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Notes to Accounts of Veejay Lakshmi Engineering Works Ltd.

Mar 31, 2015

1. Related Party transactions

A. Companies/firms with which the company had transactions during the year.

1 M/s. Veejay Sales and Services Limited

2 M/s. Veejay marketing

3 M/s. Augustan Coimbatore Knitting Company Limited

4 M/s. Veejay Terry Products Limited

5 M/s. Veejay Tool & Die Private Limited

6 M/s. Veejay Yarns & Fabrics Private Limited

7 M/s. Veejay Syntex Private Limited

Necessary approvals have been taken/applied from the Central Government for the transactions with the above parties and no contract is detrimental to the interest of the company.

B. Companies/firms with which the Company had no transactions during the year.

1 M/s. The Krishna Mills Private Limited

2 M/s. Deluxe Marketing

3 M/s. Deluxe Components

4 M/s. Samrajyaa & Co

5 M/s. Prathishta Weaving & Knitting Co. Ltd

6 M/s. Augustan Knit Wear Pvt. Ltd.

7 M/s. Augustan Textile Colors Limited

8 M/s. Lakshmi Precision Tools Limited

9 M/s. Ranba Castings Limited

10 M/s. The Suguna Mills Private Limited.

11 M/s. Magna Electro Castings Limited

c. Name of the Key Managerial Personnel

1 Sri. V.J. Jayaraman, Chairman cum Managing Director

2 Sri. J. Anand, Managing Director

3 Sri. D. Ranganathan, Whole Time Director (Finance & Marketing)

d. relatives of the Key Managerial Personnel

1 Smt. J. Vidya W/o Sri. V.J. Jayaraman

2 Smt. Arthi Anand W/o Sri. J. Anand

2. As defined under Micro, small and Medium Enterprises Development Act 2006, the disclosure in respect of the amount payable to such enterprises as at 31.03.2015 has been made in the financial statements based on information received and available with the company.

3. Figures have been rounded off to Rs. in Lakhs and previous year figures have been regrouped/ rearranged wherever necessary. Previous year figures are not comparable in view of amalgamation of subsidiary company in the current year.


Mar 31, 2013

1. contingent Liabilities and commitments

1. contingent Liabilities

a. Claims against the Company not acknowledged as Debts

i. Income tax Liability on expenses disallowed/additions 1.30 66.16 proposed disputed in appeals

ii. Amounts claimed by Excise and Service Tax authorities 28.16 28.89

b. Guarantees

Guarantees issued by Banks on behalf of the Company 589.70 901.74

Guarantee issued on behalf of an associate Company in 345.00 which Directors are interested

Guarantees given on behalf of the Directors or other offcers of the Company

Credit facilities of Subsidiary guaranteed by the Company- 1,528.89 2,046.28 outstanding-both fund based and non fund based

Letter of Credit opened by Banks on behalf of the Company 87.53 76.26

c. Other money for which Company is contingently liable

i. Duty Liability and interest on account of pending export Obligation against EPCG Licences

ii. Duty Liability against Advances Licences for Deemed 72.21 Exports

2. commitments

a. Estimated amount of contracts remaining to be executed on 158.99 137.99

capital account and not provided for

b. Uncalled liability on shares and investments partly paid Nil Nil

2. As defined under Micro, small and Medium Enterprises Development Act 2006, the disclosure in respect of the amount payable to such enterprises as at 31.03.2013 is given below based on information received and available with the company.

3. Figures have been rounded off to Rs. in lakhs and previous year fgures have been regrouped/ rearranged wherever necessary.


Mar 31, 2012

1. contingent Liabilities

a. claims against the company not acknowledged as debts

i. Income tax Liability on expenses disallowed/additions 66.16 88.55 proposed disputed in appeals

ii. Amounts claimed by Customs, Excise and Market 28.89 22.13 committee authorities disputed in appeals

b. Guarantees

Guarantees issued by Banks on behalf of the Company 901.74 654.00

Guarantee issued on behalf of an associate Company in 345.00 486.00 which Directors are interested

Guarantees given on behalf of the Directors or other officers Nil Nil of the Company

A. companies / firms with which the company had transactions during the year.

s.No. Name of the company / firm

1 M/s. Veejay Lakshmi Textiles Limited

2 M/s. Veejay Sales and Services Limited

3 M/s. Veejay Terry Products Limited

4 M/s. Veejay Marketing

5 M/s. Veejay Syntex Private Limited

6 M/s. Veejay Yarns & Fabrics Private Limited

Necessary approvals have been taken/applied from the Central Government for the transactions with the above parties and no contract is detrimental to the interest of the company.

B. companies/firms with which the company had no transactions during the year.

1. M/s. Lakshmi Electrical Control Systems Limited

2. M/s. The Krishna Mills Private Limited

3. M/s. Lakshmi Precision Tools Limited

4. M/s. Deluxe Marketing

5. M/s. Deluxe Components

6. M/s. Ranba Castings Limited

7. M/s. Samrajyaa & Co

8. M/s. The Suguna Mills Private Limited.

9. M/s. Magna Electro Castings Limited

10. M/s. Prathishta Weaving & Knitting Co. Ltd

11. M/s. Augustan Knit Wear Pvt. Ltd.

12. M/s. Augustan Textile Colors Limited

13. M/s. Augustan Coimbatore Knitting Company Limited

14. M/s. Kovai Medical Centre and Hospitals Pvt. Ltd.

15. M/s. Veejay Tool & Die Private Limited

C. Name of the Wholly owned subsidiary company

1. M/s. Veejay Lakshmi Textiles Limited

D. Name of the Key Managerial Personnel

1. Sri. V.J. Jayaraman, Chairman cum Managing Director

2. Sri. J. Anand, Managing Director

3. Sri. D. Ranganathan, Whole Time Director

E. relatives of the Key Managerial Personnel

1. Smt. J. Vidya W/o Sri. V.J. Jayaraman

2. Smt. Arthi Anand W/o Sri. J.


Mar 31, 2011

The products manufactured by the Company do not require any industrial license as per the current industrial policy and hence there is no restriction on the maximum capacity that the Company can produce. The installed capacity also vanes depending on the level of subcontracting work and outsourcing of components. Hence the data on licensed and installed capacities has not been furnished.

1. Contingent Liabilities and Claims not 31-3-2011 31-3-2010 acknowledged as Debts Rs,in Lakhs Rs.in Lakhs

a. Duty liability and interest on account of pending export obligation against EPCG Licences 110.20 94.14

b. Income tax Liability on expenses disallowed/addtions proposed disputed in appeals 88.55 98.55

c. Amounts claimed by Customs, Excise and Market committee authorities disputed in appeals 22.13 9.24

d. Claims from Debtors, Creditors and Workmen not acknowledged as debts including interest Nil 89.53

e. Guarantees given on behalf of the Directors or other officers of the Company Nil Nil

f.Guarantees issued by Banks on behalf of the Company 654.00 173.33

g.Letter of Credit opened by Banks on behalf of the Company 489.00 285.88

h.Guarantee issued on behalf of an associate Company in which Directors are interested 486.00 413.00

i.Estimated amount of contracts remaining to be executed on capital account and not provided for 169.46 24.42

j.Credit facilities of Subsidiary guaranteed by the Company-outstanding-both fund based and non fund based 2487.00 2347.00

k. Duty Liability against Advances Licences for Deemed Exports-Export obligation fulfilled by physical export but not accepted by Govt. 60.83 56.27

2. RELATED PARTY DISCLOSURES FOR THE YEAR ENDED 31.03.2011

There are no doubtful debts from the above parties on the balance sheet date and no amount has been written off or written back from the above parties during the year.

Names of associate companies and firms (Companies and firms in which the directors are associated as directors/partners or proprietors)

A. Companies / firms with which the Company had transactions during the year.

1 M/s. Veejay Lakshmi Textiles Limited

2 M/s. Veejay Sales and Services Limited

3 M/s. Veejay Terry Products Limited

4 M/s. Veejay Marketing

5 M/s. Veejay Syntex Private Limited

6 M/s. Veejay Tool & Die Private Limited

7 M/s. Veejay Yarns & Fabrics Private Limited

Necessary approvals have been taken/applied from the Central Government for the transactions with the above parties and no contract is detrimental to the interest of the company.

B. Companies/firms with which the Company had no transactions during the year.

1. M/s. Lakshmi Electrical Control Systems Limited

2. M/s. The Krishna Milis Private Limited

3. M/s. Lakshmi Precision Tools Limited

4. M/s. Deluxe Marketing

5. M/s. Deluxe Components

6. M/s. Ranba Castings Limited

7. M/s. Samrajyaa & Co

8. M/s. The Suguna Mills Private Limited.

9. M/s. Magna Electro Castings Limited

10. M/s. Prathishta Weaving & Knitting Co. Ltd

11. M/s. Augustan Knit Wear Pvt. Ltd,

12. M/s. Augustan Texiile Colors Limited

13. M/s. Augustan Colmbatore Knitting Company Limited

14. M/s. Kovai Medical Centre and Hospitals Pvt. Ltd.

C. Name of the Wholly Owned Subsidiary Company

1. M/s. Veejay Lakshmi Textiles Limited

D. Name of the Key Managerial Personnel

1. Sri. V.J. Jayaraman, Chairman cum Managing Director

2. Sri. J. Anand, Managing Director

3. Sri. D. Ranganathan, Whole Time Director (Finance & Marketing)

E. Relatives of the Key Managerial Personnel

1. Smt. J. Vidya W/o Sri. V.J. Jayaraman

2. Smt. Arthi Anand W/o Sri. J. Anand

3. The Company has no sole selling agents. The entire sales commission has been paid to other agents.

4. Dues to MSME-As on 31.3.2011-{Based on information available with the Company about the status of the suppliers. Very few suppliers have intimated the Company about their status as Micro or Small enterprises) - Rs. 6.78 lakhs (Previous year Rs. 33.64 lakhs)

5. Provision for Provident Fund included in Current Liabilities - Rs. 3.53 lakhs (Previous year - NIL)

6. Figures have been rounded off to the nearest rupee and previous year figures have been regrouped/rearranged wherever necessary..


Mar 31, 2010

1. The Company has imported capital goods under EPCG Licence and also Raw material and Components free of duty against Advance Licenses with an obligation for exports. The duty liability proportionate to export obligation pending as at 31.3.2010 including interest (net of Cenvat credit) is Rs. 94.14 lakhs (Previous year Rs. 81.29 lakhs)

2. Contingent Liabilities and claims against the company not acknowledged as debts.

a. Income tax liability on disallowance of expenses/additions proposed to income for completed assessments and disputed in appeals-Rs.98.55 lakhs (previous year Rs. 10 lakhs).

b. The amounts claimed by the Customs and Central Excise and Market Committee authorities, which has been disputed by the Company and pending in appeals at various levels is Rs.9.24 Lakhs. (Rs. 11.30 lakhs)

c. Other claims from debtors, Creditors & workmen not acknowledged as debts 125.52 lakhs (excl. interest)(previous year Rs.89.53 lakhs)

d. Guarantees given on behalf of Directors or other officers of the Company - NIL Previous year Nil

e. Guarantees executed By Banks - Rs.173.33 lakhs (Rs. 495.95 lakhs)

f. Letters of Credit opened by Banks - Rs.285.88 lakhs (Rs. 0.64 lakhs)

g. Guarantee issued on behalf of an associate Company in which Directors are interested. Rs. 418.00 lakhs (Rs. 418.00 lakhs)

h. Estimated amount of capital contracts remaining to be executed for which orders have been already released is Rs. 24.42 (Previous year Rs. Nil )

i. Proportionate duty liability for pending export obligation of the subsidiary for which corporate guarantee has been given by the Company-Rs. Nil (Previous year 9.57 lakhs)

3. Research and Development expenses incurred during the year is Rs. 82.49 lakhs. (Previous year Rs. 189.59 lakhs)

4. As at 31st March 2010, no supplier has intimated the Company about its status as Micro or Small enterprises or its registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006.

A. Companies / firms with which the Company had transactions during the year.

1 M/s. Veejay Lakshmi Textiles Limited

2 M/s. Veejay Sales and Services Limited

3 M/s. Veejay Terry products Limited

4 M/s. Veejay marketing

5 M/s. Veejay Syntex Private Limited

6 M/s. Veejay Tool & Die Private Limited

7 M/s. Veejay Yarns & Fabrics Private Limited

Necessary approvals have been taken/applied from the Central Government for the transactions with the above parties and no contract is detrimental to the interest of the Company.

B. Companies/firms with which the Company had no transactions during the year.

1. M/s. Lakshmi Electrical Control Systems Limited

2. M/s. The Krishna Mills Private Limited

3. M/s. Lakshmi Precision Tools Limited

4. M/s. Deluxe Marketing

5. M/s. Deluxe Components

6. M/s. Ranba Castings Limited

7. M/s. Samrajyaa & Co

8. M/s. The Suguna Mills Private Limited

9. M/s. Magna Electro Castings Limited

10. M/s. Prathishta Weaving & Knitting Co. Ltd

11. M/s. Augustan Knit Wear Pvt. Ltd

12. M/s. Augustan Textile Colors Limited

13. M/s. Augustan Coimbatore Knitting Company Limited

14. M/s. Kovai Medical Centre and Hospitals Pvt. Ltd.

C. Name of the Wholly Owned Subsidiary Company

1. Veejay Lakshmi Textiles Limited

D. Name of the Key Managerial Personnel

1. Sri. V.J. Jayaraman, Chairman cum Managing Director

2. Sri. J. Anand, Managing Director

3. Sri. D. Ranganathan, Whole Time Director (Finance & Marketing)

E. Relatives of the Key Managerial Personnel

1. Smt. J. Vidya W/o Sri. V.J. Jayaraman

2. Smt. Arthi Anand W/o Sri. J. Anand

5. The Company has no sole selling agents. The entire sales commission has been paid to other agents.

6. Provision for Provident Fund included in current liabilities Rs. Nil (Previous Year Nil)

7. Debts due from Companies under the same management (other than the subsidiary) is Rs. Nil.

(previous year Rs. Nil)

8. Debts due by Directors or other officers of the Company or any of them either severally or jointly with any other person or debts due by firms or private Companies respectively in which any Director is a partner or a Director or a Member is Rs. 0.50 lakhs.(Previous year 0.65 lakhs)

9. There was no amount due by Directors or other officers of the Company at any time during the year. (Previous year Nil)

10. Sundry Debtors and Loans and Advances as at 31.03.2010 does not include any amount due from Companies and Firms in which Directors are interested other than the amounts mentioned in items 20 and 22. (Previous year Nil)

11. Figures have been rounded off to the nearest rupee and previous year figures have been regrouped/rearranged wherever necessary.

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