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Notes to Accounts of Uniroyal Industries Ltd.

Mar 31, 2015

1 CORPORATE INFORMATION

The company is carrying on the business of manufacture and trading of garment accessories such as labels narrow fabric woven labels, printed labels, hang tags, plastic seals etc. Company has its manufacturing facility at Panchkula, Haryana

Contingent Liabilities

Curr.Yr. Prev.Yr.

Contingent Liabilities not Provided for

Claims against the company not acknowledged as debt: Nil Nil

Uncalled Liabilities on shares partly paid up: Nil Nil

Arrears of Fixed Cummulative Dividend: Nil Nil

Estimated amount of contracts remaining to be executed on capital account and not provided for: Nil Nil

Other money for which the company is contingently liable:

i) Guarantees given by banks on behalf of the company

- to Reliance Industries Ltd. 5000000 5000000

- to Deputy Commissioner of customs 715000 715000

ii) Letters of credit open by the bank 0 0

3 In the opinion of the Directors current assets loans & advances have a value on realization in ordinary course of business at least equal to the value at which they have been stated in the Balance sheet.

4 Small Scale Creditors

Sundry Creditors includes Rs 15,59,669/- (Previous year -Rs. 17,84,427/-) due to Micro/Small/Medium enterprises. There is no undertaking from whom amount outstanding for more than 30 Days in respect of small scale undertaking where such dues exceeds Rs. 1.00 lacs (Previous year NIL)

5 Balances of sundry creditors, Sundry debtors and other advances are subject to confirmation

6. Employee Benefits

The company has adopted Accounting Standard 15(Revised) on accounting for Employee Benefits and has accounted the liability on the basis of actuarial valuation. The company has taken gratuity policy from SBI Life Insurance Co. Ltd and during the year contributed Rs. 10.00 lacs. Provision for leave salary is made by debit to profit and loss account

7. Related Party disclosures as per AS-18

a. List of related & Associated parties

Name of Party Relationship

Uniroyal Builders & Developers Partnership Investment of 50% Share of the Company

A M Textiles & Knitwears Limited 100% subsidiary company

b. Key management personnel

Mr. Arvind Mahajan Managing Director

Mrs Rashmi Mahajan Executive Director

Mr. Akhil Mahajan Executive Director

Mr. Abhay Mahajan Executive Director

8. Previous Years Figures

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification /disclosure.


Mar 31, 2014

1.Issued, Subscribed And Paid Up Capital Uniroyal Industries Ltd 82,68,720 ( Previous year-82,68,720) Equity shares of Rs. 10/- each -22,33,200 Shares of Rs. 10/- each fully paid up have been allotted pursuant to a scheme of Amalgamation, without payments being received in cash in 2006 Details of shares held by each shareholder holding more than 5% shares Equity Shares with voting rights

(a) Cash Credit from banks- secured

Secured by way of first charge on debtors arising out of trade transactions & stocks of raw materials and consumable stores stocks in process finished goods and packing materials and by way of charge on the immovable assets of the company and personal guarantees of promoter directors

2. Contingent Liabilities Curr. Yr. Prev. Yr.

Contingent Liabilities Not Provided for

Claims against the company not Nil Nil acknowledged as debt :

Uncalled Liabilities on shares partly Nil Nil paid up :

Arrears of Fixed Cummulative Dividend : Nil Nil

Estimated amount of contracts remaining to be executed on capital account and not provided for: Nil Nil

Other money for which the company is contingently liable :

i) Guarantees given by banks on behalf of the company

- to Reliance Industries Ltd. 5000000 5000000

- to Deputy Commissioner of customs 715000 715000

ii) Letters of credit open by the bank 0 0

3 In the opinion of the Directors current assets loans & advances have a value on realization in ordinary course of business at least equal to the value at which they have been stated in the Balance sheet.

4 Small Scale Creditors

Sundry creditors includes Rs 17,84,427/- (Previous year- Rs. 12,26,609/- ) due to Micro/Small/Medium enterprises. There is no undertaking from whom amount outstanding for more than 30 days in respect of small scale underakings where such dues exceeds Rs. 1.00 lacs ( Previous year NIL)

5 Balances of sundry creditors, Sundry debtors and other advances are subject to confirmation

6 Following items are being carried in the name of the erstwhile company i.e. Sidharta Textile Mills Ltd. which was subsequently merged with the company:

Fixed Assets - Vehicles (Santro and Honda CRV) included in the fixed assets note no ''9'' having WDV as on 31.3.2014 amounting to Rs. 2.17 lacs

7 The effect of profit / loss (if any) in case of investment in the following Partnership Firms for the period from the availability of the audited financial statements upto the date of annual accounts i.e 31.03.2014 have not been considered in these financial statement as the same are not available with the company.

In case of Uniroyal Builders & Promoters w.e.f 1.4.2007.

8 Employee Benefits

The Company has adopted Accounting Standard 15 (Revised) on accounting for Employee Benefits and has accounted the liability on the basis of acturial valuation. The company has teken gratuity policy from SBI Life Insurance Co. Ltd and during the year contributed Rs. 10.00 lacs.. Provision for leave salary is made by debit to profit and loss account.

The necessary disclosure as per Accounting Standard 15 is as under :

9 Related Party disclosures as per AS-18

a. List of related & Associated parties

Name of Party Relationship

Uniroyal Builders & Developers Partnership Investment of 50% Share of the Company

Uniroyal Builders & Promoters Partnership Investment 25% Share of the Company

A MTextiles & Knitwears Limited 100% subsidiary company

b. Key management personnel

Mr. Arvind Mahajan Managing Director

Mrs Rashmi Mahajan Executive Director

Mr. Akhil Mahajan Executive Director Mr. Abhay Mahajan Executive Director


Mar 31, 2013

1. CORPORATE INFORMATION

The company is carrying on the business of manufacture and trading of garment accessories such as labels narrow fabric woven labels, prinited labels, hang tags, plastic seals etc. Company has its manufacturing facility at Panchkula, Haryana

2. Contingent Liabilities

Curr.Yr. Prev.Yr.

Contingent Liabilities Not Provided for

Claims against the company not acknowledged as debt: Nil Nil

Uncalled Liabilities on shares partly paid up: Nil Nil

Arrears of Fixed Cummulative Dividend: Nil Nil

Estimated amount of contracts remaining to be executed on capital account and not provided for: Nil Nil

There is a contingent liability of Rs. 138.02 lacs in respect of closed pharma divison merged with the company on account of sales tax exemption availed by it. The erestwhile company was granted sales tax exemption for Rs. 506.85 lacs to be availed in 120 months by DETC, Patiala based on the eligibility certificate issued by the DIC Patiala on the basis of unit beiing considrered as EOU. Later on due to inadequate exports the category of the company was shifted from category A to B i.e General category vide letter dated 26/09/2002. The sales tax exemption claimed by the erestwhile company was within the eligibility limits of category B granted to the company. However later on the letter of category change was withdrawn by the department. This suo motto withdrawal of the eligiblity of exemptiom is illegal and unjustified and the company is making efforts to restore the exemption. While framing assessment for the year 2004-05 a demand notice of Rs. 56.65 lac was raised by the AETC on the basis that the company being inelignle for sale tax exemtion. The company has taken upo the matter with the Punjab Government through Industries departmeny. The matter has been refereed to cabinet and is pending for decision. The company has not recognised this liability in the books being hopeful of favourable decision.

3 In the opinion of the Directors current assets loans & advances have a value on realization in ordinary course of business at least equal to the value at which they have been stated in the Balance sheet.

4 Small Scale Creditors

Sundry creditors includes Rs 12,26,609/- (Previous year- Rs. 9,69,854/-) due to Micro/Small/Medium enterprises. There is no undertaking from whom amount outstanding for more than 30 days in respect of small scale underakings where such dues exceeds Rs. 1.00 lacs (Previous year NIL)

5 Balances of sundry creditors, Sundry debtors and other advances are subject to confirmation

6 Following items are being carried in the name of the erstwhile company i.e. Sidharta Textile Mills Ltd. which was subsequently merged with the company:

Fixed Assets - Vehicles (Santro and Honda CRV) included in the fixed assets note no ''9'' having WDV as on 31.3.2013 amounting to Rs. 4.00 lacs

7 The effect of profit / loss (if any) in case of investment in the following Partnership Firms for the period from the availability of the audited financial statements upto the date of annual accounts i.e 31.03.2013 have not been considered in these financial statement as the same are not available with the company.

In case of Uniroyal Builders & Promoters w.e.f 1.4.2007.

8 Previous Years Figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

1 CORPORATE INFORMATION

The company is carrying on the business of manufacture and trading of garment accessories such as labels narrow fabric woven labels, printed labels, hang tags, plastic seals etc. Company has its manufacturing facility at Panchkula, Haryana

2 Contingent Liabilities

Curr.Yr. Prev.Yr.

Contingent Liabilities Not Provided for

Claims against the company not acknowledged as debt: Nil Nil

Uncalled Liabilities on shares partly paid up: Nil Nil

Arrears of Fixed Cumulative Dividend : Nil Nil

Estimated amount of contracts remaining to be executed on capital account and Nil Nil not provided for:

Other money for which the company is contingently liable:

i) Guarantees given by banks on behalf of the company

- to Reliance Industries Ltd. 5000000 5000000

- to Deputy Commissioner of customs 715000 715000

ii) Letters of Credit opened by the Bank 0 0

There is a contingent liability of Rs. 138.02 lacs in respect of closed pharma division merged with the company on account of sales tax exemption availed by it. The erstwhile company was granted sales tax exemption for Rs. 506.85 lacs to be availed in 120 months by DETC, Patiala based on the eligibility certificate issued by the DIC Patiala on the basis of unit being considered as EOU. Later on due to inadequate exports the category of the company was shifted from category A to B i.e General category vide letter dated 26/09/2002. The sales tax exemption claimed by the erstwhile company was within the eligibility limits of category B granted to the company. However later on the letter of category change was withdrawn by the department. This suo motto withdrawal of the eligibility of exemption is illegal and unjustified and the company is making efforts to restore the exemption. While framing assessment for the year 2004-05 a demand notice of Rs. 56.65 lac was raised by the AETC on the basis that the company being ineligible for sale tax exemption. The company has taken upto the matter with the Punjab Government through Industries department. The matter has been refereed to cabinet and is pending for decision. The company has not recognized this liability in the books being hopeful of favorable decision.

3 In the opinion of the Directors current assets loans & advances have a value on realization in ordinary course of business at least equal to the value at which they have been stated in the Balance sheet.

4 Small Scale Creditors

Sundry creditors includes Rs. 9,69,854/- (Previous year - Rs. 8,56,614/-) due to Micro/Small/Medium enterprises. There is no undertaking from whom amount outstanding for more than 30 days in respect of small scale undertakings where such dues exceeds Rs. 1.00 lacs (Previous year NIL)

5 Balances of sundry creditors, Sundry debtors and other advances are subject to confirmation

6. Following items are being carried in the name of the erstwhile company i.e. Sidharta Textile Mills Ltd., which was subsequently merged with the company:

Fixed Assets - Vehicles (Santro and Honda CRV) included in the fixed assets note no '9' having WDV as on 31.3.2012 amounting to Rs. 5.84 lacs

7. The effect of profit/loss (if any) in case of investment in the following Partnership Firms for the period from the availability of the audited financial statements upto the date of annual accounts i.e 31.03.2012 have not been considered in these financial statement as the same are not available with the company.

In case of Uniroyal Builders & Promoters w.e.f 1.4.2007.

8 Employee Benefits

The Company has adopted Accounting Standard 15 (Revised) on accounting for Employee Benefits and has accounted the liability on the basis of acturial valuation. The company has taken gratuity policy from SBI Life Insurance Co. Ltd and during the year contributed Rs. 2.50 lacs. Provision for leave salary is made by debit to profit and loss account.

9 Related Party disclosures as per AS-18

a. List of related & Associated parties

Name of Party Relationship

Uniroyal Builders & Developers Partnership Investment of 50% Share of the Company

Uniroyal Builders & Promoters Partnership Investment 25% Share of the Company

AM Textiles & Knitwears Limited 100% subsidiary company

(b) Key management personnel

Mr.Arvind Mahajan Managing Director

Mrs Rashmi Mahajan Executive Director

Mr.Akhil Mahajan Executive Director

Mr. Abhay Mahajan Executive Director


Mar 31, 2010

1. Contingent Liabilities

Contingent Liabilities Not Provided for Current Year Previous Year

Claims against the company not acknowledged as debt: Nil Nil

Uncalled Liabilities on shares partly paid up : Nil Nil

Arrears of Fixed Cummulative Dividend: Nil Nil Estimated amount of contracts remaining to be executed on capital

account and not provided for: Nil Nil Other money for which the company is contingently liable :

i) Guarantees given by banks on behalf 50 Lakhs 50 Lakhs

of the company - to Reliance Industires Ltd.

ii) Letters of Credit opened by the Bank 0 0

iii) There is a contingent liability of Rs. 138.02 lacs in respect of closed pharma divison merged with the company on account of sales tax exemption availed by it. The erstwhile Company was granted Sale Tax Exemption for Rs. 506.85 lacs to be availed in 120 months by AETC Patiala based on the eligibility certificate issued by the DIC Patiala on the basis of the unit being considered as EOU. Later on due to inadequate exports the category of the company was shifted from Category A to B i.e. General Category vide letter dated 26/09/2002. The sales tax exemption claimed by the erstwhile company was within the eligibility limits of category B granted to the company. However as mentioned by DETC (Appeals) the afore mentioned letter was withdrawn by the department. This suo motto withdrawal of the eligibility of exemption is illegal and unjustified and the company is making efforts to restore the exemption. However while framing assessment for the year 2004-05 a demand notice of Rs. 56.65 lacs was raised by The Excise & Taxation Officer on the basis of the erstwhile company being ineligible for sales tax exemption. The company has preferred an appeal before the Deputy Excise and Taxation Commissioner, Appeals, Patiala and the decision of which is still awaited. The company has not recognised this liability in the books being hopeful of the favourable decision.

2. In the opinion of the Directors current assets loans & advances have a value on realization in ordinary course of business at least equal to the value at which they have been stated in the Balance sheet.

3. Small Scale Creditors

Sundry creditors includes Rs 526022/- (Previous year- Rs. 104518/-) due to Micro/Small/Medium enterprises. There is no undertaking from whom amount outstanding for more than 30 days in respect of small scale undertakings where such dues exceeds Rs.1 lac. ( Previous year-Nil)

4. Balances of sundry creditors, Sundry debtors and other advances are subject to confirmation.

5. Following items are being carried in the name of the erstwhile company i.e. Sidharta Textile Mills Ltd. which was subsequently merged with the company :

Fixed Assets - Vehicles (Santro and Honda CRV) included in the fixed assets schedule E having WDV as on 31.3.2010 amounting to Rs. 9.50 lacs

6. Following items are being carried in the name of directors of the company

Fixed Assets - Vehicles (Innova) included in the fixed assets schedule E having WDV as on 31.3.2010 amounting to Rs.5.60 lacs

7. The effect of profit / loss (if any) in case of investment in the following Partnership Firms for the period from the availability of the audited financial statements upto the date of the Annual Accounts i.e. 31.3.2010 have not been considered in these financial statements as the same are not available with the company:

In case of Uniroyal Builders & Promoters w.e.f 1.4.2007.

8. Managerail Remuneration

(Remuneration is within the limit prescribed under Schedule XIII to the Companies Act, 1956.)

9. Employee Benefits

The Company has adopted Accounting Standard 15 (Revised) on accounting for Employee Benefitsed by the Institute of Chartered Accountants of India and has accounted the liability and planned assets on the basis of actuarial valuation during the year company took gratuity policy form SBI Life Insurance Co. Ltd. and contributed Rs. Five Lacs.

10. Related Party disclosures as per AS-18

a) List of related & Associated parties

Name of Party Relationship

Uniroyal Builders & Developers Partnership Investment of 50% Share of the Company

Uniroyal Builders & Promoters Partnership Investment 25% Share of the Company

A M Textiles & Knitwears Ltd. 100% subsidiary company

b) Key management personnel

Mr. Arvind Mahajan Managing Director

Mrs Rashmi Mahajan Executive Director Mr. Akhil Mahajan Executive Director

Mr. Abhay Mahajan Executive Director

Mr. Pritam Chand Mahajan Director

11. Information required by paragraph 3,4 (C) and 4(D) of part-ll of schedule VI of Companies Act,1956.

12. Previous Years Figures

Previous Years figures have been rearranged where ever necessary.

13. Balance sheet abstract and companys general profile as per Part IV of schedule VI of the Companies Act, 1956:

 
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