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Notes to Accounts of Eurotex Industries & Exports Ltd.

Mar 31, 2015

1 Right of Equity Shareholders:

Company has only one class of equity shares of par value Rs.10. The holder of this equity share is entitled to one vote per share. In the event of liquidation of the Company the holder of equity share will be entitled to receive any of the remaining assets of the Company after distribution of the preferential payments. However, no such preferential amounts exist currently. The distribution will be in proportion to the nos. of equity shares held by the shareholders.

2 Notes:

1) Term Loans at (a) (i) above are secured by way of first pari-passu mortgage created on immovable properties of the Company, situated at MIDC, Gokul Shirgaon, Kolhapur and other movable assets both present and future and second pari-passu charge created on inventories and book debts both present and future and some immovable properties of the Company at Kolhapur.

2) Loans in (a)(ii) above are secured by way of hypothecation of Vehicles purchased there against.

3 Contingent assets are not recognised or disclosed in the financial statement.

As at As at 31st March, 31st March, 2015 2014 (Rs. in Lacs) (Rs. in Lacs)

3 OTHER NOTES TO FINANCIAL STATEMENTS

1. Contingent liabilities :

Contingent liabilities not provided for in respect of :

a) Amount outstanding in respect of Bills discounted under Export 1,480.02 3,195.05 Letter of Credit (Since realised Rs.498.82 Lacs; Previous Year Rs.1199.69 Lacs)

b) Disputed Statutory claims / levies, including, those pending incourtand other claims not acknowledged as debts (excluding interestwhere not ascertained / demanded) in respect of:

(' Rs. Lacs) Sr. No Particulars Current Year Previous Year

a Sales Tax 408.44 330.92

b Excise Duty 1,391.32 1,391.32

c Custom Duty 136.39 136.39

c) "The Company's pending litigations comprise of claims against the Company and proceedings pending with tax and other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not reasonably expect the outcome of these proceedings to have a material impact on its financial statements."

4). a) The Company's case in the matter of Electricity Charges wrongly claimed by Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) from November, 1998 to June, 2008 has been decided favourably by Maharastra Electricity Regulatory Commission (MERC) and Appellate Tribunal, New Delhi. MSEDCL has filed an appeal before the Supreme Court.

b) Similarly the High Court of Mumbai has in the matter of Electricity

5). a) In the opinion of Board, the assets other than Fixed Assets and non-current Investments have a value on realisation in the ordinary course of business, atleast equal to the amount at which they are stated in the Balance Sheet. The provision for depreciation and other known liabilities is adequate and not in excess of what is required.

b) The account of certain Trade Receivables, Loans and Advances given / received, Trade Payables and Bank Accounts are, however, subject to formal confirmations and reconciliations, if any. The management, however, is confident that the impact whereof for the year on the financial statements will not be material.

6). Related Party disclosures pursuant to Accounting Standard '18':

1. Name of the Parties:

(i) Key Management Personnel:

Shri Krishan Kumar Patodia (Chairman and Managing Director)

Shri Narayan Patodia (Managing Director)

Shri Rajiv Patodia (Executive Director & CFO w.e.f. 8th November, 2014)

Shri Rahul Rawat (Company Secretary)

(ii) Other Related Parties (Associates), where transactions have taken place during the year: PBM Polytex Limited

Patodia Syntex Limited Murarilal Mahendra Kumar Paramount Cotton Co.

provision has been made tor doubtful debts/receivables.

7). In terms ot Accounting Standard 17, the Company operates primarily only in one business segment Viz. Cotton yarn and has its production facilites and all other assets located in India. Sales comprises exports sales ot Rs. 20,180.78 Lacs (Previous year Rs. 25,021.61 Lacs) and Domestic sales of Rs. 6,789.91 Lacs (Previous year Rs. 8,222.32 Lacs).

8). During the year, certain freehold land has been converted into stock-in-trade and included in the inventory at cost. (Fair Value as per Govt. Valuer is 106.75 lacs).

9). Previous years' figures have been regrouped / rearranged wherever necessary to conform with current year's presentation.


Mar 31, 2014

As at As at 31st March, 2014 31st March, 2013 NOTE - 1 (Rs. in Lacs) (Rs. in Lacs)

OTHER NOTES TO FINANCIAL STATEMENTS

1. Contingent liabilities :

Contingent liabilities not provided for in respect of :

a) Amount outstanding in respect of Bills discounted under Export Letter of Credit (Since realised Rs.1199.69 Lacs; Previous Year Rs.941.49 Lacs) 3,195.05 1,413.83

b) Disputed Statutory claims / levies, including, those pending in court and other claims not acknowledged as debts (excluding interest where not ascertained / demanded) in respect of:

(Rs. in Lacs)

Sr. Particulars Current Year Previous Year No.

a Sales Tax 330.92 515.61

b Income Tax - 36.19

c Excise Duty 1,392.34 1,411.79

d Custom Duty 136.39 136.39

2. a) The Company''s case in the matter of Electricity Charges wrongly claimed by Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) from November, 1998 to June, 2008 has been decided favourably by Maharastra Electricity Regulatory Commission (MERC) and Appellate Tribunal, New Delhi. MSEDCL has filed an appeal before the Supreme Court.

b) Similarly the High Court of Mumbai has in the matter of Electricity duty on Captive Power Generation has decided in Company''s favour and the Government has filed an appeal before the Supreme Court.

c) The Management foresees only a remote possibility of an outflow of/adjustments to the resources embodying economic benefits, in view of the expert legal opinion in the aforesaid matters obtained by the Company.

3.Related Party disclosures pursuant to Accounting Standard ''18'': 1. Name of the Parties:

(i) Key Management Personnel:

Shri Krishan Kumar Patodia (Chairman and Managing Director)

Shri Narayan Patodia (Managing Director)

Shri Rajiv Patodia (Executive Director) (ii) Other Related Parties (Associates), where transactions have taken place during the year:

PBM Polytex Limited

Patodia Syntex Limited

Murarilal Mahendra Kumar

Paramount Cotton Co.

Notes: 1. Related party relationship is as identified by the Company and relied upon by the Auditors.

2. No amounts in respect of related parties have been written off/written back during the year, nor any provision has been made for doubtful debts/receivables.

4. In terms of Accounting Standard 17, the Company operates primarily only in one business segment Viz. Cotton yarn and has its production facilites and all other assets located in India. Sales comprises exports sales of Rs.25,021.61 Lacs (Previous year Rs.17,908.80 Lacs) and Domestic sales of Rs.8,222.32 Lacs (Previous year Rs.9,385.67 Lacs).

5. Previous years'' figures have been regrouped / rearranged wherever necessary to conform with current year''s presentation.


Mar 31, 2013

As at As at 31st March, 2013 31st March, 2012 NOTE - 1 Amount in Rs. Amount in Rs.

OTHER NOTES TO FINANCIAL STATEMENTS

1. Contingent liabilities:

Contingent liabilities not provided for in respect of :

a) Amount outstandimg in respect of Bills discounted under Export Letter of Credit (Since realised Rs.9,41,48,812; Previous Year Rs.10,32,93,234) 14,13,83,289 22,58,96,119

b) Disputed Statutory claims / levies, including, those pending in court and other claims not acknowledged as debts (excluding interest where not ascertained / demanded) in respect of: (Amount in )

Sr Particulars Current Year Previous Year

a Sales Tax 5,15,60,607 4,61,13,069

b Income Tax 36,18,802 2,17,02,146

c Excise Duty 14,11,79,111 14,11,79,111

d Custom Duty 1,36,39,225 5,31,257

2. a) The Company''s case in the matter of Electricity Charges wrongly claimed by Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) from November, 1998 to June, 2008 has been decided favourably by Maharastra Electricity Regulatory Commission (MERC) and Appellate Tribunal, New Delhi. MSEDCL has filed an appeal before the Supreme Court.

b) Similarly the High Court of Mumbai has in the matter of Electricity duty on Captive Power Generation has decided in Company''s favour and the Government has filed an appeal before the Supreme Court.

c) The Management foresees only a remote possibility of an outflow of/adjustments to the resources embodying economic benefits, in view of the expert legal opinion in the aforesaid matters obtained by the Company.

3. Related Party disclosures pursuant to Accounting Standard ''18'': 1. Name of the Parties: (i) Key Management Personnel:

Shri Krishan Kumar Patodia (Chairman and Managing Director) Shri Narayan Patodia (Managing Director) Shri Rajiv Patodia (Executive Director) (ii) Other Related Parties (Associates), where transactions have taken place during the year:

PBM Polytex Limited Patodia Syntex Limited Eurospin Industries Limited

4. In terms of Accounting Standard 17, the Company operates primarily only in one business segment Viz. Cotton yarn and has its production facilites and all other assets located in India. Sales comprises exports sales of Rs.1,79,08,80,296 (Previous year Rs.l,75,10,86,014) and Domestic sales of Rs.93,85,66,937 (Previous year Ks.6y,Ul,U3,/4b).

5. Previous years'' figures have been regrouped / rearranged wherever necessary to conform with current year''s presentation.


Mar 31, 2012

Right of Equity Shareholders:

Company has only one class of equity shares of par value Rs.10. The holder of this equity share is entitled to one vote per share. In the event of liquidation of the company the holder of equity share will be entitled to receive any of the remaining assets of the company after distribution of the preferential payments.However, no such preferential amounts exist currently.

The distribution will be in proportion to the nos. of equity shares held by the shareholders.

Notes:

Working Capital Facilities and non-fund limits of Rs. 144.22 lacs (Previous Year Rs. 1000.56 lacs) are secured by way of hypothecation of, both present and future, inventories and book debts as well as by way of mortgage of some immovable properties at Kolhapur and second charge created on Company's immovable and other movable assets.

Notes: The above Working Capital Facilities carries interest @ 12% to 17.5%

b) Leasehold Land and Buildings include Rs.6,77,766; Previous Year Rs.6,77,766 and Rs.11,08,380; Previous Year Rs. 11,08,380, respectively being cost of premises in a Co-operative Society held in the name of Managing Director on behalf of the Company.

c) Buildings include Rs.500; Previous Year Rs.500 being the value of ten Shares in a Co-operative Society.

As at As at 31st March, 2012 31st March, 2011

NOTE - 1 Amount in Rs. Amount in Rs.

OTHER NOTES TO FINANCIAL STATEMENTS

1. Contingent liabilities:

Contingent liabilities not provided for in respect of :

a) Amount outstandimg in respect of Bills discounted under Export Letter of Credit (Since realised Rs. 1032.93 lacs; Previous Year Rs. 1548.98 lacs) 22,58,96,119 24,09,97,631

b) Disputed Statutory claims / levies, including, those pending in court and other claims not acknowledged as debts (excluding interest where not ascertained / demanded) in respect of:

(Amount in Rs. Lacs)

Sr. Particulars Current Previous No. Year Year

a Sales Tax 461.13 461.13

b Income Tax 217.02 284.54

c Excise Duty 1411.79 1411.79

d Custom Duty 5.31 9.25

3. a) The Company's case in the matter of Electricity Charges wrongly claimed by Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) from November, 1998 to June, 2008 has been decided favourably by Maharastra Electricity Regulatory Commission (MERC) and Appellate Tribunal, New Delhi. MSEDCL has filed an appeal before the Supreme Court.

b) Similarly the High Court of Mumbai has in the matter of Electricity duty on Captive Power Generation has decided in Company's favour and the Government has filed an appeal before the Supreme Court.

c) The Management foresees only a remote possibility of an outflow of/adjustments to the resources embodying economic benefits, in view of the expert legal opinion in the matters obtained by the Company.

NOTE - 3

11. Related Party disclosures pursuant to Accounting Standard '18':

1. Name of the Parties:

(i) Key Management Personnel:

Shri Krishan Kumar Patodia (Chairman and Managing Director)

Shri Narayan Patodia (Managing Director)

Shri Rajiv Patodia (Executive Director)

(ii) Other Related Parties (Associates), where transactions have taken place during the year:

PBM Polytex Limited

Patodia Syntex Limited

Eurospin Industries Limited

Note : 1. Related party relationship is as identified by the Company and relied upon by the Auditors.

2. No amounts in respect of related parties have been written off/written back during the year, nor any provision has been made for doubtful debts/receivables.

The Company has compiled the above information based on verbal/written confirmations from suppliers. As at the year end, no supplier has intimated the Company about its status as a Micro or Small Enterprise or its registration under the Micro, Small and Medium Enterprises Developement Act, 2006.

4. Previous years' figures have been regrouped / rearranged wherever necessary to conform with current year's presentation.


Mar 31, 2010

As at As at 31st March, 2010 31st March, 2009 Rupees Rupees

1.Contingent liabilities:

Contingent liabilities not provided for in respect of :

a) Amount outstanding in respect of Bills discounted under Export Letter of Credit (Since realised Rs. 1037.25 lacs; Previous Year Rs.1004.96 lacs) 25,26,10,434 12,96,60,789

b) Disputed Statutory claims / levies, including, those pending in court and other claims not acknowledged as debts (excluding interest where not ascertained /demanded) in respect of:

(Amount in Rs. Lacs)

Sr. Particulars Current Previous No. Year Year

a Sales Tax 461.13 467.85

b Income tax 284.54 284.54

c Excise Duty 1411.79 1409.78

d Custom Duty 9.25 9.25

e Electricity Duty on Captive Power Generation 812.30 530.49

Additional Supply Charges -- 69.99 (ASC for electricity charges)

2. a) In the opinion of management, the Current assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance sheet. The provision for depreciation and other known liabilities is adequate and not in excess of what is required.

b) The account of certain debtors, loans and advances given / received, creditors and bank accounts are however subject to confirm and reconciliation, if any. The management, however is confident that the impact thereof on the current years financial statements will not be material.

3.The amount of Research and Development expenses is not ascertainable separately, the same having been included under various heads of expenditure in the Profit and Loss Account.

4.Related Party disclosures pursuant to Accounting Standard 18:

1. Name of the Parties:

(i) Key Management Personnel:

Shri Krishan Kumar Patodia (Chairman and Managing Director)

Shri Narayan Patodia (Managing Director)

Shri Rajiv Patodia (Executive Director)

(ii) Other Related Parties

(Associates), where transactions have taken place during the year:

PBM Polytex Limited

Patodia Syntex Limited

Eurospin Industries Limited

(iii) Shri R. K. Siotia (Relative of a Director)

5. In terms of Accounting Standard 17 , the Company operates primarily only in one business segment Viz. Cotton yarn and has its production facilites and all other assets located in India. Sales comprises exports sales of Rs.12,639.38 lacs (Previous year Rs.7,573.86 lacs) and Domestic sales of Rs.4,871.26 lacs (Previous year Rs.4,873.49 lacs).

6. Previous years figures have been regrouped / rearranged wherever necessary to conform with current years presentation.

 
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