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Notes to Accounts of Tuni Textile Mills Ltd.

Mar 31, 2015

1. Terms/Rights attached to Equity Shares:-

(i) The Company has only one class of Equity shares having par value of Rs. 1/- per share.

(ii) Each holder of Equity share is entitled to one vote per share.

(iii) In the event of Liquidation of the Company , the holders of Equity shares will be entitled to receive the realised value of the assets of the Company, remaining after payment of all prefrential dues(if any) .The distribution will be in proportion to the number of equity shares held by the shareholders.

2. i) Nature of Security

a. First charge by way of hypothecation of machineries purchased under expansion projects.

b. Collaterally secured by equitable mortgage of lands and buildings located at B-4 and B-5 MIDC industrial Area, Murbad, Dist. Thane and Unit no. 5,6 & 7 , Tex centre,26A, Chandivali road,Andheri (E), Mumbai.

c. Personally guaranteed by two directors of the company.

ii) Defined Benefit Plan

Leave Encashment: During the year 2014-15, the amount paid to employees as leave encashment is ' NIL

Gratuity: The employee's gratuity scheme is non-fund based. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

3. Contingent liabilities and commitments:

(a) Contingent liabilities not provided:

(i) Penalty levied by SEBI for dalay in submission of certain information to BSE Rs. 170,000 170,000

(ii) Disputed income tax matters in appeal Rs. - 71,881

(iii) Undertaking given under EPCG Scheme for fullfilment of export obligation Rs. in lacs 150.85 150.85

(iv) Principal and Interest due on Electricity charges due to non - receipt of subsidy from MSEdCl of earlier years 4,804,616 4,804,616

(b) Commitments:

(i) Uncalled money payable for residential Rs. 1,422,500 1,422,500 flat to the developers

4. The company operates in a single segment i.e. textile having the same risk and return. Hence reporting as per Accounting Standard 17 'Segment Reporting' is not applicable

5. The management is of view that as per Accounting Standard-28, no impairment loss is required to be recognised, as the present values of assets are higher than the carrying amount of such assets.

6. Related Party Disclosure

Related party disclosures as required by Accounting Standard (AS) -18 " Related Party Disclosures" notified by Companies(Accounting Standards) Rules, 2006 (as amended) are given below :

(a) Key Management Personnel and their relatives :

Key Management

Shri Pradeep Kumar Sureka Shri Narendra Kumar Sureka

Relatives

Smt. Geetadevi Sureka ( Mother of Key management personnel)

(b) Enterprises over which Key Management Personnel and their relatives have significant influence :

True Capital and Finance Private Limited

7. During the year , a Memorandum of Understanding (MOU)was entered between the company and its two directors. As per the terms of MOU , the company will use the power supplied by the meters standing in the name of such directors and makes payment of electricity bills directly to the power supply company.

8. Effective 1 April 2014, the Company has reassessed useful lives of fixed assets pursuant to the provisions of Schedule II to the Act and the same has been given effect to in these financial statements. Also depreciation Rs. 360607/- and deferred tax thereon Rs. 111428/- in this regard has been adjusted against opening balance of statement of profit and loss in line with the transitional provisions prescribed under the Act.

9. Leases: The company has taken industrial gala under operating lease or on leave and license basis. These is generally not non-cancellable and for a period ranging between 12 months and above and is renewable at mutual consent on mutually agreeable terms. The company has given refundable interest free security deposit in accordance with the agreed terms. The rent paid in accordance with these agreement is debited to the statement of profit and loss for the year.

10. The Company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2014

1.c : Terms/Rights attached to Equity Shares:-

(I) The Company has only one class of Equity shares having par value of 1/- per share.

(ii) Each holder of Equity share is entitled to one vote per share.

(iii) In the event of Liquidation of the Company , the holders of Equity shares will be entitled to receive the realised value of the assets of the Company, remaining after payment of all prefrential dues(if any). The distribution will be in proportion to the number of equity shares held by the shareholders.

Installments falling due in respect of all the above loans upto 31.03.2014 have been taken in "Other current laibilities" under the head "Current maturities of long term debts" (Refer note no.8)

ii) Defined Benefit Plan

Leave Encashment: During the year 2012-13, the amount paid to employees as leave encashment is Rs. 101962-

Gratuity: The employee''s gratuity scheme is non-fund based. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rates of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

* Based on the information available with the company in response to the enquiries from all existing suppliers with whom the company deals, there are no suppliers who are registered as micro and small enterprises under''The Micro, Small and Medium Enterprises DevelopmentAct, 2006''as at 31.03.2014

2.a The company has given Office Premises on operating lease for a period of 3 years commencing from 16th February 2013 which is non cancellable for 3 years. Interest free refundable deposit received by the company has been taken under current liabilities as security deposits. Other information as required underAS-19 are as under:

Note 3 : Contingent liabilities and commitments:

(a) Contingent liabilities not provided:

(I) Penalty levied by SEBI for dalay in submission of Rs. 170,000 170,000 certain information to BSE

(ii) Disputed income tax matters in appeal Rs. 71,881 71,881

(iii) Undertaking given under EPCG Scheme for Rs. 150.85 150.85 fullfilment of export obligation

(iv) Principal and Interest due on Electricity charges Rs. 4,804,616 4,726,818 due to non - receipt of subsidy from MSEDCL of earlier years

(b) Commitments:

(I) Uncalled money payable for residential flat to the developers 1,422,500 1,422,500

(ii) Estimated amount of contracts, net of advances, Rs. - 23,230,000 remaining to be executed on capital account

Note 4 : The company operates in a single segment i.e. textile having the same risk and return. Hence reporting as per Accounting Standard 17 ''Segment Reporting'' is not applicable.

Note 5 : The management is of view that as per Accounting Standard-28, no impairment loss is required to be recognised, as the present values of assets are higher than the carrying amount of such assets.

Note 6 :Related Party Disclosure

Related party disclosures as required by Accounting Standard (AS) -18 " Related Party Disclosures" notified by Companies(Accounting Standards) Rules, 2006 (as amended) are given below :

(a) Key Management Personnel and their relatives :

Key Management

Shri Pradeep Kumar Sureka Shri Narendra Kumar Sureka Relatives

Smt. Geetadevi Sureka ( Mother of Key management personnel)

(b) Enterprises over which Key Management Personnel and their relatives have significant influence : True Capital and Finance Private Limited

(c) Transactions during the year and balances outstanding as at year end with the related parties are as follows:

Related party relationship is identified by the company and relied upon by the auditors.

Note 7 : Value of Raw Material, Spare Parts, Components consumble as a % of the total consumption

Note 8: The management is proposing to make applications for condonation to the appropriate authorities in respect of Purchase and sale of goods amounting to Rs. 15,55,471/- and Rs. 15,48,216/- respectively, entered in to by the company, are in contravention of provisions of section 297 of theAct;

Note 9: During the year , a Multi-partite agreement was enterered between company ,two directors of the company and MSEDCL vide Commercial Circular no.151 dated 25.11.2011 issued by the MSEDCL.Since power has been used for the production purposes by the company , the electricity charges have been paid by the company.

Note 10: The Company has reclassified previous year figures to conform to this year''s classification.


Mar 31, 2013

Note 1 : The company operates in a single segment i.e. textile having the same risk and return. Hence reporting as per Accounting Standard 17 ''Segment Reporting’ is not applicable.

Note 2 : The management is of view that as per Accounting Standard-28, no impairment loss is required to be recognised, as the present values of assets are higher than the carrying amount of such assets.

Note 3 :Related Party Disclosure

Related party disclosures as required by Accounting Standard (AS) -18 "Related Party Disclosures" notified by Companies (Accounting Standards) Rules, 2006 (as amended) are given below :

(a) Key Management Personnel and their relatives : Key Management

Shri Pradeep Kumar Sureka

Shri Narendra Kumar Sureka

Relatives

Smt. Geetadevi Sureka ( Mother of Key management personnel)

(b) Enterprises over which Key Management Personnel and their relatives have significant influence :

True Capital and Finance Private Limited (c ) Transactions during the year and balances outstanding as at year end with the related parties are as follows:

Note 4: The management is proposing to make applications for condonation for following non-compliances to the appropriate authorities:

(i) Loans & Advances, involving an amount of Rs. 2,56,657/-,(year end outstanding Rs. Nil/-) given by the company during the year, are in contravention of provisions of Section 295 of the Act; The management is proposing to make application for the non – compliance, in the event of the Company’s condonation requests are not granted has not been determined or recognized in the financial statements.

(ii) The Company has not made provision for time barred debt of Rs. 2,26,060/-

Note 5: The Company has reclassified previous year figures to conform to this year’s classification.


Mar 31, 2012

Note 1 : Contingent liabilities and commitments: UNIT 2011-2012 2010-2011

(a) Contingent liabilities not provided:

(i) Penalty levied by SEBI for dalay in submission of certain information to BSE Rs. 170,000 170,000

(ii) Disputed income tax matters in appeal Rs. 71,881 71,881

(iii) Undertaking given under EPCG Scheme for fullfilment of export obligation Rs. in lacs 151 67

(b) Commitments:

(i) Uncalled money payable for residential flat to the developers Rs. 1,422,500 1,422,500

(ii) Estimated amount of contracts, net of advances, remaining to be executed on capital account Rs. 23,230,000 23,230,000

Note 2 : PAYMENT TO AUDITORS

Audit Fees 140,450 137,875

Tax Audit Fees 39,326 38,605

Taxation Matters 16,854 60,665

Certification 36,474 38,015

Out of Pocket expenses 2,529 2,250

235,633 277,410

Note 3 : The company operates in a single segment i.e. textile having the same risk and return. Hence reporting as per Accounting Standard 17 'Segment Reporting' is not applicable.

Note 4 : The management is of view that as per Accounting Standard-28, no impairment loss is required to be recognised, as the present values of assets are higher than the carrying amount of such assets.

Note 5 : Related Party Disclosure

Related party disclosures as required by Accounting Standard (AS) -18 "Related Party Disclosures" notified by Companies (Accounting Standards) Rules, 2006 (as amended) are given below :

(a) Key Management Personnel and their relatives : Key Management

Shri Pradeep Kumar Sureka Shri Narendra Kumar Sureka

Relatives

Smt. Geetadevi Sureka (Mother of Key management personnel)

(b) Enterprises over which Key Management Personnel and their relatives have significant influence :

True Capital and Finance Private Limited

Note 6 : During the year ended 31st March, 2012 the Revised Schedule VI notified under the Companies Act, 1956 has become applicable to the Company. The Company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2011

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business. The provisions for all the known liabilities are adequate.

2. Contingent liabilities not provided for in respect of following matters:

(i) Demand of Rs. 1.70 lacs (Rs. 1.70 lacs) levied by SEBI, for delay in submission of certain information to BSE. In response to Company's reply, no correspondence, till date, has been received from SEBI.

(ii) Disputed income tax issue in appeal for assessment year 2006-2007 Rs. 71881/- (Rs.71881/-).

(iii) Liability, if any, arising on account of undertakings given by the company under EPCG Scheme, pending fulfilment of export obligation approximately Rs. 150.85 lacs (Rs. 67.10 lacs).

3. Estimated amount of contracts, net of advances, remaining to be executed on capital account Rs. 129.80 lacs (Rs. 169.67 lacs).

4. The regular income tax assessments of the company have been completed up to assessment year 2008-2009.

5. The management is proposing to make applications for condonation for following non-compliances to the appropriate authorities:

(i) Loans & Advances, involving an amount of Rs. 9.44 lacs,(year end outstanding Rs. NIL) given by the company during the year, are in contravention of provisions of Section 295 of the Act; and

(ii) Contracts of job charges received and paid amounting to Rs. 0.53 lacs and Rs. 2.16 lacs respectively, in which the directors are interested, entered into during the year, are in contravention of provisions of section 297 of the Act;

6. Based on the information available with the company in response to the enquiries from all existing suppliers with whom the company deals, there are no suppliers who are registered as micro, small or medium enterprises under The Micro, Small and Medium Enterprises Development Act,2006', as at 31.03.2011.

7. Figures for the previous year have been regrouped, rearranged and recasted, wherever necessary to make them comparable with the figures of the current year. In the financial statements, any discrepancies in any total and the sum of the amounts listed are due to rounding off.

8. The company operates in a single segment i.e. textile having the same risk and return. Hence reporting as per Accounting Standard 17 'Segment Reporting' is not applicable.

9. The management is of view that as per Accounting Standard-28, no impairment loss is required to be recognised, as the present values of assets are higher than the carrying amount of such assets.

10. The company has, during the year, forfeited 227500 equity shares as per the applicable regulations. The amount already paid on such shares Rs. 1161500/- has been added to equity share capital as the company has not reissued any share out of the forfeited shares.

11. Immovable properties represent a residential flat towards which uncalled money payable by the company to the developers is Rs. 14.22/- lacs (Rs. 14.22 lacs).

12. The company has given Office Premises on operating lease for a period of 3 years commencing from 1st August 2010 which is non cancellable for 3 years. Interest free refundable deposit received by the company has been taken under current liabilities as security deposits. Other information as required under AS-19 are as under:

13. The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below:

a) Defined Contribution Plan

b) Defined Benefit Plan

Leave Encashment: During the year 2010-11, the amount paid to employees as leave encashment is Rs. 0.18 lacs.

Gratuity: The employee's gratuity scheme is non-fund based. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rates of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

14. Related Party Disclosure:

Related party disclosures as required by Accounting Standard (AS) -18 "Related Party Disclosures", notified by Companies (Accounting Standards) Rules, 2006(as amended) are given below:

(a) Key Management Personnel and their relatives:

Key Management:

Shri Pradeep Kumar Sureka

Shri Narendra Kumar Sureka

Relatives:

Shri Prabhudayal Sureka (Father of Key management personnel)

Kum. Archit Sureka (Son of Shri Pradeep Kumar Sureka)

Smt. Geetadevi Sureka (Mother of Key management personnel)

15. Additional information pursuant to the provisions of paragraphs 3, 4C, and 4D of Part II of Schedule VI of the Companies Act. 1956 (Figure in Brackets indicate previous year figures).

a. LICENSED CAPACITIES:

The compnay is not required to obtain any license under the Industries (Development and Regulation) Act, 1951. Therefore the details of licenced capacities are not applicble, However, the company has obtained acknowledgements form Secretariat for Industrial Approvals.

b. INSTALLED CAPACITIES:

(i) The Company has installed 76 (61) Weaving Machines.

(ii) Capacities of production of fabrics vary according to quality and design of fabrics and as per r.pjm, of weaving machines, hence installed capacities are not ascertainable.


Mar 31, 2010

1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business. The provisions for all the known liabilitiesand depreciation are adequate.

2. Contingent liabilities not provided for in respect of following matters:

(i) Demand of Rs.1.70 lacs (Rs. 1.70 lacs) levied by SEBI, for delay in submission of certain information to BSE. In response to Companys reply, no correspondence, till date, has been received from SEBI.

(ii) Disputed income tax issue in appeal for assessment year 2006-2007 Rs. 71881/- (Rs.71881/-).

(iii) Liability, if any, arising on account of undertakings given by the company under EPCG Scheme, pending fulfilment of export obligation approximately Rs. 67.10 lacs (Rs. NIL).

3. Estimated amount of contracts, net of advances, remaining to be executed on capital account Rs. 169.67 lacs (Rs. NIL).

4. The regular income tax assessments of the company have been completed up to assessment year 2007-2008.

5. Based on the information available with the company in response to the enquiries from all existing suppliers with whom the company deals, there are no suppliers who are registered as micro, small or medium enterprises under The Micro, Small and Medium Enterprises Development Act,2006, as at 31.03.2010.

6. Figures for the previous year have been regrouped, rearranged and recasted, wherever necessary to make them comparable with the figures of the current year. In the financial statements, any discrepancies in any total and the sum of the amounts listed are due to rounding off.

7. The company operates in a single segment i.e. textile haying the same rfsk and return. Hence reporting as per Accounting Standard 17 Segment Reporting is not applicable.

8. The management is of view that as per Accounting Standard-28, no impairment loss is required to be recognised, as the present values of assets are higher than the carrying amount of such assets.

9. The company has, during the year, allotted 7500000 fully paid equity shares on preferential allotment basis as per applicable SEBI Guidelines. The expenses incurred on the issue of shares on preferential basis Rs. 853373 /- have been reduced from the share premium account. As advised by Bombay Stock Exchange Limited, the company is taking fresh resolution for preferential issue of 7500000 equity shares in place of the resolution passed in the Extra-Ordinary General Meeting held on 30th December 2009 in the ensuing Annual General Meeting to ratify certain technical issues.

10. Immovable properties represent a residential flat purchased during the year towards which uncalled money payable by the company to the developers is Rs. 14.22/- lacs.

11. As regards recovery suit filed by Union Bank of India against Shakambbhari Spintex Ltd making the company as a party, the principle borrower, Shakambbhari Spintex Ltd, has settled all the dues of Union Bank of India. Union Bank of India is in the process of withdrawing the recovery suits filed before DRT in this regard. Accordingly based on an expert opinion no liability will arise on conclusion of the suit.

12 Related Party Disclosues as required by Accounting Standard-18 is as under:

a) Key management personnel: Shri Narendra Kumar Sureka-Chairman and Managing Director ar Shri Pradeep Kumar Sureka-Whole Time Director

b) Relative of key managemnet personnel: Smt. Geetadevi Sureka

c) Enterprises over which key management personnel have significant influence: True Capital & Finance Private Limited

13 Additional information pursuant to the provisions of paragraphs 3, 4C, and 4D of Part II of Schedule VI of the Companies Act, 1956 (Figure in Brackets indicate previous year figures).

a. LICENSED CAPACITIES:

The company is not required to obtain any license under the Industries (Development and Regulation) Act, 1951. Therefore the details of licensed capacities are not applicable,. However, the company has obtained acknowledgements form Secretariat for Industrial Approvals.

b. INSTALLED CAPACITIES:

(i) The Company has installed 61 (66) Weaving Machines.

(ii) Capacities of production of fabrics vary according to quality and design of fabrics and as per r.p.m. of weaving machines, hence installed capacities are not ascertainable.

14. Additional information pursuant to the provision of part IV of Schedule VI to the Companies Act, 1956.

 
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