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Notes to Accounts of Jattashankar Industries Ltd.

Mar 31, 2015

1. Contingent liabilities not provided for in the accounts There were no Contingent Liability as on 31.03.2015.

2. Balance of sundry debtors, Creditors and loans and advances are subject to confirmation, reconciliation and adjustment required, if any.

3. Gratuity liability has been provided for during the year of Rs.1,66,463/- . However the same has not been provided for on actuarial basis as prescribed in Accounting Standard -15.

4. In the opinion of management, sundry debtors, Loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary .There are no contingent liabilities other than those stated above.

5. Pursuant to requirement of Accounting Standard -18, issued by the ICAI, the details of transactions carried out during the year with related parties are disclosed as under :-

Relationships:

(a) Key Management Personnel

(i) Jattashankar Poddar

(ii) Sharad Poddar

(b) Relative of Key Management Personnel and their Enterprises where transactions have taken place

(i) Sunrise Colours Limited

(ii) Shivkripa Enterprises Private Limited

(iii) Subhash Poddar HUF ( Karta of Jattashankar Poddar & Sharad Poddar)

(iv) Sharad Poddar HUF ( Sharad Poddar is Karta of HUF)

Disclosure in respect of material transactions with related parties during the year

6. The company mainly deals in Dyed yarns and Elastic tapes which are considered only one segment of Textile Products therefore, disclosure of segment reporting pursuant to Accounting Standards -17 issued by the ICAI is not required.

7. In view of the applicability of Accounting Standards -22 accounting for taxes on income issued by the ICAI, company does not have deferred tax liability due to carried forward losses. In the opinion of the management deferred tax asset is not recognized in view of uncertainty of future taxable profits.

8. Earning Per Share (EPS) pursuant to Accounting Standard -20 issued by the ICAI as under:

9. There were no Impairment of Fixed Assets during the year pursuant to requirement of Accounting Standard -28 issued by the ICAI.

10. Previous year's figures have been regrouped / rearranged wherever is necessary.


Mar 31, 2014

1. Contingent liabilities not provided for in the accounts

There were no Contingent Liability as on 31.03.2014

2. Balance of sundry debtors, Creditors and loans and advances are subject to confirmation, reconciliation and adjustment required ,if any.

3. Gratuity liability has been provided during the year instead of cash basis as per past practice. Due to this profit for the year is understated by Rs.1,00,000/-.

4. In the opinion of management, sundry debtors, Loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary .There are no contingent liabilities other than those stated above.

5. To the extent information available with the Company ,amount payable to Micro, Small and Medium Enterprise creditors are not overdue .Hence Provision for interest has not been made.

6. The company mainly deals in texturised /twisted yarns which are considered only one segment therefore, disclosure of segment reporting pursuant to Accounting Standards -17 issued by the ICAI is not required.

7. a) In view of the applicability of Accounting Standards -22 accounting for taxes on income issued by the ICAI , company does not have current tax as well as deferred tax liability due to carried forward losses. In the opinion of the management deferred tax asset is not recognized in view of uncertainty of future taxable profits.

b) No provision for Tax has been made under provision of Income tax Act, 1961, as there are no tax liability likely to arise in view of company declared sick by BIFR & having huge accumulated losses.

8. There were no Impairment of Fixed Assets during the year pursuant to requirement of Accounting Standard -28 issued by the ICAI.

9. Previous years figures have been regrouped / rearranged wherever is necessary. As per our report of even date


Mar 31, 2013

1 Contingent liabilities not provided for in the accounts

There were no Contingent Liability as on 31.03.2013

2. Balance of sundry debtors, Creditors and loans and advances are subject to confirmation, reconciliation and adjustment required ,if any.

3. a) Provision for gratuity Liability has not been actuarially determined. Amount is unascertained, as the same is treated on cash basis.

b) Leave encashment liability has been provided during the year instead of cash basis as per past practice. Due to this profit for the year is understated by Rs. 50,000/-.

4. In the opinion of management, sundry debtors, Loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary .There are no contingent liabilities other than those stated above.

5. To the extent information available with the Company ,amount payable to Micro, Small and Medium Enterprise creditors are not overdue .Hence Provision for interest has not been made.

6 The company mainly deals in textures /twisted yarns which are considered only one segment therefore,

disclosure of segment reporting pursuant to Accounting Standards -17 issued by the ICAI is not required.

7 During last year ,as per Rehabilitation scheme sanctioned by BIFR order dated 23.02.2012 , Company has given effect of OTS with secured Lenders by writing back Loan of Rs. 10,18,79,266/-and accrued interest thereon provided in the accounts of Rs. 3,53,81,909/-. OTS amount were financed by strategic promoter investor-Shivkripa Enterprises Pvt. Ltd . Now as per above referred BIFR Scheme ,amount payable to said promoter is shown as unsecured loan.

8 a) In view of the applicability of Accounting Standards -22 accounting for taxes on income issued by the ICAI , company does not have current tax as well as deferred tax liability due to carried forward losses. In the opinion of the management deferred tax asset is not recognized in view of uncertainty of future taxable profits.

b) No provision for Tax has been made under provision of Income tax Act, 1961, as there are no tax liability likely to arise in view of company declared sick by BIFR & having huge accumulated losses .

9. There were no Impairment of Fixed Assets during the year pursuant to requirement of Accounting Standard -28 issued by the ICAI.

10 Additional information as required under schedule VI of companies'' act 1956 as certified by the management is as under:-

A) Stores & spares consumed are wholly indigenous during the current year and previous year. 33. Previous year''s figures have been regrouped / rearranged wherever is necessary .


Mar 31, 2012

1. Contingent liabilities not provided for in the accounts

Disputed excise demand for the appeal is pending before higher authorities amounting to Rs. 11,11,073/- ( P.Y. Rs. 11,11,073/-)

2. The company had been declared sick as per the order of BIFR dtd. 14.06.02 & Central bank of India has been appointed as Operating Agency. Hon. BIFR, as per Order dated 23.02.2012, has sanctioned Rehabilitation Scheme of Company with Cost Of Scheme of Rs. 1027.34 Lacs and Means of Finance by promoter contribution.

Accordingly Company has given effect of OTS with secured Lenders by writing back Loan and accrued interest thereon provided in the accounts as under:

Name of Nature Of Loan Principal Amt Accrued Interest Lenders (Rs.) (Rs.)

IDBI Term Loan for Project 3,35,00,000 2,47,14,323

GSFC Term Loan for Project 0 1,02,82,473

CBI Working Capital 6,83,79,266 3,85,113

10,18,79,266 3,53,81,909

The Company has done OTS with the Secured Lenders –IDBI and CBI via assignment deed in favour of strategic Promoters Investor –Shivkripa Enterprises pvt. Ltd. duly approved by Board of Directors. Now as per above referred BIFR Scheme, amount payable to said promoter is shown as unsecured loan.

3. Balance of sundry debtors, Creditors and loans and advances are subject to confirmation, reconciliation and adjustment required, if any.

4. Provision for gratuity & Leave Encashment Liability has not been actuarially determined. Amount is unascertained, as the same is treated on cash basis.

5. In the opinion of management, sundry debtors, Loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary .There are no contingent liabilities other than those stated above.

6. Sales is shown net of claims, Rate difference & Discount of Rs. 1,40,862/- (P.Y. Rs. Nil/-)

7. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures as required by Notification dated 16th November, 2007 issued by Ministry of Corporate Affairs have not been made.

8. Land at Vapi, purchased from Directors of Rs. 8,57,452/- during 1999-2000 for which agreement is yet to be executed.

9.(a) Salary included in schedule of operating & other expenses include managerial remuneration :

b) Commission on net profit is not payable to managing director and the whole time director for the year; hence computation of net profit in accordance with section 198 of the companies Act, 1956 is not required.

10. The company mainly deals in texturised/twisted yarns which are considered only one segment therefore, disclosure of segment reporting pursuant to Accounting Standards-17 issued by the ICAI is not required.

11. a) In view of the applicability of Accounting Standards -22 accounting for taxes on income issued by the ICAI, company does not have current tax as well as deferred tax liability due to carried forward losses. In the opinion of the management deferred tax asset is not recognized in view of uncertainty of future taxable profits.

b) No provision for Tax has been made under provision of Income tax Act, 1961, as there are no tax liability likely to arise in view of company declared sick by BIFR & having huge accumulated losses .

12. There were no Impairment of Fixed Assets during the year pursuant to requirement of Accounting Standard 28 issued by ICAI.

13 Additional information as required under schedule VI of companies' act 1956 as certified by the management is as under:-

c) Stores & spares consumed are wholly indigenous during the current year and previous

14. Previous years figures have been regrouped/rearranged wherever is necessary .

15. Figures shown in bracket are for the previous year


Mar 31, 2010

1. Contingent liabilities not provided for in the accounts

a) Disputed excise demand for the appeal is pending before higher authorities amounting to Rs.11,11,073/- ( P.Y.Rs.11,11,073/-)

b) The company has received notice from Excise department for debiting excise duty of Rs.17,33,150/- (P.Y. Rs.17,33,150/-) on yarns lost in floods .The company has made application with the deputy Commissioner Excise for remission of excise duty on same .

c) Disputed Income Tax matters relating to disallowance of sundry balance written off of Rs.1,54,16,891/- (P.Y.Rs.1,82,18,307/-) for the assessment year 2001-02 .

2. i) Term loan excluding interest accrued and due from I.D.B.I , which has been assigned to Shivkripa Enterprises Private Limited under One Time Settlement Scheme as per Assignment Deed dated 23.09.05 , to the extent of Rs.2,85,00,000/- ( Previous Year Rs.2,85,00,000/-) is secured by mortgage of all the immovable property of the company situated at plot no.77,admeasuring 1000 sq meter at Silvassa and hypothecation of movable properties of the company including movable plant and machinery ,machinery spares ,fools and accessories and other movables ,both present and future ( Save and except book debts) subject to prior charges created /to be created on specified current assets in favor of company 's bankers for securing the borrowing for working capital and also personal guarantee of the promoter Directors of the company.

ii) Terms loans excluding interest accrued & due from G.S.F.C. to the extent of Rs.3,35,30,166/- (Previous year Rs.3,35,30,166/-) are secured by first charge of hypothecation of specific plant and machineries and personal guarantee of the promoter directors of the company.

iii) Term loan excluding interest accrued and due from I.D.B.I., which has been assigned to Shivkripa Enterprises Private Limited under One Time Settlement Scheme as per Assignment Deed dated 23.09.05 , to the extent of Rs.2,50,00,000/- ( Previous Year Rs.2,50,00,000/-) is secured by mortgage of all the immovable property of the company situated at plot no.77,admeasuring 1000 sq meter at Silvassa and hypothecation of specified movable assets , present & future acquired under Asset Credit Scheme and also by hypothecation of other movable plant and machinery ,machinery spares ,fools and accessories and other movables ,both present and future ( Save and except book debts) subject to prior charges created /to be created on specified current assets in favor of company 's bankers for securing the borrowing for working capital and also personal guarantee of the promoter Directors of the company.

iv) Working capital facility from Central Bank Of India, which has been assigned to Shivkripa Enterprises Private Ltd. under One Time Settlement Scheme as Per Assignment Deeds dated 10.04.07, are secured by hypothecation of Raw materials, Work in Progress, Finished goods, Book Debts and other assets and personal guarantee of the promoter directors of the company and second charge on block of fixed assets of the company.

3. Balance of sundry debtors, Creditors and loans and advances including loan from G.S.F.C. are subject to confirmation, reconciliation and adjustment required ,if any.

4. Provision for gratuity & Leave Encashment Liability has not been actuarially determined. Amount is unascertained, as the same is treated on cash basis.

5. In the opinion of management, sundry debtors, Loans and advances are approximately of the value stated, if realized in the ordinary course of business. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary .There are no contingent liabilities other than those stated above.

6. Sales is shown net of claims , Rate difference & Discount of Rs.44,607 /- (P.Y. Rs.8, 17,792/-)

7. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures as required by Notification dated 16th November, 2007 issued by Ministry of Corporate Affairs have not been made.

8. Land at Vapi , purchased from Directors of Rs.8,57,452/- during 1999-2000 for which agreement is yet to be executed.

b) Commission on net profit is not payable to managing director and the whole time director for the year; hence computation of net profit in accordance with section 198 of the companies Act, 1956 is not required.

9. The company mainly deals in texturised /twisted yarns which are considered only one segment therefore, disclosure of segment reporting pursuant to Accounting Standards –17 issued by the ICAI is not required.

10. a) In view of the applicability of Accounting Standards –22 accounting for taxes on income issued by the ICAI , company does not have current tax as well as deferred tax liability due to carried forward losses. In the opinion of the management deferred tax asset is not recognized in view of uncertainty of future taxable profits. b) No provision for Tax has been made under provision of Income tax Act, 1961, as there are no tax liability likely to arise in view of company declared sick by BIFR & having huge accumulated losses .

11. The company had sold certain assets including plant & machinery of Rs.1,49,39,413/-(Net block) in earlier years which were discarded from operation .However the same is subject to approval from Financial Institutions .

12. The company has been declared sick as per the order of BIFR dtd.14.06.02 & Central bank of India has been appointed as Operating Agency.. Rehabilitation proposal is under process. The company has done Techno Economic Viability Study (TEVS) of the Rehabilitation proposal and submitted the said report to the bank and same is under review by the lenders. However the accounts are prepared on going concern basis.

13. a) Interest for the year on secured loan taken from financial institutions and others of Rs.8,85,66,848/-( P.Y.Rs.8,85,66,848/-) has not provided for during the year. Accumulated interest not provided for Rs.62,10,82,274/-(P.Y.Rs.53,25,15,426/-) Due to, this loss for the year and secured loan are understated to that extent.

b) Loans from the financial institutions & others are shown secured of Rs.19,02,80,026/- including interest provided up to 31.03.2001. However the same are secured to Rs.1,61,35,196/-.Therefore the said loans are unsecured by Rs.17, 41, 44,830/-.

14. The Company has done One Time Settlement with Central Bank of India via Assignment of Debts in favor of Strategic Promoter Investor Shivkripa Enterprises Private Limited as per Board Resolution dated 28.03.07 and Assignment Deeds dated 10.04.07 which is yet to be registered .

15. There were no Impairment of Fixed Assets during the year pursuant to requirement of Accounting Standard 28 issued by ICAI.

16. Inventory of Finished goods and work in progress include stock lying with third party for job work Rs. Nil ( P. Y. 62,95,923/-) .

17 Sundry Debtor includes Rs.24,05,211/- (P.Y.Rs. NIL) due from M/s Sunrise Colors Ltd. A company under the same management within the meaning of sub section (1-B) of section 370 of the companies Act 1956.

Note: The company is getting dyed yarn produced on job from outside.

- Excludes Job Production 612053 kg (Previous Year 3643 kg)

- Excludes captive consumption 6401 kg.( Previous year 539241 kg)

- Sales does not include rate difference , claims and discount given of Rs.44,607/- (P.Y. Rs.8,17,792/-)

* The above does not include Rate difference ,Claims & discount received of Rs. Nil /- (P.Y. Rs.6,73,592/-).

E) Stores & spares consumed are wholly indigenous during the current year and previous year.

18. Previous years figures have been regrouped / rearranged wherever is necessary .

19. Figures shown in bracket are for the previous year .

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