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Notes to Accounts of Weizmann Ltd.

Mar 31, 2015

1 Terms / rights attached to equity shares

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

b) The dividend on equity shares proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting

c) In the event of liquidation of the company, the holders of equity shares will be entitled to receive the 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

d) The company has not issued any bonus shares or bought back the equity shares in the last 5 years immediately preceding the balance sheet date

e) The company in FY 2010-2011 had issued equity shares 4410450 of face value of Rs. 10/- each pursuant to scheme of arrangement u/s 391 to 394 of the Companies Act, 1956 sanctioned by the Honorable High Court of Bombay on 29th October, 2010 under which two subsidiary companies were amalgamated with the Company w.e.f. from merger appointed dated 1.4.2009.

2 Contingent Liabilities not provided for in respect of the following:

Rs. in lakh

Year Ended Year Ended 31/3/2015 31/3/2014

i Claims against the Company not acknowledged as debts 191.34 191.34

ii Disputed Income Tax Liabilities 25.77 104.35

iii Guarantees 11797.95 19390.98

3 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs. Nil [Previous YearRs. 85.50]

4 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

5 There are no amounts due and outstanding to be credited to Investors,Education and Protection fund as at 31.03.2015

6 The Gross Block of Fixed assets at Textile Processing House includes Rs. 1111.17 lakh [Previous Year - Rs. 1127.09 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of Rs. 9.28 lakh [Previous year Rs. 19.78 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss. Further on sale of assets an amount of Rs. 0.80 lakh has been written back by transferring the said amount from Revaluation Reserve to Profit & Loss Account

7 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director of the Company. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

8 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employee's Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

a) Loans and Advances to Companies / Firms in which Directors are interested (Excluding Subsidiary and Associate Companies) - NIL

9 Related Party Disclosures for the year ended 31st March 2015

In accordance with the "Accounting Standard 18 - Related Party Disclosure" as per Companies ( Accounting Standards ) Rules, the Company has compiled and certified the required information as stated below:

A Related Party and their Relationship Subsidiaries Associates

Knitwear Industries Limited * Windia Infrastructure Finance Limited Weizmann International Limited **

* till 21.6.14 ** till 8.6.14

Key Management Personnel Entities Controlled by Key Management Personnel or his Relatives

Mr.Chetan Mehra - Managing Director Brahi Hydro Electric Power Projects Limited Exotic Tourism Projects Private Limited (Frmrly Eco Friendly Energy Projects Pvt Ltd) Greenpower Energy Projects Pvt Ltd Inspeed Power Private Limited Malayamarutha Energy Projects Ltd Sanchay Properties Pvt Ltd Sarvodaya Properties Pvt ltd Samarth Multitrade Pvt Ltd Supportive Insurance Brokers Ltd Tanraj Enterprises Truewind Power Private Limited

10 The company has, on the basis of expected life of Fixed Assets, as prescribed in Schedule II of the Companies Act, 2013, restated figures of Written Down Value of each of such fixed asset, as on 01/04/2014 and in accordance therewith the net difference arising there from aggregating to Rs. 26.85 lakh has been transferred to Retained Earnings and Rs. 1.34 lakh in respect of revalued assets to Revaluation Reserve.

11 The exceptional item represents net gains on divesting of the entire equity stake of the company in its subsidiaries viz., Indian subsidiary, Weizmann International Ltd and Foreign subsidiary, Knitwear Industries Ltd, Malawi.

12 Previous year figures have been recast and restated wherever necessary


Mar 31, 2014

INR in Lakh

Year Ended Year Ended 31/03/2014 31/03/2013

1 Earnings in Foreign Exchange Export at FOB value 584.36 669.38

2 Expenditure in Foreign

Currency

a CIF Value of Imports 45.40 476.44

b Travelling 7.90 8.08

c Others 0.36 7.46

3 Contingent Liabilities not provided for in respect of the following:

Year Ended Year Ended 31/03/2014 31/03/2013

i Claims against the Company not acknowledged as debts 191.34 157.64

ii Disputed Income Tax Liabilities 104.35 88.37

iii Guarantees 19390.98 13034.20

4 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] INR 85.50 [Previous Year INR .Nil]

5 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

6 There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2014

7 The Gross Block of Fixed assets at Textile Processing House includes INR 1127.09 lakh [Previous Year - INR 1127.09 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of INR 19.78 lakh [Previous year INR 19.78 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss.

8 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

9 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employee''s Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.


Mar 31, 2012

1 Contingent Liabilities not provided for in respect of the following:

Rs. in Lakh Year Ended Year Ended 31/03/2012 31/03/2011

i Claims against the Company not 157.64 157.64 acknowledged as debts

ii Disputed Income Tax Liabilities - 10.67

iii Guarantees 17476.11 11364.51

2 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs. Nil [Previous Year Rs. Nil]

3 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

4 There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2012.

5 The company has acquired vehicles on hire purchase and the future hire charges payable as of 31st March 2012 are as follows

6 The Gross Block of Fixed assets at Textile Processing House includes Rs. 1127.09 lakh [Previous Year - Rs. 1158.53 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of Rs. 20.31 lakh [Previous year Rs. 22.17 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss. Further on sale of assets an amount of Rs. 15.26 lakh has been written back by transferring the said amount from Revaluation Reserve to Statement of Profit & Loss.

7 The agreement under which Factory Building and Plant and Machinery of Textile Division that was given on rent to subsidiary company Weizmann International Limited in FY 2010-2011 was terminated as mutually agreed wef 1.4.2011.

8 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

9 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employee's Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.


Mar 31, 2010

1 Contingent Liabilities not provided for in respect of the following:

Rs. in lakh

Year Ended Year Ended 31/3/2010 31/3/2009

i Claims against the Company not acknowledged as debts 157.64 157.64

ii Disputed Income Tax Liabilities 10.67 17.62

iii Guarantees 1557.18 4779.22

2 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs Nil [Previous Year Rs.Nil]

3 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

4 There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2010

5 a The company has acquired vehicles on hire purchase and the future hire charges payable as of 31st March 2010 are as follows :

6 The Gross Block of Fixed assets at Textile Processing House includes Rs.1180.28 lakh [Previous Year - Rs.1188.56 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of Rs. 13.72 lakh [Previous year Rs 39.70 lakh] provided in the Profit & Loss account has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Profit & Loss Account.Further on sale of assets an amount of Rs 3.38 lakh has been written back by transfering the said amount from Revaluation Reserve to Profit & Loss Account

7 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD confirmations were not received by the Company in few cases. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

8 Textile Business Turnover includes export benefits of Rs. 34.51 lakh [Previous Year Rs.140.63 lakh].

9 Dividend Accounts have been taken as it appears in the books of accounts on account of non-receipt of particulars from the banks.

10 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employees Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

11 Karma Energy Limited and Weizmann Forex Limited were amalgamated with the Company w.e.f. 1.4.2009 as per a composite scheme of arrangement approved by Honble High Court of Bombay. Hence the figures for the current year is not comparable with those of the previous year.The Previous years figures have been regrouped and rearranged wherever necessary.

 
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