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Notes to Accounts of Simplex Mills Company Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

Simplex Mills Company Limited ("the Company") is in manufacturing of cotton yarn and industrial fabrics and trading in textile products (i.e. cloths). The Company is a Public Limited Company and is listed on BSE Limited.

2. SHARE CAPITAL

a. Terms/rights attached to the equity shares

The Company has one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.

3. Retirement benefit plans

As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below:

I) Defined Contribution Plan

a) Provident Fund

b) Pension Scheme 1995

II) Defined Benefit Plans

a) Contribution to Gratuity Fund (Non-Funded)

b) Leave Encashment (Non-Funded)

4. Contingent Liabilities :

Claims against the Company not acknowledged as debt: (In Rs. ) 31.03.2015 31.03.2014

Appeals filed in respect of disputed demands:

i) Central Excise 3,03,04,158 3,03,04,158

ii) Labour Matters 1,06,46,115 5,74,290

5. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 2,85,99,008/- (net of advances) (Previous year Rs. 2,85,99,008/-).

6. During the year, the Company has received permission for closure of its Akola Plant under Section 25-O of the Industrial Disputes Act, 1947 from the Honb'le Industrial Court and accordingly, closure compensation to the workers and staff of the Company was paid. The total closure compensation paid to the workers and staff was Rs. 4,85,13,118/- which has been shown as exceptional item. Consequent upon the said event, the net worth of the Company has been fully eroded. However, the Management is in the process of evaluating viable textile business options and accordingly, the accounts have been prepared on going concern basis.

7. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

8. During the year, the Company has provided depreciation as per the provision of Schedule II to the Companies Act, 2013 ("the Act") based on the remaining useful life of the assets and consequently, in case of the assets which have completed their useful lives as prescribed under Schedule II to the Act, the carrying value (net of residual value) as at 01st April, 2014 amounting to Rs. 3,29,80,891/- has been transferred to the retained earnings and in case of other assets, the carrying value (net of residual value) is being depreciated over the revised remaining useful lives. As a result of the above, depreciation for the current year is higher by Rs. 9,09,607/-.

9. During the year under review, the Company has sold the Plant and Machinery along with the other fixed assets and made a net profit of Rs. 5,13,137/- the same has been disclosed as an exceptional item.

10. Earnings per Share - (EPS) is calculated by dividing the profit/(loss) attributable to the equity share holders by weighted average number of equity shares outstanding during the year.

11. The Company's activities are classified as belonging to a single business segment of manufacture and trading in yarns, textiles and textile products. The Company's operations are largely limited to India.

12. Previous year's figures

The previous year's figures have been reclassified, wherever necessary, to conform current year's presentation.


Mar 31, 2014

CORPORATE INFORMATION

Simplex Mills Company Limited ("the Company") is in manufacturing of cotton yarn and industrial fabrics and trading in textile products (i.e. cloths). The Company is a Public Limited Company and is listed on BSE Limited.

1. Contingent Liabilities :

Claims against the Company not acknowledged as debt: (In Rs.)

31.03.2014 31.03.2013

Appeals filed in respect of disputed demands:

i) Central Excise 3,03,04,158 5,51,42,947

ii) Labour Matters 5,74,290 5,74,290

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 2,85,99,008/- (net of advances) (Previous year Rs. 2,85,99,008/-).

3. The Company has received permission for closure of its Akola Plant under Section 25-O of the Industrial Disputes Act 1947. The labour union was in appeal against the order and now union has filed an application for passing suitable order and the said application has been allowed in the operative part of award by the Tribunal. Accordingly, the Company has offered voluntary retirement under Voluntary Retirement Scheme and effect of the order of the Tribunal will be given after full order is received by the Company.

4. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

5. Earnings per Share (EPS) is calculated by dividing the profit/(loss) attributable to the equity share holders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares, except when the results would be anti-dilutive.

6. The Company''s activities are classified as belonging to a single business segment of manufacture and trading in yarns, textiles and textile products. The Company''s operations are largely limited to India.

7. Previous year figures

The previous year''s figures have been reclassified, wherever necessary to conform current year''s presentation.


Mar 31, 2013

CORPORATE INFORMATION

Simplex Mills Company Limited (the Company) is in manufacturing of cotton yarn and industrial fabrics and trading in textile products (i.e. cloths). The Company is a Public Limited Company and is listed on BSE Limited.

1. Contingent liabilities not provided for:

(In Rs.)

Particulars 31.03.2013 31.03.2012

Appeals filed in respect of disputed demands:

i) Central Excise 5,51,42,947 5,51,42,947

ii) Labour Matters 5,74,290 3,09,000

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 2,85,99,008/- (net of advances) (Previous year Rs. 2,85,99,008/-).

3. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

4. Earnings per Share (EPS) is calculated by dividing the profit / (loss) attributable to the equity share holders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares, except when the results would be anti-dilutive.

5. The Company''s activities are classified as belonging to a single business segment of manufacture and trading in yarns, textiles and textile products. The Company''s operations are largely limited to India.

6. Previous year figures:

The financial statements for the year ended 31st March, 2013 are prepared as per Revised Schedule VI. The previous year figures have been reclassified to conform to this year''s classification, wherever necessary to conform current year''s presentation.


Mar 31, 2012

CORPORATE INFORMATION

Simplex Mills Company Limited ("The Company") is in manufacturing of cotton yarn and industrial fabrics and also in trading of clothes. The Company is a Public Limited Company and is listed on BSE Limited.

a. Terms/rights attached to the equity shares

The Company has one class of equity shares having a par value of Rs 10/- per share. Each holder of equity shares is entitled to one vote. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts, in proportion to their shareholding.

Mode of Valuation

Stores and spare parts are valued at cost. Process stock is valued at estimated cost. Raw materials are valued at cost or market rate, whichever is lower. Finished products and waste are valued at cost or market rate whichever is lower, whereas the sold quantity is valued at contract rates. (Cost includes direct cost and overheads). Cost of finished goods and work in process is ascertained by applying the absorption cost basis.

I) Defined Contribution Plan

a) Provident fund

b) Pension fund

The Company has recognized the following amounts in the statement of Profit and Loss which are included under Contribution to Provident and other funds:

II) Defined Benefit Plans

a) Contribution to gratuity fund (Non-funded)

b) Leave encashment (Non-funded)

In accordance with the Accounting Standard (AS 15) (Revised 2005) Employee Benefits, actuarial valuation was done in respect of the aforesaid defined benefit plans of gratuity and leave encashment based on the following assumptions:

1. Contingent liabilities not provided for :

(In Rs)

Particulars 31.03.2012 31.03.2011

a) Appeals filed in respect of disputed demands:

i) Central Excise 5,51,42,947 5,51,42,947

ii) Labour Matters 3,09,000 3,84,000

b) Bank Guarantee - 5,00,000

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs 2,85,99,008/- (net of advances) (Previous year Rs 2,85,99,008/-).

3. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

4. Earnings per Share (EPS) is calculated by dividing the profit attributable to the equity share holders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares, except when the results would be anti-dilutive.

5. The Company's activities are classified as belonging to a single business segment of manufacture and trading in yarns, textiles and textile products. The Company's operations are largely limited to India.

6. Previous year figures:

The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised 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 31st March, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform 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 liabilities not provided for:

(Rs. in Lacs)

31-03-11 31-03-10

a) Appeals filed in respect of disputed demands:

i) Central Excise 551.43 551.43

ii) Labour Matters 3.84 3.84

b) Bank Guarantee 5.00 5.00

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.285.99 lacs (net of advances) (Previous year Rs. 285.99 lacs).

3. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

4. The Company has classified the various benefits provided to the employees as under: I) Defined Contribution Plan

a) Provident Fund

b) Superannuation Fund and Pension Scheme

II) Defined Benefit Plans

a) Contribution to Gratuity Fund (Non Funded)

b) Leave Encashment (Non Funded)

In accordance with the Accounting Standard (AS-15) (Revised 2005) Employee Benefits, actuarial valuation was done in respect of the aforesaid defined benefit plans of gratuity and leave encashment based on the following assumptions:

5. The Company's activities are classified as belonging to a single business segment of manufacture and trading in yarns, textiles and textile products. The Company's operations are largely limited to India.

6. Information required pursuant to Part - IV of Schedule VI to the Companies Act, 1956 is annexed hereto.

7. Previous Year's figures have been regrouped wherever necessary to conform to this year's presentation.


Mar 31, 2010

1. Contingent liabilities not provided for: (Rs in Lacs)

31-03-10 31-03-09

a) Appeals filed in respect of disputed demands:

i) Central Excise 551.43 551.43

ii) Labour Matters 3.84 3.84

b) Bank Guarantee 5.00 15.00



2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 285.99 lacs (net of advances) (Previous year Rs. 285.99 lacs).

3. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid / payable as required underthe said Act have not been given.

4. Voluntary Retirement Scheme (VRS) and Gratuity paid to workers hitherto was treated as deferred revenue expenditure and one fifth of the amount was amortised overa period of 5 years. Unamortised balance at the end of the current year of Rs.31.65 lacs has been amortised in compliance with Accounting Standard-15 "Employee Benefits (Revised-2005)", and same has been shown under extraordinary items.

5. The Company has classified the various benefits provided to the employees as under:

I) Defined Contribution Plan

b) Superannuation Fund and Pension Scheme

II) Defined Benefit Plans

In accordance with the Accounting Standard (AS -15) (Revised 2005) Employee Benefits, actuarial valuation was done in respect of the aforesaid defined benefit plans of gratuity and leave encashment based on the following assumptions:

6. The Companys activities are classified as belonging to a single business segment of manufacture and trading in yarns, textiles and textile products. The Companys operations are largely limited to India.

7. Related Party Disclosure (As identified by the Management: (a) Related Party Relationship during the year Controlling Company Simplex Realty Limited

8. Additional information pursuant to the provisions of paragraphs 3 & 4 of part II of Schedule VI to the Companies Act, 1956 as certified by the Management.

(f) Earnings in Foreign Exchange on account of Export of goods on F.O.B. basis :

(g) Licensed and Installed capacity and Production (as certified by the management and accepted by auditors, it being a technical matter).

9. Information required pursuant to Part - IV of Schedule VI to the Companies Act, 1956 is annexed hereto.

10. Previous Years figures have been regrouped wherever necessary to conform to this years presentation.

 
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