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Notes to Accounts of Lovable Lingerie Ltd.

Mar 31, 2015

Note: 1.: Details of terms of repayment and security provided in respect of above term loan:

i) Repayable in 5 years including Moratorium of 6 months starting from 1st April 2013.

ii) Secured against exclusive charge on all fixed assets located at Singsandra, Bangalore including Plant & Machinery and Land & Building

iii) Company has pledged Mutual Funds of Rs. 22 crores in favour of bank. MF of Rs. 12 crores to be released post creation of above security. Remaining MF of Rs. 10 crores to be retained and will be released after one year with prior approval of Bank.

Note: 2. : The above long term borrowing from bank is guaranteed by following two directors: Mr. LVinay Reddy, Managing Director Mr. L. Jaipal Reddy, Director

Note: 3.: The above cash credit from bank is secured by following:

Primary Security : Hypothecation of raw material, stock in process, stores and spares, packing material, finished goods, books debts of the Company.

Collateral Security: Exclusive charge on all fixed assets located at Singsandra, Bangalore including Plant & Machinery and Land & Building

Note: 4.: The above long term borrowing from bank is guaranteed by following two directors:

Mr. L Vinay Reddy, Managing Director

Mr. L. Jaipal Reddy, Director

Note 5. Deferred Tax Assets / Liabilities

i) The Deferred Tax Liability for current year of Rs. 48,94,325/- (P.Yr. Rs. 76,59,096/-) is recognised in Profit and Loss A/c.

ii) Tax effect of significant temporary differences that resulted in defferred tax (assets) / liabilities are :

Note: 6. Corporate Social Responsibility (CSR)

As per the Companies Act, 2013, all companies having net worth of Rs.500Crores or more, turnover of Rs. 1,000 crores or more or net profit of Rs. 5 Crores or more during any financial year are required to spend at least 2% of average net profit of the Company’s three immediately preceding financial year. Accordingly, the Company was required to spend Rs. 54.70 Lakhs towards CSR activities in financially year 2014-15. Expenditure related to Corporate Social Responsibility incurred as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof :Rs.2.81 Lakhs.

Note: 7. Information on related party as required by Accounting Standard (AS-18)on Related Party Disclosures for The year ended 31st March, 2015

In accordance with the requirement of Accounting Standard (AS 18) Related Party Disclosures, the names of the related parties where control exits and/or with whom transactions have taken place during the year and description of relationships, as identified and certified by the management are :-

List of Related Parties :-

A) Key Management Personnel:

Mr. G Ashok Reddy

Mr. L Vinay Reddy

Mr. L Jaipal Reddy

B) Other Related Parties

Entities where Key Management Personnel exercises significant influence/Group Companies:

Federal Brands Limited [Formerly Microtex India Limited]

Vinay Hosiery Private Limited

Hype Integracomm Private Limited

Blue Chip Fashions Private Limited /Strategy Games Private Limited

Holstein Eco foods Private Limited

Reddy & Pathare Elastics Private Limited

Bellini Fashions Private Limited

Lariene Fashions Private Limited

Anka Enterprises Private Limited

Lovable Lifestyles Private Limited

Aarthik No-Middleman Online Welfare Foundation

Magnus marketing

Techknit Industries

Aadhunik Vitarak

Note: 8. Current Assets, Loans and Advances:

In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of the business.

Note: 9. Amount payable to Micro Small Medium Enterprises:

Trade payables as at 31st March, 2015 include Rs. 5,13,87,759/- (Previous year Rs. 1,24,43,320/-), amount due to Micro Small Medium Enterprises. However, those enterprises are ascertained in cases where they are registered in that category.

Note: 10. Previous year figures:

Previous year figures have been regrouped / recasted wherever considered necessary to make them comparable, with those of the current year.


Mar 31, 2014

Note 1.1 :

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Note: 1.2 : Details of terms of repayment and security provided in respect of above term loan:

i) Repayable in 5 years including Moratorium of 6 months starting from 1st April 2013.

ii) Secured against exclusive charge on all fixed assets located at Singsandra, Bangalore including Plant & Machinery and Land & Building

iii) Company has pledged Mutual Funds of Rs. 22 crores in favour of bank. MF of Rs. 12 crores to be released post creation of above security. Remaining MF of Rs. 10 crores to be retained and will be released after one year with prior approval of Bank.

Note: 1.3 : The above long term borrowing from bank is guaranteed by following two directors: Mr. L Vinay Reddy, Managing Director Mr. L. Jaipal Reddy, Director

Note: 2.1 : The above cash credit from bank is secured by following:

Primary Security : Hypothecation of raw material, stock in process, stores and spares, packing material, finished goods, books debts of the Company.

Collateral Security : Exclusive charge on all fixed assets located at Singsandra, Bangalore including Plant & Machinery and Land & Building

Note: 2.2 : The above long term borrowing from bank is guaranteed by following two directors:

Mr. L Vinay Reddy, Managing Director Mr. L. Jaipal Reddy, Director

Note (i): Current maturities of long-term debt (Refer Notes 4.1, 4.2 and 4.3 - Long-term borrowings for details of security and guarantee):

# Interest Expenses has been shown as net off with Interest Received Rs. 22,11,484/- (Prev. Year 34,28,922/-). Interest expenses is also net off with interest subsidy received Rs. 50,58,581/- (Prev. Year NIL)

Note 2.3. Contingent Liabilities

Demand Notice from Customs Authorities 4,719,798 4,719,798 *Out of this Rs. 27,70,000 deposited underprotest

Income tax Demand A.Y. 2010-11 954,730 954,730

Income tax Demand A.Y. 2011-12 3,944,380 3,944,380 [Appeal Pending before Hon. CIT(Appeal)]

Note 2.4. Deferred Tax Assets / Liabilities

i) The Deferred Tax Liability for current year of Rs.76,59,096/- (P.Yr. 88,09,954) is recognised in Profit and Loss A/c.

ii) Tax effect of significant temporary differences that resulted in defferred tax (assets) / liabilities are :

2.5. Information on related party as required by Accounting Standard (AS-18) on Related Party Disclosures for the year ended 31st March, 2014

In accordance with the requirement of Accounting Standard (AS 18) Related Party Disclosures, the names of the related parties where control exits and/or with whome transactions have taken place during the year and description of relationships, as identified and certified by the management are :-

List of Related Parties :- A) Key Management Personnel :

Mr. G Ashok Reddy Mr. L Vinay Reddy Mr. L Jaipal Reddy

B) Other Related Parties

Entities where Key Management Personnel exercises significant influence/ Group Companies :

Federal Brands Limited [Formerly Microtex India Limited]

Vinay Hosiery Private Limited

Hype Integracomm Private Limited

Blue Chip Fashions Private Limited

Holstein Ecofoods Private Limited

Reddy & Pathare Elastics Private Limited

Bellini Fashions Private Limited

Lariene Fashions Private Limited

Enka Enterprises Private Limited

Magnus marketing

Techknit Industries

Aadhunik Vitarak

Note: 2.6 Current Assets, Loans and Advances:

In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of the business.

Note: 2.7 Amount payable to Micro SmallMedium Enterprises

Trade payables as at 31st March, 2014 include Rs. 1,24,43,320/- (Previous year Rs. 1,07,78,540/-), amount due to Micro Small Medium Enterprises. However, those enterprises are ascertained in cases where they are registered in that category.

Note: 2.8 Previous year figures:

Previous year figures have been regrouped / recasted wherever considered necessary to make them comparable with those of the current year.


Mar 31, 2013

Corporate Information

Lovable Lingerie Limited (the Company) is a Limited Company domiciled in India and incorporated under the Provisions of the Companies Act, 1956. The Company is engaged in the business of manufacturing hosiery/garment products. The shares of the Company are listed in BSE and NSE.

1.1. Information on related party as required by Accounting Standard (AS-18) on Related Party Disclosures for the year ended 31st March, 2013

List of Related Parties :- A) Key Management Personnel :

Mr. G Ashok Reddy Mr. L Vinay Reddy Mr. L Jaipal Reddy

B) Other Related Parties

Entities where Key Management Personnel exercises significant influence/ Group Companies :

Federal Brands Limited [Formerly Microtex India Limited] Bellini Fashions Private Limited

Vinay Hosiery Private Limited Lariene Fashions Private Limited

Hype Integracomm Private Limited Tecknit Industries

Blue Chip Fashions Private Limited Aadhunik Vitarak Holstein Ecofoods Private Limited Reddy & Pathare Elastics Private Limited

1.2 Current Assets, Loans and Advances:

In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of the business.

1.3 Trade payables as at 31st March, 2013 include Rs. 1,07,78,540/- (Previous Year Rs.18,05,261/-), amount due to Micro Small Medium Enterprises.

However, these enterprises are ascertained in cases where they are registered in that category.

1.4 Previous year figures:

Previous year figures have been regrouped / recasted wherever considered necessary to make them comparable with those of the current year.


Mar 31, 2012

Note 1.1: Information on related party as required by Accounting Standard (AS-18) on Related Party Disclosures for the year ended 31st Mar, 2012

In accordance with the requirement of Accounting Standard (AS 18) Related Party Disclosures, the names of the related parties where control exits and/or with whom transactions have taken place during the year and description of relationships, as identified and certified by the management are

Note 1.2: Current Assets, Loans and Advances:

In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of the business.

Note 1.3: The Revised Schedule VI has become effective form 1st April,2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspondence with the current year's classification/disclosure.


Mar 31, 2011

1 The Initial Public Offer (IPO) proceeds have been utilized as per objects of the issue as stated in the prospectus as under:

2 Current Assets, Loans and Advances:

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 the business. Loans and Advances-Others represent advertisement materials stock on hand.

3 Leases:

Operating Lease:

Rental expenses for operating leases for the year ended March 31, 2011 and March 31, 2010 was Rs9,765,560/-and Rs8,661,480/- respectively.

The company has leased facilities under cancelable operating leases. The future payments in respect of these leases as on March 31,2011 are:

Minimum lease payments:

4 Dues to Micro, Small and Medium Enterprises

The Company is in the process of compiling relevant information about their overage under Micro, Small and Medium Enterprises Development Act, 2006 from its suppliers. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in the opinion of management, the impact of interest, if any, that may be payable in accordance with the provision of this Act is not expected to be material.

5. Information on related party as required by Accounting Standard (AS-18) on Related Party Disclosures for theyearended 31st Mar, 2011

In accordance with the requirement of Accounting Standard (AS 18) Related Party Disclosures, the names of the related partieswhere control exits and/or with whome transactions havetaken placeduringtheyearand description of relationships, as identified and certified by the management are :-

List of Related Parties :-

A) Key Management Personnel:

Mr.G AshokReddy

Mr.L VinayReddy

Mr.L JaipalReddy

B) Other Related Parties

Entities where Key Management Personnel exercises significant influence/ Group Companies:

- Federal Brands Limited [Formerly Microtex India Limited]

- Vinay Hosiery Private Limited

- Hype Integracomm Private Limited

- Strategy Games Pvt. Ltd.

- Holste in Ecofoods Private Limited

. Reddy & Pathare Elastics Private Limited

. Belleni Fashions Private Limited

. Lariene Fashions Private Limited

. Tecknit Industries

. Aadhunik Vitarak

6) Previous year figures:

Previous year figures have been regrouped / recasted wherever considered necessary to make them comparable., with those of the current year

 
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