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Notes to Accounts of Jaihind Synthetics Ltd.

Mar 31, 2015

1. Contingent liabilities not provided for in respect of:

i) Show cause notices/dcmands were issued by the Securities and Exchange Board of India demanding Rs. 1,75,000/- for Settlement by Consent Order for violation of Takeover Regulations. However, tire Company is contesting the issues under legal advice & hence not opted for settlement.

ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange Limited. Calcutta Stock Exchange Association Limited and the Stock Exchange, Ahmedabad: Amount not determined.

2. Sundry Debtors include amounts aggregating to Rs.6,00,318/- (Previous Year Rs.6,00,318/-), which have remained outstanding for over five years and amount aggregating to Rs, 7,85,58,540( P.Y. Rs. 7,85,58,540) which have remained outstanding for more than one year and are subject to confirmation. The Company has not made any provision against these debtors and also has initiated legal action against one of them for recovery of dues, in management's view, the amounts have remained overdue on account of general recession in the industry in the recent past and it expects that the amounts would be recovered in due course of time and no provision is required in this regard.

3. Unsecured loans and advances granted & remained outstanding aggregating to Rs. 6,29,07,504/-(Previous Year Rs.6,01,16,385/-) as on the Balance Sheet date, which arc either overdue or where there are no covenants with regard to repayment of loan & other terms and conditions. The Company is pursuing the matter and is hopeful to recover the above debts. Accordingly, no provision is considered necessary in the matter at this stage.

4. The outstanding balances of Debtors, Creditors, Deposits and Advances are subject to confirmation.

5. In the opinion of the Board and to the best of their knowledge and belief, the value of the realization of Current Assets, Loans and Advances, in the ordinary course of business would not be less than the amount at which they arc stated in the balance sheet. The Provision for ail known liabilities is adequate and not in excess of the amount considered reasonably necessary.

6. Sundry Creditors does not include any amount due to 'Small Scale Industrial Undertaking as defined under Section 3(j) of industries (Development and Regulation) Act, 1951.

7. Previous year's figures have been regrouped, recast and reclassified wherever considered necessary.

8. Figure in brackets pertain to previous year.

9. Additional information pursuant to part II to schedule VI of the Companies Act, 1956.

Particulars of Capacity

i) Class of goods : Synthetics Cloth etc.

ii) Licensed Capacity : Not Applicable.

iii) Installed Capacity : Not Applicable.

(As certified by the Directors)

10. Value of Imports calculated on C.I.F. basis - Nil (Nil)

11. Expenses in Foreign Currency during the year - Nil (Nil)

12. Earning in Foreign Exchange during the year - Nil (Nil)

13. The Company is principally engaged in the business of only one broad segment of Textile products. Accordingly there arc no reportable segments as per Accounting Standards 17 issued by the ICAI on "Segment Reporting".

14. Related Party Disclosure as required by Accounting Standard 18 ' Related Party Disclosure issued by the Institute of Chartered accountants of India is given below:

1) Key Management Personnel:

a) Mr. Ajit Vasani Director

b) Meghal Vasani Director

2) Relative of Key Management Personnel: - NONE

3) Enterprises owned by the Key Management Personnel or their Relatives:

Details of transactions between the Company & related parties & the status of the outstanding balance as on 31.03.2015 - NIL


Mar 31, 2014

1. Contingent liabilities not provided for in respect of:

i) Show cause notices/demands were issued by the Securities and Exchange Board of India demanding Rs. 1,75,000/- for Settlement by Consent Order for violation of Takeover Regulations However, the Company is contesting the issues under legal advice &. hence not opted for settlement.

ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange Limited, Calcutta Stock Exchange Association Limited and the Stock Exchange, Ahmedabad: Amount not determined

2. Sundry Debtors include amounts aggregating to Rs.6,00,318/- (Previous Year Rs.6,00,318/-), which have remained outstanding for over five years and amount aggregating to Rs 7,85,58,540( P.Y. Rs. 10,14,70,455) which have remained outstanding for more than one year and are subject to confirmation. The Company has not made any provision against these debtors and also has initiated legal action against one of them for recovery of dues, in management's view, the amounts have remained overdue on account of general recession in the industry in the recent past and it expects that the amounts would be recovered in due course of time and no provision is required in this regard.

3. Unsecured loans and advances granted &. remained outstanding aggregating to Rs 6.29,07,504/- (Previous Year Rs.6,52,70885/-) as on the Balance Sheet date, which are either overdue or where there arc no covenants with regard to repayment of loan &. other terms and conditions The Company is pursuing the matter and is hopeful to recover the above debts Accordingly, no provision, is considered necessary' in the matter at this stage.

4. The outstanding balances of Debtors, Creditors, Deposits and Advances are subject to confirmation.

5. In the opinion of the Board and to the best of their knowledge and belief, the value of the reali/alion of Current Assets, Loans and Advances, in the ordinary course of business would not be loss than the amount at which they are staled in the balance sheet. The Provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

6. Sundry Creditors does not include any amount due to 'Small Scale Industrial Undertaking as defined under Section 3(j) of lndustries (Development and Regulation) Act, 1951.

7. Previous year's figures have been regrouped, recast and reclassified wherever considered necessary

8. Figure in brackets pertain to previous year.

9. Additional information, pursuant to part II to schedule VI of the Companies Act, 1956Particulars of Capacity

i) Class of goods : Synthetics Cloth etc.

ii) Licensed Capacity : Not Applicable

iii) Installed Capacity : Not Applicable.

(As certified by the Directors)

10. The Company is principally engaged in the business of only one broad segment of Textile products. Accordingly there are no reportable segments as per Accounting Standards 17 issued by the TCAI on "Segment Reporting".

11. Related Party Disclosure as required by Accounting Standard 18 Related Party Disclosure issued by the Institute of Chartered accountants of India is given below;

1) Key Management Personnel.

a) Mr. Ajit Vasani Director

b) Meghal Vasani Director

2) Relative of Key Management Personnel: - NONE

3) Enterprises owned by the Key Management Personnel or their Relatives:

12. Details of transactions between the Company & related parties & the status of the outstanding balance as on 31.03.2012-NIL


Mar 31, 2013

1. Contingent liabilities not provided for in respect of:

i) Show cause notices/demands were issued by the Securities and Exchange Board of India demanding Rs. 1.75.000/- for Settlement by Consent Order for violation of Takeover Regulations. However, the Company is contesting the issues under legal advice & hence not opted for settlement.

ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange Limited. Calcutta Stock Exchange Association Limited and the Stock Exchange. Ahmadabad: Amount not determined.

2. Sundry Debtors include amounts aggregating to Rs.6.00.318/- (P.Y. Rs.6.00.318/-). which have remained outstanding for over five years and amount aggregating to Rs.10.14.70.455 - (PA. Rs.6.00,318/-). which have remained outstanding for more than one years and are subject to confirmation. The Company has not made any provision against these debtors and also has initiated legal action against one of them for recovery of dues. In management''s view, the amounts have remained overdue on account of general recession in the industry in the recent past and it expects that the amounts would be recovered in due course of time and no provision is required in this regard.

3. Unsecured loans and advances granted & remained outstanding aggregating to Rs. 6.52.70.885 - (P.V . Rs.3.37.58.617/-) as on the Balance Sheet date, which are either overdue or where there are no covenants with regard to repayment of loan & other terms and conditions, I he Company is put suing the matter and is hopeful to recover the above debts. Accordingly, no provision is considered necessary in the matter at this stage.

4. The outstanding balances of Debtors, Creditors, Deposits and Advances aid subject to continuation.

5. In the opinion of the Board and to the best of their knowledge and belief, the value of the realization of Current Assets. Loans and Advances, in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet. The Provision tor all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

6. Sundry Creditors does not include any amount due to ''Small Scale Industrial Undertaking as declined under Section 3(j) of Industries (Development and Regulation) Act. 1951.

7. Previous year''s figures have been regrouped, recast and reclassified wherever considered necessary ,

8. Figure in brackets pertain to previous year.

9. The Com pan v is principally engaged in the business of only one broad segment of textile products. Accordingly there are no reportable segments as per Accounting Standards 17 issued by the 1CA1 on "Segment Reporting".

10. Related Party'' Disclosure as required by Accounting Standard 18 Related Party Disclosure issued by the Institute of Chartered accountants of India is given below;

1) Key Management Personnel:

a) Mr. Ajit Vasani Director

b) Meghal Vasani Director

2) Relative of Key Management Personnel: - NONE

3) Enterprises owned by the Key Management Personnel or their Relatives:

Details of transactions between the Company & related parties & the status of the outstanding balance as on 31.03.2013


Mar 31, 2012

1. Contingent liabilities not provided for in respect of:

i) Show cause notices/demands were issued by the Securities and Exchange Board of India demanding Rs.L75.000/- for Settlement by Consent Order for violation TTakeover Regulations. However, the Company is contesting the issues under legal advice & hence not opted for settlement.

ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange Limited, Calcutta Stock

2. Sundry Debtors include amounts aggregating to Rs.6.00.318/- (Previous Year Rs 6 00 3 ISM which have remamed outstanding for over five years and are subject to confirmatlo, The cVmi hi made any prov.s.on against these debtors and also has initiated legal action Ja mlonelf them fo the amounts wou,d be —Jm due

3. Unsecured loans and advances granted & remained outstanding aggregating to Rs, 3 37 58 617/- (Previous Year Rs.3.37,58,617/-) as on the Balance Sheet date, which are cither overdue or where there are no covenants with regard to repayment of loan & other terms and conditions. The Companv is pursuing the matter and is hopeful to recover the above debts. Accordingly, no provision is considered necessary in the matter at this stage.

4. The outstanding balances of Debtors. Creditors, Deposits and Advances are subject to confirmation.

5. In the opinion of the Board and to the best of their knowledge and belief, the value of the realization of Current Assets, Loans and Advances, in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet. The Provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

6. Sundry Creditors does not include any amount due to ''Small Scale Industrial Undertaking as defined under Section j(j) of Industries (Development and Regulation) Act. 1951.

7. Previous year''s figures have been regrouped, recast and reclassified wherever considered necessary.

8. Figure in brackets pertain to previous year.


Mar 31, 2011

1. Contingent liabilities not provided for in respect of:

i) Show cause notices/demands were issued by the Securities and Exchange Board of India demanding Rs. 1,75,000/- for Settlement by Consent Order for violation of Takeover Regulations. However, the Company is contesting the issues under legal advice & hence not opned for settlement.

ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange Limited, Calcutta Stock Exchange Association Limited and the Stock Exchange, Ahmadabad Amount not determined.

2. Sundry Debtors include amounts aggregating to Rs.6,00,318/- (P.Y. Rs.6,00,318/-) which have remained outstanding for over five years and are subject to confirmation. The Company has not made any provision against these debtors and also has initiated legal action against one of them for recovery of dues. In management's view, the amounts have remained overdue on account of general recession in the industry m the recent past and it expects that the amounts would be recovered in due course of time and no provision regard.

3. CHANGE OF CONTROL OF MANAGEMENT:

During the period under review, pursuant to Regulation 12 of Securities and Exchange Board of India (Substantial Acquisitions of Shares and Takeover) Regulations, 1997 ("the SEBI Regulations") Listing Agreements and other applicable rules, Companies Act, 1956, the shareholders through the process of Postal Ballot approved the change in control and management of the Company from the existing management to Mr. Ajit Vasam, Ms. Jagruti A Vasani and Ms. Megahal A Vasani w.e.f. w.e.f. 15-2-2011.

4. Unsecured loans and advances granted & remained outstanding aggregating to Rs. 3 37 58 617/- (P Y Rs.3,37,58,617/-) as on the Balance Sheet date, which are either overdue or where there are no covenants with regard to repayment of loan & other terms and conditions. The Company is pursuing the matter and is hopeful to recover the above debts. Accordingly, no provision is considered necessary in the matter at this stage.

5. The outstanding balances of Debtors, Creditors, Deposits and Advances are subject to confirmation.

6. In the opinion of the Board and to the best of their knowledge and belief, the value of the realization of Current Assets, Loans and Advances, in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet. The Provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

7. Due to inadequacy of profits, the Company has not paid any managerial remuneration & perquisites during the year.

8. Sundry Creditors does not include any amount due to 'Small Scale Industrial Undertaking as defined under Section 3(j) of Industries (Development and Regulation) Act, 1951.

9. Previous year's figures have been regrouped, recast and reclassified wherever considered necessary.

10. Figure in brackets pertain to previous year.

11. Additional information pursuant to part II to schedule VI of the Companies Act, 1956 Particulars of Capacity

i) Class of goods : Synthetics Cloth etc.

ii) Licensed Capacity : Not Applicable.

iii) Installed Capacity : Not Applicable.

(as certified by the Directors)

Detailed quantitative information in respect of Opening and Closing Stock, Purchase, Sales and consumption of raw- materials.

12. The Company is principally engaged in the business of only one broad segment of textile products Accordingly there are no reportable segments as per Accounting Standards 17 issued by the ICAI on

Segment Reporting".

13. Related Party Disclosure as required by Accounting Standard 18 Related Party Disclosure issued by the Institute of Chartered accountants of India is given below:

1) Key Management Personnel:

a) Mr. Ajit Vasani Director

b)Megbal Vasani Director

2) Relative of Key Management Personnel: - NONE

3) Enterprises owned by the Key Management Personnel or their Relatives:

Details of transactions between the Company & related parties & the status of the outstanding balance as on 31.03.2011-NIL-


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

a) Show cause notices/demands were issued by the Securities and Exchange Board of India demanding Rs. 1,75.000 - for Settlement by Consent Order for violation of Takeout

1. The outstanding balances of Debtors, Creditors, Deposits and Advances are subject to confirmation.

2. curse of business would not be less than the amount at which they are stated in the balance sheet. The Provision for all known liabilities is adequate and not in excess of the amount considered reasonably necessary.

i) Class of goods ; Synthetics Cloth etc.

ii) Licensed Capacity : Not Applicable.

iii) Installed Capacity ; Not Applicable.

(as certified by the Directors)

2 The Company is principally engaged in the business of only one broad segment of textile products. Accordingly there are no reportable segments as per Accounting Standards 17 issued by the ICAI on segment Reporting.

3. Related Party Disclosure as required by Accounting Standard 18 Related Party Disclosure issued by the Institute of Chartered accountants of India is given below:

1) Kiev Management Personnel:

a) Mother Karia Director

2) Relative of Management Personnel: - NONE

3) Enterprises owned by the Key Management Personnel or their Relatives.

 
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