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Notes to Accounts of Minaxi Textiles Ltd.

Mar 31, 2015

1. Note Terms / rights attached to equity shares :

1. The Company has equity shares having par value of Re. 1 per share. Each holder of equity shares is entitled to have one vote per share.

2. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive the remaining assets of the company, after distribution of all prefrential amounts. The distribution will be in proportion to the number of shares held by the shareholders.

2. Contingent Liabilities and Commitments (to the extent not provided for)

1) The Company has imported 17 Machineries, worth Rs 198.97 lacs under EPGS and saved Rs 42.57 lacs of custom duty, company has to export Rs 340.56 lacs before 02/08/2018. Non compliance of the above would result into liabilities of Rs 42.57 lacs (P.Y. 42.57 lacs). Company has also given guarantee of Rs 6.39 lacs (P.Y. 6.39 lacs) to Custom authority.

2) During the year 2013-14, the company has imported 31 Machineries under Zero duty EPGC Scheme and svaed Rs 284.15 lacs of custom duty, company has to export 6 times of the duty saved within a period of 6 years. Non compliance of the above would result into liabilities of Rs 284.15 lacs. Company has also given guarantee of Rs 42.70 lacs to custom authority.

3) There were no dues of sales tax, custom duty, excise duty, wealth tax, service tax and cess etc, which have not been deposited on account of any dispute.

3. Micro and Small Scale Business Enterprise:

The management has initiated the process of identifying enterprises those have provided goods and services to the company and which qualify under the definition of micro and small enterprise, as defined under micro, small and Medium Enterprise Development Act, 2006. Accordingly, the disclosure requirement here under is not furnish.

4. Employee Benefit

The disclosures required under Accounting Standard-15(Revised) "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006 are given below:

Defined Contribution Plan

Amount towards Defined Contribution Plan have been recognized under "Contribution to Provident and other funds" in the note no. 23 Rs. 2,38,344/- (P.Y. 2,33,391/-)

5. Related Party Disclosures

Name of related parties and description of relationship from/ to which following transactions were entered during the year

Sr. No. Name Relationship

1 Bharatbhai P. Patel Managing Director

2 Dineshbhai P. Patel Director

3 Kiritbhai S. Patel Director

4 Nirmal B. Patel Director

6. Previous year figures have been accordingly regrouped/ reclassified to confirm to the current year's classification.

7. Long Term Contracts

There are no long term contracts as on 31/03/2015, including derivative contracts for which there are any material foreseeable losses.

8. During the year the company has transferred the unclaimed dividend for the year 2006-07 amounting to Rs. 1,18,750/- to the Investors Education and Protection Fund.


Mar 31, 2014

Note Terms / rights attached to equity shares : 1.1

1. The Company has equity shares having par valur of Re. 1 per share. Each holder of equity shares is entitled to have one vote per share.

2. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive the remaining assets of the company, after distribution of all prefrential amounts. The distribution will be in proportion to the number of shares held by the shareholders.

Note 2.1 Term loan is taken from bank of India (ROI 13.85%), which is hypothecated against the plant and Machinery & Furniture and fixture of the company and also Equitable Mortgage of factory block owned by the company at Unit No. 2, plot no. 3311, GIDC Chhatral and Shop of one of the director.

Note2.2 Term loan is further secured by way of Residential flat (four) situated at fortune empire Kalol.

Note2.3 Term loan are also further secured by the personal gurantees of all the directors of the company.

Note 2.4 Terms of Repayment of term loans taken from Bank of India : (1) 42 EMI of Rs. 4,94,109/- each commencing from July 2011

(2) 72 EMI of Rs. 52,771/- each commencing from November 2011

(3) 60 EMI of Rs. 56,145/- each commencing from July 2012

(4) 4 Quartely Installment of Rs. 25 Lacs, 8 Quartely Installment of 35 Lacs, 9 Quaretely Installment of 50 Lacs, 1 Quartely Installment of 49 Lacs each commencing from 2014

(5) 22 Quartely Installment of Rs. 4,13,637/- each commencing from August, 2014 Note Vehicle loan is hypothecated against the respective vehicle.

Note 2.5 Terms or Repayment of vehicle loan taken from Bank of India and HDFC Bank :

2.6 (1) 60 EMI of Rs. 26,180/- each commencing from June 2012 (2) 60 EMI of Rs. 14,863/- each commencing from April 2010 Note cash Credit Facilities from Bank of India is hypothicated against the Raw Material and Stock in Progress.

3.1 Finished Goods, Store and entire present and future book debts and further secured by first i charge on immovable/movable properties of Unit II of the company.

Note 3.2 The above facilities are further secured by the personal guarantees of all the Directors.

Note 3.3 The above facilities are further secured by way of Residential flat (four) situated at fortune empire Kalol.

Note 3.4 Terms : Repayment on Demand. ROI 13.75 %

Note: 4 Contingent Liabilities and Commitments (to the extent not provided for)

1) Company has imported 17 Machineries worth Rs 198.97 lacs under EPGC and saved Rs 42.57 lacs of custom duty, company has to export Rs 340.56 lacs before 02/08/2018. Non compliance of the above would result into liabilities of Rs 42.57 lacs (P.Y. 42.57 lacs). Company has also given guarantee of Rs 6.39 lacs (P.Y. 6.39 lacs) to custom authority.

2) During the year company has imported 31 Machineries under Zero duty EPGC Scheme and saved Rs 284.15 lacs of custom duty, company has to export 6 times of the duty saved within a period of 6 years. Non compliance of the above would result into liabilities of Rs 284.15 lacs. Company has also given guarantee of Rs 42.70 lacs to custom authority.

Note : 5 Micro and Small Scale Business Enterprises :

The management has initiated the process of identifying enterprises those have provided goods i and services to the company and which qualify under the definition of micro and small enterprises, i as defined under Micro, Small and Medium Enterprise Development Act, 2006. Accordingly, the i disclosure requirement here under is not furnish.

Note : 6 Employee Benefits :

The disclosures required under Accounting Standard -15(Revised) "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006 are given below:

Defined Contribution Plan

Amount towards Defined Contribution Plan have been recognized under "Contribution to Provident and Other funds" in the note no. 23 Rs. 2,33,391/- (P.Y. 2,54,856/-)

Note : 7 Related Party Disclosures

Names of related parties and description of relationship from/ to which following transactions were entered during the year

Note : 8 Previous year figures have been accordingly regrouped / reclassified to confirm to the current year''s classification.


Mar 31, 2013

1.1 Commitments on accounts of estimated amount of contracts remaining to be executed on Capital account and not provided for NIL (P.Y. NIL)

1.2 In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets, loans and advances in the ordinary course of the business will not be less than amount stated in the Balance Sheet.

1.3 Micro and Small Scale Business Enterprises :

The management has initiated the process of identifying enterprises those have provided goods and services to the company and which qualify under the definition of micro and small enterprises, as defined under Micro, Small and Medium Enterprise Development Act, 2006. Accordingly, the disclosure requirement here under is not furnish.

1.4 There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

Note : 1 Managing Directors / Whole Time Directors are paid remuneration within the maximum permissible limit under the Companies Act, 1956.

1.5 Quantity of inventories is based upon physical verification by the management and valuation is based on details of cost and realizable value (wherever applicable) considering the quality and other relevant factors ascertained by management. The quantities of inventories, sales and purchase are taken on details worked out from the bills and the stock records maintained by the company (wherever applicable)

2 Disclosure under Accounting standard 28.1 Disclosure as per Accounting standard - 15 (Revised) Employee Benefits

Defined Contribution Plan

The company provides retirement benefit in form of provident fund. Provident fund contribution mad to "Government Administered Provident Fund" are treated as Defined Contribution Plan, since the company has no further obligation its monthly contribution.

Contribution to. recognized and charged off the year, is as under:

Employer''s Contribution to Provident Fund Rs. Rs. 2,54,856/- (Rs. 1,59,657/-)


Mar 31, 2012

Note Term loan is hypothecated against the plant and machinery & furniture and fixture of the company and also

1.1 Equitable Mortgage of Immoovable property Shop of one of the director.

Note

Term loan are also further secured by the personal gurantees of all the directors of the company

Note Cash Credit Facilities from Bank of India is hypothicated against the Raw Material and Stock in Progress, 6 1 Finished Goods, Store and entire present and future book debts and further secured by first charge on immovable/ movable properties of Unit II of the company

Note

The above facilities are further secured by the personal guarantees of all the Directors.

Note As at 31st March, 2012 As at 31st March, 2011 No Amount (Rs) Amount (Rs)

2 Contingent liabilities and commitments (to the extent not provided for) Contingent liabilities Company has imported 17 Machineries worth Rs 198.97 lakhs under EPGC and saved Rs 42.57 lakhs of custom duty, company has to export Rs 340.56 lakhs before 02/08/2018. Non compliance of the above would result into liabilities of Rs 42.57 lakhs. Company has also given guarantee of Rs 6.39 lakhs to custom authority.

Total 0 0


Mar 31, 2010

1. The previous year figures have been regrouped / reclassified, wherever necessary to confirm with the figures of current year.

2. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current Assets, Loans and Advances in the ordinary course of the business will not be less than the amount stated in the Balance Sheet.

3. the basis of information provided by the management of the company, small scale Industrial undertaking to whom an amount Rs. 1 Lac. Or more was payable and outstanding for more than 30 days are: Nil.

4. Micro and Small Scale Business Entities:

As informed to us by the management, the Company is in the process of identifying enterprises which have been providing goods and services to the Company and which qualify under the definition of micro and small enterprises, as define under Micro, Small and Medium Enterprise Development Act, 2006. Accordingly, the disclosure requirement is not given hereunder.

5. DEFERRED TAX LIABILITY:

Deferred tax liability, being the timing difference of depreciation as per books and IT. Act, of Rs. 15,51,775/- for the current year has been adjusted from the current year profits.

6. SEGMENT REPORTING

The Company is engaged in Textiles Business only and therefore there is no other reportable segment in accordance with the accounting standard 17 on "Segment Reporting "issued by the Institute of Chartered Accountant of India.

7. TRANSACTIONS WITH RELATED PARTIES

There are no transactions with the related parties. No remuneration has been paid to the directors.

8. CONTINGENT LIABILITIES :

Year Ended Year Ended March 31, 2010 March 31, 2009

(i) Disputed Liabilities against claims 3,13,500 3,13,500

Against purchase of Yarn from Tai Chonbang

Tiavtila Industries Ltd

9. INFORMATION PURSUANT TO THE PROVISION OF PART II OF THE SCHEDULE VI TO THE COMPANIES ACT, 1956.

L. Expenditure in Foreign Currency

Purchase of Machinery (Rs.) NIL NIL

Traveling Expense (Rs.) NIL NIL

10. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF PART-IV OF THE SCHEDULE VI OF Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile;

B, Capital Raised during the year (Rs in Lacs)

Public Issue Right Issue

NIL NIL

Bonus Issue Private Placement

NIL NIL



B. Generic Names of Principal Products / Services of the Company:

Item code no. (ITC Code) 54075403

Product description Polyester Shitingr

Item Code No. (ITC Code) 54075202

Product description Polyester Suiting