Mar 31, 2014
1.1 (a) Capital reserve represents the principal loan amount waived by
Consortium of Banks and Financial Institutions (Indusind Bank Limited ,
State Bank Of India,UTI(Axis Bank Limited) and Karnataka State
Industrial Investment and Development Corporation Limited ) on One Time
Settlement of dues to them.
1.2 (g) Other reserve represents the subsidy received for the project
from Department of Industries and Commerce, Government of Karnataka.
1.3 (e) Loans and Advances from related parties represent a loan
received from the Managing Director and the terms of loan are:
(i) Interest on Loan -NIL
(ii) Repayment terms: Either the Loan will be repaid or converted into
Equity as per relevant and applicable SEBI & other guidelines
(k) Note:-
( i) Confirmation of balance have not been obtained from many of the
creditors
(ii) No provision for Income Tax has been made during the year ,since
the Company has incurred loss during the year .However provision for
demand of Rs.20,96,325/- u/s 220(2) for Assessment year 1997-98 and
1998-99 raised by Income Tax Department is made during the year and a
payment of Rs.4,50,000/- has been made against this. The balance due
Rs.16,46,325/- is shown under Other Current Liabilities.
(iii) The information regarding amounts due to micro and Small
Enterprises have been determined based on the information available
with the company and have been relied up on by the Auditors.
(iv) Principal amount remaining unpaid to Micro and Small Enterprises
at the end of the Accounting Year - NIL
(v) Interest due on principal amount unpaid as at the end of the
accounting year-NIL
(vi) Amount of Interest paid by the Company along with the payment made
to the suppliers beyond the ap- pointed day during the year - NIL
(vii) Amount of Interest due and payable for the period of delay in
making payment (amount have been paid but after the appointed day) but
without interest specific under Micro Small and Medium Enterprises
Develop- ment Act,2006 - NIL
(viii) Interest Accrued and remaining unpaid as at the end of the
accounting year-NIL
(ix) Unpaid interest brought forward to current year-NIL
(x) The small Scale Industrial Undertaking (SSI Units) to whom amount
outstanding for more than 30 days is - NIL
Note :
1. Deferred Tax Liability/Assets
(i) The Deferred Tax Liability /Assets as per accounting standard 22
issued by the Institute of Chartered Accountants of India for the
current year as well as for the previous year as per recalculation is -
NIL, as the Company does not foresee any reasonable certainty in
generation of profit in the coming years
2. Current Assets, Loans and Advances
(i) In the opinion of the Board Of Directors , the current assets,
loans and advances have the values at which they are stated in the
balance sheet as and when realized in the ordinary course of business.
(ii) Confirmation of balances have not been obtained from debtors and
for advance payments.
3. (i) Short term loans and advances to others - unsecured considered
good represents Rupees 1.50 crore to vendor for purchase of land for
township development at whitefield, Bangalore and the execution of
title deed transfer of the property measuring 18 acres for a total
consideration of Rs. 22 crore is pending due to obtainment of certain
legal and ecological clearances.
(ii) The company is advised of getting all legal and ecological
clearances shortly from concerned au- thorities.
1.4. Contingent Liabilities & Commitmets
(a) Contingent Liabilities
(i) Claims against the company not acknowledged as debt - -
(ii) Guarantees - -
(iii) Other money for which company is contingently liable
(b) Commitments - - (i) Estimated amount of contracts remaining to be
executed on capital account & not provided for - -
(ii) Uncalled liability on shares & other investments - -
(iii) Others - -
1.5. Exceptional Items --
Other Information
(a) Previous years'' figures have been regrouped or recast wherever
necessary to suit with current year''s disclosusre and layout.
(c) Accounting Standard 18(AS 18) (related to party disclosures,
notified in the Companies (Accounting Standards) Rules 2006)
The disclosure of transactions with the related parties as defined in
AS-18 are given below.
1. Related parties and their relationship
A. Key Managerial personnel
1. Mr. Santhosh Joseph Karimattom - Managing Director
2. Mr. Kaumpilly Rajesh - Director
3. Mr. Rajendra Patil - Director
4. Mr. Anupkumar - Director
5. Mr. D.E. Chandrasekaran - Company Secretary
B. Enterprises over which key managerial personnel and relatives
exercise significant influence.
1. Bannerghatta Farms
2. Vasantha Farms
3. SJK Farms
4. Karimattom Plantations Pvt. Limited
5. Fusav Engineering Devices Pvt. Limited
6. City projects and entertainment Pvt. Limited
7. Heco panelling Systems Pvt. Limited
C. Concerns key managerial personnel and their relatives 1. Diode
Tailors
D. material transactions with related parties - NIL
E. Remuneration paid to Managing Director and Directors - NIL
Mar 31, 2013
1.1 (a) Capital Reserve represents the Principal loan amount waived by
consortium of banks and financial institutions i.e., Indus Ind Bank
Limited, State Bank of India, UTI (AXIS) Bank Limited and Karnataka
State Industrial Investment & Development Corporation Limited on one
time settlement of dues to them and
1.2 (g) Other Reserve represents the subsidy received for the Project
from the Department of Industries & Commerce, Government of Karnataka.
1.3 (e) Loans and Advances from related parties represent a loan
received from the Managing Director and the terms of loan are:
(i) Interest on Loan -NIL
(ii) Repayment terms: Either the Loan will be repaid in the next 5
years or converted into Equity as per relevant and applicable SEBI &
other guidelines
(a) Note:-
(i) Confirmation of balances have not been obtained from many of the
creditors
(ii) No provision for income Tax has been made for the year since the
Company has incurred loss during the year. No provision has been made
for demand of interest U/s. 220(2) of the Income Tax Act for Assessment
Year 1997-98 and 1998-99 amounting to Rs. 20,96,325/-, as the company
is advised of waiver of the same by higher Authorities on the company''s
application.
(iii) The information regarding amounts due to Micro and Small
Enterprises have been determined based on the information available
with the company and have been relied up on by the Auditors
(iv) Principle amount remaining unpaid to Micro and Small Enterprises
as at the end of the Accounting Year -NIL
(v) Interest due on principle amount remaining un paid as at the end of
the Accounting year -NIL
(vi) Amount of interest paid by the Company along with the payment made
to the suppliers beyond the appointed day during the year - NIL
(vii) Amount of Interest due and payment for the period of delay in
making payment(amount have been paid, but after the appointed day) but
without interest specified under Micro Small and Medium Enterprises
Development Act,2006 - NIL
(viii) Interest accrued and remaining unpaid as at the end of the
accounting year -NIL
(ix) Unpaid interest brought forward to current year - NIL
(x) The Small Scale Industrial Undertaking ( SSI Unit ) to whom amount
outstanding for more than 30 days is NIL
1.4 (c) (ii) Loans & Advances to related Parties represent the amount
paid towards Deposit for the use of Trade mark "City man" to M/s.
S.S.Agencies, a firm in which the Managing Director and his relatives
are interested
1.5 (g) The Company has purchased a property in Panangad, Ernakulam,
Kerala for residential township development. The Company has to buy
further lands to get advantage of better access and higher realization
at the time of sale.
1.6. Other Current Assets - -
a) Current Assets, Loans and Advances
i. In the opinion of the board of directors, the current assets, loans
and advances have the values at which they are stated in the balance
sheet as and when realized in the ordinary course of business.
ii. Confirmation of balances have not been obtained from debtors and
for advance payments.
b) Deferred Tax Liability / Asset
i. The deferred tax liability / assets as per accounting standard 22
issued by the Institute of Chartered Accountants of India for the
current year as well as for the previous year as per re - calculation
is nil, as the company does not foresee any reasonable certainty in
generation of profit in the coming years.
d) The Managing Director was appointed with a monthly remuneration of
Rs. 50,000/- with effect from 31.3.2012 and the same was approved by
the Annual General Meeting and Central Government. As the Company could
not expand its operations to the expected level the Managing Director
offered to waive his claim for remuneration and hence the same is not
provided in the accounts.
1.7. Contingent Liabilities & Commitments
(a) Contingent Liabilities
(i) Claims against the company
not acknowledged as debt - -
(ii) Guarantees - -
(iii) Other money for which
company is contingently liable
(b) Commitments - -
(i) Estimated amount of
contracts remaining to be
executed on capital account
& not provided for - -
(ii)Uncalled liability on shares
& other investments partly paid - -
(iii) Others - -
Other Information
a. Previous years'' figures have been regrouped or recast wherever
necessary to suit with current year''s disclosure and layout.
d. Information with regard to Opening Stock, Purchases, Production,
Sales & Closing Stock
Note:
i) Purchase are net of returns
ii) Sales are net of returns but includes damages and compliments
iii) Production is net of damages in production process
iv) Information with regards to raw materials and components consumed
Mar 31, 2012
(a) Rights, preferences and restrictions attaching to each class of
shares including restrictions on the distribution of dividends and the
repayment of capital -
The Company has only one class of Equity Shares having a par value of
Rs. 10/- each. Each holder of Equity shares are entitled to one vote
per share. The Company as and when declares dividend, the same is paid
in Indian Rupees. There are no restrictions on distribution of
dividends or repayment of capital
(b) Shares of each class held by its holding company or its ultimate
holding company (including shares held by it or by subsidiaries or
associates of the holding company or the ultimate holding company in
aggregate) - NIL
(d) Shares reserved for issue under options & contracts / commitments
for sale of shares / disinvestment, including the terms and the amounts
- NIL and Not applicable
(e) For period of 5 years immediately preceeding the Balance sheet date
disclose:
Aggregate number & class of shares
- Allotted as fully paid up pursuant to contract(s) without payment
being received in cash - NIL
- Allotted as fully paid up by way of bonus shares - NIL
- Bought back - NIL
(f) Terms of any securities convertible into equity / preference shares
issued along with the earliest date of conver- sion in descending order
starting from the farthest such date - NIL and Not Applicable
A.
(a) Capital Reserve represents the Principal loan amount waived by
consortium of banks and financial institutions
i.e., Indus Ind Bank Limited, State Bank of India, UTI (AXIS) Bank
Limited and Karnataka State Industrial Investment & Development
Corporation on settlement of dues.
(g) Other Reserve represents the subsidy received for the Project from
the Department of Industries & Commerce, Government of Karnataka.
B.
(v) Loans and Advances from related parties represent a loan received
from the Managing Director and the terms of loan are:
(i) Interest on Loan -NIL
(ii) Repayment terms: Either the Loan will be repaid in the next 5
years or converted into Equity as per relevant and applicable SEBI &
other guidelines
(C) Note:-
i. Confirmation of balances have not been obtained from many of the
creditors.
ii. No provision for Income Tax has been made, since the company has
incurred loss during the year.
iii. The information regarding amounts due to Micro and Small
Enterprises have been determined based on the information available
with the company and have been realized upon by the auditors.
iv. Principal amount remaining unpaid to Micro and Small Enterprises
as at the end of the accounting year : NIL
v. Interest due on principal amount remaining unpaid as at the end of
the accounting year : NIL
vi. Amount of interest paid by the company along with the payment made
to the suppliers beyond the appointed day during the year : NIL
vii. Amount of interest due and payable for the period of delay in
making payment (amount have been paid, but after the appointed day) but
without interest specified under Micro Small and Medium Enterprises
Development Act, 2006 : NIL
viii. Interest accrued and remaining unpaid as at the end of the
accounting year : Rs. NIL
ix. Unpaid interest brought forward to current year : NIL
x. The Small Scale Industrial Undertaking ('SSI Unit') to whom amount
outstanding for more than 30 days is NIL.
C Loans & Advances to related Parties represent the amount paid towards
Deposit for the use of Trade mark "Cityman" to M/s. S.S.Agencies, a
firm in which the Managing Director and his relatives are interested
a) Current Assets, Loans and Advances--
i. In the opinion of the board of directors, the current assets, loans
and advances have the values at which they are stated in the balance
sheet as and when realized in the ordinary course of business.
ii. Confirmation of balances have not been obtained from debtors and
for advance payments.
b) Deferred Tax Liability / Asset
i. The deferred tax liability / assets as per accounting standard 22
issued by the Institute of Chartered Accountants of India for the
current year as well as for the previous year as per re - calculation
is NIL,
ii. as the company does not foresee any reasonable certainty in
generation of profit in the coming years.
1. Contingent Liabilities & Commitmets
Contingent Liabilities
(a) Claims against the company not acknowledged as
debt - -
(b) Guarantees - -
(c) Other money for which company is contingently
liable Commitments - -
(a) Estimated amount of contracts remaining to be
executed on capital account & not provided for - -
(b) Uncalled liability on shares & other investments
partly paid - -
(c) Others
TOTAL - -
Mar 31, 2011
1. Previous year figures have been regrouped or recast wherever
necessary to suit with current year's disclosure and layout.
2. CAPITAL RESERVE: Capital reserves includes the following:-
a) Principal loan amount waived by consortium of banks and financial
institutions (Indus Ind Bank Ltd., State Bank of India , UTI (Axis)
Bank Ltd. and Karnataka State Industrial Development Corporation Ltd.)
on One Time Settlement of dues to them and
b) Subsidy received for the project from the department of industries
and commerce, Government of Karnataka.
3. FIXED ASSETS
Land
The 4831.25 sq. ft. of land belonging to the company in Sy. No. 77/1A,
Hulimavu Village, Bangalore south is fully subject to encroachment, and
the value of the land has been written off fully as impairment loss
during the year, as the company does not forsee any possibility of
repossessing the encroached area
4. CURRENT ASSETS, LOANS AND ADVANCES
(a) In the opinion of the board of directors, the current assets, loans
and advances have the values at which they are stated in the balance
sheet as and when realized in the ordinary course of business.
(b) Confirmation of balances have not been obtained from debtors and
for advance payments.
(c) Advances include interest free refundable deposit of Rs.
12,00,000/- due from a firm in which one of the Director is a partner.
5. DEFERRED TAX LIABILITY/ASSETS
The deferred tax liability/assets as per accounting standard 22 issued
by the Institute of Chartered Accountants of India for the current year
as well as for the previous year as per re-calculation is NIL, as the
company does not foresee any reasonable certainty in generation of
profit in the coming years.
6. CURRENT LIABILITIES AND PROVISIONS
(a) Confirmations of balances have not been obtained from many of the
creditors.
(b) No provision for income tax has been made, since the company has
incurred loss during the year.
(c) provisions include provision for income tax relating to previous
years amounting to Rs. 18,57,000/-
(d) (i) The information regarding amounts due to Micro and Small
Enterprises have been determined based on the information available
with the company and have been relied upon by the auditors.
(ii) Principal amount remaining unpaid to Micro and Small
Enterprises as at the end of the accounting year: Rs. NIL
(iii) Interest due on principal amount remaining unpaid as at the end
of the accounting year: Rs. NIL.
(iv) Amount of interest paid by the company along with the payment made
to the suppliers beyond the appointed day during the year: Rs. NIL.
(v) Amount of interest due and payable for the period of delay in
making payment (amount have been paid, but after the appointed day) but
without interest specified under Micro Small and Medium Enterprises
Development Act, 2006: Rs. NIL.
(vi) Interest accrued and remaining unpaid as at the end of the
accounting year: Rs. NIL.
(vii) Unpaid interest brought forward to current year: Rs.NIL.
7. SEGMENT REPORTING
(a)The company has only one business segment and geographical segment
viz. manufacturing and selling of readymade garments, hence the
enterprise accounts are representing the segmental accounts.
8. DISCLOSURE IN ACCORDANCE WITH ACCOUNTING STANDARD - 18 RELATED
PARTY TRANSACTION
9. The Small Scale Industrial Undertaking ("SSI Unit") to whom amount
outstanding for more than 30 days is Rs. Nil.
10. SALES TAX DEMAND
(a) Sales tax assessment of all the previous years completed and the
amount determined as payable by authorities relating to all previous
years have been paid in full.
(b) INCOME TAX:- Provision is being made for additional income tax
demand relating to earlier years under the head provision for taxation
for earlier years as and when demands are intimated to the company.
11. CONTINGENT LIABILITIES NOT PROVIDED FOR
AS AT AS AT
31.032011 31.03.2010
1. Claims against the company not
acknowledged as debts. Nil Nil
2. Estimated amount of contracts
remaining to be executed on
capital account not provided for Nil Nil
3. Other money for which the
company is contingently liable
(a) Cheque discounted Nil Nil
(b) Bank guarantees Nil Nil
(c) Guarantee on behalf of others Nil Nil
4. Export bill discounted Nil Nil
1. Previous year figures have been regrouped or recast wherever
necessary to suit with current year's disclosure and layout.
Note:
1. Purchase are net of returns
2. Sales are net of returns but includes damages and compliments
3. Production is net of damages in production process
Mar 31, 2010
Contingent liability is disclosed in case of
(a) A present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation.
(b) A possible obligation, unless the probability of outflow of
resources is remote. Contingent assets are neither recognized nor
disclosed.
Contingent liabilities and contingent assets are reviewed at each
Balance Sheet date.
1. EARNINGS PER SHARES
Basic earnings per shares are calculated by dividing the net profit or
loss for the period attributable to equitable share holders by the
weighted average number of equity shares outstanding during the period.
Partly paid equity shares are treated as a fraction of an equity share
to the extent that they were entitled to participate in dividends
relative to a fully paid equity share during the reporting period. The
weighted average number of equity shares outstanding during the period
are adjusted for events of bonus issue; bonus elements in a right issue
to existing share holders; share split; and reverse share split (
consolidation of shares).
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equitable shareholders
and the weighted average number of shares outstanding during the period
are adjusted for the effects of all dilative potential equity shares.
2. CASH FLOW STATEMENT
Cash flow statement has been prepared under indirect method.
B. NOTES TO THE BALANCE SHEET
1. Previous year figures have been regrouped or recast wherever
necessary to suit with current years disclosure and layout.
2. CAPITAL RESERVE: Capital reserves includes the following:-
a) Principal loan amount waived by consortium of banks and financial
institutions (Indus Ind Bank Ltd., State Bank of India, UTI (Axis) Bank
Ltd. and Karnataka State Industrial Development Corporation Ltd. on One
Time Settlement of dues to them and
b) Subsidy received for the project from the department of industries
and commerce, Government of Karnataka.
3. FIXED ASSETS
Land
The company has sold 5000sq. ft. of land out of 9831.25 sq. ft.
possessed by the company at sy. No. 77/1 A, Hulimavu village and
Bangalore south. The proportionate cost of 5000 sq. ft. of land which
is sold, is reduced from the original cost incurred. The company
presently possess only 4831.25 sq. ft. of land in the said area and
that area is subject to encroachment.
4. CURRENT ASSETS. LOANS AND ADVANCES
(a) In the opinion of the board of directors, the current assets, loans
and advances have the values at which they are stated in the balance
sheet as and when realized in the ordinary course of business.
(b) Confirmation of balances have not been obtained from debtors and
for advance payments.
(c) Advances include interest free refundable deposit of Rs.
12,00,000/- due from a firm in which one of the Director is a partner.
5. DEFERRED TAX LIABILITY/ASSETS
The deferred tax liability/assets as per accounting standard 22 issued
by the Institute of Chartered Accountants of India for the current year
as well as for the previous year as per re-calculation is NIL, as the
company does not foresee any reasonable certainty in generation of
profit in the coming years.
6. CURRENT LIABILITIES AND PROVISIONS
(a) Confirmations of balances have not been obtained from many of the
creditors.
(b) No provision for income tax has been made, since the company has
incurred loss during the year.
(c) provsions include provision for income tax relating to previous
years amounting to Rs. 35,51,000/-
(d) (i) The information regarding amounts due to Micro and Small
Enterprises have been determined based on the information available
with the company and have been relied upon by the auditors.
(ii) Principal amount remaining unpaid to Micro and Small Enterprises
as at the end of the accounting year: Rs. NIL
(iii) Interest due on principal amount remaining unpaid as at the end
of the accounting year: Rs. NIL.
(iv) Amount of interest paid by the company along with the payment made
to the suppliers beyond the appointed day during the year: Rs. NIL.
(v) Amount of interest due and payable for the period of delay in
making payment (amount have been paid, but after the appointed day) but
without interest specified under Micro Small and Medium Enterprises
Development Act, 2006: Rs. NIL.
(vi) Interest accrued and remaining unpaid as at the end of the
accounting year: Rs. NIL.
(vii) Unpaid interest brought forward to current year: Rs.NIL.
7. SEGMENT REPORTING
The company has only one business segment and geographical segment viz.
manufacturing and selling of readymade garments, hence the enterprise
accounts are representing the segmental accounts.
8. The Small Scale Industrial Undertaking ("SSI Unit") to whom amount
outstanding for more than 30 days is Rs. Nil.
9. SALES TAX DEMAND
(a) Sales tax assessment of all the previous years completed and the
amount determined as payable by authorities relating to all previous
years have been paid in full.
(b) INCOME TAX:- Provision is being made for additional income tax
demand relating to earlier years under the head provision for taxation
for earlier years as and when demands are intimated to the company.
C. NOTES TO THE PROFIT AND LOSS ACCOUNT
1. Previous year figures have been regrouped or recast wherever
necessary to suit with current years disclosure and layout.
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