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Notes to Accounts of Fiberweb (India) Ltd.

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.





 
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