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Notes to Accounts of Thomas Scott (India) Ltd.

Mar 31, 2015

1. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities is adequate and not in excess of the amount reasonably necessary. Some balances are subject to confirmation and reconciliation.

2. Taxes on Income

In view of the losses for the current year, no income tax provision is recorded in accounts. However, deferred tax asset on account of current year loss has not been made as the management is of the opinion that there is no virtual certainty for the reversal of the same.

3. Employee benefit plan:

The Company has recognized Rs, 2,31,568/- (PYRs,1,42,045/-) in the profit & Loss Account during the year ended 31 March 2015 under defined contribution plan.

4. Previous year figure has been regrouped, rearranged and restated whenever necessary

5. Information on Related Party Disclosure

A. Key Managerial Persons (KMP) Brijgopal Bang (Managing Director)

Raghavendra Bang (Director)

B. Relatives of Key Managerial Persons Balaram Bang

Harshvardhan Bang

C. Enterprises owned or significantly influenced by key management Bang Overseas Limited perosnnel or their relatives Vedanta Creations Limited

Venugopal Bang (HUF)

6. Additional information pursuant to the provisions of Part II of the Schedule III of the Companies Act, 2013.

i) Value of imported and indigenous Raw Material consumed during the year is NIL

ii) C.I.F Value of imports, Expenditure and Earning in Foreign exchange


Mar 31, 2014

1. Contingent Liabilities

(In Rs.)

Particulars 31.03.20141 31.03.20l3

Sales Tax Declaration Forms 14,79,539 14,96,705

Total 14,79,539 14,96,705

2. Taxes on Income

In view of the losses for the current year, no income tax provision is recorded in accounts. However, deferred tax asset on account of current year loss has not been made as the management is of the opinion that there is no virtual certainty for the reversal of the same.

3. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities is adequate and not in excess of the amount reasonably necessary. Some balances are subject to confirmation and reconciliation.

4. Employee benefit plan:

The Company has recognized Rs. 1,42,045/- (PY 28,013/-) in the profit & Loss Account during the year ended 31 March 2014 under defined contribution plan.

5. Segment Reporting:

The Company operates in only one reportable segment that is trading of readymade Garments and fabrics. Therefore no separate disclosure of segment wise information is required.

6. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence discloses, if any relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

7. Derivative Instruments

There are no outstanding forward contracts entered into the Company as on 31 March 2014.

8. Previous year figure has been regrouped, rearranged and restated whenever necessary.


Mar 31, 2013

1. Contingent Liabilities

(In Rs.)

Particulars 31.03.2013 31.03.2012

Sales Tax Declaration Forms 14,96,705 13,89,880

Total 14,96,705 13,89,880



2. Taxes on Income

In view of the losses for the current year, no income tax provision is recorded in accounts. However, deferred tax asset on account of current year loss has not been made as the management is of the opinion that there is no virtual certainty for the reversal of the same.

3. In the opinion of the Board, sundry debtors, loans and advances and other current assets and unsecured loans are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities is adequate and not in excess of the amount reasonably necessary. Some balances are subject to confirmation and reconciliation.

4. Operating Lease Arrangements:

As lessee:

Rental expenses of Rs. 14,79,732 (P.Y. Rs.1,54,42,346) in respect of obligation under operating leases have been recognized in the profit and loss account.

The above figures include:

i. Lease rentals do not include common maintenance charges, tax payable, if any.

ii. The Company has not entered under any operating lease agreement which is not-cancelable more than five years.

5. Employee benefit plan:

The Company has recognized Rs.28,013 (PY 1,93,811/-) in the profit & Loss Account during the year ended 31 March 2013 under defined contribution plan.

6. Segment Reporting:

The Company operates in only one reportable segment that is manufactures of readymade Garments and sale of trading fabric. Therefore no separate disclosure of segment wise information is required.

7. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence discloses, if any relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

8. Derivative Instruments

There are no outstanding forward contracts entered into the Company as on 31 March 2013.

9. Previous year figure has been regrouped, rearranged and restated whenever necessary

10. Information on Related Party Disclosure

A. Key Managerial Persons (KMP) Venugopal Bang (Director)

Brijgopal Bang (Director)

B. Relatives of Key Managerial Persons Balaram Bang

C. Enterprises owned or significantly

influenced by key mangement perosnnel or their relatives

Bang Overseas Limited Vedanta Creations Limited Venugopal Bang (HUF)


Mar 31, 2012

1. Previous year figure has been regrouped, rearranged and restated whenever necessary.

2. Segment Reporting:

The Company operates in only one reportable segment that is manufactures of readymade garments. Therefore no separate disclosure of segment wise information is required.

3. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence discloses, if any relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

4. Scheme of Arrangement:

1) The Company was incorporated on 22nd October 2010 with an authorised share capital of Rs. 5, 00,000 (50,000 equity shares of Rs. 10/- each)

2) In terms of the Scheme of Arrangement between Bang Overseas Limited and Thomas Scott (India) Limited and their respective shareholders sanctioned by the Honourable High Court of Bombay, which become effective on 05th August, 2011 with retrospective effect from 01st April 2011, the following effects were given:

(a) Authorised Share Capital increased to 40, 00,000 Equity Shares of Rs. 10/- each and 10,00,000 Redeemable Preference Shares of Rs. 10/- each.

(b) The Pre demerger paid up share capital of Rs. 5, 00,000 stands cancelled.

(c) 33,90,000 shares of the company were issued to the shareholders of Bang Overseas Limited pursuant to scheme of demerger in the ratio of 1:4 (One share for every four shares held in Bang Overseas Limited)

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