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Notes to Accounts of Himachal Fibres Ltd.

Mar 31, 2015

1. (a) The Company has furnished Bank Guarantee of Rs.36.40 lacs (PY Rs.26.80 Lacs) with H.P. Excise and Taxation Department under protest for Entry Tax. The matter is still pending with Hon'ble High Court of H.P. Shimla.

(b) The credit facilities being availed by the company are restructured by the lender bank i.e. State Bank of India. On the basis of restructuring scheme, the bank has stipulated the Right to Recompense amounting to Rs.5.91 crores.

2. Managerial Remuneration of Rs. 6.77 Lacs has been paid to Sh. Pawan Nagpal, Director and Sh.Gian Chand Thakur, Director of the Company during the year under review (Previous Year Rs.6.52 Lacs) which is as per provisions of section 197 and 198 of the Companies Act 2013.

3. The Company has no information about the parties who has registered themselves under Micro, Small and Medium Enterprises Development Act, 2006.

4. The earnings per share (EPS) disclosed in the profit and loss account have been calculated as under:-

*As per the re habilitation scheme sanctioned by the Hon'ble BIFR, the company have to redeem 1,65,000 16.5% Redeemable Preference Shares of Rs.100 each at 20% of its face value and without payment of dividend. Therefore No Dividend has been assumed on said redeemable preference shares while calculating EPS.

5. Deferred Taxation

The disclosure requirements as per the Accounting Standards (AS-22) on 'Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India is as under:- Net Deferred Tax Liability as on 31st March, 2014 has been recognized by applying the tax rate applicable for the current financial year as under:-

6. (i) The related party disclosures as per Accounting Standard-18 issued by The Institute of Chartered Accountants of India are as under:-

I. Enterprises under the common control as the company

- M/s Shiva Texfab Limited

- M/s Shiva Specialty Yarns Ltd

- M/s Yogindera Worsted Limited

- M/s Shiva Spin-N-Knit Ltd

- M/s K.K.Fibres Ltd.

- M/s Indian Yarns Ltd.

II. Key Management Persons

- Sh. Akhil Malhotra

- Sh. Daljeet Singh Rana (Resigned on 14.02.2015)

- Sh. Mayank Malhotra(Appointed on 12.04.2013)

- Sh. Pawan Nagpal (Resigned on 12.11.2014)

- Sh. Gian Chand Thakur(Appointed on 12.11.2014)

7. As per the rehabilitation scheme sanctioned by the Hon'ble BIFR, the company shall redeem 1,65,00016.5% Redeemable Preference Shares of Rs.100 each at 20% of its face value within period of two years starting from Financial Year 2010-11 towards full and final settlement and accumulated dividend of past years shall not be paid. Out of it 1,50,000 16.5% Redeemable Preference Shareholders has not approached the company for redemption of the same.

8. The company has only one segment "Cotton and Blended Yarn", so the disclosure requirements in accordance with guiding principles enunciated in Accounting Standard-17 "Segment Reporting", are not applicable.

9. Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II. Accordingly the unamortized carrying value is being depreciated / amortized over the revised/remaining useful lives. The written down value of Fixed Assets whose lives have expired as at 1st April 2014 have been adjusted net of tax, in the opening balance of Profit and Loss Account amounting to Rs.344.60 Lacs .

10. The summarized position of Post-Employment benefits and long term employee benefits recognized in the Profit & Loss Account and Balance Sheet as required in accordance with Accounting Standard (AS15) are as under:

b. Provident Fund

During the year the company has recognized an expense of Rs. 12,53,334/- (Previous Year Rs. 10,23,925/-) towards provident fund scheme.

c. Leave Encashment

During the year the company has recognized an expense of Rs. 8,72,951/- (Previous Year Rs. 4,73,247/-)

11. The figures of the previous year have been rearranged/ regrouped, wherever necessary to facilitate comparison.


Mar 31, 2014

1. Contingent liability not provided for

(Rs. in Lacs)

Particulars As At As At 31.03.2014 31.03.2013

Contingent liability not provided for

-Entry Tax with H.PExcise and Taxation Deptt. 26.80 28.38

-Processing Fees of Dy.Director of Industries, Solan 149.77 149.16

-Overdrawal Demand and IDC Charges of HPSEB 12.24 12.24

-Demand against ED on Electrcity Charges of HPSEB 4.81 44.81

- Damages under ESI 15.00 59.40

- Debtors under Protest 62.70 50.90

Total 271.32 304.89

2. The Company has furnished Rs.26.80 lacs (PY Rs.28.38 Lacs) as Bank Guarantee with H.P Excise and Taxation Department under protest for Entry Tax. The matter is still pending with Hon''ble High Court of H.P. Shimla.

3. Managerial Remuneration of Rs. 6.52 Lacs has been paid to Sh. PPThakhural, Director and Sh.Pawan Nagpaul, Director of the Company during the period under review (Previous Year Rs.12.25 Lacs) which is as per provisions of section 198 and 309 of the Companies Act 1956.

4. The Company has no information about the parties who has registered themselves under Micro, Small and Medium Enterprises Development Act, 2006.

5. (i) The related party disclosures as per Accounting Standard-18 issued by The Institute of Chartered

Accountants of India are as under:-

I. Enterprises under the common control as the company

- M/s Shiva Texfab Limited

- M/s Shiva Specialty Yarns Ltd

- M/s Yogindera Worsted Limited

- M/s Shiva Spin-N-Knit Ltd

- M/s K.K.Fibres Ltd.

- M/s Balmukhi Textiles Pvt Ltd.

- M/s Brijeshwari Textiles Pvt Ltd

II. Key Management Persons

- Sh. Akhil Malhotra

- Sh. Rajinder Kumar (Resigned on 16.08.2013)

- Sh. Daljeet Singh Rana

- Sh. Prem Parkash Thukral(Resigned on 31.07.2013)

- Sh.Mayank Malhotra(Appointed on 12.04.2013)

- Sh.Pawan Nagpaul (Appointed on 01.08.2013)

6. In the opinion of the management, all current assets, loan and advances their value if realized in the ordinary course of business, at least to the amount at which they are stated except expressly stated otherwise.

7. As per the rehabilitation scheme sanctioned by the Hon''ble BIFR, the company shall redeem 1,65,000 16.5% Redeemable Preference Shares of Rs.100 each at 20% of its face value within period of two years starting from Financial Year 2010-11 towards full and final settlement and accumulated dividend of past years shall not be paid. Out of it 1,50,000 16.5% Redeemable Preference Shareholders has not approached the company for redemption of the same.

8. The company has only one segment "Cotton and Blended Yarn", so the disclosure requirements in accordance with guiding principles enunciated in Accounting Standard-17 "Segment Reporting", are not applicable.

b. Provident Fund

During the year the company has recognized an expense of Rs. 10,23,925/- (Previous Year Rs. 21,59,213/-) towards provident fund scheme.

c. Leave Encashment

During the year the company has recognized an expense of Rs. 4,73,247/- (Previous Year Rs. 5,71,085/-) 15. The figures of the previous year have been rearranged/ regrouped, wherever necessary to facilitate comparison.


Mar 31, 2013

1. Contingent liability not provided for

(Rs. in Lacs) Particulars As At As at 31.03.2013 31.03.2012

Contingent liability not provided for

-Entry Tax with H.P Excise and Taxation Deptt. 28.38 14.71

-Processing Fees of Dy.Director of Industries, Solan 149.16 149.16

-Overdrawal Demand and IDC Charges of HPSEB 12.24 12.24

-Demand against ED on Electricity Charges of HPSEB 4.81 4.81

- Damages under ESI 59.40 59.40

- Debtors under Protest 50.90

Total 304.89 240.32

2. The Company has furnished Rs.28.38 lacs (PY Rs.14.71 Lacs) as Bank Guarantee with H.P. Excise and Taxation Department under protest for Entry Tax. The matter is still pending with Hon''ble High Court of H.P. Shimla.

3. Managerial Remuneration of to Rs. 19.81 Lacs has been paid to Sh. Akhil Malhotra, Managing Director and Sh. PPThukral, Director of the Company during the period under review (Previous Year Rs.19.03 Lacs) which is as per provisions of section 198 and 309 of the Companies Act 1956.

4. The Company has no information about the parties who has registered themselves under Micro, Small and Medium Enterprises Development Act, 2006.

5. The earnings per share (EPS) disclosed in the profit and loss account have been calculated as under:-

*As per the rehabilitation scheme sanctioned by the Hon''ble BIFR, the company have to redeem 1,65,000 16.5% Redeemable Preference Shares of Rs.100 each at 20% of its face value and without payment of dividend. Therefore No Dividend has been assumed on said redeemable preference shares while calculating EPS.

6. Deferred Taxation

The disclosure requirements as per the Accounting Standards (AS-22) on ''Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India is as under:-

7. (i) The related party disclosures as per Accounting Standard-18 issued by The Institute of Chartered

Accountants of India are as under:-

I. Enterprises under the common control as the company

- M/s Shiva Texfab Limited

- M/s Shiva Speciality Yarns Ltd

- M/s Yogindera Worsted Limited

- M/s Shiva Spin-N-Knit Ltd

- M/s K.K.Fibres Ltd.

- M/s Balmukhi Textiles Pvt Ltd.

- M/s Brijeshwari Textiles Pvt Ltd

- M/s Metro Synethics (Proprietorship concern of Sh. Rajinder Kumar)

8. Key Management Persons

- Sh. Akhil Malhotra

- Sh. Rajinder Kumar

- Sh. Daljeet Singh Rana

- Sh. Prem Parkash Thukral

9. In the opinion of the management, all current assets, loan and advances their value if realized in the ordinary course of business, at least to the amount at which they are stated except expressly stated otherwise.

10. Balance of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and reconciliation.

11. As per the rehabilitation scheme sanctioned by the Hon''ble BIFR, the company shall redeem 1,65,000 16.5% Redeemable Preference Shares of Rs.100 each at 20% of its face value within period of two years starting from Financial Year 2010-11 towards full and final settlement and accumulated dividend of past years shall not be paid. Out of it 1,50,000 16.5% Redeemable Preference Shareholders has not approached the company for redemption of the same.

12. The company has only one segment ''Cotton and Blended Yarn'', so the disclosure requirements in accordance with guiding principles enunciated in Accounting Standard-17 ''Segment Reporting'', are not applicable.

13. The figures of the previous year have been rearranged/ regrouped, wherever necessary to facilitate comparison.


Mar 31, 2010

1. Contingent liability not provided for

Rs. in Lacs)

Particulars Particulars As At As At

31.03.2010 30.09.2009

Claims* (excluding claims by employees where amount are not ascertainable) not acknowledged as debt:

-Letter of Credit Unutilized (Net of Margin) _ -

-Estimated amount of contracts remaining to be executed on capital 250.00 250.00 account (Net of advances);_



2. There are no disputed dues of custom duty, wealth tax, Sales Tax, Service Tax, Central Excise and cess matters which have not been deposited by the Company.

3. No employee was in receipt of remuneration aggregating to Rs.2400000/- per annum through out the year or Rs.200000/- per month for a part of the year.

4. The company has drawn accounts for the current year for a period of 6 months period ended on 31.03.2010 as against 18 months for the immediately preceding year. Therefore the previous year figures are not comparable.

5. The Company has no information about the parties who has registered themselves under Micro, Small and Medium Enterprises Development Act, 2006.

6 Borrowing cost capitalized (including capital work in progress) during the period amounts to Rs.29.64 Lacs (Previous Year Rs.51.88 Lacs).

7. Deferred Taxation

In view of carried forward losses of earlier years, no provision, for deferred tax liability/assets has been provided.

8. (i) The related party disclosures as per Accounting Standard-18 issued by The Institute of Chartered Accountants of India are as under: -

I. Enterprises under the common control as the company

- Garg Corporation Limited

- Garg International Pvt Ltd.

- Punjab Coal Enterprises Pvt Ltd.

- Garg Infrastructures Pvt Ltd.

- Roland Impex Pvt Ltd.

- Roland Exports

- Liberty Cements Private Limited

II. Key Management Persons

Sh. Rajesh Gupta (Managing Director) Sh. Sanjay Goel

- Sh. Raj Mittal

- Sh. Sita Ram Singla Sh. Suraj Parkash Setia

Sh. Ajai Kumar Sukhram Singh

- Sh. Rahul Kalia

Sh. Daljeet Singh Rana

9. Cash Credit and Term Loan Facilities raised from State Bank of India, SCB, Miller Ganj, Ludhiana are secured primarily by way of 1st charge on all the current and fixed assets of the company including equitable mortgage of leasehold rights of factory land and building. Both the facilities are further secured by the personal guarantee of the directors.

10. Vehicle loan taken from ICICI Bank Ltd., Kotak Mahindra Bank Ltd and Magma Sharachi Finance Limited are secured by way of hypothecation of the vehicle against which the loan has been taken.

11. As per the rehabilitation scheme sanctioned by the Honble BIFR, the company shall redeem 1,65,000 16.5% Redeemable Preference Shares of Rs.100 each at 20% of its face value within period of two years starting from Financial Year 2010-11 towards full and final settlement and accumulated dividend of past years shall not be paid.

12. The company has only one segment "Cotton and Blended Yarn", so the disclosure requirements in accordance with guiding principles enunciated in Accounting Standard-17 "Segment Reporting", are not applicable.

13. The figures of the previous year have been rearranged/ regrouped, wherever necessary to facilitate comparison.

14. Schedules I to XX form an integral part of the accounts.

 
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