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Notes to Accounts of Chitradurga Spintex Ltd.

Mar 31, 2014

Not Available.


Mar 31, 2013

1.1 As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the AS are given belov Defined Contribution Plans Contribution to Defined Contribution Plans, recognised as expense for the year is Nil (Previous year Nil)

2 RELATED PARTY DISCLOSURES:

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below: 16.1 List of related parties where control exists and related parties with whom transactions have takien palce and relationships:

2.2 Transactions during the year with related parties Nil (Previous year Nil)

3 As per Accounting Standard (AS) 17 on "Segment Reporting": as there is no particular operational activity, segment wise performance is not applicable.

4 CONTINTENT LIABILITIES & COMMITMENTS

Claims against the company / disputed liabilities not acknowledged as

The Company has received a suo moto notice under KTEG Act from Commissioner of Commercial Taxes, Bangalore, in respect of assessment year 92-93, demanding to pay tax of Rs.3.91 Laksh on plant and machinery which were bought by the company during the AY 92-93. However Company has filed objections/application to rectify the order which is due consideration with the said authority


Mar 31, 2012

1 RELATED PARTY DISCLOSURES:

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below: 16.1 List of related parties where control exists and related parties with whom transactions have takien palce and relationships:

1.1 Transactions during the year with related parties Nil (Previous year Nil)

2 As per Accounting Standard (AS) 17 on "Segment Reporting": as there is no particular operational activity, segment wise performance is not applicable,

3 CONTINTENT LIABILITIES & COMMITMENTS

Claims against the company / disputed liabilities not acknowledged as debts Rs. in lacs

3.91 3.91

TOTAL 3.91 3.91

The Company has received a suo moto notice under KTEG Act from Commissioner of Commercial Taxes, Bangalore, in respect of assessment year 92-93, demanding to pay tax of Rs.3.91 Laksh on plant and machinery which were bought by the company during the AY 92-93. However Company has filed objections/application to rectify the order which is d ue consideration with the said authority


Mar 31, 2011

1. Pursuant to approval of the members through postal ballot on 30.10.2008, the Company has amended the main objects of the Company accordingly Company has stopped the spinning activity from 31.12.2008.

2. Contingent Liabilities:

The Company has received a suo moto notice under KTEG Act from Commissioner of Commercial Taxes, Bangalore, in respect of assessment year 92-93, demanding to pay tax of Rs.3.91 Laksh on plant and machinery which were bought by the company during the AY 92-93. However Company has filed objections/application to rectify the order which is due consideration with the said authority

3. The Company has not yet appointed Company Secretary in terms of section 383A of the Companies Act of 1956.

4. Sundry Creditors, Debtors, Deposits, Loans & Advances recoverable on cash or in kind are subject to confirmation.

5. The company has been accounting gratuity on cash basis instead of accrual basis to maintain consistency in accounting method followed by the Company. During the year an amount of Rs.Nil (Previous year Rs.84,400/-) has been made towards Gratuity settlement.

6. Previous figures have been re-grouped and/or re-classified wherever necessary in order to be in conformity with current years presentation.

7. As the Company has no taxable income for the A.Y. 2011-2012, no tax provision is made. Taking into account the consideration of prudence, no asset or liability is anticipated on account of deferred tax.

8. AS-18: Related Party Transactions

Name of the related parties and description of the related parties:

Sri S. Vishwanath Executive Director

Sri S. Rajasekharappa Executive Director

Sri S. Chandrashekar Non Executive Director

M/s.. Chitradurga Sunflower The company in which the Oil Complex (P) Ltd., the relatives of key management personnel's are interested

Transactions during the year:NIL

9. Figures have been rounded off to the nearest rupees value.


Mar 31, 2010

1. Contingent Liabilities:

The Company has received a suo moto notice under KTEG Act from Commissioner of Commercial Taxes, Bangalore, in respect of assessment year 92-93, demanding to pay tax of Rs.3.91 Laksh on plant and machinery which company has bought during the AY 92-93. However Company has filed objections/application to rectify the order which is due consideration with the said authority

2. The Company has not yet appointed Company Secretary in terms of section 383A of the Companies Act of 1956.

3. Sundry Creditors, Debtors, Deposits, Loans & Advances recoverable on cash or in kind are subject to confirmation.

4. The company has been accounting gratuity on cash basis instead of accrual basis to maintain consistency in accounting method followed by the Company. During the year an amount of Rs.84,400/- (Previous year Rs.82,,774/-) has been made towards Gratuity settlement.

5. Previous figures have been re-grouped and/or re-classified wherever necessary in order to be in conformity with current years presentation.

6. As the Company has no taxable income for the A.Y. 2010-2011, no tax provision is made. Taking into account the consideration of prudence, no asset or liability is anticipated on account of deferred tax.

7. AS-18: Related Party Transactions

Name of the related parties and description of the related parties:

Sri S. Vishwanath Executive Director

Sri S. Rajasekharappa Executive Director

Sri S. Chandrashekar Non Executive Director

M/s.Chitradurga Sunflower Oil Complex Ltd. The Company in which the relatives of key management personnels are interested



Transactions during the year

Nature of Relationship Nature of Transaction Amount in lacs

The Company in which the relatives of key management Loan recovered 40.00

personnels are interested.

8. AS-20 : Earning Per Share

a. Loss for the year Rs.89.74 lacs

b. Shares outstanding 4610300 shares

c. Basic & Diluted EPS Rs. (1.95) per share

9. Figures have been rounded off to the nearest rupees value.

 
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