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Notes to Accounts of Vippy Spinpro Ltd.

Mar 31, 2015

Note 1. - CONTINGENT LIABILITIES (to the extent not provided for)

a) Counter Guarantee:

For Rs. 11,06,500/- (Rs. 32,24,500) given to Punjab National Bank for Guarantee given by them to Custom/DGFT department against which Company has given to bank FDR for Rs. 1,46,830/- as margin money.

b) Demand of Entry Tax by commercial tax department Rs. 6,31,496/- for assessment year 2007- 08. Case pending with M.P. Tax Tribunal Board Bhopal. Company has provided liabilities for Rs. 3,20,856/- in the financial year 2007-08.

Note 2. - Pursunt to the transitional provision prescribed in Schedule II to the Companies Act, 2013, the company has adjusted the value of assets, net of residual value, where the remaining useful life of the assets determined to nil as on April 1, 2014 and has adjusted in the retained earnings an amount of Rs. 3.28 Lakh.

The depreciation expenses in the statement of Profit and Loss account for the year is higher by Rs. 59.41 Lakh consequent to the change in the useful life of the assets.

Note 3. - In the opinion of the management and to the best of their knowledge and belief, the value on realisation of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet. The provision for known liabilities is adequate and not in excess of the amount considered reasonable and necessary

Note 4. - In Union Budget 2004-05 textile goods have been exempted from excise duty provided no credit under CENVAT Rule 2002 is taken. The company has decided to opt for exemption i.e. zero excise duty w.e.f. 9th July, 2004 under notification No. 30 dated 09.07.2004.

Note 5. - The company in accordance with its risk management policies and procedure enters in to foreign currency forward contracts to manage its exposure in foreign exchange rates. These contracts are for period between one day and one year.

Note 6. - The Company has applied for assistance under M.P. Udyog Nivesh Samvardhan Sahayata Yojana 2004 and exemption for entry tax for its expansion programme. The exemption of entry tax approved by the govt.

Note 7. - Balances of creditors, debtors, and advances are almost confirmed.

Note 8. - Figures of the previous year have been regrouped wherever required


Mar 31, 2014

Note 1 - CORPORATE INFORMATION

Vippy Spinpro Ltd. was established in 1993 as a public limited company. The company is incorporated under the provisions of Companies Act, 1956. Its shares are listed on Mumbai Stock Exchange. The company is engaged in manufacturing of Cotton Yarn. The factory is situated at Dewas, with close proximity to Indore, a main commercial city of Madhya Pradesh. Company specialises in slub yarns, fancy yarns, multi count yarns and multi twist yarns, waxed yarn plied yarn etc. The company has an ISO certification, certified by Bureau Veritas ISO 9o0l:2008 since 2004

Note 2 - SHARE CAPITAL

(b) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of '' 10 per share. Each shareholder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 3 - LONG TERM BORROWINGS

(a) Term Loan

i) Term loan-II, III, IV and V under Technology upgradation fund scheme (TUFS), secured against, (i) Charge by way of equitable mortgage of Land and Building. (ii) first charge land and Building, plant and machinery both present and future. The above said term loans are also collaterally secured by way of personal guarantees of 2 (two) directors/promoters of the Company.

iii) The Company has not made any default as at the reporting date in repayment of term loan installment and interest.

iv) The Term loan carries interest @ 7.00% (net of interest subvention under TUF Scheme @ 5% except 4% on T/L No. V)

(b) Vehicle Loan HDFC Bank

i) Vehicle loan secured by hypothecation of vehicle.

ii) Vehicle loan is repayable 36 monthly installment

iii) The Company has not made any default as at the reporting date in repayment of vehicle loan installment and interest.

iv) The vehicle loan carries interest @ 9.25%

Note 4 - DEFERRED TAX LIABILITY (NET)

i) In accordance with the provisions of the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has recognised deferred tax liabilities of Rs.1,68,15,827/- (Rs.1,85,96,220) as at Mar 31, 2014.

ii) The net deferred tax Assets amounting to Rs.17,80,393/- (Rs.1,00,659/- deffered tax liability ) for the year has been recognised in the Statement of Profit and Loss.

Note 5 - SHORT TERM BORROWINGS

a) Working capital facilities from Punjab National Bank

i) Working capital facilities, fund based of Rs.18,00,00,000/- and non fund based of Rs.1,00,00,000/- (Previous year Rs.18,00,00,000/- and Rs. 1,00,00,000/-) is secured by hypothecation of stock of raw material, semi finished goods, work in progress/process, stores and spares, packing materials and books debts. (ii) first pari passu charge on all the Company''s current assets. The above said working capital facilities is also collaterally secured by way of (i) personal guarantee of 2 (two) directors of the Company.

ii) The Company has not made any default with respect to working capital facilities as at the reporting date.

iii) Working capital facilities carries interest @ 11.50% while on Packing Credit interest rate is 11.00%

(a) Term Loan

i) Term loan-II, III, IV and V under Technology upgradation fund scheme (TUFS), secured against, (i) Charge by way of equitable mortgage of Land and Building. (ii) first charge land and Building, plant and machinery both present and future. The above said term loans are also collaterally secured by way of personal guarantees of 2 (two) directors/promoters of the Company.

iii) The Company has not made any default as at the reporting date in repayment of term loan installment and interest.

iv) The Term loan carries interest @ 7.00% (net of interest subvention under TUF Scheme @ 5% except 4% on T/L No. V)

vi) There are no outstanding dues to be paid to investor education and protection fund.

Note 6 - CONTINGENT LIABILITIES (to the extent not provided for)

a) Counter Guarantee:

For Rs.32,24,500/- (Rs.40,24,300) given to Punjab National Bank for Guarantee given by them to Custom/ DGFT department. against which Company has given to bank FDR for Rs.3,48,130/- as margin money.

b) Demand of Entry Tax by commercial tax department Rs.6,31,496/- for assessment year 2007- 08. Case pending with M.P. Tax Tribunal Board Bhopal. Company has provided liabilities for Rs.3,20,856/- in the financial year 2007-08.

Note 7 - In the opinion of the management and to the best of their knowledge and belief, the value on realisation of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet. The provision for known liabilities is adequate and not in excess of the amount considered reasonable and necessary

Note 8 - In Union Budget 2004-05 textile goods have been exempted from excise duty provided no credit under CENVAT Rule 2002 is taken. The company has decided to opt for exemption i.e. zero excise duty w.e.f. 9th July, 2004 under notification No. 30 dated 09.07.2004.

Note 9 - The Company has applied for assistance under M.P. Udyog Nivesh Samvardhan Sahayata Yojana 2004 and exemption for entry tax for its expansion programme. The exemption of entry tax approved by the govt. Note 31 - Balances of creditors, debtors, and advances are almost confirmed.

Note 10 - FORWARD BOOKING CONTRACTS

The company in accordance with its risk management policies and procedure enters in to foreign currency forward contracts to manage its exposure in foreign exchange rates. Thease contracts are for period between one day and one year.

The Company has outstanding forward booking contracts at the year end


Mar 31, 2013

Note 1 - CORPORATE INFORMATION

Vippy Spinpro Ltd. was established in 1993 as a public limited company. The company is incorporated under the provisions of Companies Act, 1956. Its shares are listed on Mumbai Stock Exchange. The company is engaged in manufacturing of Cotton Yarn. The factory is situated at Dewas, with close proximity to Indore, a main commercial city of Madhya Pradesh. Company specializes in slub yarns, fancy yarns, multi count yarns and multi twist yarns, waxed yarn plied yarn etc. The company has an ISO certification, certified by Bureau Veritas ISO 9001:2008 since 2004.

March 31, 2013 March 31, 2012 (Rs.) (Rs.)

Note 2 - SHARE CAPITAL Authorized

70,00,000 (70,00,000) equity shares of Rs.10 (Rs.10) each 7,00,00,000 7,00,00,000

Issued, subscribed, and paid up

58,70,000 (58,70,000) equity shares of Rs. 10 (Rs. 10) each fully paid up 5,87,00,000 5,87,00,000

Less: Allotment money unpaid (Other than directors) - -

5,87,00,000 5,87,00,000

b) Terms/rights attached to equity shares :

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each shareholder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

a) Term loans

i) Term loan-II, III, IV and V under Technology up gradation fund scheme (TUFS), secured against, (i) Charge by way of equitable mortgage of Land and Building. (ii) first charge land and Building, plant and machinery both present and future. The above said term loans are also collaterally secured by way of personal guarantees of 2 (two) directors/promoters of the Company.

iii) The Company has not made any default as at the reporting date in repayment of term loan installment and interest.

iv) The Term loan carries interest @ 8.50% (net of interest subvention under TUF Scheme @ 5% except 4% on T/L No. V)

b) Vehicle Loan HDFC Bank

i) Vehicle loan secured by hypothecation of vehicle.

ii) Vehicle loan is repayable 36 monthly installment

iii) The Company has not made any default as at the reporting date in repayment of vehicle loan installment and interest.

iv) The vehicle loan carries interest @ 9.25%

i) In accordance with the provisions of the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has recognized deferred tax liabilities of Rs.1,85,96,220/- (Rs.1,84,95,561) as at March 31, 2013.

ii) The net deferred tax Liabilities amounting to Rs. 1,00,659/- (Rs. 22,77,109/- differed tax assets) for the year has been recognized in the Statement of Profit and Loss.

a) Working capital facilities from Punjab National Bank

i) Working capital facilities, fund based of Rs.18,00,00,000/- and non fund based of Rs.1,00,00,000/-(Previous qtr Rs. 18,00,00,000/- and Rs. 1,00,00,000/-) is secured by (i) hypothecation of stock of raw material, semi finished goods, work in progress/process, stores and spares, packing materials and books debts. (ii) first pari passu charge on all the Company''s current assets. The above said working capital facilities is also collaterally secured by way of personal guarantee of2 (two) directors of the Company.

ii) The Company has not made any default with respect to working capital facilities as at the reporting date.

iii) Working capital facilities carries interest @ 13.00% while on Packing Credit interest rate is 11.00%.

Payments against small scale and ancillary undertakings are made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount overdue for more than 30 days as on 31st March, 2013. A Small Scale Industrial undertaking has the same meaning as assigned to it under clause (j) of section 3 ofthe Industries (Development and Regulation) Act, 1951.

The Company has not received the necessary information from the supplier/ service provider covered under Micro Small & Medium Enterprises Development Act 2006 with respect to their registration with the appropriate authority. Hence the information required to be disclosed U/s 22 of the said act is not given.

a) Term loans

i) Term loan-II, III, IV and V under Technology up gradation fund scheme (TUFS), secured against, (i) Charge by way of equitable mortgage of Land and Building. (ii) first charge land and Building, plant and machinery both present and future. The above said term loans are also collaterally secured by way of personal guarantees of 2 (two) directors/promoters of the Company.

Note 3 - CONTINGENT LIABILITIES (to the extent not provided for)

a) Counter Guarantee:

For Rs. 40,24,300/- (Rs. 68,78,800/-) given to Punjab National Bank for Guarantee given by them to Custom/DGFT department. against which Company has given to bank FDR for Rs. 6,36,330/- as margin money.

b) Demand of Entry Tax by commercial tax department Rs. 6,31,496/- for assessment year 2007-08. Case pending with M.P. Tax Tribunal Board Bhopal. Company has provided liabilities for Rs.3,20,856/in the financial year 2007-08.

c) Demand outstanding of Income Tax Rs. 1,65,272/- for assessment year 1996-97.

Note 4 - In the opinion of the management and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet. The provision for known liabilities is adequate and not in excess of the amount considered reasonable and necessary

Note 5 - In Union Budget 2004-05 textile goods have been exempted from excise duty, provided no credit under CENVAT Rule 2002 is taken. The company has decided to opt for exemption i.e. zero excise duty w.e.f. 9th July, 2004 under notification No. 30 dated 09.07.2004.

Note 6 - The Company has applied for assistance under M.P. Udyog Nivesh Samvardhan Sahayata Yojana 2004 and exemption for entry tax for its expansion programme. The exemption of entry tax approved by the govt.

Note 7 - Balances of creditors, debtors, and advances are almost confirmed.

Note 8 - FORWARD BOOKING CONTRACTS

The company in accordance with its risk management policies and procedure enters in to foreign currency forward contracts to manage its exposure in foreign exchange rates. These contracts are for a period from one day to one year.


Mar 31, 2012

Note 1 -CORPORATE INFORMATION

Vippy Spinpro Ltd. was established in 1993 as a public limited company. The company is incorporated under the provisions of Companies Act, 1956. Its shares are listed on Mumbai Stock Exchange. The company is engaged in manufacturing of Cotton Yarn. The factory is situated at Dewas, close with proximity to Indore, a main commercial city of Madhya Pradesh. Company specialises in slub yarns, fancy yarns, multi count yarns and multi twist yarns, waxed yarn plied yarn etc. The company has an ISO certification, certified by Bureau Veritas ISO 9001:2008 since 2004

i) The Company has not made any default as at the reporting date in repayment of term loan installment and interest.

ii) The Term loan carries interest @ 9.75% (net of interest subvention under TUF Scheme @5% except 4% on T/L No. V)

a) Vehicle Loan HDFC Bank

i) Vehicle loan is secured by hypothecation of vehicle.

ii) Vehicle loan is repayable 36 monthly installment

iii) The Company has not made any default as at the reporting date in repayment of vehicle loan installment and interest.

iv) The vehicle loan carries interest @ 9.25%

(a) Working capital facilities from Punjab National Bank

i) Working capital facilities, fund based of Rs. 18,00,00,000/- and non fund based of Rs. 1,00,00,000/- (Previous year Rs. 13,00,00,000/- and Rs. 1,00,00,000/-) is secured by hypothecation of stock of raw material, semi finished goods, work in progress/process, stores and spares, packing materials and books debts. (ii) first pari passu charge on all the Company's current assets. The above said working capital facilities is also collaterally secured by way of (i) personal guarantee of 2 (two) directors of the Company.

ii) The Company has not made any default with respect to working capital facilities as at the reporting date.

iii) Working capital facilities carries interest @ 14.25% while on Packing Credit interest rate is 11.50% Payments against small scale and ancillary undertakings are made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount overdue for more than 30 days as on 31st March 2012. A Small Scale Industrial undertaking has the same meaning as assigned to it under clause (j) of section 3 of the Industries (Development and Regulation) Act, 1951.

The Company has not received the necessary information from the supplier/ service provider covered under Micro Small & Medium Enterprises Development Act 2006 with respect to their registration with the appropriate authority. Hence the information required to be disclosed U/s 22 of the said act is not.

(a) Term loan

i) Term loan-II, III, IV and V are under Technology upgradation fund scheme (TUFS), secured against, (i) Charge by way of equitable mortgage of Land and Building. (ii) first charge land and Building, plant and machinery both present and future. The above said term loans are also collaterally secured by way of personal guarantees of 2 (two) directors/promoters of the Company.

Note 2- CONTINGENT LIABILITIES

(to the extent not provided for)

a) Counter Guarantee:

For Rs. 68,78,800/- (Rs. 82,61,400/-) given to Punjab National Bank for Guarantee given by them to Custom/DGFT department against which company has given to bank FDR for Rs. 8,93,880/- as margin money.

b) Demand of Entry Tax by commercial tax department Rs. 2,43,910/- for assessment year 2004-05. Case pending with M.P. Tax Tribunal Board Bhopal.

c) Demand of Entry Tax by commercial tax department Rs. 1,07,982/- for assessment year 2005-06. Case pending with M.P. Tax Tribunal Board Bhopal .

d) Demand of Entry Tax by commercial tax department Rs. 7,90,496/- for assessment year 2007-08. Case pending with Addl. Commissioner of Commercial Taxes (Appeal) Indore. Company has provided liabilities for Rs. 3,20,856/- in the financial year 2007-08.

e) Demand outstanding of Income Tax Rs. 1,65,272/- for assessment year 1996-97.

Note3- In the opinion of the management and to the best of their knowledge and belief, the value on realisation o f current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet. The provision for known liabilities is adequate a n d not in excess of the amount considered reasonable and necessary

Note4- In Union Budget 2004-05 textile goods have been exempted from excise duty, provided no credit under CENVAT Rule 2002 is taken. The company has decided to opt for exemption i.e. zero excise duty w.e.f. 9th July, 2004 under notification No. 30 dated 09.07.2004.

Note5- The Company has applied for assistance under M.P. Udyog Nivesh Samvardhan Sahayata Yojana 2004 and exemption for entry tax for its expansion programme. the exemption of entry tax approved by the govt.

Note 6 - Keyman insurance policy for key persons not renewed by the company during the year premium of Rs. nil paid

Note 7- Balances of creditors, debtors, and advances are almost confirmed.

Note 8- CAPITAL OMMITMENTS

Estimated amount of contracts remaining to be executed on capital account Rs. 1,44,83,933/- (Previous year Rs. NIL ) and not provided for

Note 9- The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act 1956. Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm to this year's classification.


Mar 31, 2010

1. Contingent Liabilities not provided for:

a) Counter Guarantee:

For Rs. 69,06,900/- (64*29,400/-) given to Punjab National Bank for Guarantee given by them to Custom/DGFT department against which Company has given to bank FDR for Rs. 10,38,730/- as margin money.

b) Demand of Entry Tax by commercial tax department Rs. 3,38,910/- for assessment year 2004-05. Case pending with M.R Tax Tribunal Board Bhopal.

c) Demand outstanding of Income Tax Rs. 1,65,272/- for assessment year 1996-97.

d) Demand of Entry Tax by commercial tax department Rs. 1,50,082/- for assessment year 2005-06. Case pending with M.R Tax Tribunal Board Bhopal.

2. Income-tax assessment in respect of assessment year 1994-95 ITAT allowed the appeal of the company. Income tax department has filed the reference application to the High Court and High Court rejected the application of Income tax department. No demand is outstanding.

3. In the opinion of the management and to the best of their knowledge and belief, the value on realisation of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the balance sheet. The provision for known liabilities is adequate and not in excess of the amount considered reasonable and necessary.

4. Balances of creditors, debtors, and advances are almost confirmed.

5 Payments against small scale and ancillary undertakings are made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount overdue for more than 30 days as on 31st March, 2010. A Small Scale Industrial undertaking has the same meaning as assigned to it under clause (j) of section 3 of the Industries (Development and Regulation) Act, 1951.

6. Keyman insurance policy for key persons renewed by the company during the year and premium of Rs. 10,00,000/-paid.

7. In Union Budget 2004-05 textile goods have been exempted from excise duty, provided no credit under CENVAT Rule 2002 is taken. The company has decided to opt for exemption i.e. zero excise duty w.e.f. 9th July, 2004 undernotificationNo. 30 dated 09.07.2004.

8. The Company has applied for assistance under M.P. Udyog Nivesh Samvardhan Sahayata Yojana 2004 and exemption for entry tax for its expansion programme. The application is under process.

9. Figures of the previous year have been regrouped/rearranged/reclassified wherever necessary

10. Earning Per Shares Current Previous

Year Year

a) Net Profit after Tax (Rs.) 99,57,401 1,07,78,595

a) Number of Weighted Average

Equity Shares 58,70,000 58,70,000

b) Nominal value of Share (Rs.) 10 10

c) Earning per share (Rs.) 1.696 1.836



11. The Company has not received the necessary information from the supplier/ service provider covered under Micro Small & Medium Enterprises Development Act 2006 with respect to their registration with the appropriate authority. Hence the information required to be disclosed U/s 22 of the said act is not given or nil.

12. Additional information required under part II 3,4 C & D of Schedule VI of the Companies Act 1956.

13. Figures have been rounded off to the nearest rupees.

 
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