Mar 31, 2015
Current Year Previous Year
(Rs.in lacs) (Rs.in lacs)
1. Contingent Liabilities not
provided for in respect of:
A) Claims against the company not
acknowledged as debts: 1.01 1.6
B) Contingent liabilities not
provided for:
a) Income Tax demand raised by
Income tax Authorities. Nil Nil
b) Excise & Coustom duty demands
raised by Excise Authorities. 58.11 58.11
Matter pending in appeal with Appellate Authorities
2. EMPLOYEES BENEFITS PLANS:
1) The Company makes contribution towards employees' Provident Fund,
Pension Fund, Under the rules of these schemes, the Company is required
to contribute a specified percentage of payroll costs. During the year
the Company has recognized Rs. .42 Lac as expenses to these plans.
2) In view of the non viability in the existing set of operational and
manufacturing setup,all the fixed assets have been disposed off
setteling almost all liabilities and labourdues, Flowever, accounts
continued to be prepared on the basis of going concern, as the
management is exploring other business opportunities to be carried in
the company. All the necessary provisions , losses and liabilities to
the extent identified and assessed by the management have been provided
for. Further management is of the view that the value in realization of
current assets, loans & advances and current liabilities would not
significantly differ from the position as stated in the books as on
year end.
3. Debtors, Creditors and advances are subject to confirmations,
Reconciliations and adjustments, if any. The Management does not expect
any significant variation and in the process of taking the necessary
steps in this regard in the current year.
4. Related party disclosure in accordance with the Accounting
Standard 18 issued by the Institute of Chartered Accountants of India
is given below :
Sr.No.
5. Names of Related parties and nature of relationship where control
exists
(i) Key Management Personnel and relative of such personnel
Ashok Kumar Kothari Director DIN 00132801
Anshul Kothari Director DIN 02624500
Flanuman Pokharna Director DIN 031555927
Smt. Sushila Kothari Additional Director DIN 00132802 WEF. 12-2-2015
ArvindTater Additional Director DIN 07167125 WEF. 22-4-2015
6. Based on the information available with the Company, no balance is
due to Micro & Small Enterprises as defined under the Micro, Small and
Medium Enterprises Development Act, 2006.as on 31st March 2015 Further
during the year no interest has been paid or payable under the terms of
the said Act.
7. a) In View of absence of Profit in accordance with Section 197
(12) of the Companies Act 2013, no commission is payable to the Managing
Director for the current year.
b) Directors' remuneration
(i) Directors sitting fees
Mar 31, 2013
Current Year Previous Year
(Rs.in lacs) (Rs.in lacs)
1. Contingent Liabilities not
provided for in respect of:
A) Claims against the company not
acknowledged as debts: 1.6 1.6
B). Contingent liabilities not
provided for:
a) Income Tax demand raised by
Income tax Authorities. Nil Nil
b) Excise & Coustom duty demands
raised by Excise Authorities. 58.11 58.11
Matter pending in appeal with
Appellate Authorities
2. Estimated amount of contracts
remaining to be executed on capital Nil Nil
account and not provided for.,
3. EMPLOYEES BENEFITS PLANS :
1) The Company makes contribution towards employees'' Provident Fund,
Pension Fund, Under the rules of these schemes, the Company is required
to contribute a specified percentage of payroll costs. During the year
the Company has recognized Rs. .50 Lac as expenses to these plans.
2) In view of the non viability in the existing set of operational and
manufacturing setup,all the fixed assets have been disposed off
setteling almost all liabilities and labourdues, However, accounts
continued to be prepared on the basis of going concern, as the
management is exploring other business opportunities to be carried in
the company. All the necessary provisions , losses and liabilities to
the extent identified and assessed by the management have been provided
for. Further management is of the view that the value in realization of
current assets, loans & advances and current liabilities would not
significantly differ from the position as stated in the books as on
year end.
4. Debtors, Creditors and advances are subject to confirmations,
Reconciliations and adjustments, if any. The Management does not expect
any significant variation and in the process of taking the necessary
steps in this regard in the current year.
5. Based on the information available with the Company, no balance is
due to Micro & Small Enterprises as defined under the Micro, Small and
Medium Enterprises Development Act, 2006.as on 31st March 2013 Further
during the year no interest has been paid or payable under the terms of
the said Act.
6. Segment reporting
As the company''s business activity falls within a single primary
business segment - taxtile yarn, the disclosure requirements of
Accounting Standard -17 " Segment reporting " issued by the Institute
of Charted Accountants of India, are not applicable
7. Figures for the previous year have been restated /regrouped/
rearranged wherever considered necessary
Mar 31, 2012
Current
Year Previous
Year
(Rs.in
lacs) (Rs.in
lacs)
1. Contingent Liabilities not provided for
in respect of:
A) Claims against the company not acknowledged
as debts: 1.60 1.60
B). Contingent liabilities not provided for :
a) Income Tax demand raised by Income tax
Authorities. Nil Nil
b) Excise & Coustom duty demands raised by
Excise Authorities. 58.11 58.11
Matter pending in appeal with Appellate
Authorities
2. Estimated amount of contracts remaining
to be executed on capital Nil 180.00
account and not provided for.,
3. Prior period income (expense) amounting to Rs.0.80 Lac
{previous period Rs. 4.63 Lac} have been debited / Credited to
respective heads of Accounts.
2. EMPLOYEES BENEFI TS PLANS :
1) The Company makes contribution towards employeesà Provident Fund,
Pension Fund, Under the rules of these schemes, the Company is required
to contribute a specified percentage of payroll costs. During the year
the Company has recognized Rs. .50 Lac as expenses towards contribution
to these plans. 2) In view of the non viability in the existing set of
operational and manufacturing setup,all the fixed assets have been
disposed off setteling almost all liabilities and labourdues, However,
accounts continued to be prepared on the basis of going concern, as the
management is exploring other business opportunities to be carried in
the company. All the necessary provisions , losses and liabilities to
the extent identified and assessed by the management have been provided
for. Further management is of the view that the value in realization of
current assets, loans & advances and current liabilities would not
significantly differ from the position as stated in the books as on
year end.
3. Debtors, Creditors and advances are subject to confirmations,
Reconciliations and adjustments, if any. The Management does not expect
any significant variation and in the process of taking the necessary
steps in this regard in the current year.
4 Related party disclosure in accordance with the Accounting Standard
18 issued by the Institute of Chartered Accountants of India is given
below :
5. Based on the information available with the Company, no balance is
due to Micro & Small Enterprises as defined under the Micro, Small and
Medium Enterprises Development Act, 2006. Further during the year no
interest has been paid or payable under the terms of the said Act.
6. a) In View of absence of Profit in accordance with Section 349 of
the Companies Act 1956, no commission is payable to the Managing
Director for the current year.
7. Segment reporting
As the company's business activity falls within a single primary
business segment - textile yarn, the disclousre requirements of
Accounting Standard - 17 "Segment reporting" issued by the Institute of
Chartered Accountants of India, are not applicable.
8. Figures for the previous Year have been restated / regrouped /
rearranged wherever considered necessary.
9. Till the year ended the 31st March 2011, the Company was using
pre-revised Schedule VI to the Companies Act 1956, for preparation and
presentation of its financial statements. During the year ended the
31st March 2012, the revised Schedule VI notified under the Companies
Act 1956, has become applicable to the Company. The Company has
reclassified previous year figures to conform to this year's
classification.
Mar 31, 2011
Current Year Previous Year
(Rs. ln lacs) (Rs. In lacs)
1. Contingent Liabilities not
provided for in respect of:
A) Claims against the company not
acknowledged as debts: 1.60 3.90
B). Contingent liabilities not
provided for:
a) income Tax demand raised by
Income tax Authorities. Nil Nil
b) Excise & Coustom duty demands
raised by Excise Authorities. 58.11 226.20
Matter pending in appeal with
Appellate Authorities
2. Prior period income (expense) amounting to Rs. 4.63 Lac {previous
period Rs 4.55 Lac} have been debited / Credited to respective heads of
Accounts.
3. EMPLOYEES BENEFITS PLANS:
1) The Company makes contribution towards employees' Provident Fund,
Pension Fund, Under the rules of these schemes, the Company is required
to contribute a specified percentage of payroll costs. During the year
the Company has recognized Rs. .63 Lac as expenses towards contribution
to these plans.
2) In view of the non viability in the existing set of operational and
manufacturing setup, all the fixed assets have been disposed off
setteling almost all liabilities and labour dues, However, accounts
continued to be prepared on the basis of going concern, as the
management is exploring other business opportunities to be carried in
the company. All the necessary provisions , losses and liabilities to
the extent identified and assessed by the management have been provided
for. Further management is of the view that the value in realization of
current assets, loans & advances and current liabilities would not
significantly differ from the position as stated in the books as on
year end.
3. Debtors, Creditors and advances are subject to confirmations,
Reconciliations and adjustments, if any. The Management does not expect
any significant variation and in the process of taking the necessary
steps in this regard in the current year.
4 Related party disclosure in accordance with the Accounting Standard
18 issued by the Institute of Chartered Accountants of India is given
below :
Sr.No.
1 Names of Related parties and nature of relationship
where control exists
(1) Key Management Personnel and relative of such personnel
Ashok Kothari Director
Anshul Kothari Director
Hanuman Pokhama Director
(ii) Enterprise over which Key Management Personnel and their relatives
are able to exercise significant influences :
Ahinsa Suitings Bhilwara
4. Based on the information available with the Company, no balance is
due to Micro & Small Enterprises as defined under the Micro, Small and
Medium Enterprises Development Act, 2006 as on 31st March 2009. Further
during the year no interest has been paid or payable under the terms of
the said Act.
5. a) In View of absence of Profit in accordance with Section 349 of
the Companies Act 1956, no commission is payable to the Managing
Director for the current year.
6. Segment reporting
As the company's business activity falls within a single primary
business segment - textile yarn, the disclosure requirements of
Accounting Standard-17 "Segment reporting" issued by the Institute of
Chartered Accountants of India are not applicable.
7. Figures for the previous Year have been restated / regrouped /
rearranged wherever considered necessary.
Mar 31, 2010
(Rs. In Lacs)
Current Year Previous Year
1. Contingent Liabilities not
provided for in respect of:
A) Claims against the company
not acknowledged as debts: 3.90 3.90
B. Contingent liabilities
not provided for :
a) Income Tax demand raised by
Income tax Authorities. Nil Nil
b) Excises Coustom duty demands
raised by Excise Authorities. 226.20 227.07
Matter pending in appeal with
Appellate Authorities
C. Bank guarantees given by
Companys Bankers. Nil 12.50
D. In relation to the disputed matter of the shortfall in the import
of capital goods under Zero Duty EPCG Scheme, the company has fulfilled
export obligation against import of capital goods under 10% EPCG Scheme
(which was converted from Zero duty EPCG Scheme as per directives of
DGFT) and have also paid applicable custom duty on such conversion. The
said EPCG licence has also been redeemed by DGFT. However, the Customs
Deptt have not accepted the conversion of EPCG licence from Zero duty
to 10% duty scheme granted by DGFT, against which the company has fifed
an appeal before the CESTAT the additional liability, if any, would be
provided as and when the appeal is decided.
2. Estimated amount of contracts remaining to be executed on capital
account Nil Nil and not provided for.,
3. Prior period income (expense) amounting to Rs.4.55 Lac (previous
period Rs1.58 Lac} have been debited / Credited to respective heads of
Accounts
4. Break up of Deferred Tax Liabilities (Net) into major components of
the respective balances are as follows:
5. EMPLOYEES BENEFITS PLANS
In the curent year all employees have left the Company and the Company
has made the full & final settlement through additional retirement
benefits of Rs.287.50Lacs and Gratutity liability of Rs. 98.91 Lacs
through the Companys Gratuity Trust. Similarly, Leave encashment
liability of Rs.14.75Lacs has also been paid to all the eligible
employees on their full & final settelment. Accordingly .the figure of
previous year has only been given for comparatives in the following
table summarizing the components of the net benefit expense recognized
in the profit and loss account and the funded status and amounts
recognized in the balance sheet for the respective plans.
The estimates of future salary increases considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
The Company makes contribution towards employees Provident Fund,
Pension Fund, Superannuation Fund end Employees State Insurance Plan
scheme. Under the rules of these schemes, the Company is required to
contribute a specified percentage of payroll costs. During the year the
Company has recognized Rs. 340.19 Lac as expenses towards contribution
to these plans.
6. In view of the non viability in the existing set of operational and
manufacturing setup,all the fixed assets have been disposed off
setteling almost all liabilities and labourdues, during the year.
However, accounts continued to be prepared on the basis of going
concern, as the management is exploring othe business opportunities to
be carried in the company. All the necessary provisions, losses and
liabilities to the extent identified and assessed by the management
have been provided for. Further management is of the view that the
value in realization of current assets, loans & advances and current
liabilities would not significantly differ from the position as stated
in the books as on year end.
7. Debtors, Creditors and advances are subject to confirmations,
Reconciliations and adjustments, if any. The Management does not expect
any significant variation and in the process of taking the necessary
steps in this regard in the current year.
8. Related party disclosure in accordance with the Accounting Standard
18 issued by the Institute of Chartered Accountants of India is given
below :
Managing Director Shri R. N. Gupta - Details of remuneration to
Managing Director is disclosed in Note 11 (b).
9. Based on the information available with the Company, no balance is
due to Micro & Small Enterprises as defined under the Micro, Small and
Medium Enterprises Development Act, 2006 as on 31st March 2009.
Further during the year no interest has been paid or payable under the
terms of the said Act.
10. a) In View of absence of Profit in accordance with Section 349 of
the Companies Act 1956, no commission is payable to the Managing
Director for the current year.
11. Additional information pursuant to Part II of Schedule VI of the
Companies Act, 1956,to the extent applicable:
12. Segment reporting
As the companys business activity falls within a single primary
business segment - textile yarn, the disclosure requirements of
Accounting Standard-17 "Segment reporting" issued by the Institute of
Chartered Accountants of India, are not applicable.
13.Figures for the previous Year have been restated/ regrouped/
rearranged wherever considered necessary.