Mar 31, 2015
1. CORPORATE INFORMATION
Santaram Spinners Limited is a public listed company incorporated as
spinning unit, now diversified and in operation of agro processing
products mainly in trading and manufacturing of cotton - kapas, ginning
cotton bales, raw oil and its agro by-products.
2. Terms/right attached to the equity/preference shares:
a. The Company has only one class of equity shares having a par value
of '10 per share, each shareholder is elligible for one vote per share.
The Company delcares and pays dividend in Indian Rupees. Dividend
Proposed by Board of Directors is subject to approval of Shareholders
in the ensuing Annual General Meeting.
b. In the event of liquidation, the Equity Sharesholders are eligible
to receive the remaining Assets of the company after Distribution of
all Preferential amount, in proportion to Shareholding.
c. Company has not alloted any bonus shares, Shares without
consideration in cash and/or bought back any equity shares during the
priod of five years immediately preceeding the Balance sheet date.
Loan from Union Bank of India secured by :
a. Tem loan/Cash Credit is secured by Hypothecation/pledge/charge over
following prime security :
Packing Credit : Hypo. Of RM/WIP/FG & consumables meant for export
FDBP : Export Bills covering export of goods under
confirmed contract/LC
CC Hypo. : Hypo of entire paid stocks & Book Debts. However,
stock/book debts older than 90 days shall not rank
for DP
Term loan : Hypo of P & M - Repayable in 72 Equal monthly
installments starting from May 2012 and interest to be
recovered seperately as and when charged.
b. Collateral Security : EM over the following assets: Factory Land &
Building situated at Rajpur. Tal: Kadi, Dist. Mehsana in the name of
Company.
Further, all the credit facilities are personally guaranteed by Kalyan
J Shah, Managing Director of the Company.
3.A. During the year, there are no Capital Commitment Expenditure.
B. In the opinion of Board of Directors the current assets, loans and
advances are approximately of the value stated if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate.
C. We have verified the transactions recorded in the books with such
documentary evidence as were made available and produced before us.
Where such documentary evidence was not available we have accepted the
voucher / entries as certified by management.
D. Confirmation letters/contra accounts of debit and credit balances of
various parties are received by the Company. Balance due to or due by
various parties, sundry debtors and sundry creditors, loan and advances,
other account and all squared up accounts and other balances are
therefore Subject to adjustment on receipt of confirmation
E. Contingent Liability related to Micro, Small and Medium Enterprises
The Company has not received information from vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act
2006 and hence disclosure relating to amount unpaid to as at year end
together with interest paid/payable under this Act have not been given.
F. Impairment of Assets :
The carrying amounts of assets are reviewed at each balance sheet date,
if there is any indication of impairment based on internal/external
factors. An impairment loss will be recognized wherever the carrying
amount of an asset exceeds its estimated recoverable amount. The
recoverable amount is greater of the assets net selling price and value
in use. In assessing the value in use the estimated future cash flows
are discounted to the present value at the weighted average cost of
capital. During the year there are no impairment losses on assets of
the Company.
G. In compliance of AS - 17 on "Segment Reporting" issued by the
Institute if Chartered Accountants of India, in case of geographical
segment, the domestic turnover of the Company is Rs.13785.78 lacs and
the export turnover of the Company is Rs.3325.88 lacs. The Company
mainly deals in cotton and its by products. Since the by-products such
as oil,khol etc, turnover is less than 10% of the total turnover, no
separate segment is reported.
H. As per Accounting Standard - 18 issued by The Institute of
Chartered Accountants of India, the disclosures of transactions with
the related parties as define in the Accounting Standards are given
below
Key Managerial Personnel Shri. Kalyanbhai J. Shah
Shri. Nirav Shah
Shri. Paresh R.
Shah Shri. Janak G. Nanavaty
Shri. Fenil R. Shah
Smt. Falguni Broker
Relative Key Managerial Personnel No Transaction during the year.
I. Earnings per Share :
The earnings considered in ascertaining the Company's EPS represent
profit for the year after tax. Basic EPS is computed and disclosed
using the weighted average number of equity shares outstanding during
the year.
J. Previous year figures have been regrouped, reconsider wherever
necessary.
Mar 31, 2014
CORPORATE INFORMATION
Santaram Spinners Limited is a public listed company incorporated as
spinning unit, now diversified and in operation of agro processing
products mainly in trading and manufactu ring of cotton- kapas, ginning
cotton bales, raw oil and its agro by-products.
Terms/right attached to the equity/preference shares
1. The Company has only one class of equity shares having a par value
of 10 per share, each shareholder is elligible for one vote per share.
The Company delcares and pays dividend in Indian Rupees. Dividend
Proposed by Board of Directors is subject to approval of Shareholders
in the ensuing Annual General Meeting.
2. in the event of liquidation, the Equity Sharesholders are eligible
to receive the remaining Assets of the company after Distribution of
all Preferential amount, in proportion to Shareholding.
3. Company has not alloted any bonus shares, Shares without
consideration in cash and/or bought back any equity shares during the
priod of five years immediately preceeding the Balance sheet date.
4) Loan from Union Bank of India secured by :
1. Term loan/Cash Credit is secured by Hypothecation/pledge/charge over
following prime security Packing Credit: Hypo. Of RM/WIP/FG &
consumables meant for export FDBP ; Export Bills covering export of
goods under confirmed contract/LC CC Hypo.: Hypo of entire paid stocks
& Book Debts. However, stock/book debts older than 90 days shall not
rank for DP
Term Loan : Hypo of P & M
Repayable in 72 Equal monthly installments starting from May 2012 and
interest to be recovered seperately as and when charged.
2. Coilateral Security :
EM over the following assets:
Factory Land & Building situated at Rajpur. Tal: Kadi, Dist. Mehsana in
the name of Company Further, ail the credit facilities are personally
guaranteed by Kalyan J Shah, Managing Director of the Company.
5) Contingent Liabilities & Commitments:
PARTICULARS 2013-2014 2012-2013
Contingent Liabilities & Commitments
to the extent
not provided for
Sales Tax Demand
Pending before Sales Tax Tribunal for
the FY 1993-94 36189
Pending before Sales Tax Tribunal(VAT)
for the FY 2006-07 956900 956900
Pending before Sales Tax(CST) for the
FY 2006-07 914477 914477
Pending before Sales Tax(VAT) for the
FY 2008-09 9700 9700
Income Tax Demand
Pending before Income Tax for the
FY 2009-10 - 212650
6)During the year, there are no Capital Commitment Expenditure.
7) in the opinion of Board of Directors the current assets, loans and
advances are approximately of the value stated if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate.
8) We have verified the transactions recorded in the books with such
documentary evidence as were made available and produced before us.
Where such documentary evidence was not available we have accepted the
voucher / entries as certified by management.
9) Confirmation letters/contra accounts of debit and credit balances
of various parties are received by the Company Balance due to or due by
various parties, sundry debtors and sundry creditors, foan and
advances, other account and all squared up accounts and other balances
are therefore Subject to adjustment on receipt of confirmation
10) Contingent Liability related to Micro, Small and Medium Enterprises
The Company has not received information from vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act
2006 and hence disclosure relating to amount unpaid to as at year end
together with interst paid/payable under this Act have not been given.
11) Impairment of Assets:
The carrying amounts of assets are reviewed at each balance sheet date,
if there is any indication of impairment based on internal/external
factors. An impairment loss will be recognized wherever the carrying
amount of an asset exceeds its estimated recoverable amount. The
revoverable ampunt is greater of the assets net selling price and value
in use. In assessing the value in use the estimated future cash flows
are discounted to the present value at the weighted average cost of
capital. During the year there are no impairment losses on assets of
the Company.
12) In compliance of AS - 17 on "Segment Reporting" issued by the
institute if Chartered Accountants of India, in case of geographical
segment, the domestic turnover of the Company is Rs.5694.57 lacs and
the export turnover of the Company is Rs.2221.25 lacs. The Company
mainly deals in cotton and its by products. Since the by-products such
as oil,khol etc, turnover is less than 10% of the total turnover, no
separate segment is reported.
13) In compliance of AS Â 22 on "Accounting for taxes on Income"
issued by Institute of Chartered Accountants of India, the Company has
provided Accumulated net deferred tax liability in respect of timing
difference as on 31st March,2014. The item wise details of deferred tax
liability as on 31.03.2014 are as under
14) Earning per Share:
The earnings considered in ascertaining the Company''s EPS represent
profit for the year after tax. Basic EPS is computed and disclosed
using the weighted average number of equity shares outstanding during
the year
Mar 31, 2013
N0TE:1 CONTINGENT LIABILITIES & COMMITMENTS
(In Rs.)
Particular 31/03/2013 31/03/2012
Contingent Liabilities & commitments
to the extent not provided for ''
Sales Tax Demand
Pending before Sales Tax Tribunal
for the FY 1993-1994 36,189 36,189
Pending before Sales Tax
Tribunal(Vat) for the FY 2006-2007 9,56,900
Pending before Sales Tax (CST)
for the FY 2006-2007 9,14,477
Pending before Sales Tax (Vat)
for the FY 2008-2009 9,700
Income Tax Demand
Pending before Income Tax Tribunal
for FY 2007-2008 2,23,046
Pending before Income Tax for
FY2009-2010 2,12,650
2. Confirmation letters/contra accounts of debit and credit balances
of various parties are not received by the Company. Balance due to or
due by various parties, sundry debtors and sundry creditors, loan and
advances, other account and all squared up accounts and other balances
are therefore Subject to adjustment on receipt of confirmation.
3. Previous year figures have been regrouped, reconsider wherever
necessary.
4. In the opinion of Board of Directors the current assets, loans and
advances are approximately of the value stated if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate.
5. It is not possible for us to verify whether the payments in excess
of Rs. 20,000/- have been made otherwise than by crossed cheque or bank
draft as the necessary evidence is not is possession of the assessee.
6. We have verified the transactions recorded in the books with such
documentary evidence as were made available and produced before us.
Where such documentary evidence was not available we have accepted the
voucher/ entries as certified by management.
7. Company has not provided liabilities for provident fund,
professional tax.
8. No provision has been made for the bonus liability for the current
year, the same has been charged based on actual payment for the current
year.
9. Based in information available with the Company, there are no
suppliers who are registered as micro, small or medium enterprise under
"The Micro, Small and Medium Enterprises Development Act, 2006" as at
March 31, 2012 and hence disclosure relating to amount unpaid at the
end of the year under this Act, has not been given.
10. As per Accounting Standard -18 issued by The Institute of Chartered
Accountants of India, the disclosures of transactions with the related
parties as define in the Accounting Standards are given below.
Key Managerial Personnel & their relatives: Shri. Kalyanbhai J. Shah
Shri. Nirav Shah Shri. Paresh R. Shah Shri. Janak G Nanavaty Shri.
Fenil R. Shah
Enterprise in which Directors & Key Managerial Giriraj Cotton Ltd
Personnel have significant influence: Jayatma Spinners Ltd
Mar 31, 2010
1. In the opinion of the Board of Directors,
a. The Current Assets, Loans and Advances have, a value on realisation
in the ordinary courses of business at least equal to the amount at
which they ere stated,
b. The Provision for all known liabilities Is adequate find not in
excess of the amount at with they are stated,
2, The figures have been rounded off to the nearest rupee.
3, The previous year figures have been regrouped and reclassified to
confirm the current years grouplng/classification
4. The Management is of the view that there was no Impairment loss of
Fixed Assets on the basis of review carried out in accordance with
accounting standard 28 Issued by the institute of Chartered Accountants
of India.
5. Debit and Credit outside parties (Including Debtors and Creditors
appearing In Balance Sheet are subject to confirmation / adjustment,
6 CONTINGENT LIABILITES:
There is no contingent liabilities and hence no provision has been made
regarding that.
7 The company has identified (its activities as single segment hence
no separate disclosure is required in term of Accounting Standard 17
(AS 17) "Segment Reporting",
8 Realated Party Disclosures under Accounting Standard 18:
Name of the realated party and their relation
Name of Related Party and thrir relation
Giriaj Cotton Ltd. Common Director
Jayatma Spinners Ltd. Common Director
Mar 31, 2009
1. In the opinion of the Board of Directors,
a. The Current Assets, Loans and Advances have a value on realisation
in the ordinary courses of business at least equal to the amount at
which they are stated.
b. The Provision for all known liabilities is adequate and not in
excess of the amount at with they are stated.
2. The figures have been rounded off to the nearest rupee.
3. The previous year figures have been regrouped and reclassified to
confirm the current years grouping/classification.
4. The Management is of the view that there was no impairment loss of
Fixed Assets on the basis of review carried out in accordance with
accounting standard 28 issued by the Institute of Chartered Accountants
of India.
5. During the year, the company has recalculated excess depreciation
provided in the earlier years and account for the reversal of excess
depreciation written back of Rs. 10,67,508/-
6. Debit and Credit balances of outside parties (including Debtors and
Creditors) appearing in Balance Sheet are subject to confirmation /
adjustment.
CONTINGENT LIABILITIES:
2008-09 2007-08
Contingent liabilities are not
provided for: Nil Rs. 89,145
Gujarat State Co-op Marketing Fed. Ltd
7 The company has identified its activities as single segment hence no
separate disclosure is required in term of Accounting Standard 17 (AS
17) "Segment Reporting".
8 Related Party Disclosures under Accounting Standard 18: Name of the
related party and their relation
Name of Related Party Their Relation
Urja Products Pvt. Ltd Common Director
Jayatma Info. Pvt. Ltd. Common Director
9. Additional information pursuant to the provisions of paragraph 3.
4C & 4D of part II of Schedule VI of the Companies Act, 1956.
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