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Notes to Accounts of Zenith Exports Ltd.

Mar 31, 2015

(Rs. in Lacs) As at As at 31st March, 2015 31st March, 2014

1. ADDITIONAL NOTES TO THE FINANCIAL STATEMENTS 23.1 Commitments and Contingent Liabilities (i) Commitments/Contingent Liabilities

a. Foreign Bills discounted through banks 2262.40 2739.20

b. Bank Guarantee 175.00 175.00

(ii) Claims against the company not acknowledged as debts in respcet of

a. Employees dispute for reinstatement is pending disposal by - 22.00 Labour Court

b. Income-Tax demand under CIT(Appeal) ./I.T. Appellate 33.86 33.86 Tribunal.

c. Service Tax demand under Commissioner of Central Excise

(Appeals-I) Kolkata 0.49 -

(iii) Estimated amount of contract remaining to be executed on - 9.24 capital account (net of advances)

Note:

(a) The employee's Gratuity Funded Scheme of Main Division Kolkata managed by Life Insurance Corporation of India is a defined Benefit Plan.

(b) The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognised each period of service as giving rise to additional Unit of employee benefit entitlement and measures each unit separately to buildup the final obligation.

1.1 Balance confirmation from some of Sundry Debtors, Sundry Creditors, Loan Parties and material lying with third parties are still awaited.

1.2 Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

2. Segment Reporting

The Company's primary Segment reporting is by its business segments which are Silk Fabrics/Made-ups segment, Industrial Leather Hand Gloves/Made-ups segment, yarns segments and Weaving Silk Fabrics segment.

Segment Revenue and Result

The expenses which are not directly attributable to the business segment are shown as unallocated expenditure net off unallocable income.

Segment assets and liabilities

Segment assets include all operating assets used by the business segment and consist principally of fixed assets, debtors and inventories. Segment liabilities primarily include current liabilities & loan fund Assets and liabilities that can not be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.


Mar 31, 2014

1. Rights Preferences and Restrictions attached to 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 held. In the event of liquidation of the company the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion to their shareholding.

2. Notes:

1 (a) Working Capital Loans from Canara Bank are secured by hypothecation of Stock & book debts of Trading Division, Kolkata & Textile Division, Mysore and Personal Guarantee of Promoter Directors and further by second charge on the entire Fixed Assets of the Company.

(b) Working Capital Loans from State Bank of India are secured by hypothecation of Stocks & Book debts of Spinning Division, Ahmedabad and Personal Guarantee of Promoter Directors and further by second charge on the entire Fixed Assets of the Company.

2. Secured against hypothecation of vehicles under hire purchase.

3. Instalment of Term Loans and Vehicles Loan falling due within 12 months shown under "Other Current Liabilities" (Refer Note 8)

3. Notes :

a. The Deferred Tax Assets arising from timing differences are ecognised to the extent there is reasonable certainty that these assets can be realised in future.

b. The deferred tax for timing difference between the book and tax profit for the year is accounted for, using the tax rates and tax laws that have been enacted or subsequently enacted as at the Balance Sheet date.

c. Deferred tax assets in respect of Unabsorbed Depreciation and Brought forward losses has been considered on the basis of latest Income tax return.

4. Notes :

1. Out of above, Rs. Nil (Previous Year- Rs. Nil) pertains to micro small and medium enterprises as defined under Micro Small and Medium Enterprises Development Act, 2006 based on the information available with the company. There is no interest payable to such parties during the year (Previous Year- Rs. Nil)

(Rs. in Lacs)

As at As at 31.03.2014 31.03.2013 5. ADDITIONAL NOTES TO THE FINANCIAL STATEMENTS

5.1 Commitments and Contingent Liabilities

i. Commitments/Contingent Liabilities

a. Foreign Bills discounted through banks 2739.20 2577.76

b. Letter of Credit issued by Bankers (net of Margin) 0.00 28.71

c. Bank Guarantee 175.00 130.00

ii. Claims against the company not acknowledged as debts in respcet of

a. Employees dispute for reinstatement is pending disposal by Labour Court 22.00 22.00

b. Income-Tax demand under CIT(Appeal)./I.T. Appellate Tribunal. 33.86 20.93

iii. Estimated amount of contract remaining to be executed on capital account (net of advances) 9.24 69.78

6. Note:

a. The employee''s Gratuity Funded Scheme of Main Division Kolkata managed by Life Insurance Corporation of India is a defined Benefit Plan.

b. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognised each period of service as giving rise to additional Unit of employee benefit entitlement and measures each unit separately to buildup the final obligation.

7. Balance confirmation from some of Sundry Debtors, Sundry Creditors, Loan Parties and material lying with third parties are still awaited.

8. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.

9. Segment Revenue and Result

The expenses which are not directly attributable to the business segment are shown as unallocated expenditure net off unallocable income.

Segment assets and liabilities

Segment assets include all operating assets used by the business segment and consist principally of fixed assets, debtors and inventories. Segment liabilities primarily include current liabilities & loan fund Assets and liabilities that can not be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.


Mar 31, 2012

1. Rights Preferences and Restrictions attached to Shares

The Company has only one class of Equity Shares having par value of Rs. 10/- per share. Each shareholder of equity shares is entitled to one vote per share held. In the event of liquidation of the company the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts in proportion to their shareholding.

Notes :

1. Term Loan from Canara Bank are secured by hypothecation and equitable mortgage of entire Fixed Assets of the Company.

2. a. Working Capital Loans from Canara Bank are secured by hypothecation of Stocks & Book Debts of

Trading Division, Kolkata & Textile Division, Mysore and Personal Guarantee of Promotor Directors and further by second charge on the entire Fixed Assets of the Company.

b. Working Capital Loans from State Bank of India are secured by hypothecation of Stocks & Book Debts of Spinning Division, Ahmedabad and Personal Guarantee of Promoter Directors and further by second charge on the entire Fixed Assets of the Company.

3. Secured against hypothecation of vehicles under hire purchase.

4. Terms of repayment are given below :

a. TUFs Loan taken from Canara Bank are repayable in quarterly instalments.

i. 35 Lakhs in 14 Instalments and 10 Lakhs in 1 (one) Instalment commencing from 17th March, 2008.

ii. 30 Lakhs in 13 Instalments and 10 Lakhs in 1 (one) Instalment commencing from 9th January 2010.

5. Instalment of Term Loans and Vehicles Loans falling due within 12 months shown under "Other Current Liabilities" (Refer Note 8)

Notes :

a. The Deferred Tax Assets arising from timing differences are recognised to the extent there is reasonable certainty that these assets can be realised in future.

b. The Deferred Tax for timing difference between the book and tax profit for the year is accounted for using the tax rates and tax laws that have been enacted or subsequently enacted as at the Balance Sheet date.

c. Deferred Tax Assets in respect of Unabsorbed Depreciation and Brought forward losses has been considered on the basis of latest Income Tax Return.

Notes :

Out of above, Rs. Nil (Previous year Rs. Nil) pertains to micro small and medium enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 based on the information available with the company. There is no interest payable to such parties during the year (Previous year Rs. Nil)

Notes :

1. Book overdraft includes Rs. 9.41 lacs (Previous year Rs. 18.20 lacs) overdraft with Banks against pledge of Fixed Deposit.

Notes : 1. a. Fixed Deposit pledged with banks representing margin money for overdraft facilities.

b. Deposits can be withdrawn at any point of time without prior notice or exit costs on the principal amount.

2. Section 205 of the Companies Act 1956 mandates that the Company should transfer dividend that lies unclaimed for a period of seven years from unpaid dividend account to Investor Education and Protection Fund (IEPF). Accordingly if dividend remain unclaimed for a period of seven years, it will be transferred to IEPF.





(Rs. in lacs)

As at As at 31.3.2012 31.3.2011

23 ADDITIONAL NOTES TO THE FINANCIAL STATEMENTS

23.1 Commitments and Contingent Liabilities

i. Commitments / Contingent Liabilities

a. Foreign Bills discounted through banks 3243.72 2879.51

b. Letter of Credit issued by Bankers (net of margin) 258.78 116.68

ii. Claims against the Company not ackowledged as debts in respect of

a. Employees dispute for reinstatement is pending disposal by Labour Court 27.18 27.18

b. Income Tax demand under CIT (Appeal)/ I.T. Appellate Tribunal 58.85 58.85

iii. Estimated amount of contract remaining to be executed on captal account (net of advances) 241.24 71.84

23.12 No interest provided during the year in regard to Loan given to a body corporate in view of non repayment of previous dues. The company has taken necessary steps for recovery of the same.

23.13 Balance confirmation from some of Sundry Debtors, Sundry Creditors, Loan Parties and material lying with third parties are still awaited.

23.14 The Revised Schedule VI has become effective from 1st April, 2011 for preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure. 24 Segment Reporting

The Company's primary Segment reporting is by its business segments which are Silk Fabrics / Made-ups segment, Industrial Leather Hand Gloves/Made-ups segment, yarns segments and Weaving Silk Fabrics segment

(i) Business Segment

Segment Revenue and Result

The expenses which are not directly attributable to the business segment are shown as unallocated expenditure net off unallocable income.

Segment assets and liabilities

Segment assets include all operating assets used by the business segment and consist principally of fixed assets, debtors and inventories. Segment liabilities primarily include current liabilities & loan fund. Assets and liabilities that cannot be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.


Mar 31, 2010

(Rs. in lacs)

As at As at

31.3.2010 31.3.2009

1. Contingent Liabilities (Not Provided For)

a. Foreign Bills discounted through Banks 2163.03 190.80

b. Letter of Credit issued by Bankers (net of Margin) - 209.86

c. Claims against the company not acknowledged as debts

i) Litigation with vendor is pending

disposal by Mumbai High Court 15.03 15.03

ii) Employees dispute for reinstatement

is pending disposal by Labour Court 27.18 1.39

d. Guarantee given by bank on behalf of the Company 2.45 -

e. Income Tax demand under CIT (Appeal) /

I.T. Applelate Tribunal 20.40 35.12

2. Estimated amount of contract remaining to be executed on capital account net of advances not provided for Rs. 73.63 lacs (Previous year Rs. NIL).

3. The Company has not received information from vendors regarding the status of the suppliers as defined under the “Micro, Small and Medium Enterprises Development Act, 2006” (The Act) and accordingly disclosure relating to unpaid amounts at the close of the year together with interest paid/ payable has not been given

4. Balance confirmation from some of the Sundry Debtors, Sundry Creditors, Loan Parties and Advances given to the parties are still awaited.

5. Sample receipts amounting to Rs. 2.19 lacs (Previous Year Rs. 8.17 lacs) for sample sent to overseas buyer has been shown net after adjusting the sample making charges of Rs. 0.15 lacs (Previous Year Rs. 0.20 lacs).

6. Expenses relating to earlier years amounting to Rs. 1.93 lacs (Previous Year Rs. 7.10 lacs) has been shown as net after adjusting Rs. 0.46 lacs (Previous Year Rs. 0.57 lacs) for Income relating to earlier years.

7. Employee Benefits

The disclosure required under AS-15 on "Employee Benefits" notified in the companies (Accounting Standards) Rules 2006, are given below :

Notes :

(a) The employees Gratutity Funded Scheme on Main Division Kolkata managed by Life Insurance Corporation of India is a defined Benefit Plan.

(b) The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognised each period of service as giving rise to additional Unit of employee benefit entitlement and measures each unit separately to built up the final obligation.

8. Segment Reporting :

The companys primary segment reporting is by its business Segments which are : Silk Fabrics / Made-ups segment, Industrial Leather Hand Gloves / Made-ups segment, yarns segment and Weaving Silk Fabrics segment.

9. Comparative figures of the previous year have been regrouped, rearranged and recast wherever found necessary.

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