Mar 31, 2014
1.1 Term loan from banks include loan from Syndicate bank
1.2 Term loans from banks are secured by first charge on all existing
and future assets of the Company on pari pasu basis and personal
guarantee of directors (Mr.H. Narsaiah, Mr. H. Kishen and Mr.H.Krishna
Kumar) of the Company, other managerial persons (Mr. H. Mahesh Kumar
and Mr. H. Praveen Kumar) Second charge on Current Assets of the
Company.
1.3 Repayment schedule and Rate of Interest of Term Loans from Banks as
follows:
1.4 The Company has taken Unsecured Loans from Andhra Pradesh State
Finance Corporation (APSFC), which are secured by collateral security
of Spouse of the Managing Director (Mr. H. Kishen) and guaranteed by
Managing Director, Whole Time Director (Mr. H. Krishna Kumar), Director
(Mr. H. Narsaiah) and Spouse of the Managing Director.
2.1 Working capital loans from banks are secured by hypothecation of
movable assets including inventories and assignment of receivables,
personal guarantees of Directors (Mr. H. Kishen, M r. H . Kri sh na Ku
m ar and Mr. H. Narsaiah) of the Company and Second charge on the fixed
assets of the Company.
3.1 Statutory Liabilites represent TDS of Rs.48.84 Lacs, VAT of
Rs.37.68 Lacs, Provident Fund of Rs.30.53 Lacs, Employee State
Insurance of Rs. 9.57 Lacs, Service tax of Rs.25.98 Lacs etc.,
Note 4 : Related Party Disclosures
A. Enterprises in which significant influence by Key Management
Personnel
1. Feno Fiber Limited
2. Rex-O-Knits Private Limited
B. Key Management Personnel
1. Sri H. Kishen - Managing Director
2. Sri H. Krishna Kumar - Whole time Director
3. Sri H. Praveen Kumar - Chief Executive - Calendering Division
4. Sri H. Mahesh Kumar - Chief Executive - Domestic Sales
5. Sri H. Sanjay Kumar - Chief Executive - OEM Sales
Mar 31, 2013
1.1 Term loan from banks include loan from Syndicate bank
1.2 Term loans from banks are secured by first charge on all existing
and future assets of the company on pari pasu basis and personal
guarantee of directors (Mr.H. Narsaiah, Mr. H. Kishen and Mr.H.Krishna
Kumar) of the company, other managerial persons (Mr. H. Mahesh Kumar
and Mr. H. Praveen Kumar) second charge on current assets
1.3 Unsecured loans are taken from Andhra Pradesh State Finance
Corporation (APSFC), which are secured by collateral security of Spouse
of the Managing Director (Mr. H. Kishen) and guaranteed by Managing
Direcor, Whole Time Director (Mr. H. Krishna Kumar), Director (Mr. H.
Narsaiah) and Spouse of the Managing Director
2.1 Working capital from banks are secured by hypothecation of movable
assets including inventories and assignment of receivables, personal
guarantees of Directors (Mr. H. Kishen, Mr. H. Krishna Kumar and Mr. H.
Narsaiah) of the company and second charge on the fixed assets of the
Company.
3.1 Statutory Liabilites represent TDS of Rs.. 12.10 Lacs, VAT of
Rs..44.97 Lacs, Provident Fund ofRs.. 3.61 Lacs, Employee State
Insurance of Rs.. 1.24 Lacs, Service tax of Rs.. 4.67 Lacs etc.,
4.1 Amount paid under Protest represents Rs.52.95 Lacs under Income Tax
Act, 1961, Rs..6.33 Lacs under Central Excise Act, 1944 and Rs..4.00 Lacs
under AP VAT Act / CST on various appeals
Mar 31, 2012
1.1 Term loan from banks include loan from Canara bank and Syndicate
bank
1.2 Term loans from banks are secured by first charge on all existing
and future assets of the company on Pari Passu basis and personal
guarantee of directors of the company and second charge on current
assets
1.3 Unsecured loans are taken from Andhra Pradesh State Financial
Corporation, which are secured by collateral security of spouse of the
managing director and guaranteed by Managing Director, Whole Time
Director, one more director and spouse of managing director.
Note 2 : Related Party Disclosures as per AS 18
A. List of related parties
1. Sri H. Narsaiah - Brother of Managing Director
2. Feno Foams Private Ltd.,
3. Feno Fiber Ltd.,
4. Feno Investments Ltd.,
5. H. Gangaram Cloth Merchants
6. Ganga Bros Spinning Private Ltd.,
7. Rex -O -Knits Pvt.Ltd.,
B. Key Management Personnel
1. Sri H. Kishen - Managing Director
2. Sri H. Krishna Kumar - Whole time Director
3. Sri H. Praveen Kumar - General Manager
4. Sri H. Mahesh Kumar - General Manager
Note 3 : Contingent Liabilities (not provided for) in respect of:
(Rs. In Lacs)
2011-11 2010-11
a. Demand raised by the Income
Tax authorities, being
disputed by the Company 92.21 73.55
b. Demands raised by Sales
tax authorities, being
disputed by the Company. 46.15 40.28
c. Bank guarantees, Letter of
credits and other guarantees 443.74 974.80
Total 582.10 1088.63
Note 4: We have recorded all known liabilities in the financial
statements. The Company has not received any intimations from suppliers
regarding their status under the micro, small and medium enterprises
development act, 2006 and hence disclosures, if any relating to amounts
unpaid as at the yearend together with interest paid or payable as
required under the said Act have not been given.
Note 5: The company has made relevant disclosures which are applicable
as per revised schedule VI and the figures for the previous year are
reclassified /regrouped and rearranged wherever necessary.
Mar 31, 2011
1. Contingent liabilities not provided for in respect of:
a) Letters of Credit, Bank Guarantees and other Guarantees of Rs 974.80
lakhs (Previous year: Rs.493.19 lakhs)
b) Claims against the company not acknowledged as debts:
Income tax matter under appeal Rs.73.55 lakhs (Previous year Rs.90.32
lakhs).
2. Term Loans from Canara Bank is secured by first charge on all
existing and future assets of the company on pari passu basis and
personal guarantees of Directors of the company and second charge on
Current Assets.
3. Working Capital from Banks is secured by hypothecation of movable
assets including Inventories and assignment of receivables and personal
guarantees of Directors of the company and second charge on the Fixed
Assets.
4. Investments of Rs.46.73 lakhs (Previous year Rs.46.73 lakhs) in
equity share application money pending allotment with Feno Fiber
Limited, a company in which directors are interested.
5. There are no Micro, Small and Medium Enterprises, as defined in the
Micro, Small. Medium Enterprises Development Act, 2006, to whom the
company owes dues on account of principal amount together with interest
and accordingly no additional disclosures have been made. .
6. During the year the company has taken a group gratuity cum
insurance policy with LIC of India, The company has paid current
service cost of Rs. 4.58 Lakhs. The company has agreed to contribute
the past service cost in five annual installments.
7. During the year the company has sent balance confirmations to
substantial number of Debtors and Creditors. Based on the responses
received the company has reconciled major balances. The Company shall
endeavor to reconcile the other balances on a priority basis.
8. Related party disclosure - as per AS-18 issued by the ICAI.
A. LIST OF RELATED PARTIES
I) Key Management Personnel Personnel having Significant Influence:
1) Sri H. Kishen - Managing Director
2) Sri H. Krishna Kumar - Whole time Director
3) Sri H. Praveen Kumar - General Manager
4) Sri H. Mahesh Kumar - General Manager
II) Related Persons/Entities
1) Sri H. Narsaiah - Brother of Managing Director
2) Feno Foams Private Ltd.,
3) Feno Fiber Ltd.,
4) Feno Investments Ltd.,
5) H. Gangaram - Cloth Merchant
6) Ganga Bros Spinning Private Ltd.,
7) Rex - O - Knits Pvt.Ltd.,
9. Earnings per Share:
Earning per share is calculated by dividing the net profit after
taxation as per accounts for the year, which is attributable to the
equity shareholders by average number of equity shares outstanding
during the year. The basis adopted for calculation of the basic
earnings per equity share is stated below:
10. Previous year figures have been regrouped / rearranged wherever
necessary to conform to this year classification
Mar 31, 2010
1. Contingent liabilities not provided for in respect of:
a) Letters of Credit, Bank Guarantees and other Guarantees of Rs.493.19
lakhs (Previous year: Rs. 1121.14 lakhs)
b) Claims against the company not acknowledged as debts:
Income tax matter under appeal Rs.90.32 lakhs (Previous year Rs.106.90
lakhs).
2. Term Loans from Union Bank Of India and Canara Bank are secured by
first charge on all existing and future assets of the company on pari
passu basis and personal guarantees of Directors of the company and
second charge on Current Assets.
3. Working Capital from Banks is secured by hypothecation of movable
assets including Inventories and assignment of receivables and personal
guarantees of Directors of the company and second charge on the Fixed
Assets.
4. Investments of Rs.46.73 lakhs (Previous year Rs.46.73 lakhs) in
equity share application money pending allotment with Feno Fiber
Limited, a company in which directors are interested.
5. There are no Micro, Small and Medium Enterprises, as defined in the
Micro, Small. Medium Enterprises Development Act, 2006, to whom the
company owes dues on account of principal amount together with interest
and accordingly no additional disclosures have been made.
6. Balances of Debtors, Creditors, Loans and Advances are subject to
confirmation.
7. Related party disclosure - as per AS-18 issued by the ICAI. A.
List of Related Parties
I) Key Management Personnel Personnel having Significant Influence:
1) Sri H. Narsaiah,
2) Sri H. Kishen,
3) Sri H. Krishna Kumar,
4) SriH. Ravi Raj,
5) Sri H. Praveen Kumar,
6) Sri H. Mahesh Kumar,
II) Related Entities
1) Feno Foams Private Ltd., 2) Feno Fiber Ltd., 3) Feno Investments
Ltd., 4) Ganapa Enterprises 5) Ganga Bros Spinning Private Ltd., 6)
H.Gangaram-Cloth Merchant, 7) H. Krishna Kumar & Associates, 8) Rex -O
-Knits Pvt.Ltd.,
Mar 31, 2009
1. Contingent liabilities not provided for in respect of:
a) Letters of Credit. Bank Guarantees and other Guarantees of
Rs.1121.14 lakhs (Previous year: Rs. 1363.60 lakhs)
b) Claims against the company not acknowledged as debts:
Income tax matter under appeal Rs.106.90 lakhs (Previous year Rs.254.34
lakhs).
2. Term Loan from Union Bank Of India is secured by first charge on
all existing and future assets of the company on pari passu basis and
personal guarantee -. of Directors of the company and second charge on
Current Assets.
3. Working Capital from Banks is secured by hypothecation of movable
assets including Inventories and assignment of receivables and personal
guarantees of Directors of the company and second charge on the Fixed
Assets.
4. Investments of Rs.46.73 lakhs (Previous year Rs.46.73 lakhs) in
equity share application money pending allotment with Feno Fiber
Limited, a company in which directors are interested.
5. There are no Micro Small and Medium Enterprises, as defined in the
Micro, Small. Medium Enterprises Development Act, 2006, to whom the
company owes dues on account of principal amount together with interest
and accordingly no additional disclosures have been made.
6. Balances of Debtors, Creditors, Loans and Advances are subject to
confirmation.
7. Related party disclosure - as per AS-18 issued by the ICAI. A.
List of Related Parties
I) Key Management Personnel Personnel having Significant Influence:
1) Sri H. Narsaiah, 2) Sri H. Kishen, 3) Sri H. Krishna Kumar, 4) Sri
H. Ravi Raj, 5) Sri H. Praveen Kumar, 6) Sri H. Mahesh Kumar, 7) Sri.
H. Sanjay Kumar
II) Related Entities
1) Daya Kiran Cloth Stores, 2) Feno Foams Private Ltd., 3) Feno Fiber
Ltd., 4) Feno Investments Ltd., 5) Ganapa Enterprises 6) Ganga Bros
Spinning Private Ltd., 7) H.Gangaram-Cloth Merchant, 8) H.Gangaram
Exclusives, 9) H. Krishna Kumar & Associates, 10) Rex -O -Knits
Pvt.Ltd., 11) Shivaram Agencies, 12) Traders.
8. Previous year figures have been regrouped / rearranged wherever
necessary to conform to this year classification
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