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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