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Notes to Accounts of Suryalata Spinning Mills Ltd.

Mar 31, 2015

1. Background and nature of operation:

Suryalata spinning mills limited (the "Company")has been incorporated on 23rd May,1983. The Company is engaged in the business of manufacture of Synthetic Blended Yarns. The Company is listed on Bombay Stock Exchange.

a. Employee benefits: Gratuity

Consequent to the adoption of Accounting Standard on Employees Benefits (AS-15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard for Actuarial valuation of Gratuity.

The company has created a Trust namely SLSML Employees Gratuity Trust vide Trust deed dated 31st December, 2005 and obtained approvals from Income Tax Authorities vide letter No. CIT-III/ 10/GF/2005-06 dated 18.10.2006. SBI Life Insurance has been appointed for management of the Trust fund for the Benefit of the employees. The following tables summarize the components of net benefits.

b. In the opinion of the Board, the current assets and loans & advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

c. The company has opted for Drawback scheme on payment of excise duty for exports by availing cenvat credit on inputs for exports under Notification no: 29/2004 (CE) dated 09.07.2004. The company has opted for zero rate of duty by not taking cenvat credit on inputs under central excise vide Notification no: 30/2004 (CE) dated 09.07.2004 for domestic sales except the quantities removed on payment of excise duty under Notification no: 29/2004 (CE) dated 09.07.2004. read with circular no 845/03/2006- CX dated 01.02.2007 by avail proportionate cenvat credit at the end of the month against inputs used in the manufacture of finished goods produced.

d. Previous Year's Figures have been regrouped wherever necessary to correspond with the current year's figures, except when otherwise stated, the figures are presented in Rupees in Lakhs.


Mar 31, 2014

(Figures in Rs. Lakhs)

Particulars As on As on 31.03.2014 31.03.2013

a. Contingent Liabilities not provided for on account of:

a) Contracts to be executed on capital projects 411.40 768.00

b) Bank Guarantee 1.90 1.90

c) Bills discounted against LC''s 291.35 222.98

d) Inland LC''s Nil 97.66

b. Employee benefits: Gratuity

Consequent to the adoption of Accounting Standard on Employees Benefits (AS-15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard for Actuarial valuation of Gratuity.

The company has created a Trust namely SLSML Employees Gratuity Trust vide Trust deed dated 31st December, 2005 and obtained approvals from Income Tax Authorities vide letter No. CIT-III/ 10/GF/2005-06 dated 18.10.2006. SBI Life Insurance has been appointed for management of the Trust fund for the Benefit of the employees. The following tables summarize the components of net benefits.

c. In the opinion of the Board, the current assets and loans & advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

d. The company has opted for Drawback scheme on payment of excise duty for exports by availing cenvat credit on inputs for exports under Notification no :29/2004 (CE) dated 09.07.2004. The company has opted for zero rate of duty by not taking cenvat credit on inputs under central excise vide Notification no: 30/2004 (CE) dated 09.07.2004 for domestic sales other than milenge yarn. The product of Milenge yarn cleared on payment of excise duty by avail cenvat credit on inputs during the period from 01.04.2012 to 28.02.2013 and opted for zero rate of duty by not taking cenvat credit from 01.03.2013 due to zero rate of duty made on fabric in the Budget presented on 28.02.2013.


Mar 31, 2012

Appendix:

1. Loans referred in (1) and (2) are secured by pari passu first charge on all movable and immovable properties of the Company present and future. The loans further secured by personal gurantees of two promoter Directors of the company and pledge of some shares of the promoters of the company.

2. Loans referred in (3) are secured by First and exclusive charge on the equipment acquired out of loan. The loans are further secured by personal guarantees of two promoter directors of the company in their individual capacity and pledge of some shares of the promoters of the company.

* Working Capital loans from bank referred to in (a) above are secured by hypothecation of stock in trade, raw materials, stock in process, stores and spares and receivables present and future and by a second charge on the present and future movable and immovable properties of the Company on pari passu basis. The loans further secured by personal guarantees of two promoter directors of the Company.

(Figures in Rs. Lakhs)

As on As on Particulars 31.03.2012 31.03.2011

a. Contingent LiabiIities not provided for on account of :

a) Contracts to be executed on capital projects 3,817.26 3,419.97

b) Bank Guarantee 1.90 13.13

c) Bills discounted against LC's 531.64 647.96

d. Employee benefits: Gratuity

Consequent to the adoption of Accounting Standard on Employees Benefits (AS-15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard for Actuarial valuation of Gratuity

e. In the opinion of the Board, the current assets and loans & advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated. j. The company has opted for zero rate of duty by not taking cenvat credit on inputs under central excise vide Notification no: 30/2004 (CE) dated 09.07.2004 for total sales upto 30.09.2011. However, due to the changes in Import/Export policy w.e.f. 01.10.2011 the company has opted for Drawback scheme on payment of excise duty for exports by availing cenvat credit on inputs for exports under Notification no :29/2004 (CE) dated 09.07.2004, and continued Notification no : 30/2004 (CE) dated 09.07.2004 for Domestic sales. k. Consequent to the Notification under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared under Revised Schedule VI accordingly, the Previous year's figures also have been reclassified to confirm to this year's classification


Mar 31, 2011

2010-11 2009-10 Rs. Rs.

1 Contingent Liabilities not provided for on account of :

a) Bank Guarantee 13.13 Nil Lakhs

b) Letter of Credit (FLC for Capital equipment) Nil Rs.196.45 Lakhs

2. The Company has opted for exempted route under Excise rules w.e.f 31st July, 07 except in August 2010 at Urukondapet Unit. Accordingly, the CENVAT benefit not availed from the said date.

3. Interest paid, payable or accrued and due to Micro and Small Enterprises is Nil

4. The Company's operations predominantly comprise of only one reportable product segment i.e., Yarn as per Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

5. Disclosure in respect of related parties pursuant to Accounting Standard 18:

List of related parties with whom the transactions have taken place and relationships:

Sl. No. Name of the party Relationship

1 Sri Vithaldas Agarwal Key Management personnel

2 Sri Mahender Kumar Agarwal Key Management personnel

3 Sri Yash Agarwal Key Management personnel

4 Relatives of Key Management Personnel Others

5 Suryaamba Spinning Mills Limited Others

6. Disclosure as required by Accounting Standard 15 (Revised) on Employee Benefits:- The company has created a Trust namely SLSML Employees Gratuity Trust vide Trust deed dated 31st December, 2005 and obtained approvals from Income Tax Authorities vide letter No. CIT- III/10/GF/2005-06 dated 18.10.2006. SBI Life Insurance has been appointed for management of the Trust fund for the Benefit of the employees. The following tables summarize the components of net benefits.

7. Previous Year's figures have been regrouped wherever necessary.Paise have been rounded off to the nearest rupee.


Mar 31, 2010

2009-10 2008-09

Rs. Rs.

1 Contingent Liabilities not provided for on account of :

a) Bank Guarantee Nil Rs.33.02 lakhs

b) Letter of Credit (FLC for Capital

equipment) Rs. 196.45 lakhs Nil

c) Derivative structures under

European knock in Nil Rs.40.00 lakhs

2 The Company has opted for exempted route under Excise rules w.e.f. 31st July, 2007. Accordingly, the CENVAT benefit not availed from the said date.

3 Interest paid, payable or accrued and due to Micro and Small Enterprises is Nil.

4 The Companys operations predominantly comprise of only one reportable product segment i.e. Yarn, as per Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India.

5 Previous Years figures have been regrouped wherever necessary. Paise have been rounded off to the nearest rupee.

 
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