Home  »  Company  »  Super Spinning  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Super Spinning Mills Ltd.

Mar 31, 2016

1. The company has only one class of issued shares referred to as equity shares having a par value of Rs.1/- each.

Each holder of equity shares is entitled to one vote per share held.

The Company declares and pays dividends in Indian rupees. However during the year the company has not declared any dividend. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amount exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Details of security for Long-term Borrowings The Tuf loan from SBI bank is secured by:

3. First charge on fixed asset financed by SBI and Second charge on entire current asset and other fixed assets of the company on paripassu basis

4. Personal Guarantee from promoter

The term loan from SBI bank is secured by:

5. First Pari-passu charge on entire fixed asset of the company and first charge on entire current asset of the company

6. Personal Guarantee from promoter

The term loans from Andhra Bank is secured by:

7. First Pari-passu charge on entire fixed asset of the company

8. Second charge on current assets of the Company.

9. Working Capital loans from banks are secured by:

For SBI:

10. First charge on entire current assets of the company

11. Second paripassu charge on entire fixed assets of the company For Other Banks:

12. First pari passu charge on entire current assets of the company

13. Second paripassu charge on entire fixed assets of the company

Working Capital loans are payable on demand and carries interest rate for Cash Credit -- [14.22% to 15%] & for Packing Credit [ 10.45% to 11.25%]

14. Trade Payables

The Company has initiated the process of obtaining confirmation from suppliers who are covered under the “Micro, Small and Medium Enterprises Development Act 2006”

15. The exceptional item represents Voluntary Retirement compensation to the employees of the company.

16. Extradinary items represent profit on sale of D Gudalur unit, Karur, for which share holders approval obtained already vide postal ballot resolution dated on 22nd September 2015.

17. Additional Information to the Financial Statements

18. Details of employee benefits as required by the Accounting Standard 15 (Revised) are as under:

19. Description of the company''s defined plan: The company operates a defined plan for payment of post employment benefits in the form of gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service, as provided in the payment of Gratuity Act, 1972. The terms of benefit are common for all the employees of the company.

20. The company operates in one primary segment. viz., Textiles.

21. Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current year''s classification / disclosure.


Mar 31, 2015

1 Corporate Information

Super Spinning Mills Limited is a public limited company incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacture and selling of cotton yarn and its shares are listed on the Bombay Stock Exchange and the National Stock Exchange. The company has manufacturing units in Tamil Nadu and Andhra Pradesh.

2 The exceptional item represents Voluntary Retirement compensation to the employees of the company.

Rs. lakhs

31.03.2015 31.03.2014

2.1 Contingent Liabilities:

Letters of Credit - 123.62

Bank Guarantees 176.20 6.00

Bills discounted with company's bankers 423.82 2,454.86

Disputed demands from Income tax authorities 439.92 480.55

Disputed Excise duty liability 75.98 75.98

Disputed Sales tax liability 246.88 83.93

Corporate Guarantee to bank on behalf of subsidiary 140.00 140.00

2.2 Details of employee benefits as required by the Accounting Standard 15 (Revised) are as under:

a) Description of the company's defined plan: The company operates a defined plan for payment of post employment benefits in the form of gratuity.

Benefits under the plan are based on pay and years of service and are vested on completion of five years of service, as provided in the Payment of Gratuity Act, 1972. The terms of benefit are common for all the employees of the company.

2.3 The company operates in one primary segment. viz., Textiles.

2.4 Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current year's classification / disclosure.


Mar 31, 2014

1 Corporate Information

Super Spinning Mills Limited is a public limited company incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacture and selling of cotton yarn and its shares are listed on the Bombay Stock Exchange and the National Stock Exchange. The company has manufacturing units in Tamil Nadu and Andhra Pradesh.

2.0 Details of employee benefits as required by the Accounting Standard 15(Revised) are as under:

a) Description of the company''s defined plan: The company operates a defined plan for payment of post employment benefits in the form of gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service, as provided in the payment of Gratuity Act, 1972. The terms of benefit are common for all the employees of the company.

e) Investment Details: LIC Group Gratuity(Cash Accumulation) Policy - 100% invested in Debt instruments.

2.1 Related Party Disclosure(as certified by the Management)

(I) Names of Related parties and description of Relationship

a) Key Management Personnel

Vidyaprakash D, Executive Chairman Sumanth Ramamurthi, Managing Director

b) Subsidiaries Sara Elgi Arteriors Ltd

Elgi Building Products Ltd

c) Others

Elgi Electric and Industries Ltd Sara Elgi Industries Ltd Kakatiya Textiles Ltd Sara Elgi Envirotech Ltd

Super Sara Textiles Ltd Super Farm Products Ltd Coimbatore Pioneer Fertilisers Ltd Prashanth Textiles Ltd

2.2 Disclosure as per Clause 32 as per Listing agreement with Stock Exchange

a. Loans and advances in the nature of loans given to subsidiary - Sara Elgi Arteriors Ltd As at 31.03.2014 Rs. 79.57 lakhs

As at 31.03.2013 Rs. 87.80 lakhs

Maximum balance during the year Rs. 87.80 lakhs

b. Investment by Sara Elgi Arteriors Limited in Parent : Super Spinning Mills Ltd

Subsidiary : Elgi Building Products Ltd

2.3 The company operates in one primary segment. Viz Textiles.

2.4 Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current year''s classification / disclosure.


Mar 31, 2013

1 Corporate Information

Super Spinning Mills Limited is a public limited company incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacture and selling of cotton yarn and its shares are listed on the Bombay Stock Exchange and the National Stock Exchange. The company has manufacturing units in Tamil Nadu and Andhra Pradesh.

2.1 Working Capital loans are secured by:

a. First charge by way of hypothecation of inventories, book debts and other current assets of the Company.

b. Second charge on specific moveable and immoveable properties of the Company.

3 Trade Payables

The company has initiated the process of obtaining confirmation from suppliers who are covered under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to Micro, Small and Medium Enterprises, outstanding as on 31.03.2013.

4.1 Details of employee benefits as required by the Accounting Standard 15 (Revised) are as under:

a) Description of the company''s defined plan: The company operates a defined plan for payment of post employment benefits in the form of gratuity.

Benefits under the plan are based on pay and years of service and are vested on completion of five years of service, as provided in the Payment of Gratuity Act, 1972. The terms of benefit are common for all the employees of the company.

4.2 Related Party Disclosure (as certified by the Management)

(I) Names of Related parties and description of relationship

a) Key Management Personnel Vidyaprakash D, Executive Chairman

Sumanth Ramamurthi, Managing Director

b) Subsidiaries Sara Elgi Arteriors Ltd

Elgi Building Products Ltd

c) Others Elgi Electric and Industries Ltd Super Sara Textiles Ltd Sara Elgi Industries Ltd Super Farm Products Ltd Kakatiya Textiles Ltd Sara Elgi Insurance Advisory Services Pvt Ltd Sara Elgi Envirotech Ltd Sara Trading and Industrial Services Ltd Sara Elgi Industrial Research and Devlopment Ltd Coimbatore Pioneer Fertilisers Ltd Prashanth Textiles Ltd

4.3 The company operates in one primary segment. viz., Textiles.

4.4 Previous year figures have been regrouped and reclassified, wherever necessary, to correspond with the current year''s classification / disclosure.


Mar 31, 2012

1 Corporate Information

Super Spinning Mills Limited is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacture and selling of cotton yarn and its shares are listed on the Bombay Stock Exchange and the National Stock Exchange. The company has manufacturing units in Tamil Nadu and Andhra Pradesh.

2.1 There is no change in the number of shares outstanding at the beginning and at the end.

2.2 Details of security for Long-term Borrowings

The term loans from banks and financial institutions are secured by:

a. Pari-passu first charge on specific Moveable and Immoveable properties of the Company.

b. Second charge on current assets of the Company.

3.1 Working Capital loans are secured by:

a. First charge by way of Hypothecation of Inventories, Book Debts and other current assets of the Company.

b. Second charge on specific Moveable and Immoveable properties of the Company.

4 Trade Payables

The company has initiated the process of obtaining confirmation from suppliers who are covered under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to Micro, Small and Medium Enterprises, outstanding as on 31.03.2012.

Rs. Lakhs 5.1 Contingent Liabilities: 31.03.2012 31.03.2011

Letters of Credit 1,715.28 2,310.30

Bank Guarantees 6.00 6.00

Bills discounted with company's bankers 738.11 2,886.91

Disputed demands from Income tax authorities 1,757.62 3,058.64

Disputed Excise duty liability 75.98 287.57

Disputed Sales tax liability 83.93 83.93

Corporate Guarantee to bank on behalf of subsidiary 270.00 270.00

5.2 Details of employee benefits as required by the Accounting Standard 15(Revised) are as under:

a) Description of the company's defined plan: The company operates a defined plan for payment of post employment benefits in the form of gratuity.

Benefits under the plan are based on pay and years of service and are vested on completion of five years of service, as provided in the Payment of Gratuity Act, 1972. The terms of benefit are common for all the employees of the company.

e) Investment Details: LIC Group Gratuity(Cash Accumulation) Policy - 100% invested in Debt instruments.

5.3 The revised Schedule VI has become effective from 1st April 2011, for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous years figures have been regrouped and reclassified, wherever necessary, to correspond with the current years classification / disclosure.


Mar 31, 2011

1. Contingent Liabilities:

(i) Letters of Credit 2310.30 2306.75

(ii) Bank Guarantees 6.00 6.00

(iii) Bills discounted with Company's Bankers 2886.91 2613.50

(iv) Disputed Demands from Income Tax Authorities 3058.64 1675.13

(v) Disputed Excise Duty Liability 287.57 63.08

(vi) Disputed Sales Tax Liability 83.93 273.56

vii) Corporate Gurantees to bank on behalf of Subsidiary 270.00 -

2. Term Loans from Financial Institutions and from Banks (Including Foreign Currency Loans) to the extent of Rs. 437.50 Lakhs (Previous Year Rs. 687.50 Lakhs) and Rs.6,078.87 Lakhs (Previous Year Rs. 9,024.25 Lakhs) respectively, are secured by

(i) Pari-passu first charge created on all present and future movable and immovable assets of the Company subject to exclusive charges created on specific fixed assets in favour of specified lenders.

(ii) A charge created on all current assets of the company subject to a prior charge on such current assets created in favour of the Company's Working Capital Bankers

3. Working Capital Borrowings from Banks to the extent of

a) Rs. 7,472.00 Lakhs is secured by

(i) Hypothecation of Company's Inventories, Book Debts and Current Assets.

(ii) Second Charge created on the Fixed Assets of the Company

b) Short Term Loan to the extent of Rs.4037.38 lakhs is secured by way of first charge on stocks, book debts and all other moveable assets of the company.

c) Short Term loans to the extent of Rs.1000.00 lakhs is secured by way of subservient charge on entire stock of cotton both present and future situated at borrowers factory.

d) Short Term loan to the extent of Rs.1,429.53 lakhs is secured by way of pledge of stocks procured.

4. The company has initiated the process of obtaining confirmation from suppliers who are covered under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to micro, small and medium enterprises, outstanding as on 31.03.2011.

5. In the opinion of the Board, the Current Assets, Loans & Advances and other Receivables have at least the value as stated in the Balance Sheet, if realized in the ordinary course of business.

6. Loans and advances include amount due from Companies in which the Directors are interested amounting to Rs. 952.23 Lakhs (Previous Year Rs.2,918.68 Lakhs).

7. Taxes relating to earlier years include Short Provision of Income Tax amounting to Rs.109.96 Lakhs (Previous Year Rs.93.44 Lakhs).

8. Provision for Taxation includes amount of Rs.2 lakhs (Previous year Rs.2 lakhs) on account of Wealth Tax.

9. Revenue Expenditure of Research and Development amounting to Rs.41.32 Lakhs (Previous Year Rs.20.99 Lakhs) is charged off in the Profit & Loss Account. No intangible / tangible asset has been generated during the year out of Research and Development activity.

10. Details of employee benefits as required by the Accounting Standard 15(Revised) are as under:

(a) Description of the Company's defined benefit plan: The Company operates a defined benefit plan for payment of post employment benefits in the form of Gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service, as provided in the Payment of Gratuity Act, 1972. The terms of benefit are common for all the employees of the Company

e) Investment Details: LIC Group Gratuity (Cash Accumulation) Policy - 100% Invested in Debt Instruments

11. Loss on Sale of Assets amounting to Rs.47.61 Lakhs (Previous year Rs.28.62 lakhs) has been netted against Profit on Sale of Assets Rs. 563.60 lakhs (Previous year Rs. 155.63 lakhs) resulting in a net credit to Profit and Loss account of Rs. 515. 99 lakhs (Previous year Rs. 127.01 lakhs)

12. The Company operates in one primary segment, viz. Textiles.

13. Related Party Disclosure (as identified by the Management) (i) Names of related parties and description of relationship

(a) Key Management Personnel Vidyaprakash D, Chairman Sumanth Ramamurthi, Managing Director

(b) Subsidiaries Sara Elgi Arteriors Ltd. Elgi Building Products Ltd.

(c) Others :

1. Elgi Electric and Industries Ltd

2. Elgi Software and Technologies Ltd

3. Kakatiya Textiles Ltd

4. Sara Elgi Envirotech Ltd

5. Sara Elgi Industrial Research and Development Ltd

6. Super Sara Textiles Limited

7. Super Farm Products Limited

8. Sara Elgi Insurance Advisory Services Pvt Ltd

9. Sara Trading and Industrial Services Ltd

10. Coimbatore Pioneer Fertilizers Ltd.

14. Figures have been rounded off to the nearest thousand and previous year's figures have been regrouped wherever necessary to conform to current year's classification.


Mar 31, 2010

Rs. Lakhs

31.03.2010 31.03.2009

1. Estimated amount of contracts remaining to be executed on capital account and not provided for 59.33 135.89

2. Contingent Liabilities:

(i) Letters of Credit 2306.75 1436.67

(ii) Bank Guarantees 6.00 1533.52

(iii) Bills discounted with Companys Bankers 2613.50 3030.57

(iv) Disputed Demands from Income Tax Authorities 1675.13 1046.13

(v) Disputed Excise Duty Liability 63.08 63.08

(vi) Disputed Sales Tax Liability 273.56 287.05

3. Term Loans from Financial Institutions and from Banks (Including Foreign Currency Loans) to the extent of Rs. 687.50 Lakhs (Previous Year Rs. 1,037.50 Lakhs) and Rs.9,024.25 Lakhs (Previous Year Rs. 11,636.77 Lakhs) respectively, are secured by

(i) Pari-passu first charge created on all present and future movable and immovable assets of the Company subject to exclusive charges created on specific fixed assets in favour of specified lenders.

(ii) A charge created on all current assets of the company subject to a prior charge on such current assets created in favour of the Companys Working Capital Bankers

4. Working Capital Borrowings from Banks to the extent of Rs. 10,049.62 Lakhs (Previous Year Rs. 11,353.45 Lakhs) are secured by

(i) Hypothecation of Companys Inventories, Book Debts and Current Assets.

(ii) Second Charge created on the Fixed Assets of the Company

5. The company has initiated the process of obtaining confirmation from suppliers who are covered under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to micro, small and medium enterprises, outstanding as on 31.03.2010.

6. In the opinion of the Board, the Current Assets, Loans & Advances and other Receivables have at least the value as stated in the Balance Sheet, if realized in the ordinary course of business.

7. Loans and advances include amounts due from Companies in which the Directors are interested amounting to Rs. 2918.68 Lakhs (Previous Year Rs.3,591.55 Lakhs)

8. Taxes relating to earlier years include Short Provision of Income Tax amounting to Rs.93.44 Lakhs (Previous Year Rs. 78.08 Lakhs).

9. Provision for Taxation includes amount of Rs.2 lakhs (Previous year Rs.2 lakhs) on account of Wealth Tax.

10. Revenue Expenditure of Research and Development amounting to Rs.20.99 Lakhs (Previous Year Rs.27.57 Lakhs) is charged off in the Profit & Loss Account. No intangible / tangible asset has been generated during the year out of Research and Development activity.

11. Computation of Net Profit under Section 349 / 350 of the Companies Act, 1956 for the year

12. Details of employees benefits as required by the Accounting Standard 15 (Revised) are as under:

(a) Description of the Companys defined benefit plan: The Company operates a defined benefit plan for payment of post employment benefits in the form of Gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service, as provided in the Payment of Gratuity Act, 1972. The terms of benefit are common for all the employees of the Company.

13. Loss on Sale of Assets amounting to Rs.28.62 Lakhs (Previous year Rs.27.92 lakhs) has been netted against Profit on Sale of Assets Rs.155.63 lakhs (Previous year Rs. 123.44 lakhs) resulting in a net credit to Profit and Loss account of Rs. 127.01 lakhs (Previous year Rs. 95.52 lakhs)

14. The Company operates in one primary segment, viz. Textiles.

15. Related Party Disclosure (as identified by the Management)

(i) Names of related parties and description of relationship

(a) Where Control Exists :

(b) Key Management Personnel : Vidyaprakash D, Chairman

Sumanth Ramamurthi, Managing Director K R Seethapathy, Executive Director

(c) Subsidiary : Sara Elgi Arteriors Ltd.

(d) Others :

1. Elgi Electric and Industries Ltd

2. Elgi Building Products Ltd

3. Elgi Software and Technologies Ltd

4. Kakatiya Textiles Ltd

5. Sara Elgi Envirotech Ltd

6. Super Sara Textiles Limited

7. Super Farm Products Limited

8. Sara Elgi Insurance Advisory Services Pvt Ltd

9. Sara Trading and Industrial Services Ltd

10. Sara Elgi Industrial Research and

Development Ltd

11. Coimbatore Pioneer Fertilisers Ltd.

16. Figures have been rounded off to the nearest thousand and previous years figures have been regrouped wherever necessary to conform to current years classification.

Find IFSC