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Notes to Accounts of Page Industries Ltd.

Mar 31, 2014

1 Brief about the Company

The Company was set up in the year 1995 with the key objective of bringing the innerwear brand "JOCKEY" to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer''s involvement with the purchase.

The Company commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products.

The Company has added to its profile by entering in to license with "SPEEDO", A globally known International brand for swim wear. Wide range of new products are launched in India by the company in the year 2012-13.

2 Terms /Rights attached to Equity Shares

Equity Shares: The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

3 Company does not have any holding company or subsidiary company, Shares held by holding and subsidiary company does not arise.

4 There were no fresh issue of shares during the year or in the immediately preceding 5 year.

5 Litigations

In accordance with Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets as notified by the Companies (Accounting Standard) Rules 2006, the following provisions are made in the books of accounts.

6 Disclosure pursuant to clause 32 of the listing agreements

a) Loans and Advances in the nature of loans to subsidiary : NA (P.Y - NA)

b) Loans and Advances in the nature of loans to Associates : NA (P.Y - NA)

c) Loans and Advances in the nature of loans where there is :

i) No repayment schedule or repayment beyond seven years : NA (P.Y - N.A)

ii ) No Interest of Interest below sec. 372A of the companies Act, 1956: NA (P.Y - NA)

d) Loans and Advances in the nature of Loans to Companies in which directors are interested :

7 Leasing arrangements: Finance Lease:

The company does not have any item covered under finance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases".

Operating Lease:

The significant leasing arrangements entered into by the Company include the following:

1) Buildings taken on operating lease with lease term between 11 and 144 months for office premises, Factory premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties. There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

3) Lease payments recognized under rent expenses.

The Company has various operating leases for office facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in statement of profit and loss for the year is Rs. 156,569,397/- (P.Y.Rs. 111,092,212/-)

8 Segmental Information

The Company is engaged in the business of "Manufacturing of Garments". As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignificant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notified by the Companies ( Accounting Standard ) Rules 2006 is not applicable to the company.

9 Disclosure of Foreign Currency Exposure

The above disclosures have been made consequent to an announcement by the Institute of Chartered Accountants of India in December, 2005, which is applicable to the financial periods ending on or after 31st March, 2006.

10 Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having significant influence. Page Garments Exports Private Limited

b) Key management personnel Sunder Genomal

Pius Thomas

c) Relative of Key management personnel Shamir Genomal

ii) During the year following transactions were carried out with the related parties in the ordinary course of business:-

Note: i) The above transactions do not include reimbursement of expenses, which are accounted in the respective heads of accounts.

11 Previous year''s figures have been regrouped / reclassified wherever necessary to make them comparable with the current year''s classification.


Mar 31, 2013

1 Brief about the Company

The Company was set up in the year 1995 with the key objective of bringing the innerwear brand "JOCKEY" to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer''s involvement with the purchase.

The company commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products.

The company has added to its profile by entering in to license with "SPEEDO", A globally known International brand for swim wear. Wide range of new products are launched in India by the company in the year 2012-13.

2A Disclosure pursuant to clause 32 of the listing agreements

a) Loans and Advances in the nature of loans to subsidiary : NA (P.Y - NA)

b) Loans and Advances in the nature of loans to Associates : NA (P.Y - NA)

c) Loans and Advances in the nature of loans where there is :

i) No repayment schedule or repayment beyond seven years : NA (P.Y - N.A)

ii ) No Interest of Interest below sec. 372A of the companies Act, 1956: NA (P.Y - NA)

d) Loans and Advances in the nature of Loans to Companies in which directors are interested :

2B Defined Benefit Plan:

As per actuarial valuation as on 31st March, 2013 and recognized in the financial statements in respect of Employee Benefit Schemes :

2C Compensated absence

The defined benefit obligation of compensated absence in respect of the employees of the companies as at 31st march, 2013 is Rs. 33,788,534/- ( Previous year Rs.24,953,694/-)

3 Leasing arrangements:

Finance Lease:

The company does not have any item covered under finance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases".

Operating Lease:

The significant leasing arrangements entered into by the Company include the following:

1) Buildings taken on operating lease with lease term between 11 and 144 months for office premises, Factory premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties. There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

2) The total future minimum lease rentals payable at the Balance Sheet date is as under

3) Lease payments recognized under rent expenses.

The Company has various operating leases for office facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in statement of profit and loss for the year is Rs. 111,092,212/- (P.Y.Rs. 73,528,796/-)

4 Segmental Information

The Company is engaged in the business of "Manufacturing of Garments". As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignificant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notified by the Companies ( Accounting Standard ) Rules 2006 is not applicable to the company.

5 Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having significant influence.

Page Garments Exports Private Limited

b) Key management personnel

Sunder Genomal

Pius Thomas (W.E.F 13th September 2012)

c) Relative of Key management personnel

Shamir Genomal

6 Previous year''s figures have been regrouped / reclassified wherever necessary to make them comparable with the current year''s classification.


Mar 31, 2012

1 Brief about the Company

The Company was set up in the year 1995 with the key objective of bringing the innerwear brand "JOCKEY" to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer's involvement with the purchase.

The company commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products.

The company has added to its profile by entering in to license with "SPEEDO", A globally known International brand for swim wear. Wide range of products are launched in India by the company in the year 2011.

2A Terms /Rights attached to Equity Shares

Equity Shares: The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing annual general meeting except in case of interim dividend.

2B Company does not have any holding company or subsidiary company, Shares held by holding and subsidiary company does not arise.

3A Litigations

In accordance with Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets as notified by the Companies ( Accounting Standard ) Rules 2006 the following provisions are made in the books of accounts.

4A Disclosure pursuant to clause 32 of the listing agreements

a) Loans and Advances in the nature of loans to subsidiary : NA (P.Y - NA)

b) Loans and Advances in the nature of loans to Associates : NA (P.Y - NA)

c) Loans and Advances in the nature of loans where there is :

i) No repayment schedule or repayment beyond seven years : NA (P.Y - N.A)

ii ) No Interest of Interest below sec. 372A of the companies Act, 1956: NA (P.Y - NA)

5 Contingent liabilities and commitments

As at As at Particulars 31stMarch2012 31stMarch2011

Rs. Rs.

(i)Contingent Liabilities

(a)Claims against the company not acknowledged as debt 1)Other disputed demands - Jai Agencies 876,252 876,252

(b) Guarantees 9,049,970 9,049,970

(c) Other money for which the company is contingently liable

1) Income Tax matters under appeal ( to the 21,097,402 21,097,402 extent ascertained) [Income Tax Claims are disputed by company and is being contested with various forums/authorities]

Out of the above Rs. 21,097,402/- is in relation to various assessment years, which the company has disputed & against which the company has preferred an Appeal. 31,023,624 31,023,624

(ii) Commitments

(a)Estimated amount of contracts remaining to be executed on capital account and not provided for 84,087,255 68,908,256

(b)Uncalled liability on shares and other investments partly paid - -

(c)Commitments towards lease obligations 741,484,193 622,421,135

825,571,448 691,329,391

856,595,072 722,353,015

Note:

1. The discount rate is based on the prevailing market yields of Indian Government Securities as at the balance sheet date for the estimated term of the obligation

2. The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets and the company's policy for plan asset management. In order to protect the capital and optimise returns within acceptable risk parameters, the plan assets are well diversified.

3. The estimated of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

Note:

1. The discount rate is based on the prevailing market yields of Indian Government Securities as at the balance sheet date for the estimated term of the obligation.

2. The estimated of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

5 Leasing arrangements:

Finance Lease:

The company does not have any item covered under finance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases".

Operating Lease:

The significant leasing arrangements entered into by the Company include the following:

1) Buildings taken on operating lease with lease term between 11 and 144 months for office premises, Factory premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties. There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

3) Lease payments recognized under rent expenses.

The Company has various operating leases for office facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in profit and loss account for the year is Rs. 73,528,796/- (P.Y.Rs. 59,407,720/- )

6 Segmental Information

The Company is engaged in the business of "Manufacturing of Garments". As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignificant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notified by the Companies (Accounting Standard) Rules 2006 is not applicable to the company.

7 Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having significant influence. Page Garments Exports Private Limited

b) Key management personnel Sunder Genomal

c) Relative of Key management personnel Shamir Genomal

8 The financial statements for the year ended March 31, 2011 had been prepared as per the applicable Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31,2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2011

1. Contingent liability not provided for in respect of:

2010-11 2009-10 Particulars (Rs.) (Rs.)

A. Claims against the Company not acknowledge as debts - i) Other disputed demands - Jai Agencies 876,252 876,252

B. Bank Guarantees 9,049,970 9,049,970

C. Income Tax matters under appeal (to the extent ascertained) 8,607,181 1,014,819 [Income Tax Claims are disputed by company and is being contested with various forums/authorities ].

2. Capital Commitments

Estimated value of Capital Commitments (Net of Advance) Rs. 68,908,256/- (Previous Year Rs. 42,063,683/-)

3. Capitalization of borrowing cost:-

During the year the company has capitalized interest amounting to Rs.Nil (Previous year - Rs.Nil/-)

4. Leasing arrangements:

Finance Lease : The company does not have any item covered under fnance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases”.

Operating Lease: The signifcant leasing arrangements entered into by the Company include the following:

i) Buildings taken on operating lease with lease term between 11 and 72 months for offce premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties.

ii) All the operating leases are cancelable by the lessee for any reason by giving notice of between 1 and 3 months.

iii) There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

iv) Lease payments recognized under rent expenses in Schedule K and M :

The Company has various operating leases for offce facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in proft and loss account for the year is Rs.59,638,600/- (P.Y.Rs. 39,943,638/-)

5. Segmental Information

The Company is engaged in the business of "Manufacturing of Garments”. As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignifcant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notifed by the Companies ( Accounting Standard ) Rules 2006 is not applicable to the company.

6. Disclosure of Foreign Currency Exposure

There are no foreign currency exposure that has not been hedged by a derivative instrument or otherwise.

The principal and interest amount payable on Foreign Currency working capital loan has been covered under the forward contract. The Premium payable on the forward cover had been amortised over the tenure of loan.

The above disclosures have been made consequent to an announcement by the Institute of Chartered Accountants of India in December, 2005, which is applicable to the fnancial periods ending on or after 31st March, 2011.

7. Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having signifcant infuence. Page Garments Exports Private Limited

Trigen Apparel Private Limited Trigen Resources Phillipines Inc., Genco Holding Private Limited

b) Key management personnel Sunder Genomal

c) Relative of Key management personnel Shamir Genomal

8. In accordance with Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets as notifed by the Companies ( Accounting Standard ) Rules 2006 the following provisions are made in the books of accounts.

a) Litigations

The Company has income tax demand total amounting to Rs. 21.1 Million in relation to various assessment years, which the company has disputed & against which the company has preferred an Appeal.

Earned Leave

The defned beneft obligation of compensated absence in respect of the employees of the companies as at 31st March, 2011 is Rs.26,325,032/- (Previous year Rs.18,121,597/-).

9. The Balances in Debtors and Creditors are subject to confrmation and reconciliation. Inventory with third parties are subject to reconciliation.

10. Debts due from directors or other offcers of the company at any time during the year : NIL ( Previous year : NIL)

11. Prior period items are income or expenses which arise in the current period as a result of errors or omissions in the preparation of the fnancial statements of one or more prior periods.

12. Disclosures pursuant to clause 32 of the listing agreements

a) Loans and advances in the nature of loans to subsidiary : NA (P.Y - NA)

b) Loans and advances in the nature of loans to Associates : NA (P.Y - NA)

c) Loans and advances in the nature of loans where there is

i) No repayment schedule or repayment beyond seven years : NA (P.Y - NA)

ii) No interest or Interest below sec. 372A of the Companies Act,1956 : NA (P.Y - NA)

13. Previous years fgures have been regrouped/reclassifed wherever necessary to make them comparable with the current years classifcation.


Mar 31, 2010

1 BRIEF ABOUT THE COMPANY

The company was set up in the year 1995 with the key objective of bringing the innerwear brand "JOCKEY" to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumers involvement with the purchase.

The company commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products. The company has the distinction of being the only innerwear brand in the country which has been awarded the "Superbrand" status. The "Superbrand" is accredited by Superbrand Organization which is an independent arbiter on branding.

2 Capital Commitments

Estimated value of Capital Commitments (Net of Advance) Rs. 4,20,63,683/- (Previous Year Rs. 30,28,667/-)

3 Additional information pursuant to the provisions of paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956

4 Capitalization of borrowing cost:-

During the year the company has capitalized interest amounting to Rs.Nil ( Previous year - Rs.26,05,029/-)

5 Leasing arrangements: Finance Lease:

The company does not have any item covered under finance lease which needs disclosure as per Accounting Standard 19 - "Accounting for Leases".

Operating Lease:

The significant leasing arrangements entered into by the Company include the following:

i) Buildings taken on operating lease with lease term between 11 and 72 months for office premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties.

ii) All the operating leases are cancelable by the lessee for any reason by giving notice of between 1 and 3 months.

iii) There are no restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing.

iv) Lease payments recognized under rent expenses in Schedule K and L :

The Company has various operating leases for office facilities and residential premises for employees that are renewable on a periodic basis. Rental expenses for operating leases recognized in profit and loss account for the year is Rs.3,99,43,638/- (P.Y.Rs.2,69,28,912/-)

6 Segmental Information

The Company is engaged in the business of "Manufacturing of Garments". As the basic nature of these articles are governed by the same set of risk and returns, these have been re-grouped as a single business segment. Further the company sells primarily in the domestic market where its operations are governed by the same set of risks and returns and the overseas sales are insignificant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting Standard (AS - 17) on Segmental Reporting notified by the Companies ( Accounting Standard ) Rules 2006 is not applicable to the company.

The principal and interest amount payable on Foreign Currency working capital loan has been covered under the forward contract. The Premium payable on the forward cover had been amortised over the tenure of loan

The above disclosures have been made consequent to an announcement by the Institute of Chartered Accountants of India in December, 2005, which is applicable to the financial periods ending on or after 31st March, 2006.

7 Disclosure in respect of Related Parties pursuant to Accounting Standard 18 :

(i) List of Related Parties:

a) Enterprises in which KMPs or their relatives having significant influence. Page Garments Exports Private Limited

Trigen Apparel Private Limited Trigen Resources Philippines Inc., Genco Holding Private Limited

b) Key management personnel

Sunrier Opnnmfll

8 In accordance with Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets as notified by the Companies ( Accounting Standard ) Rules 2006 the following provisions are made in the books of accounts.

a) Litigations

In respect of Income tax demand total amounting to Rs. 2.11 Crores arising on account of claiming deduction u/s.80JJAA and under section 35D. The company has provided provisions to the extent of 50% of the disputed amount towards deduction U/s 80JJAA.Further the company has appealed against the above mentioned orders before Joint Commissioner Income Tax (Appeals).

9 As per the company policy, the maximum gratuity payable to the employee is restricted to the maximum limit specified under Sub Section 3 of Section 4 of the Gratuity Act 1972. The maximum limit had been enhanced to Rs. 10 Lakhs from the erstwhile limit of Rs. 3.5 Lakhs as per Payment of Gratuity (Amendment) Act, 2010. However for the purpose of Gratuity Provision Computation, the company has considered the erstwhile limit of Rs.3.5 Lakhs instead of enhanced limit of Rs.10 Lakhs. In the absence of actuarial valuation certificate under the new enhanced limit, the impact on the financial statement cannot be determined."

10 The disclosure required under Accounting Standard 15 " Employee Benefits " notified in the companies (accounting standards ) rules 2006 is given below :-

Note:

1 The discount rate is based on the prevailing market yields of Indian Government Securities as at the balance sheet date for the estimated term of the obligation

2 The expected return on plan assets is determined considering several applicable factors mainly the composition of the plan assets held, assessed risks of asset management, historical results of the return on plan assets and the companys policy for plan asset management. In order to protect the capital and optimise returns within acceptable risk parameters, the plan assets are well diversified.

3 The estimated of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market

11 The Balances in Debtors and Creditors are subject to confirmation and reconciliation.Inventory with third parties are subject to reconciliation.

12 Debts due from directors or other officers of the company at any time during the year : NIL ( Previous year : NIL)

13 Prior period items are income or expenses which arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods.

14 Disclosures pursuant to clause 32 of the listing agreements

(a) Loans and advances in the nature of loans to subsidiary : NA ( P.Y - NA )

(b) Loans and advances in the nature of loans to Associates : NA ( P.Y - NA )

(c) Loans and advances in the nature of loans where there is

i) No repayment schedule or repayment beyond seven years - NA ( P.Y - NA )

ii) No interest or Interest below sec.372A of the Companies Act, 1956: NA ( P.Y - NA )

(d) Loans and advances in the nature of loans to companies in which directors are interested:

15 Previous years figures have been regrouped / reclassified wherever necessary to make them comparable with the current years classification.

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