Mar 31, 2015
1.1 As per Accounting standard 15 "Employees benefit" the disclosures
as defined in the Accounting standard are given below.
Defined Contribution Plan
No contribution has been made to defined contribution plans. The
company does not made contribution to provident fund as they are not
covered by Employees provident fund and Miscellaneous provision Act
1952.
Defined benefit plan
The company provision for gratuity is the defined benefit plan. The
present value of the obligation is determined based on actuarial
valuation using the Projected unit Credit Method, which recognises 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 company does not recognise leave encashment.
The estimates of rate 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 advice of
the Company.
The discount rate is taken on the basis of benchmark rate available as
government securities for tenure of 10 years as certified by actuary.
Disclosure in Respect of Material Related Party Transaction during the
year :
1. Payment of salary to Key Managerial Personnel and their relatives
include to Mr.Abbas Rassai Rs. 337,500/- (Previous Year Rs.
13,50,000/-), Mr. Akeel Rassai Rs. 285,000/- (Previous Year Rs.
11,40,000/-), Mr.Husain Rassai Rs. 285,000/- (Previous Year Rs.
11,40,000/-). Mrs.Yakuta Rassai Rs. 4,80,000/- (Previous Year Rs.
4,80,000/-), Mrs. Shamima Rassai Rs. 144,000/- (Previous Year Rs.
5,76,000/-), Mrs.Sakina Rassai Rs. 4,80,000/- (Previous Year Rs.
4,80,000/-).
2. Payment of rent to Key managerial Personnel, their relatives and
enterprise over which Key managerial personnel are able to exercise
significant influence includes to M/s Noble Enterprise is NIL (Previous
Year Rs.2,022,480/-), Mr. Akeel Rassai Rs. 1,348,320/- (Previous Year
Rs. 1,348,320/-), Mr.Husain Rassai Rs. 1,348,320/- (Previous Year Rs.
1,348,320/-), Mrs.Shamima Rassai Rs. 1,348,320/-(Previous Year Rs.
1,348,320/-).
3 CONTINGENT LIABILITIES AND COMMITMENTS
Sr. As at As at
No. 31st March 2015 31st March 2014
1 Guarantee in respect of SEZ unit 2,21,19,676 2,21,19,676
2 Service Tax Liability Pending appeal 32,60,228 32,60,228
3. Income Tax of A.Y. 2008-09 29,645 29,645
4. Income Tax of A.Y. 2010-11 38,41,020 38,41,020
5. Income Tax of A.Y. 2011-12 2,41,560 2,41,560
6. Income Tax of A.Y. 2012-13 5,38,420 -
TOTAL 3,00,30,549 2,94,92,129
4 The Company has only one segment of reporting namely yarn and
consequently segmental reporting as per AS 17 is not applicable.
Mar 31, 2014
22 RELATED PARTY DISCLOSURES
As per Accounting Standard 18, the disclosures of transactions with the
related party are given below List of related parties where share
control exists and related parties with whom transactions i) have taken
place and relationships:
Sr. No. Name of the Related Party Relationship
1. Hindupur Vyapar Apparel Park Associates
2. Beneficent Knowledge Parks and Properties Ltd.
3. Mr. Abbas A. Rassai
4. Mr. Hussain A. Rassai Key Managerial Personnel
5. Mr. Akil A. Rassai
6. Mrs. Shamima Rassai
7. Mrs. Yakuta Rassai Relative of Key Managerial Personnel
8. Mrs. Sakina Rassai
9. M/s. Noble Enterprises Enterprises over which Key
Managerial Personnel are able to exercise significant influence
Disclosure in Respect of Material Related Party Transaction during the
year :
1. Payment of Salary to Key managerial personnel and their relatives
include to Mr. Abbas Rassai Rs. 13,50,000/- (Previous Year Rs.
13,50,000/-), Mr. Akeel Rassai Rs. 11,40,000/- (Previous Year Rs.
11,40,000/-), Mr. Hussain Rassai Rs. 11,40,000/- (Previous Year Rs.
11,40,000/-) and Mrs. Yakuta Rassai Rs. 4,80,000/- (Previous Year Rs.
4,80,000/-), Mrs. Shamima Rassai Rs. 5,76,000/- (Previous Year Rs.
5,76,000/-) Mrs. Sakina Rassai Rs. 4,80,000/- (Previous Year Rs.
4,80,000/-)
2. Payment of salary to Key Managerial Personnel, their relatives and
enterprise over which Key Managerial personnel are abel to exercise
significant include to M/s. Noble Enterprise Rs. 20,22,480/- (Previous
Year Rs. 18,00,000/-),Mr. Akeel Rassai Rs. 13,48,320/- (Previous Year
Rs. 12,00,000), Mr. Hussain Rassai Rs. 13,48,320/- (Previous Year
Rs. 12,00,000/-), Mrs. Shamima Rassai Rs. 13,48,320/- (Previous Year
Rs. 12,00,000/-).
2 CONTINGENT LIABILITIES AND COMMITMENTS
Sr. As at As at
No. 31st March 2014 31st March 2013
1 Guarantee in respect of
SEZ unit 2,21,19,676 2,21,19,676
2 Service Tax Liability
Pending appeal 32,60,228 32,60,228
3. Income Tax of A.Y. 2008-09 29,645 -
4. Income Tax of A.Y. 2010-11 38,41,020 -
5. Income Tax of A.Y. 2011-12 2,41,560 -
TOTAL 2,94,92,129 2,53,79,904
Mar 31, 2013
1 CONTINGENT LIABILITIES AND COMMITMENTS
Sr. As at As at
No. 31st March
2013 31st March 2012
1 Guarantee in respect of SEZ unit 2,21,19,676 2,21,19,676
2 In respect of custom
duty pending appeal 23,30,000
3 Service Tax Liability Pending appeal 65,85,661 65,85,661
TOTAL 2,87,05,337 3,10,35,337
Mar 31, 2012
Note : This form, in order to be effective, should be duly completed,
stamped and signed and must be deposited at the Registered Office of
the Company not less than 48 hours before the meeting. The proxy need
not be a member of the Company.
1. CONTINGENT LIABILITIES AND COMMITMENTS
Sr.
No. As at 31st
March 2012 As at 31st
March 2011
1. Guarantee in respect of SEZ Unit 2,21,19,676 2,21,19,676
2. In respect of custom duty pending appeal 23,30,000 23,30,000
3. Service Tax Liability Pending appeal 65,85,661 58,03,206
TOTAL 3,10,35,337 3,02,52,882
2. Loss on account of damage stock amounts of Rs. 3,13,50,117/-
(Previous year Rs. 3,72,21,645/-) has been credited to purchase a/c and
the loss actually suffered has been reflected in Profit & Loss after
reducing sales procedds from damaged stocks as Exceptional loss from
ordinary activities which are of such size, nature of incidence that
their diclsoure is relevant to explain the performance of the
enterprise for the period.
Mar 31, 2010
1 Previous year figures have been re-grouped & re-arranged wherever
necessary.
2 Convertible Warrants
15,00,000 Convertible Warrants of Rs 150/- each carrying an entitlement
to subscribe to an equivalent number of Equity Shares of Rs.10/- each
at a premium of Rs.140/- per share, Rs. 15/- paid up were available for
conversion upto 8th May, 2009 vide shareholders resolution dated 30th
April, 2008. As the warrant holders did not exercise their option the
warrants have been forfeited as per terms of allotment and the entire
proceeds on forfieture of Rs. 2,25,00,000/- is credited to Share
Forfieture A/c.
3 Contingent Liability 2009-2010 2008-2009
In respect of Guarantee 2,330,000 2,330,000
2,330,000 2,330,000
4 RELATED PARTY DISCLOSURES
Information relating to Related Party Disclosures as per Accounting
Standard 18 issued by The Institute Of Chartered Accountants Of India
is as given below :
a) Key Management Personnel Mr Abbas Rassai
Mr Akil Rassai
Mr Hussain Rassai
b) Relatives of Key Management
Personnel Mrs Shamima Rassai
Mrs Sakina Rassai
Mrs Yakuta Rassai
c) Enterprises where Key
Management Personnel M/s. Noble Enterprises
and Relatives of Key Management
Personnel Rassai Properties &
Industries Limited exercise
control or significant influence Limitless Properties Ltd.
Hindupur Vyapar Apparel
Park Limited
5 Prior period expenses debited to Profit & Loss A/c amounted to Rs.
67,000/- (Previous Year Rs.38,285/-)
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