Mar 31, 2016
(C) Terms/rights attached to equity shares
The company has only one class of equity shares having par value of '' 10 per share. Each holder of equity shares is entitled to one vote per share.
During the Six months ended March 31, 2016, the amount of per share dividend recognized as distributions to equity shareholders is NIL (September 30, 2015: NIL).
(D) Terms/rights attached to 7% Non-cumulative, Non-convertible, Redeemable Preference Shares
7% Non-cumulative, non-convertible, Redeemable Preference Shares shall be non-participating, redeemable before 20 years from the date of their issue, carry a preferential right, vis-a-vis equity shares with respect to payment of dividend and repayment in case of a winding up or repayment of capital and shall carry voting rights as per the provisions of Section 47 (2) of the Act.
(F) Buyback of Shares, Bonus Shares, ESOP and Shares issued for consideration other than cash
The company has not bought back any shares neither has it issued any bonus shares and shares under ESOP in the past five years. Further, the Company has not issued shares for consideration other than cash in the past five years.
30 Estimated amount of contracts remaining to be executed on capital account and not provided for '' 180,438 (Previous Year: '' 14,832). Other commitments: Nil.
31 Under the Micro, Small and Medium Enterprises Development Act, 2006, which came into force on October 2, 2006, the Company is required to make certain disclosures relating to Micro, Small and Medium Enterprises. The Company is in the process of compiling and assimilating the relevant information from its suppliers about their coverage under the Act. Since the relevant information is not readily available for all the suppliers, the disclosures have been made to the extent the information is available with the Company:
32 The Company has decided to change the Financial Year as per the provisions of the Companies Act 2013, from September to March, from March 2016. Accordingly these financial statements are prepared for a period of 6 months from October 1, 2015 to March 31, 2016. Hence the figures for the current accounting period are not comparable with those of the previous accounting year.
33 Trade payables and trade receivables are subject to independent balance confirmations and reconciliations. Management is of the opinion that no variance of a material sum is expected on such independent confirmations and reconciliations.
Ceased to be Director with effect from December 30, 2015.
# Appointed Chairman with effect from March 29, 2016.
The Chairman of the Audit Committee was present at the last Annual General Meeting
5. Nomination and Remuneration Committee:
The Nomination and Remuneration Committee is responsible for determining the compensation payable to Managing Director and Wholetime Director and others based on industry practices and performance of individuals.
(i) Brief description of terms of reference:
1. Identifying persons who are qualified to become Directors and who may be appointed in Senior Management in accordance with the criteria laid down and recommending to the Board their appointment and removal.
2. Formulating the criteria for determining qualifications, positive attributes and independence of a director and recommending to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other employees.
3. Formulating the criteria for evaluation of Independent Directors and the Board as a whole.
4. Devising a policy on Board diversity.
5. Considering and ensuring the compliance of provisions under schedule V of the Companies Act, 2013 for appointing and fixing remuneration of Managing Director/Whole time Directors.
6. Approving the remuneration after taking into account financial position of the Company, trend in the industry, qualification, experience and past performance of the appointee.
Sep 30, 2015
The above borrowings carry effective interest rates ranging from 7%
p.a. to 14 % p.a.
Borrowings amounting to Rs, 9,674,000 (Previous Year: Rs, 59,512,435) are
secured by exclusive charge of hypothecation of movable/ immovable
fixed assets acquired/ to be acquired.
Borrowings amounting to Rs, 76,499,000 (Previous Year: Rs,114,899,000) are
secured by first hypothecation charge on specific movable/ immovable
fixed assets acquired/ to be acquired.
Borrowings amounting to Rs, 194,443,382 (Previous Year: Rs, 361,109,138)
are secured by second by second pari passu charge on movable/ immovable
fixed assets acquired.
1. Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs, 14,832 (Previous Year: Rs,24,41,295).
Other commitments: Nil.
2. Under the Micro, Small and Medium Enterprises Development Act,
2006, which came into force on October 2, 2006, the company is required
to make certain disclosures relating to Micro, Small and Medium
Enterprises. The company is in the process of compiling and
assimilating the relevant information from its suppliers about their
coverage under the Act. Since the relevant information is not readily
available, no disclosures have been made in the Accounts.
3. The Company has decided to change the Financial Year as per the
provisions of the Companies Act 2013, from September to March, from
March 2016. Current Financial Year is closed on 30th September 2015.
The next Financial Year will be for six months ending on 31st March
2016.
4. Trade payables and trade receivables are subject to independent
balance confirmations and reconciliations. Management is of the opinion
that no variance of a material sum is expected on such independent
confirmations and reconciliations.
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.
5. In the opinion of the Management, the Current Assets, Loans and
Advances have a value on realization in the ordinary course of business
at least equal to the amount at which they are stated in the Balance
Sheet. The provision for depreciation and all liabilities is adequate
and not in excess of the amount reasonably necessary.
6. Related Party Disclosures:
A Names of the related parties and description of relationship
I) Holding Company
Shapoorji Pallonji & Company Private Limited
(Formely known as Shapoorji Pallonji & Company Limited)
II) Subsidiary
Gokak Power & Energy Limited
III) Fellow Subsidiaries
Forbes & Company Limited / Volkart Fleming Shipping & Services Limited
Eureka Forbes Limited / Forbes Doris & Naess Maritime Limited Forbes
Technosys Limited / Forvol International Services Limited Shapoorji
Pallonji Infrastructure Capital Company Limited
IV) Key Managerial Personnel
Mr. H. S. Bhaskar Whole Time Director (Up to July 13, 2015)
Mr. Sachin Kulkarni Whole Time Director (w.e.f. July 13, 2015)
Sep 30, 2014
1. Corporate Information
The Company was incorporated under the Companies Act, 1956 under the
name of ANS Textiles (Bangalore) Limited on March 27, 2006. The name
was changed to Gokak Textiles Limited, with effect from 23rd January
2007. As per the scheme of arrangement under the Companies Act, 1956
the Textile Division of erstwhile Forbes Gokak Limited (now known as
Forbes & Company Limited) was transferred to Gokak Textiles Limited
with effect from April 1, 2007. The company is in the business of
textile, manufacturing cotton yarn, blended yarn, industrial fabrics,
terry towels, t-shirts, polos, undergarments, sweaters, etc.
2. Preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis and under the historical
cost convention.
3. Contingent liabilities :
Contingent liabilities not provided in respect of :
Year ended Year ended
September September
30, 2014 30, 2013
A) Bills Discounted 39,158,425 12,787,094
B) Guarantees issued by bank 24,781,791 21,922,573
Corporate Guarantee
to Other
C) Taxes in dispute :-
Entry Tax/Special Entry tax 11,458,194 14,458,194
Income tax matters 300,912 300,912
Excise Demands 16,600,425 16,600,425
Provident Fund 2,810,682 2,810,682
D) Labour Matters in Dispute 4,886,272 4,986,272
E) Bonds given by Company in
favour of Customs Authorities 478,320,557 478,320,557
F) Other Demands Contested
by the Company
Creditors Claim 71,471 71,471
Electricity Duty 955,893 955,893
579,344,622 553,214,073
4. Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. 24,41,295 (Previous Year: Rs.48,09,872).
5. Under the Micro, Small and Medium Enterprises Development Act,
2006, which came into force on October 2, 2006, the company is required
to make certain disclosures relating to Micro, Small and Medium
Enterprises. The company is in the process of compiling and
assimilating the relevant information from its suppliers about their
coverage under the Act. Since the relevant information is not readily
available, no disclosures have been made in the Accounts.
6. During the year, a special resolution seeking the approval of
Shareholders for the divestment of Knitwear Division has been passed by
the requisite majority as per the postal ballot announced on 6th
Decemeber 2013. The Company is in the process of locating a buyer.
7. The Company has decided to change the Financial Year as per the
provisions of the Companies Act, 2013, from September to March, from
March 2015. Current Financial Year is closed on 30th Septemebr 2014.
The next Financial Year will be for six months ending on 31st March
2015.
8. Trade payables and trade receivables are subject to independent
balance confirmations and reconciliations. Management is of the opinion
that no variance of a material sum is expected on such independent
confirmations and reconciliations.
9. In the opinion of the Management, the Current Assets, Loans and
Advances have a value on realisation in the ordinary course of business
at least equal to the amount at which they are stated in the Balance
Sheet. The provision for depreciation and all liabilities is adequate
and not in excess of the amount reasonable necessary.
10. Related Party Disclosures:
A Names of the related parties and description of relationship
I) Holding Company
Shapoorji Pallonji & Company Limited
II) Subsidiary
Gokak Power & Energy Limited
III) Fellow Subsidiaries
Forbes & Company Limited
Volkart Fleming Shipping & Services Limited
Eureka Forbes Limited
Forbes Doris & Naess Maritime Limited
Forbes Technosys Limited
Forvol International Services Limited
Shapoorji Pallonji Infrastructure Capital Company Limited
IV) Key Managerial Personnel
Mr. H. S. Bhaskar : Whole Time Director
11. Segment information
The Company operates in one segment only, namely Textiles. Sales in
different geographical segments are subject to same risk and reward
relationship. Accordingly, in the opinion of the management, the
information relating to the segment reporting as set out under
Accounting Standard 17 is not applicable.
12. Figures of previous period have been regrouped/recast/rearranged
wherever necessary, to conform to the current year''s presentation.
Sep 30, 2013
1 Corporate Information
The Company was incorporated under the Companies Act, 1956 under the
name of ANS Textiles (Bangalore) Limited on March 27, 2006. The name
was changed to Gokak Textiles Limited, with effect from 23rd January
2007. As per the scheme of arrangement under the Companies Act, 1956
the Textile Division of erstwhile Forbes Gokak Limited (now known as
Forbes & Company Limited) was transferred to Gokak Textiles Limited
with effect from April 1, 2007. The company is in the business of
textile, manufacturing cotton yarn, blended yarn, industrial fabrics,
terry towels, t-shirts, polos, undergarments, sweaters, etc.
2 Preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
3 Contingent liabilities :
Contingent liabilities not provided in respect of :
Year ended Eighteen Months
September ended September
30, 2013 30,2012
a) Bills Discounted 22,052,045 26,509,850
b) Guarantees
issued by bank 12,657,622 21,972,573
Corporate Guarantee
to Other - -
c) Taxes in dispute :-
Entry Tax/Special
Entry tax 14,458,194 14,458,194
Income tax matters 300,912 300,912
Excise Demands 16,600,425 5,562,848
Provident Fund 2,810,682 2,810,682
d) Labour Matters in Dispute 4,986,272 4,986,272
e) Bonds given by Company
in favour of Customs
Authorities 478,320,557 478,320,557
f) Other Demands Contested
by the Company
Trade Payables Claim 71,471 71,471
Electricity Duty 955,893 955,893
Total 553,214,073 555,949,252
4 Notice dated 16th October 2013 seeking approval of Shareholders for
divestment of Knitwear Division has been sent. The result of the ballot
will be announced on 5th December 2013.
5 Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs.4,809,872 (P. Y 5,077,837).
6 Under the Micro, Small and Medium Enterprises Development Act, 2006,
which came into force on October 2, 2006, the company is required to
make certain disclosures relating to Micro, Small and Medium
Enterprises. The company is in the process of compiling and
assimilating the relevant information from its suppliers about their
coverage under the Act. Since the relevant information is not readily
available, no disclosures have been made in the Accounts.
7 During the financial period 2011-12, pursuant to approval obtained
from shareholders under section 293 (1) (a) of Companies Act 1956, the
Company, on September 27, 2012 has sold its hydro power business to its
subsidiary company Gokak Power and Energy Limited as a slump sale for a
consideration of Rs.120 crores. The business sold includes land &
building at written down value of Rs. 15.76 crores and power generation
transmission and distribution assets including technical know-how and
licenses at written down value of Rs. 9.95 crores. The profit on said
slump sale of hydro power business to Gokak Power and Energy Limited
amounting to Rs. 94.06 crores is disclosed as extra ordinary item.
8 During the financial period 2011-12, the company has written off
fixed assets amounting to Rs. 90,510,493 mainly pertaining to spinning
machines, speed frames, humidification plant, HFO plant and weaving
machines. The company has scrapped these assets as they are
technologically obsolete and in physically damaged condition.
9 Related Party Disclosures:
A Names of the related parties and description of relationship
I) Holding Company
Shapoorji Pallonji & Company Limited
II) Subsidiary
Gokak Power & Energy Limited
III) Fellow Subsidiaries
Forbes & Company Limited
Volkart Fleming Shipping & Services Limited
Eureka Forbes Limited
Forbes Doris & Naess Maritime Limited
Forbes Technosys Limited
Forvol International Services Limited
Shapoorji Pallonji Infrastructure Capital Company Limited
IV) Key Managerial Personnel
Mr. H. S. Bhaskar Whole Time Director
10. Trade Payables and Trade Receivables are subject to independent
balance confirmations and reconciliations. Management is of the opinion
that no variance of a material sum is expected on such independent
confirmations and reconciliations.
11 Segment information
The Company operates in one segment only, namely Textiles. Sales in
different geographical segments are subject to same risk and reward
relationship. Accordingly, in the opinion of the management, the
information relating to the segment reporting as set out under
Accounting Standard 17 is not applicable.
12 The financial statements for the current year are for the period
from October 1, 2012 to September 30, 2013, whereas the financial
statements for the previous year are for a period of eighteen months,
i.e from April 1, 2011 to September 30, 2012. Accordingly the current
year''s figures are not comparable with the previous period figures.
13 Figures of previous period have been regrouped/recast/rearranged
wherever necessary, to conform to the current year''s presentation.
Sep 30, 2012
1 Corporate Information
The Company was incorporated under the Companies Act, 1956 under the
name of ANS Textiles (Bangalore) Limited on March 27, 2006. The name
was changed to Gokak Textiles Limited, with effect from 23rd January
2007. As per the scheme of arrangement under the Companies Act, 1956
the Textile Division of erstwhile Forbes Gokak Limited (now known as
Forbes & Company Limited) was transferred to Gokak Textiles Limited
with effect from April 1, 2007. The company is in the business of
textile, manufacturing cotton yarn, blended yarn, industrial fabrics,
terry towels, t-shirts, polos, undergarments, sweaters, etc.
2 Preparation
i. The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
ii. With effect from current financial year the Company has changed
its accounting year from year ended March 31 to year ended September 30
which has been approved by ROC vide its order dated 12th April 2012.
Accordingly these financial statements are prepared for a period of 18
months from April 01, 2011 to September 30, 2012. Hence the figures for
the current accounting period are not comparable with those of the
previous accounting year.
iii During the period ended September 30,2012, the revised Schedule VI
notified under the Companies Act, 1956 has become applicable to the
Company for preparation and presentation of its financial statements.
The adoption of the revised Schedule VI does not impact recognition and
measurement principles followed for the preparation of financial
statements. However, it has significant impact on presentation and
disclosure made in the financial statements. The Company has
reclassified previous years's figures to conform this years'
classification.
(A) Terms/rights attached to equity shares
The company has only one class of equity shares having par value of Rs
10 per share. Each holder of equity shares is entitled to one vote per
share.
During the eighteen months ended 30th September 2012, the amount of per
share dividend recognized as distributions to equity shareholders is
NIL (March 31, 2011: NIL).
(B) Buyback of Shares, Bonus Shares, ESOP and Shares issued for
consideration other than cash
The company has not bought back any shares neither has it issued any
bonus shares and shares under ESOP in the past five years.
In the FY 2007 08; the company issued 6,449,308 shares to the
shareholders of Forbes Gokak Limited pursuant to the Scheme of Demerger
for consideration other than cash.
The above borrowings carry effective interest rates ranging from 8%
p.a. to 10.75 % p.a.
Borrowings amounting to Rs.125,508,284 are secured by exclusive charge
of hypothecation of movable/immovable fixed assets acquired/ to be
acquired.
Borrowings amounting to Rs.333,255,461 are secured by first
hypothecation charge on specific movable/ immovable fixed assets
acquired/ to be acquired.
3 Contingent liabilities :
Contingent liabilities not provided in respect of :
Eighteen
months Year ended
ended
eptember March 31,
2011
30, 2012
a) Bills Discounted 26,509,850 39,154,395
b) Guarantees issued by bank 21,972,573 405,100
Corporate Guarantee to
Other - 129,472
c) Taxes in dispute :
Entry Tax/Special Entry tax 14,458,194 14,458,194
Income tax matters 300,912 300,912
Excise Demands 5,562,848 116,916,657
Provident Fund 2,810,682 -
d) Labour Matters in Dispute 4,986,272 1,388,148
e) Bonds given by Company in
favour of Customs Authorities 478,320,557 438,121,857
f) Other Demands Contested
by the Company
Creditors Claim 71,471 71,471
Electricity Duty 955,893 955,893
555,949,252 611,902,099
4 Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. 5,077,837 (P.Y 4,302,584).
5 Under the Micro, Small and Medium Enterprises Development Act, 2006,
which came into force on October 2, 2006, the company is required to
make certain disclosures relating to Micro, Small and Medium
Enterprises. The company is in the process of compiling and
assimilating the relevant information from its suppliers about their
coverage under the Act. Since the relevant information is not readily
available, no disclosures have been made in the Accounts.
6 During the financial year 2010 - 11 the company has sold its
investment in equity shares of P.T. Gokak Indonesia, where it held 22%
stake, to Shapoorji Pallonji & Company Limited (the Holding Company)
for an amount of US$ 1,801,250 equivalent to Rs. 84,658,750 resulting
in to profit of Rs. 73,352,202.
7 Pursuant to approval obtained from shareholders under section 293
(1) (a) of Companies Act 1956, the company, on September 27, 2012 has
sold its hydro power business to its subsidiary company Gokak Power and
Energy Limited as a slump sale for a consideration of Rs. 120 crores.
The business sold includes land & building at written down value of Rs.
15.76 crores and power generation transmission and distribution assets
including technical know how and licenses at written down value of Rs.
9.95 crores. The profit on said slump sale of hydro power business to
GPEL amounting to Rs. 94.06 crores is disclosed as extra ordinary item.
8 During the current accounting period the company has written off
fixed assets amounting to Rs. 90,510,493 mainly pertaining to spinning
machines, speed frames, humidification plant, HFO plant and weaving
machines. The company has scrapped these assets as they are
technologically obsolete and in physically damaged condition.
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.
9 In the opinion of the Management, the Current Assets, Loans and
Advances have a value on realisation in the ordinary course of business
at least equal to the amount at which they are stated in the Balance
Sheet. The provision for depreciation and all liabilities is adequate
and not in excess of the amount reasonably necessary.
10 Related Party Disclosures: A Names of the related parties and
description of relationship
I) Holding Company
Shapoorji Pallonji & Company Limited
II) Subsidiary
Gokak Power & Energy Limited
III) Fellow Subsidiaries
Forbes & Company Limited Volkart Fleming Shipping & Services Limited
Eureka Forbes Limited Forbes Doris & Naess Maritime Limited
Forbes Technosys Limited Forvol International Services Limited
Forbes Campbell & Co Limited Shapoorji Pallonji Infrastructure Capital
Company Limited
IV) Key Managerial Personnel
Mr. H. S. Bhaskar Whole Time Director
11. Trade Payables and Trade Receivables are subject to independent
balance confirmations and reconciliations. Management is of the opinion
that no variance of a material sum is expected on such independent
confirmations and reconciliations.
12. Segment information
The Company operates in one segment only, namely Textiles. Sales in
different geographical segments are subject to same risk and reward
relationship. Accordingly, in the opinion of the management, the
information relating to the segment reporting as set out under
Accounting Standard 17 is not applicable.
13. Figures of previous year have been regrouped/recast/rearranged
wherever necessary, to conform to the current period's presentation.
Mar 31, 2011
1. The Company was incorporated under the Companies Act, 1956 under
the name of ANS Textiles (Bangalore) Limited on March 27, 2006. The
name was changed to Gokak Textiles Limited, with effect from 23rd
January 2007. As per the scheme of arrangement under the Companies Act,
1956 the Textile Division of erstwhile Forbes Gokak Limited (now known
as Forbes & Company Limited) was transferred to Gokak Textiles Limited
with effect from April 1, 2007. The company is in the business of
textile, manufacturing cotton yarn, blended yarn, industrial fabrics,
terry towels, t-shirts, polos, undergarments, sweaters, etc
2. Contingent Liabilities not provided for:
Sr.
No. Particulars Current Year Previous Year
Rs. Rs.
(A) Bills discounted 39,154,395 124,123,870
(B) Guarantees issued by bank 405,100 905,100
Corporate Guarantee to
Export Import Bank of India
(on behalf of P.T.Gokak
Indonesia) $ 31,00,000 Ã 141,329,000
Corporate Guarantee to Other 129,472 129,472
(C) Taxes in dispute :-
Entry Tax/Special Entry tax 14,458,194 14,458,194
Income tax matters 300,912 300,912
Excise Demands 116,916,657 105,879,080
(D) Labour Matters in Dispute 1,388,148 1,254,070
(E) Bonds given by Company in
favour of Customs Authorities 438,121,857 478,320,561
(F) Other Demands Contested
by the Company
Creditors Claim 71,471 71,471
Electricity Duty 955,893 1,037,149
3. Estimated amount of contracts remaining to be executed on capital
account and not provided Rs.4,302,584 (net of Advances Rs.2,631,654);
[Previous Year Rs. 13,347,453 (net of advances Rs. 91,951,921)]
4. Due to Micro, Small and Medium enterprise:
Under the Micro, Small and Medium Enterprises Development Act, 2006,
which came into force on October 2, 2006, the company is required to
make certain disclosures relating to Micro, Small and Medium
Enterprises. The Company is in the process of compiling and
assimilating the relevant information from its suppliers about their
coverage under the Act. Since the relevant information is not readily
available, no disclosures have been made in the Accounts.
5. The Company incurred the following expenditure on research and
development, which has been certified by the Management.
a. On Fixed Assets Rs. Nil (Previous Year Rs Nil)
b. On items which have been expensed out during the year Rs. 8,176,006
(Previous Year Rs. 6,966,804)
6. The amount of exchange differences included in the Profit and Loss
Account is a Net Expenses of Rs. 2,778,264/- (Previous year Net Income
of Rs.4,785,230/-).
7. During the year no amounts has been remitted in foreign currencies
on account of dividends during the year.
8. There are no outstanding Forward Exchange Contracts entered into by
the Company as on March 31, 2011. The Company has not entered into
Interest Rate Swaps and Currency Swaps as at the year end March 31,
2011.
9. Segment:
The Company operates one segment only, namely Textiles. Sales in
different geographical segments are subject to same risk and reward
relationship. Accordingly, in the opinion of the management the
information relating to the segment reporting as set out under
Accounting Standard 17 is not applicable.
10. Related Party Disclosures:
a. Name of Related Party and description of related party
i. Holding Company / Ultimate Holding Company
Shapoorji Pallonji & Company Limited (Ultimate Holding Company)
Sterling Investment Corporation Private Limited (Holding Company)
ii. Fellow Subsidiaries
Forbes & Company Limited
Forbes Doris & Naess Maritime Limited
Forbes Technosys Limited
Volkart Fleming Shipping & Services Limited
Eureka Forbes Ltd.
Forval International Services Ltd
iii. Key Management Personal
Mr. H. S. Bhaskar à Whole Time Director.
c The Company sold its investment in equity shares of P.T. Gokak
Indonesia, where it held 22% stake, to Shapoorji Pallonji & Company
Limited (the Ultimate Holding Company) for an amount of US$ 1,801,250/-
which is agreed to be equivalent to INR 84,658,750/-.
11. Employee Benefits:
Defined Contribution Plan:
The company offers its employees defined contribution plan in the form
of provident fund and superannuation fund. Provident fund covers
substantially all regular employees whereas the superannuation fund
covers only certain Managers, Supervisors and Clericals. The Company
has contributed a total amount of Rs.45,028,287 /- (Previous Year Rs.
32,188,455/-) towards said funds during the current year.
12. In accordance with the Accounting Standard (AS-28 on impairment of
assets, the Company has assessed as on the balance sheet date, whether
there are any indications (listed in paragraphs 8 to 10 of the
standard) with regards to the impairment of any assets. Based on such
assessment it has been ascertained that no potential loss is present
and therefore, formal estimate of recoverable amount has not been made.
Accordingly, no impairment loss has been provided in the books of
accounts.
13. In accordance with Accounting Standard 16 - Borrowing Costs; the
Company has capitalised a total amount of Rs. 4,250,489/- during the
year (Previous Year Rs.12,593,810/-) under Fixed Assets; towards
borrowing costs of the Monsoon Spillway Project.
14. Interest on Fixed Loans amounting to Rs. 87,884,647/- (Previous
Year Rs. 81,385,625/-) are net off Interest Subsidy amounting to Rs.
38,305,057/- (Previous Year Rs.47,282,853/-).
15. Previous years' figures have been regrouped and rearranged
wherever necessary.
Mar 31, 2010
1. The Company was incorporated under the Companies Act, 1956 under
the name of ANS Textiles (Bangalore) Limited on March 27, 2006. The
name was changed to Gokak Textiles Limited, with effect from 23rd
January 2007. Under the scheme of arrangement under the Companies Act,
1956 the Textile Division of Forbes Gokak Limited (known as Forbes &
Company Limited) was transferred to Gokak Textiles Limited with effect
from April 1, 2007
2. Contingent Liabilities not provided for:
Sr.
No. Particulars Current Year Previous Year
(A) Bills discounted 124,123,870 79,328,218
(B) Guarantees issued by bank 905,100 212,500
Corporate Guarantee to Export Import
Bank of India
(on behalf of P.TGokak
Indonesia) $ 31,00,000 141,329,000 160,022,000
Corporate Guarantee to Other 129,472 129,472
(C) Taxes in dispute :-
Entry Tax/Special Entry tax 14,458,194 14,458,194
Sales Tax - -
Income tax matters 300,912 300,912
Excise Demands 105,879,080 132,543,100
(D) Labour Matters in Dispute 1,254,070 35,237,969
(E) Bonds given by Company in favour
of Customs Authorities 478,320,561 502,570,561
(F) Other Demands Contested by the Company
Creditors Claim 71,471 71,471
Electricity Duty 1,037,149 1,037,149
3. Estimated amount of contracts remaining to be executed on capital
account and not provided Rs. 1,33,47,453 (net of Advances
Rs.9,19,51,921); [Previous Year Rs. 11,13,48,124 (net of advances Rs.
8,18,65,807)]
4. Due to Micro, Small and Medium enterprise:
Under the Micro, Small and Medium Enterprises Development Act, 2006,
which came into force on October 2, 2006, the company is required to
make certain disclosures relating to Micro, Small and Medium
Enterprises. The company is in the process to compiling and
assimilating the relevant information from its suppliers about their
coverage under the Act. Since the relevant information is not readily
available, no disclosures have been made in the Accounts.
5. The Company incurred the following expenditure on research and
development, which has been certified by the Management.
a. On Fixed Assets Rs. Nil (Previous Year Rs Nil)
b. On items which have been expensed out during the year Rs. 69,66,804
(Previous Year Rs. 70,74,937)
6. The amount of exchange differences:
Included in the Profit and Loss Account is a Net Income of Rs.
47,85,230 (Previous year Net Expense of Rs.2,17,25,271).
7. During the year no amounts has been remitted in foreign currencies
on account of dividends during the year.
8. Segment:
The Company operates one segment only, namely Textiles. Sales in
different geographical segments are subject to some risk and reward
relationship. Accordingly, in the opinion of management the information
relating to Segmental Reporting as required by Accounting Standard 17
is not applicable.
9. Related Party Disclosures:
a. Name of Related Party and description of related party
i. Holding Company / Ultimate Holding Company
Shapoorji Pallonji & Company Limited (Ultimate Holding Company)
Sterling Investment Corporation Private Limited (Holding Company)
ii. Fellow Subsidiaries
Forbes & Company Limited
Forbes Doris & Naess Maritime Limited
Forbes Technosys Limited
Volkart Fleming Shipping & Services Limited
Eureka Forbes Ltd.
Forval International Services Ltd
iii. Key Management Personal
Mr. H. S. Bhaskar - Whole Time Director.
10. Previous years figures have been regrouped and rearranged
wherever necessary.
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