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Notes to Accounts of Super Sales India Ltd.

Mar 31, 2015

1. Provision for all liabilities including depreciation is neither inadequate nor more than what is necessary.

2. The opinion of the Board is that the current assets, loans and advances will fetch the amounts stated if realised in the ordinary course of business.

3. a) The Company has not given any guarantee on behalf of the Directors or other Officers.

b) Amounts due from the Directors or other Officers of the Company either severally or jointly with any other person is Nil (Previous year Nil ).

4. Earnings in Foreign Exchange :

FOB Value of export - Cotton Yarn : Rs.221.51 Lakhs (Previous year- Rs. 62.93 Lakhs )

5. Income tax assessment upto assessment year 2012-2013 (year ending 31.03.2012) has been completed.

6. Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006

7. The Company is holding 11,25,000 equity shares of SL Rs.10/- each in Pugoda Textiles Lanka Limited (PTLL). The government of Srilanka has been vested with the administration and management of the affairs of the company through the competent authority appointed by them. The Company has filed an application for compensation to the competent authority, which is yet to be finalised.

8. Commitments pending on Capital Goods purchase as on 31st March, 2015 is Rs.349.65 Lakhs (Previous year Rs.1583.45 Lakhs.)

9. Contingent liability not provided for in the accounts is :

31.03.2015 31.03.2014

i) For Export/Domestic bills Discounted Rs. in Lakhs Nil 25.28

ii) Service Tax appeals Rs. in Lakhs 156.99 156.99

iii) Export obligation under EPCG licenses is to be fulfilled by or before the end of following financial years:

Note: We have applied for extension of time for fulfillment of the balance amount of Rs.2930.74 Lakhs not fulfilled in 2014-15 for one year with 10% additional obligation. Accordingly the Export Obligation to be fulfilled including the original EO for 2015-16 is given above.

10. Deferred Tax:

i. Deferred tax has been provided in accordance with Accounting Standard 22 - Accounting for Taxes on Income.

11. Related party disclosure (As identified by the Management) i. Related party Relationships:

a) Key Management personnel :

N.R.Selvaraj, Wholetime Director

S. Ravindran, Chief Financial Officer

S.K.Radhakrishnan, Company Secretary

b) Other Related Parties :

Adwaith Textile Ltd

Adwaith Lakshmi Industries Ltd

Harshini Textiles Ltd

Lakshimi Caipo Industries Ltd

Lakshmi Cargo Company Ltd

Lakshmi Electrical Controls Ltd

Lakshmi Electrical Drives Ltd

Lakshmi Life Sciences Ltd

Lakshmi Machine Works Ltd

Lakshmi Precision Tools Ltd

Lakshmi Ring Travellers (Coimbatore) Ltd

Lakshmi Technology and Engineering Ltd

Lakshmi Vignesh Corporate Services Ltd

LCC Cargo Holdings Ltd

Quattro Engineering India Ltd

Revantha Builders Ltd

SKDC Consultants Ltd

Starline Travels Ltd

Titan Paints and Chemicals Ltd

Veejay Syntex Pvt. Ltd

Veejay Yarns and Fabrics Pvt. Ltd

12. Leave encashment benefits have been provided as per the rules of the Company based on actuarial valuation. No separate fund has been created. Amount charged to Profit and Loss account during the year is Rs.16.08 lakhs (Previous year Rs.26.08lakhs)

13. The proposed dividend for the year 2014-15 is Rs. 76.79 lacs.(Excluding dividend distribution tax).The Dividend is being paid @ Rs.2.50 per share. The Company has no preference share capital.

14. The borrowing cost Rs. Nil (Previous Year Rs.0.94lakhs) is added to the cost of fixed assets purchased during the year as per AS-16.

15. The interest subsidy due on the TUFS loan amounting to Rs. 33.67 lakhs (Previous Year Rs. 71.52 lakhs) has been reflected under the head Income receivable.

16. In respect of an outstanding, consequent upon an order from Board for Industrial and Financial Reconstruction (BIFR), the Company was entitled to receive only a part amount in satisfaction of the outstanding. The amount short realized is written off and it is reflected under "Exceptional item".

17. The Company has carried out an exercise to ascertain the impairment if any in the carrying value of fixed assets. This has not revealed any impairment during the year.

18. The Company has not entered into any derivative transactions during the year under report.

19. Figures have been rounded off to lakh of rupees & previous year's figures have been regrouped wherever necessary.


Mar 31, 2014

1. Figures have been rounded off to lakh of rupees & previous year''s figures have been regrouped wherever necessary.

2. Provision for all liabilities including depreciation is neither inadequate nor more than what is necessary.

3. The opinion of the Board is that the current assets, loans and advances will fetch the amounts stated if realised in the ordinary course of business.

4. a) The Company has not given any guarantee on behalf of the Directors or other Officers.

5. Income tax assessment upto assessment year 2011-2012 (year ending 31.03.2011) has been completed.

6. The Company is holding 11,25,000 equity shares of SL Rs.10/- each in Pugoda Textiles Lanka Limited (PTLL). The government of Srilanka has been vested with the administration and management of the affairs of the company through the competent authority appointed by them. The Company has filed an application for compensation to the competent authority, which is yet to be finalised.

7. Commitments pending on Capital Goods purchase as on 31st March, 2014 is Rs.1583.45 Lakhs (Previous year Rs.1320.70 Lakhs.)

8. Contingent liability not provided for in the accounts is :

31.03.2014 31.03.2013

i) For Export/Domestic bills Discounted Rs. in Lakhs 25.28 41.47

ii) Service Tax appeals Rs. in Lakhs 156.99 156.99

iii) Export obligation under EPCG licenses is to be fulfilled by or before the end of following financialyears:

Note: We have applied for extension of time for fulfillment of the balance amount of Rs.4153.63 Lakhs not fulfilled in 2013-14 for one year with 10% additional obligation. Accordingly the Export Obligation to be fulfilled including the original EO for 2014-15 is given above.

9. Deferred Tax:

i. Deferred tax has been provided in accordance with Accounting Standard 22 - Accounting for Taxes on Income.

10. Leave encashment benefits have been provided as per the rules of the Company based on actuarial valuation. No separate fund has been created. Amount charged to Profit and Loss account during the year is Rs. 26.08 lakhs (Previous year Rs. 34.15 Lakhs)

11. Amount of contribution to Employees Provident Fund during the year is Rs. 94.59 Lakhs (Previous Year Rs.84.25 Lakhs)

12. The borrowing cost Rs. 0.94 Lakhs (Previous Year Rs.14.34 Lakhs) is added to the cost of fixed assets purchased during the year as per AS-16.

13. The interest subsidy due on the TUFS loan amounting to Rs. 71.52 Lakhs (Previous Year Rs.30.46 Lakhs) has been reflected under the head Income receivable.

14. The Company has carried out an exercise to ascertain the impairment if any in the carrying value of fixed assets. This has not revealed any impairment during the year.

15. The Company has not entered into any derivative transactions during the year under report.


Mar 31, 2013

1. Figures have been rounded off to lakh of rupees & previous year''s figures have been regrouped wherever necessary.

2. Provision for all liabilities including depreciation is neither inadequate nor more than what is necessary.

3. The opinion of the Board is that the current assets, loans and advances will fetch the amounts stated if realised in the ordinary course of business.

4. a) The Company has not given any guarantee on behalf of the Directors or other Officers.

b) Amounts due from the Directors or other Officers of the Company either severally or jointly with any other person is Rs.Nil (Previous year Rs. Nil).

c) i) a) Amounts due at the end of the year from Private Companies in which the Directors are interested as Directors are Rs.0.19 lakhs ( Previous year - Rs. Nil )

b) Amounts due at the end of the year from Firms in which the Directors are Partners are Rs.lakhs Nil (Previous year Rs. Nil ).

ii) Maximum amount due from the above companies at any time during the currency of the year is Rs. 0.34 lakhs (Previous year Rs. 0.17 lakhs )

5. Earnings in Foreign Exchange :

F O B Value of export - Cotton Yarn : Rs.54.23 Lakhs (Previous year- Rs. 130.75 Lakhs )

6. Income tax assessment upto assessment year 2010-2011 (year ending 31.03.2010) has been completed.

7. The Company is holding 11,25,000 equity shares of SL Rs.10/- each in Pugoda Textiles Lanka Limited (PTLL). The government of Srilanka has been vested with the administration and management of the affairs of the company through the competent authority appointed by them. The Company has filed an application for compensation to the competent authority, which is yet to be finalised.

8. Commitments pending on Capital Goods purchase as on 31st March, 2013 is Rs.1320.70 Lakhs.

9. Contingent liability not provided for in the accounts is :

31.03.2013 31.03.2012

i) For Export/Domestic bills Discounted Rs. in Lakhs 41.47 Nil

ii) Service Tax appeals Rs. in Lakhs 156.99 156.99

iii) Income Tax Rs. in Lakhs 38.45 Nil

iv) Export obligation under EPCG licenses is to be fulfilled by or before the end of following financial years:

10. Deferred Tax:

i. Deferred tax has been provided in accordance with Accounting Standard 22 - Accounting for Taxes on Income.

ii. The break-up of deferred tax assets / liabilities for the current year is as under:

11. Related party disclosure ( As identified by the Management) i. Related party Relationships:

a) Subsidiary

b) Other Related Parties Lakshmi Machine Works Ltd

Lakshmi Cargo Company Ltd Quattro Engineering India Ltd

12. Leave encashment benefits have been provided as per the rules of the Company based on actuarial valuation. No separate fund has been created. Amount charged to Profit and Loss account during the year is Rs. 34.15 lakhs (Previous year Rs. 8.13 lakhs)

13. Amount of contribution to Employees Provident Fund during the year is Rs. 84.25 lakhs (Previous Year Rs.71.58 lakhs)

14. Foreign Exchange fluctuation of Rs. 12.71 lakhs (Previous year Rs.40.92 lakhs) relating to Foreign Currency Term Loan availed for purchase of wind energy generator has been added to the cost of wind mill.

15. The borrowing cost Rs. 14.34 lakhs (Previous Year Rs.22.30 lakhs) is added to the cost of fixed assets purchased during the year as per AS-16.

16. The interest subsidy due on the TUFS loan amounting to Rs 30.46 lakhs (Previous Year Rs.85.42 lakhs) has been reflected under the head Income receivable.

17. The Company has carried out an exercise to ascertain the impairment if any in the carrying value of fixed assets. This has not revealed any impairment during the year.

18. The Company has not entered into any derivative transactions during the year under report.


Mar 31, 2012

1. Figures have been rounded off to lakh of rupees & previous year's figures have been regrouped wherever necessary.

2. Provision for all liabilities including depreciation is neither inadequate nor more than what is necessary.

3. The opinion of the Board is that the current assets, loans and advances will fetch the amounts stated if realised in the ordinary course of business.

4. a) The Company has not given any guarantee on behalf of the Directors or other Officers.

b) Amounts due from the Directors or other Officers of the Company either severally or jointly with any other person is Nil (Previous year Nil).

c) i) a) Amounts due at the end of the year from Private Companies in which the Directors are interested as Directors are Nil ( Previous year - Rs.0.09 Lakhs )

b) Amounts due at the end of the year from Firms in which the Directors are Partners are Nil (Previous year Nil).

ii) Maximum amount due to the above companies at any time during the currency of the year is Rs.0.17 Lakhs (Previous year Rs. 0.63 Lakhs)

5. Earnings in Foreign Exchange :,

F O B Value of export - Cotton Yarn : Rs.130.75 Lakhs (Previous year- Waste Rs. 58.28 Lakhs )

6. Income tax assessment upto assessment year 2009-2010 (year ending 31.03.2009) has been completed.

7. The Company is holding 11,25,000 equity shares of SL Rs.10/- each in Pugoda Textiles Lanka Limited (PTLL). The government of Srilanka has been vested with the administration and management of the affairs of the company through the competent authority appointed by them. The Company has filed an application for compensation to the competent authority, which is yet to be finalised.

8. Commitments pending on Capital Goods purchase as on 31st March, 2012 is Rs.1462.18 Lakhs.

9. Contingent liability not provided for in the accounts is :

31.03.2012 31.03.2011

i) For Export/Domestic bills Discounted Rs. in Lakhs Nil 62.40

ii) Service Tax appeals Rs. in Lakhs 156.99 156. 99

iii) Export obligation under EPCG licenses is to be fulfilled by or before the end of following financia years:

10. Deferred Tax:

i. Deferred tax has been provided in accordance with Accounting Standard 22 - Accounting for Taxes on Income .

11. Leave encashment benefits have been provided as per the rules of the Company based on actuarial valuation. No separate fund has been created. Amount charged to statement of Profit and Loss during the year is Rs. 8.13 Lakhs (Previous year Rs. 7.85 Lakhs)

12. Amount of contribution to Employees Provident Fund during the year is Rs.71.58 Lakhs (Previous Year Rs.58.46 Lakhs)

13. The Company has taken a spinning mill on lease and the lease charges Rs. 9.93 lakhs has been charged to statement of Profit and Loss.(Previous year Rs.19.85 lakhs). The lease agreement has been terminated on 30th Sep, 2011.

14. Foreign Exchange fluctuation of Rs.40.92 Lakhs relating to Foreign Currency Term Loan availed for purchase of wind energy generator has been added to the cost of wind mill. .

15. The borrowing cost Rs. 22.30 Lakhs (Previous Year Rs.9.23 Lakhs) is added to the cost of fixed assets purchased during the year as per AS-16.

16. The interest subsidy due on the TUFS loan amounting to Rs 85.42 Lakhs (Previous Year Rs.166.98 Lakhs) has been accounted under the head Income receivable.

17. The Company has carried out an exercise to ascertain the impairment if any in the carrying value of fixed assets. This has not revealed any impairment during the year.

18. The Company has not entered into any derivative transactions during the year under report.


Mar 31, 2011

1. Figures have been rounded off to the nearest rupee & previous year's figures have been regrouped wherever necessary.

2. Provision for all liabilities including depreciation is neither inadequate nor more than what is necessary.

3. The opinion of the Board is that the current assets, loans and advances will fetch the amounts stated if realised in the ordinary course of business.

4. a) The Company has not given any guarantee on behalf of the Directors or other Officers.

b) Amounts due from the Directors or other Officers of the Company either severally or jointly with any other person is Rs. Nil (Previous year Rs. Nil).

c) i) a) Amounts due at the end of the year from Private Companies in which the Directors are

interested as Directors are Rs. 9,239/- (Previous year- Rs.Nil)

b) Amounts due at the end of the year from Firms in which the Directors are Partners are Rs. Nil (Previous year Rs. Nil).

ii) Maximum amount due to the above companies at any time during the currency of the year is Rs. 63,255/- (Previous year Rs.Nil)

5. Income tax assessment upto assessment year 2008-2009 (year ending 31.03.2008) has been completed.

6. The Company is holding 1,125,000 equity shares of SL Rs. 10/- each in Pugoda Textiles Lanka Limited (PTLL). The government of Srilanka has been vested with the administration and management of the affairs of the Company through the competent authority appointed by them. The Company has filed an application for compensation to the competent authority, which is yet to be finalised.

7. Secured loans from banks have been secured by hypothecation of movable properties of the company including Plant & Machinery and also by Equitable Mortgage of immovable properties by deposit of title deeds on pari passu basis.

8. Contingent liability not provided for in the accounts is:

31.03.2011 31.03.2010

i) For Export/Domestic bills Discounted 6,240,000 Nil

9. Deferred Tax:

i. Deferred tax has been provided in accordance with Accounting Standard 22 -Accounting forTaxes on Income.

iii. Deferred tax assets on Long term capital loss have not been recognised due to the uncertainty of the future income under that head.

iii. The undernoted companies constitute the " Group" in terms of Regulation 3 ( 1) ( e ) (i ) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, as amended, with effect from 09.09.2002.

1. Lakshmi Machine Works Limited

2. Lakshmi Technology & Engineering Industries Limited

3. Lakshmi Cargo Company Limited

4. Eshaan Enterprises Limited

5. Walzer Hotels and Resorts Limited.

10. Leave encashment benefits have been provided as per the rules of the Company based on actuarial valuation. No separate fund has been created. Amount charged to Profit and Loss account during the year is Rs. 639,702/- (Previous year Rs.488,659/-)

11. Amount of contribution to Employees Provident Fund during the year is Rs.5,845,983/- (Previous Year Rs.3,531,161/-)

12. The company has taken a spinning mill on lease and the lease charges Rs 1,985,400/- has been charged to Profit and Loss account.(Previous year Rs. 1,985,400/-).

13. Foreign Exchange fluctuation of Rs. 75,294/- relating to Foreign Currency Term Loan availed for purchase of wind energy generator has been added to the cost of wind mill. .

14. The borrowing cost of Rs.922,877/-(Previous Year Rs. 1,426,299) is added to the cost of fixed assets purchased during the year as per AS-16.

15. The interest subsidy due on the TUFS loan amounting to Rs.16,697,599/- (Previous Year Rs. 13,159,604/-) has been accounted under the head Income receivable.

16. Prior year income include reversal of provision for Brokerage Rs.281,468/-,Exgratia Rs.50,935/- Leave salary Rs.89,008/-, Hank Yarn obligation Rs.11,639/- and the amount received for Unutilised banking wind units Rs.725,334/-.

17. Prior year expenses include for Bonus of Rs.66,643/-, Consultation fees of Rs. 137,875/- and excess provision of TNEB interest reversed Rs.17,462/-.

18. The Company has carried out an exercise to ascertain the impairment if any in the carrying value of fixed assets. This has not revealed any impairment during the year.

19. The Company has not entered into any derivative transactions during the year under report.


Mar 31, 2010

1. Figures have been rounded off to the nearest rupee & previous years figures have been regrouped wherever necessary.

2. Provision for all liabilities including depreciation is neither inadequate nor more than what is necessary.

3. The opinion of the Board is that the current assets, loans and advances will fetch the amounts stated if realised in the ordinary course of business.

4. a) The Company has not given any guarantee on behalf of the Directors or other Officers.

b) Amounts due from the Directors or other Officers of the Company either severally or jointly with any other person is Rs. Nil (Previous year- Rs. Nil).

c) i) a) Amounts due at the end of the year from Private Companies in which our Directors are interested as Directors are Rs. Nil (Previous year- Rs.Nil)

b) Amounts due at the end of the year from Firms in which our Directors are Partners are Rs. Nil (Previous year-Rs. Nil).

ii) Maximum amount due to the above companies at any time during the currency of the year is Rs. Nil (Previousyear-Rs.Nil)

5. The Value and percentage of Raw Materials, Components and Spare parts consumed / issued

Particulars Indigenous Value % Imported Value %

6. Income tax assessment upto assessment year 2007-2008 (year ending 31.03.2007) has been completed.

7. Details of due to Micro, Small and Medium Enterprises as per MSMED Act, 2006 31.3.2010

1 The Principal amount and the interest due there on remaining rs unpaid to any supplier as at the end of year

a. Principal Amount unpaid 1,612,122

b. Interest Due Nil

2 Payment and Interest made to Micro, Small and Medium Enterprises beyond the appointed day during the year

a. Payment made beyond the Appointed date Nil

b. Interest paid beyond the Appointed date Nil

8 The amount of interest due and payable for the period of delay Nil in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under MSME Development Act, 2006

9 The amount of interest accrued and remaining unpaid at Nil the end of the year

10. The Company is holding 1,125,000 equity shares of SLRs. 10/- each in Pugoda Textiles Lanka Limited (PTLL). The government of Srilanka has been vested with the administration and management of the affairs of the company through the competent authority appointed by them. The Company has filed an application for compensation to the competent authority, which is yet to be finalised.

11. Secured loans from banks have been secured by hypothecation of movable properties of the company including Plant & Machinery and also by Equitable Mortgage of immovable properties by deposit of title deeds on pari passu basis.

12. Contingent liability not provided for in the accounts is:

31.03.2010 31.03.2009

i) For Export/ Domestic bills Discounted Nil 6,958,689

ii) Export obligation under EPCG licenses is to be fulfilled by or before the end of following financial years:

13. Deferred Tax:

i. Deferred tax has been provided in accordance with Accounting Standard 22 -Accounting for Taxes on Income.

ii. The break-up ofdeferred tax assets/liabilities forthecurrentyearisasunder: Rs.

Particulars Opening Balance Addition Reversed Closing Balance

Deferred tax Liability

Difference between book &

Income tax Depreciation 105,828,391 21,430,807 - 127,259,198

iii. Deferred tax assets on Long term capital loss have not been recognised due to the uncertainty of the future income under that head.

14. Related party disclosure (As identified by the Management) i. Related party Relationships:

a) Subsidiary :

b) Other Related Parties Lakshmi Machine Works Limited

ii) Transactions with Related Parties Rs.

Nature of Transactions Subsidiary Associates Other Related

& Joint Ventures Parties

Purchase of Fixed Assets 21,223,779

Purchases of Goods 37,119,652

Sale of Goods 2,234,688

Commission Receipts 23,156,273

Erection Charges Received 263,951

Others 14,024,168

Outstanding Balance

as on 31.3.2010

Payable 4,829,367

Receivable 72,416,541

iii. The undernoted companies constitute the " Group" in terms of Regulation 3 ( 1) ( e ) ( i ) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, as amended, with effect from 09.09.2002.

1. Lakshmi Machine Works Limited

2. Lakshmi Technology & Engineering Industries Limited

3. Lakshmi Cargo Company Limited

4. Eshaan Enterprises Limited

5. Walzer Hotels and Resorts Limited.

15. Leave encashment benefits have been provided as per the rules of the Company and on actuarial valuation. No separate fund has been created. Amount charged to Profit and Loss account during the year is Rs. 4,88,659/-(Previous year Rs.506,746/-)

16. Amount of contribution to Employees Provident Fund during the year is Rs.3,531,161 (Previous Year Rs.3,572,992/-)

17. The company has taken a spinning mill on lease and the lease charges of Rs.1,985,400/- has been charged to Profit and Loss account.(Previous year Rs. Nil).

18. Foreign Exchange fluctuation of Rs. 9,207,940/- relating to Foreign Currency Term Loan availed for purchase of wind energy generator has been reduced from the cost of wind mill. .

19. The borrowing cost of Rs.1,426,299/-(Previous Year Rs. 147,677/-) is added to the cost of fixed assets purchased during the year as per AS-16.

20. The interest subsidy due on the TUFS loan amounting to Rs. 13,159,604/- (Previous Year Rs. 15,694,268/-) has been accounted under the head Income receivable.

21. Excess provision of expenses reversed represent Rs. 49,621/- towards commission Rs. 246/-towards Hank Yarn obligation transfer and Rs. 8,480/-towards reimbursement of medical expenses.

22. Other income includes an amount of Rs. 5,012,655/- being the entitlement of concession in power tariff decided by the High Court during the year under report for our Jay Textiles Unit-Ill.

23. The Company has carried out an exercise to ascertain the impairment if any in the carrying value of fixed assets. This has not revealed any impairment during the year.

24. The Company has not entered into any derivative transactions during the year under report.

 
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