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Notes to Accounts of Modella Woollens Ltd.

Mar 31, 2015

(1) The Company during the year has changed the method of providing depreciation from Written Down Value (WDV) rates as prescribed in erstwhile Schedule XIV of the Companies Act, 1956 to Straight line method of depreciation as per Schedule II of Companies Act, 2013. Consequent to the said change the charge for depreciation and loss for the year is lower by Rs. 11,466/- and accumulated losses are higher by Rs. 19,620/-.

(2) (i) Rent including society charges for office premises debited to the profit & loss account for the year is Rs.2,30,544/- (Rs.2,30,544/-).

(ii) Provision for rent payable up to 31st March, 2015 Rs. 34,45,283/- (Rs. 32,48,279/-) includes cherubs paid but not encased by the landlord.

(3) (i) No provisions of income tax has been made in the books in the absence of taxable income as per Income Tax Act, 1961.

(ii) The Company has not created, deferred tax asset on tax losses and depreciation, that are available for set off against future taxable income, in view of significant uncertainty regarding reliability of the same.

(4) There are no dues to enterprises as defined under the Micro & Small Enterprises Development Act, 2006, which are outstanding for more than 45 days as at March 31", 2015 which is on the basis of such party having been identified by the management & relied upon by the auditor.

(5) In the opinion of the Board, current assets, loans and advances other than those disclosed as doubtful, have a value at least equal to the amounts as shown in the Balance Sheet if realized in ordinary course of the business. The provision for all the liabilities except legal cost is adequate and not in excess of the amount reasonably necessary.

(6) Figures of previous year have been re-grouped/rearranged wherever necessary to confirm to current year.


Mar 31, 2014

1) Gratuity is provided on the basis of premium computed by the Life Insurance Corporation of India.

2) Under the LIC Scheme, the Company has to bear a part of actual payment to an employee except on death or retirement at sixty. The liability cannot be ascertained.

3) In the case of employees not covered by the Scheme, provision of liability for gratuity is estimated and based on the assumption that the amount is payable to employees at the end of the year.

4) Provision of liability for earned leave estimated and based on the assumption that the accumulated leave to the credit of the employees is payable at the end of the year.

6. Rentals under operating leases are charged to the Profit and Loss account on the straight line basis over the term of the lease.

7. Legal expenses are provided only on receipt of lawyer''s memo of fees as the same cannot be estimated. Advances given to lawyer is adjusted on receipt of final memo of fees.

8. 1. Rent including society charges for office premises debited to the profits loss account for the period is Rs.2,30,544/- (Rs.2.30,544/-)

2. Provision for rent payable upto 31stMarch, 2014 Rs. 32,48,279/-(Rs.30,51,275/-) includes cheques paid but not encashed by the landlord.

9. The Company has not created deferred tax asset on tax losses and depreciation, that are available for set off against future taxable income, in view of significant uncertainty regarding reliability of the same.

10. There are no dues to enterprises as defined under the Micro & Small Enterprises Development Act, 2006, which are outstanding for more than 45 days as at March 31st, 2014 which is on the basis of such party having been identified by the management & relied upon by the auditor.

11. In the opinion of the Board, current assets, loans and advances other than those disclosed as doubtful, have a value at least equal to the amounts as shown in the Balance Sheet if realized in ordinary course of the business. The provision for all the liabilities except legal cost is adequate and not in excess of the amount reasonably necessary.

12. The Company has not accepted any "Public Deposit" as defined in para 2(1)(xi) of Non-Banking Financial Companies Acceptance of Public Deposits(Reserve Bank) Direction, 1998 as at March 31st,2014.

13. Figures of previous period have been re-grouped/rearranged wherever necessary to confirm to current period.


Mar 31, 2013

1. Related Party Disclosure:

1. Borrowing from parties in which Directors are interested 51 Rent including society charges for office premises debited to the profit & loss account for the period is Rs.2,30,5447- (Rs.2,41,544/-)

2. Provision for rent payable upto 31 st March, 2013 Rs. 30,51,275/- (Rs. 28,05,020/-) includes cheques paid but not encashed by the landlord.

3 The Company has not created deferred tax asset on tax losses and depreciation, that are '' available for set off against future taxable income, in view of significant uncertainty regarding reliability of the same. - 7 There are no dues to enterprises as defined under the Micro & Small Enterprises Development Act 2006 which are outstanding for more than 45 days as at March 31st. 2013 which is on the''basis of such party having been identified by the management & relied upon by the auditor.

4 In the opinion of the Board, current assets, loans and advances other than those disclosed as doubtful have a value at least equal to the amounts as shown in the Balance Sheet if realized in ordinary course of the business. The provision for all the liabilities except legal cost is adequate and not in'' excess of the amount reasonably necessary.

5 The Company has not accepted any "Public Deposit" as defined in para 2(1 ){xi) of Non-Banking FinandaT Companies Acceptance of Public Deposits(Reserve Bank) Direct, 1998 as as at March 31st , 2013.

6. Figures of previous period have been re-grouped/rearranged wherever necessary to confirm to current period.


Mar 31, 2012

SHARE CAPITAL

(A) The rights, preferences and restrictions attaching to each class of share including restrictions on the distribution of dividends and the repayment of capital

Equity shares-The Company has only class of equity shares. Each holder of equity shares is entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the members at the annual general meeting of that year. In case of winding up, if the assets available for distribution are less than the paid up share capital, then the shortfall will be borne by the members proportionately. Where there is an excess the same shall be distributed proportionately among the members.

(B) Shares in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate-Not Applicable

(C) Shares reserved for issue under options and contracts/commitments for the sale of shares disinvestment, including the terms and amounts

Nil

(D) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash.

Nil

(E) Aggregate number and class of shares allotted as fully paid up by way of bonus shares.

Nil

(F) Aggregate number and class of shares bought back.

Nil

(G) Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion in descending order starting from the farthest such date

N.A.

(H) Calls unpaid (showing aggregate value of calls unpaid by directors and officers)

Nil

(E) Forfeited shares (amount originally paid up)

NOTE 1

INVESTMENTS

(A) The basis of valuation of individual investments-At lower of cost & market value

(B) Aggregate amount of quoted investments and market value thereof:

Rs. 18,46,027/-(Rs.11,73,641/-) and market value of quoted invt. Rs.18,47,004/- (Rs. 12,17,305/-)

(C) Aggregate amount of unquoted investments- Nil

(D) Aggregate provision made for diminution in value of investments- Nil


Mar 31, 2011

1. Claim against Rajesh Industries was adjudicated for Rs. 25,00,000/- as per minutes of order dated 24.4.2008 of the Hon'ble Bombay High Court. The default was pursued in the Hon'ble Bombay High Court and the Suit has been disposed off for full & final settlement for Rs. 5,00,000/- by the way of new consent terms dated 26.04.2010. The amount was considered as income for the year ended 31.03.2010

2.1. Rent including society charges for office premises debited to the profit & loss account for the period is Rs.2,42,544/- (Rs.2,42,544/-).

2.2. Rent for the year Rs.2,42,544/- (Rs.2,42,544/-) also include Rs.12,000/- (Rs. 12,000/-) paid as lease rent of office premises to the Official Liquidator of Modella Textile Industries Pvt. Ltd.

2.3. Provision for rent payable upto 31st March, 2011 is Rs. 26,08,016/- (Rs. 24,11,012/-) being cheques paid but not cashed by the land lord.

3. The Company has not created deferred tax asset on tax losses and depreciation, that are available for set off against future taxable income, in view of significant uncertainty regarding readability of the same.

4. The Company has paid minimum alternate Tax (MAT) under section 115JB of the Income- tax Act, 1961 for Assesment Year 2007-08. The amount paid as MAT is allowed to be carried forward for being set off against the future tax liabilities computed in accordance with the provisions of the Income-tax Act other than section 115JB in next seven years.

5. There are no dues to enterprises as defined under the Micro & Small Enterprises Development Act, 2006, which are outstanding for more than 45 days as at March 31st, 2011 which is on the basis of such party having been identified by the management and relied upon by the auditor.

6. In the opinion of the Board, current assets, loans and advances other than those disclosed as doubtful, have a value at least equal to the amounts as shown in the Balance Sheet if realized in ordinary course of the business. The provision for all the liabilities except legal cost(refer note #7 of Schedule # 10) is adequate and not in excess of the amount reasonably necessary.

7. The Company has not accepted any "Public Deposit" as defined in para 2(1)(xi) of Non-Banking Financial Companies Acceptance of Public Deposits(Reserve Bank) Direction, 1998 as at 31st March, 2011

8. Figures of previous year have been re-grouped/rearranged wherever necessary to confirm to current year.


Mar 31, 2010

1. Claim against Rajesh Industries was adjudicated for Rs. 25,00,000/- as per minutes of order dated 24.4.2008 of the Honble Bombay High Court. Against this upto 31st March, 2009 Rs. 5,00,000/- was received. The default was pursued in the Honble Bombay High Court and the Suit has been disposed off for full & final settlement for Rs. 5,00,000/- by the way of new consent terms dated 26.04.2010. The amount has been reflected in other income.

2. Vide its order dated 5th March, 2009 the Honble Bombay High Court directed the Official Liquidator to pay interest on compensation amounting Rs. 76,34,490/- refunded to the company in financial year ended 31st March, 2007. The Official Liquidator has paid interest of Rs. 17,67,025/- on 23rd April, 2009 towards full and final settlement of interest

3. Related Party Disclosure:

4. Managerial Remuneration

4.1 In view of the loss as computed in accordance with Section 309(5) of the Companies Act, 1956 no commission is payable to the Managing Director.

6. .1. Rent including society charges for office premises debited to the profit & loss account for the period is Rs.2,42,544/- (Rs.2,42,544/-).

2. Rent for the year Rs.2,42,544/- (Rs.2,42,544/-) also include Rs. 12,000/- (Rs. 12,000/-) paid as lease rent of office premises to the Official Liquidator of Modella Textile Industries Pvt. Ltd.

3. Provision for rent payable upto 31st March, 2010 is Rs. 24,11,012/- (Rs. 21,64,757/-) being cheques paid but not cashed by the land lord.

7. .1. The Companys primary business is trading in textiles. In absence of suitable trading partners commercial activity continued to be suspended during the current financial year.

2. In the absence of trading activity the Company has invested surplus funds in liquid funds.

8. The Company has not created deferred tax asset on tax losses and depreciation, that are available for set off against future taxable income, in view of significant uncertainty regarding readability of the same.

9. As trading activity, continued to be suspended during the year, the amount due to micro, small and medium enterprises as at 31st March, 2010 is Nil.

10. In the opinion of the Board, current assets, loans and advances other than those disclosed as doubtful, have a value at least equal to the amounts as shown in the Balance Sheet if realized in ordinary course of the business. The provision for all the liabilities except legal cost(refer note#6 of Schedule # 11) is adequate and not in excess of the amount reasonably necessary.

11. The Company has not accepted any "Public Deposit" as defined in para 2(1 )(xi) of Non-Banking Financial Companies Acceptance of Public Deposits(Reserve Bank) Direction, 1998 as at 31st March, 2010

12. Figures of previous year have been re-grouped/rearranged wherever necessary to confirm to current year.

 
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