Mar 31, 2018
NOTE 1 : Contingent Liabilities and Commitments (to the extent not provided for)
2. Contingent Liabilities:
a) Guarantees issued by banks for Rs. 20,01,775 (Rs. 47,93,528)
b) Letters of Credits issued by banks for Rs Nil (Rs. 18,61,773)
c) Claims against the Company not acknowledged as debt Rs. 7,51,819 (Rs. 7,25,659)
d) Demands I Claims by various Government Authorities not acknowledge as debt:
i) Sales Tax of Rs. 3,91,080 (Rs. 16,51,225) pending appeals on account of non-submission of declaration forms and other matters.
3. Commitments:
a) Estimated amount of Contract remaining to be executed on capital account, not provided for Rs. 13,90,469 (Rs. 39,25,399), advances paid Rs 2,80,000 (Rs. 25,53,274).
NOTE 4: Employees Benefits Expenses
a) As per the Indian Accounting Standard 19" Employee benefit" the disclosures as defined are given below:
i) Defined Contribution Plans
Contribution to Defined Contribution Plans (Employers'' Contribution to Provident Fund and Employees State Insurance Corp.) are recognized as expenses and charged to the Statement of Profit & Loss
ii) Defined Benefit Plans
Employees Gratuity and Leave encashment are considered as defined benefit plans. The obligations are recognized in the Statement of Profit and Loss as per the actuarial valuation. The position of actuarial valuation performed by an independent actuary is as under:
NOTE 5 : As per Ind As 24, the disclosures of transactions with the related parties are given below
6. Names of the related parties with whom transactions were carried out during the year and description of relationship :
a) Enterprises over which Key Management Personnel exercises significant influence b) Key Management personnel
i) Kingsley Industries Ltd i) Mr. KK Khaitan
ii) W & F Securities Pvt Ltd (Holding Company) ii) Mr. M Khaitan
iii) Nathmall Jankilal iii) Mr. Devesh Khaitan
iv) Nathmall Jankilal Khaitan Charitable Trust iv) Mr. Rajesh Patni
iv) SMK Foundation v) Mr. Abhishek Upadhyaya
c) Relatives of Key Management personnel
i) Ms. Pranika Khaitan Rawat D/o Mr. M. Khaitan
NOTE 7. : Events after the Reporting Period
The Board of Directors at its meeting held on 30.05.2018 has proposed Dividend of Rs. 0.60 per equity share for the year ended on 31st March 2018, after the Balance Sheet date. The proposed Dividend on Equity Shares for the year is Rs. 18,33,750 (18,33,750) and dividend distribution tax on proposed dividend is Rs. 3,76,933(3,73,308)
NOTE 8.: Capital management
The company''s capital management is intended to create valueforshareholders and maintain optimum capital structure to reduce the cost of capital. The Company determinestheamountofcapitalrequiredonthebasisofannualbusinessplan,coupledwithlongtermandshortterm requirements and company''s expansion I moderisationplans,reviewedbyBoardofDirectors.Thefundingneedsaregenerallymetthrough long term and short term bank borrowings. The Company monitors the capital structure on the basis of net debt to equity and maturity profiles of the overall debt portfolio of the company. Net debt includes interest bearing borrowings less cash and cash equivalents and current investments, if any.
The fair value hierarchy categorized financial instruments into Level 1 to 3, as described below:
i) Quoted prices in an active market (Level 1):
This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consist of investment in quoted equity shares.
ii) Valuation techniques with observables inputs (Level 2):
This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within level 1 that are observable for the assets or the liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
iii) Valuation techniques with significant unobservable inputs (Level 3):
This level of hierarchy includes financial assets and liabilities, measured using inputs that are not based on observable market data(unobservable inputs).
iv) Short term financial assets and financial liabilities are stated at carrying value which is approximately equals to their fair value.
NOTE 9. : Financial Risk Management
In the Course of its business, the Company is exposed to a variety of financial risk, which may adversely impact the fair value of its financial instruments. The Company has a risk management policy to monitor financial risk - Market risk, Credit risk and Liquidity risk associated with financial assets and liabilities. The risk management policies is reviewed by Board of Director periodically and required mitigation steps are taken.
a) Market Risk
The primary market risk to the Company is fluctuation in foreign currency exchange rates. The Company is exposed to foreign currency risk through its sales in overseas countries (exports) and purchases from overseas suppliers (imports) in foreign currencies. The company pays off its foreign exchange exposure within a short period of time. Presently Company''s exports broadly mitigate the risk for imports except capital goods. However, with increase in exports, profitability may be partly affected if rupee appreciates. The Company has facilities of derivative financial instrument- foreign exchange forward and option contracts to mitigate the risk.
b) Credit Risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to Rs. 36,47,62,713 and Rs. 38,79,29,039 as on as on 31.03.18 and as on 31.03.17 respectively. Trade receivable are unsecured and are derived from revenues from customers. The company has a Credit review & monitoring system which includes credit approvals, credit limits and monitoring. Doubtful debt strategies are made for recovery and limiting future exposure. Exports are preferably through LC or advance, besides covering the risk from credit risk agency, wherever applicable. Credit risk on cash and cash equivalent and bank balances is limited as the Company generally maintain balances I deposits with recognized banks.
c) Liquidity Risk
Liquidity risk refer to the risk that the Company may not able to meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per the requirement. The Company has obtained adequate fund and non-fund based working capital limits from its bankers. The Company maintains its surplus funds, if any, in deposits I balances which carry low risk. The Company believes that the working capital is sufficient to meet its current requirements.
NOTE 10: Approval of Financial Statements
The Financial statements were approved by the Board of Directors on 30th May, 2018.
NOTE 11: First time Ind AS Adoptions a) Fair value as deemed cost for items of Property, Plant and Equipment
The Company has elected to treatfairvalue as deemed costforall the items of its Property, Plant and Equipment.
b) Fair valuation for financial assets
The Company has valued financial assets at fair value. Impact of fair value changes as on the date of transition, is recognized in opening reserves and profit or loss changes thereafter are recognized in Statement of Profit and Loss or Other Comprehensive Income, as the case may be.
c) Others
Loan processing fees under Ind AS are considered as finance cost. The impactforthe periods subsequent to the date of transition is reflected in the Statement of Profit and Loss.
d) Transition to Ind AS - Reconciliations
The following reconciliations provide the explanation and qualification of the differences arising from the transition from Previous GAAP to Ind AS in accordance with Ind AS 101 âFirst-time Adoption of Indian Accounting Standards".
NOTE 12 : Previous yearâs figures have been rearranged and regrouped wherever applicable and considered necessary NOTE 46 : Figures in brackets represent figures for the previous year.
Mar 31, 2016
1. Rights attached to Equity Shares
The Company has only one class of shares ( Issued), having face value of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote per share. The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Shareholder are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
2. The Board of Directors at its meeting held on 25.05.2016 has proposed Dividend of Rs 1.80 per equity share for the year ended on 31st March, 2016, after the Balance Sheet date. The proposed Dividend on Equity Shares for the year is Rs. 5,501,250 and dividend distribution tax on proposed dividend is Rs. 1,119,925
3. Term Loan of Rs. 13.7S crores sanctioned during the year by bank is secured by way of frist exclusive charge on entire fixed assets of the company created out of said term loan and second charge over the current assets (ranking pari passu).
4. All other Term Loans from banks are secured by joint equitable mortgage of immovable properties (present and future), hypothecation of fixed assets and second charge over the current assets (ranking pari passu) .
5. Working Capital Loans from banks are secured against hypothecation of raw materials, finished goods, work-in-process, packing materials, book debts ,bills for collection and other current assets and second pari passu charge over fixed assets of the company.
6. EMPLOYEES BENEFITS :
7. As per the Accounting Standard 15 âEmployee benefitâ the disclosures as defined in Accounting Standard are given below:
8. Defined Contribution Plans
Contribution to Defined Contribution Plans are recognized as expenses and charged off in Profit & Loss Account.
9. Defined Benefit Plans
Employees Gratuity Fund Scheme and Leave encashment are considered as defined benefit plans. The present value of obligation are recognized as per the actuarial valuation.
10. The Company has paid the managerial remuneration arrears as per the approval of The Central Government, Ministry of Corporate Affairs during the year.
11. Purchase of Raw Materials includes transfer from Trading Goods Rs. 1,28,8S,124 (Rs. 2,36,49,912).
12. SEGMENT INFORMATION :
13. The Company is organized into two main business segments :
14. Paper Mill Products - Comprising of Technical Textiles, Chemicals and Equipments mainly for Paper Mills.
b) Wind Power - Comprising of Wind Power
Segment has been identified and reported after taking into account the class of customers for the products & services, the differing risks & returns and the organization structure.
15. Segment revenue includes sales, income from services rendered and export incentives. Inter-segment revenue is recognized on the basis of prevailing market rates.
16. Segment revenues, results, assets and liabilities include the respective amounts identifiable to reportable segments and amounts allocated on a reasonable basis.
17.. Information regarding related parties as required by Accounting Standard 18 â Related Party Disclosuresâ notified under section 133 of the Companies Act, 2013
18. Names of the related parties with whom transactions were carried out during the year and description of relationship:
19. Enterprises over which Key Management Personnel or their relatives exercises significant influence :
20. Kingsley Industries Ltd
21. WMW Metal Fabrics Ltd
22. W & F Securities Pvt Ltd ( Holding Company)
23. Nathmall Jankilal
24. Key Management personnel
25. Mr. K K Khaitan
26. Mr. M K Khaitan
27. Mr. Devesh Khaitan
28. Relatives of Key Management personnel
29. Ms. Pranika Khaitan D/o Mr. M.K. Khaitan
30. Figures in brackets represent figures for the previous year.
31. Previous yearâs figures have been rearranged and regrouped wherever practicable and considered necessary.
Mar 31, 2015
1.1 Rights attached to Equity Shares
The Company has only one class of shares ( Issued), having face value
of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote
per share. The Dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of
liquidation, the Equity Shareholder are eligible to receive the
remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
1.2 The Board of Directors at its meeting held on 27.05.2015 has
recommended Dividend of Rs 1.80 per equity share for the year.
2.1 Term Loans from banks are secured by joint equitable mortgage of
immovable properties, present and future, ranking pari passu and
hypothecation of fixed assets and second charge over current assets of
the company.
3.1 Working Capital Loans from banks are secured against hypothecation
of raw materials, finished goods, work-in-process,packing materials,
book debts, bills for collection and other current assets and second
pari passu charge over fixed assets of the company.
4.1 Unclaimed Dividend does not include any amount, due and
outstanding, to be credited to Investor Education & Protection Fund.
4.2 a) The Buildings and Plant & Machinery (including Electric
Installations) of Jaipur Unit were revalued as on 31st March, 1994 and
1st January, 2006 respectively, as a result the Net Book Value of the
respective Assets were increased and the same was credited to the
Revaluation Reserve. There after Company is regularly setting off the
Additional Depreciation on account of Revaluation by withdrawing the
equivalent amount from Revaluation Reserve, thus having no impact on
the Profits of the Company. As per the Independent Valuer's Report
(considering the Inflation and Devaluation of Rupee), the Revaluation
considered in 1994 and 2006 does not reflect the True Market Value of
respective Assets as on 1st April, 2014. Accordingly, the amount of
Revaluation made earlier is reversed. As a result an amount of Rs.
28,17,44,332 from Gross Block and Rs. 23,71,27,789 from Accumulated
Depreciation as on 1st April 2014 is reversed and shown as deduction
and the net amount of Rs. 4,46,16,543 has been adjusted from the
Revaluation Reserve.
b) Pursuant to the enactment of Companies Act, 2013 the Company has
applied the estimated useful lives as specified in Schedule II.
Accordingly, the unamortised carrying value is being depreciated over
the revised / remaining usefull lives. The Written Down Value of the
Fixed Assets whose lives have expired as at 1st April, 2014 have been
adjusted net of tax, in the opening balance of Profit & Loss Account
amounting to Rs. 53,09,865.
c) Capital Work- in Progress includes Project & Pre- Operative
Expenditure Rs. 33,64,064 ( Previous year Rs. 36,78,385) , pending
allocation.
d) Intangible Assets under development includes Project & Pre-Operative
Expenditure Rs. 4,88,758 ( Previous year Rs. 4,73,758) , pending
allocation.
e) Premises purchased / acquired at New Delhi is yet to be transferred
in company's name in the Revenue Records.
5.1 Balance with Banks includes Unclaimed Dividend of Rs 11,30,188 (
Previous year Rs 10,35,911)
5.2 Fixed Deposits Receipts for Rs 2,10,87,000 (Previous year Rs.
2,10,22,000) are pledged with Banks as Security and having maturity of
more than 12 months.
6.1 Advance Tax shown as net of tax provisions and after adjustment of
MAT credit entitlement Rs 39,57,000 ( Previous year Rs.56,93,781).
7 CONTINGENT LIABILITIES AND COMMITMENTS ( to the extent not provided
for) :
7.1 Contingent Liabilities :
a) Guarantees issued by banks for Rs. 53,29,078 Rs. 24,35,721
b) Letters of Credits issued by banks Rs. 13,53,686 Rs. 70,60,879
c) Claims against the Company not
acknowledged as debt Rs. 6,73,269 Rs. 6,47,109
d) Demands / Claims by various Government Authorities not acknowledge
as debt :
i) Sales Tax of Rs. 49,05,193 (Rs. 75,07,914 ) pending appeals on
account of non submission of declaration forms and other matters.
ii) Entry Tax Rs Nil (Rs. 23,07,141 ) pending appeals on account of non
submission of declaration forms and other matters.
iii) Excise Duty Rs. S,20,230 (Rs. S,20,230 ) pending appeals.
7.2 COMMITMENTS :
a) Estimated amount of Contract remaining to be executed on capital
account, not provided for Rs. 48,21,543 (Rs. 24,63,196), advances paid
Rs. 5,27,922 (Rs. 5,87,S00 ).
8 Purchase of Raw Materials includes transfer from Trading Goods Rs.
2,36,49,912 (Rs. 2,21,33,927).
9 SEGMENT INFORMATION :
i) The Company is organised into two main business segments :
a) Paper Mill Products - Comprising of Technical Textiles - Finished
Woven Wire Cloth, Chemicals and Equipments mainly for Paper Mills.
b) Wind Power - Comprising of Wind Power
Segment has been identified and reported after taking into account the
class of customers for the products & services, the differing risks &
returns and the organisation structure.
ii) Segment revenue includes sales, income from services rendered and
export incentives. Inter-segment revenue is recognised on the basis of
prevailing market rates.
iii) Segment revenues, results, assets and liabilities include the
respective amounts identifiable to reportable segments and amounts
allocated on a reasonable basis.
10 Information regarding related parties as required by Accounting
Standard 18 issued by the Institute of Chartered Accountants of India
are given below :
10.1 Names of the related parties with whom transactions were carried
out during the year and description of relationship:
a) Enterprises over which Key Management Personnel exercises
significant influence :
i) Kingsley Industries Ltd.
ii) WMW Metal Fabrics Ltd.
iii) W & F Securities Pvt Ltd. (Holding Company)
iv) Nathmall Jankilal
b) Key Management personnel
i) Mr. B K Khaitan (Resigned with effect from 31.08.2014)
ii) Mr. K K Khaitan
iii) Mr. M K Khaitan
c) Relatives of Key Management personnel
i) Mr. Devesh Khaitan S/o Mr. K.K. Khaitan
ii) Mr. Madhur Krishna Khaitan S/o Mr. B.K. Khaitan (Resigned with
effect from 31.08.2014)
11 Figures in brackets represent figures for the previous year.
12 Previous year's figures have been rearranged and regrouped
wherever practicable and considered necessary.
Mar 31, 2014
1. Rights attached to Equity Shares
The Company has only one class of shares ( Issued), having face value
of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote
per share. The Dividend proposed by the Board of Directors is subject
to the approval of the sharehold- ers in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of
liquidation, the Equity Shareholder are eligible to receive the
remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
2. The Board of Directors at its meeting held on 17.0S.2014 has
recommended Dividend of Rs. 1.80 per equity share for the year.
3. Term Loans from banks are secured by joint equitable mortgage of
immovable properties, present and future, ranking pari passu and
hypothecation of fixed assets and second charge over current assets of
the company.
4. Working Capital Loans from banks are secured against hypothecation
of raw materials, finished goods, work-in-process, packing materials,
book debts, bills for collection and other current assets and second
pari passu charge over fixed assets of the company.
5. Unclaimed Dividend does not include any amount, due and
outstanding, to be credited to Investor Education & Protection Fund.
6. Balance with Banks includes Unclaimed Dividend of Rs. 10,3S,911
(Previous year Rs. 9,50,315)
7. Fixed Deposits Receipts for Rs. 2,10,22,000 (Previous year Rs.
9,00,000) are pledged with Banks as Security and having maturity of
more than 12 months.
8. Advance Tax shown as net of tax provisions and after adjustment of
MAT credit entitlement Rs. 56,93,781 (Previous year Rs. 95,97,042).
9 CONTINGENT LIABILITIES AND COMMITMENTS ( to the extent not provided
for) :
10. Contingent Liabilities :
a) Guarantees issued by banks for Rs. 24,3S,721 (Rs. 17,33,182)
b) Letters of Credits issued by banks for Rs. 70,60,879 (Rs.
1,19,41,083)
c) Claims against the Company not acknowledged as debt Rs. 6,47,109
(Rs. 6,20,949)
d) Demands / Claims by various Government Authorities not acknowledged
as debt :
i) Sales Tax and Entry Tax Rs. 98,1S,0SS (Rs. 46,91,661) pending
appeals on account of non submission of declaration forms and other
matters.
ii) Excise Duty Rs. S,20,230 (Rs. S,20,230) pending appeals.
iii) Income Tax Rs. Nill (Rs. 11,21,533) pending rectification.
11. Commitments :
a) Estimated amount of Contract remaining to be executed on capital
account, not provided for Rs. 24,63,196 (Rs. 25,59,456) advances paid
Rs. 5,87,500 (Rs. 25,59,456).
12 EMPLOYEES BENEFITS :
a) As per the Accounting Standard IS " Employee benefit" the
disclosures as defined in Accounting Standard are given below:
i) Defined Contribution Plans
Contribution to Defined Contribution Plans are recognised as expenses
and charged off in Profit & Loss Account.
ii) Defined Benefit Plans
Employees Gratuity Fund Scheme and Leave encashment are considered as
defined benefit plans.The present value of obligation are recognised as
per the actuarial valuation.
13 Purchase of Raw Materials includes transfer from Trading Goods Rs.
2,21,33,927 (Rs. 1,86,68,378).
14 SEGMENT INFORMATION :
i) The Company is organised into two main business segments :
a) Paper Mill Products - Comprising of Technical Textiles Finished
Woven Wire Cloth, Chemicals and Equipments mainly for Paper Mills.
b) Wind Power - Comprising of Wind Power
Segment has been identified and reported after taking into account the
class of customers for the products & services, the differing risks &
returns and the organisation structure.
ii) Segment revenue includes sales, income from services rendered and
export incentives. Inter-segment revenue is recognised on the basis of
prevailing market rates.
iii) Segment revenues, results, assets and liabilities include the
respective amounts identifiable to reportable segments and amounts
allocated on a reasonable basis.
15. Information about Secondary Business Segment :
i) The segment revenue in the geographical segment considered for
disclosure are as follows :
a) Revenue within India includes sales to customers located within
India and earnings in India.
b) Revenue outside India includes sales to customers located outside
India and earnings outside India.
16 Figures in brackets represent figures for the previous year.
17 Previous year''s figures have been rearranged and regrouped wherever
practicable and considered necessary.
Mar 31, 2013
1 CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided
for):
1.1 Contingent Liabilities :
a) Guarantees issued by banks for Rs. 17,33,182 (Rs. 14,39,795)
b) Letters of Credits issued by banks for Rs. 1,19,41,083 (Rs.
90,85,524)
c) Claims against the Company not acknowledged as debt Rs. 6,20,949
(Rs. 5,94,789)
d) Demands / Claims by various Government Authorities not acknowledge
as debt:
i) Sales Tax Rs. 46,91,661 (Rs. 1,00,94,433) pending appeals on account
of non submission of declaration forms
and other matters. ii) Excise Duty Rs. 5,20,230 (Rs. Nil) pending
appeals. iii) Income Tax Rs. 11,21,533 (Rs. 5,05,532) pending
rectification.
1.2 Commitments:
a) Estimated amount of Contract remaining to be executed on capital
account, not provided for Rs. 25,59,456 (Rs. 25,59,456) advances paid
Rs. 25,59,456 (Rs. 25,59,456).
2 EMPLOYEES BENEFITS :
a) As per the Accounting Standard 15 " Employee benefit" the
disclosures as defined in Accounting Standard are given below: i)
Defined Contribution Plans :
Contribution to Defined Contribution Plans are recognised as expenses
and charged off in Profit & Loss Account. ii) Defined Benefit Plans :
Employees Gratuity Fund Scheme and Leave encashment are considered as
defined benefit plans.The present value of obligation are recognised as
per the actuarial valuation. iii) The Employee Gratuity Fund Scheme is
managed by Life Insurance Corporation of India (LIC). The following
figures are as per actuarial valuation report performed by LIC and
recoginsed in the financial statements :
3 Purchase of Raw Materials includes transfer from Trading Goods Rs.
1,86,68,378 (Rs. 109,75,216).
4 SEGMENT INFORMATION :
i) The Company is organised into two main business segments :
a) Paper Mill Products - Comprising of Finished Woven Wire Cloth,
Chemicals and Equipments mainly for Paper Industry.
b) Wind Power - Comprising of Wind Power
Segment has been identified and reported after taking into account the
class of customers for the products & services, the differing risks &
returns and the organisation structure.
ii) Segment revenue includes sales, income from services rendered and
export incentives. Inter-segment revenue is recognised on the basis of
prevailing market rates.
iii) Segment revenues, results, assets and liabilities include the
respective amounts identifiable to reportable segments and amounts
allocated on a reasonable basis.
5.1 a) Information about Secondary Business Segment:
i) The segment revenue in the geographical segment considered for
disclosure are as follows :
a) Revenue within India includes sales to customers located within
India and earnings in India.
b) Revenue outside India includes sales to customers located outside
India and earnings outside India.
6 Information regarding related parties as required by Accounting
Standard 18 issued by the Institute of Chartered Accountants of India
are given below :
6.1 Names of the related parties with whom transactions were carried
out during the year and description of relationship:
a) Enterprises over which Key Management Personnel exercises
significant influence :
i) Kingsley Industries Ltd.
ii) WMW Metal Fabrics Ltd.
iii) W & F Securities Pvt. Ltd. ( Holding Company)
iv) W & F Chemicals Ltd.
v) WMW Mercantile Pvt. Ltd.
vi) Nathmall Jankilal
b) Key Management personnel i) Mr. B K Khaitan
ii) Mr. K K Khaitan iii) Mr. M K Khaitan
c) Relatives of Key Management personnel
i) Mr. Devesh Khaitan S/o. Mr. K.K. Khaitan
ii) Mr. Madhur Krishna Khaitan S/o. Mr. B.K. Khaitan
7 Figures in brackets represent figures for the previous year.
8 Previous year''s figures have been rearranged and regrouped wherever
practicable and considered necessary.
Mar 31, 2012
1.1 Rights attached to Equity Shares
The Company has only one class of shares ( Issued), having face value
of Rs. 10/- each. Each holder of Equity Shares is entitled to one vote
per share. The Dividend proposed by the Board of Directors is subject
to the approval of the sharehold- ers in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of
liquidation, the Equity Share- holder are eligible to receive the
remaining assets of the Company after distribution of all preferential
amounts, in preperation to their shareholding.
1.2 The Board of Directors at its meeting held on 09.08.2012 has
recommended Dividend of Rs. 1.80 per equity share for the year.
2.1 Term Loans from banks are secured by joint equitable mortgage of
immovable properties, present and future, ranking pari passu and
hypothecation of fixed assets , (save and except certain specified
assets ( as indicated in 3.2 below) and second charge over current
assets of the company.
2.2 Term Loans from bank - availed under specific scheme are secured by
exclusive first charge by way of hypothecation of the related assets
purchased .
2.3 Term Loans from banks are re-payable in quarterly installments,
maturity profile are given here in under:
3.1 Working Capital Loans from banks are secured against hypothecation
of raw materials, finished goods, work-in- process,packing materials,
book debts ,bills for collection and other current assets and second
pari passu charge over fixed assets of the company.
4.1 Unclaimed Dividend does not include any amount, due and
outstanding, to be credited to Investor Education & Protection Fund,
5.1 a) The Gross Block of Fixed Assets includes Rs 207,780,730 @
Previous year Rs 207,780,730) on account of revaluation of Fixed
Assets. Consequent to the said revaluation an additional charge of
depreciation of Rs. 28,371,784 @ previous year Rs 28,406,401) during
the year, which is set off by withdrawing the equivalent amount from
Revaluation Reserve. This has no impact on profit for the year.
b) Capital Work- in Progress includes Project & Pre- Operative
Expenditure Rs.1,4S7,6S2 @ Previous year Rs. 1,S97,779), pending
allocation.
5.1 Balance with Banks includes Unclaimed Dividend of Rs 878179 (
Previous year Rs 818421)
5.2 Fixed Deposits are for maturity of more than 12 months and
includes interest accrued Rs. 74404 ( Previous year Rs. 2S6964).
15.3 Fixed Deposits Receipts for Rs 900000 (Previous year Rs..8S8,286)
are pledged with Banks as Security against Letters of Guarantee etc.
6 Contingent Liabilities and Commitments ( to the extent not provided
for) :
6.1 Contingent Liabilities :
a) Guarantees issued by banks for Rs. 1,439,795 (Rs. 1,677,655 )
b) Letters of Credits issued by banks for Rs 9,085,524 (Rs. 3,821,669 )
c) Claims against the Company not acknowledged as debt Rs 594,789 (Rs.
568,629 )
d) Demands / Claims by various Government Authorities not acknowledge
as debt :
i) Sales Tax Rs 10,094,433 (Rs. 1,805,516 ) pending appeals.
ii) Service Tax Rs Nil (Rs. 265,647 ) pending appeal.
iii) Excise Duty Rs Nil (Rs. 1,407,362 ) pending appeals.
iv) Income Tax Rs 505,532 (Rs. 98,304 ) pending appeal.
6.2 Commitments :
a) Estimated amount of Contract remaining to be executed on capital
account, not provided for Rs 2,559,456 (Rs. 2,559,456), advances paid
Rs 2,559,456 (Rs. 2,559,456 ).
7 Employees Benefits :
As per the Accounting Standard 1S " Employee benefit" the
disclosures as defined in Accounting Standard are given below:
i) Contribution to Defined Contribution Plans are recognised as
expenses and charged off in Profit & Loss Account.
ii) The present value of Obligation for Defined Benefit Plans (Gratuity
& Leave encashment) are recognised as per the actuarial valuation.
iii) The Employee Gratuity Fund Scheme is managed by Life Insurance
Corporation of India (LIC) . The following figures are as per actuarial
valuation report performed by LIC and recoginsed in the financial
statements :
8 Purchase of Raw Materials includes transfer from Trading Goods Rs.
10,975,216 (Rs. 24,415,027)
9 SEGMENT INFORMATION :
i) The Company is organised into two main business segments :
a) Paper Mill Products - Comprising of Finished Woven Wire Cloth,
Chemicals and Equipments mainly for Paper Industry.
b) Wind Power - Comprising of Wind Power
Segment has been identified and reported after taking into account the
class of customers for the products & services, the differing risks &
returns and the organisation structure. Other Industrial Products, not
reportable, being less than required persentage as per Accounting
Standard - 17.
ii) Segment revenue includes sales, income from services rendered and
export incentives. Inter-segment revenue is recognised on the basis of
prevailing market rates.
iii) Segment revenues, results, assets and liabilities include the
respective amounts identifiable to reportable segments and amounts
allocated on a reasonable basis.
9.2 b) Information about Secondary Business Segment :
i) The segment revenue in the geographical segment considered for
disclosure are as follows :
a) Revenue within India includes sales to customers located within
India and earnings in India.
b) Revenue outside India includes sales to customers located outside
India and earnings outside India.
10 Information regarding related parties as required by Accounting
Standard 18 issued by the Institute of Chartered Accountants of India
are given below :
10.1 Names of the related parties with whom transactions were carried
out during the year and description of relationship:
a) Enterprises over which Key Management Personnel exercises
significant influence :
i) Kingsley Industries Ltd
ii) WMW Metal Fabrics Ltd
iii) W & F Securities Pvt Ltd ( Holding Company)
iv) Nathmall Jankilal
v) WMW Mercantile Pvt. Ltd
b) Key Management personnel
i) Mr. B K Khaitan
ii) Mr. K K Khaitan
iii) Mr. M K Khaitan
c) Relatives of Key Management personnel
i) Mr. Devesh Khaitan S/o Mr. K.K. Khaitan
ii) Mr. Madhur Krishna Khaitan S/o Mr. B.K. Khaitan
11 Figures in brackets represent figures for the previous year.
12 Previous year's figures have been rearranged and regrouped
wherever practicable and considered necessary.
Mar 31, 2011
1) Contingent Liabilities not provided for in respect of:
a) Guarantees issued by banks for Rs.1,677,655 (Rs.2,298,083)
b) Letters of Credits issued by banks for Rs.3,821,669 (Rs.530,712)
c) Claims against the Company not acknowledged as debt Rs.568,629
(Rs.542,469)
d) Demands / Claims by various Government Authorities not acknowledge
as debt : i) Sales Tax Rs.1,805,516 (Rs.1,177,539) pending appeals.
ii) Service Tax Rs.265,647 (Rs.692,229) pending appeal.
iii) Excise Duty Rs.1,407,362 (Rs.1,407,632) pending appeals.
iv) Income Tax Rs.98,304 (Rs. Nil) pending appeal.
2) Estimated amount of Contract remaining to be executed on capital
account, not provided for Rs.2.559,456 (Rs.3,628,956i, advances paid
Rs.2,559,456 (Rs.2,687,456).
3) a) Term Loans due within succeeding one year Rs.44,584,465
(Rs.23,688,369).
b) Term Loans from banks are secured by joint mortgage by deposit of
title deeds in respect of immovable properties. present and future,
ranking pari passu and hypothecation of fixed assets, (save and except
certain specified assets as indicated in (c) below) and second charge
over current assets of the company.
c) Term Loans from bank - availed under Car Loan Scheme are secured by
exclusive first charge by way of hypothecation of the related assets
purchased.
d) Working Capital Loans from banks are secured against hypothecation
of raw materials, finished goods, work-in- process, packing materials,
book debts, bills for collection and other current assets and second
charge over fixed assets of the Company.
4) Plants Machinery and Electric Installation of Jaipur Unit were
revalued as on 1st January, 2006 by an independent approved valuer on
the basis of market value (referred to as "Depreciated Replacement
cost" in Valuers Report). The resultant increase in the net book value
of such assets by Rs.20,77,80,730 was credited to Revaluation Reserve.
5) Fixed Deposits Receipts of Rs.858,286 (Rs.858,286) are pledged with
Banks as Security against Letters of Guarantee etc.
6) Loans and Advances includes Balance with Central Excise Department
Rs.4,936,368 (Rs.8,133,567).
7) b) Unclaimed Dividend does not include any amount, due and
outstanding, to be credited to Investor Education & Protection Fund.
8) a) Purchase of Raw Materials includes transfer from Trading Goods
Rs.24,415,027 (Rs.34,230,585).
b) Rebate on Sales and Compensation is net of Rs.459,633 (Rs.751,652).
c) Interest on Fixed Loans is net of Interest transfer to Pre-operative
expenses Nil (Rs.3,603,972).
d) Miscellaneous Expenses include :-
a) Loss on account of foreign exchange fluctuation (net) Rs.279,210;
previous year (Rs.Nil).
9) a) Export incentive included in Sales of Rs.14,543,931, (Rs. Nil)
which includes relating to previous years Rs.3.570,388.
b) Miscellaneous Income includes, gain on account of foreign exchange
fluctuation (net) Rs. Nil; previous year Rs.3,538,062.
c) Profit on sale of assets (net) includes profit on transfer of a
portion of Lease hold Land and Buildings thereon Rs. 10,997,747 (Rs.
Nil).
9) Computation of Net Profit in accordance with Section 349 of the
Companies Act, 1956 is not required as remuneration has been paid as
per Section II of Part II of Schedule XIII of the Companies Act, 1956
to wholetime Directors.
10) As per the Accounting Standard 15 " Employee benefit" the
disclosures as defined in Accounting Standard are given below:
a) Contribution to Defined Contribution Plans are charged off in Profit
& Loss Account.
b) The present value of Obligation for Defined Benefit Plans (Gratuity
& leave encashment) are recognised as per the actuarial valuation.
11) a) Segment Information about Primary Business Segment
NOTES:
i) The Company is organised into two main business segments :
a) Paper Mill Products - Comprising of Finished Woven Wire Cloth,
Chemicals and Equipments for Paper Industry.
b) Wind Power - Comprising of Wind Power.
Segment has been identified and reported after taking into account the
class of customers for the products & services, the differing risks &
returns and the organisation structure. Other Industrial Products, not
reportable, being less than required percentage as per Accounting
Standard - 17. shown as Unallocated.
ii) Segment revenue includes sales, income from services rendered and
export incentives. Inter-segment revenue is recognised on the basis of
prevailing market rates.
iii) Segment revenues, results, assets and liabilities include the
respective amounts identifiable to reportable segments and amounts
allocated on a reasonable basis.
b) Information about Secondary Business Segment.
NOTES:
i) The segment revenue in the geographical segment considered for
disclosure are as follows :
a) Revenue within India includes sales to customers located within
India and earnings in India.
b) Revenue outside India includes sales to customers located outside
India and earnings outside India.
ii) The Company has no assets located outside India.
12) Information regarding related parties as required by Accounting
Standard 18 issued by the Institute of Chartered Accountants of India
are given below :
1 Names of the related parties with whom transactions were carried out
during the year and description of relationship:
a) Enterprises over which Key Management Personnel exercises
significant influence :
i) Kingsley Industries Ltd.
ii) WMW Metal Fabrics Ltd.
iii) W & F Securities Pvt Ltd (Holding Company)
iv) Nathmall Jankilal
v) WMW Mercantile Pvt. Ltd.
b) Key Management personnel
i) Mr. B K Khaitan
ii) Mr. K K Khaitan
iii) Mr. M K Khaitan
c) Relatives of Key Management personnel
i) Mr. Devesh Khaitan S/o Mr. K.K. Khaitan
ii) Mr. Madhur Krishna Khaitan S/o Mr. B.K. Khaitan
13) Figures in brackets represent figures for the previous year.
14) Previous year's figures have been rearranged and regrouped wherever
practicable and considered necessary.
Mar 31, 2010
1) Contingent Liabilities not provided for in respect of :
a) Guarantees issued by banks for Rs. 2,298,083 (Rs. 1,749,198)
b) Letters of Credits issued by banks for Rs 530,712 (Rs. 56,814,116)
c) Claims against the Company not acknowledged as debt Rs 542,469
(Rs.730,176)
d) Demands /Claims by various Government Authorities not acknowledged
as debt:
i) Sales Tax Rs 1,177,539 (Rs. 823,399) pending appeals.
ii) Service Tax Rs 692,229 (Rs. 115,545) pending appeals. Paid under
protest Rs. Nil (Rs. 58,000)
iii) Excise Duty Rs 1,407,362 (Rs. 1,660,602) pending appeals.
iv) Income Tax Rs Nil (Rs. 1,665,222) pending appeals.
2) Estimated amount of Contract remaining to be executed on capital
account, not provided for Rs. 3,628,956 (Rs. 47,071,424), advances paid
Rs 2,687,456 (Rs. 9,633,592).
3) a) Term Loans due within succeeding one year Rs 23,688,369
(Rs.62,839,506).
b) Term Loans from banks are secured by joint mortgage by deposit of
title deeds in respect of immovable properties, present and future,
ranking pari passu and hypothecation of fixed assets , (save and except
certain specified assets as indicated in (c) below) and second charge
over current assets of the company.
c) Term Loans from bank - availed under Car Loan Scheme are secured by
exclusive first charge by way of hypothecation of the related assets
purchased.
d) Working Capital Loans from banks are secured against hypothecation
of raw materials, finished goods, work-in- process, packing materials,
book debts, bills for collection and other current assets and second
charge over fixed assets of the Company.
4) Plant & Machinery and Electric Installation of Jaipur Unit were
revalued as on 1st January, 2006 by an independent approved valuer on
the basis of market value (referred to as "Depreciated Replacement
cost" in Valuers Report). The resultant increase in the net book value
of such assets by Rs.20,77,80,730 was credited to Revaluation Reserve.
5) Fixed Deposits Receipts of Rs 858,286 (Rs.858,286) are pledged with
Banks as Security against Letters of Guarantee etc.
6) Loans and Advances includes Balance with Central Excise Department
Rs 8,133,567 (Rs, 9,494,572).
b) Unclaimed Dividend does not include any amount, due and outstanding,
to be credited to Investor Education & Protection Fund.
7) a) Purchase of Raw Materials includes transfer from Trading Goods Rs
34,230,585 (Rs 2,42,74,007).
b) Rebate on Sales and Compensation is net of Rs. 751,652 (Rs.Nil).
c) Interest on Fixed Loans is net of Interest transfer to Pre-operative
expenses Rs 3,603,972 (Rs. 3,876,722).
d) Profit/Loss on sale of Investment is net of fees and expenses for
the investment activities Rs.Nil (Rs.4,96,043)
e) Miscellaneous Expenses include :
i) Loss on account of foreign exchange fluctuation (net) Rs. Nil; (Rs.
2,465,439). ]
ii) Fees and out-of-pocket expenses paid/payable to Auditors.
8) Miscellaneous Income includes, gain on account of foreign exchange
fluctuation (Net) Rs.3,538,062; (Rs. Nil).
9) Computation of Net Profit in accordance with Section 349 of the
Companies Act, 1956 is not required as remuneration has been paid as
per Section II of Part II of Schedule XIII of the Companies Act,1956.
10) As per the Accounting Stansard 15 " Employee benefit" the
disclosures 9s defined in Accounting Standard are given below:
a) Contribution to Defined Contribution Plans are charged off in Profit
& Loss Account.
b) The present value of Obligation for Defined Benefit Plans (Gratuity
& leave encashment) are recognized as per the actuarial valuation
except gratuity payable to whole time directors, which has already been
provided at full extent as per the provisions of "Payment of Gratuity
Act,1972 ".
11) Additional information pursuant to provisions of paragraphs 3 & 4
of Schedule VI to the Companies Act,1956
NOTES :
i) The Company is organised into two main business segments :
a) Paper Mill Products - Comprising of Finished Woven Wire Cloth,
Chemicals and Equipments for Paper Industry.
b) Wind Power -Comprising of Wind Power
Segment has been identified and reported after taking into account the
class of customers for the products & services, the differing risks &
returns and the organisation structure. Other Industrial Products, not
reportable, being less than required percentage as per Accounting
Standard -17, shown as Unallocated.
ii) Segment revenue includes sales, income from services rendered and
export incentives. Inter-segment revenue is recognised on the basis of
prevailing market rates. iii) Segment revenues, results, assets and
liabilites include the respective amounts identifiable to reportable
segments and amounts allocated on a reasonable basis.
12) Information regarding related parties as required by Accounting
Standard 18 issued by the Institute of Chartered Accountants of India
are given below : 1. Names of the related parties with whom
transcations were carried out during the year and description of
relationship :
a) Enterprises over which Key Management Personnel exercises
significant influence : i) Kingsley Industries Ltd
ii) WMW Metal Fabrics Ltd
iii) W & F Securities Pvt Ltd ( Holding Company)
iv) Nathmall Jankilal
b) Key Management personnel i) Mr. B. K. Khaitan
ii) Mr. K. K. Khaitan iii) Mr. M. K. Khaitan
c) Relatives of Key Management personnel
i) Mr. Devesh Khaitan S/o Mr. K. K. Khaitan
ii) Mr. Madhur Krishna Khaitan S/o Mr. B. K. Khaitan .
13) Figures in brackets represent figures for the previous year.
14) Previous years figures have been rearranged and regrouped wherever
practicable and considered necessary.
Signatures to Schedule 1 to 16 annexed to and forming part of the
Balance Sheet as at 31st March, 2010 and the Profit and Loss Account
for the year ended on that date