Mar 31, 2018
A : CORPORATE INFORMATION
Fiberweb (India) Limited is a listed public limited Company, incorporated in India. The Company is engaged in the business of âManufacture of SPUNBOND NONWOVEN FABRICS from polypropylene. The Company has started business activity in U.A.E. through formation of wholly owned (i.e. 100%) subsidiary, viz. Sheth Non Wooven Trading FZE in Ras Al Khaimah (U.A. E.).
B: OTHER NOTES ON ACCOUNTS
I. The Company has availed non funding facilities from its bankers. In this connection ''Rs. 21,86,753/- (previous year ''20,54,033/-) are kept with Banks as lien / margin money against guarantees opened by the bankers and guarantees issued by them.
II. No provision for income tax liability has been made in the terms of BIFR order dt 20.10.2015 under which vide clause 13.2.c, the company is exempted from the applicability of Minimum Alternate Tax (MAT) u/s 115 J of Income Tax Act, 1961.
III. Debtors and Creditors balances are subject to confirmations from the parties.
IV. In the opinion of the Board of Directors the Current Assets, Loans & Advances except those shown as doubtful have a value on realization in the ordinary course of business at least equal to the amount at which items are stated in the Balance Sheet.
V. Modvat credit of Excise duty taken on purchase of Raw Materials is not included in the value of inventory of Raw Material. Also value of inventory of finished goods does not include excise duty payable on manufacture. This has no effect on the profit of the Company.
VI. Figures of the previous year have been re-grouped / rearranged /reclassified wherever necessary.
VII. Standards Issued but not effective
On March 28, 2018 the Ministry of Corporate Affairs (MCA) has notified Ind AS 115 - Revenue from Contract with customers and certain amendments shall be applicable to the Company from April 01, 2018.
Issue of Ind AS 115 - Revenue from Contracts with Customers
Ind AS 115 will supersede the current revenue recognition guidance including Ind AS 18 Revenue, Ind AS 11 Construction Contracts and the related interpretations. Ind AS 115 provides a single model of accounting for revenue arising from contracts with customers based on the identification and satisfaction of performance obligations.
Amendment to Existing issued Ind AS
The MCA has also carried out amendments of the following accounting standards:
i. Ind AS 21 - The Effects of Changes in Foreign Exchange Rates
ii. Ind AS 40 - Investment Property
iii. Ind AS 12 - Income Taxes
iv. Ind AS 28 - Investments in Associates and Joint Ventures and
v. Ind AS 112 - Disclosure of Interests in Other Entities
Application of above standards are not expected to have any impact on the Company''s Financial Statements.
(ii) During the last year, the company allotted 18,00,000 convertible equity warrants @ 181/- (including premium of Rs 171/- per convertible equity warrants) on preferntial basis to group of strategic investors. Out of this 7,00,000 equity warrants converted into equity shares of Rs 10/- each at a premium of Rs. 171/- each, in last year and the balance 11,00,000 equity warrants were converted in to equity shares of Rs.10/- each at a premium of Rs. 171/- per share, in current year.
(iv) During the current year, the Company issued Bonus shares in the proportion of 1:1 to all the shareholders as on 20.01.2018.
(v) Terms / rights attached to Equity Shares :
The Company has a single class of equity shares having at par value of ''10/- per share. Each holder of equity share is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company in proportion to the number of equity shares held by each shareholder, after settlement of all preferential obligations.
Footnotes:
(i) As per Hon''ble BIFR order dated 20/10/2015 an undertaking given to BIFR by Gayatri Pipes and Fittings Pvt Limited (Lender) the Tem Loan written back in May 2016.
** Trade payables in above Note includes Rs.NIL (P.Y. Rs.NIL) due to micro, small and medium enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED).
Disclosure under AS 15
Employee benefit plans (Defined contribution plans)
The Company makes Provident Fund and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.28,56,962/- (Year ended 31 March, 2017 Rs.27,81,336/- ) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.
Mar 31, 2016
The Company has made a pre-deposit 7.5% of Rs. 1,37,77,776/- (duty) Rs. 10,33,333/- and 7.5% of Rs.15,00,000/-(penalty imposed on Mr. G. Ravindran) Rs. 1,12,500/- and filed the Appeal against the Order before Customs, Excise and Service tax Appellate Tribunal at Ahmadabad on 12/05/2016.
I. Pursuant to a reference made by the Company, the Hon''ble Bench of the BIFR, New Delhi, has by their Order dated 18th January 2007, declared the Company as a âSICK INDUSTRYâ. A scheme of Rehabilitation has been approved by the BIFR, New Delhi, vide Order dated 20.10.2015.
During the year 40% of Share Capital has been written down for Reduction and Consolidation of Share Capital and also there is further allotment of shares on preferential basis to promoters, their group and strategic investor of Rs.6.00 crores as per BIFR order dated 20/10/2015
II. Revaluation for the year ended 31.03.2015 of various fixed assets had resulted into a profit of Rs 1,73,101/and the same had been credited to the revaluation reserve account and shown in the balance sheet as at 31.03.2015 under the head Reserves & Surplus.
III. Various assets were sold during the year ended 31.03.2009.
The profit on the sale of these assets is accounted in the year ended 31.03.2016 as per the BIFR order of 20.10.2015. However the profit on the sale of the assets was offered for and assessed as income in the A.Y 2009-10.
IV. The Company has availed non funding facilities from its bankers. In this connection ''18,99,650/- (previous year ''17,72,026/-) are kept with Banks as lien / margin money against guarantees opened by the bankers and guarantees issued by them.
V. No provision for income tax liability has been made in the terms of BIFR order dt 20.10.2015 under which vide clause 13.2.c, the company is exempted from the applicability of Minimum Alternate Tax (MAT) u/s 115 J of Income Tax Act, 1961.
VI. Debtors and Creditors balances are subject to confirmations from the parties.
VII. In the opinion of the Board of Directors the Current Assets, Loans & Advances except those shown as doubtful have a value on realization in the ordinary course of business at least equal to the amount at which items are stated in the Balance Sheet.
VIII. Modvat credit of Excise duty taken on purchase of Raw Materials is not included in the value of inventory of Raw Material. Also value of inventory of finished goods does not include excise duty payable on manufacture. This has no effect on the profit of the Company.
Figures of the previous year have been re-grouped / rearranged /reclassified wherever necessary.
Mar 31, 2015
1. Share Capital
(i) Terms / rights attached to Equity Shares :
The Company has a single class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity share is entitled to one vote
per share.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive the remaining assets of the Company
in proportion to the number of equity shares held by each shareholder,
after settlement of all preferential obligations.
2. Employee benefit plans (Defined contribution plans)
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution plans for qualifying employees. Under the
Schemes, the Company is required to contribute a specified percentage
of the payroll costs to fund the benefits. The Company recognised Rs.
24,10,893/- (Year ended 31 March, 2013 Rs. 18,22,209/- ) for Provident
Fund contributions in the Statement of Profit and Loss. The
contributions payable to these plans by the Company are at rates
specified in the rules of the schemes.
3. CORPORATE INFORMATION
Fiber web (India) Limited is a listed public limited Company,
incorporated under The Companies Act, 1956. The Company is engaged in
the business of "Polymer Processing & Manufacturing of Spun Bond Non
Woven Fabrics, etc." on its own.
4. OTHER NOTES ON ACCOUNTS
I. Pursuant to a reference mace by the Company, the Hon'ble Bench of
the BIFR, New Delhi, has by their Order dated 18th January 2007,
declared the Company as a "SICK INDUSTRY". Rehabilitation Scheme (DRS)
is under final stage of acceptance and all creditors a have been
settled.
II. The Company has revalued Fixed Assets, Investments and Loans &
Advances for the year ended 31.12.2007; Fixed Assets & Investments for
the year ended 31.03.2009, Fixed Assets for the year ended 31.03.2012
and Fixed Asset for the year ended 31.03.2015. The Revaluation of the
year ended 31.012.2007 has resulted into a Loss of Rs. 477,458,372/-
and the same has been debited to Profit & Loss Account and shown below
the line as "Extra Ordinary Items". Similarly, the Revaluation of the
year ended 31.03.2009 has resulted into a Profit of Rs. 222,550,613/-
and the same has been credited to Profit & Loss Account as "Profit on
Revaluation of Assets" and shown below the line. The Revaluation of the
year ended 31.03.2012 has resulted into a Profit of Rs. 276,887,178/-
and the same has been credited to the Revaluation Reserve Account and
shown in the Balance Sheet as at 31.03.2012 under the head, Reserves &
Surplus. So as Revaluation of the year ended 31.03.2015 has resulted
into a profit of Rs. 173,101/- and the same has been credited to the
revaluation reserve account and shown in the balance sheet as at
31.03.2015 under the head reserves & surplus. At the time of earlier
revaluations carried out as on 31.12.2007 & 31.03.2009, the Gross Block
was shown at Revalued Figures instead of Cost. Hence the same has been
rectified in the year ended 31.03.2012 by replacing the Gross Cost of
the Assets deducting the loss on revaluation and adding the profit on
revaluation carried out as at 31.12.2007 & 31.03.2009 respectively. The
difference of Rs. 122,351,108/- between the under depreciation provided
on reduced value of the said assets for the year commencing from
01.01.2008 to 31.03.2009 (i.e. for a period of 15 months) and the over
depreciation provided the increased value of the said assets has been
debited to the Revaluation Reserve Account of the year ended 31.03.2012
III. The Company has availed non funding facilities from its bankers.
In this connection Rs. 2,297,790/- (previous year Rs. 2,215,895/-) are
kept with Banks as lien / margin money against guarantees opened by the
bankers and guarantees issued by them. Contingent liability for bills
discounted with Dena Bank is NIL.
b) Debtors and Creditors balances are subject to confirmations from the
parties.
IV. In the opinion of the Board of Directors the Current Assets, Loans
& Advances except those shown as doubtful have a value on realization
in the ordinary course of business at least equal to the amount at
which items are stated in the Balance Sheet.
V. Modvat credit of Excise duty taken on purchase of Raw Materials is
not included in the value of inventory of Raw Material. Also value of
inventory of finished goods does not include excise duty payable on
manufacture. This has no effect on the profit of the Company.
VI. Figures of the previous year have been re-grouped / rearranged
/reclassified wherever necessary.
Mar 31, 2014
1. Terms / rights attached to Equity Shares :
The Company has a single class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity share is entitled to one vote
per share. In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive the remaining assets of the
Company in proportion to the number of equity shares held by each
shareholder, after settlement of all preferential obligations.
"As per direction of BIFR under SICA, promotors, Directors,stretegre
investors & relatives & friends of Directors are required to bring
total amount of Rs. 6.50 crores for rehabilitation & revival of the
Company against which they will be given new shares. This amount is
shown as share Application money as per accounting standard. However,
it is non refundable deposit to be converted in shares and will not
come in preview of Sec 205(C) of the Companies Act,1956. On final
order of BIFR, the shares will be alloted as directed."
2. Footnote:
(i) Secured HDFC Car Loan from banks carry interest rates of 10.11%.
This loan is secured against pledge of Car purchased alongwith personal
guarantee of the Managing Director and will be repaid by September,
2016.
(ii) Secured Canara Bank Term Loan was secured against Uninterrupted
Power System, which has been settled under One Time Settlement Payment
Scheme during the Current F.Y in May,2013 by making payment of
Principal amount in Full w.r.t.letter dated 22.04.2013.
(iii) Secured Term Loan from other parties consists of Loan bearing no
interest from Gayatri Pipes & Fittings Pvt Ltd. for a period as may be
agreed upon between the parties having a first charge on all Immovable
properties both present & future including land located at S.No.92-93B
at Kadaiya village Daman U.T. admeasuring approx 20,600 sq.mtrs with
Buildings and Structures thereon and Plant & machinery in the said
premises AND first charge on all the movable properties of the company
including Plant & Machinery, Spares, Tools & Accessories, stock of raw
materials and finished goods lying in said premises and receivables.
(iv) Unsecured Loans and advances from other parties consists of loan
bearing no interest from Richter Themis Medicare (I) Pvt Ltd. for a
period as may be agreed upon between the parties.
NOTE 3 : CORPORATE INFORMATION
Fiberweb (India) Limited is a listed public limited Company,
incorporated under The Companies Act, 1956. The Company is engaged in
the business of "Polymer Processing & Manufacturing of Spun Bond Non
Woven Fabrics, etc." on its own.
4. Pursuant to a reference mace by the Company, the Hon''ble Bench of
the BIFR, New Delhi, has by their Order dated 18th January 2007,
declared the Company as a "SICK INDUSTRY". Rehabilitation Scheme (DRS)
is under final stage of acceptance and all creditors ahave been
settled.
5. The Company has revalued Fixed Assets, Investments and Loans &
Advances for the year ended 31.12.2007; Fixed Assets & Investments for
the year ended 31.03.2009 and Fixed Assets for the year ended
31.03.2012. The Revaluation of the year ended 31.012.2007 has resulted
into a Loss of Rs. 47,74,58,372/- and the same has been debited to
Profit & Loss Account and shown below the line as "Extra Ordinary
Items". Similarly, the Revaluation of the year ended 31.03.2009 has
resulted into a Profit of Rs. 22,25,50,613/- and the same has been
credited to Profit & Loss Account as "Profit on Revaluation of Assets"
and shown below the line. So also, the Revaluation of the year ended
31.03.2012 has resulted into a Profit of Rs. 27,68,87,178/- and the
same has been credited to the Revaluation Reserve Account and shown in
the Balance Sheet as at 31.03.2012 under the head, Reserves & Surplus.
At the time of earlier revaluations carried out as on 31.12.2007 &
31.03.2009, the Gross Block was shown at Revalued Figures instead of
Cost. Hence the same has been rectified in the year ended 31.03.2012 by
replacing the Gross Cost of the Assets deducting the loss on
revaluation and adding the profit on revaluation carried out as at
31.12.2007 & 31.03.2009 respectively. The difference of Rs.
12,23,51,108/- between the under depreciation provided on reduced value
of the said assets for the year commencing from 01.01.2008 to
31.03.2009 (i.e. for a period of 15 months) and the over depreciation
provided on the increased value of the said assets has been debited to
the Revaluation Reserve Account of the year ended 31.03.2012.
6. The Company has availed non funding facilities from its bankers. In
this connection Rs. 22,97,790/- (previous year Rs. 22,15,895/-) are
kept with Banks as lien / margin money against guarantees opened by the
bankers and guarantees issued by them. Contingent liability for bills
discounted with Dena Bank is NIL.
7. Debtors and Creditors balances are subject to confirmations from
the parties.
8. In the opinion of the Board of Directors the Current Assets, Loans
& Advances except those shown as doubtful have a value on realization
in the ordinary course of business at least equal to the amount at
which items are stated in the Balance Sheet.
9. Modvat credit of Excise duty taken on purchase of Raw Materials is
not included in the value of inventory of Raw Material. Also value of
inventory of finished goods does not include excise duty payable on
manufacture. This has no effect on the profit of the Company.
10. Figures of the previous year have been re-grouped / rearranged
/reclassified wherever necessary.
Mar 31, 2013
1 Employee benefit plans
Defined contribution plans
The Company makes Provident Fund and Superannuation Fund contributions
to defned contribution plans for qualifying employees. Under the
Schemes, the Company is required to contribute a specifed percentage of
the payroll costs to fund the benefts. The Company recognised Rs.
18,22,209/- (Year ended 31 March, 2012 Rs. 17,24,108/- ) for Provident
Fund contributions in the Statement of Proft and Loss. The
contributions payable to these plans by the Company are at rates
specifed in the rules of the schemes.
2 The Revised Schedule VI has become effective from 1 April, 2011 for
the preparation of fnancial statements. This has signifcantly impacted
the disclosure and presentation made in the fnancial statements.
Previous year''s fgures have been regrouped / reclassifed wherever
necessary to correspond with the current year''s classifcation /
disclosure.
3 Pursuant to a reference made by the Company, the Hon''ble Bench of the
BIFR, New Delhi, has by their Order dated 18th January 2007, declared
the Company as a "SICK INDUSTRY".Rehabilitation Scheme (DRS) is under
fnal stage of acceptance as all other creditors are settled except
Canara Bank Lease rent dues. However, the same has been settled in May
2013.
4 The Company has revalued Fixed Assets, Investments and Loans &
Advances for the year ended 31.12.2007; Fixed Assets & Investments for
the year ended 31.03.2009 and Fixed Assets for the year ended
31.03.2012. The Revaluation of the year ended 31.012.2007 has resulted
into a Proft of Rs.47,74,58,372/- and the same has been debited to
Proft & Loss Account and shown below the line as "Extra Ordinary
Items". Similarly, the Revaluation of the year ended 31.03.2009 has
resulted into a Loss of Rs.22,25,50,613/- and the same has been
credited to Proft & Loss Account as "Proft on Revaluation of Assets"
and shown below the line. So also, the Revaluation of the year ended
31.03.2012 has resulted into a Proft of Rs.27,68,87,178/- and the same
has been credited to the Revaluation Reserve Account and shown in the
Balance Sheet as at 31.03.2012 under the head, Reserves & Surplus. At
the time of earlier revaluations carried out as on 31.12.2007 &
31.03.2009, the Gross Block was shown at Revalued Figures instead of
Cost. Hence the same has been rectifed in the year under consideration
i.e. as at 31.03.2012 by replacing the Gross Cost of the Assets
deducting the loss on revaluation and adding the proft on revaluation
carried out as at 31.12.2007 & 31.03.2009 respectively. The difference
of Rs.12,23,51,108/- between the under depreciation provided on reduced
value of the said assets for the year commencing from 01.01.2008 to
31.03.2009 (i.e. for a period of 15 months) and the over depreciation
provided on the increased value of the said assets has been debited to
the Revaluation Reserve Account of the year under consideration viz.
31.03.2012.
5 The Company has availed non funding facilities from its bankers. In
this connection Rs.22,15,895/- (previous year Rs. 25,67,030/-) are kept
with Banks as lien / margin money against guarantees opened by the
bankers and guarantees issued by them. Contingent liability for bills
discounted with Dena Bank is NIL.
6 Regarding leased assets taken from Canara Bank, Bangalore, the matter
is pending before the Karnataka High Court against the Arbitrator''s
Award. Also this matter is before BIFR .In view of this no provision is
made for lease rent in the accounts. However, the same has been settled
in May 2013.
7 Debtors and Creditors balances are subject to confrmations from the
parties.
8 The company has not ascertained liability towards payment of gratuity
and hence no provision has been made in accounts. It is accounted for
on the basis of payment.
9 In the opinion of the Board of Directors the Current Assets, Loans &
Advances except those shown as doubtful have a value on realization in
the ordinary course of business at least equal to the amount at which
items are stated in the Balance Sheet.
10 The company operates in a single segment namely "Polymer Processing".
Hence segment wise reporting as defned in AS 17 of ICAI is not
applicable.
11 Modvat credit of Excise duty taken on purchase of Raw Materials is
not included in the value of inventory of Raw Material. Also value of
inventory of fnished goods does not include excise duty payable on
manufacture. This has no effect on the proft of the Company.
12 Figures of the previous year have been re-grouped / rearranged
/reclassifed wherever necessary.
Mar 31, 2012
1 Share application money pending allotment
As at 31 March 2012, the Company has received an amount of
Rs.4,31,50,000/- towards share application money towards 43,15,000 equity
/ of the Company (As at 31 March, 2011 Rs.5,06,50,000/- towards 50,65,000
equity) at a premium of Rs. NIL (As at 31 March, 2011 Rs. NIL). The share
application money was received from promotors directors and freinds
acting in concent, pursuant to an BIFR Order dated 27/07/2009.The
allotment of shares can only be made after schemes is approved by
BIFR. The Company has sufficient authorised capital to cover the
allotment of these shares.
2 Employee benefit plans Defined contribution plans
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution plans for qualifying employees. Under the
Schemes, the Company is required to contribute a specified percentage
of the payroll costs to fund the benefits. The Company recognised Rs.
14,17,648/- (Year ended 31 March, 2011 Rs. 10,04,748/- ) for Provident
Fund contributions in the Statement of Profit and Loss. The
contributions payable to these plans by the Company are at rates
specified in the rules of the schemes.
3 The Revised Schedule VI has become effective from 1 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.
1 Pursuant to a reference mace by the Company, the Hon''ble Bench of
the BIFR, New Delhi, has by their Order dated 18th January 2007,
declared the Company as a "SICK INDUSTRY". Rehabilitation Scheme
(DRS) is under final stage of acceptance as all other creditors are
settled except Canara Bank Lease rent dues.
2 The Company has revalued Fixed Assets, Investments and Loans &
Advances for the year ended 31.12.2007; Fixed Assets & Investments for
the year ended 31.03.2009 and Fixed Assets for the year ended
31.03.2012. The Revaluation of the year ended 31.012.2007 has resulted
into a Loss of Rs.47,74,58,372/- and the same has been debited to
Profit & Loss Account and shown below the line as "Extra Ordinary
Items". Similarly, the Revaluation of the year ended 31.03.2009 has
resulted into a Profit of Rs.22,25,50,613/- and the same has been
credited to Profit & Loss Account as "Profit on Revaluation of
Assets" and shown below the line. So also, the Revaluation of the
year ended 31.03.2012 has resulted into a Profit of Rs.27,68,87,178/-
and the same has been credited to the Revaluation Reserve Account and
shown in the Balance Sheet as at 31.03.2012 under the head, Reserves &
Surplus. At the time of earlier revaluations carried out as on
31.12.2007 & 31.03.2009, the Gross Block was shown at Revalued Figures
instead of Cost. Hence the same has been rectified in the year under
consideration i.e. as at 31.03.2012 by replacing the Gross Cost of the
Assets deducting the loss on revaluation and adding the profit on
revaluation carried out as at 31.12.2007 & 31.03.2009 respectively. The
difference of Rs.12,23,51,108/- between the under depreciation provided
on reduced value of the said assets for the year commencing from
01.01.2008 to 31.03.2009 (i.e. for a period of 15 months) and the over
depreciation provided on the increased value of the said assets has
been debited to the Revaluation Reserve Account of the year under
consideration viz. 31.03.2012.
3 The Company has availed non funding facilities from its bankers. In
this connection Rs.25,67,030/- (previous year Rs. 15,68,837/-) are kept
with Banks as lien / margin money against guarantees opened by the
bankers and guarantees issued by them. Contingent liability for bills
discounted with Dena Bank is NIL.
4 Regarding leased assets taken from Canara Bank, Bangalore, the matter
is pending before the Karnataka High Court against the Arbitrator''s
Award. Also this matter is before BIFR .In view of this no provision is
made for lease rent in the accounts.
5 Debtors and Creditors balances are subject to confirmations from the
parties
6 The company has not ascertained liability towards payment of gratuity
and hence no provision has been made in accounts. It is accounted for
on the basis of payment.
7 In the opinion of the Board of Directors the Current Assets, Loans &
Advances except those shown as doubtful have a value on realization in
the ordinary course of business at least equal to the amount at which
items are stated in the Balance Sheet.
8 The company operates in a single segment namely "Polymer
Processing". Hence segment wise reporting as defined in AS 17 of ICAI
is not applicable.
9 Modvat credit of Excise duty taken on purchase of Raw Materials is
not included in the value of inventory of Raw Material. Also value of
inventory of finished goods does not include excise duty payable on
manufacture. This has no effect on the profit of the Company.
10 Figures of the previous year have been re-grouped / rearranged
/reclassified wherever necessary. P.S.KRISHNAN - Executive Director
Mar 31, 2011
1. Pursuant to a reference made by the Company, the Hon'ble Bench of
the BIFR, New Delhi has by their Order dated 18th January 2007,
declared the Company as a ''sick INDUSTRY''. Rehabilitation Scheme
(DRS) is under final stage of acceptance as All other creditors are
settled except Canara Bank Lease rent Dues.
2. The company has availed non funding facilities from its Bankers. In
this connection Rs. 15,68,837/- (previous year Rs. 14,63,418/-) are
kept with banks as lien/margin money against Guarantees opened by the
bankers and guarantees issued by them. Contingent liability for bills
discounted with Dena Bank is NIL.
3. Regarding leased assets taken from Canara Bank, Bangalore, The
matter is pending before the Karnataka high court against The
arbitrator's award. Also this matter is before BIFR. In view Of this no
provision is made for lease rent in the accounts.
4. Debtors and Creditors balances are subject to confirmations From
the parties.
5. The Company has not ascertained liability towards payment of
Gratuity and hence no provision has been made in accounts. It is
Accounted for on the basis of payment.
6. In the opinion of the Board of Directors the Current Assets, Loans
& Advances except those shown as doubtful have a value on Realization
in the ordinary course of business at least equal to The amount at
which items are stated in the Balance Sheet.
7. The Company operates in a single segment namely "Polymer
Processing". Hence segment wise reporting as defend in AS 17 of ICAI is
not applicable.
8 Modvat credit of Excise duty taken on purchase of Raw Materials is
not included in the value of inventory of Raw Material. Also value of
inventory of finished goods does not Include excise duty payable on
manufacture. This has no effect On the Profit of the Company.
9. Figures of the previous year have been re-grouped / Rearranged
/reclassified wherever necessary.
Mar 31, 2010
1. Pursuant to a reference made by the Company, the Honble Bench of
the BIFR, New Delhi has by their Order dated 18th January 2007,
declared the company as a "SICK INDUSTRY".
2. The company has availed non funding facilities from its bankers. In
this connection Rs. 14,63,418/- (previous year Rs. 16,14,912/-) are
kept with banks as lien/margin money against guarantees issued by them.
Contingent liability for bills discounted with Dena Bank is NIL.
3. Regarding leased assets taken from Canara Bank, Bangalore, the
matter is pending before the Karnataka High Court against the
Arbitrators Award. Also this matter is before BIFR. In view of this no
provision is made for lease rent in the accounts.
4. Debtors and Creditors balances are subject to confirmations from
the parties.
5. The Company has not ascertained liability towards payment of
gratuity and hence no provision has been made in accounts. It is
accounted for on the basis of payment.
6. In the opinion of the Board of Directors the Current Assets, Loans
& Advances except those shown as doubtful have a value on realization
in the ordinary course of business at least equal to the amount at
which items are stated in the Balance Sheet.
7. The Company operates in a single segment namely "Polymer
Processing". Hence segment wise reporting as defined in AS 17 of ICAI
is not applicable.
8. The Company has approached UTI for OTS of NCD and unsecured loan
which is under active consideration. The effect of the same will be
given on finalization of terms with UTI. However interest up to
31.12.99 is provided as per their claim before DRT. The Management
informed that UTI has agreed Orally in principle to waive further
interest.
9. Modvat credit of Excise duty taken on purchase of Raw Materials is
not included in the value of inventory of raw material. Also value of
inventory of finished goods does not include excise duty payable on
manufacture. This has no effect on the profit of the Company.
10. Figures of the previous year have been re-grouped / rearranged
/reclassified wherever necessary.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article