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Notes to Accounts of Thambbi Modern Spinning Mills Ltd.

Mar 31, 2015

(Rs. In. Lakhs)

Notes on Financial Statement

31.03.2015 31.03.2014

1 CONTINGENT LIABILITES ON ACCOUNT OF

(a) Estimated amount of contracts remaining to be executed on capital 0.00 221.79 account and not provided for ( after adjusting advances made thereof)

(b) Claims against the company which are contested/proposed to be contested before various juducial forums are given as under:

(i) The Cotton Corporation of India Limited.,Coimbatore 62.59 62.59

(ii) Sales Tax 13.37 11.43

(iii) Income Tax Department 98.76 98.76

(c) On account of Bank Guarntee issued by UBI favouring to DGFT 9.97 9.97

2 Previous year figures have been re-worked, re grouped, re-arranged wherever considered necessary.


Mar 31, 2014

1. Sundry Creditors includes the following amounts due to SSI units exceeding Rs. 1 lakh for more than 30 days, but within the agreed terms:

i. Gowri Tex Cones, Namakkal Rs. 1,48,640/-

ii. Sree Mahalakshmi Paper Cones,Gopi Rs. 1,00,151/-

2. The company has not identified the amount due to Micro,Small & Medium Enterprises (as defined in the Micro Small & Medium Enterprises Development Act 2006) as on 31.03.2014.Hence the company has not ascertained the overdue amount due to Micro .Small & Medium Enterprises as on that date.Further , the company has also not made provision in the accounts towards the interest on such overdue amounts to Micro,Small & Medium Enterprises.

3. The Company had failed a writ pettion challenging the BPSC on Electricity tax demanded by TANGEDCO.before the honourable High Court of Madras which has given a ruling in favour of the company directing the electricity authorities to refund an amount of Rs.25.00 lakhs.However the refund is yet to be received pending decision from the higher authorities of TANGEDCO

4. Deferred Tax Assets have not been recognised on losses/ unabsorbed depreciation as envisaged in AS 22 issued by ICAI in view of virtual uncertainity that there will not be sufficient future taxable income available to realise such assets.

5. Provision for Taxation is not considered necessary both under provisions of Section 115JB and conventional method, in view of the brought forward book depreciation as well as losses under Income Tax Act, 1961 available for set off.

6. Income tax assessment u/s.143 (i)(a) has been received for assessment year 2012-2013.

7. The Assistant Commissioner of Income Tax passed an order u/s.143 (3) for A.Y 2011-12 and raised a demand of Rs.98.76 lakhs including interest vide order dt 21.01.2014.Since the company has filed an appeal before CIT (A) and confident of winning in appeal ,no provision has been made for the demand.

8. Segment Information

The Company is principally engaged in the business of the manufaturing of cotton yam. Accordingly there are no other reportable segments as per Accounting Standard No.17 issued by the ICAI on Segment Reporting.

9. CONTINGENT LIABILITES ON ACCOUNT OF

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for ( after adjusting advances 221.79 221.79 made thereof)

(b) Claims against the company which are contested/proposed to be contested before various juducial forums are given as under:

(i) The Cotton Corporation of India Limited.. Coimbatore 62.59 62.59

(ii) Sales Tax 11.43 11.43

(iii) Income Tax Department 98.77 0.00

(c) On account of Bank Guarntee issued by UBI favouring to DGFT 9.97 9.97

10. Previous year figures have been re-worked,re grouped, re-arranged wherever considered necessary.


Mar 31, 2012

1 Segment Information

The Company is principally engaged in the business of the manufacturing of cotton yarn. Accordingly there are no other reportable segments as per Accounting Standard No.17 issued by the ICAI on Segment Reporting.

2 Related Party Disclosures

I.List of related parties with whom no transactions have taken place;

a) M/S.Sunrise Jewellers P Ltd..Chennai

II.List of related parties with whom transaction has taken place :

a) Transaction with key management personel:

i. Mr.R.Jagadeesan-Managing Director Remuneration Rs.15,00,000/-

b)Transaction with relative of key management personnel:

i. Mr.R.Jagadeesan & Mrs.Malathi Jagadeesan-Fixed Deposit outstanding Rs.1,61,20,750/-

c)Land and Buildings belonging Jagadeesh Apartments P Ltd.,is given as security to the term Loan of Rs.300 lakhs from Repco Bank Limited., Salem

3 Cotangent Liabilities on account of Letter of Credit Rs. Nil Nil

This years Balance sheet,P rofit & Loss Account is 25 prepared in accordance with revised Schedule VI.The previous years figures have been regrouped accordingly.


Mar 31, 2010

A. SECURED LOANS

(i) Cash credit from Union Bank of India secured primarily by Hypothecation of existing Plant & Machinery installed at Unit II & III, stock of Raw Materials, WIP and Finished Goods and collaterally by creation of Registered mortgage of land and building of Unit II & III.

(ii) Term Loan from Kotak Mahindra Bank Ltd are secured by Mortgage of properties of Unit I Land & Building on all present and future plant and machineries. These loans are guaranteed by Two Directors.

(iii) Term Loan from HDFC Bank is secured by Hypothecation of a Vehicle.

b. Unsecured loan from Directors is interest free loan.

c. Confirmations are awaited in respect of letters circulated by the Company to its Debtors. In the opinion of the management, these are correctly stated.

d) The company is in the process of identifying Micro, Small & Medium enterprises as defined in the Micro, Small & Medium Enterprises Development Act 2006. Hence the amount overdue as on 31.03.2010 to Micro, Small & Medium Enterprises on account of principal amount together with interest is not ascertained.

e) Income tax assessment has been completed up to assessment year 2008-2009 U/S 143(i) (a)

f) Provision for Taxation both u/s 115JB and under conventional method is not considered necessary in view of the brought forward book depreciation as well as loss under Income Tax Act, 1961 available for set off.

g) Remuneration to Managing Director Rs. 15,00,000/- (Previous Year -Rs.9,00,000/-) Contribution of Provident fund Rs. 7,020/-(previous year -Rs.9,360/-) Total Rs.15,07,020/- (previous year - Rs.9,09,360/-)

h) Administrative Expenses in Other Expenses - (Schedule 16) include Payment to Auditors for(i)(a) Statutory Audit Rs.71,695 (Previous year Rs. 71,695) (b) Taxation Work - Rs.16,545 (Previous year Rs.16,545); (c) Other Certification work Rs.23,163 (Previous year Rs.16,751); (ii) Expenses reimbursed -Rs.24,383 (Previous year Rs.32,128)

i. Segment Information

The Company is principally engaged in the business of the Manufacturing of Cotton yarn. Accordingly there are no other reportable segments as per Accounting Standard No.17 issued by the ICAI on Segment Reporting.

j. Related Party Disclosures:

I. List of related parties with whom no transactions have taken place: i. M/s Sunrise Jewellers P.Ltd., Chennai

ii. M/s Jagadeesh Apartments P.Ltd., Salem

II. List of related parties with whom transaction have taken place: i. Transaction with key management personel:

1. Mr. R.Jagadeesan - Managing Director Remuneration Rs. 15,07,020/- ii. Transaction with relative of Key Management Personnel:

1. Mr. R.Jagadeesan & Mrs. Malathi Jagadeesan - Fixed Deposit outstanding

Rs. 2,02,66,059/-

k) Contingent liabilities on account of Letter of Credit Rs.NIL

l) Previous years figures have been regrouped/rearranged wherever necessary.

 
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