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Notes to Accounts of Sri Lakshmi Saraswathi Textiles (Arni) Ltd.

Mar 31, 2015

1. Primary Security:

Hypothecation on entire Current assets, both present and future, which include raw materials, stock in process, finished goods, consumables etc., book debts on first pari passu basis and bills discounting limits are additionally secured by documents of title to goods.

2. Collateral Security

a) Equitable Mortgage on first pari passu basis of company's factory land and buildings in Arni Taluk, Tamilnadu, Wind Mill Land and Building in Radhapuram Taluk, Tamilnadu and Registered Office land and building in Chennai.

b) Hypothecation on first pari passu basis of all unsecured movable fixed assets.

and

3) Personal Guarantee

Personal Guarantee of Promoter Directors Sri Balakrishna S, Managing Director and Sri R. Padmanaban, Joint Managing Director.

NOTE NO. 4

OTHER DISCLOSURES AND ADDITIONAL INFORMATION AS PER REQUIREMENTS IN REVISED SCHEDULE III OF THE COMPANIES ACT. 2013.

A. OTHER DISCLOSURES:

i) Contingent Liabilities and Commitments not provided for

(Rs. in Lakhs) Details As at 31.03.2015 As at 31.03.2014

a) Contingent Liabilities

Contingent Liabilities not provided for in respect of

1. Export Bills Discounted under irrevocable Letters of Credit issued by Foreign Bank 0.00 111.18

2. Disputed Income Tax Liabilities 46.08 75.96

3. Disputed Contribution to Employees State Insurance Corporation 4.15 4.15

b) Commitments

1. Estimated amounts of contracts remaining to be executed on capital accounts not provided for 0.00 0.00

2. Other commitments:

Liabilities on Letters of Credit issued for capital goods. 0.00 0.00

Liabilities on Letters of Credit issued for others. 0.00 0.00

ii) Gratuity

The company has not funded for gratuity liability as per actuarial valuation for the last 5 years and the total amount to be funded is Rs.1,55,12,020.

iii) In the absence of information from suppliers with regard to their registration with the specified authority, despite the company calling for such information the company is unable to furnish the information as required under the Companies Act, 1956 and Micro Small and Medium Enterprises Development Act, 2006.

v) Confirmation of balances from Debtors and Creditors have not been received in certain cases.

vi) Items of revenue / expense amounting to more than 1% of total value has been disclosed separately.

vii) Previous year's figures have been re-grouped wherever necessary to conform to this year's classification.

x) Related party transactions:

As per the Accounting Standard 18 - Related party transactions, the company's related party and the details of transactions the company had with them are given below:

I. Related Parties

a) Key Management Personal and relatives

Name of the related Party Nature of relationship

i) Sri Balakrishna S Wholetime Director(During 2014-15)

ii) Sri R. Padmanaban Technical Director (During 2014-15)

iii) Sri R. Thirumalai Production Manager

iv) Sri R. Rajagopal Administrative Manager

v) Sri Srish Jayender Balakrishna Marketing Manager


Mar 31, 2013

1. Contingent liability not provided for in respect of:

(Rs.in Lakhs)

S. No. Particulars As at 31.03.20131 As at 31.03.2012

1. Export Bills discounted under irrevocable letters of credits issued by Foreign Banks. (This amount is secured by first charge on the fixed assets of the company on pari passu basis and personal guarantee of promoter directors)

2. Disputed income tax liability 130.77 130.77

3. Disputed contribution to Employees State . 4.15 4.15 Insurance Corporation

4. Estimated amount of contracts remaining to be Nil Nil executed on capital accounts

2. In the absence of information from the suppliers with regard to their registration with the specified authority, despite the company calling for such information, the company is unable to furnish the information, as required under The Companies Act, 1956 and the Micro, Small and Medium Enterprises Development Act, 2006.

3. General reserve includes Rs. 233.02 Lakhs ( Previous Year Rs. 233.02 Lakhs ) transferred thereto Pursuant to Sec 205 (2 A) of the Companies Act, 1956.

4. Confirmation of balances from debtors and creditors have not been received in some cases.

5. Other expenses do not include any items individually in value of 1 % of the total revenue.

6. Previous year''s figures have been regrouped wherever necessary to conform to this years classification.


Mar 31, 2012

1. Contingent liability not provided for in respect of:

(Rs.in Lakhs)

S. No.Particulars As at 31.03.2012 As at 31.03.2011

1. Export Bills discounted under irrevocable letters of credits issued by Foreign Banks. (This amount is secured by first charge on the fixed assets of the company on pari passu basis and personal guarantee of promoter directors)

2.. Disputed income tax liability 130.77 130.77

3. Disputed contribution to Employees State 4.15 4.15 nsurance Corporation .

4. Estimated amount of contracts remaining to be Nil Nil executed on capital accounts.

2. In the absence of information from the suppliers with regard to their registration with the specified authority, despite the company calling for such information, the company is unable to furnish the information, as required under The Companies Act, 1956 and the Micro, Small and Medium Enterprises Development Act, 2006. .

3. General reserve includes Rs. 233.02 Lakhs ( Previous Year Rs. 233.02 Lakhs ) transferred thereto Pursuant to Sec 205 (2_A) of the Companies Act, 1956.

4. Confirmation of balances from debtors and creditors have not been received in some cases.

5. Other expenses do not include any. items individually in value of 1% of the total revenue.

6. Previous year`s figures have been regrouped wherever necessary to conform to this years classification.


Mar 31, 2010

1. RELATED PARTY DISCLOSURES (IN ACCORDANCE WITH AS -18 ISSUED BY ICAI)

a) List of Related Parties

Associate Company

i) Sri Krishna Enterprises

b) Key Management Personal

Name of the related Party Nature of relationship

i) Sri R.Srihari Managing Director

ii) Sri S.Balakrishna Whole Time Director

iii) Sri R.Padmanaban Technical Director



c) Particulars of Transaction with Related Parties.

I) Transaction with Associate Company

Purchase of Petroleum product from Sri Krishna Enterprises Rs.2,06,961/- (Previous Year - Rs.10,80,456)

II) Details of Transaction relating to persons referred to in item ( b) above. Remuneration - Rs 34,55,630 ( Previous year - Rs. 34,17.022)

III) Details of Transaction relating to Interest paid for short term loans Rs.3,00,000/- (Previous year - Rs,4,57,727)

2. CONTINGENCIES (IN ACCORDANCE WITH AS -29 ISSUED BY tCAt)

Contingent liabilities are indicated by way of notes forming part of Accounts.

3. INCOME IN FOREIGN EXCHANGE (IN ACCORDANCE WITH AS -11 ISSUED BY ICAI)

Export sales in foreign currency are accounted at the exchange rates prevailing on the date of invoice/negotiation of documents where such sales are not covered by forward contracts.

4. EXPENDITURE IN FOREIGN EXCHANGE (IN ACCORDANCE WITH AS -11 ISSUED BY ICAI)

Expenditure in foreign currency is accounted at the actual amount spent and provision for expenses to be paid in foreign currency has been made at the rate of exchange prevailing on the Balance sheet date.

1. Contingent liability not provided for in respect of: (Rs.in Lakhs) S.No. Particulars As at 31.03.2010 As at 31.03.2009

1. Export Bills discounted under irrevocable letters of credits issued by Foreign Banks. (This amount is secured by first charge on the fixed assets of the company on pari passu basis and personal guarantee of promoter directors) 63.57 30.51

2. Disputed income tax liability 130.77 130.77

3. Disputed contribution to Employees State insurance Corporation 4.15 4.15

4. Probable customs duty payable on the machineries imported under Export Promotion Capital Goods scheme. 176.86 176.86

5. Estimated amount of contracts remaining to be executed on capital accounts. Nil 67.94



2. In the absence of information from the suppliers with regard to their registration with the specified authority, despite the company calling for such information, the company is unable to furnish the information, as required under the Companies Act, 1956 and the Micro, Small and Medium Enterprises Development Act, 2006.

3. General reserve includes Rs. 233.02 Lakhs ( Previous Year Rs. 233.02 Lakhs transferred thereto Pursuant to Sec 205 (2 A) of the Companies Act, 1956.

4. Other income includes interest earned during the year including tax deducted at source to the extent of Rs. 61,987/- (Previous year - Rs.2,88,981/-)

5. Confirmation of balances from debtors and creditors have not been received in some cases.

6. Other expenses do not include any items individually in value of 1% of the total revenue.

7. The deferred tax liability of Rs.74,04,690/- arises mainly due to difference in depreciation.

8. Previous years figures have been regrouped wherever necessary to conform to this years classification.

 
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