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Notes to Accounts of Shri Jagdamba Polymers Ltd.

Mar 31, 2016

NOTE: 1.DEFERRED TAXATION:

a) In conformity with Accounting Standard No. 22 issued by The Institute of Chartered Accountants of India on "Accounting for Taxes on Income”, the Company has provided for net deferred tax liability during the year amounting to Rs. 120.15 Lacs (Previous year Rs. 11.80 Lacs).

b) Major components of Deferred Tax Assets/Liabilities:

NOTE: 2. SEGMENT REPORTING:

As per Accounting Standard AS- 17, during the year under review, the business of the Company falls under a three segment namely:-

- Technical Textiles / Woven Sacks

- Woven Fabrics / Packaging Products

- Wind Mill Power Generation Income

NOTE: 3. RELATED PARTY DISCLOSURES:

List of Related Parties and Relationships:

4. Relative Parties where significant interest exists :

(i) Shakti Polyweave Pvt. Ltd.

5. Key Management Personnel & Relatives:

(i) Shri Ramakant Bhojnagarwala Chairman Cum Managing Director

(ii) Shri Kiran B. Patel Director

(iii) Shri Kantibhai I. Patel Director

(iv) Shri Ashish Bhaiya Director

(v) Shri Vikas Agrawal Director

(vi) Smt. Shradha Agarwal Relative of Managing Director

(vii) Shri Hanskumar Agarwal Relative of Managing Director

(viii)Smt. Radhadevi Agarwal Relative of Managing Director

6. Balance in parties accounts whether in debits or credits are reconciled on subsequent transaction in next financial year.

7. In the opinion of the Board; Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business. The provisions for depreciation and all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

8. Inter Division Transactions:

9. Contingent Liabilities and commitments not provided for: NIL


Mar 31, 2015

1. Term Loan- Secured referred above taken from banks are secured against first charge of entire fixed assets and second charges on current assets of the Company. The said Term Loan is further secured by Personal Guarantee of Two Directors of Company and others.

2. Secured By hypothecation of current assets viz. Raw Materials, Stock in Process, finished Goods, other stocks and debtors, second charge over fixed assets and personal guarantee of two Directors of Company and others.

NOTE: 3. DEFERRED TAXATION:

a) In conformity with Accounting Standard No. 22 issued by The Institute of Chartered Accountants of India on "Accounting for Taxes on Income", the Company has provided for net deferred tax liability during the year amounting to Rs. 11.80 Lacs (Previous year Deferred Tax assets of Rs. 44.98 Lacs/-).

As per Accounting Standard AS- 17, during the year under review, the business of the Company falls under a three segment namely:-

- Technical Textiles / Woven Sacks

- Woven Fabrics / Packaging Products

- Wind Mill Power Generation Income

List of Related Parties and Relationships:

1. Relative Parties where significant interest exists :

(i) Shakti Polyweave Pvt. Ltd.

(ii) Shrima Tech Tex Pvt. Ltd.

2. Key Management Personnel & Relatives:

(i) Shri Ramakant Bhojnagarwala Chairman Cum Managing Director

(ii) Shri Kiran B. Patel Director

(iii) Shri Kantibhai I. Patel Director

(iv) Shri Ashish Bhaiya Director

(v) Shri Vikas Agrawal Director

(vi) Smt. Shradha Agarwal Relative of Managing Director

(vii) Shri Hanskumar Agarwal Relative of Managing Director

(viii) Smt. Radhadevi Agarwal Relative of Managing Director

4. Balance in parties accounts whether in debits or credits are reconciled on subsequent transaction in next financial year.

5. In the opinion of the Board; Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business. The provisions for depreciation and all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

6. Inter Division Transactions:

Job charges invoices for Rs. 399.03 Lacs raised by Unit No. II on Unit No. I.

7. Contingent Liabilities and commitments not provided for: NIL


Mar 31, 2014

1.1 Term Loan- Secured referred above taken from banks are secured against first charge of entire fixed assets and second charges on current assets of the Company. The said Term Loan is further secured by Personal Guarantee of Two Directors of Company and others.

2.1 Secured By hypothecation of current assets viz. Raw Materials, Stock in Process, finished Goods, other stocks and debtors, second charge over fixed assets and personal guarantee of two Directors of Company and others.

NOTE: 3 DEFERRED TAXATION:

a) In conformity with Accounting Standard No. 22 issued by The Institute of Chartered Accountants of India on "Accounting for Taxes on Income", the Company has provided for net deferred tax liability during the year amounting to Rs.44.98 Lacs (Previous year Deferred Tax assets of Rs.29.46 Lacs/-).

b) Major components of Deferred Tax Assets/Liabilities:

NOTE: 4 RELATED PARTY DISCLOSURES:

List of Related Parties and Relationships:

1. Relative Parties where significant interest exists :

(i) Shakti Polyweave Pvt. Ltd.

(ii) Shrima Tech Tex Pvt. Ltd.

2. Key Management Personnel & Relatives:

(i) Shri R. K. Bhojnagarwala Chairman Cum Managing Director

(ii) Shri K. B. Patel Director

(iii) Shri K. I. Patel Director

(iv) Shri Ashish Bhaiya Director

(v) Shri Vikas Agrawal Director

(vi) Smt. Shradha Agarwal Relative of Managing Director

(vii) Shri Hanskumar Agarwal Relative of Managing Director

(viii) Smt. Radhadevi Agarwal Relative of Managing Director

5. Balance in parties accounts whether in debits or credits are reconciled on subsequent transaction in next financial year.

6. In the opinion of the Board; Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business. The provisions for depreciation and all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

7. Inter Division Transactions:

Job charges invoices for Rs.342.70 Lacs raised by Unit No. II on Unit No. I.

8. Additional Information under Schedule VI of the Companies Act; 1956.

9. Contingent Liabilities and commitments not provided for:

(in Lacs)

Particulars 2013-2014 2012-2013

(a) Bank Guarantee NIL 123.39

(b) Show Cause Notice/Demand on NIL 2.44 account of Excise (in Appeal) (The Company does not expect any liability in view of the legal opinion obtained, therefore no Provision has been made).

(c) Letter of Credit NIL 158.79

10. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st March, 2014 Rs.Nil (P. Y. Rs. 13.30 Lacs).


Mar 31, 2013

NOTE: 1 SEGMENT INFORMATION:

The Company is principally engaged in the business of woven sacks manufacturing. Accordingly there are no reportable segments as per Accounting Standard No. 17 issued by The Institute of Chartered Accountants of India on "Segment Reporting".

NOTE: 2 FOREIGN CURRENCIES:

Deficit of Rs. 40.10 Lacs (Previous Year deficit of Rs. 63.25 Lacs) being the impact of foreign exchange fluctuation on account of borrowing for working capital facilities have been adjusted in interest expenses.

NOTE: 3 DEFERRED TAXATION:

a) In conformity with Accounting Standard No. 22 issued by The Institute of Chartered Accountants of India on "Accounting for Taxes on Income", the Company has provided for net deferred tax assets during the year amounting to Rs. 29.46 Lacs (Previous year liabilities of Rs. 34.82 Lacs/-).

List of Related Parties and Relationships:

1. Relative Parties where significant interest exists :

(i) Shakti Polyweave Pvt. Ltd.

(ii) Shrima Tech Tex Pvt. Ltd.

NOTE: 4 NOTES ON ACCOUNTS:

1. Balance in parties accounts whether in debits or credits are reconciled on subsequent transaction in next financial year.

2. In the opinion of the Board; Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business. The provisions for depreciation and all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

3. Inter Division Transactions:

Job charges invoices for Rs. 331.49 Lacs raised by Unit No. II on Unit No. I.

4. Contingent Liabilities and commitments not provided for:

(Rs. in Lacs)

Particulars 2012-2013 2011-2012

(a) Bank Guarantee 123.39 80.30

(b) Show Cause Notice/Demand on account of Excise (in Appeal) (The Company does not expect any liability in view of the 2.44 5.35 legal opinion obtained, therefore no Provision has been made).

( c ) Letter of Credit 158.79 93.30

5. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st March, 2013 Rs.13.30 Lacs (P. Y. Rs.25.00 Lacs).


Mar 31, 2012

NOTE: 1 SEGMENT INFORMATION:

The Company is principally engaged in the business of woven sacks manufacturing. Accordingly there are no reportable segments as per Accounting Standard No. 17 issued by The Institute of Chartered Accountants of India on "Segment Reporting".

NOTE: 2 FOREIGN CURRENCIES:

Deficit of Rs. 63.25 Lacs (Previous Year Surplus of Rs. 9.24 Lacs) being the impact of foreign exchange fluctuation on account of borrowing for working capital facilities have been adjusted in interest expenses.

NOTE: 3 DEFERRED TAXATION:

a. In conformity with Accounting Standard No. 22 issued by The Institute of Chartered Accountants of India on "Accounting for Taxes on Income", the Company has provided for net deferred tax liabilities during the year amounting to Rs. 34.82 Lacs(Previous year Rs. 16.75 Lacs/-).

NOTE: 4 RELATED PARTY DISCLOSURES:

List of Related Parties and Relationships:

1. Relative Parties where significant interest exists :

(i) Shakti Polyweave Pvt. Ltd.

(ii) Shrima Tech Tex Pvt. Ltd.

(iii) Shree Jagdamba Textiles Pvt. Ltd.

2. Key Management Personnel & Relatives:

(i) Shri R. K. Bhojnagarwala Chairman cum Managing Director

(ii) Shri K. B. Patel Whole time Director

(iii) Shri K. I. Patel Director

(iv) Shri B. S. Saini Director

(v) Shri Ashish Bhaiya Director

(vi) Smt. Shradha Agarwal Relative of Managing Director

(vii) Shri Hanskumar Agarwal Relative of Managing Director

(viii) Smt. Radhadevi Agarwal Relative of Managing Director

5. Contingent Liabilities and commitments not provided for:

(Rs. in Lacs)

Particulars 2011-2012 2010-2011

(a) Bank Guarantee 80.30 80.30

(b) Show Cause Notice/Demand on account of Excise (in Appeal) (The Company does not expect any liability in view of the 5.35 6.85 legal opinion obtained, therefore no Provision has been made).

(c) Letter of Credit 93.30 112.60

6. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st March, 2012 Rs. 25.00 Lacs (P. Y. Rs. 435.31 Lacs)


Mar 31, 2010

A) Previous years figures have been re-arranged & regrouped wherever necessary to make them comparable with those of current year.

b) Segment Information:

The Company is principally engaged in the business of woven sacks manufacturing Accordingly there are no reportable segments as per Accounting Standard No. 17 issued by The Institute of Chartered Accountants of India on "Segment Reporting".

c) Foreign Currencies:

Surplus of Rs. 2.76 Lakhs (Previous Year loss of Rs. 0.93 lakhs) being the impact of foreign exchange fluctuation on account of borrowing for working capital facilities have been adjusted in interest expenses.

d) Deferred Taxation:

1. In conformity with Accounting Standard No. 22 issued by The Institute of Chartered Accountants of India on "Accounting for Taxes on Income", the Company has provided for net deferred tax liabilities during the year amounting to Rs. 5,87,394/- (Previous year Rs. 21,36,339/-).

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