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Notes to Accounts of First Winner Industries Ltd.

Mar 31, 2015

1. Term loan are secured by

a) Term loan from State Bank of India secured by way of First Mortgage / Charge on Immovable Properties & all Plant & machinery of the company situated at C/91 & N/66 MIDC Tarapur Boisar Dist Thane-401506.

b) Term loan from State Bank of Indore secured by way of First Mortgage / Charge on Immovable Properties & all Plant & machinery situated at C/91 & N/66 MIDC Tarapur Boisar Dist Thane-401506. of the Company having Pari-passu Charge with State Bank of India.

c) Term Loans from State Bank of India & State Bank of Indore are personally guaranteed by Mr. Rinku Patodia - Managing Director and Mrs. Anita Patodia - Director of the Company.

d) The Company defaulted in paying the Term Loan installments and interest due to State Bank of India and State Bank of Indore, therefore the account become Non Performing Assets in the books of both the bank.

e) The Term loan amount include the provision for Interest payable at the end of year.

2. Working Capital Loans are secured by hypothecation of present and future stock of Raw Materials Stock-in-process Finished Goods Stores and Spares (not relating to plant & machinery) Book Debts Outstanding monies Claims Receivables bills material in transit etc.

3. Working Capital Loans from State Bank of India is personally guaranteed by Mr. Rinku Patodia - Managing Director and Mrs. Anita Patodia - Director of the Company.

4. The Company defaulted in respect of Interest Payable on working capital loan to the State Bank of India, therefore the working capital loans account become Non Performing Assets, in the books of the Bank.

5. Discloser pursuant to Accounting Standard (AS) 15 (Revised) Employee Benefits Short term employee benefits The short term employee benefits payable wholly within twelve months of rendering service are classified as short term employee benefits. This benefits include compensated absence such as paid annual leave and sickness leave.

The undisclosed amount of short term employee benefits expected to be paid in exchange for the services rendered by employees recognized as an expense during the period.

Long Term Employee Benefits

The Company deposits the Provident fund liabilities regularly, as per the Provident Fund Act. The Company accounts the Gratuity on actual basis. No provision is made for outstanding Gratuity liability.

6. Segment Information:

The Company is considered to be a single segment company, engaged in business of Trading in Fabrics & Job Job work of weaving of fabrics. Consequently, the Company has in its primary segment only one reportable business segment. As per Accounting Standard - 17 "Segment Reporting", if a Company is having single Segment the financial statement needed be presented only on the basis of financial statements. Accordingly, the information required to be presented under AS 17 "Segment Reporting" has been given in financial statements.

7. The adoption of the Revised Schedule-VI does not impact recognition and measurement principles followed for preparation of Financial Statements and has no significant impact on the disclosures made in the Financial statement.

8. Further the Board confirms that all transactions in which supporting evidence are missing are genuinely occurred for the business. No personal expenses of the directors are debited to any accounts.

9. Previous Year Regrouping

Previous year's figures have been regrouped / restated wherever necessary to confirm to current years' Classification as per the Companies Act, 2013.


Mar 31, 2014

1. Term loan are secured by

a) Term loan from State Bank of India secured by way of First Mortgage / Charge on Immovable Properties & all Plant & machinery ofthe company situated at C/91 & N/66 MIDC Tarapur Boisar Dist Thane-401506.

b) Term loan from State Bank of Indore secured by way of First Mortgage / Charge on Immovable Properties & all Plant & machinery situated at C/91 & N/66 MIDC Tarapur Boisar Dist Thane-401506, ofthe Company having Pari-passu Charge with State Bank of India.

c) Term Loans from State Bank of India & State Bank of Indore are personally guaranteed by Mr. Rinku Patodia - Managing Director and Mrs. Anita Patodia - Director ofthe Company.

d) The Company defaulted in paying the Term Loan installments and interest due to State Bank of India and State Bank of Indore, therefore the account become Non Performing Assets in the books of both the bank.

e) The Term loan amount include the provision for Interest payable at the end of year.

2. Working Capital Loans are secured by hypothecation of present and future stock of Raw Materials Stock-in-process Finished Goods Stores and Spares (not relating to plant & machinery) Book Debts Outstanding monies Claims Receivables bills material in transit etc.

3. Working Capital Loans from State Bank of India is personally guaranteed by Mr. Rinku Patodia - Managing Director and Mrs. Anita Patodia - Director ofthe Company.

4. The Company defaulted in respect of Interest Payable on working capital loan to the State Bank of India, therefore the working capital loans account become Non Performing Assets, in the books ofthe Bank.

5. The details of amount outstanding to Micro, Small and Medium Enterprises, based on avilable information with the Company. There is no default reported by the Company.

6. Discloser pursuant to Accounting Standard (AS) 15 (Revised) Employee Benefits Short term employee benefits

The short term employee benefits payable wholly within twelve months of rendering service are classified as short term employee benefits. This benefits include compensated absence such as paid annual leave and sickness leave.

The undisclosed amount of short term employee benefits expected to be paid in exchange for the services rendered by employees recognized as an expense during the period.

Long Term Employee Benefits

The Company deposits the Provident fund liabilities regularly, as per the Provident Fund Act. The Company accounts the Gratuity on actual basis. No provision is made for outstanding Gratuity liability.

7. Segment Information:

The Company is considered to be a single segment company, engaged in business of Trading in Fabrics & Job Job work of weaving of fabrics. Consequently, the Company has in its primary segment only one reportable business segment. As per Accounting Standard -17 "Segment Reporting", if a Company is having single Segment the financial statement needed be presented only on the basis of financial statements. Accordingly, the information required to be presented under AS 17 "Segment Reporting" has been given in financial statements

8. Contingent Liabilities

[Rupees in Lakhs]

Particulars 31/03/2014 31/03/2013

a) Bank Guarantees 124.54 124.54

b) Corporate Guarantees given to bankers on behalf on subsidiary company:

Ramshyam Textile lndustries Ltd . 7,301.09 6,360.95

First Winner Lifestyle Pvt. Ltd. 4707.80 3,354.43

9. The adoption of the Revised Schedule-VI does not impact recognition and measurement principles followed for preparation of Financial Statements and has no significant impact on the disclosures made in the Financial statement.

All Assets and Liabilities have been classified as Current or Non-Current as per the Company''s normal operating cycles and other criteria set out in the Revised Schedule - VI to the Companies Act 1956, which is applicable from the previous year ended 31st March 2014

10. Further the Board confirms that all transactions in which supporting evidence are missing are genuinely occurred for the business. No personal expenses ofthe directors are debited to any accounts.

11. Previous Year Regrouping

Previous year''s figures have been regrouped / restated wherever necessary to confirm to current years'' Classification as per the Revised Schedule-VI notified under The Companies Act, 1956which is applicable from the Current Year.


Mar 31, 2013

1.1 Discloser pursuant to Accounting Standard (AS) 15 (Revised) Employee Benefts

Short term employee benefts

The short term employee benefts payable wholly within twelve months of rendering service are classifed as short term employee benefts. This benefts include compensated absence such as paid annual leave and sickness leave.

The undisclosed amount of short term employee benefts expected to be paid in exchange for the services rendered by employees recognized as an expense during the period.

Long Term Employee Benefts

The Company deposits the Provident fund liabilities regularly, as per the Provident Fund Act. The Company accounts the Gratuity on actual basis. No provision is made for outstanding Gratuity liability.

1.2 Segment Information:

The Company is considered to be a single segment company, engaged in business of Trading in Fabrics & Job Job work of weaving of fabrics. Consequently, the Company has in its primary segment only one reportable business segment. As per Accounting Standard - 17 "Segment Reporting", if a Company is having single Segment the fnancial statement needed be presented only on the basis of fnancial statements. Accordingly, the information required to be presented under AS 17 "Segment Reporting" has been given in fnancial statements

1.3 Contingent Liabilities [Rupees in Lakhs]

Particulars 3/31/2013 3/31/2012 3/31/2011

a) Bank Guarantees 124.54 124.54 118.71

b) Corporate Guarantees given to bankers on behalf on subsidiary company:

Ramshyam Textile Industries Ltd. 6,360.95 5,190.47 1,836.00

First Winner Lifestyle Pvt. Ltd. 3,354.43 3,487.43 4,689.00

1.4 The adoption of the Revised Schedule-VI does not impact recognition and measurement principles followed for preparation of Financial Statements and has no signifcant impact on the disclosures made in the Financial statement.

All Assets and Liabilities have been classifed as Current or Non-Current as per the Company''s normal operating cycles and other criteria set out in the Revised Schedule - VI to the Companies Act 1956, which is applicable from the previous year ended 31st March 2012.

1.5 Further the Board confrms that all transactions in which supporting evidence are missing are genuinely occurred for the business. No personal expenses of the directors are debited to any accounts.

1.6 Previous Year Regrouping

Previous year''s fgures have been regrouped / restated wherever necessary to confrm to current years'' Classifcation as per the Revised Schedule-VI notifed under The Companies Act, 1956 which is applicable from the Current year.


Mar 31, 2011

I. Impairment of Assets

The company assesses at each balance sheet date whether there is any indication that an assets may be impaired. If any such indication exists, the company estimates the recoverable amount of the assets. If such recoverable amount of the assets or the recoverable amount of the cash generating unit to which the asset belong is less than its carrying amount, the carrying amount is reduced to its recoverable amount. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is refected at the recoverable amount subject to a maximum of depreciated historical cost.

1. The previous year's figure have been reworked, regrouped, rearranged and reclassified wherever necessary.

2. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities is adequate and not in excess of the amount reasonably necessary. These balances are subject to confirmation and reconciliation.

3. In pursuance of Accounting Standard on Impairment on Assets (AS 28) issued by ICAI, the company had identified and reviewed such assets. Based on such identification and review, there was no impairment / reversal during the year to be recognized.

4. Contingent Liabilities [ Rs. In lacs ]

Particulars 31.03.2011 31.03.2010

Bank Guarantees 118.71 39.00

Corporate Guarantee given to bankers on behalf on subsidiary company:

Ramshyam Textile Industries Ltd. 1,836.00 1,088.00

First Winner Lifestyle Pvt. Ltd. 4,689.00 4,486.00

Total 6,643.71 5,613.00

5. Segment Reporting

The company operates in single segment of Textile and Textile Products, hence segmental reporting as required under accounting standard 17 issued by ICAI is not applicable.

6. As at the Balance Sheet date, the Company did not have any dues outstanding to small scale industrial undertakings exceeding Rs. 1 lakh in aggregate for a period of 30 days.

7. Foreign Currency Transactions :

The company has incurred foreign currency USD 32,81,000, EURO 15,33,500 i.e. Rs.24,65,79,175/- on capital expenditure & Advances for capital Expenditure during the year.

8. Financial statement has been audited by us is on the basis of Original / Xerox copies of supporting evidence. Further the Board confirms that all transactions in which supporting evidence are missing are genuinely occurred for the business.


Mar 31, 2010

1. The previous years figure have been reworked, regrouped, rearranged and reclassifed wherever necessary.

2. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities is adequate and not in excess of the amount reasonably necessary. These balances are subject to confrmation and reconciliation.

3. In pursuance of Accounting Standard on Impairment on Assets (AS 28) issued by ICAI, the company had identifed and reviewed such assets. Based on such identifcation and review, there was no impairment / reversal during the year to be recognized.

4. Contingent Liabilities [ Rs. In lacs ]

particulars 31.03.2010 31.03.2009

Bank Guarantees 39.00 74.75

Corporate Guarantee given to bankers on behalf on subsidiary company:

Ramshyam Textile Industries Ltd. 1,088.00 1,251.00

First Winner Lifestyle Pvt. Ltd. 4,486.00 4,372.00

Total 5,613.00 5,697.75

5. Segment Reporting

The company operates in single segment of Textile and Textile Products, hence segmental reporting as required under accounting standard 17 issued by ICAI is not applicable.

6. None of the employees are entitled for the gratuity benefts during the reported period, no employee is in continues service of 5 years.

7. None of the employees are entitled for the gratuity benefts during the reported period, no employee is in continues service of 5 years.

8. As at the Balance Sheet date, the Company did not have any dues outstanding to small scale industrial undertakings exceeding Rs. 1 lakh in aggregate for a period of 30 days.

9. foreign Currency transactions :

The company has not incurred foreign currency on capital expenditure during the year.

10. Financial statement has been audited by us is on the basis of Original / Xerox copies of supporting evidence. Further the Board confrms that all transactions in which supporting evidence are missing are genuinely occurred for the business.

 
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