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 ÃIDBI and CBI via
assignment deed in favour of strategic Promoters Investor ÃShivkripa
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 Ã17 issued by the ICAI is not
required.
10. a) In view of the applicability of Accounting Standards Ã22
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 .