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Notes to Accounts of Jagjanani Textiles Ltd.

Mar 31, 2014

A.) Terms/ rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 1 0 per share.Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of company,the holders of equity shares will be entitled to receive remaining assets of company,after distribution of all preferential amount.The distribution will be in proportion to the number of equity shares held by share holders.

1. Estimated Amount of contracts on capital account to be executed and not provided for is Rs. 184.42 Lacs net of advances (previous year Rs. 1243.20).

2. Investment of Rs. 39000/- in form of National Saving Certificates has been pledged with Sales tax authorities.

3. Certain Balances of Sundry Debtors, Sundry Creditors and trade advances are subject to confirmation.

4. Related Party Disclosures :

A. Relationship

Mrs. Rita Singhal - Wife of Shri SK Singhal, Director

5. In view of substantial taxable losses, no adjustment towards Deferred tax assets is being made during the year.

6. There was no amount due to such of the units registered under SSI and declared to us as on 31.3.2014 and further there was no claim from suppliers under the interest on delayed payments under Small Scale Undertaking Act, 1993.

7. Previous years figures have been regrouped wherever necessary to conform to the current year''s classification since the presentation has been made as per the Revised Schedule VI, in the current year.

8. In view of losses and consequent erosion of net worth, the company is a case of reference to BIFR.


Mar 31, 2013

(1) Estimated Amount of contracts on capital account to be executed and not provided for is Rs. 1243.20 Lacs net of advances (previous year Rs. 1469.03 Lacs).

(2) Investment ofRs. 39000/- in form of National Saving Certificates has been pledged with Sales tax authorities.

(3) Certain Balances of Sundry Debtors, Sundry Creditors and trade advances are subject to confirmation.

(4) Related Party Disclosures :

(a) Relationship

(I) Mrs. Rita Singhal - Wife of Shri SK Singhal, Director

(ii) Mr. S G Vyas- Managing Director

(iii) Mrs. Shakuntala Vyas - Wife of Shri S G Vyas - Managing director

(iv) Mr. S K Singhal- Director

(b) Transaction with related parties (Rs. ''000)

2012-13 2011-12 Rent Paid

Mrs. Rita Singhal 12 12

(5) In View of substantial taxable losses, no adjustment towards deferred tax assets is being made during the year.

(6) Capital work in progress includes pre-operative expenditure ofRs. 178 lacs allocated to the capital jobs in progress pertaining to Ring spinning project in earlier years which will be capitalized on completion of project.

(7) There are no unsecured loans from other than Directors.

(8) Due to continuing losses, the Company has not been able to honor its commitments to the banks. It has requested the banks for restructuring of loans.

(9) There was no amount due to such of the units registered under SSI and declared to us as on 31.3.2013 and further there was no claim from suppliers under the " interest on delayed payments to Small Scale Undertaking Act, 1993."

(10) Previous years figures have been regrouped wherever necessary to conform to the current year''s classification since the presentation has been made as per the Revised Schedule VI, in the current year.

(11) In View of Losses and consequent erosion of net worth, the company is a potential case of Reference to BIFR.


Mar 31, 2012

A.) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of company, the holders of equity shares will be entitled to receive remaining assets of company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by share holders.

As per records of the company, including its register of share holders/members and other declarations received from share holders regarding beneficial interest, the above share holding represents both legal and beneficial ownerships of shares.

Notes:

Term loans from Bank of Baroda and UCO Bank are secured by way of equitable mortgage of Land and building created or to be created at G-206,207 and 209, RIICO Industrial Area, Bagru Extension, Bagru of the Company and hypothecation of buildings and all the movable properties of Weaving Unit and Ring Spinning unit of the Company (save and except book debts) including movable machinery, spares, tools and accessories etc, present and future subject to prior charges created and/or to be created in favour of the Company''s banker on stock of raw materials, semi-finished goods, store and spares and other movables as may be required for securing the borrowings for working capital requirements in the course of business. The mortgage and charges referred to above rank pari- passu. The term loans are further personally guaranteed by two Directors of the Company. These term loans are additionally secured by 2nd charge of all immovable properties and fixed assets situated at E-228, RIICO Industrial Area, Bagru Extension, Bagru.

Cash Credit and Letter of Credit facilities are secured by hypothecation of raw materials, finished goods, stock in process, stores and spares, and book debts, both present and future and also personally guaranteed by two Directors of the Company. Additionally secured by mortgage of immovable properties situated at G-206,207 & 209 RIICO Industrial Area, Bagru Extension, Bagru and 2nd charge over the entire fixed assets ofthe Company.

IDBI Term Loan and OD facility assigned to M/s UV Asset Reconstruction Co. Ltd. is secured by way of equitable mortgage of land situated at E-228 RIICO Industrial Area, Bagru Extension, Bagru and Building and Plant & Machineries of Open end spinning unit ofthe company (present and future).

Notes:

Term loans from Bank of Baroda and UCO Bank are secured by way of equitable mortgage of Land and building created or to be created at G-206,207 and 209, RIICO Industrial Area, Bagru Extension, Bagru of the Company and hypothecation of buildings and all the movable properties of Weaving Unit and Ring Spinning unit of the Company (save and except book debts) including movable machinery, spares, tools and accessories etc, present and future subject to prior charges created and/or to be created in favour of the Company''s banker on stock of raw materials, semi-finished goods, store and spares and other movables as may be required for securing the borrowings for working capital requirements in the course of business. The mortgage and charges referred to above rank pari- passu. The term loans are further personally guaranteed by two Directors ofthe Company. These term loans are additionally secured by 2nd charge of all immovable properties and fixed assets situated at E-228, RIICO Industrial Area, Bagru Extension, Bagru.

Cash Credit and Letter of Credit facilities are secured by hypothecation of raw materials, finished goods, stock in process, stores and spares, and book debts, both present and future and also personally guaranteed by two Directors of the Company. Additionally secured by mortgage of immovable properties situated at G- 206,207 & 209 RIICO Industrial Area, Bagru Extension, Bagru and 2nd charge over the entire fixed assets of the Company.

IDBI Term Loan and OD facility assigned to M/s UV Asset Reconstruction Co. Ltd. is secured by way of equitable mortgage of land situated at E-228 RIICO Industrial Area, Bagru Extension, Bagru and Building and Plant & Machineries of Open end spinning unit of the company (present and future).

1. Estimated Amount of contracts on capital account to be executed and not provided for is Rs. 1469.03 Lacs net of advances (previous year Rs. 1419.03 Lacs).

2. Investment of Rs. 39000/- in form of National Saving Certificates has been pledged with Sales tax authorities.

3. Certain Balances of Sundry Debtors, Sundry Creditors and trade advances are subject to confirmation.

4. Related Party Disclosures :

A. Relationship

(a) Mrs. Rita Singhal - Wife of Shri SK Singhal, Director

(b) Mr. SG Vyas- Managing Director

(c) Mrs. Shakuntala Vyas - Wife of Shri SG Vyas - Managing director

(d) SG Vyas HUF.

5. In View of substantial taxable losses, no adjustment towards Deferred tax assets is being made during the year.

6. Capital work in progress includes pre-operative expenditure of Rs. 178 lacs allocated to the capital jobs in progress pertaining to Ring spinning project in earlier years which will be capitalized on completion of project.

7. There are no unsecured loans from others which are due to a Director.

8. Due to continuing losses, the Company has not been able to honor its commitments to the banks. It has requested the banks for restructuring of loans.

9. There was no amount due to such of the units registered under SSI and declared to us as on 31.3.2012 and further there was no claim from suppliers under the '''' interest on delayed payments to Small Scale Undertaking Act, 1993.''''

10.Previous years figures have been regrouped wherever necessary to confirm to the current year''s classification since the presentation has been made as per the Revised Schedule VI, in the current year.

11. In View of Losses and consequent erosion of net worth, the company is a potential case of Reference to BIFR.

12.Additional Information pursuant to the provisions of paragraphs (3) to (4D) of part II of Schedule VI of the Companies Act, 1956.


Mar 31, 2010

1. Estimated amount of contracts on capital account to be executed and not provided for is Rs. 1432.53 lacs net of advances (previous year: Rs. 1937.46 lacs).

2. Investment of Rs.39000/- in form of National Saving Certificates has been pledged with Sales Tax Authorities.

3. Remuneration to Whole Time Directors consists of:

4. Certain balances of sundry debtors, sundry creditors and trade advances are subject to confirmation.

5. Related party disclosures:

A. Relationship

(a) Mrs Rita Singhal - wife of Shri S K Singhal, Whole Time Director.

(b) MrSGVyas - Whole-time Director.

(c) Mrs Shakuntala Vyas-wife of Shri S G Vyas-Managing Director.

(d) S.G.VyasHUF.

6. Capital work in progress includes pre-operative expenditure of Rs. 210 lacs allocated to the capital jobs in progress pertaining to Ring spinning project in earlier years which will be capitalized on completion of project.

7. Previous years figures have been regrouped wherever necessary to confirm to current years classification.

8. There was no amount due to such of the units registered under SSI and declared to us as on 31.03.2010 and further there was no claim from suppliers under the "interest on delayed payment to Small scale undertaking Act, 1993".

9. Additional information pursuant to the provisions of paragraphs (3) to (4D) of Part II of Schedule VI of the Companies Act, 1956.

 
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