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.