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Notes to Accounts of Fairdeal Filaments Ltd.

Mar 31, 2014

2 Security details for secured loan

a. Secured by hypothecation of raw materials, stock-in-process, finished goods, book-debts, plant and machinery and equitable mortgage of factory, land and building situated at Village : Karanj, Taluka : Mandvi Dist.: Surat and Village : Mota Borasara, Taluka : Mangrol, Dist.:Surat. Facility is further secured b> equitable mortgage of office premises third floor, Dawer Chambers, Ring Road, Surat and Hypothecation of Windmill situated at Village: Suthari, Taluka: Abdasa, Dist.: Kutch

b. Secured against hypothecation of Car

c. Secured against hypothecation of vehicle

3 Security details for secured loan

Secured by hypothecation of raw materials, stock-in-process, finished goods, book-debts, plant and machinery and equitable mortgage of factory, land and building situated at Village : Karanj, Taluka : Mandvi, Dist.: Surat and Village : Mota Borasara, Taluka : Mangrol, Dist.:Surat. Facility is further secured by equitable mortgage of office premises third floor, Dawer Chambers, Ring Road, Surat and Hypothecation of Windmill.

4 CONTINGENT LIABILITIES AND COMMITMENTS

I) Contingent Liabilities

Guarantees

a) Counter guarantees given to banks 2.27 2.27

b) Bank Guarantee provided to DGFT to secure texturising 6.11 6.11 under EPCG Scheme

Others

a) Custom Duty on Capital Goods or Raw Material Imported 20.53 25.70 under Advance Licence/ EPCG Scheme, against which export obligation is to be fulfilled

5. Sale/Purchase includes inter-divisional transfer is Nil (Previous Year-Nil)

6. There are no dues (Previous Year - Nil) from the companies or firms where Directors are Directors/Partners.

7. Previous year figures have been regrouped/reclassified wherever necessary to correspond with the Current year''s Classification/disclosure.


Mar 31, 2013

1.1 Gratuity:

The employee gratuity fund is managed by "Life Insurance Corporation of India". The Present value of obligation is determined based on actuarial valuation. The liability is fully funded.

PARTICULARS AS at AS at 31-Mar-13 31-Mar-12 (Rs. in Lacs)

2 CONTINGENT LIABILITIES AND COMMITMENTS

I) Contingent Liabilities

Guarantees

a) Counter guarantees given to banks 2.27 3.50

b) Guarantee given to Bank of Baroda on behalf of Shahlon - 31.76 Industrial Infrastructure Pvt. Ltd. (Given on 10.05.2006)

c) Bank Guarantee provided to DGFT to secure text rising 6.11 6.11 under EPCG Scheme

Others

a) Custom Duty on Capital Goods or Raw Material Imported 25.70 2.89 under Advance Licence/ EPCG Scheme, against which export obligation is to be fulfilled

b) Disputed Income Tax liability to the extent not recognised - 3.76 as debt

3 Sales/Purchase includes inter-divisional transfer is Nil (Previous Year-53.99 Lacs)

4 There are no dues (P.Y. - Rs Nil) from the companies or Firms where Directors are Directors/Partners.

5 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2012

1.1 Security details for secured loan

a. Secured by hypothecation of raw materials, stock-in-process, finished goods, book-debts, plant and machinery and equitable mortgage of factory, land and building situated at Village Karanj, Taluka; Mandvi, Dist.: Suratand Village Mota Borasara, Taluka : Mangrol, Dist.:Surat. Facility is further secured by equitable mortgage of office premises third Floor, Dawer Chambers, Ring Road, Suratand Hypothecation of Windmill situated at Village: Suthari, Taluka: Abdasa, Dist.: Kutch

b. Secured against hypothecation of Car

c. Secured against hypothecation of vehicle

* Refer Note 7 for Current maturities of Long-term debt

2.1 Secunty deta.lsfor secured loan

Secured by hypothecation of raw materials, stock-in-process, finished goods, book-debts, plant and machinery and equitable mortgage of factory, land and building situated at Village Karanj, Taluka; Mandvi, Dist.: Suratand Village MotaBorasara,Taluka: Mangrol, Dist.:Surat. Facility is further secured by equitable mortgage of office premises third Floor, Dawer Chambers, Ring Road, Surat and Hypothecation of Windmill situated at Village : Suthari, Taluka :Abdasa, Dist.: Kutch

3.1 None of the parties grouped under Trade Payables have declared themselves under the Micro, Small and Medium Enterprises Development Act, 2006. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

4 SEGMENT DISCLOSURE: (Rs. in Lacs)

The company has identified only one Segment Viz. "TEXTILES" as per Accounting Standard 17 of ICAI and has not identified any geographical segment, where risk and returns are materially different. Commission income credited is also identified to be relating to textile segment exclusively. Wind Power Generation is intended only for captive consumption.

5 CONTINGENT LIABILITIES AND COMMITMENTS

I) Contingent Liabilities Guarantees

a) Counter guarantees given to banks 3.50 3.50

b) Guarantee given to Bank of Baroda on behalf of Shahlon 31.76 67.59 Industrial Infrastructure Pvt. Ltd. (Given on 10.05.2006)

c) Bank Guarantee provided to DGFT to secure texturising 6.11 5.73 under EPCG Scheme

Others

a) Custom Duty on Capital Goods or Raw Material Imported 2.89 0.00 under Advance Licence/ EPCG Scheme, against which export obligation is to be fulfilled

b) Disputed Income Tax liability to the extent not recognised 3.76 3.76 as debt

6 Sales/Purchase includes inter-divisional transfer of Rs. 53.99 lacs (Previous Year- Rs. NIL).

7 There are no dues (P.Y. - Rs. Nil) from the Companies or Firms where Directors are Directors / Partners.

8 The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped /reclassified wherever necessary to correspond with the current year's classification/ disclosure.


Mar 31, 2010

(1) Contingent Liabilities : (Rs. in Lacs)

Particulars 2009-10 2008-09

a. Counter guaranties given to banks 3.50 3.50

b. Guarantee given to Bank of Baroda on behalf of Shahlon Industrial Infrastructure Pvt. Ltd. 102.92 138.30 (given on 10.05.2006)

c. Bank Guarantee provided to DGFT to secure 5.73 5.73 texturising machine under EPCG Scheme

(2) Earning in foreign exchange F.O.B. values of exports Rs. 88.75 Lacs (Pre. Year. Rs. Nil)

(3) Secured loans include loans of Rs. 242.68 Lacs (Pre. year 269.31 lacs) repayable / redeemable within one year.

(4) Sales/Purchase include inter-divisional transfers of Rs. Nil (Pre. year Nil lacs)

(5) The Company has identified only one segment Viz. TEXTILES, and commission income credited is also identified to be relating to textile segment exclusively. Wind Power Generation is intended only for captive consumption.

(6) There are no dues (P.Y. Nil) from the Companies or Firms where Directors are Directors / Partners.

(7) The company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprise Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 have not be provided.

(8) Part-IV of Schedule VI to the Companies Act, 1956 as per Annexure A.

(9) There is no diluted equity share of the company hence Earning Per Share (EPS) is as per Part IV stated above.

(10) Confirmations to the extent received from debtors have been reconciled.

(11) Previous years figures have been regrouped / recast wherever considered necessary.

 
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