Mar 31, 2015
1 Working Capital Loans from Banks are secured by first charge by way
of hypothecation of current assets,and further secured/to be secured by
way of second charge on all immovable assets, both present and future
and on all movable assets of the company ( excluding assets purchased
on hire purchase basis), ranking pari passu interse,and also guaranteed
by Chairman & Managing Director of the Company.
2 Non-fund based limits sanctioned by the bankers are secured by
extension of first charge on the current assets of the Company and
further secured/to be secured by second charge on the immovable
properties of the company, ranking pari passu interse, and personal
guarantee of Chairman & Managing Director of the company. Total amount
outstanding at the end of the year is Rs.1130 lacs (Previous year
Rs.3176.58 lacs).
3 Related Party Disclosures
(a) List of Related parties ( as identified by the management)
Related parties with whom transactions are taken place during the
year:
i. Associates:
Patspin India Ltd
ii. Company in which Directors are holding more than 2% of
shareholding
GTN Enterprises Ltd
iii. Key Management Personnel:
Shri B.K Patodia - Chairman & Managing Director
iv. Relatives of Key Management Personnel:
1 Smt. Prabha Patodia, Wife of Sri. B.K. Patodia
2 Smt. Mala Patodia, Daughter in Law of Sri. B.K. Patodia
3 Smt. Swati Patodia, Daughter in Law of Sri. B.K. Patodia
4 Kum. Annaya Patodia (Minor), Grand Daughter of Sri. B.K.Patodia
4 a) In the opinion of the management, assets other than fixed assets
and non current investments have a value on realisation in the ordinary
course of business at least equal to the amount at which they are
stated.
b) The accounts of certain Trade Receivables, Trade Payables, Loans &
Advances and Banks are however, subject to formal
confirmations/reconciliations and consequent adjustments, if any. The
management does not expect any material difference affecting the
current period's financial statements on such
reconciliation/adjustments.
5 In term of Accounting Standard -17, the company operates materially
only in one business segment viz., Textile industry and have its
production facilities and all other assets located within India. Sales
to external customers comprise outside India sales of Rs.9369.99 Lacs (
Previous year Rs.17919.46 lacs) and within India sale of Rs.8848.26
lacs (Previous year Rs.10112.65 Lacs)
6 CONTINGENT LIABILITIES AND COMMITMENTS
A COMMITMENTS
1 Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) Nil (Previous year
Rs.Nil).
2 Outstanding Export Forward Contracts ( not in the nature of
derivatives) as on 31st March 2015 which were entered into for hedging
exchange risk arising from foreign currency fluctuations related to
highly probable future transactions amounting to US$ 18.96 Lacs
(Previous year US$ 11.17 Lacs) at average exchange rate of Rs.64.75/US$
(Previous year Rs.64.22/US$) and Euro 1.50 Lacs (Previous year 6.12
Lacs) at an average exchange rate of Rs.81.78/Euro (Previous year
Rs.88.52/Euro). The period covered under these contracts spreads over
April 2015 to February 2016 (Previous year April 2015 to October 2015).
The average exchange rate applicable for above period based on exchange
rate on 31.03.2015 works out to Rs.64.41/US$ (Previous year
Rs.61.66/US$) and Rs.68.97/Euro (Previous year Rs.83.94/Euro),
resulting a notional profit of Rs.25.64 lacs (Previous year notional
profit of Rs.56.62 Lacs)
3 Outstanding Import Forward Contracts ( not in the nature of
derivatives) as on 31st March 2015 which were entered into for hedging
exchange risk arising from foreign currency fluctuations related to
highly probable future transactions amounting to US$ Nil Lacs (Previous
year US$ 11.36 Lacs) at average exchange rate of Rs.Nil/US$ (Previous
year Rs.61.42/US$) . The period covered under these contracts spreads
over Nil (Previous year April 2014 to July 2014). The average exchange
rate applicable for above period based on exchange rate on 31.03.2015
works out to Rs.Nil/US$ (Previous year Rs.60.84/US$), resulting a
notional profit of Rs. Nil lacs (Previous year notional profit of
Rs.15.35 Lacs)
B CONTINGENT LIABILITIES
1 Contingent Liabilities and commitments not provided for in respect
of:
Disputed amounts of Taxes and Duties and other claims not acknowledged
as debts : Rs. Nil (Previous year Rs. Nil.)
2 The company has given corporate Guarantee amounting of Rs.300 Lacs (
Previous year Rs 300 Lacs) to EXIM bank in respect of financial
assistance provided by them to PATSPIN INDIA LIMITED under restructured
TUF scheme and the outstanding amount of the said loan is Rs.1845 Lacs.
( Previous year Rs. 1198 Lacs)
7 Net loss / Gain on foreign currency transaction and translation
The amount of net profit on foreign currency transaction and
translation included in the Other expenses amounts to Rs. 223.32 Lacs
(Previous year Rs.430.96 lacs loss). This included gain on account of
export Rs.292.34 Lacs (Previous year Rs.27.43 lacs gain), loss on
account of import Rs.112.68 lacs ( Previous year Rs.254.61 Lac loss)
and gain on account of cancellation of forward contracts Rs.43.65 lacs
( Previous year Rs.203.78 lacs loss)
8 PREVIOUS YEAR'S FIGURES
The previous year's figures have been regrouped/reclassified wherever
necessary to conform to the current year's presentation.
Mar 31, 2014
1 Term Loans are secured by :
(i) Term loans borrowed from Banks and Financial Institution and total
outstanding of Rs.3651.52 lacs (Previous year - Rs.4479.82 lacs) are
secured by first charge by way of equitable mortgage on all immovable
assets both present and future and hypothecation of all the movable
assets of the Company (excluding assets purchased on hire purchase
basis), subject to prior charges in favour of Banks for working
captital, ranking pari pasu interse.
(ii) In the above mentioned Term Loans from certain Banks are further
secured by personal guarantee given by Chairman & Managing Director of
the Company to the extent of Rs.1242.96 lacs (Previous year end -
Rs.1310.01 lacs).
(iii) Loan from Export Import Bank of India outstanding of Rs.295 Lacs
( Previous yearRs.225 Lacs ) is further secured by Corporate guarantee
given by Patspin India Limited to the extent of Rs.175 lacs (Previous
year Rs.175 Lacs).
(iv) Finance Lease Obligations are relating to vehicles and are secured
against respective vehicles hypothecated costing Rs. 21.40 lacs
(Previous year end Rs.11.97 lacs).
i Working Capital Loans from Banks are secured by first charge by way
of hypothecation of current assets,and further secured/to be secured by
way of second charge on all immovable assets, both present and future
and on all movable assets of the comapny ( excluding assets purchased
on hire purchase basis), ranking pari passu interse,and also guaranteed
by Chairman & Managing Director of the Company.
ii Non-fund based limits sanctioned by the bankers are secured by
extension of first charge on the current assets of the Company and
further secured/to be secured by second charge on the immovable
properties of the company, ranking pari passu interse, and personal
guarantee of Chairman & Managing Director of the company. Total amount
outstanding at the end of the year is Rs.3176.58 lacs (Previous year
Rs.2874.63 lacs).
2 a) In the opinion of the management, assets other than fixed assets
and non current investments have a value on realisation in the ordinary
course of business at least equal to the amount at which they are
stated.
b) The accounts of certain Trade Receivables, Trade Payables, Loans &
Advances and Banks are however, subject to formal
confirmations/reconciliations and consequent adjustments, if any. The
management does not expect any material difference affecting the
current period''s financial statements on such
reconciliation/adjustments.
3 In term of Accounting Standard -17, the company operates materially
only in one business segment viz., Textile industry and have its
production facilities and all other assets located within India. Sales
to external customers comprise outside India sales of Rs. 17919.46 Lacs
( Previous year Rs. 10823.09 lacs) and within India sale of Rs.
10112.65 lacs (Previous year Rs. 9706.80 Lacs).
4 CONTINGENT LIABILITIES AND COMMITMENTS
A COMMITMENTS
1 Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) Nil (Previous year
Rs.Nil).
2 Outstanding Export Forward Contracts ( not in the nature of
derivatives) as on 31st March 2014 which were entered into for hedging
exchange risk arising from foreign currency fluctuations related to
highly probable future transactions amounting to US$ 11.17 Lacs
(Previous year US$ 32.64 Lacs) at average exchange rate of Rs.
64.22/US$ (Previous year Rs. 55.64/US$) and Euro 6.12 Lacs (Previous
year 3.54 Lacs) at an average exchange rate of Rs. 88.52/Euro (Previous
year Rs. 75.11/Euro). The period covered under these contracts spreads
over April 2014 to October 2014 (Previous year April 2013 to September
2013). The average exchange rate applicable for above period based on
exchange rate on 31.03.2014 works out to Rs. 61.66/US$ (Previous year
Rs. 55.49/US$) and Rs. 83.94/Euro (Previous year Rs. 71.25/ Euro),
resulting a notional profit of Rs. 56.62 lacs (Previous year notional
profit of Rs. 18.73 Lacs).
3 Outstanding Import Forward Contracts ( not in the nature of
derivatives) as on 31st March 2014 which were entered into for hedging
exchange risk arising from foreign currency fluctuations related to
highly probable future transactions amounting to US$ 26.26 Lacs
(Previous year US$ 11.36 Lacs) at average exchange rate of Rs.
61.42/US$ (Previous year Rs. 54.75/US$). The period covered under these
contracts spreads over April 2014 to July 2014 (Previous year April
2013 to June 2013). The average exchange rate applicable for above
period based on exchange rate on 31.03.2014 works out to Rs. 60.84/US$
(Previous year Rs. 55.02/US$), resulting a notional loss of Rs. 15.35
lacs (Previous year notional profit of Rs. 3.15 Lacs).
B CONTINGENT LIABILITIES
1 Contingent Liabilities and commitments not provided for in respect of
:
Disputed amounts of Taxes and Duties and other claims not acknowledged
as debts : Rs. NIL ( Previous year Rs.Nil).
2 The company has given corporate Guarantee amounting of Rs. 300 Lacs (
Previous year Rs. 300 Lacs) to EXIM bank in respect of financial
assistance provided by them to PATSPIN INDIA LIMITED under restructured
TUF scheme and the outstanding amount of the said loan is Rs. 1198
Lacs. ( Previous year Rs 1237 Lacs).
5 Net loss / Gain on foreign currency transaction and translation
The amount of net loss on foreign currency transaction and translation
included in the Other expenses amounts to Rs. 430.96 Lacs (Previous
year Rs. 389.58 lacs loss). This included gain on account of export Rs.
27.43 Lacs (Previous year Rs.189.14 lacs loss), loss on account of
import Rs. 254.61 lacs ( Previous year Rs. 210.18 Lac loss) and loss on
account of cancellation of forward contracts Rs. 203.78 lacs ( Previous
year Rs. 9.74 lacs gain).
6 PREVIOUS YEAR FIGURES
The previous year''s figures have been regrouped/reclassified wherever
necessary to conform to the current year''s presentation.
Mar 31, 2013
1 a) In the opinion of the management, assets other than fixed assets
and non-current investments have a value on realisation in the ordinary
course of business at least equal to the amount at which they are stated.
b) The accounts of certain Trade Receivables, Trade Payables, Loans &
Advances and Banks are however, subject to formal
confirmations/reconciliations and consequent adjustments, if any. The
management does not expect any material difference affecting the
current period''s financial statements on such
reconciliation/adjustments.
2 In term of Accounting Standard -17, the company operates materially
only in one business segment viz., Textile industry and have its
production facilities and all other assets located within India. Sales
to external customers comprise outside India sales of Rs.10823.09 Lacs
( Previous year Rs.6402.00 lacs) and within India sale of Rs.9706.80
lacs ( Previous year Rs.7177.11 Lacs)
3 Finance Lease assets and their against loan repayable future
payments disclosure required in AS 19.
4 CONTINGENT LIABILITIES AND COMMITMENTS
A COMMITMENTS
1 Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) Nil (Previous year
Rs.Nil).
2 Outstanding Forward Contracts ( not in the nature of derivatives) as
on 31st March 2013 which were entered into for hedging exchange risk
arising from foreign currency fluctuations related to highly probable
future transactions amounting to US$ 32.64 Lacs (Previous year US$34.29
Lacs) at average exchange rate of Rs.55.64/US$ (Previous year
Rs.49.31/US$) and Euro 3.54 Lacs (Previous year 4.28 Lacs) at an
average exchange rate of Rs.75.11/Euro (Previous year Rs.69.26/Euro).
The period covered under these contracts spreads over April 2013 to
September 2013 (Previous year April 2012 to March 2013). The average
exchange rate applicable for above period based on exchange rate on
31.03.2013 works out to Rs.55.49/US$ (Previous year Rs.52.67/US$) and
Rs.71.25/Euro (Previous year Rs.70.37/ Euro), resulting a notional
profit of Rs.18.73 lacs (Previous year notional loss of Rs.119.83 Lacs)
B CONTINGENT LIABILITIES
1 Contingent Liabilities and commitments not provided for in respect of
: Disputed amounts of Taxes and duties and other claims not
acknowledged as debts : Rs. NIL (Previous year Rs.Nil.)
2 The company has given corporate Guarantee amounting of Rs.300 Lacs
(Previous year Rs 300 Lacs) to EXIM bank in respect of financial
assistance provided by them to PATSPIN INDIA LIMITED under restructured
TUF scheme and the outstanding amount of the said loan is Rs.1237 Lacs
(Previous year Rs 908 Lacs)
5 Net loss / Gain on foreign currency transaction and translation
The amount of net loss on foreign currency transaction and translation
included in the Other expenses amounts to Rs.393.60 Lacs ( Previous
year Rs.109.27 lacs loss ). This included loss on account of export
Rs.193.16 Lacs (Previous year Rs.173.15 lacs loss), loss on account of
import Rs.210.18 lacs ( Previous year Rs.77.34 Lac gain) and gain on
account of cancellation of forward contracts Rs.9.74 lacs ( Previous
year Rs.13.46 lacs loss)
6 PREVIOUS YEAR FIGURES
The previous year''s figures have been regrouped/reclassified wherever
necessary to conform to the current year''s presentation.
Mar 31, 2012
I Term Loan are secured by :
(i) Term loans borrowed from Banks and Financial Institutions and total
outstanding of Rs. 4975.57 lacs (Previous year - Rs. 6168.90 lacs) are
secured by a first charge by way of equitable mortgage on all immovable
assets both present and future and hypothecation of all the movable
assets of the Company (excluding assets purchased on hire purchase
basis), subject to prior charges in favour of Banks for working
captital, ranking pari pasu interse.
(ii) In the above mentioned Term Loans from certain Banks are further
secured by personal guarantee given by Chairman & Managing Director of
the Company to an extent of Rs. 1318.19 lacs (Previous year Rs. 2054.20
lacs).
(iii) Loan from Export Import Bank outstanding of Rs. 225 Lacs
(Previous year Nil) is further secured by Corporate guarantee given by
Patspin India Limited to an extent of Rs. 175 lakhs (Previous year Rs.
Nil).
(iv) Finance Lease Obligations are relating to vehicles and are secured
against respective vehicles hypothecated costing Rs. 17.05 lacs
(Previous year Rs. 17.05 lacs).
i Working Capital Loans from Banks are secured by hypothecation of
current assets,and further secured/ to be secured by way of second
charge on all immovable assets, both present and future and on all
movable assets of the comapny (excluding assets purchased on hire
purchase basis), ranking pari passu interse,and also guaranteed by
Chairman & Managing Director of the Company.
ii Non-fund based limits sanctioned by the bankers are secured by
extension of first charge on the current assets of the Company and
further secured/to be secured by second charge on the immovable
properties of the company and personal guarantee of Chairman & Managing
Director of the Company. Total amount outstanding at the end of the
year is Rs. 2683.20 lacs (Previous year Rs. 2420.00 lacs).
*Note (a) : Due to Investor's Education and protection Fund under
Section 205C of the Companies Act, 1956 will be determined of the
respective due dates
1 In the opinion of the Board, all assets other than fixed assets and
non current investments have a realisable value in the ordinary course
of business which is not less than the amount at which it is stated.
2 In term of Accounting Standard -17, the company operates materially
only in one business segment viz., Textile industry and have its
production facilities and all other assets located within India. Sales
to external customers comprise outside India sales of Rs. 6402.00 Lacs
( Previous year Rs. 8491.21 lacs) and within India sale of Rs. 7188.57
lacs ( Previous year Rs. 6384.09 Lacs)
3 CONTINGENT LIABILITIES AND COMMITMENTS
A COMMITMENTS
1 Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) Rs. Nil (Previous year
Rs. Nil). B CONTINGENT LIABILITIES
1 Contingent Liabilities and commitments not provided for in respect of
: Disputed amounts of Taxes and Duties and other claims not
acknowledged as debts : Rs. Nil (Previous year Rs. Nil.)
2 The company has given corporate Guarantee amounting of Rs. 300 Lacs
(Previous year Nil) to EXIM bank in respect of financial assistance
provided by them to PATSPIN INDIA LIMITED under restructured TUF scheme
and the outstanding amount of the said loan is Rs. 908 Lacs ( Previous
year Nil)
3 Outstanding Forward Contracts ( not in the nature of derivatives) as
on 31st March 2012 which were entered into for hedging exchange risk
arising from foreign currency fluctuations related to highly probable
future transactions amounting to US$ 34.29 Lacs (Previous year US$47.22
Lacs) at average exchange rate of Rs. 49.31/US$ (Previous year
Rs..47.41/US$) and Euro 4.28 Lacs (Previous year Euro 1.21 Lacs) at an
average exchange rate of Rs.69.26/Euro (Previous year Rs. 63.39/Euro).
The period covered under these contracts spreads over April 2012 to
March 2013 (Previous year April 2011 to March 2012). The average
exchange rate appilcable for above period based on exchange rate on
31.03.2012 works out to Rs. 52.67/US$ (Previous year Rs. 46.26/US$) and
Rs. 70.37/Euro (Previous year Rs. 63.91/Euro), resulting a notional
loss of Rs. 119.83 lacs (Previous year notional profit of Rs. 53.44
Lacs)
4 Net loss / Gain on foreign currency transaction and translation
The amount of net loss on foreign currency transaction and translation
included in the Other expenses amounts to Rs.109.27 lacs (Previous year
Rs. 155.34 lacs gain included in Other income). This included loss on
account of export Rs.173.15 lacs (Prevoius year Rs. 129.85 lacs gain),
gain on account of import Rs. 77.34 lacs (Previous year Rs. 32.67 lacs
gain) and loss on account of cancellation of forward contracts Rs.
13.46 lacs (Previous year Rs. 7.18 lacs loss)
5 PREVIOUS YEAR FIGURES
During the year ended 31st March 2012 the Revised Schedule VI notified
under the Companies Act ,1956, has become applicable to the Company.The
Company has reclassified/regrouped previous year figures to confirm to
this year's classification.
Mar 31, 2011
1. Estimated amount of contracts remaining to be executed on capital
account and are not provided for (net of advances): Nil (Previous year
Nil).
2. Contingent Liabilities not provided for in respect of disputed
demands for taxes, duties and other claims not acknowledged as debts :
Nil ( Previous year Nil)
3. (i) The amount of foreign exchange difference(net) included in the
Net Profit for the year amounts to Rs. 162.52 lacs gain (Previous year
Rs. 12.72 lacs gain). This includes gain on account of export Rs.
129.85 lacs ( previous year Rs. 40.73 lacs loss) and on account of
import Rs. 32.67 lacs (Previous year Rs.53.45 lacs gain) as shown in
Schedule 18.
(ii) Outstanding Forward Contracts (not in the nature of derivatives)
as on 31st March 2011 which were entered into for hedging exchange risk
arising from foreign currency fluctuations related to highly probable
future transactions amount to US$ 47.22 Lacs (Previous year US$ 44.24
Lacs) at average Exchange Rate of Rs.47.41/US$ (Previous year Rs
47.16/US$) and Euro 1.21 Lacs (Previous year NIL) at an average
Exchange rate of Rs.63.39/Euro. The period covered under these
contracts spreads over April 2011 to March 2012 (Previous year April,
2010 to March, 2011). The average Exchange Rate applicable for above
period based on exchange rate on 31.03.2011 works out to Rs.46.26/US$
(previous year Rs.45.90/US$) and Rs.63.91/Euro, resulting a notional
profit of Rs.53.44 Lacs (Previous year notional profit of Rs 55.88
Lacs).
4. In the opinion of the Board, the current assets, loans and advances
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated.
5. Balance of certain creditors, debtors, loans, advances given and
certain non-operative bank accounts are subject to confirmation and
reconciliation, if any. However in the opinion of management, there
would not be any material impact on financial statements.
6. Interest on others in Schedule 19 is net of interest income of Rs.
22.09 Lacs (Previous year Rs. 12.14 Lacs), Tax Deducted at Source
thereon Rs.2.28 Lacs (Previous year Rs. 2.40 Lacs).
7. In terms of Accounting Standard - 17, the Company operates
materially only in one business Segment viz., Textile Industry and have
its production facilities and all other assets located within India.
Sales to external customers comprise outside India sales of Rs.8491.26
Lacs (Previous year Rs. 5834.10 Lacs) and within India sale of
Rs.6384.09 Lacs (Previous yearRs. 6200.78 Lacs).
8. Disclosure in respect of Companys interest in Joint Venture in
India pursuant to Accounting Standard 27: Financial Reporting of
Interest in Joint Ventures:
As at 31.03.2011 As at 31.03.2010
Contingent Liabilities 67.87 338.88
9. Disclosure in respect of related parties pursuant to Accounting
Standard 18:
(A) List of related parties:
(As identified by the Management)
Related parties with whom company entered into transactions during the
period :
i) JOINT VENTURES
Patspin India Limited
ii) ASSOCIATES
GTN Enterprises Limited
iii) KEY MANAGEMENT PERSONNEL AND ENTERPRISES (HAVING COMMON KEY
MANAGEMENT PERSONNEL OR THEIR RELATIVES)
Enterprises/Entities having common Key Management Personnel
Yarn Syndicate Limited
Purav Trading Company.
Key Management Personnel
Shri. Binod Kumar Patodia - Chairman & Managing Director
Relatives of Key Management Personnel
Smt. Prabha Patodia, Wife of Shri B.K Patodia
Smt. Mala Patodia, Daughter In Law of Shri B.K. Patodia
Smt. Swati Patodia, Daughter In Law of Shri. B.K Patodia
Kum. Aanavi Patodia, Grand Daughter of Shri B.K. Patodia
Master. Arnav Patodia, Grand Son of Shri B.K. Patodia
Kum. Annaya Patodia, Grand Daughter of Shri B.K. Patodia
(d) Details of Material Transactions with Related Party
(a) Sale of cotton to Patspin India Limited Rs.1104.61 Lacs (Previous
year Rs. 1932.16 Lacs), Sale of yarn to Patspin India Limited Rs.352.69
Lacs (Previous year Rs. 404.82 Lacs), Processing Charges received from
Patspin India Limited Rs. 32.64 Lacs (Previous year Rs.28.09 Lacs),
Rent received from Patspin India Limited Rs. 1.32 Lacs (Previous year
Rs.1.32 Lacs), Sale of store item to Patspin India Limited Rs Nil
(Previous year. Rs 0.76 Lacs), Sale of focus market license to Patspin
India Limited Rs 7.26 Lacs (Previous year. Nil) Sale of cotton to GTN
Enterprises Limited Rs. 279.93 lacs (Previous year Rs. 1101.35 Lacs),
Sale of yarn to GTN Enterprises Limited Rs. 387.22 Lacs (Previous year
Rs. 329.69 Lacs),Sale of machinery to GTN Enterprises Limited Rs.41.63
Lacs (Previous year Rs. Nil), Sale of store item to GTN Enterprises
Limited Rs. Nil (Previous year Rs. 0.78 Lacs), Processing Charges
received from GTN Enterprises Limited Rs. 16.74 Lacs (Previous year Rs.
12.63 Lacs), Rent received from GTN Enterprises Limited Rs. 1.20 Lacs
(Previous year Rs. 1.20 Lacs), sale of focus market license to GTN
Enterprises Limited Rs 2.01 Lacs (Previous year Rs Nil), Sale of yarn
to Yarn Syndicate Ltd. Rs. Nil (Previous year Rs 0.51 lacs.) Loans
taken from Kum. Anavi Patodia Rs. 2.30 Lacs (Previous year Rs. Nil) and
Kum. Annaya Patodia Rs. Nil (Previous year Rs. 4.80 Lacs).
(b) Purchase of cotton from Patspin India Limited Rs. 102.98 Lacs
(Previous year Rs. 1585.21 Lacs) Purchase of yarn from Patspin India
Limited Rs. 383.86 Lacs (Previous year Rs. 668.55 Lacs), Processing
Charges paid to Patspin India Limited Rs. 80.36 Lacs (Previous year Rs.
4.47 Lacs), Rent paid to Patspin India Limited Rs. 2.15 Lacs (Previous
year Rs. Nil), Purchase of cotton from GTN Enterprises Limited Rs.
280.15 Lacs (Previous year Rs. 494.31 Lacs), Purchase of yarn from GTN
Enterprises Limited Rs. 579.98 Lacs (Previous year Rs. 311.48 Lacs),
Process charges paid to GTN Enterprises Limited Rs. 109.13 Lacs
(Previous year Rs.119.88 Lacs), Commission paid to Purav Trading Co.
Rs. Nil (Previous year Rs 3.26 Lacs) and rent paid to Mrs.Prabha
Patodia Rs. 1.80 Lacs (Previous year Rs. 1.80 Lacs), Mrs.Swati Patodia
Rs. 0.90 Lacs (Previous year Rs.0.88 Lacs) and Mrs. Mala Patodia Rs.
0.90 Lacs ( Previous year Rs. 0.92 lacs) Interest paid to Kum. Anavi
Patodia Rs. 0.14 Lacs (Previous year Rs. 0.32 Lacs), Master Arnav
Patodia Rs. 0.17 Lacs (Previous year Rs. 0.17 Lacs) and Kum. Annaya
Patodia Rs. 0.36 Lacs (Previous year Rs. 0.45 Lacs) Loans repaid to
Kum. Anavi Patodia Rs. 5.20 Lacs (Previous year Rs Nil), Master Arnav
Patodia Rs. 1.50 Lacs (Previous year Rs. Nil.) and Kum. Annaya Patodia
Rs. Nil (Previous year Rs 4.80
9. Previous year figures have been regrouped and rearranged wherever
necessary so as to make them comparable with those of the current year.
Mar 31, 2010
1. Estimated amount of contracts remaining to be executed on capital
account and are not provided for (net of advances) Rs.Nil Lacs
(Previous year Rs.Nil Lacs ).
2. Contingent Liabilities not provided for in respect of disputed
demands for taxes, duties and other claims not acknowledged as debts :
(i) Corporate guarantee given by the company to a bank in respect of
short term loan borrowed by Patspin India Limited à Rs. Nil ( Previous
year- Rs.650.00 Lac) and the loan outstanding at the year end is Rs.Nil
(Previous year à Rs.650.00 Lac)
3. (i) The amount of foreign exchange difference(net) included in the
Net Loss for the year amounts to Rs. 12.72 lacs credit (Previous year
Rs. 315.53 lacs debit). This includes loss on account of export Rs. 40.73
Lac (previous year Rs. 583.54 Lacs - Loss) and gain on account of import
Rs.53.45 Lac (Previous year Rs. 268 Lacs - Gain) as shown in Schedule 18.
(ii) Foreign exchange difference (Net) adjusted to the cost of
respective fxed assets Rs. 3.83 lacs - Loss (Previous year Rs. 32.77
Lacs - Gain)
(iii) Outstanding Forward Contracts (not in the nature of derivatives)
as on 31st March 2010 which were entered into for hedging exchange risk
arising from foreign currency fuctuations related to highly probable
future transactions amount to US$ 44.24 lacs (Previous year US$ 64.41
lacs)at average Exchange Rate of Rs.47.16/US$ (Previous year Rs
45.56/US$). The period covered under these contracts spreads over April
2010 to March 2011(Previous year April,2009 to January,2010). The
average Exchange Rate applicable for above period based on exchange
rate on 31.03.2010 works out to Rs.45.90/US$,(previous year Rs
51.57/US$) resulting a notional proft of Rs.55.88 lacs(Previous year
notional loss of Rs 386.33 Lacs).
4. Stock of Raw Materials costing Rs. 44.43 lacs as referred to in
Schedule 14 and Finished Goods valued at Rs. 148.01 lacs as referred to
in Schedule 13 forming part of Proft & loss Account represents the Cost
of Inventory damaged on account of Fire. Damaged inventory is covered
under Insurance and the Management is certain that the insurance claim
will realize the value of such Raw Materials at Replacement cost and
such fnished goods at Realizable value. Considering prudence and
certainty of realization, the Insurance claim is measured and
recognized only to the extent of Cost of Goods Damaged, and shown as
"Other Operating Income" in Schedule 11 forming part of Proft & loss
Account. The amount of such damaged stock totaling to Rs. 192.44 lacs
is shown under "Other Expenses" in Schedule 18 forming part of Proft &
Loss Account.
5. In the opinion of the Board, the current assets, loans and advances
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated.
6. Balance of certain creditors, debtors, loans, advances given and
certain non-operative bank accounts are subject to confrmation and
reconciliation, if any. However in the opinion of management, there
would not be any material impact on fnancial statements.
7. Based on information available with the Company regarding the
status of suppliers, defned under Micro, Small and Medium Enterprises
Development Act, 2006 and payments to them as specifed under the
notifcation GSR 719 (E) dated 16th November, 2007 are as follows:
8. Interest on others in Schedule 19 is net of interest income of
Rs.12.14 Lacs (Previous year Rs. 26.79 Lacs), Tax Deducted at Source
thereon Rs.2.40 Lacs (Previous year Rs. 4.09 Lacs).
9. Considering the strategic and long term nature of the investments
and asset base of the investee company, in the opinion of the
management, the decline in the market value of certain quoted
investments is of temporary nature and requires no provisioning.
10. In terms of Accounting Standard - 17, the Company operates
materially only in one business Segment viz., cotton yarn and have its
production facilities and all other assets located in India. Sales to
external customers comprise exports sales of Rs.5834.10 Lacs (Previous
year Rs. 6653.16 Lacs) and domestic sale of Rs.6200.78 Lacs (Previous
year Rs. 2302.28 Lacs).
11. Disclosure in respect of related parties pursuant to Accounting
Standard 18:
(A) List of related parties:
(As identifed by the Management)
Related parties with whom company entered into transactions during the
period :
i) JOINT VENTURES
Patspin India Limited ii) ASSOCIATES
GTN Enterprises Limited
iii) KEY MANAGEMENT PERSONNEL AND ENTERPRISES (HAVING COMMON KEY
MANAGEMENT PERSONNEL OR THEIR RELATIVES)
Key Management Personnel
Shri. B.K. Patodia- Chairman & Managing Director
Enterprises/Entities having common Key Management Personnel
Beekaypee Credit (P) Limited
Patodia Exports & Investments (P) Limited
Umang Finance Pvt. Ltd.
Yarn Syndicate Limited.
Relatives of Key Management Personnel
Shri. Umang Patodia, Son of Shri B.K. Patodia
Shri. Ankur Patodia, Son of Shri B.K. Patodia
Smt. Prabha Patodia, Wife of Shri B.K. Patodia
Smt. Mala Patodia, Wife of Shri Umang Patodia
Smt. Swati Patodia, Wife of Shri Ankur Patodia
Kum. Aanavi Patodia, Daughter of Shri Umang Patodia
Mast. Arnav Patodia, Son of Shri Umang Patodia
Kum. Annaya Patodia, Daughter of Shri Ankur Patodia
(d) Details of Material Transactions with Related Party
(a) Sale of cotton to Patspin India Limited Rs. 1932.16 lacs (Previous
year Rs.533.63 Lacs), Sale of yarn to Patspin India Limited Rs.404.82
lacs (Previous year Rs.375.90 Lacs), Processing Charges received from
Patspin India Limited Rs.28.09 Lacs (Previous year Rs.13.12 Lacs), Rent
received from Patspin India Limited Rs.1.32 Lacs (Previous year Rs.1.32
Lacs), Sale of machinery to Patspin India Limited Rs.Nil (Previous year
Rs.40.10 Lacs), Sale of store item to Patspin India Limited Rs. 0. 76
Lacs (Previous year Nil), Sale of cotton to GTN Enterprises Limited
Rs.1101.35 (Previous year Rs. 159.60 Lacs), Sale of yarn to GTN
Enterprises Limited Rs.329.69 Lacs(Previous year Rs. 366.11 Lacs),Sale
of machinery to GTN Enterprises Limited Nil (Previous year Rs. 1.12
lacs), Sale of store item to GTN Enterprises Limited Rs. 0.78 Lacs
(Previous year Rs.3.42 Lacs),Processing Charges received from GTN
Enterprises Limited Rs.12.63 Lacs (Previous year Rs. 87.03 Lacs), Rent
received from GTN Enterprises Limited Rs.1.20 Lacs (Previous year
Rs.1.20 Lacs) and Sale of yarn to Yarn Syndicate Ltd. Rs.0.51 Lac (
Previous year Nil. )
(b) Purchase of cotton from Patspin India Limited Rs.1585.21 Lacs
(Previous year Nil), Purchase of yarn from Patspin India Limited
Rs.668.55 Lacs (Previous year Rs.470.64 Lacs), Purchase of store item
from Patspin India Limited Nil (Previous year Rs.0.21 Lacs), Processing
Charges paid to Patspin India Limited Rs.4.47 Lacs (Previous year
Rs.29.24 Lacs), Purchase of cotton from GTN Enterprises Limited
Rs.494.31 Lacs (Previous year Rs.465.29 Lacs), Purchase of yarn from
GTN Enterprises Limited Rs.311.48 Lacs (Previous year Rs. 289.29
Lacs),Process charges paid to GTN Enterprises Limited Rs.119.88 Lacs
(Previous year Rs. 140.70 Lacs), Purchases of stores items from GTN
Enterprises Limited Nil (Previous year Rs. 1.38 Lac), Commission paid
to Purav Trading Co. Rs.3.26 Lac (Previous year Nil) and rent paid to
Mrs.Prabha Patodia Rs. 1.80 Lacs (Previous year Rs.0.80 Lacs), Shri.
Umang Patodia Rs. Nil (Previous year Rs. 0.50 Lac),Shri. Ankur Patodia
Rs. Nil (Previous year Rs 0.50 lac) Mrs.Swati Patodia Rs. 0.88 Lac (
Previous year Nil) and Mrs. Mala Patodia Rs. 0.92 Lac (Previous year
Nil)
(c) Corporate Guarantee given to Patspin India Ltd Nil (previous year
Rs 650 Lacs) 18. Additional information pursuant to the provisions of
Schedule VI of the Companies Act,1956
b) As no commission is being paid to the Chairman & Managing Director,
computation under Section 198/349 of the Companies Act has not been
disclosed
18. Previous year fgures have been regrouped and rearranged wherever
necessary so as to make them comparable with those of the current year.
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