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.