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Notes to Accounts of Tamil Nadu Jaibharat Mills Ltd.

Mar 31, 2015

As at 31.03.2015 Asat31.03.2014 (Rs) (Rs)

Contingent liabilities & Commitments

(to the extend not provided for)

(i) Contingent liabilities

a. Claim against the company

not acknolwdged as debt -- --

b. Guarantees 1,287,000 1,287,000

c. Other money for which the company is contingently liable

Inland Letter of Credit 24,400,000 13,300,000

Inland Lc Bills Discounted - -

Foreign Lc Bills Discounted 9,075,172 5,204,600

Disputed Statutory Liabiltiy

Provident Fund 15,555,881 15,555,881

Salestax 9,660,060 1,594,539

Employees State Insurance Corporation 236,550 236,550

II. Other Notes forming Part of the Balance Sheet and statement of Profit & Loss Account:

1) Managerial Remuneration: NIL

2) The Company has become a subsidiary of Shri Ramalinga Mills Ltd.,Aruppukottai, who, by virtue of conversion of convertible debentures into equity shares are holding 61.62% of the paid up equity share capital of the company as on 31.03.2015.

3) Non-Resident Shareholders: 31.03.2015 31.03.2014

NumberofNon-ResidentShareholders — 16 16

Number of Equity Shares held — 608100 6,08,100

4) Balance of certain debtors, creditors and Advances are yet to be confirmed and reconciled if any. In the opinion of the management the difference would be insignificant.

5) Income Tax Assessment:

Income-tax Assessments upto to the Assessment year 2012-13 were completed. As the Company has no Taxable Income under regular Income or Profit U/s. 115JB of the Income Tax Act, for the assessmentyear2015-16, No Provision for Income Tax Liability has been made in the accounts.

6) The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this act has not been given.

7) In the opinion of the Board of Directors the Current Assets, Loans and Advances value as stated in the balance sheet will be realised in the ordinary course of business.

8) Previous year figures have been regrouped and reclassified wherever necessary, to confirm to the years classification.

9) Paise have been rounded off to the nearest rupee.




Mar 31, 2014

1) Managerial Remuneration : NIL

2) The Company has become a subsidiary of Shri Ramalinga Mills Ltd., Aruppukottai, who, by virtue of conversion of loan into equity shares are holding 62% of the paid up equity share capital of the company as on 31.03.2014.

3) Non-Resident Indian Shareholders : 31.03.2014 31.03.2013

Number of Non-Resident

Indian Shareholders -- 16 16

Number of Equity Shares held -- 6,08,100 6,08,100

4) Balance of certain debtors, creditors and Advances are yet to be confirmed and reconciled if any. In the opinion of the management the difference would be insignificant.

5) Income Tax Assessment:

Income-tax Assessments upto to the Assessment year 2011-2012 were completed. As the Company has no Taxable Income under regular Income or Profit U/s. 115JB of the Income Tax Act, for the assessment year 2014-15, No Provision for Income Tax Liability has been made in the accounts.

7) The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this act has not been given.

8) In the opinion of the Board of Directors the Current Assets, Loans and Advances value as stated in the balance sheet will be realised in the ordinary course of business.

9) Contingent liabilities are not recognised in the accounts but are disclosed after a careful evaluation of the concerned facts and legal issues involved.

10) On 17.03.2014, the BIFR has discharged the company from its purview as the company is no more a Sick company But it is still a Potentially SICK Company.

11) Previous year figures have been regrouped and reclassified wherever necessary, to confirm to the years classification.

12) Paise have been rounded off to the nearest rupee .


Mar 31, 2012

1) Managerial Remuneration:

The present Managing Director has expressed his unwillingness to draw any remuneration, till the Company wipes out its accumulated losses.

2) Leave Encashment:

As per the Rules and Regulations of the Company the eligible leave salary is paid on cash basis within the accounting year.

3) Balance of certain debtors, creditors and Advances are yet to be confirmed and reconciled if any. In the opinion of the management the difference would be insignificant.

4) Income Tax Assessment:

Income-tax Assessments upto to the Assessment year 2009-2010 were completed. As per the Assessment order dated 23.12.2011 the Assessing Officer has disallowed certain expenses which has the impact of reducing the loss returned by the company by Rs.4,29,91,829/= and finally the total loss is determined by the Assessing Officer as Rs.7,98,95,930/= instead of Rs.12,28,87,755/=. The management is of the opinion that the demand is arbitrary and the same is not sustainable.

As the Company has no Taxable Income under regular Income or Profit U/s. 115JB of the Income Tax Act, for the assessment year 2012-13, No Provision for Income Tax Liability has been made in the accounts.

5) Sales-Tax

Sales tax Assessments have been completed upto the year ended 31.03.2004. The following liabilities are disputed in appeal and the management is in confidence of success in appeal and hence no provision has been made.

6)The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this act has not been given.

7) In the opinion of the Board of Directors the Current Assets, Loans and Advances value as stated in the balance sheet will be realised in the ordinary course of business.

8) Contingent liabilities are not recognised in the accounts but are disclosed after a careful evaluation of the concerned facts and legal issues involved.

9) The networth of the company has been completely eroded. The Company has passed a resolution at the Board Meeting held on 25.05.2012 to make a reference to BIFR to declare the unit as sick and expects to work out a Rehabilitation Scheme in due course.

10) Previous year figures have been regrouped and reclassified wherever necessary, to confirm to the years classification.

11) Raise have been rounded off to the nearest rupee and grams to nearest kilogram.


Mar 31, 2010

1) Segment Financials as per AS-17 recommended by the Institute of Chartered Accountant of India.

The company operates in a single primary business segment namely manufacture of cotton yarn. Hence no separate disclosure is required.

2) Related Party Disclosures as per AS-18 recommended by Institute of Chartered Accountants of India

Reporting entity : Tamilnadu Jai Bharath Mills Limited List of related parties

Associate Companies

: Shri Ramalinga Mills Ltd.,

Aruppukottai

Harshni Textiles Mills Ltd., Anamalai

Lakshmi Electrical Drives Ltd.,

Textile Division Sunspintex, Anamalai

Sri Jayadevi Textile Mills Pvt.Ltd., Aruppukottai

Shri Ramalinga Spinners Pvt.Ltd., Aruppukottai

Shri Govindaraja Mills Ltd., Aruppukottai

Sri Jayajothi & Co. Ltd., O.E.Division, Virudhunagar

Sri Jayajothi Textiles Mills Pvt. Ltd., Keelarajakularaman, Rajapalayam

Individuals/Firms

: Sri. T. R. Dhinakaran

Smt. D. Nirmala

Kedia Enterprises

Ramasamy & Company

Nirmala & Company

Key Management Personnel

: Sri. D. Senthilkumar, Managing Director.

3) 1. Disclosure regarding lease transactions: AS-19 a) Cost of Assets purchased on financial lease on or after 01.04.2001 - Nil

4) Deferred Tax Asset/Liability : (AS-22)

Deferred Tax resulting from timing difference between book and taxable Profit is accountant for using the tax rates in force as on the balance Sheet date. The deferred tax assets is recognised and carried forward Only to the extent that there is reasonable certainty that the asset will be realised in future.

II. Other Particulars :

1) Managerial Remuneration:

The present Managing Director has expressed his unwillingness to draw any remuneration, till the Company wipes out its accumulated losses.

2) Leave Encashment:

As per the Rules and Regulations of the Company the eligible leave salary is paid on cash basis within the accounting year.

5) Balance of Creditors and debtors are subject to confirmation.

6) Income Tax Assessment:

Income returned has been accepted by the Income Tax Department u/s. 143(1) of the Income Tax Act upto the Assessment year 2007-2008. Scrutiny Assessment u/s.143(3) of the Income Tax Act has been completed upto the Assessment year 2006-2007. As the company has no taxable income and book profit for the Assessment year 2010-2011 no provision for income-tax has been made in the accounts.

The demand of Rs.25,68,895/= which has arisen on reopening the assessment for the Assessment year 2001-2002 is under dispute before the Commissioner of Income-tax Appeals, Madurai and on Appeal it was allowed in our favour. However the Department has filed an appeal with Income Tax Appellate Tribunal( ITAT), Chennai and no provision has been made in the accounts since the demand is likely to be either deleted or subsequently reduced.

7) Central Excise :

The Deputy Commissioner of Central Excise, Rajapalayam has issued a show cause Notice & confirmed the claim of Rs.6,69,039/= in respect of availing the services of Goods Transport Operators (GTO) during the period from 16.11.1997 to 01.06.1998 against freight paid for transport of goods purchased / cleared by us. Against our appeal, the Commissioner of Central Excise (Appeals), Madurai allowed our appeal and has set aside the order of the adjudicating authority and in turn the department authorities has filed an appeal before the Central Excise, Customs and Service Tax, Tribunal, Chennai.

8) Term Deposits

Term Deposit with Scheduled Banks include the following:- a) Rs.4,13,889/- with Tamilnad Mercantile Bank Limited earmarked for maintaining liquidity as provided in Rule 3 A of the Companies (Acceptance of Deposits) rules, 1975. b) Rs.19,88,000/- with SBI Com Br. Madurai is for 10 % Margin Money for Inland letter of Credit.

9) The installed Capacity and stocks as specified are certified by the respective authorities.

10) The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid /payable under this act have not been given.

11) Sundry Debtors include Rs73,19,543/= due from companies in which Directors are interested as Directors (Previous Year 18,18,471/=)

12) In the opinion of the Board of Directors the Current Assets, Loans and Advances value as stated in the balance sheets will be realised in the ordinary course of business.

13) Contingent liabilities are not recognised in the accounts but are disclosed after a careful evaluation of the concerned facts and legal issues involved.

14) The preparation of financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities as at the date of the financial statement and reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Any revision to the estimates is recognised prospectively.

15) Previous year figures have been regrouped and reclassified wherever necessary to confirm to the years classification

16) Paise have been rounded off to the nearest rupee and grams to nearest kilogram.

 
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