Mar 31, 2016
1) NOTES TO ACCOUNTS:
2 CONTINGENT LIABILITIES:
All known and undisputed liabilities have been duly provided for, except the following:
a. Capital Commitments: Estimated amount of contacts remaining to be executed on capital account (net of advances) not provide for, amounts to Rs.1,400 Lacs - (previous Year Rs.1,400 Lacs).
3 Secured Loans:
a. Dues to JMF ARC Pvt. Ltd., are secured by Joint - Equitable mortgage of tile deeds relating to the Company''s immovable properties and are further secured by the personal guarantees of the Directors of the Company, and pledge of Shares of the Promoters.
b. The Credit facilities from State Bank of Hyderabad are secured by way of hypothecation of present and future stock of raw materials, work - in - process, all finished and manufactured goods, stores, component and spares (not relating to Plant and Machinery) and book debts of the Company. The Working Capital facilities are further secured by Second charge on the fixed assets of the Company to the extent of Rs.840 Lakhs and the personal guarantees of the Directors of the Company.
4. Unsecured Loans:
a. The Government of Andhra Pradesh, Commiserate of Industries, has vide its letter no. 20 / 2 / 6 / 01826, dated 16th February '' 1996, fixed eligibility towards Sales Tax Deferment on the Sales Tax Payable by the Company for a period of 10 years with effect from July '' 28, 1995. As the Company has shifted its Manufacturing Facilities from Andhra Pradesh, the Company has to repay the said Sales Tax Deferrement unsecured loan in full. As at 31st March '' 2016 out of the total Rs.502.84 Lacs availed an amount of Rs. 384.21 is paid back. The Sales Tax amount due as at March, 31st 2016 is shown under the head of account Unsecured Loans.
5 Balances appearing under Unsecured Loans, Investments, Loans and Advances, Capital Work - in -
Progress are subject to Confirmation and / or Reconciliation, if any.
6 The Company has return of the outstanding receivables considering the non reliability of the same.
7 The Company has only one segment of activity of dealing in textile products during the period, hence segment wise reporting as defined in Accounting Standard - 17 is not furnished.
8 The benefit of tax losses has not been brought to account, as the related benefits are not considered virtually certain. Hence the value of Deferred Tax is not determined and accounted as per the Provisions of Accounting Standard - 22 on Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India.
9 Figures have been rounded off to the nearest rupee.
10 Previous year figures have been regrouped where necessary.
11 Notes 2 to 23 form an integral part of the Balance Sheet and Profit & Loss account.
Mar 31, 2015
1. CONTINGENT LIABILITIES:
All known and undisputed liabilities have been duly provided for,
except the following: a. Capital Commitments: Estimated amount of
contacts remaining to be executed on capital account (net of advances)
not provide for, amounts to Rs.1,400 Lacs - (previous Year Rs.1,400
Lacs).
2. Secured Loans:
a. Dues to JMF ARC Pvt. Ltd., are secured by Joint  Equitable
mortgage of tile deeds relating to the Company''s immovable properties
and are further secured by the personal guarantees of the Directors of
the Company, and pledge of Shares of the Promoters.
b. The Credit facilities from State Bank of Hyderabad are secured by
way of hypothecation of present and future stock of raw materials, work
 in  process, all finished and manufactured goods, stores, component
and spares (not relating to Plant and Machinery) and book debts of the
Company. The Working Capital facilities are further secured by Second
charge on the fixed assets of the Company to the extent of Rs.840 Lakhs
and the personal guarantees of the Directors of the Company.
c. Vehicles acquired under Hire  Purchase agreement from, ICICI Bank
Limited are secured by hypothecation of the respective vehicles. The
Loans are further secured by the personal guarantee of the Directors.
3. Unsecured Loans:
a. The Government of Andhra Pradesh, Commiserate of Industries, has
vide its letter no. 20 / 2 / 6 / 01826, dated 16th February '' 1996,
fixed eligibility towards Sales Tax Deferment on the Sales Tax Payable
by the Company for a period of 10 years with effect from July '' 28,
1995. As the Company has shifted its Manufacturing Facilities from
Andhra Pradesh, the Company has to repay the said Sales Tax Deferrement
unsecured loan in full. As at 31st March '' 2015 out of the total
Rs.502.84 Lacs availed an amount of Rs. 384.21 is paid back. The Sales
Tax amount due as at March, 31st 2015 is shown under the head of
account Unsecured Loans.
4. The Company has only one segment of activity of dealing in textile
products during the period, hence segment wise reporting as defined in
Accounting Standard  17 is not furnished.
5. The benefit of tax losses has not been brought to account, as the
related benefits are not considered virtually certain. Hence the value
of Deferred Tax is not determined and accounted as per the Provisions
of Accounting Standard  22 on Accounting for Taxes on Income, issued
by the Institute of Chartered Accountants of India.
6. Figures have been rounded off to the nearest rupee.
7. Previous year figures have been regrouped where necessary. The
previous year figures and current year figures are not comparable since
financial year 2010-11 data represents operations for 6 (Six) Months,
whereas current year data is for a period of 12 (Twelve) Months.
Mar 31, 2014
1.1 CONTINGENT LIABILITIES:
All known and undisputed liabilities have been duly provided for,
except the following:
a. Capital Commitments: Estimated amount of contacts remaining to be
executed on capital account (net of advances) not provide for, amounts
to Rs.1,400 Lacs - (previous Year Rs.1,400 Lacs).
1.2 Secured Loans:
a. Dues to JMF ARC Pvt. Ltd., are secured by Joint - Equitable mortgage
of tile deeds relating to the Company''s immovable properties and are
further secured by the personal guarantees of the Directors of the
Company, and pledge of Shares of the Promoters.
b. The Credit facilities from State Bank of Hyderabad are secured by
way of hypothecation of present and future stock of raw materials, work
- in - process, all finished and manufactured goods, stores, component
and spares (not relating to Plant and Machinery) and book debts of the
Company. The Working Capital facilities are further secured by Second
charge on the fixed assets of the Company to the extent of Rs.840 Lakhs
and the personal guarantees of the Directors of the Company.
c. Vehicles acquired under Hire - Purchase agreement from, ICICI Bank
Limited are secured by hypothecation of the respective vehicles. The
Loans are further secured by the personal guarantee of the Directors.
1.3. Unsecured Loans:
a. The Government of Andhra Pradesh, Commissiorate of Industries, has
vide its letter no. 20 / 2 / 6 / 01826, dated 16th February '' 1996,
fixed eligibility towards Sales Tax Deferment on the Sales Tax Payable
by the Company for a period of 10 years with effect from July '' 28,
1995. As the Company has shifted its Manufacturing Facilities from
Andhra Pradesh, the Company has to repay the said Sales Tax Deferrement
unsecured loan in full. As at 31st March '' 2014 out of the total
Rs.502.84 Lacs availed an amount of Rs. 384.21 is paid back. The Sales
Tax amount due as at March, 31st 2014 is shown under the head of
account Unsecured Loans.
1.4 Balances appearing under Unsecured Loans, Investments, Sundry
Debtors, Loans and Advances, Capital Work - in - Progress are
subject to Confirmation and / or Reconciliation, if any.
1.5 The Company has only one segment of activity of dealing in textile
products during the period, hence segment wise reporting as defined in
Accounting Standard - 17 is not furnished.
1.6 The benefit of tax losses has not been brought to account, as the
related benefits are not considered virtually certain. Hence the value
of Deferred Tax is not determined and accounted as per the Provisions
of Accounting Standard - 22 on Accounting for Taxes on Income, issued
by the Institute of Chartered Accountants of India.
2.01 Quantitative Information
(Pursuant to the provisions of paragraphs 3, 4C & 4D of part II of
Schedule VI of the Companies Act, 1956) CLASS OF GOODS, CAPACITY &
PRODUCTION Class of Goods manufactured: Polyester / Nylon
Texturised, Twisted Dyed Yarn.
2.02 Figures have been rounded off to the nearest rupee.
2.03 Previous year figures have been regrouped where necessary. The
previous year fiqures and current year figures are not comparable since
financial year 2010-11 data repesents operations for 6 (Six) Months,
whereas current year data is for a period of 12 (Twelve) Months.
2.03 Notes 2 to 23 form an integral part of the Balance Sheet and
Profit & Loss account.
Mar 31, 2012
1 CONTINGENT LIABILITIES:
All known and undisputed liabilities have been duly provided for,
except the following:
a. The Unexecuted portion of Letter of Credit opened by Bank is
Rs. 22.11 Lacs (Previous Year-Rs.-nil-Lacs)
b. Capital Commitments: Estimated amount of contacts remaining to be
executed on capital account (net of advances) not provide for, amounts
to Rs. 1,400 Lacs - (previous Year Rs.1,400 Lacs).
1.2 Secured Loans:
a. Dues to JMF ARC Pvt. Ltd., are secured by Joint - Equitable
mortgage of tile deeds relating to the Company''s immovable properties
and are further secured by the personal guarantees of the Directors of
the Company, and pledge of Shares of the Promoters.
b. The Credit facilities from State Bank of Hyderabad are secured by
way of hypothecation of present and future stock of raw materials, work
- in - process, all finished and manufactured goods, stores, component
and spares (not relating to Plant and Machinery) and book debts of the
Company. The Working Capital facilities are further secured by Second
charge on the fixed assets of the Company to the extent of Rs.840 Lakhs
and the personal guarantees of the Directors of the Company.
c. Vehicles acquired under Hire - Purchase agreement from, ICICI Bank
Limited are secured by hypothecation of the respective vehicles. The
Loans are further secured by the personal guarantee of the Directors.
1.3 Unsecured Loans:
a. The Government of Andhra Pradesh, Commissiorate of Industries, has
vide its letter no. 20/2/6/01826, dated 16th February'' 1996, fixed
eligibility towards Sales Tax Deferment on the Sales Tax Payable by the
Company for a period of 10 years with effect from July''28,1995. As the
Company has shifted its Manufacturing Facilities from Andhra Pradesh,
the Company has to repay the said Sales Tax Deferrement unsecured loan
in full. As at 31 st March ''2012 out of the total Rs.502.84 Lacs
availed an amount of Rs. 384.21 is paid back. The Sales Tax amount due
as at March, 31st 2012 is shown under the head of account Unsecured
Loans.
1.4 Balances appearing under Unsecured Loans, Investments, Sundry
Debtors, Loans and Advances, Capital Work - in - Progress are subject
to Confirmation and/or Reconciliation, if any.
1.5 The Convertible Warrants Monies represents Monies Received against
Fully convertible Warrants to be issued.
1.6 The Company has only one segment of activity of dealing in textile
products during the period, hence segment wise reporting as defined in
Accounting Standard -17 is not furnished.
1.7 The benefit of tax losses has not been brought to account, as the
related benefits are not considered virtually certain. Hence the value
of Deferred Tax is not determined and accounted as per the Provisions
of Accounting Standard - 22 on Accounting for Taxes on Income, issued
by the Institute of Chartered Accountants of India.
1.8 Figures have been rounded off to the nearest rupee.
1.9 Previous year figures have been regrouped where necessary. The
previous year figures and current year figures are not comparable since
financial year 2010-11 data repesents operations for 6 (Six) Months,
whereas current year data is for a period of 12 (Twelve) Months.
1.10 Notes 2 to 25 form an integral part of the Balance Sheet and
Profit & Loss account.
Mar 31, 2011
1. CONTINGENT LIABILITIES:
All known and undisputed liabilities have been duly provided for,
except the following:
a. The Unexecuted portion of Letter of Credit opened by Bank is Rs.
-nil- ( Previous Year - Rs.-nil- Lacs )
b. Capital Commitments: Estimated amount of contacts remaining to be
executed on capital account (net of ad- vances) not provide for,
amounts to Rs. 1,400 Lacs - (previous Year Rs. 1,000 Lacs).
2. Secured Loans:
a. Dues to IDBI Bank Ltd. of Rs.2,852 Lakhs have been assigned to JMF
ARC Pvt. Ltd., during the period September 2010.
As per the Terms of Restructuring, Company has to pay Rs. 1,000 Lakhs
over a period of time along with interest. Apart from the dues,
Company has issued 2,50,000 full paid up Equity Shares at Face Value of
Rs. 10/-each to JMF ARC Pvt. Ltd., in lieu of conversion of part of the
total dues during the year.
Dues to JMF ARC Pvt. Ltd., are secured by Joint - Equitable mortgage of
tile deeds relating to the Company''s immovable properties and are
further secured by the personal guarantees of the Directors of the
Company, and pledge of Shares of the Promoters.
b. The Credit facilities from State Bank of Hyderabad are secured by
way of hypothecation of present and future stock of raw materials, work
- in - process, all finished and manufactured goods, stores, component
and spares (not relating to Plant and Machinery) and book debts of the
Company. The Working Capital facility are further secured by Second
charge on the fixed assets of the Company to the extent of Rs.840 Lakhs
and the personal guarantees of the Directors of the Company.
c. Vehicles acquired under Hire - Purchase agreement from, ICICI Bank
Limited are secured by hypothecation of the respective vehicles. The
Loans are further secured by the personal guarantee of the Directors.
3. Unsecured Loans:
a. The Government of Andhra Pradesh, Commissiorate of Industries, has
vide its letter no. 20/2/6/01826, dated 16th February'' 1996, fixed
eligibility towards Sales Tax Deferment on the Sales Tax Payable by the
Company for a period of 10 years with effect from July '' 28, 1995. As
the Company has shifted its Manufacturing Facilities from Andhra
Pradesh, the Company has to repay the said Sales Tax Deferrement
unsecured loan in full. As at 31st March'' 2011 out of the total Rs.
502.84 Lacs availed an amount of Rs. 384,21 is paid back. The Sales Tax
amount due as at March, 31st 2011 is shown under the head of account
Unsecured Loans.
4. Balances appearing under Unsecured Loans, Investments, Sundry
Debtors, Loans and Advances, Capital Work - in - Progress are subject
to Confirmation and / or Reconciliation, if any.
5. The Convertible Warrants Monies, represents Monies Received against
Fully convertible Warrants to be issued.
6. The Company has only one segment of activity of dealing in textile
products during the period, hence segment wise reporting as defined in
Accounting Standard - 17 is not furnished.
7. '' The benefit of tax losses has not been brought to account, as the
related benefits are not considered virtually certain. Hence the value
of Deferred Tax is not determined and accounted as per the Provisions
of Accounting Standard - 22 on Accounting for Taxes on Income, issued
by the Institute of Chartered Accountants of India.
8. Figures have been rounded off to the nearest rupee.
9. Previous year figures have been regrouped where necessary. The
previous year fiqures and current year figures are not comparable since
financial year 2009-10 data repesents operations for 18 (Eighteen)
Months, whereas current year data is for a oeriod of 6 (Six) Months.
10. Schedules A to O form an integral part of lie Balance Sheet and
Profit & Loss account.
Sep 30, 2010
1. CONTINGENT LIABILITIES:
All known and undisputed liabilities have been duly provided for,
except the following:
a. The Unexecuted portion of Letter of Credit opened by Bank is Rs.
-nil- ( Previous Year -Rs.-nil- Lacs)
b. Capital Commitments: Estimated amount of contacts remaining to be
executed on capital account (net of advances) not provide for, amounts
to Rs. 1,000 Lacs - (previous Year Rs.75 Lacs).
c. The total dues of IDBI Bank are assigned to JM Financial Asset
Reconstruction Company Pvt. Ltd. (JMF ARC). As per the Terms of
Restructuring with JMF ARC Pvt. Ltd., the liability is to be settled at
Rs.1,000 Lacs along with Interest. In case the Company fails to meet
the terms of Restructuring as stipulated by JMF ARC Pvt. Ltd., they
have a right to revoke the full liability of the amount to the extent
of Rs.2,852 Lacs along with interest, penal interest and other
applicable charges.
2. Secured Loans:
a. The Company has paid the Term Loan dues of Industrial Investment
Bank of India Limited (IIBI) under One Time Settlement (OTS) in terms
of the said OTS, the Company settled the liability of IIBI by paying
Rs.250 Lakhs.
b. Dues to IDBI Lank Ltd. of Rs.2,852 Lakhs have been assigned to JMF
ARC Pvt. Ltd.
As per the Terms of Restructuring, Company has to pay Rs.1,000 Lakhs
over a period of time along with interest. Apart from the dues, Company
has to issue 2,50,000 full paid up Equity Shares at Face Value of
Rs.10/- each to JMF ARC Pvt. Ltd., in lieu of conversion of part of the
total dues. Dues to JMF ARC Pvt. Ltd., are secured by Joint -
Equitable mortgage of tile deeds relating to he Companys immovable
properties and are further secured by the personal guarantees of the
Directors of the Company, and pledge of Shares of the Promoters.
c. The Credit facilities from the Bank on Cash Credit Account are
secured by way of hypothecation of present and future stock of raw
materials, work - in - process, all finished and manufactured goods,
stores, component and spares (not relating to Plant and Machinery) and
book debts of the Company. The Working Capital facility from State
Bank of Hyderabad is further secured by Second charge on the fixed
assets of the Company to the extent of Rs.840 Lakhs and the personal
guarantees of the Directors of the Company.
d. Vehicle acquired under Hire - Purchase agreement from, ICICI Bank
Limited are secured by hypothecation of the respective vehicles. The
Loans are further secured by the personal guarantee of the Directors.
3. Unsecured Loans:
a. The Government of Andhra Pradesh, Commissiorate of Industries, has
vide its letter no. 20/2/ 6 / 01826, dated 16!h February 1996, fixed
eligibility towards Sales Tax Deferment on the Sales Tax Payable by the
Company for a period of 10 years with effect from July 28, 1995. As
the Company has shifted its Manufacturing Facilities from Andhra
Pradesh, the Company has to repay the said Sales Tax Deferrement
unsecured loan in full. As at 30,th September 2010 out of the total
502.84 Lacs availed an amount of Rs. 384.21 is paid back. The Sales Tax
amount due as at September, 30" 2010 is shown under the head of
account Unsecured Loans.
4. Balances appearing under Unsecured Loans, Sundry Debtors, Loans and
Advances, Capital Work - in - Progress are subject to Confirmation and
/ or Reconciliation, if any.
5. The amount of difference between amount outstanding in the books of
the company and the amounts paid under OTS to Industrial Investment
Bank of India Ltd. (IIBI), the difference on account of restructured
dues to JMF ARC Pvt. Ltd. (after assignment of dues from IDBI) and the
total amount due to IDBI is credited to Profit and Loss Account.
6. The Preference Shares Capital represents the Interest payable by
the Company to Industrial Development Bank of India Limited (IDBI)
converted into Preference Equity During the year December 2004 stands
cancelled, as part of the settlement / restructuring.
7. The Company has only one segment of activity i.e., Manufacturing of
Texturized Twisted Polyesters Dyed Yarn. Hence segment wise reporting
as defined in Accounting Standard - 17 is not furnished.
8. The benefit of tax losses has not been brought to account, as the
related benefits are not considered virtually certain. Hence the value
of Deferred Tax is not determined and accounted as per the Provisions
of Accounting Standard - 22 on Accounting for Taxes on Income, issued
by the Institute of Chartered Accountants of India.
9. Related Party:
As per Accounting Standard 18, issued by the Institute of Chartered
Accountants of India, the disclosures of transaction with the related
parties as defined in Accounting Standard are given below: (i) List of
related parties with whom transactions have taken place and
relationships:
Sr.No. Name of the Related Party Relationship
1 Capricorn Systems Global Solutions Limited. Associate Concern
2 Sri. S.Man Mohan Rao . Key Management Personnel
3 Sri.G.Surender Reddy Key Management Personnel
10. Figures have been rounded off to the nearest rupee.
11. Previous year figures have been regrouped where necessary. The
previous year fiqures and current year figures are not comparable since
financial year 2008-09 data repesents opera- tions for 9 (Nine) Months,
whereas current year data is for a period of 18 (Eighteen) Months.
12. Schedules A to O form an integral part of the Balance Sheet and
Profit & Loss account.
Mar 31, 2009
1. CONTINGENT LIABILITIES:
All known; and undisputed liabilities have been duly provided for,
except the following:
a. The Unexecuted portion of Letter of Credtfcopened by Bank is
Rs.-nil-(Previous Year-Rs.- nil- Lacs)
b. Capital Commitments: Estimated amount of contacts remaining,1ebe
executed on capital account (netOf advances.) for,
previous Year Rs,145.00 Lacs)
2. Secured Loans;
b. The Credit facilities from the Bank on Cash Credit Account are
secured by way of hypothecation of present and future stock of raw
materials, work - in - process, airfiriisned and manufactured goods,
stores, cohip pheftt arid spares (not Waht and Machinery)
and book debts of the Company. The charge on the
fixecfasSiefebf the Cbrhpany tothe extent ofRs.84M.akhs and the
personal guarantees of the Directors of the Company
c. Vehicle acquired under Hire - Purchase agreement form, ICICI Bank
Limited are secured by hypothecatrofrof the" respectivevehfcles:Ttte
Ldans are further secured by the personal guarantee
3. Unsecured Loan
a. The Government of Andhra Pradesh, Commissiorate of Industries, has
vide its letter no. 20 72/6/0182&, dated 16*1 February 1996,
fixedeligibifity towards Sales Tax Deferment on the Sales Tax Payable
by the Company for a period, ot.1.0 years with effect form duly 28,
1995. As the Company tias shifted its Manufacturing Facilities from
Andhra Pradesh, the Company has to repayttheasaidSales Tax
Deferremenfcaaseaared loan:infull. A&at 3.1?.March- 2009 out of the
total 502.84 Lacs availed an amount of Rs. 209.34 is paid back. The
Sates Tax amount due as at March 31 * 2009 is shown under the head of
account UnsecureoHjaansa
4. Balances appearing under Unsecured Loans, Sundry Debtors,. Loans
and Advances, Capital Work - In - Progress (are subject tp
ConfirmationarKUo^Recxjr^liation, if any.
a Related Party:
As per Accounting Standard 18^ issued by the Institute of Chartered
Ace^rffariti of India, the disclosures of transaction with #&He8ated
parties as defined in Accenting Standard aregiven below: (i) List of
related parties with WWSrn transactions have taken place and
relationships:-
5. The benefit of tax losses has not been brought to account, as the
related benefits are hot considered virtually certain. Hence the value
of Deferred Tax is not determined and accounted e& pferffoe Provisions
of Accounting Standard - 22 on Accounting for Taxes on Income, issued
by the Institute of Chartered Accountants of India.
6. Figures have been rounded off to the nearest rupee.
7. Previous year figures have been regrouped where necessary. The
previous year fiqures and current year figures are not comparable since
financial year 2007 - 08 data repesents operations for 15 (Fifteeen)
Months, whereas current year data is for a period of 9 (Nine) Months.
8. Schedules A to O form an integral part of the Balance Sheet and
Profit & Loss account.
1. The above Cash Flow Statement has prepared using
as set out in Accounting Standard - 3. on
Statement by the Institute of Chartered
Accountants of India.
2. Previous Year Figures, have, been regrouped, wherever necessary to
conform with the current year presentation.f
Mar 31, 2006
NOTES TO ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2006
1. CONTINGENT LIABILITIES:
All known and undisputed liabilities have been duly provided for, except the
following:
a. The Unexecuted portion of Letter of Credit opened by Bank is Rs.60.00 Lacs (
Previous Year- Rs.80.71 Lacs )
b. Capital Commitments: Estimated amount of contacts remaining to be executed on
capital account (net of advances) not provide for, amounts to Rs.201.79 Lacs -
(previous Year Rs.- nil - Lacs)
2. Secured Loans:
a. The long term loans from Industrial Development Bank of India (IDBI) and
Industrial Investment Bank of India (IIBI, earlier known as Industrial
Reconstruction Bank of India) are secured by joint - equitable mortgage of title
deeds relating to the Company's immovable properties and further secured by deed
of hypothecation in respect of movable proprieties, present and future, subject
to prior charge created and / or to be created in favor of the Company's Banker
on specified movable properties:. The Term Loans from IDBI and IIBI are further
secured by the personal guarantees of the Directors of the Company, and pledge
of Shares of the Promoters amounting to Rs.300 Lakhs.
b. The Credit facilities from the Bank on Cash Credit Account are secured by way
of hypothecation of present and future stock of raw materials, work - in -
process, all finished and manufactured goods, stores, component and spares (not
relating to Plant and Machinery) and book debts of the Company. The Working
Capital facility from State Bank of Hyderabad is further secured by Second
charge on the fixed assets of the Company to the extent of Rs.840 Lakhs and the
personal guarantees of the Directors of the Company.
c. Vehicle acquired under Hire - Purchase agreement from, ICICI & Associates
India Finance Services Private Limited are secured by hypothecation of the
respective vehicles. The Loans are further secured by the personal guarantee of
the Directors.
3. Unsecured Loans:
a. The Government of Andhra Pradesh, Commissiorate of Industries, has vide its
letter no. 20/2/6/01826, dated 16th February' 1996, fixed eligibility towards
Sales Tax Deferment on the Sales Tax Payable by the Company for a period of 10
years with effect form July' 28,1995. The Sales Tax amount due as at March 31st
2006 is shown under the head of account Unsecured Loans.
4. Balances
appearing under Unsecured Loans, Sundry Debtors, Loans and Advances, Capital
Work- In- Progress are subject to Confirmation and / or Reconciliation, if any.
5. The Interest on the Term Loans Outstanding to Industrial Investment Bank of
India amount of Rs.780.00 lacs is calculated at 9% of the Principal Outstanding
as at 31st March' 2006 as against 14.50% Original Rate of Interest. The Rate of
Interest is considered basing on the Re-structuring proposal submitted by the
Company under Re-structuring Packaging for Textiles announced by Government of
India.
6. The Company has only one segment of activity i.e., Manufacturing of
Texturized Twisted Polyesters Dyed Yarn. Hence segment wise reporting as defined
in Accounting Standard - 17 is not furnished
7. The benefit of tax losses has not been brought to account, as the related
benefits are not considered virtually certain. Hence the value of Deferred Tax
is not determined and accounted as per the Provisions of Accounting Standard -22
on Accounting for Taxes on Income, issued by the Institute of Chartered
Accountants of India.
Signed on: 3rd June, 2006
Mar 31, 2005
1. CONTINGENT LIABILITIES:
All known and undisputed liabilities have been duly provided for,
except the following:
a. The Unexecuted portion of Letter of Credit opened by Bank of
Rs.80.71 Lacs (Previous Year - Rs.57.23 Lacs)
b. Capital Commitments: Estimated amount of contacts remaining to be
executed on capital account (net of advances) not provide for, amounts
to Rs.-Nil- (previous Year Rs.- nil - Lacs)
2. Secured Loans :
a The long term loans from Industrial Development Bank of India (IDBI)
and Industrial Investment Bank of India (IIBI, earlier known as
Industrial Reconstruction Bank of India) are secured by joint -
equitable mortgage of title deeds relating to the Companys immovable
properties and further secured by deed of hypothecation in respect of
movable proprieties, present and future, subject to prior charge
created and/or to be created in favor of the Companys Banker on
specified movable properties. The Term Loans from IDBI and IIBI are
further secured by the personal guarantees of the Directors of the
Company, and pledge of Shares of the Promoters amounting to Rs.300
Lakhs.
b The Credit facilities from the Bank on Cash Credit Account are
secured by way of hypothecation of present and future stock of raw
materials, work - in - process, all finished and manufactured goods,
stores, component and spares (not relating to Plant and Machinery) and
book debts of the Company. The Working Capital facility from State
Bank of Hyderabad is further secured by Second charge on the fixed
assets of the Company to the extent of Rs.840 Lakhs and the personal
guarantees of the Directors of the Company.
c Vehicle acquired under Hire - Purchase agreement form, ICICI &
Associates India Finance Services Private Limited are secured by
hypothecation of the respective vehicles. The Loans are further secured
by the personal guarantee of the Directors.
3. Unsecured Loans:
a The Government of Andhra Pradesh, Commissiorate of Industries, has
vide its letter no. 20/2/6/01826, dated 16th February 1996,
fixed eligibility towards Sales Tax Deferment on the Sales Tax Payable
by the Company for a period of 10 years with effect form July 28,
1995. The Sales Tax amount due as at March 31st 2005 is shown under
the head of account Unsecured Loans.
4. Balances :
appearing under Unsecured Loans, Sundry Debtors, Loans and Advances,
Capital Work-In-Progress are subject to confirmation and/or
reconciliation, if any.
5. The Preliminary and Public Issue Expenses are written off on
pro-rata basis over a period of 10 years with effect form the
accounting year 1995 - 1996.
6. The Interest on the Term Loans Outstanding to Industrial Investment
Bank of India amounting to Rs.780.00 Lacs is calculated at 9% of the
Principal Outstanding as at 31st March 2005 as against 14.50%
Original Rate of Interest. The Rate of Interest is considered basing on
the Re-structuring proposal submitted by the Company under
Re-structuring Packaging for Textiles announced by Government of India.
Further Industrial Development Bank of India Limited (IDBIL) has
reduced the Interest on Term Loans availed (other than Loans under
Technology Up-gradation Scheme) at 9% with effect from 01st Aprilt
2004.
7. The Company has allotted 33,44,296 number of (Rs.10/- each) Nine
percent (9%) Redeemable Preference Shares with an option to convert the
same into Equity to IDBI Limited towards part of the Interest dues to
IDBI Limited, in terms of the Re-structuring package approved by them
vide Letter of Indent No. IDBI (H) N0.1203/CFD (PNPL), dated 14th June
2004.
8. MANAGERIAL REMUNERATION :
(Rupees)
Particulars 2004 - 2005 2003 - 2004
i) Managing Director:
Salaries 7,20,000 7,20,000
Allowances 1,80,000 1,80,000
II) Whole Time Director:
Salaries 7,20,000 7,20,000
Allowances 1,80,000 1,80,000
9. REMUNERATION TO AUDITORS :
(Including Service Tax)
As Auditors 88,160 86,400
In Other Capacity :
i) Tax Audit & Tax Consultancy 49,590 32,400
ii) Certification 16,530 16,200
1,54,260 1,35,000
10.The Company has only one segment of activity i.e., Manufacturing of
Texturized Twisted Polyesters Dyed Yarn. Hence segment wise reporting
as defined in Accounting Standard - 17 is not furnished.
11. RELATED PARTY :
As per Accounting Standard 18, issued by the Institute of Chartered
Accountants of India, the disclosures of transaction with the related
parties as defined in Accounting Standard are given below:
(i) List of related parties with whom transactions have taken place and
relationships:
Sl.No. Name of the Related Party Relationship
1. Capricorn Systems Global Solutions Limited. Associate Concern
2. LN Packaging Associate Concern
3. Sri. S.Man Mohan Rao Key Management Personnel
4 Sri.G.Surender Reddy Key Management Personnel
(ii) Transaction during the year with related parties:
Sl.No. Nature of Transaction Associate Key Total
Concern Management Personnel
A) Loans & Advances: (Rs. in Lakhs)
Balance as at 01st April 2004 00.00 Nil 0.00
Received During the Year 40.97 Nil 40.97
Paid During the Year 40.97 Nil 40.97
Balance as at 31st March 2005 Nil Nil Nil
B) Purchases 8.02 8.02
C) Expenditure: Remuneration and Perquisites 18.00 18.00
12. The benefit of tax losses has not been brought to account, as the
related benefits are not considered virtually certain. Hence the value
of Deferred Tax is not determined and accounted as per the Provisions
of Accounting Standard - 22 on Accounting for Taxes on Income, issued
by the Institute of Chartered Accountants of India.
13. Figures have been rounded off to the nearest rupee.
14. Previous year figures have been regrouped where necessary.
15. Scheduls A to 0 form an integral part of the Balance Sheet and
Profit & Loss account.
Mar 31, 2003
1. CONTINGENT LIABILITIES:
All known and undisputed liabilities have been duly provided for,
except the following:
a. The Company has received a demand from Sales Tax Department
amounting to Rs.34.78 lacs for the year 19197-1998. The Company has
contested the claim by filing an appeal against the order. The value of
claim has not been provided in the Books of Account.
b. The Unexecuted portion of Letter of Credit opened by Bank of
Rs.37.02 Lacs (Previous Year-Rs. 15.25 Lacs)
c. Capital Commitments: Estimated amount of contacts remaining to be
executed on capital account (net of advances) not provide for, amounts
to Rs.-Nil- (previous Year Rs.839 Lacs)
2. Secured Loans:
a. The long term loans from Industrial Development Bank of India (IDBI)
and Industrial Investment Bank of India (IIBI, earlier known as
Industrial Reconstruction Bank of India) are secured by joint-equitable
mortgage of title deeds relating to the Company's immovable properties
and further secured by deed of hypothecation in respect of movable
proprieties, present and future, subject to prior charge created and/or
to be created in favour of the Company's Banker on specified movable
properties. The Term Loans from IDBI and IIBI are further secured by
the personal guarantees of the Directors of the Company, and pledge of
Shares of the Promoters amounting to Rs.300 Lakhs. During the year
ended 31st March' 2003 Industrial Development Bank of India has
rescheduled the repayment of the Principal of the Term Loans and
further interest dues amount to Rs.282 lakhs for the year 2002-2003
were funded and treated as Term Loans Further the Company's application
for re-schedule of the Terms Loans and Funding of Interest dues with
Industrial Investment Bank of India is under consideration by IIBI.
b. The Credit facilities from the Bank on Cash Credit Account are
secured by way of hypothecation of present and future stock of raw
materials, work-in-process, all finished and manufactured goods,
stores, component and spares (not relating to Plant and Machinery) and
book debts of the Company. The Working Capital facility from State Bank
of Hyderabad is further secured by Second charge on the fixed assets of
the Company and the personal guarantees of the Directors of the
Company.
c. Vehicle acquired under Hire-Purchase agreement from, ICICI Bank is
secured by hypothecation of the vehicle. The Loan is further secured by
personal guarantee of the Directors.
3. Unsecured Loans:
The Government of Andhra Pradesh, Commissiorate of Industries, has vide
its letter no. 20/2/6/01826, dated 16th February' 1996, fixed
eligibility towards Sales Tax Deferment on the Sales Tax Payable by the
Company for a period of 10 years with effect form July' 28,1995. The
Sates Tax amount due as at March 31st 2003 is shown under the head of
account Unsecured Loans.
4. Balances appearing under Unsecured Loans, Sundry Debtors, Loans and
Advances, Capital Work-in-Progress are subject to confirmation and/or
reconciliation, if any.
5. Previous year figures has been re-arranged and re-grouped where ever
necessary.
6. Amounts are rounded to off to the nearest rupee.
7. The Preliminary and Public Issue Expenses written off on pro-rata
basis over a period of 10 years with effect from the accounting year
1995-1996.
8. During the period the Company's Expansion of its Existing Capacities
was successfully completed.
9. The Company has only one segment of activity i.e., Manufacturing of
Texturized Twisted Polyester Dyed Yarn. Hence segment wise reporting as
defined in Accounting Standard-17 is not furnished.
10. The benefit of tax losses has not been brought to account, as the
related benefits are not considered virtually certain. Hence the value
of Deferred Tax is not determined and accounted as per the Provisions
of Accounting Standard-22 on Accounting for Taxes on Income, issued by
the Institute of Chartered Accountants of India.
11. Figures have been rounded off to the nearest rupee.
12. Previous year figures have been regrouped where necessary.
Mar 31, 2001
1. CONTINGENT LIABILITIES
All known and undisputed liabilities have been duly provided for,
except the following:-
a. The Company has received a demand from Sales Tax Department
amounting to Rs. 34.78 lacs for the year 1997-98. The Company has
contested the claim by filing an appeal against the order. The value of
claim has not been provided in the books of account.
b. The Unexecuted portion of Letters of Credit opened by Bank Rs.
71.17 Lacs (Previous year - Rs. 64.15 Lacs)
c. Capital Commitments: Estimated amount of contracts remaining to be
executed on Capital account (net of advances) not provided for, amounts
to Rs. 59 Lacs (Previous year Rs. 1300 Lacs)
2. SECURED LOANS
a. The long term loans from Industrial Development Bank of India
(IDBI) and industrial Investment Bank of India (IIBI, earlier known as
Industrial Reconstruction Bank of India) are secured by joint-equitable
mortgage of title deeds relating to the Company's immovable properties
and further secured by deed of hypothecation in respect of movable
properties, present and future, subject to prior charge created and/or
to be created in favour of the Company's bankers on specified movable
properties. The Term Loans from IDBI and IIBI are further secured by
the personal guaranties of the Directors of the Company.
b. The loans from the bank on cash credit account are secured by way
of hypothecation of present and future stocks of raw materials,
work-in-process, ail finished and manufactured goods, stores,
components and spares (not relating to Plant and Machinery) and book
debts of the Company. The Working Capital Loan form State Bank of
Hyderabad is further secured,by the personal guaranties of the
Directors of the Company.
c. Certain Vehicles acquired under Hire-purchase agreement from, Citi
Bank, Ford Credit Kotak are secured by hypothecation of the respective
Vehicles. They are further secured by personal guaranties of the Direc-
tors.
3. UNSECURED LOANS
a. The Government of Andhra Pradesh, Commissiorate of Industries, has
vide its letter no. 20/2/6/01826, dated 16-02-1996, fixed eligibility
towards Sales Tax Deferment on the Sales Tax Payable by the Company for
a period of 10 Years with effect from July 28, 1995. The Sales Tax
amount due as at March 31st 2001 is shown under the head of account
Unsecured Loans.
4. Balances appearing under Unsecured Loans, Sundry Debtors, Loans and
Advances, Capital Work-in-Progress are subject to confirmation and/or
reconciliation, if any.
5. The Preliminary and Public Issue Expenses written off on pro-rata
basis over a period of 10 years with effect from the accounting year
1995 - 96.
6. During the period the Company has undertaken expansion of the
existing capacities with the financial assistance of IDBI under TUF
Scheme, the total cost of the project is Rs. 1525 Lacs out of which
Fts.1000 Lacs was sanctioned by IDBI and the balance of Rs. 525 Lacs is
funded by Equity (Rs. 400 Lacs) and Unsecured Loans (Rs. 125 Lacs). The
project has been successfully completed. The commercial operations of
the expanded capacities commenced operation from January 2001.
7. Figures have been rounded off to the nearest rupee.
8. Previous year figures have been regrouped where necessary. Loss
account.
Mar 31, 2000
1. CONTINGENT LIABILITIES :
All known and undisputed liabilities have been duly provided for,
except the following :-
a. The Company has received a demand from Sales Tax Department
amounting to Rs.34.78 lacs for the year 1997-98. The Company has
contested the claim by filing an appeal against the order. The value
of claim has not been provided in the books of account.
b) The Unexecuted portion of Letters of Credit opened by Bank Rs.64.15
Lacs (Previous Year -- Rs.30.20 Lacs)
c. Capital commitments : Estimated amount of contracts remaining to be
executed on Capital account (net of advances) not provided for, amounts
to Rs.1300 lacs (Previous year Rs.120 lacs)
2. SECURED LOANS :
a. The long term loans from Industrial Development Bank of India (IDBI)
and Industrial Investment Bank of India (IIBI, earlier known as
Industrial Reconstruction Bank of India) are secured by joint-equitable
mortgage of title deeds relating to the Company's immovable properties
and further secured by deed of hypothecation ins respect of movable
properties, present and future, subject to prior charge created and/or
to be created in favour of the Company's bankers on specified movable
properties. The Term Loans from IDBI and IIBI are further secured by
the personal guaranties of three Directors of the Company.
b. The loans from the bank on cash credit account are secured by way of
hypothecation of present and future stocks of raw materials,
work-in-process, all finished and manufactured goods, stores,
components and spares (not relating to Plant and Machinery) and book
debts of the company.
c. Certain Machinery and vehicles acquired under Hire-purchase
agreement form Manjira Finance Limited, Kotak Mahindra Primus Limited,
Citi Bank are secured by hypothecation of the respective Machinery and
Vehicles. They are further secured by personal guaranties of the
Directors.
3. UNSECURED LOANS :
a. The Government of Andhra Pradesh, Commissiorate of Industries, has
vide its letter no.20/2/6/01826, dated 16-02-1996, fixed eligibility
towards Sales Tax Deferment on the Sales Tax Payable by the Company for
a period of 10 Years with effect from July 28, 1995. The Sales Tax
amount due as a March 31st 2000 is shown under the head of account
Unsecured Loans.
4. Balances appearing under Unsecured Loans, Sundry Debtors, Loans and
Advances, Current Liabilities & provisions are subject to confirmation
and/or reconciliation, if any.
5. The Loans and Advances includes an amount of Rs.11,03,310/- paid for
acquiring 269100 Equity Shares of M/s.Badal Export & Consultants Ltd.
Pending transfer of the shares in the name of the Company the same is
reflected as Loans and Advances.
6. Figures have been rounded off to the nearest rupee.
7. Previous year figures have been regrouped where necessary.
8. Scheduls A to O form an integral part of the Balance Sheet and
Profit & Loss account.
Mar 31, 1999
1. Contingent liabilities not provided for Nil (Previous year Nil).
The Company has received a demand from Sates tax department amounting
to Rs. 34.78 lacs for the year 1997-98. The Company has contested the
claim by filing an appeal against the order. The value of claim has
not been provided in The books of account
2. Capital commitments :
Estimated amount of contracts remaining to be executed an Capital
account (net of advances) not provided for, amounts to Rs. 120 lacs
(Previous year Rs. 234 lacs)
3. Secured Loans
a. The long term loans from Industrial Development Bank of India (IDBI)
and Industrial Investment Bank of India (IIBI, earlier known as
Industrial Reconstruction Bank of India) are secured by joint-equitable
mortgage of title deeds relating to the Company's immovable properties
and further secured by deed of hypothecation in respect of movable
properties, present and further, subject to prior charge created and/or
to be created In favour of the Company's bankers on specified movable
properties. The Term loans from IDBI and IIBI are further secured by
The personal guaranties of three Directors of The Company.
b. The loans from the bank an cash credit account are secured by way'
of hypothecation of present and future stocks of raw materials,
work-in-process. All finished and manufactured goods, stores,
components and spares (not relating to Plant and machinery) and book
debts of the Company.
c. Certain Machinery and Vehicles acquired under Hire-purchase
agreements from Manjira Finance Limited, and Katak Mahindra Finance
Limited and Kotak Mahindra Primus Limited are secured by hypothecatian
of the respective Machinery and Vehicles. They are further secured by
personal guaranties of the Directors.
d. The long term loan from IDBI includes Rs. 270 lacs of Rupee Term
Loan received during the year for expansion and balancing of equipment
of the Unit
4. Unsecured Loans
a. The Government of Andhra Pradesh, Commission rate of Industries, has
vide its letter no. 20/2/6/ 01826, dated 16.02.1996, fixed eligibility
towards Sales tax deferment on the Sales Tax Payable by the Company for
a period of 10 years with effect from July 28, 1995. The Sales Tax
amount due as at March 31, 1999 is shown under the head of account
Unsecured loans.
b. Loans taken from BE Investments & Finance (P) Ltd., Japson Estates
(P) Ltd. and Ramky Finance & Investment (P) Limited are guaranteed by
the company. No security or charge has been created against those
loans.
5. Balances appearing under Unsecured Loans, Sundry Debtors, Loans and
Advances, Current Liabilities & Provisions are subject to confirmation
and/or reconciliation, if any.
6. The Company has successfully completed major part of the expansion
of the existing facilities curing the year. The new facilities are
capitalised with effect from January 1999.
7. The Company is liable to pay Minimum Alternate Tax (MAT), as per the
provisions of Sec. 115JA of the income Act on the Book Profits for The
Year Ending 31st March `1999.
How ever the same is not provided for in the Backs of Account as the
MAT would be treated as a current asset when it is actually paid and
the same would be adjusted against the future tax liabilities if any
during the next five year.
8. The Preliminary and Public Issue expenses written off on pro-rata
basis over a period of 10 years with effect from the accounting year
1995-96.
9. MANAGERIAL REMUNERATION (RUPEES)
1998-99 1997-98
i) Managing Director
Salaries 2,40,000 2,40,000
Allowances 1,80,000 1,80,000
4,20,000 4,20,000
II) Whole time directors
Salaries 2,40,000 2,60,000
Allowances 1,80,000 1,80,000
4,20,000 4,40,000
10. Remuneration to Auditors (Rupees)
As Auditors 30,000 30,000
In other Capacity
i. Tax Audit & Tax Cansultancy
15,000 15,000
Certification 5,000 5,000
50,000 50,000
Mar 31, 1998
1. Secured loans
a. The long term loans from Industrial Development Bank of India (IDBI)
and Industrial Investment Bank of India (IIBI, earlier known as Industrial Reconstruction Bank of India) are secured by joint-equitable
mortgage of title deeds relating to the Company's immovable properties
and further secured by deed of hypothecation in respect of movable
properties, present and future, subject to prior charge created and/or
to be created in favour of the Company's bankers on specified movable
properties. The Term loans from IDBI and IIBI are further secured by
the personal guaranties of three Directors of the Company.
b. The loans from the bank on cash credit account are secured by way of
hypothecation of present and future stocks of raw materials, work-in-process, all finished and manufactured goods, stores, components and spares (not relating to Plant and Machinery) and book debts of the Company.
c. Certain Machinery and Vehicles acquired under Hire-purchase agreements from Manjira Finance Limited, and Kotak Mahindra Finance
Limited and Kotak Mahindra Primus Limited are secured goods, stores,
components and spares (not relating to Plant and Machinery) and book
debts of the Company.
4. Unsecured loans
a. The Government of Andhra Pradesh, Commissionerate of Industries, has
vide its letter no 20/2/6/01826, dated 16.02.1996, fixed eligibility
towards, Sales Tax deferment on the Sales Tax payable by the Company
for a period of 10 years with effect from July 28, 1995. The Sales Tax
amount due as at March 31, 1998 is shown under the head of account
unsecured loans.
b. Loans taken from BE Investments & Finance (P) Ltd., Japson Estates
(P) Ltd. and Ramky Finance & Investment (P) Limited are guaranteed by
the Company. No security or charge has been created against those
loans.
5. Balances appearing under Sundry Debtors, Loans and Advances. Current Liabilities & Provisions are subject to confirmation and/or reconciliation, if any.
7. The Preliminary and Public Issue expenses written off on pro-rata
basis over a period of 10 years with effect from the accounting year
1995-96.
Mar 31, 1997
1. The previous year figures furnished are not comparable with the
present year results since the company has not become fully operational
during the year 1995-96.
2. Secured loans
a) The long term loans from Industrial Development Bank of India (IDBI)
and Industrial Investment Bank of India (IIBI, earlier known as Industrial Reconstruction Bank of India) are secured by joint -
equitable mortgage of title deeds relating to the Company's immovable
properties and further secured by deed of hypothecation in respect of
movable properties, present and future. subject to prior charge created
and/or to be created in favour of the Company's bankers on specified
movable properties. The term loans from IDBI and IIBI are further
secured by the personal guaranties of three Directors of the Company
b) The loans from the bank on cash credit account are secured by way of
hypothecation of present and future stocks of raw materials, work-in-process. all finished and manufactured goods, stores, components and spares (not relating to Plant and Machinery) and book debts of the Company.
c) Certain Machinery and Vehicles acquired under Hire-purchase agreements from Manjira Finance Limited and Kotak Mahindra Finance Limited are secured by hypothecation of the respective Machinery and Vehicles. They are further secured by personal guaranties of the Directors.
3. Unsecured loans
a) The Government of Andhra Pradesh. Commissionerate of Industries, has
vide its letter no 20/2/6/ 01826, dated 16.02.1996. fixed eligibility
towards Sales tax deferment on the Sales Tax payable by the Company for
a period of 10 years with effect from July 28, 1995. The Sales Tax
amount due as at March 31. 1996 is shown under the head of account
Unsecured loans.
b) Loans taken from SMIFS Capital Markets Limited & Ramky Finance &
Investment (P) Limited are guaranteed by the company. No security or
charge has been created against those loans.
4. The Preliminary and Public Issue expenses written off on Pro-rota
basis over a period of 10 years with effect from the accounting year
1995-96.
Mar 31, 1996
Not available since the information is taken from 199703 annual report.
Mar 31, 1995
01. Contigent Liabilities not provided for NIL (Previous year NIL)
02. The estimated value of contracts outstanding on capital accounts (Net of Advances) not provided for amounts to Rs. 526 lacs (Previous year Rs. 194 lacs).
03. During the year the Company is still in the process of setting up the project and no commercial activities has started. Hence no profit and loss account has been prepared.
04. Balances under the heads Loans & Advances and advances Included in Capital Works in progress are subject to confirmation from the respective Parties.
05. As the Company has not yet commenced commercial production, the details regarding quantitative particulars under Part II of Schedule VI are not given.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article