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Notes to Accounts of Shri Dinesh Mills Ltd.

Mar 31, 2015

1. 330,780 Equity shares allotted to Shareholders of Platewel Processes and Chemicals Limited as fully paid without payment being received in cash in terms of amalgamation scheme sanctioned by Gujarat High Court, as per order Dated 20th March, 1981.

2. The Company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, 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 of their shareholding.

3. There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31st March, 2015

4. Effective from 1st April, 2014, the company has started providing depreciation on tangible assets over the revised remaining useful lives of tangible assets in alignment with useful lives prescribed in Schedule II to the Companies Act, 2013. Consequently, depreciation charge for the year ended March 31, 2015 is lower by Rs. 80.75 Lacs. Further, an amount of Rs. 340.57 Lacs (net of deferred tax) has been recognised in the opening balance of Retained Earnings which relate to the carrying amount of tangible assets whose revised remaining useful life was NIL as at 1st April, 2014.

5. Gross Block is carried at cost except Leasehold Land which is at cost less amounts written off.

6. Amount written off Rs. 0.09 Lacs of Leasehold Land has been debited to Profit and Loss Account under the head Depreciation and Amortization Expenses.

7. Buildings includes Rs. 750/- being the cost of shares in Co-operative Society (Previous year Rs. 750/-)

8. Capital work-in-progress includes spares for Spinning machine amounting to Rs. 32.04 Lacs, which were not put to use as on 31.03.2015.

9. Valution of Inventory is carried out as per the Standard Accounting policy followed by the company. See Annexure I referred to in Note 32

Workers' demand - matter under appeal 216.56 35.96

Claims against the company not acknowledged

as debts - -

Income tax Demands - matter under appeal 842.03 714.78

Excise matter under appeal 214.09 214.59

10. "Estimated amount of contracts remaining to be excecuted on Capital Account (net of advance payment) Rs. 489.53 Lacs (previous year Rs. NIL)

(A) Name of related party and nature of relationship

Name of related party Description of relationship

1. Where signiicant influence exists:

Dinesh Remedies Limited Subsidiary

Shri Dinesh Foundation Key Management Personnel are Trustee

Shri Maganbhai B. Patel's Charity Key Management Trust Personnel are Trustee

2. Key Management Personnel :

Mr. U.M.Patel Chairman Emeritus

Mr. B.U.Patel Chairman & Managing Director

Mr. N.U.Patel Managing Director

3. Relatives Of Key Management Personnel

Mrs. R.B.Patel Wife of Mr. B.U.Patel

Mrs. A.N.Patel Wife of Mr. N.U.Patel

Ms J.B.Patel Daughter of Mr. B.U.Patel

Mr. A.B.Patel Son of Mr. B.U.Patel

Mr. N.N.Patel Son of Mr. N.U.Patel

Mrs. M.U.Patel Wife of Mr. U.M.Patel

(C) There are no provisions for doubtul debts or amounts written off or written back in respect of debts due to or due from related parties

(D) Related party relationship is as identified by the Company on the basis of information available with them and relied upon by the Auditors

11. Segment Information

(a) Primary segment : Business segment

The Company has only one business segment Viz : "Textile".

12. Significant Accounting Policies followed by the Company are as stated in the statement annexed to this schedule as Annexure I.

13. Previous year's figures have been regrouped whereever necessary.


Mar 31, 2014

NOTE:1 RELATED PARTY INFORMATION

(A) Name of related party and nature of relationship

Name of related party Description of relationship

1. Where significant influence exists:

Dinesh Remedies Limited Subsidiary

Shri Dinesh Foundation Key Management Personnel are Trustee

Shri Maganbhai B. Patel''s Charity Trust Key Management Personnel are Trustee

2. Key Management Personnel :

Mr. U.M.Patel Chairman Emeritus

Mr. B.U.Patel Chairman & Managing Director

Mr. N.U.Patel Managing Director

3. Relatives Of Key Management Personnel

Mrs. R.B.Patel Wife of Mr. B.U.Patel

Mrs. A.N.Patel Wife of Mr. N.U.Patel

Ms. J.B.Patel Daughter of Mr. B.U.Patel

Mr. A.B.Patel Son of Mr. B.U.Patel

Mstr. N.N.Patel Son of Mr. N.U.Patel

Mrs. M.U.Patel Wife of Mr. U.M.Patel

(C) There are no provisions for doubtul debts or amounts written off or written back in respect of debts due to or due from related parties.

(D) Related party relationship is as identified by the Company on the basis of information available with them and relied upon by the Auditors.

Note: 2 Segment Information

(a) Primary segment : Business segment

The Company has only one business segment Viz : "Textile".

Note: 3 Significant Accounting Policies followed by the Company are as stated in the statement annexed to this schedule as Annexure I.

Note: 4 Previous year''s figures have been regrouped whereever necessary.


Mar 31, 2013

Note 1 Segment Information :

(a) Primary segment : Business segment

The Company has only on business segment Viz : "Textile".

(b) Secondary segment – Geographical segment :

Information of graphical segment:

Note: 2 Previous year''s figures have been regrouped whereever necessary.


Mar 31, 2012

1.1 30,780 Equity shares alloted to Shareholders of Platewel Processes and Chemicals Limited as fully paid without payment being received in cash in terms of amalgamation scheme sanctioned by Gujarat High Court, as per order Dated 20th March, 1981.

1.2 4,775,420 Equity shares issued as Bonus Shares by way of capitalisation of Reserve and Share Premium Account.

1.3 The Company has only one class of equity shares having a par value of Rs.10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, 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 of their shareholding.

2.1 Repayable in 24 quarterly installments, commencing from April 2007, Last installment due in March 2013 rate of Interest 15.75%.

2.2 The above term loan is secured by way of hypothecation of machineries purchased therefrom.

3.1 There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31st March, 2012.

NOTE: 4 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF

Workers' demand - matter under appeal 77.74 34.70

Claims against the company not acknowledged as debts 3.02 3.02

Income tax Demands (including interest) - matter under appeal 187.30 219.25

Excise matter under appeal 214.58 214.08

Note: 5 Significant Accounting Policies followed by the Company are as stated in the statement annexed to this schedule as Annexure I.

Note: 6 Previous year's figures have been regrouped whereever necessary.


Mar 31, 2011

2010-11 2009-10 Rs. Rs.

1 Contingent Liabilities not provided for in respect of:

(a) Workers'demands - matter under appeal 3,470,317 3,071,891

(b) Income tax Demands (Including Interest)-Matter under Appeal 21,925,443 6,673,079

(c) Excise matter under appeal. 21,408,225 21,408,225

(d) Other claims against the Company not acknowledged as debts. 302,396 302,396

Note :

"Future cash outflows in respect of above are determinable on receipt of judgements/decisions pending with various forums / authorities. The Company has taken legal and other steps necessary to protect its position in respect of these claims, which based on legal advice are not sustainable. It is not possible to make any further determination of the liabilities which may arise or the amounts which may be refundable in these respects.

2. Employee Benefits

(a) Amount of Rs. 21,713,710/- ( Previous Year Rs.19,740,853 /-) is recognised as expense and included in the Schedule 12 " Contribution to Provident and Other Funds" in the Profit and Loss Account.

3. Related Party Information :

A. Name of related party and nature of relationship

Sr. Name of the related party Description of relationship

1. Where control exists:

Dinesh Remedies Ltd. Subsidiary

2. Key Management Personnel :

Mr, U. M. Patel Chairman Emeritus

Mr. B. U. Patel Chairman & Managing Director

Mr. N. U. Patel Managing Director

3. Relatives of Key Management Personnel and other organization where significant influence exists, to the extent of transaction entered :

Mrs. R. B. Patel Wife of Mr. B. U. Patel

Mrs. A. N. Patel Wife of Mr. N. U. Patel

Ms. J. B. Patel Daughter of Mr. B. U. Patel

Mr. A. B. Patel Son of Mr. B. U. Patel

Mstr. N. N. Patel Son of Mr. N. U. Patel

Mrs. M. U. Patel Wife of Mr. U. M. Patel

Shri Dinesh Foundation Key Management Personnel are Trustee

Maganbhai B. Patel's Charity Trust Key Management Personnel are Trustee

C. There are no provisions for doubtful debts or amounts written off or written back in respect of debts due to or due from related parties.

D. Related party relationship is as identified by the Company on the basis of information available with them and relied upon by the Auditors.

4. Micro and Small Enterprises :

(a) 'Sundry Creditors' in Schedule '8' to the Accounts include (i) Rs. NIL (31.03.2010 - Rs.NIL) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME); and (ii) Rs. 214,079,092 (31.03.2010 - Rs. 199,012,706) due to other creditors.

(b) No interest is paid / payable during the year to any enterprise registered under the MSME.

(c) The above information has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status of suppliers under the MSME.

5. Segment Information :

(a) Primary segment - Business Segment

The Company has only one business segment Viz : "Textile".

6. Significant Accounting Policies followed by the Company are as stated in the statement annexed to this schedule as Annexure I.

7. Previous year's figures have been regrouped wherever necessary.


Mar 31, 2010

1. Employee Benefits :

i) Defined Contribution Plan

Companys contribution paid/payable during the period to Provident Fund, Employee Deposit Linked Insurance Plan, Super Annuation Fund, Employee State Insurance Plan and Labour Welfare Fund are recognised in the Profit and Loss Account.

ii) Defined Benefit Plan

Provision tor payments to the Employees Gratuity Fund after taking into account the funds available with the Trustees ot the Gratuity Fund is based on acturial valuation done at the close of each financial year. , At the reporting date Companys liabilities towards gratuity is determined by independent acturial valuation using the projected unit credit method. Acturial gain and losses are recognised immediately in the statement of Profit and Loss account as income or expenses.

iii) Other defined benefits

Provision for other defined benefits for long term leave encashment is made based on an independent actuarial valuation on projected unit credit method at the end of each financial year. Actuarial gain and losses are recognized immediately in the statement of Profit and Loss Account as income or expenses. Company recognizes the undiscounted amount of short term employee benefits during the accounting period based on service rendered by employees.

2. Taxation :

Income tax expense comprises of Current tax and Deferred tax charge or credit.

Provision for current tax is made on assessable income at the tax rate applicable to the relevant assessment year. The Deferred tax Asset and Deferred tax liability are calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax Assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is virtual certainty of its realiasation, supported by convincing evidence. Deferred Tax Assets oh account of other timing difference are recognized only to the extent there is a reasonable certainty of its realisation. The carrying amount of Deferred tax assets are reviewed to reassure realization at each Balance Sheet date.

3. Government Grants :

3.1 Government grants are recognized when there is reasonable assurance that the same will be received.

3.2 Revenue grants for expenses incurred are reduced from the respective expenses.

3.3 Capital grants relating to specific fixed assets are reduced from the gross value of the respective fixed assets.

4. Borrowing Costs:

Interest and other borrowing costs attributable to qualifying assets are capitalized. Other interest and borrowing costs are charged to revenue.

5. Provisions :

A provision is recognized when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on management estimate required to settle the obligation at the Balance Sheet date and adjusted to reflect the current management estimates.

6. 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 recoverable amount. The recoverable amount is greater of the assets net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to the present value by using weighted average cost of capital.

 
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