli

ii. Others (Entities in which Key Management Personnel have control or significant influence)

Beekaylon Synthetics Private Limited

DNH Spinners Pvt. Ltd.

Indo Leather Works

Jay Gee Rayons

b) Transactions with related parties :

3.1 Related party relationship is as identified by the management and relied upon by the Auditors.

3.2 Previous year figures are given in brackets.

3.3 Amount includes service tax paid under Reverse Charge Mechanism during the year 2014-15.

4 CONTINGENT LIABILITIES AND COMITTMENTS:

(To the extent not provided for)

(i) In respect of Disputed Income Tax Liabilities/Demand :

F.Y.2014-15 FY.2013-14

Disputed Income Tax liability of assessment year 2009-10 4,38,920 4,38,920

Disputed Income Tax liability of assessment year 2010-11 3,71,690 3,71,690

Disputed Income Tax liability of assessment year 2011-12 2,82,270 2,82,270

(ii) Custom Duty in respect of future export obligation in 94,14,773 1,14,51,974 accordance with EXIM Policy

(iii) Bank Guarantee Outstanding. 84,62,000 16,73,000

4.2 The Company's main business segment is manufacturing of polyester yarn. Hence there are no separate reportable segments as per Accounting Standard 17 "Segment Reporting"- AS17.

4.3 The Company has provided depreciation on fixed assets as per the revised useful life as specified in Schedule II of the Companies Act 2013, except for certain items of Plant and Machinery wherein the useful life is taken based on certification obtained from a Chartered Engineer.

The carrying value of the assets whose useful life is already exhausted on 1st April 2014 has been adjusted against opening balance of retained earningsRs1,05,109 (net of deferred tax)


Mar 31, 2014

1 SHARE CAPITAL:

1.1 All the equity shares carry equal rights and obligations including for dividend and with respect to voting.

1.2 The details of Shareholders holding more than 5% shares:

2. LONG TERM BORROWING

2.1 Term Loans from Axis Bank Ltd.

Term Loans from Axis Bank Ltd. aggregating to Rs.4,29,68,658/- (Previous Year Rs. 5,23,43,658/-) is secured by Primary Security: Extension of first charge on entire current assets of the company, both present and future.

Collateral Security : Extension of first charge of the entire fixed assets of the company including equitable mortgage of land, building & including other immovable assets of the factory unit at Plot No.63-B (Approx.2000 sq.mtr. out of total plot area of 6822.50 sq.mtrs. On which the company is constructing factory building). Exclusive first charge over the entire movable/immovable assets of the wind power project at Thungavi.

2.2 Personal guarantee of the two directors of the company.

2.3 Pledge of promoters equity shares at 30% of the total shareholding.

2.4 Vehicle Loan is secured by charge on the Specific Vehicle.

3. SHORT TERM BORROWINGS

# Primary Security: Extension of first charge on entire current assets of the company, both present and future.

Collateral Security : Extension of first charge of the entire fixed assets of the company including equitable mortgage of land, building & including other immovable assets of the factory unit at Plot No.63-B (Approx.2000 sq.mtr. out of total plot area of 6822.50 sq.mtrs. On which the company is constructing factory building). Exclusive first charge over the entire movable/immovable assets of the wind power project at Thungavi.

Personal guarantee of the two directors of the company.

Pledge of promoters equity shares at 30% of the total shareholding.

4. TRADE PAYABLES

* The company has not received intimation from suppliers regarding the status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, 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.

# Includes Rs. 2,40,67,076/- (Previous year Rs. 14,76,688/- payable to a related party - Beekaylon Synthetics Private Limited. [Refer Note No.27]

5.OTHER CURRENT LIABILITIES

* These figures do not include any amounts due and outstanding to be credited to Investor Education and Protection Fund.

** Includes Rs.5,00,000/- (Previous Year Rs.5,00,000/-) due to related party (Refer Note No.27).

# Includes mainly statutory dues, security deposits and advances from customers.

6. FIXED ASSETS (AT COST)

6.1 The Company holds 10 (Previous year: 10) Equity shares of face value of Rs 1,000 each in Danudyog Sahakari Sangh Ltd in respect of ownership of Land, cost of which is included in "Land (Free hold)".

6.2 Plant and Machinery includes Windmill.

7. CASH AND CASH EQUIVALENTS

@ Fixed deposit receipt of Rs. 16,98,000 (Previous year Rs.13,30,000) of Dena Bank Ltd. pledged as margin money under bank''s lien for guarantee given by the bank on behalf of the Company and Fixed deposit receipt of Rs.36,25,000 (Previous year Rs.36,25,000) of Axis Bank Ltd. pledged towards DSR money under bank''s lien for term loan given by bank to the company.

# Fixed Deposits with Bank includes Rs.16,73,000 (Previous Year ''15,05,000) with maturity of more than 12 months.

8. As per Accounting standard - 15 "Employees Benefits" the disclosure of Employees benefits as defined in the Accounting Standard are given below:

Defined Contribution Plan:

Employers contribution to Provident Fund Rs.97,111 (Previous Year Rs. 86,795) charged to Profit & Loss account.

Defined benefits Plan (Non funded):

The liability in respect of Gratuity has been provided based on the Actuarial valuation. The liability at the beginning of the year was Rs.53,002

(Previous Year Rs.9,628). Current Service Cost is Rs. 32,159 (Previous Year Rs.43,374) and liability at the end of the year is Rs. 85,161 (Previous Year Rs.53,002). The same have been provided for by way of charge to Profit & Loss account. The liability in respect of Leave Encashment has been provided based on the Actuarial valuation. The liability at the beginning of the year was Rs.14,950 (Previous Year Rs.657). Current Service Cost is Rs. 47,161 (Previous Year Rs.14,293) and liability at the end of the year is Rs. 62,111 (Previous Year Rs.14,950). The same have been provided for by way of charge to Profit & Loss account.

9. Related party relationship is as identified by the management and relied upon by the Auditors.

9.1 Previous year figures are given in brackets.

9.2 Amount includes service tax paid under Reverse Charge Mechanism during the year 2013-14.

10. CONTINGENT LIABILITIES AND COMITTMENTS

(To the extent not provided for)

(i) In respect of Disputed Income Tax Liabilities/Demand

F.Y.2013-14 F.Y.2012-13

Disputed Income Tax liability of assessment year 2009-10 4,38,920 4,38,920

Disputed Income Tax liability of assessment year 2010-11 3,71,690 3,71,690

Disputed Income Tax liability of assessment year 2011-12 2,82,270 2,82,270

(ii) Custom Duty in respect of future export obligation in accordance with 1,14,51,974 86,57,406 EXIM Policy

(iii) Bank Guarantee Outstanding as at 31.03.2014 16,73,000 13,05,000

11. Previous year''s figures are given in brackets and regrouped /rearranged wherever necessary.

11.1 The Company''s main business segment is manufacturing of polyester yarn. Hence there are no separate reportable segments as per Accounting Standard 17 "Segment Reporting"- AS17.


Mar 31, 2013

1.1 Interest expenses includes Rs. 46,54,262 (Previous year Rs. 7,49,232) to a related party - [Refer Note No.27]

2 RELATED PARTY DISCLOSURES:

a) Names of related parties and description of relationship: i. Key Management Personnel : Mr. Nand K. Khemani

Mr. Ashok K. Khemani

Mr. Kumar Nathani

Mr. Anil Mandhana

Mr. Rahul A. Khemani

Mr. Shahin N. Khemani ii. Others (Entities in which Key Management Personnel have controlor significant influence)

Beekaylon Synthetics Private Limited

Indo Leather Works

Jay Gee Rayons

2.1 Related party relationship is as identified by the management and relied upon by the Auditors.

2.2 Previous year figures are given in brackets.

2.3 Amount does not includes service tax paid under Reverse Charge Mechanism during the year 2012-13.

3.1 Previous year''s figures are given in brackets and regrouped /rearranged wherever necessary.

3.2 The Company''s main business segment is manufacturing of polyester yarn. Hence there are no separate reportable segments as per Accounting Standard 17 "Segment Reporting"- AS17.


Mar 31, 2012

1.1 Term Loans from Axis Bank Ltd.

Term Loans from Axis Bank Ltd. aggregating to Rs6,24,99,908/- (Previous Year Rs1,68,30,115/-) is secured by Primary Security: Extension of first charge on entire current assets of the company, both present and future.

Collateral Security : Extension of first charge of the entire fixed assets of the company including equitable mortgage of land, building & including other immovable assets of the factory unit at Plot No.63-B (Approx.2000 sq.mtr. out of total plot area of 6822.50 sq.mtrs. On which the company is constructing factory building).

Exclusive first charge over the entire movable/immovable assets of the wind power project atThungavi.

1.2 Personal guarantee of the two directors of the company.

1.3 Pledge of promoters equity shares at 30% of the total shareholding.

1.4 Repayment Schedule and Rate of interest of Term Loans from Axis Bank Ltd. as set out below :

Collateral Security : Extension of first charge of the entire fixed assets of the company including equitable mortgage of land, building & including other immovable assets of the factory unit at Plot No.63-B (Approx.2000 sq.mtr. out of total plot area of 6822.50 sq.mtrs. On which the company is constructing factory building).

Exclusive first charge over the entire movable/immovable assets of the wind power project at Thungavi. Personal guarantee of the two directors of the company.

Pledge of promoters equity shares at 30% of the total shareholding.

2.1 As per Accounting standard - 15 "Employees Benefits" the disclosure of Employees benefits as defined in the Accounting Standard are given below:

Defined contribution Plan : The Provisions of Employees Provident Fund Act, 1952 is not applicable to the Company.

Defined benefits Plan (Non funded) :

The liability in respect of Gratuity has been provided based on the Actuarial valuation. The liability at the beginning of the year was Rs8,554.

Current Service Cost is Rs1,074 and liability at the end of the year is Rs9,628. The same have been provided for by way of charge to profit & Loss account.

The liability in respect of Leave Encashment has been provided based on the Actuarial valuation. The liability at the beginning of the year was Rs2,151.

Current Service Cost is Rs(1,494) and liability at the end of the year is Rs657. The same have been provided for by way of credit to profit & Loss account.

3.1 Related party relationship is as identified by the management and relied upon by the Auditors.

3.2 Previous year figures are given in brackets

4 CONTINGENT LIABILITIES AND COMITTMENTS:

(To the extent not provided for)

(i) In respect of Disputed Income Tax Liabilities/Demand :

F.Y. 2011-12 F.Y. 2010-11

Disputed Income Tax liability of assessment year 2005-06 77,872 77,872

Disputed Income Tax liability of assessment year 2009-10 4,63,702 —

Disputed Income Tax liability of assessment year 2010-11 9,89,201 —

(ii) Comittments

Estimated amount of contracts remaining to be executed 1,16,080 7,52,85,838

on capital accounts and not provided for. (net of advances)

5.1 Previous year's figures are given in brackets and regrouped/rearranged wherever necessary.

5.2 The company has identified three reportable segments, viz, Yarn Business, Wind power generation and Investments.

Segments have been identified taking into consideration nature of products, differing risks and returns, the organisational structure and the internal reporting system.

5.3 Unallocated assets and liabilities represent assets and liabilities which are not identifiable to any of the reportable segments.


Mar 31, 2011

1. Contingent liabilities

Previous year Rs. Rs.

a. Disputed Income Tax liability of assessment year 2005-06 77,872 77,872

b. Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances) 75,285,838 Nil

2. Considering the present financial strength of the company and in view of the company being at the initial stage of growth after recommencement of the manufacturing activities related to yarn business and the commencement of business activity of generation of power, the Managing Director of the company has forgone his remuneration, though approved by the shareholders.

3. Related parties disclosures:

a) Names of related parties and description of relationship:

i. Key Management Personnel: Mr. Nand K. Khemani

Mr. Ashok K. Khemani

Mr. Kumar Nathani

Mr. Anil Mandhana

Mr. Rahul A. Khemani (Additional Director w.e.f. 1.11.2010)

Mr. Shahin N. Khemani (Additional Director w.e.f. 1.11.2010)

ii. Others (Entities in which Key Management Personnel have control or significant influence)

Beekaylon Synthetics Private Limited

Indo Leather Works

Jay Gee Rayons

iii. Relatives of Key Management Personnel

Mr. Rahul A. Khemani (upto 31.10.2010)

Mr. Shahin N. Khemani (upto 31.10.2010)

4. As per Accounting standard - 15 "Employees Benefits" the disclosure of Employees benefits as defined in the Accounting Standard are given below:

Defined contribution Plan: The Provisions of Employees Provident Fund Act, 1952 is not applicable to the Company.

Defined benefit Plan (Not funded):

The liability in respect of Gratuity has been provided based on the Acturial valuation. The liability at the beginning of the year was Rs. 6,410. Current Service Cost is Rs. 2,144 and liability at the end of the year is Rs. 8,554. The same have been provided for by way of charge to profit & Loss account.

The liability in respect of Leave Salary has been provided based on the Acturial valuation. The liability at the beginning of the year was Rs. 3,152. Current Service Cost is Rs. (1,001) and liability at the end of the year is Rs. 2,151. The same have been provided for by way of credit to profit & Loss account.

5. As at 31st March 2011, advance payment of income tax and provision for taxation have been disclosed on a net basis, wherever legal right to set off exists and when the company intends to settle the assets and liabilities on a net basis.

6. The company has opted for exemption from payment of excise duty in terms of Notification No.30/2004 of Central Excise Rules, dated 09.07.2004 amended by Notification No. 10/2005 of Central Excise Rules, dated 01.03.2005.

7. Previous year's figures have been re-grouped and re-classified wherever necessary to correspond with the figures of the current year.


Mar 31, 2010

1. Contingent liabilities

Rupees Previous year

Rupees

Claim against the company not acknowledged as debt - 6,855

Disputed Income Tax liability of assessment year 77,872 77,872

2. Considering the present financial strength of the company and in view of the company being at the initial stage of growth after recommencement of the manufacturing activities related to yarn business and the commencement of business activity of generation of power, the Managing Director of the company has forgone his remuneration, though approved by the shareholders.

3. Related parties disclosures:

a) Names of related parties and description of relationship:

i. Key Management Personnel :

Mr. Nand K. Khemani

Mr. Ashok K. Khemani

Mr. Kumar Nathani

Mr. Anil Mandhana

ii. Others (Entities in which Key Management Personnel have control or significant influence)

Beekaylon Synthetics Private Limited

Indo Leather Works

Jay Gee Rayons

Beekaylon Developer

iii. Relatives of Key Management Personnel

Rahul A. Khemani

Shahin N. Khemani



Notes:

1. Related party relationship is as identified by the company and relied upon by the Auditors.

2. Previous year figures are given in brackets

Notes:

1. Previous years figures are given in brackets.

2. The company has identified three reportable segments, viz, Yarn Business, Wind power generation and Investments. Segments have been identified, taking into consideration nature of products, differing risks and returns, the organisational structure and the internal reporting system.

3. Unallocated assets and liabilities represent assets and liabilities which are not identifiable to any of the reportable segments.

4. As per Accounting standard - 15 "Employees Benefits" the disclosure of Employees benefits as defined in the Accounting Standard are given below:

Defined contribution Plan : Since there are only three employees, provident Fund is not applicable to the Company.

Defined benefit Plan (Not funded) : The liability in respect of Gratuity have been provided based on the Acturial valuation. The liability at the beginning of the year was Rs.3,868. Current Service Cost is Rs. 2,542 and liability at the end of the year is Rs. 6,410. The same have been provided for by way of charge to profit & Loss account.

The liability in respect of Leave Salary have been provided based on the Acturial valuation. The liability at the beginning of the year was Rs.2,579. Current Service Cost is Rs. 573 and liability at the end of the year is Rs. 3,152. The same have been provided for by way of charge to profit & Loss account.

5. As at 31st March 2010, advance payment of income tax and provision for taxation have been disclosed on a net basis, wherever legal right to set off exists and when the company intends to settle the assets and liabilities on a net basis. Accordingly, the previous years corresponding figures which were disclosed on a gross basis have been now regrouped.

6. The company has opted for exemption from payment of excise duty in terms of Notification No.30/ 2004 of Central Excise Rules, dated 09.07.2004 amended by Notification No.10/2005 of Central Excise Rules, dated 01.03.2005.

7. Previous years figures have been re-grouped and re-classified wherever necessary to correspond with the figures of the current year.

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