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Notes to Accounts of LWS Knitwear Ltd.

Mar 31, 2014

(Rs.in Lacs) For the Year ended at 31st March 2014 31st March 2013

1) Contingent liabilities not provided for Nil Nil

2) Estimated amount of contracts remaining Nil Nil to be executed on capital account.

3) Remuneration including benefits to 2.40 2.40 Managing Director & Director.

4) SEGMENT REPORTING

The company is only in one line of business activity namely textile and selling its products with in India only It has not earned or paid any foreign exchange during the FY 13-14, hence AS-17 is not applicable on the company

5. MSME COMMENTS

None of our suppliers have come forward with their registration under the MSME Development Act 2006.

6. The company has no unpaid calls and there is no forfeited shares during the year.


Mar 31, 2013

1) The company has not made any provision for gratuity as none of the employees is eligible for gratuity as per the information provided. The rules of Provident Fund and ESI act is not applicable on the company; hence the company has not deducted and deposited any ESI and Provident Fund on behalf of its employees, hence AS-15 is not applicable on the company.

2) The company has not acquired any fixed assets on which it has availed any loan from the banks, hence the capitalization of the borrowing costs as stated under AS-16 is not applicable on the company.(AS-16)

3) Investments as shown in the balance sheet are at cost. Their present market values are not ascertainable. The company has not received any dividend, interest or rent from the companies in which it had made investments. The company has received share of profit/Loss from M/s. LWS Knitwear, a partnership concern in which the company is one of the partner. (AS-13).

4) The company has not made any foreign currency transactions during the year, hence AS-11 is not applicable on the company.

5) The company has made investments in LWS Knitwear, a partnership concern and Sh. Girish Kapoor, Mg. Director of the company is one of the partners.

6) The company has not received any grant or subsidy form Government of India during the year.

7) The company is a partner in LWS Knitwear. The information required by the Schedule VI of the Companies Act, 1956 in this regard is given as below :

During the year under reference the Company''s share in the Profit/Loss from the firm was as under:

8) At the time of audit only test check has been made to check the records.

9. An appeal is pending with the CESTAT, New Delhi against the refund of bank guarantees en-cashed by the Custom Authorities for an amount of Rs.165459/- and Rs.843697/- which had been filed by Commissioner of Customs, New Delhi against the orders passes by the Commissioner Appeal, hence no provision for the refund of the amount has been made in the books of accounts. Refund will be treated in the account books on receipt basis.

10. MSME COMMENTS

None of our suppliers have come forward with their registration under the MSME Development Act 2006.

11. The company has no unpaid calls and there is no forfeited shares during the year.

12. Additional information as required under PART IV of Schedule VI of the companies Act, 1956.


Mar 31, 2012

1) The company has not made any provision for gratuity as none of the employees is eligible for gratuity as per the information provided. The rules of Provident Fund & ESI act is not applicable on the company; hence the company has not deducted & deposited any ESI and Provident Fund on behalf of its employees, hence AS-15 is not applicable on the company.

2) The company has not acquired any fixed assets on which it has availed any loan from the banks, hence the capitalization of the borrowing costs as stated under AS-16 is not applicable on the company.(AS-16)

3) Investments as shown in the balance sheet are at cost. Their present market values are not ascertainable. The company has not received any dividend, interest or rent from the companies in which it had made investments. The company has received share of profit from M/s. LWS Knitwear, a partnership concern in which the company is one of the partner. (AS-13)

4) The company has not made any foreign currency transactions during the year, hence AS-11 is not applicable on the company.

5) The company has made investments in LWS Knitwear, a partnership concern and Sh. Girish Kapoor, Mg. Director of the company is one of the partners.

6) The company has not received any grant or subsidy from Government of India during the year.

7) The company is a partner in LWS Knitwear. The information required by the Schedule VI of the Companies Act, 1956 in this regard is given as below:

8. An appeal is pending with the CESTAT, New Delhi against the refund of bank guarantees en-cashed by the Custom Authorities for an amount of Rs. 165459/- and Rs. 843697/- which had been field by Commissioner of Customs, New Delhi against the orders passes by the Commissioner Appeal, hence no provision for the refund of the amount has been made in the books of accounts. Refund will be treated in the account books on receipt basis.

9. MSME COMMENTS: None of our suppliers have come forward with their registration under the MSME Development Act 2006.

10. EQUITY SHARE CAPITAL - AUTHORISED: The company has an Authorised Equity Share Capital of Rs. 5.50 crores divided into 55.00 Lacs equity shares of Rs. 10/- each.


Mar 31, 2010

1) All the creditors are subject to confirmation.

2) The company has not made any provision for gratuity as none of the employees is eligible for gratuity as per the information provided.

3) Investments as shown in the balance sheet are at cost. Their present market values are not ascertainable.

4) The company has made investments in LWS Knitwear, a partnership concern and Sh. Girish Kapoor, Mg. Director of the company is one of the partners.

5) The company is a partner in LWS Knitwear. The information required by the Schedule VI of the Companies Act, 1956 in this regard is given as below :

6) The company has not maintained any stock records hence the quantitative details couldnt be prepared.

7) At the time of audit only test check has been made to check the reeords.

8) The Company is a sick industrial company with in the meaning of Clause(O) of Sub Section(I) of Section 3 of the Sick Industrial Companies (Special Provision) Act, 1985. Hence the company deducted previous year losses from the current year profit while calculating the provision of Income Tax and MAT.

(Rs.inLacs) For the Year ended at 31 st March 2009 31st March 2008

10) Contingent liabilities not provided for Information not available.

11) Estimated amount of contracts remaining Nil Nil to be executed on capital account.

12) Remuneration including benefits to 1.74 1.74 Managing Director & Director.

13) Auditors Remuneration 0.20 0.20

14) Disclosure of related parties/related party transactions.

a) Names of the related parties

M/s. LWS Knitwear

M/s. LWS Exports Limited

M/s. Gee Kay Knitwear (P) Ltd.

o) ivey Management personnels :

Sh. Girish Kapoor Director

Sh. Sushil Kumar Jain Director

Sh. Daya Nand : Director

15) SEGMENT REPORTING

The company is only in one line of business activity namely textile.

16. Additional information as required under PART IV of Schedule VI of the companies Act, 1956.

V. Generic Name of the Principal Product/Services of the company (as per Monetary terms) Item Code No. (ITC Code) - 6002,6110 Product Description - Knitted cloth and Hosiery Garments


Mar 31, 2009

1) All the creditors are subject to confirmation.

2) The company has not made any provision for gratuity as none of the employees is eligible for gratuity as per the information provided.

3) Investments as shown in the balance sheet are at cost. Their present market values are not ascertainable.

4) The company has made investments in LWS Knitwear, a partnership concern and Sh. Girish Kapoor, Mg. Director of the company is one of the partners.

5) Cash Credit Account with the Punjab National Bank are classified as Non Performing Assets (NPA) by the bank. The company made an agreement with the PNB during the FY 2008-09 for the payment of dues in 4 Installments out of which the company made 2 installments on due dates and during the year under review, the company write off the difference of the outstanding amount with PNB viz-a-viz the settled amount as per agreement with the bank.

6) The company is a partner in LWS Knitwear. The information required by the Schedule VI of the Companies Act, 1956 in this regard is given as below :

During the year under reference the Companys share in the Profit/Loss from the firm was as under :

NAME OF THE PARTNER AS AT 31.03.2009 AS AT 31.03.2008

Sh. Girish Kapoor 20% 20% LWS Knitwear Limited 80% 80%

7) The company has not maintained any stock records hence the quantitative details couldnt be prepared.

8) At the time of audit only test check has been made to check the records.

9) The Company is a sick industrial company with in the meaning of Clause(O) of Sub Section(I) of Section 3 of the Sick Industrial Companies (Special Provision) Act, 1985. Hence the company deducted previous year losses from the current year profit while calculating the provision of Income Tax and MAT.

10) SEGMENT REPORTING

The company is only in one line of business activity namely textile.

11. Additional information as required under PART IV of Schedule VI of the companies Ac, 1956.

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