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Notes to Accounts of Damodar Industries Ltd.

Mar 31, 2015

1.1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 2.50 (31st March 2014 Rs.2.40)

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be proportion to the number of equity shares held by the shareholders.

2.1 The Term Loans of Rs 1642 lacs are secured by first pari passu charge on land and building situated at Dadra and Nani Tambadi, all the tangible movable machinery and plant together with spares tools and accessories and other movables, both present and future at Dadra and personal gurantees of three Directors. Term Loan of Rs 29.28 Lacs are secured by hypothecation of vehicles.

2.2 Current maturities on long term borrowings are included under note no 7 in Other Current Liabilities

As at As at 31.03.2015 31.03.2014

3. Contingent Liabilities (Rs.) 2014-15 (Rs.) 2013-14

Counter Gurantees given to Banks 26,372,000 20,338,500

Letter of Credit/Bill Discounting with Banks 251,911,473 763,955,338

DEPB Entitlement Refund Claim by DGFT 8,118,321 8,118,321

Central Sales Tax Dues under Appeal 7,437,996 7,437,996

Maharashtra Value Added Tax Dues under Appeal 4,291,001 4,291,001

4. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency for export realisation outstanding as at 31st March,2015 - Rs. 2495.28 Lacs.

b. Foreign currency exposures that are not hedged by derivative instruments / Forward Contracts as at 31st March, 2015 amount to Rs. NIL.

5. Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

6. Comparative figures for previous year have been regrouped / rearranged wherever necessary.


Mar 31, 2014

1.1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2014, the amount of per Equity share dividend recognized as distributions to equity shareholders was Rs. 2.40 (31st March 2013 Rs.2)

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be proportion to the number of equity shares held by the shareholders.

1.2 The Term Loans of Rs. 2556.38 lacs are secured by first pari passu charge on land and building situated at Dadra and Nani Tambadi, all the tangible movable machinery and plant together with spares tools and accessories and other movables, both present and future at Dadra and personal gurantees of three Directors. Term Loan of Rs. 61.13 Lacs are secured by hypothecation of vehicles.

1.3 Current maturities on long term borrowings are included under note no 7 in Other Current Liabilities

1.4 Working capital loans are secured by hypothecation of present and future stock of raw materials ,stock in process, finished goods, stores and spares, packing materials, book debts & personal gurantees of three directors.

As at As at 31.03.2014 31.03.2013

2. Contingent Liabilities (Rs.) 2013-14 (Rs.) 2012-13

Counter Gurantees given to Banks 20,338,500 9,588,500

Letter of Credit/Bill Discounting with Banks 763,955,338 645,197,234

DEPB Entitlement Refund Claim by DGFT 8,118,321 8,118,321

Central Sales Tax Dues under Appeal 7,437,996

Maharashtra Value Added Tax Dues under Appeal 4,291,001

3. The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment.

4. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency for export realisation outstanding as at 31st March,2014- Rs. 998.485 Lacs

b. Foreign currency exposures that are not hedged by derivative instruments as at 31 st march 2014 amount to Rs. 2426.180 Lacs

5. Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

6. Comparative figures for previous year have been regrouped / rearranged wherever necessary.


Mar 31, 2013

1. Contingent Liabilities

(Rs.) 2012-13 (Rs.) 2011-12

Counter Gurantees given to Banks 9,588,500 14,407,000

Letter of Credit/Bill Discounting with Banks 645,197,234 298,311,229

DEPB Entitlement Refund Claim by DGFT 8,118,321 8,118,321

2. The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment.

3. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency for export realisation outstanding as at 31st March,2013- Rs. 1285.334 Lacs

b. Foreign currency exposures that are not hedged by derivative instruments as at 31 st march 2013 amount to Rs 1821.087 Lacs

4. Remittance in Foreign Currency on Account of Dividend

The Company has paid dividend in respect of shares held by Non-Residents on repatriation basis. This inter-alia includes portfolio investment and direct investment, where the amount is also credited to Non- Resident External Account (NRE A/c). The exact amount of dividend remitted in foreign currency cannot be ascertained. The total amount remittable in this respect is given herein below:

5. Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

6. Comparative figures for previous year have been regrouped / rearranged wherever necessary.

7. The name of Company has been changed from Damodar Threads Limited to Damodar Industries Limited w.e.f. 22/01/2013


Mar 31, 2012

1.1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2012, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 1.6 (31st March 2011 Rs.1 .5)

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be proportion to the number of equity shares held by the shareholders.

As per records of the company, including its regiater of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

2.1 The Term Loans of Rs. 3923.80 lacs are secured by first pari pasu charge on land and building situated at dadra and nani tambadi, all the tangible movable machinery and plant together with spares tools and accessories and other movables, both present and future at dadra and personal guantees of three Directors. Term loan of Rs. 16.22 lacs are secured by hypothecation of vehicles.

2.2 Current maturities on longterm borrowings are included under note no 7 in Other Current Liabilities

3.1 Working capital loans are secured by hypothecation of present and future stock of raw materials ,stock in process, finished goods, stores and spares, packing materials, book debts & personal gurantees of three directors.

4.1 As the market value of quoted investment fluctuates regularly the diminution in the value of investments has not been considered of the permanent nature and hence no provision of the same amounting to Rs.8,255/-(Previous Year - 8,243/-) has been made in the accounts.

5. Contingent Liabilities

2011-12 2010-11

Counter Gurantees given to Banks Rs. 14,407,000 23,704,600

Letter of Credit/Bill Discounting with Banks Rs. 298,311,229 368,033,038

DEPB Entitlement Refund Claim by DGFT Rs. 8,118,321 8,118,321

6. The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment.

7. During the year the Company has taken Mat Credit Entitlement of Rs. Nil (Previous year Rs. 213.58 Lacs) in relation to the prior years and the same is shown under the head 'Loans and Advances' in the balance sheet as there being a convincing evidence of realisation of such asset.

8. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency for export realisation outstanding as at 31st March,2012- Rs. l092.38 Lacs

b. Foreign currency exposures that are not hedged by deivative instruments as at 31 st march 2012 amount to Rs 812.672 lacs

9. Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

10. Comparative figures for previous year have been regrouped / rearranged wherever necessary.


Mar 31, 2011

1) Contingent Liabilities

Counter Gurantees given to Banks Rs. 23,704,600

Letter of Credit/Bill Discounting with Banks Rs. 368,033,038

DEPB Entitlement Refund Claim by DGFT Rs. 8,118,321

2) There was no amount due to small scale industrial undertaking at the close of the year. This disclosure is based on the document/information available to the Company regarding their status of the small scale undertakings.

3) The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment.

4) Related Party Disclosures

Key Managerial Personnel :

Name Designation

a. Shri Arun Kumar Biyani Chairman & Director

b. Shri Ajay D. Biyani Managing Director

c. Shri Anil D. Biyani Whole - Time Director

Associates & Relatives :

a. M/s. Panna Yarns Pvt. Ltd. Associates

b. M/s. Shri Damodar Yarn Associates Manufacturing Pvt.Ltd.

c. Ajay Biyani HUF Associates

d. Arun Kumar Biayni HUF Associates

e. M/s. Suam Overseas Pvt. Ltd. Associates

f. Mrs. Kanta Biyani - Relatives

g. Mr. Aman Biyani - Relatives

h. Mr. Aditya Biyani - Relatives i. Mr. Abhishek Biyani - Relatives

k. Mr. Akshay Biyani - Relatives

l. Mrs. Manju Biyani - Relatives

m. Mrs. Sanju Biyani - Relatives

n. Risha Biyani - Relatives

o. M/s. CSS Mercantiles Pvt. Ltd. - Associates

p. Ms Anushree Biyani - Relatives

q. Mrs Payal Biyani - Relatives

r. Mrs Bhawna Biyani - Relatives

s. Mrs Savitridevi D Biyani - Relatives

t. Mr Suresh Biyani - Relatives

5. During the year the Company has taken Mat Credit Entitlement of Rs .213.58 Lacs in relation to the prior years and the same is shown under the head 'Loans and Advances' in the balance sheet as there being a convincing evidence of realisation of such asset.

6) As the market value of quoted investmentfluctuates regularly the diminution in the value of investments has not been considered of the permanent nature and hence no provision of the same amounting to Rs.9,243/-(Previous Year -98,261/) has been made in the accounts.

7) Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

8) Comparative figures for previous year have been regrouped / rearranged wherever necessary.


Mar 31, 2010

1) Contingent Liabilities

Counter Gurantees given to Banks Rs. 23,704,600

Letter of Credit/Bill Discounting with Banks Rs. 242,164,202

2) There was no amount due to small scale industrial undertaking at the close of the year. This disclosure is based on the document/information available to the Company regarding their status of the small scale undertakings.

3) The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment. I I) Related Party Disclosures

Key Managerial Personnel:

Name Designation

a. Shri Arun Kumar Biyani Chairman & Director

b. Shri Ajay D. Biyani Managing Director

c. Shri Anil D. Biyani Whole - Time Director

Associates & Relatives :

a. M/s. Damodar Overseas - Associates

b. M/s. Aman Industries - Associates

c. M/s. Samm Silk Mills - Associates

d. M/s. Panna Yarns Pvt. Ltd. - Associates

e. M/s. Shri Damodar Yarn Manufacturing Pvt.Ltd. - Associates

f. Ajay Biyani HUF - Associates

g. Arun Kumar Biayni HUF - Associates

h. M/s. Suam Overseas Pvt. Ltd. - Associates

i. Mrs. Kanta Biyani - Relatives

j. Mr. Aman Biyani - Relatives

k. Mr. Aditya Biyani - Relatives

I. Mr. Abhishek Biyani - Relatives

m. Mr. Akshay Biyani - Relatives

n. Mrs. Manju Biyani - Relatives

o. Mrs. Sanju Biyani - Relatives

p. Risha Biyani - Relatives

q. M/s. CSS Mercantiles Pvt. Ltd. - Associates

4) As the market value of quoted investmentfluctuates regularly the diminution in the value of investments has not been con- sidered of the permanent nature and hence no provision of the same amounting to Rs.98,261/-(Previous Year -98,311/-) has been made in the accounts.

5) Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirma- tion by respective parties.

6) Comparative figures for previous year have been regrouped / rearranged wherever necessary.

 
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