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Notes to Accounts of Eskay Kn'IT (India) Ltd.

Mar 31, 2015

(1) There is no payment overdue to small-scale industries.

(2) The balance of advances, debtors and creditors are confirmed by majority of parties and efforts are being made for obtaining confirmations from remaining parties

(3) CENVAT: Capital expenditure and raw materials have been taken at net value after adjusting cenvat, wherever applicable as per guidelines issued by The Institute of Chartered Accountants of India..

(4) Contingent Liabilities and Commitments (to the extent not provided for) :

(Rs.in Lacs

Particular As at 31st As at 31st March 2015 March 2014 (5) Contingent Liabilities :

(a) Claims against the company not 153.00 153.00 acknowledge as debt

(b) Guarantees given by the Company

(c) Corporate Guarantee Given : 4000.00 4000.00

e) The company has only one business segment that is "Textile" and hence Segment reporting as required under AS-17 issued by ICAI is not applicable.

(f) AS-18 Related Party Disclosure:

Related party disclosures as required by AS-18 "Related Party Disclosures" are given below. [Related parties are as identified by the Company and relied upon by the Auditors]:

6. List of Related Parties.

1. Parties where control exists : Nil

2. Other parties with whom the company has entered into transaction during the year.

i) Associates where key management personnel and their relatives have significant

influence; - Nil

ii) Key Management Personnel: - a. Trivendra Singh - Managing Director

iii) Relative of Key Management Personnel: - Nil

(7) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business, the provisions for all known liabilities are adequate and not in excess than reasonably necessary.

(8) Break-up Expenditure on employees who were in receipt of remuneration aggregating not less than Rs. 2400000/-, if employed through-out the year or not less than Rs. 200000/- p.m. if employed for part of the year

a Employed throughout the year - Number of Employees NIL NIL

b. Employed for the part of the year-Number of Employees NIL NIL

(9) Figures of previous year have been re-grouped/re-arranged wherever necessary.


Mar 31, 2014

1) There is no payment overdue to small-scale industries.

2) The balance of advances, debtors and creditors are confirmed by majority of parties and efforts are being made for obtaining confirmations from remaining parties

3) CENVAT: Capital expenditure and raw materials have been taken at net value after adjusting cenvat, wherever applicable as per guidelines issued by The Institute of Chartered Accountants of India..

4) Contingent Liabilities and Commitments (to the extent not provided for) :

(Rs. in Lacs) Particular As at As at 31st March 2014 31st March 2013

i) Contingent Liabilities :

a) Claims against the company not a cknowledge as debt

b) Guarantees given by the Company 153.00 153.00

c) Corporate Guarantee Given : 4000.00 4000.00

5) The company has only one business segment that is "Textile" and hence Segment reporting as required under AS-17 issued by ICAI is not applicable.

6) AS-18 Related Party Disclosure:

Related party disclosures as required by AS-18 "Related Party Disclosures" are given below. [Related parties are as identified by the Company and relied upon by the Auditors]:

A. List of Related Parties.

1. Parties where control exists : Nil

2. Other parties with whom the company has entered into transaction during the year.

i) Associates where key management personnel and their relatives have significant influence : - Nil

ii) Key Management Personnel : -

a. Trivendra Singh - Managing Director

iii) Relative of Key Management Personnel : - Nil

7) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business, the provisions for all known liabilities are adequate and not in excess than reasonably necessary.


Mar 31, 2013

(a) There is no payment overdue to small-scale industries.

(b) The balance of advances, debtors and creditors are confirmed by majority of parties and efforts are being made for obtaining confirmations from remaining parties

(c) CENVAT: Capital expenditure and raw materials have been taken at net value after adjusting cenvat, wherever applicable as per guidelines issued by The Institute of Chartered Accountants of India..

(d) Contingent Liabilities and Commitments (to the extent not provided for) :

(Rs. in Lacs) Particular As at As at 31st March 2013 31st March 2012

(i) Contingent Liabilities :

(a) Claims against the company not acknowledge as debt

(b) Guarantees given by the Company 153.00 153.00

(c) Corporate Guarantee Given : 4000.00 4000.00

(e) The company has only one business segment that is "Textile" and hence Segment reporting as required under AS-17 issued by ICAI is not applicable.

(f) AS-18 Related Party Disclosure:

Related party disclosures as required by AS-18 "Related Party Disclosures" are given below. [Related parties are as identified by the Company and relied upon by the Auditors]: A. List of Related Parties.

1. Parties where control exists: Nil

2. Other parties with whom the company has entered into transaction during the year.

i) Associates where key management personnel and their relatives have significant influence; - Nil

ii) Key Management Personnel: -

a. Anand Zawar – Managing Director

iii) Relative of Key Management Personnel: - Nil (g) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business, the provisions for all known liabilities are adequate and not in excess than reasonably necessary.

(g) During the year, the following transactions were carried out with the related parties in the normal course of business.

Notes : ii).Figures in brackets represent corresponding amount of previous year. (l) Break-up Expenditure on employees who were in receipt of remuneration aggregating not less than Rs. 2400000/-, if employed through-out the year or not less than Rs. 200000/- p.m. if employed for part of the year

a.. Employed throughout the year - Number of Employees NIL NIL

b. Employed for the part of the year-Number of Employees NIL NIL

(h) During the year, the company had approached the Corporate Debt Restructuring (CDR) Cell for restructuring of the debts under the CDR mechanism. The company''s CDR proposal has been approved by the CDR Empowered Group and the company has given effect thereof in the books during the current financial year. As per the CDR scheme, 01st January,2012 was fixed as cut- off date. Interest Payable from cut- off date up to 31.03.13 is converted into FITL at the rate approved by CDR.

(i) Technology up gradation and Modernisation of plant and machinery:-

Based on the recommendation of the Expert Group, the company has initiated the process of Technology up gradation and Modernisation of plants and machineries, especially Spinning Machines, to improve the efficiency. Accordingly, machines including Ring Frames which are idle, requiring huge capital expenditure towards repairs and maintenance consuming high power with low out put have been identified and shifted to workshop/godowns for appropriate action.

(j) Figures of previous year have been re-grouped/re-arranged wherever necessary.


Mar 31, 2012

A) There is no payment overdue to small-scale industries.

b) The balance of advances, debtors and creditors are confirmed by majority of parties and efforts are being made for obtaining confirmations from remaining parties

c) CENVAT: Capital expenditure and raw materials have been taken at net value after adjusting cenvat, wherever applicable as per guidelines issued by The Institute of Chartered Accountants of India.

d) Contingent Liabilities and Commitments (to the extent not provided for) :

As at 31st March 2012 As at 31st March 2011 Particular (Rs in Lacs) (Rs in Lacs)

(i) Contingent Liabilities :

(a) Claims against the company not acknowledge as debt

(b) Guarantees given by the Company 153.00 153.00

(c) Corporate Guarantee Given : 4000.00 4000.00

e) The company has only one business segment that is "Textile" and hence Segment reporting as required under AS-17 issued by ICAI is not applicable.

f) AS-18 Related Party Disclosure:

Related party disclosures as required by AS-18 "Related Party Disclosures" are given below. [Related parties are as identified by the Company and relied upon by the Auditors]:

g) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business, the provisions for all known liabilities are adequate and not in excess than reasonably necessary.

Notes : ii) Figures in brackets represent corresponding amount of previous year.

(h) Figures of previous year have been re-grouped/re-arranged wherever necessary.


Mar 31, 2010

1. The expenditure on research and development activities as certified by the management has been taken into account.

2. Retirement benefits:

(a) Provident fund has been paid regularly in time by the company

(b) Gratuity & Leave Encashment is accounted for in cash basis as and when paid.

3. Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes as a substantial period of time to get ready for its intended use or sale. All other borrowing costs are charged to revenue.

4. The company has a single business segment namely "Textiles" hence segment reporting as required under AS-17 issued by ICAI and made mandatory w.e.f. 1/04/2001 for certain business enterprises is not applicable in case of company.

5. AS-18 Related Party Disclosure:

Related party disclosures as required by AS-18 "Related Party Disclosures" are given below. [Related parties are as identified by the Company and relied upon by the Auditors]: A. List of Related Parties.

1. Parties where control exists: Nil

2. Other parties with whom the company has entered into transaction during the year. i) Associates where key management personnel and their relatives have significant influence; - Nil

ii) Key Management Personnel: -

a. Sanjeev Sharma - Managing Director iii) Relative of Key Management Personnel: - Nil

6. AS-19 Leases

Company has not taken any Assets on Lease basis

7. AS-22 Accounting for taxes on Income:

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provision of the Income Tax Act, 1961, and based on expected outcome of assessment / appeals.

Deferred tax is recognised on timing differences between the accounting income and the taxable income for the year, and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

8. There is no payment overdue to small-scale industries.

9. The balance of advances, debtors and creditors are confirmed by majority of parties and efforts are being made for obtaining confirmation from remaining parties

10. CENVAT: Capital expenditure and raw materials have been taken at net value after adjusting cenvat, wherever applicable as per guidelines issued by The Institute of Chartered Accountants of India..

11. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business, the provisions for all known liabilities are adequate and not in excess than reasonably necessary.

12. Contingent liabilities: Bank Guarantees Rs.153.00 Lacs

13. Figures of previous year have been re-grouped/re-arranged wherever necessary.

 
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