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Notes to Accounts of Jamshri Ranjitsinghji Spg & Wvg Mills Co. Ltd.

Mar 31, 2015

Not Available


Mar 31, 2013

1.1 Contingent Liabilities: Nil

1.2 The company has made profit of Rs. 7.09 lacs during the year ended 31st March 2013, the accumulated losses amount to Rs. 120.36 lacs resulting in a positive net worth of Rs. 578.87 lacs (previous year positive worth of Rs. 571.78 lacs).

1.3 The company had only one business segment i.e. Textiles and the figures pertain to that only.

1.4 The Company has opted to avail benefit under Central Excise Notification No.30/2004 for non-payment of excise duty on yarn produced and correspondingly will not claim credit on inputs w.e.f 1st July 2006. No provision has been made for the unutilized Cenvat credit amounting to Rs. 47.96 Lacs. The Company is actively considering available alternatives for utilizing this balance.

1.5 In pursuance to Accounting Standard -28 issued by the Institute Chartered Accountants of India, the company has assessed no impairment of assets as on 31st March 2013, hence no provision has been made in the books of accounts.

1.6 LIST OF RELATED PARTIES:

A) ASSOCIATES/JOINT VENTURES: SR. NO. PARTICULARS

1. MR. PR DAMANI (MANAGING DIRECTOR)

2. MR.JPSINGHAL( EXECUTIVE DIRECTOR)

3. MR. NR DAMANI (JOINT MANAGING DIRECTOR)

WE CONFIRM THAT THE FOLLOWING ARE THE KEY MANAGEMENT PERSONNEL OF THE COMPANY: .

B) KEY MANAGEMENT PERSONNEL: SR. NO. PARTICULARS

1. SHRI J.M.ADHIA

2. SHRI A.K. MOHTA

Figures in brackets represent previous year''s figures.

1.7. Provision for taxation : ''

(a) Current tax: In view of the carried forward losses the company has no taxable income.

(b) Deferred Tax (AS 22): In view of the carried forward losses the company has deferred tax assets. However, as a matter of prudence the same has not been recognized in the financial statements since the management is not certain that sufficient taxable income will be available in the future against which such deferred tax assets could be adjusted.

1.8 No confirmation has been received from the enterprises regarding Micro, Small and Medium enterprises as defined in the Micro, Small, medium enterprises Development Act,2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

1.9 The previous year figures have been regrouped wherever necessary.

Note:-

1) The above Cash Flow Statement has been prepared under the " indirect method" as set out in the Accounting Standard 3 on Cash Flow Statements issued by the Institute of Chartered Accountants of India.

2) Previous year''s figures have been regrouped wherever necessary.

3) Cash Out Flows are shown in brackets


Mar 31, 2012

1.1 Contingent Liabilities:

2011-12 2010-11 Rs.in lacs Rs.in lacs

VAT/CST Interest 0 10.40

INCOME TAX 0 19.40

1.2 The company has made Loss of Rs. 2.09 lacs during the year ended 31st March 2012, the accumulated losses amount to Rs. 127.57 lacs resulting in a positive net worth of Rs. 571.78 lacs (previous year positive worth of Rs. 573.87 lacs). B.I.F.R. has taken out the Company from the purview of SICA during the year.

1.3 The company had two business segments viz. Textiles and Construction. The figures pertaining to the construction business have been disclosed separately in the financial statements of the company with the requirements of AS 17 -

1.4 The Company has opted to avail benefit under Central Excise Notification No.30/2004 for non-payment of excise duty on yam produced and correspondingly will not claim credit on inputs w.e.f 1st July 2006. No provision has been made for the unutilised Cenvat credit amounting to Rs. 100.60 Lacs. The Company is actively considering available alternatives for utilizing this balance.

1.5 In pursuance to Accounting Standard -28 issued by the Institute Chartered Accountants of India, the company has assessed no impairment of assets as on 31st March 2012, hence no provision has been made in the books of accounts.

1.6. Provision for taxation :

(a) Current tax: In view of the carried forward losses the company has no taxable income.

(b) Deferred Tax (AS 22): In view of the carried forward losses the company has deferred tax assets. However, as a matter of prudence the same has not been recognized in the financial statements since the management is not certain that sufficient taxable income will be available in the future against which such deferred tax assets could be adjusted.

1.7 No confirmation has been received from the enterprises regarding Micro, Small and Medium enterprises as defined in the Micro, Small, medium enterprises Development Act,2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

1.8 The previous year figures have been regrouped wherever necessary.


Mar 31, 2011

1. Contingent Liabilities.

2010-2011 2009-2010 Rs.in lacs Rs.in lacs

VAT/CST Interest 10.40 NIL

INCOMETAX 19.40 NIL

2. Debtors and creditors are subject to confirmation. In case where purchases from/ sales to the same party, the net is taken.

3. In the opinion of the board, the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amounts considered reasonably necessary.

4. Financial Assistance from Vyapari Sahakari Bank Maryadit taken during the year is secured by hypothecation of stock of Raw material / Work in Progress and Finished goods.

5. (a) The company has made Net Profit of Rs. 842.88 lacs during the year and as at 31st March 2011, the accumulated losses amount to Rs. 125.46 lacs resulting in a positive net worth of Rs. 573.87 lacs (previous year negative worth of Rs. 269.01 lacs).

(b) The company has been declared sick by the Board for Industrial and Financial Reconstruction vide order dated 15.09.2005 u/s 3(1)(o) of the Act. BIFR has sanctioned the rehabilitation scheme submitted by operating agency Bank of India on 12-08-2008 and rehabilitation scheme is under implementation.

6. The Company has opted to avail benefit under Central Excise Notification No 30/2004 for non-payment of excise duty on yam produced and correspondingly will not claim credit on inputs w.e.f 1st July 2006. No provision has been made for the unutilised Cenvat credit amounting to Rs. 100.60 Lacs including Rs 47.96 lacs of previous year and Rs. 52. 63 lacs of the earlier years demand set aside by the competent Authorities and fresh adjudication is pending. The Company is actively considering available alternatives for utilizing this balance.

7. In pursuance to Accounting Standard -28 issued by the Institute of Chartered Accountants of India, the company has assessed no impairment of assets as on 31st March 2011, hence no provision has been made in the books of accounts.

8. Interest received include interest receivable of Rs. 4,84,652/- from Gira Agencies Distributor is for earlier years.

9. The company has old basement godown cost of which is Nil in the books of account and it is sold for Rs. 60 Lacs during the year.

10 a. LIST OF RELATED PARTIES:

A) ASSOCIATES/JOINT VENTURES:

SR. NO. PARTICULARS

1. DAMANI TEXTILES CO

2. MR. PR DAMANI (MANAGING DIRECTOR)

3. MR. J PSINGHAL( EXECUTIVE DIRECTOR)

4. MR. N R DAMANI (JOINT MANAGING DIRECTOR)

WE CONFIRM THAT THE FOLLOWING ARE THE KEY MANAGEMENT PERSONNEL OF THE COMPANY:

B) KEY MANAGEMENT PERSONNEL:

SR. NO. PARTICULARS

1. SHRIJ.M.ADHIA

2. SHRIA.K. MOHTA

11. Provision for taxation :

(a) Current tax: In view of the carried forward losses the company has no taxable income. The company is not liable for MAT, as it is a sick company declared by BIFR.

(b) Deferred Tax (AS 22): In view of the carried forward losses the company has deferred tax assets. However, as a matter of prudence the same has not been recognized in the financial statements since the management is not certain that sufficient taxable income will be available in the future against which such deferred tax assets could be adjusted.

12. The company is in the process of appointing a full time company secretary by the provision of section 383A of the Companies Act 1956. In the absence of the company secretary, these financials statement have not been authenticated by a whole time company secretary u/s 215 of the Companies Act, 1956

13. No confirmation has been received from the enterprises regarding Micro, Small and Medium enterprises, as defined in the Micro, Small, Medium enterprises Development Act, 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

14. The previous year figures have been regrouped wherever necessary.


Mar 31, 2010

1. Contingent Liabilities:

2009-10 2008-09

Claims against company not acknowledged as debts NIL NIL

2. Debtors and creditors are subject to confirmation. In case where purchases from/ sales to the same party, the net is taken.

3. In the opinion of the board, the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amounts considered reasonably necessary.

4. Financial Assistance from Vyapari Sahakari Bank Maryadit taken during the year is secured by hypothecation of stock of Raw material / Finished goods.

5. The Company has paid the discounted value of interest amounting to Rs. 189 lacs to Bank of India and Written back liabilities of Rs.114 lacs.

6. (a) The company has made Net Profit of Rs. 472.06 lacs during the year and as at 31st march 2010, the accumulated losses amount to Rs. 968.36 lacs resulting in a negative net worth of Rs. 269.01 lacs (previous year Rs. 741.07 lacs).

(b) The company has been declared sick by the Board for Industrial and Financial Reconstruction vide order dated 15.09.2005 u/s 3(1 )(o) of the Act. BIFR has sanctioned the rehabilitation scheme submitted by operating agency Bank of India on 12-08-2008. The State Government, vide its letter dt. 15-4-2010 has sanctioned the reliefs and concessions as per order of BIFR. The Company has booked the Octori of Rs.15631924/- and Electricity duty of Rs. 11298503/ - for the period from 1-4-2007 to 31-3-2010 as per State Governments letter dt. 3-5-2010. VAT Exemption from State Government is awaited.

7. The Company has opted to avail benefit under Central Excise Notification No.30/2004 for non-payment of excise duty on yam produced and correspondingly will not claim credit on inputs w.e.f 1st July 2006. Further no provision has been made for the unutilised Cenvat credit amounting to Rs.47.97 Lacs appearing in the books, as the Company is actively considering available alternatives for utilizing this balance.

8 a. LIST OF RELATED PARTIES:

A) ASSOCIATES/JOINT VENTURES:

SR. NO. PARTICULARS

1. DAMANI TEXTILES CO

2. MR. P R DAMANI (MANAGING DIRECTOR)

3. MR. J P SINGHAL (EXECUTIVE DIRECTOR)

4. MR. NR DAMANI (DIRECTOR)

WE CONFIRM THAT THE FOLLOWING ARE THE KEY MANAGEMENT PERSONNEL OF THE COMPANY:

B) KEYMANAGEMENT PERSONNEL: SR. NO. PARTICULARS

1. SHRIAKMOHTA

2. SHRIJMADHIA

9. Provision for taxation :

(a) Current tax: In view of the carried forward losses the company has no taxable income. The company is not liable for MAT, as it is a sick company declared by BIFR.

(b) Deferred Tax (AS 22): In view of the carried forward losses the company has deferred tax assets. However, as a matter of prudence the same has not been recognized in the financial statements since the management is not certain that sufficient taxable income will be available in the future against which such deferred tax assets could be adjusted.

10. No confirmation has been received from the enterprises regarding Micro, Small and Medium enterprises, as defined in the Micro, Small, Medium enterprises Development Act, 2006, to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

11. The previous year figures have been regrouped wherever necessary.

 
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