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Notes to Accounts of Shiva Texyarn Ltd.

Mar 31, 2015

1. Rights, Preferences and restrictions attaching to each class of shares including restrictions on distribution of dividends and repayments of Capital :

The Company has only one class of equity shares having par value of Rs.10/- each; Each equity share carries one vote; the shares carry equal right with respect to payment of dividend and repayment of capital in any event.

2. Terms of any securities convertible into Equity/Preference Shares issued along with earliest date of conversion in descending order starting from earliest such date : Not applicable

3. Shares reserved for issue under option and Contract / Commitments for the sale of shares / disinvestment including terms and amounts : Not applicable

4. OTHER NOTES TO FINANCIAL STATEMENTS (Rs. in lakhs)

As at As at Particu|ars 31.03.2015 31.03.2014

I ADDITIONAL NOTES TO BALANCE SHEET

A Contingent liabilities

a) Claims against the Company not acknowledged - - as debt

b) Guarantees - -

c) Other money for which the Company is contingently liable:

i) Disputed demands from ESI Authorities pertaining to Corporate office 11.28 11.28

ii) Disputed income tax demand pending in appeal before the first Appellate authority - 1.05

iii) Disputed central sales tax demand in respect of which interim stay granted by Hon'ble High Court of Madras - 16.02

iv) Disputed TNVAT demand in respect of which interim stay granted by Hon'ble High Court of Madras 127.17 404.13

B Commitments

a) Estimated amount of contracts remaining to be executed on capital account and not provided for 105.09 157.06

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

c) Other Commitments:

The amount of duty concession availed against the pending obligation for import of capital goods under concessional customs duty linked to fulfillment of export obligations 298.61 3,704.81

5. DISCLOSURES PURSUANT TO ACCOUNTING STANDARDS

a) AS 2 - Valuation of inventories

Closing stock of finished goods in textile division is valued excluding excise duty as the company opted for clearance at "Nil" duty and hence no provision for excise duty is made as expense. The method of valuation has no impact on the net profits.

i. Raw materials At weighted average method

ii. Process At weighted average method (incl. appropriate production overhead)

iii. Finished goods At weighted average method (incl. appropriate production overhead)

iv. Stock of packing materials At weighted average method and stores and spares

b) AS 17 - Segment reporting

The company's business relates to single segment only i.e, Textiles and hence no segment reporting is given.

c) AS 18 - Related party disclosures

A. Related parties

i) Holding and Subsidiary Companies : Nil

ii) Associates :

Anamallais Automobiles Private Ltd Anamallais Motors Private Ltd Annamallai Retreading Company Private Ltd Bannari Amman Spinning Mills Ltd Sakthi Murugan Transports Ltd Shiva Cargo Movers Ltd Young Brand Apparel Private Ltd Sundar Ram Enterprise Private Ltd

iii) Key management personnel :

Sri S V Alagappan - Chairman and Managing Director

Sri S K Sundararaman - Executive Director

iv) Relatives of key management personnel :

Dr S V Balasubramaniam - Brother of Chairman and Managing Director

Sri S V Kandasami - Brother of Chairman, Managing Director and F/o. Executive Director

Sri S V Arumugam - Brother of Chairman and Managing Director

Smt A Lalitha - Daughter of Chairman and Managing Director

d) AS 19 - Accounting for leases

Accounting for lease rentals paid under contract for operating lease and rental on time schedule, charged to revenue as and when incurred. The company has not entered into any contract for finance lease.

e) AS 28 - Impairment of assets

The assets of the company have not suffered any impairment as assessed by the Management.

f) AS 29 - Provision, contingent liabilities and contingent assets

a) Provisions : Nil

b) Contingent liabilities

Contingent liabilities are not provided for, but disclosed in the notes on accounts.

c) Contingent assets

i) In the opinion of the management there are no contingent assets.

ii) Contingent assets as a policy are not recognized.

6. DISCLOSURES PURSUANT TO MICRO, SMALL & MEDIUM ENTERPRISES (DEVELOPMENT) ACT, 2006

The management has initiated the process of identifying enterprises which 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 Enterprises Development Act,2006. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at 31st March, 2015 has been made in the financial statements based on information received and available with the company. The company has not received any claim for interest from any supplier under the said Act.

7. OTHER DISCLOSURES

1 Status of income tax, interest tax, wealth tax and fringe benefit tax assessments :

a) The income tax assessments have been completed upto the assessment year 2012-13.

b) The wealth tax assessments have been completed upto the assessment year 2012-13.

c) No further liability likely to arise as against completed or pending assessments

2 In the opinion of Board of Directors :

a) Assets Other than Fixed Assets and Non Current Assets would realize the value stated in the normal course of Business.

b) There are no overdue payments to Micro, Small and Medium Enterprises attracting interest in terms of Micro, Small & Medium Enterprises (Development) Act, 2006.

c) There are no amounts required to be transferred to Central Government under the Investor Education and Protection Fund.

8. The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current year presentation.


Mar 31, 2014

Particulars As at As at 31.03.2014 31.03.2013

I ADDITIONAL NOTES TO BALANCE SHEET

A Contingent liabilities

(a) Claims against the Company not acknowledged as debt - -

(b) Guarantees - -

(c) Other money for which the Company is contingently liable: (i) Disputed demands from ESI Authorities pertaining to Corporate office 11.28 11.28

(ii) Disputed income tax demand pending in appeal before the first Appellate authority 1.05 1.05

(iii) Disputed central sales tax demand in respect of which interim stay granted by Hon''ble High Court of Madras 16.02 16.02

(iv) Disputed TNVAT demand in respect of which interim stay granted by Hon''ble High Court of Madras 404.13 -

III DISCLOSURES PURSUANT TO ACCOUNTING STANDARDS

1) AS 2 - Valuation of inventories

Closing stock of finished goods in textile division is valued excluding excise duty as the company opted for clearance at "Nil" duty and hence no provision for excise duty is made as expense. The method of valuation has no impact on the net profits.

i. Raw materials At weighted average method

ii. Process

At weighted average method (incl. appropriate production overhead)

iii. Finished goods

At weighted average method (incl. appropriate production overhead)

iv. Stock of packing materials and stores and spares At weighted average method

In the absence of detailed information regarding plan assets which is funded with Life Insurance Corporation of India, the composition of each major category of plan assets, the percentage or amount for each category to the fair value of plan assets has not been disclosed. The details of experience adjustments arising on account of plan assets and liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on "Employees Benefits" are not readily available in the valuation report furnished by LIC of India and hence, are not furnished.

3) AS 17 - Segment reporting

The company''s business relates to single segment only i.e, Textiles and hence no segment reporting is given.

4) AS 18 - Related party disclosures

A. Related parties

(i) Holding and Subsidiary Companies : Nil

(ii) Associates :

Anamallais Agencies Private Ltd

Anamallais Automobiles Private Ltd

Annamallai Retreading Company Private Ltd

Bannari Amman Flour Mill Ltd

Bannari Amman Spinning Mills Ltd

Sakthi Murugan Transports Ltd

Shiva Cargo Movers Ltd

Shiva Distilleries Ltd

Vedanayagam Hospital Ltd

Sundar Ram Enterprise Private Ltd

(iii) Key management personnel :

Sri S V Alagappan - Chairman and Managing Director

Sri S K Sundararaman - Executive Director

(iv) Relatives of key management personnel :

Dr S V Balasubramaniam - Brother of Chairman and Managing Director

Sri S V Kandasami - Brother of Chairman, Managing Director and F/o. Executive Director

Sri S V Arumugam - Brother of Chairman and Managing Director

Smt A Lalitha - Daughter of Chairman and Managing Director

9) AS 29 - Provision, contingent liabilities and contingent assets

(a) Provisions : Nil

(b) Contingent liabilities

Contingent liabilities are not provided for, but disclosed in the notes on accounts.

(c) Contingent assets

(i) In the opinion of the management there are no contingent assets.

(ii) Contingent assets as a policy are not recognized.

V OTHER DISCLOSURES

1 Status of income tax, interest tax, wealth tax and fringe benefit tax assessments :

(a) The income tax assessments have been completed upto the assessment year 2011-12; disputed income tax demand pending in appeal before the first Appellate authority Rs.1.05 lakhs

(b) The wealth tax assessments have been completed upto the assessment year 2011-12; No further liability in likely to arise as against completed or pending assessments

2 In the opinion of Board of Directors :

(a) Assets Other than Fixed Assets and Non Current Assets would realize the value stated in the normal course of Business

(b) There are no overdue payments to Micro, Small and Medium Enterprises attracting interest in terms of Micro, Small & Medium Enterprises (Development) Act, 2006

(c) There are no amounts required to be transferred to Central Government under the Investor Education and Protection Fund

3 The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current year presentation.

1. General Instructions:

a. There will be one Postal Ballot Form/e-voting for every Client ID No. / Folio No., irrespective of the number of joint holders.

b. Members have option to vote either through Postal Ballot Form or through e-voting. If a member has opted for Physical Postal Ballot, then he/she should not vote by e-voting and vice versa. However, in case Shareholders cast their vote through both physical postal ballot and e-voting, then vote cast through e-voting shall prevail and vote cast through Physical Postal Ballot shall be considered as invalid.

c. Voting in the Postal ballot/e-voting cannot be exercised by a proxy. However, corporate and institutional members shall be entitled to vote through their authorised representatives with proof of their authorization, as stated below.

d. Any query in relation to the Resolutions proposed to be passed by Postal Ballot may be addressed to Mrs M Shyamala, Company Secretary, at the Registered Office of the Company.

e. The Scrutinizer''s decision on the validity of a Postal Ballot/E-voting shall be final and binding.

2. Instructions for voting physically by Postal Ballot Form:

a. A member desirous of exercising his/her Vote by Postal Ballot may complete this Postal Ballot Form and send it to the Scrutinizer, Mr R Dhanasekaran, Practicing Company Secretary (CP No.7745), C/o. M/s. S.K.D.C. CONSULTANTS LTD Kanapathy Towers, 3rd Floor, 1391/A-1, Sathy Road, Ganapathy, Coimbatore - 641 006.

b. This Form must be completed and signed by the Member, as per specimen signature registered with the Company or Depository Participant, as the case may be. In case of joint holding, this Form must be completed and signed (as per the specimen signature registered with the Company) by the first named Member and in his/her absence, by the next named Member.

c. In respect of shares held by corporate and institutional members (companies, trusts, societies, etc.), the completed Postal Ballot Form should be accompanied by a certified copy of the relevant Board Resolution/appropriate authorization, with the specimen signature(s) of the authorized signatory(ies) duly attested.

d. Voting rights shall be reckoned in proportion to the paid-up equity shares registered in the name of the Member as on 11th July, 2014.

e. The consent must be accorded by recording the assent in the column ''FOR'' or dissent in the column ''AGAINST'' by placing a tick mark (3) in the appropriate column in the Postal Ballot Form. The assent or dissent received in any other form shall not be considered valid.

f. Members are requested to fill the Postal Ballot Form in indelible ink and avoid filling it by using erasable writing medium(s) like pencil.

g. Duly completed Postal Ballot Form should reach the Scrutinizer not later than the close of working hours (17:00 hrs.) on 22nd August, 2014. All Postal Ballot Forms received after this date will be strictly treated as if no reply has been received from the Member.

h. A Member may request the Company for a duplicate Postal Ballot Form, if so required, and the same duly completed should reach the Scrutinizer not later than the date specified under instruction No. 2(g) above.

i. Members are requested not to send any other paper along with the Postal Ballot Form. They are also requested not to write anything in the Postal Ballot Form except giving their assent or dissent and putting their signature. If any such other paper is sent, the same will be destroyed by the Scrutinizer.

j. Incomplete, unsigned or incorrectly ticked Postal Ballot Forms will be rejected.

k. The results would be displayed on the Company''s website www.shivatex.co.in, besides communicating to the Stock Exchanges where the Company''s shares are listed.


Mar 31, 2013

1) AS 17 - Segment reporting

The company''s business relates to single segment only i.e, Textiles and hence no segment reporting is given.

2) AS 18 - Related party disclosures

A. Related parties

(i) Holding and Subsidiary Companies : Nil

(ii) Associates :

Anamallais Agencies Private Ltd

Anamallais Automobiles Private Ltd

Annamallai Infrastructures Ltd

Annamallai Retreading Company Private Ltd

Bannari Amman Flour Mill Ltd

Bannari Amman Spinning Mills Ltd

Sakthi Murugan Transports Ltd

Shiva Cargo Movers Ltd

Shiva Distilleries Ltd

Vedanayagam Hospital Ltd

Sundar Ram Enterprise Private Ltd (iii) Key management personnel :

Sri S V Alagappan - Chairman and Managing Director

Sri S K Sundararaman - Executive Director

(iv) Relatives of key management personnel :

Dr S V Balasubramaniam - Brother of Chairman and Managing Director

Sri S V Kandasami - Brother of Chairman, Managing Director and F/o. Executive Director

Sri S V Arumugam - Brother of Chairman and Managing Director

Smt A Lalitha - Daughter of Chairman and Managing Director

3) AS 28 - Impairment of assets

The assets of the company have not suffered any impairment as assessed by the Management.

4) AS 29 - Provision, contingent liabilities and contingent assets

(a) Provisions : Nil

(b) Contingent liabilities

Contingent liabilities are not provided for, but disclosed in the notes on accounts.

(c) Contingent assets

(i) In the opinion of the management there are no contingent assets.

(ii) Contingent assets as a policy are not recognized.


Mar 31, 2012

I. ADDITIONAL NOTES TO BALANCE SHEET

As at As at

31.03.2012 31.03.2011 (Rupees in lakhs)

A Contingent liabilities

(a) Claims against the Company not acknowledged as debt - -

(b) Guarantees - -

(c) Other money for which the Company is contingently liable:

Disputed demands from ESI Authorities pertaining to

Corporate office 5.32 5.32

B Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for 333.81 332.04

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

(c) Other Commitments :

The amount of duty concession availed against the pending obligation for import of capital goods under confessional customs duty linked to fulfillment of export obligations 3,365.10 3,298.81

C Proposed dividends

(a) On Preference Shares :

Total amount of proposed dividend - -

Number of Shares - -

Amount of dividend per share - -

Arrears of cumulative dividend - -

(b) On Equity Shares :

Total amount of proposed dividend - 324.07

Number of shares 21,604,521 21,604,521

Amount of dividend per share - 1.50

D Unutilised amount of proceeds of securities issued for specific purpose Nil Nil

E Diminution in value of assets other than fixed assets & non-current investments Nil Nil

In the absence of detailed information regarding plan assets which is funded with Life Insurance Corporation of India, the composition of each major category of plan assets, the percentage or amount for each category to the fair value of plan assets has not been disclosed. The details of experience adjustments arising on account of plan assets and liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on "Employees Benefits" are not readily available in the valuation report furnished by LIC of India and hence, are not furnished.

1 AS 17 - Segment Reporting

The company's business relates to single segment only i.e, Textiles and hence no segment reporting is given.

2 AS 18 - Related party disclosures A. Related parties

(i) Holding and Subsidiary Companies :

Nil

(ii) Associates :

Anamallais Agencies Private Ltd Anamallais Automobiles Private Ltd Annamallai Infrastructures Ltd Annamallai Retreading Company Private Ltd

3 AS 19 - Accounting for leases

Accounting for lease rentals paid under contract for operating lease and rental on time schedule, charged to revenue as and when incurred. The company has not entered into any contract for finance lease.

V OTHER DISCLOSURES

1 Status of income tax, interest tax, wealth tax and fringe benefit tax assessments :

(a) The income tax assessments have been completed upto the assessment year 2009-10; No further liability likely to arise as against completed or pending assessments

(b) The wealth tax assessments have been completed upto the assessment year 2009-10; No further liability likely to arise as against completed or pending assessments

2 In the opinion of the Board of Directors, all the current assets, loans and advances would realisse value stated in the normal course of business of the company

3 There are no amounts required to be transferred to Central Government under the Investor Education and Protection Fund

4 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous period figures have been recasted/restated to confirm to the classification of the current period.

 
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