Mar 31, 2016
1. A. No interest is paid / payable during the year to any enterprise registered under the MSME.
2. Balances of Debtors ,Creditors and Loans & Advances have been as per books, and are subject to confirmation.
3. Disclosures in respect of derivative instruments.
4. Derivatives instruments outstanding.
5. All derivative and financial instruments acquired by the company are for hedging purpose only.
6. Foreign currency exposures that are not hedged by derivative instruments:
7. OPERATING LEASE
The Company has entered in to non-cancelable operating lease. The tenure of such agreements ranges from eleven month to seventy two months. There are no purchase option in these agreements. Lease agreements provide the option to Company to renew the lease period at the end of lease period.
8. DISCLOSURES PURSUANT TO ACCOUNTING STANDARD -15 âEMPLOYEE BENEFITS"
Consequent to the adoption of Accounting Standard on Employee Benefits (AS-15) (Revised 2005) issued by the institute of Chartered Accountants of India, the following disclosers have been made as required by the Standard.
9. Defined Contribution Plans
The Company has recognized the following amounts in the Profit and Loss Account for Defined Contribution
10. Defined Benefit Plans
Contribution to Gratuity Funds:
During the year under review company has made provision for gratuity plan for all its eligible employees based on actuarial valuation certified by the actuary as on 31-03-2016. Company has already framed Gratuity scheme through trust fund managed by LIC for certain class of employees and for other employees provisions has been made in the books and fund for the same shall be set up in due course of time.
11. Other Disclosures -
12. Segments have been identified in line with the Accounting Standard on Segment Reporting (AS -17) taking into account the organization structure as well as the differential risks and returns of these segments.
13. The Company has disclosed Business Segment as the primary segment.
14. The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.
Note: - Above details compiled by the Management and relied upon by the Auditors
15. Contingent Liabilities not provided for in respect of:
16. Export invoices backed by letter of credit purchased by the bank amounting to Rs.1003.54 Lacs (Previous year Rs.577.08Lacs)
17. Sales invoices Discounted with the bank amounting to Rs.27.63 Lacs. (Previous Year 65.13 Lacs)
18. Claim against the Company not acknowledged as debts in respect of disputed Income Tax demand amounting to Rs.NIL (Previous Year Rs.75.09 Lacs) (Interest thereon not ascertainable at present.)
19. Claim against the Company not acknowledged as debts in respect of Central Excise dues amounting to Rs.290.58 Lacs. (Previous Year Rs.290.58 Lacs) (Interest thereon not ascertainable at present.)
20. Bank guarantee given to Sales Tax , MSEB & Custom Department of Rs.382.15 Lacs. (Previous Year Rs.374.15 Lacs)
21. CAPITAL COMMITMENTS:
The estimated amount of contracts remaining to be executed on capital account to the extent not provided for Rs.NIL. (Previous year Rs.NIL)
22. The Hon''ble High Court of Judicature at Bombay had vide its order dated 29th March, 2016 approved the Scheme of Arrangement (the "Scheme") between Mandhana Industries Limited ("MIL /Demerged Company") and Mandhana Retail Ventures Limited ("MRVL/ Resulting Company") and their respective Shareholders and Creditors, pursuant to which the Retail Division of MIL has been demerged and transferred into MRVL. The Scheme has been made effective from 1st April, 2016 with effect from the Appointed date of 1st April, 2014.consiquence on said demerger the result of the discontinued Retail Division of MIL for the previous period not included in the result above.
23. Significant accounting policies and practices adopted by the Company, are disclosed in the statement annexed to these financial statements as Annexure I.
Mar 31, 2015
NOTE 1
A. No interest is paid / payable during the year to any enterprise
registered under the MSME.
B. The quantum of dues to small scale industrial undertakings is not
determined.
NOTE 2
Balances of Debtors ,Creditors and Loans & Advances have been as per
books, and are subject to confirmation.
NOTE 3 - DISCLOSURES PURSUANT TO ACCOUNTING STANDARD -15 "EMPLOYEE
BENEFITS"
Consequent to the adoption of Accounting Standard on Employee Benefits
(AS-15) (Revised 2005) issued by the institute of Chartered Accountants
of India, the following disclosers have been made as required by the
Standard.
C) Defined Benefit Plans
Contribution to Gratuity Funds:
During the year under review company has made provision for gratuity
plan for all its eligible employees based on actuarial valuation
certified by the actuary as on 31-03-2015. Company has already framed
Gratuity scheme through trust fund managed by LIC for certain class of
employees and for other employees provisions has been made in the books
and fund for the same shall be set up in due course of time.
(C) Other Disclosures -
1. Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS Â 17) taking into account the organization
structure as well as the differential risks and returns of these
segments.
2. The Company has disclosed Business Segment as the primary segment.
3. The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and amounts
allocated on a reasonable basis.
Note: - Above details compiled by the Management and relied upon by the
Auditors.
NOTE 4 - Contingent Liabilities not provided for in respect of:
a) Export invoices backed by letter of credit purchased by the bank
amounting to Rs.577.08 Lacs(Previous year Rs.909.43 Lacs).
b) Sales invoices Discounted with the bank amounting to Rs.65.13 Lacs.
(Previous Year 242.59 Lacs).
c) Claim against the Company not acknowledged as debts in respect of
disputed Income Tax demand amounting to Rs.75.09 Lacs (Previous Year
Rs.373.70 Lacs) (Interest thereon not ascertainable at present.).
d) Claim against the Company not acknowledged as debts in respect of
Central Excise dues amounting to Rs.290.58 Lacs. (Previous Year Rs.290.58
Lacs) (Interest thereon not ascertainable at present.).
e) Bank guarantee given to Sales Tax , MSEB & Custom Department of
Rs.374.15 Lacs. (Previous Year Rs.431.11 Lacs).
NOTE 5 - CAPITAL COMMITMENTS
The estimated amount of contracts remaining to be executed on capital
account to the extent not provided for Rs. NIL. (Previous year Rs. NIL)
NOTE 6
During the year, with a view to unlock the valuation of the Company's
Retail Operation segment, the Board of Directors of Mandhana Industries
Limited ("the Company"/"MIL") at its meeting held on 22.11.2014 decided
to demerge its retail business of brand 'Being Human'("the Retail
Business") into a separate company viz. Mandhana Retail Ventures
Limited ("MRVL"), to be listed post demerger, subject to sanction of
the High Court of judicature at Bombay / National Company Law Tribunal
and other statutory/ regulatory authority(ies) as may be required. It
has decided to transfer the Retail Business along with all its assets
and liabilities into MRVL. It has been further decided to transfer all
the properties, assets, liabilities etc. of the Retail Business at the
value appearing in its books of accounts immediately before the
demerger. The Company has filed draft Scheme of Arrangement/Demerger
along with all the required documents with BSE Limited and National
Stock Exchange of India Limited.
It is further proposed that shareholders of MIL shall receive 2 equity
shares of MRVL for every 3 equity shares held in the Company in
accordance with the valuations determined by the Valuation Expert.
NOTE 7
Significant accounting policies and practices adopted by the Company,
are disclosed in the statement annexed to these financial statements as
Annexure I.
Mar 31, 2014
NOTE 1
A. No interest is paid / payable during the year to any enterprise
registered under the MSME.
B. The quantum of dues to small scale industrial undertakings is not
determined.
NOTE 2
Balances of Debtors, Creditors and Loans & Advances have been as per
books, and are subject to confirmation.
NOTE 3 DISCLOSURES IN RESPECT OF DERIVATIVE INSTRUMENTS.
b) All derivative and financial instruments acquired by the company are
for hedging purpose only.
NOTE 4 OPERATING LEASE
The Company has entered in to non-cancelable operating lease. The
tenure of such agreements ranges from thirty three month to one hundred
twenty months. There are no purchase option in these agreements. Lease
agreements provide the option to Company to renew the lease period at
the end of lease period.
NOTE 5 DISCLOSURES PURSUANT TO ACCOUNTING STANDARD -15 "EMPLOYEE
BENEFITS"
Consequent to the adoption of Accounting Standard on Employee Benefits
(AS-15) (Revised 2005) issued by the institute of Chartered Accountants
of India, the following disclosers have been made as required by the
Standard.
C) Defined Benefit Plans
Contribution to Gratuity Funds:
During the year under review company has made provision for gratuity
plan for all its eligible employees based on actuarial valuation
certified by the actuary as on 31-03-2014. Company has already framed
Gratuity scheme through trust fund managed by LIC for certain class of
employees and for other employees provisions has been made in the books
and fund for the same shall be set up in due course of time.
(C) Other Disclosures -
1. Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS-17) taking into account the organization
structure as well as the differential risks and returns of these
segments.
2. The Company has disclosed Business Segment as the primary segment.
3. The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and amounts
allocated on a reasonable basis.
Note: - Above details compiled by the Management and relied upon by the
Auditors
NOTE 6 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
a) Export invoices backed by letter of credit purchased by the bank
amounting to Rs. 909.43 Lacs (Previous year Rs. 76.60 Lacs)
b) Sales invoices Discounted with the bank amounting to Rs. 242.59 Lacs.
(Previous Year Rs. 256.18 Lacs)
c) Claim against the Company not acknowledged as debts in respect of
disputed Income Tax demand amounting to Rs. 373.70 Lacs (Previous Year Rs.
435.04 Lacs) (Interest thereon not ascertainable at present.)
d) Claim against the Company not acknowledged as debts in respect of
Central Excise dues amounting to Rs. 290.58 Lacs. (Previous Year Rs.
290.58 Lacs) (Interest thereon not ascertainable at present.)
e) Bank guarantee given to Sales Tax, MSEB & Custom Department of Rs.
431.11 Lacs. (Previous Year Rs. 502.18 Lacs)
f) In respect of Assessment year 1999-00, AY 2001-02, AY 2003-04 and AY
2004-05 income tax matter has been resolved in favor of the company
however Income Tax Department has preferred an Appeal against the same
before the honorable High Court aggregate Tax liability of Rs. 64.34 Lacs
is involved in all the above matters.
NOTE 7 CAPITAL COMMITMENTS:
The estimated amount of contracts remaining to be executed on capital
account to the extent not provided for Rs. NIL. (Previous year Rs. NIL)
NOTE 8
The Income Tax Authorities carried out search and seizure operations on
11th and 12th January, 2012 and Subsequently survey was conducted on
31st July, 2013 at the premises of the Company. The Company co-operated
with the authorities and has Filed returns u/s 153A of Income Tax
Act,1961 .Company has Filed an application before Honorable Settlement
Commission, Additional Bench- Mumbai on 22nd October,2013 u/s 245C for
AY 2006-07 to AY 2013-14 of income Tax Act, the Same has been admitted
by Honorable Settlement Commission. Company has paid all the applicable
taxes of Rs.1176.00 lacs on additional income offered.
NOTE 9
Significant accouting policies and practices adopted by the Company,
are disclosed in the statement annexed to these financial statements as
Annexure I.
Mar 31, 2013
NOTE 1
A. No interest is paid / payable during the year to any enterprise
registered under the MSME.
B. The quantum of dues to small scale industrial undertakings is not
determined.
NOTE 2 OPERATING LEASE
The Company has entered in to non-cancelable operating lease. The
tenure of such agreements ranges from thirty three month to one hundred
twenty months. There are no purchase option in these agreements. Lease
agreements provide the option to Company to renew the lease period at
the end of lease period.
NOTE 3 DISCLOSURES PURSUANT TO ACCOUNTING STANDARD -15 "EMPLOYEE
BENEFITS"
Consequent to the adoption of Accounting Standard on Employee Benefts
(AS-15) (Revised 2005) issued by the Institute of Chartered Accountants
of India'' the following disclosers have been made as required by the
Standard.
NOTE 4 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
a) Export invoices backed by letter of credit purchased by the bank
amounting to Rs. 76.60 lacs(Previous year Rs. 584.39 lacs)
b) Sales invoices Discounted with the bank amounting to Rs. 256.18 lacs.
(Previous Year 72.79 lacs)
c) Claim against the Company not acknowledged as debts in respect of
Income Tax demand amounting to Rs. 435.04 lacs (Previous Year Rs. 435.04
lacs) (Interest thereon not ascertainable at present.)
d) Claim against the Company not acknowledged as debts in respect of
Central Excise dues amounting to Rs. 290.58 lacs
(Previous Year Rs. 485.20 lacs) (Interest thereon not ascertainable at
present.)
e) Bank guarantee given to Sales Tax '' MSEB & Custom Department of Rs.
502.18 lacs. (Previous Year Rs. 606.58 lacs)
NOTE 5 CAPITAL COMMITMENTS:
The estimated amount of contracts remaining to be executed on capital
account to the extent not provided for Rs. NIL. (Previous year Rs. NIL)
NOTE 6
The Income Tax Authorities carried out search and seizure operations on
11th and 12th January'' 2012 on the premises of the Company. The Company
co-operated with the authorities and has provided necessary details /
information as and when asked by the tax authorities. Notice has been
received by the Company for fling of tax return under Section 153A of
the Income Tax Act'' 1961 and Company is in Process of Complying with
the same.
Mar 31, 2012
The cash flow statement has been prepared in accordance with the
requirement of Accounting Standard AS - 3 "Cash Flow Statement" issued
by The Institute of Chartered Accountants of India.
The Company has only one class of equity shares having at par value of
Rs. 10 per share. Each shareholder is eligible for one vote per share.
The dividend proposed by the Board of Directors is subject to the
approval of shareholders, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive
the remaining assets of the Company, after distribution of all
preferential amounts, in proportion of their shareholding.
During the year under review the Company changed method of charging
depreciation on the fixed assets of fabric division from wdv method to
SLM method with retrospective effect. Due to this depreciation for the
year is reduced by Rs. 128.14 lacs.
The Above working excludes capital advances.
Since the retail operations of Apparel Brand "Being Human" has not yet
commenced; hence the expenditure incurred towards retails operations
have been capitalized.
For Mode of Valuation, refer Annexure I
* Prior Period Income represents Additional compensation received
during the year under review on sale of land at Yeshwanthpur which was
carried out during the Financial Year 2010-2011.
(b) All derivative and financial instruments acquired by the Company
are for hedging purpose only.
(c) Foreign currency exposures that are not hedged by derivative
instruments:
NOTE 1 OPERATING LEASE
The Company has entered in to non-cancelable operating lease. The
tenure of such agreements ranges from thirty three month to one hundred
twenty months. There are no purchase option in these agreements. Lease
agreements provide the option to Company to renew the lease period at
the end of lease period.
NOTE 2 DISCLOSURES PURSUANT TO ACCOUNTING STANDARD -15 "EMPLOYEE
BENEFITS"
Consequent to the adoption of Accounting Standard on Employee Benefits
(AS-15) (Revised 2005) issued by the institute of Chartered Accountants
of India, the following disclosers have been made as required by the
Standard.
C) Defined Benefit Plans
Contribution to Gratuity Funds:
During the year under review Company has made provision for gratuity
plan for all its eligible employees based on actuarial valuation
certified by the actuary as on 31-03-2011. Company has already framed
Gratuity scheme through trust fund managed by LIC for certain class of
employees and for other employees provisions has been made in the books
and fund for the same shall be set up in due course of time.
The details of the Company's Gratuity Fund for its employees are given
below which is certified by the actuary and relied upon by the
auditors.
The Company's provident Fund is administered by the Maharashtra &
Karnataka State Governments.
* takes into account the inflation, seniority, promotions and other
relevant factors
(C) Other Disclosures -
1. Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS - 17) taking into account the organization
structure as well as the differential risks and returns of these
segments.
2. The Company has disclosed Business Segment as the primary segment.
3. The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and amounts
allocated on a reasonable basis.
Note: - Above details compiled by the Management and relied upon by the
Auditors
NOTE 3 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
Export invoices backed by letter of credit purchased by the bank
amounting to Rs. 584.39 lacs(Previous year Rs. 316.91 lacs)
b) Sales invoices Discounted with the bank amounting to Rs. 72.79 lacs.
(Previous Year Rs. 88.36 lacs)
c) Claim against the Company not acknowledged as debts in respect of
Income Tax demand amounting to Rs. 435.04 lacs (Previous Year Rs. 119.13
lacs) (Interest thereon not ascertainable at present.)
d) Claim against the Company not acknowledged as debts in respect of
Central Excise dues amounting to Rs. 485.20 lacs. (Previous Year Rs. 290.58
lacs) (Interest thereon not ascertainable at present.)
e) Bank guarantee given to Sales Tax , MSEB & Custom Department of Rs.
606.58 lacs. (Previous Year Rs. 516.09 lacs)
NOTE 4 CAPITAL COMMITMENTS:
The estimated amount of contracts remaining to be executed on capital
account to the extent not provided for Rs. NIL. (Previous year
Rs. 1479.17 lacs)
* The Total Cost of objects are proposed to be met through following
means of finance.
NOTE 5
The Income Tax Authorities carried out search and seizure operations on
11th and 12th January, 2012 on the premises of the Company. The Company
co-operated with the authorities and has provided necessary details /
information as and when asked by the tax authorities. No notice has
been received by the Company for filing of tax return under Section
153A of the Income Tax Act, 1961.
NOTE 6
During the year, there was a fire incident at Company's Garment
Sampling unit at Sewree. A part of inventory of finished fabrics and
readymade garments at the unit was damaged in the fire. The Company has
already lodged insurance claim with the insurance company after
providing for salvage value of the fabrics and garments and the Company
is confident of receiving the full claim. Hence, the Company has not
provided for any losses on account of fire at this stage and suitable
treatment will be given after the settlement of claim with the
insurance company.
NOTE 7
The Financial Statements for the year ended 31st March, 2011 had been
prepared as per the then applicable, pre-revised Schedule VI to the
Companies Act, 1956. Consequent to the notification under the Companies
Act, 1956, the financial Statements for the year ended 31st March, 2012
are prepared under Revised Schedule VI. Accordingly, the previous year
figures have also been reclassified to conform to this year's
classification.
Mar 31, 2011
1. Contingent Liabilities not provided for in respect of:
a) Export invoices backed by letter of credit purchased by the bank
amounting to Rs. 316.91 Lacs. (Previous yearRs. 670.51 Lacs).
b) Sales invoices Discounted with the bank amounting to Rs. 88.36 Lacs.
(Previous YearRs. 48.64 Lacs)
cj Claim against the Company not acknowledged as debts in respect of
Income Tax demand amounting to Rs. 119.13 Lacs (Interest thereon not
ascertainable at present.)
d) Claim against the Company not acknowledged as debts in respect of
Central Excise dues amounting to Rs. 290.58 Lacs. (Interest thereon not
ascertainable at present.)
e) Bank guarantee given to Sales Tax, MSEB & Custom Department of Rs.
516.09 Lacs.
2. CAPITAL COMMITMENTS:
The estimated amount of contracts remaining to be executed on capital
account to the extent not provided for Rs. 1,479.17 Lacs. (Previous year
Rs. 200.21 Lacs)
3. DISCLOSURES PURSUANT TO ACCOUNTING STANDARD -15
"EMPLOYEE BENEFITS"
Consequent to the adoption of Accounting Standard on Employee Benefits
(AS-15) (Revised 2005) issued by the institute of Chartered Accountants
of India, the following disclosers have been made as required by the
Standard:
C) Defined Benefit Plans
Contribution to Gratuity Funds:
During the year under review company has made provision for gratuity
plan for all its eligible employees based on actuarial valuation
certified by the actuary. Company has already framed Gratuity scheme
through trust fund managed by LIC for certain class of employees and
for other employees provision has been made in the books and fund for
the same shall be set up in due course of time.
4. SUNDRY DEBTORS:
Sundry Debtors include Nil (Previous yearRs. NIL) due from firms and
companies under the same management.
5. Balance of Debtors, Creditors and Loans and Advances have been
taken as per books, and are subject to confirmation and reconciliation
from respective parties.
6. The quantum of dues to Small Scale Industrial Undertakings, to whom
the Company owes a sum exceeding Rs. 1 Lac which is outstanding for more
than 30 days as at the Balance Sheet date is NOT DETERMINED.
7. RELATED PARTY INFORMATION :-
1. Relationship :-
a) Key Management Personnel and their Relatives. Relationship
Shri Purushottam C. Mandhana Chairman& Managing Director
Shri Biharilal C. Mandhana Director
Shri Manish B. Mandhana Joint Managing Director
Smt. Prema P. Mandhana Wife of Mr. Purushottam Mandhana
Priyavrat Mandhana Son of Mr. Purushottam Mandhana
Smt. Sudha B. Mandhana Wife of Mr. Biharilal Mandhana
Smt. Sangeeta M. Mandhana Wife of Mr. Manish Mandhana
Ms. Preeti P. Mandhana Daughter of Mr. Purushottam Mandhana
b) Entities over which key Management Mahan Synthetics Textiles Private
Limited Personnel and their relatives are able Balaji Corporation
To exercise significant influence Golden Seam Textile Pvt. Ltd.
Indus Fila Ltd. Mandhana Retail Venture Limited
(C) Other Disclosures -
1. Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS- 17) taking into account the organization
structure as well as the differential risks and returns of these
segments.
2. The Company has disclosed Business Segment as the primary segment.
3. The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and amounts
allocated on a reasonable basis. Note: -Above details compiled by the
Management and relied upon by the Auditors
8. Previous year figures have been regrouped and rearranged wherever
found necessary to make them compa- rable with the figures of the
current year. Figures in Italics are in respect of the previous year.
Figures have been rounded off to the nearest Rupee.
Mar 31, 2010
1. Contingent Liabilities not provided for in respect of:
a) Export invoices backed by letter of credit purchased by the bank
amounting to Rs. 670.51 Lacs. (Previous year Rs. 846.33 Lacs).
b) Sales invoices Discounted with the bank amounting to Rs. 48.64 Lacs.
(Previous Year NIL)
c) Claim against the Company not acknowledged as debts in respect of
Income Tax demand amounting to Rs. 103.28 Lacs (Interest thereon not
ascertainable at present.)
d) Claim against the Company not acknowledged as debts in respect of
Central Excise dues amounting to Rs. 290.58 Lacs. (Interest thereon not
ascertainable at present.)
e) Bank guarantee given to Sales Tax, MSEB & Custom Department of Rs.
240.93 Lacs.
2. CAPITAL COMMITMENTS:
The estimated amount of contracts remaining to be executed on capital
account to the extent not provided for Rs.200.21 Lacs. (Previous year
Rs. 2,230.16 Lacs)
3. DISCLOSURES PURSUANT TO ACCOUNTING STANDARD -15 "EMPLOYEE BENEFITS"
Consequent to the adoption of Accounting Standard on Employee Benefits
(AS-15) (Revised 2005) issued by the institute of Chartered Accountants
of India, the following disclosers have been made as required by the
Standard:
4. SUNDRY DEBTORS:
Sundry Debtors include Nil {Previous year Rs. ML} due from firms and
companies under the same management.
5. Balance of Debtors, Creditors and Loans and Advances have been
taken as per books, and are subject to confirmation and reconciliation
from respective parties.
6. The quantum of dues to Small Scale Industrial Undertakings, to whom
the company owes a sum exceeding Rs. 1 Lac which is outstanding for
more than 30 days as at the Balance Sheet date is NOT DETERMINED.
7. RELATED PARTY INFORMATION:-
1. Relationship :-
a) Key Management Personnel Relationship
and their Relatives
Shri Purushottam C. Mandhana Chairman& Managing Director
Shri Biharilal C. Mandhana Executive Director
Shri Manish B. Mandhana Director
Smt. Prema P Mandhana Wife of Mr. Purushottam Mandhana
Priyavrat Mandhana Son of Mr. Purushottam Mandhana
Smt. Sudha B. Mandhana Wife of Mr. Biharilal Mandhana
Smt. Sangeeta M. Mandhana Wife of Mr. Manish Mandhana
Ms. Preeti P. Mandhana Daughter of Mr. Purushottam
Mandhana
b) Entities over which key Mohan Synthetics Textiles Private
Management Limited
Personnel and their Balaji Corporation
relatives are able
to exercise significant
influence Golden Seam Textile Pvt. Ltd.
Indus Fila Ltd.
(C) Other Disclosures -
1. Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS -17) taking into account the organization
structure as well as the differential risks and returns of these
segments.
2. The Company has disclosed Business Segment as the primary segment.
3. The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and amounts
allocated on a reasonable basis.
4. The business of sale of Residential Flat which is not reportable
segment during the year have been showed under the "other" segment.
Note:- Above details compiled by the Management and relied upon by the
Auditors
8. OPERATING LEASE
The Company has entered in to non-cancelable operating lease. The
tenure of such agreements ranges from thirty three month to one hundred
twenty months. There are no purchase option in these agreements. Lease
agreements provide the option to Company to renew the lease period at
the end of lease period.
9. Previous year figures have been regrouped and rearranged wherever
found necessary to make them comparable with the figures of the current
yeor. Figures in Italics are in respect ofthe previous year. Figures
have been rounded off to the nearest Rupee.
Mar 31, 2009
1. Contingent Liabilities not provided for in respect of:
a) Export invoices backed by letter of credit purchased by the bank
amounting to Rs. 846.33 Lacs.(Previous year Rs. 668.59 Lacs).
b) Sales invoices Discounted with the bank amounting to Rs.
NIL.(Previous Year Rs. 769.48 Lacs.)
c) Claim against the Company not acknowledged as debts in respect of
Income Tax demand amounting to Rs. 74.71 Lacs (Interest thereon not
ascertainable at present.)
d) Claim against the Company not acknowledged as debts in respect of
Central Excise dues amounting to Rs. 312.76 Lacs. (Interest thereon not
ascertainable at present.)
e) Claim against the Company not acknowledged as debts in respect of
water charges payable to MIDC amounting to Rs. 518.51 Lacs.
f) Bank guarantee given to Sales Tax, MSEB & Custom Department of Rs.
154,18 Lacs.
2. CAPITAL COMMITMENTS:
The estimated amount of contracts remaining to be executed on capital
account to the extent not provided for Rs. 2,230.16 Lacs. (Previous
year Rs. 202.46 Lacs)
3. DISCLOSURES PURSUANT TO ACCOUNTING STANDARD -15 "EMPLOYEE BENEFITS"
Consequent to the adoption of Accounting Standard on Employee Benefits
(AS-15) (Revised 2005) issued by the institute of Chartered Accountants
of India, the following disclosers have been made as required by the
Standard:
A) Defined Contribution Plans
The Company has recognized the following amounts in the Profit and Loss
Account for Defined Contribution plans:
Particulars Rs. In Lacs
Provident Fund 176.34
The Companys provident Fund is administered by the Maharashtra &
Karnataka State Government.
B) State Plans
The Company has recognized the following amounts in the profit & loss
account for contribution to state plans:
Particulars Rs. In Lacs
Employees State Insurance 49.35
4. SUNDRY DEBTORS:
Sundry Debtors include Nil (Previous year Rs. NIL) due from firms and
companies under the same management.
5. Balance of Debtors, Creditors and Loans and Advances have been
taken as per books, and are subject to confirmation and reconciliation
from respective parties.
6. The quantum of dues to Small Scale Industrial Undertakings, to whom
the company owes a sum exceeding Rs. 1 Lac which is outstanding for
more than 30 days as at the Balance Sheet date is NOT DETERMINED.
(C) Other Disclosures -
1. Segments have been identified in line with the Accounting Standard
on Segment Reporting (AS - 17) taking into account the organization
structure as well as the differential risks and returns of these
segments.
2. The Company has disclosed Business Segment as the primary segment.
3. The Segment Revenues, Results, Assets and Liabilities include the
respective amounts identifiable to each of the segment and amounts
allocated on a reasonablebasis.
Note:- Above details compiled by the Management and relied upon by the
Auditors
7 Previous year figures have been regrouped and rearranged wherever
found necessary to make them comparable with the figures of the current
year. Figures in Italics are in respect of the previous year. Figures
have been rounded off to the nearest Rupee.
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