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Notes to Accounts of Chandni Textiles Engineering Industries Ltd.

Mar 31, 2015

1. Long-term borrowings and current maturities of Long-term borrowings include :

(a) Term Loans from banks to the extent of Rs.1,19,511/- (Previous year : Rs.10,64,225/-) secured by way of equitable mortgage of immoveable property of the company & directors and personal guarantees of the directors.

(b) Term Loans from banks to the extent of Rs. Nil (Previous year :Rs.9,80,830/-) are secured by way of hypothecation of vehicles

2.Fixed deposits with banks include deposits of Rs.5,45,216/- (Previous year Rs.11,62,616/- ) with maturity " of more than 12 months

3. Fixed deposits to the extent of Rs.Nil (Previous year Rs. 4,92,63,673/- ) are pledged to the banks against " overdraft facility.

4. Disclosures as perAccounting Standards-15, "Employee Benefits" are given below :

(i) Short Term Employee Benefits

The Company has provided for bonus amounting to Rs. 5,23,016/- (Previous year Rs. 4,48,325/-) for all its employees under the Payment of Bonus Act, which has been recognized in the Profit & Loss Account for the year.

(ii) Long Term Employee Benefits

The Company has classified the various Long Term Employee Benefits as under:- I. Defined Contribution Plans

a) Employers' Contribution to Provident Fund

b) Employers' Contribution to Pension Scheme

II. Defined Benefit Plan

The Employees Gratuity Fund Scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

5. Segment Reporting

The Company has disclosed and reported Business Segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal reporting system. Accordingly the company has identified Engineering Division and Textile Division as the main business segments as per the Accounting Standard on "Segment Reporting" (AS- 17) issued by The Institute of Chartered Accountants of India.

The Company has disclosed and reported Geographical Segment as the secondary segment on the basis of location of its customers within India and outside India.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The income & expenses, which are not directly relatable to the business segment, are shown as unallocated corporate costs net of unallocable income. Similarly Assets and Liabilities that cannot be allocated between segments are shown as unallocated corporate assets and liabilities respectively.

6. Information on Related Party transactions as required by the Accounting Standard 18 "Related Party Disclosure" are given below :

1) Name of related parties and description of relationships :-

a) Key Management Personnel

i) Jayesh R.Mehta - Managing Director

ii) Amita J.Mehta - Director

iii) Shailesh P. Sankav - Chief Financial Officer

iv) Gayatri Valan - Company Secretary & Compliance Officer

b) Companies in which Directors are Interested

i) Kareshma Dentals Private Limited.

ii) J.R. Texmachtrade Private Limited.

iii) Jumping Genius School Private Limited

7. Contingent liability and Commitments:

(I) Contingent Liabilities

(a) Claims against the Company not acknowledged as debts represent suits filed by parties and disputed by the Company Rs.25,45,484/- (Previous Year Rs.25,45,484/-)

8. The previous year's figures are grouped / regrouped or arranged / rearranged wherever necessary to make them comparable with the current year's figures.


Mar 31, 2014

1. Segment Reporting

The Company has disclosed and reported Business Segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal reporting system. Accordingly the company has identified Engineering Division and Textile Division as the main business segments as per the Accounting Standard on "Segment Reporting" (AS-17) issued by The Institute of Chartered Accountants of India.

The Company has disclosed and reported Geographical Segment as the secondary segment on the basis of location of its customers within India and outside India.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The income & expenses, which are not directly relatable to the business segment, are shown as unallocated corporate costs net of unallocable income. Similarly Assets and Liabilities that cannot be allocated between segments are shown as unallocated corporate assets and liabilities respectively.

2. Contingent liability and Commitments :

(i) Contingent Liabilities

(a) Counter guarantees given to the Company''s bankers for the guarantees issued by them on behalf of the Company -Rs. Nil (Previous Year Rs. 9,71,600/-) .

(b) Claims against the Company not acknowledged as debts represent suits filed by parties and disputed by the Company Rs. 25,45,133/- (Previous Year Rs. 25,45,133/-)

(ii) Estimated Capital Commitments outstanding at the end of the year Rs. nil (Previous year Rs. 25,00,000).

3. The previous year''s figures are grouped / regrouped or arranged / rearranged wherever necessary to make them comparable with the current year''s figures.


Mar 31, 2013

1. Disclosures as per Accounting Standards-15, "Employee Benefits" are given below :

(i) Short Term Employee Benefits

The Company has provided for bonus amounting to Rs. 3,32,180/- (Previous year Rs. 2,66,450/-) for all its employees under the Payment of Bonus Act, which has been recognized in the Profit & Loss Account for the year.

(ii) Long Term Employee Benefits

The Company has classified the various Long Term Employee Benefits as under:-

I. Defined Contribution Plans

a) Employers'' Contribution to Provident Fund

b) Employers'' Contribution to Pension Scheme

II. Defined Benefit Plan

The Employees Gratuity Fund Scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

2. Segment Reporting

The Company has disclosed and reported Business Segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal reporting system. Accordingly the company has identified Engineering Division and Textile Division as the main business segments as per the Accounting Standard on "Segment Reporting" (AS-17) issued by The Institute of Chartered Accountants of India.

The Company has disclosed and reported Geographical Segment as the secondary segment on the basis of location of its customers within India and outside India.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The income & expenses, which are not directly relatable to the business segment, are shown as unallocated corporate costs net of unallocable income. Similarly Assets and Liabilities that cannot be allocated between segments are shown as unallocated corporate assets and liabilities respectively.

3. Information on Related Party transactions as required by the Accounting Standard 18 "Related Party Disclosure" are given below:

1) Name of related parties and description of relationships :-

a) Key Management Personnel

i) Jayesh R.Mehta - Managing Director

ii) Amita J.Mehta - Director

b) Associate Companies

i) Kareshma Dentals Private Limited,

ii) J.R. Texmachtrade Private Limited,

iii) Jumping Genius School Private Limited


Mar 31, 2012

1. LONG-TERM BORROWINGS

1.1 Long-term borrowings and current maturities of Long-term borrowings include

(a) Term Loans from banks to the extent of Rs. 36,47,358/- (Previous year : Rs. 42,64,079/-) secured by way of Equitable Mortgage of immoveable property of the Company & directors and personal guarantees of the directors.

(b) Term Loans from banks to the extent of Rs. 34,48,268/- (Previous year NIL) are secured by way of hypothecation of vehicles.

2. CASH & CASH EQUIVALENTS

2.1 Fixed deposits with banks include deposits of Rs. 42,97,680/- (Previous year Rs. 20,64,513/- ) with maturity of more than 12 months.

2.2 Fixed deposits with banks include deposits of Rs. 19,14,400/- (Previous year Rs. 17,00,300/-) held as margin money against guarantees.

3. Disclosures as per Accounting Standards-15, "Employee Benefits" are given below :

(i) Short Term Employee Benefits

The Company has provided for bonus amounting to Rs. 2,66,450/- (Previous year Rs. 2,87,433/-) for all its employees under the Payment of Bonus Act, which has been recognized in the Profit & Loss Account for the year.

(ii) Long Term Employee Benefits

The Company has classified the various Long Term Employee Benefits as under:-

I. Defined Contribution Plans

a) Employers' Contribution to Provident Fund

b) Employers' Contribution to Pension Scheme

II. Defined Benefit Plan

The Employees Gratuity Fund Scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

4. Segment Reporting

The Company has disclosed and reported Business Segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal reporting system. Accordingly the company has identified Engineering Division and Textile Division as the main business segments as per the Accounting Standard on "Segment Reporting" (AS-17) issued by The Institute of Chartered Accountants of India.

The Company has disclosed and reported Geographical Segment as the secondary segment on the basis of location of its customers within India and outside India.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The income & expenses, which are not directly relatable to the business segment, are shown as unallocated corporate costs net of unallocable income. Similarly Assets and Liabilities that cannot be allocated between segments are shown as unallocated corporate assets and liabilities respectively.

5. Information on Related Party transactions as required by the Accounting Standard 18 "Related Party Disclosure" are given below :

1) Name of related parties and description of relationships :-

a) Key Management Personnel

i) Jayesh R.Mehta - Managing Director

ii) Amita J.Mehta - Director

b) Associate Companies

i) Kareshma Dentals Private Limited.

ii) J.R. Texmachtrade Private Limited.

6. Contingent liability and Commitments :

(I) Contingent Liabilities

(a) Counter guarantees given to the Company's bankers for the guarantees issued by them on behalf of the Company - Rs. 19,14,400/- (Previous Year Rs. 17,00,300/-) .

(b) Claims against the Company not acknowledged as debts represent suits filed by parties and disputed by the Company Rs. 25,45,133/- (Previous Year Rs. 25,45,133/-)

(ii) Estimated Capital Commitments outstanding at the end of the year Rs. 35,00,000/- (Previous year Rs. Nil).

7. The previous year's figures are grouped/regrouped or arranged/rearranged wherever necessary to be in conformity with the revised schedule VI of the Companies Act.


Mar 31, 2011

(1) Contingent liability outstanding at the year end and not provided for in respect of:

(a) Counter guarantees given to the Company's bankers for the guarantees issued by them on behalf of the Company - Rs. 17,00,300/- (Previous Year Rs.21,91,200/-).

(b) Claims against the Company not acknowledged as debts represent suits filed by parties and disputed by the Company Rs.25,45,133/- (Previous Year Rs.25,45,133/-)

(2) In the opinion of the Board, sundry debtors, loans and advances and other current assets 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.

(3) Employee Benefits

(i) Short Term Employee Benefits

The Company has provided for an annual bonus amounting to Rs. 1,37,702/- (Previous year Rs. 42,250/-) for all its employees under the Payment of Bonus Act, which has been recognized in the Profit & Loss Account for the year.

(ii) Long Term Employee Benefits

The Company has classified the various Long Term Employee Benefits as under :- I) Defined Contribution Plans

a) Employers' Contribution to Provident Fund

b) Employers' Contribution to Pension Scheme

II) Defined Benefit Plan

The employees Gratuity Fund Scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measureseach unit separately to build up the final obligation.

(4) Additional information pursuant to the provision of paragraphs 3,4,4C and 4D of II of Schedule VI of Companies Act, 1956 (As certified by the Management)

(5) Segment Reporting

The Company has disclosed and reported Business Segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal reporting system. Accordingly the company has identified Engineering Division and Textile Division as the main business segments as per the Accounting Standard on "Segment Reporting" (AS-17) issued by The Institute of Chartered Accountants of India.

The Company has disclosed and reported Geographical Segment as the secondary segment on the basis of location of its customers within India and outside India.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The income & expenses, which are not directly relatable to the business segment, are shown as unallocated corporate costs net of unallowable income. Similarly Assets and Liabilities that cannot be allocated between segments are shown as unallocated corporate assets and liabilities respectively.

(6) Information on Related Party transactions as required by the Accounting Standard 18 "Related Party Disclosure" are given below:

1) Name of related parties and description of relationships :-

a) Key Management Personnel

i) Jayesh R.Mehta - Managing Director

ii)Amita.J.Mehta - Director

b) Associate Companies

i) Kareshma Dentals Private Limited.

ii) J.R.Texmachtrade Private Limited.

(7) Previous year's figures are grouped / regrouped or arranged / rearranged wherever necessary to make them comparable with the current years figures.


Mar 31, 2010

(1) Contingent liability outstanding at the year end and not provided for in respect of:

(a) Counter guarantees given to the Companys bankers for the guarantees issued by them on behalf of the Company - Rs. 21,91,200/- (Previous Year Rs.Nil/-).

(b) Claims against the Company not acknowledged as debts represent suits filed by parties and disputed by the Company Rs.25,45,133/- (Previous Year Rs.25,45,133/-)

(2) In the opinion of the Board, sundry debtors, loans and advances and other current assets 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.

(3) Employee Benefits

(i) Short Term Employee Benefits

The Company provides for an annual Bonus for all employees under the Payment of Bonus Act, which, amounts to Rs. 42,250/- - (2008-09 Rs. 33,750/-) Such Bonus has been recognized in the Profit & Loss Account for the year.

(ii) Long Term Employees Benefits

The Company has classified the various Long Term Employee Benefits as under :-

I. Defined Contribution Plans

a) Provident Fund

b) State Defined Contribution Plans

Employers Contribution to.Employees Pension Scheme 1995. During the year, the Company has recognized the following amounts as an expenses in the Profit & Loss Account

II. Defined Benefit Plans

The Company makes annual provision of Employees Gratuity which provides for lump sum payment to vested employees on departure of an equal to 15 days salary (last drawn) for each completed year of service Vesting occurs on completion of five year service.

(4) Prior period adjustment includes loss of Rs. 33,94,541, on Fixed Assets disposed off in earlier years.

(5)Additional information pursuant to the provision of paragraphs 3,4,4C and 4D of II of Schedule VI of Companies Act, 1956 (As certified by the Management)

(6) Segment Reporting

The Company has disclosed and reported Business Segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal reporting system. Accordingly the company has identified Engineering Division and Textile Division as the main business segments as per the Accounting Standard on "Segment Reporting" (AS-17) issued by The Institute of Chartered Accountants of India.

The Company has disclosed and reported Geographical Segment as the secondary segment on the basis of location of its customers within India and outside India.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The income & expenses, which are not directly relatable to the business segment, are shown as unallocated corporate costs net of unallocable income. Similarly Assets and Liabilities that cannot be allocated between segments are shown as unallocated corporate assets and liabilities respectively.

(7) Information on Related Party transactions as required by the Accounting Standard 18 "Related Party Disclosure" are given below:

1) Name of related parties and description of relationships :-

a) Key Management Personnel

i) Jayesh R.Mehta ii)Amita.J.Mehta

b) Associate Companies

i) Kareshma Dentals Private Limited.

ii) J.R.Texmachtrade Private Limited.

 
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