Jun 30, 2014
Terms & Conditions of shares:
The Company has two class of shares namely Equity having a par value of
Rs. 10/- and Preference having a par value of Rs. 100/- per share. Each
Share holder is eligible for one vote per share.
In the event of liquidation, the Equity share holders are eligible to
receive the remaining assets of the company after distribution of all
preferential amounts in proportion of their share holding.
There are no shares alloted as fully paid without payments being
received in cash, bonus shares or shares bought back in the immediately
preceeding 5 years.
The 10% Cumulative Redeemable Preference shares are to be redeemed in
15 half yearly instalments commencing from the 4th year from the date
of allotment i.e. 26/04/2012.
1 Interest on Bank Loans is net of interest subsidy (TUF) amounting to
Rs. 13,47,837/- (Previous year Rs. 21,34,519/-)
2 Income Tax Assessment uptoA.Y.-2011 -2012 has been completed.
3 The information required to disclosed under the Micro, Small and
Medium Enterprises Development Act, 2006 has been determined to the
extent such parties have been identified on the basis of the
information available with the Company. There are no overdues to
parties on accounts of principal amount and/or interest and accordingly
no additional disclosures have been made.
4 In the opinion of the Board of Directors, assets other than fixed
assets have a value on realisation in the ordinary course of business
at least equal to the amount at which they are stated.
5 Balances of certain sundry debtors, advances and sundry creditors
are subject to confirmation / reconciliation, as the Company has
received replies only from few parties for the confirmation statements
sent by the Company. The adjustments thereof, if any, having an impact
of revenue nature will be made in the year in which the same are
finalized and settled.
Jun 30, 2012
OTHERS USE OF ESTIMATES:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that effect the reported amounts of assets and
liabilities and the disclosures of contingent liabilities as at the
date of the financial statements and reported amount of revenues and
expenses during the reporting period. Actual results could differ from
these estimates. Any revision to the estimates is recognized
prospectively.
Terms & Conditions of shares:
The Company has two class of shares namely Equity having a par value of
Rs. 10/- and Preference having a par value of Rs. 100/- per snare. Each
Share holder is eligible for one vote per share.
In the event of liquidation, the equity share holders are eligible to
receive the remaining assets of the company after distribution of all
preferentiai amounts in proportion of their share holding.
1 Additional Information To Financial Statements
1 Contingent Liabilities not provided for:
a) The Company has undertaken export obligation under EPCG Scheme to
Export within a period of eight years for the following years - 2005 -
Rs. 43,756,024/-, 2007 - Rs. 27,524,920/-, 2010 - Rs. 124,364,744/-,
2011 - Rs. 116,144,515/-, 2012 - Rs. 32,286,384/- failing which
additional customs duty of Rs. 35,341,102/- along with interest shall
be payable. Of the above, the company has fulfilled obligation to the
extent of Rs. 65,517,836/- upto 30.06.2012.
b) The Bank has given guarantees for Rs. 6,971,780/- (previous year -
Rs. 6,364,280/-) towards payment of customs duty in respect of import
of Machinery.
c) Future Lease rental payable 6,000,000 10,500,000
d) The Amount called up but not for IDBI Shares including interest
5,702,233 5,702,233
e) Some of the dismissed employees have appealed before the labour
court for reinstating them along with back wages from the date of
dismissal, which the company is contesting. As the quantum of
liability, if any, is dependent on the orders to be passed no provision
is made in the accounts as it has not reached finality.
2 Interest in respect of partly paid share is not presently
ascertainable for the Current year and hence not included under IDBI
partly paid shares.
3 Interest on Bank Loans disclosed under financial charges is net of
interest subsidy on TUF Loan amounting to Rs. 29,23,351/- (Previous
year Rs. 37,00,902/-)
4 (a) Income Tax Assessment upto the year ended 31.03.2010 (AY -
2010/2011) has been completed.
(b) (i) VAT Assessment has been completed upto 31.03.2011. (ii) CST
Assessment has been completed upto 31.03.2010.
5 The information required to disclosed under the Micro, Small and
Medium Enterprises Development Act, 2006 has been determined to the
extent such parties have been identified on the basis of the
information available with the Company. There are no overdues to
parties on accounts of principal amount and / or interest and
accordingly no additional disclosures have been made.
6 (a) In the opinion of the Board of Directors, assets other than
fixed assets have a value on realisation in the ordinary course of
business at least equal to the amount at which they are stated.
(b) Balance of certain sundry debtors, advances and sundry creditors
are subject to confirmation / reconciliation, as the Company has
received replies only from few parties for the confirmation statements
sent by the Company. The adjustments thereof, if any, having an impact
of revenue nature will be made in the year in which the same are
finalized and settled.
7 Amount of Sales Tax / Value Added Tax of Rs. 2,76,75,156/- collected
on Sales has not been included in the Turnover of the Company.
8 Segment Report (AS-17)
As the Company operates under single segment related to Textiles,
segment reporting is not applicable to the Company for the year under
review.
9 Lease Disclosure (AS-19):
Disclosure of operating lease taken by the Company as per AS-19 are as
follows:
a) The Company has taken the entire Fixed Assets of Supreme Yarn
Spinners Limited under cancelable operating lease, which are normally
renewed on expiry.
10 Disclosure as required under listing agreement:
Statement of loans and advances to associates: (As required under
Clause 32 of listing agreement with the stock exchanges) To associates:
Rs. NIL
11 During the year ended 30th June 2012 the Revised Schedule V!
notified under the Companies Act, 1956, has become applicable to the
company and accordingly the Company has reclassified / regrouped
previous year figures to confirm to this year's classifcation
reclassified wherever necessary.
Jun 30, 2010
1. Contingent Liabilities not provided for:
a) The Company has undertaken export obligation under EPCG Scheme to
Export within a period of eight years for the following years - 2004 -
Rs.43752496/-, 2005 - Rs.24926920/-, 2006 - Rs.2598000/-, 2008 -
Rs.77903360/- and 2009 -Rs.41730256/- failing which additional customs
duty of Rs.23863879/- along with interest shall be payable. Of the a
bove, the company has fuIfilled obligation to the extent of Rs.
1,16,90,010/- upto 30.06.2010.
b) The Bank has given guarantees for Rs.45,34,815/- (previous year -
Rs.27,04,465/-) towards payment of customs duty in respect of import of
Machinery.
As at As at
30.06.2010 30.06.2009
Rs. Rs.
c) Future Lease rental payable 45,48,387 30,50,000
d) The Amount called up but not paid
for IDBI Shares including interest 57,02,233 57,02,233
2. Interest in respect of partly paid shares is not presently
ascertainable for the Current year and hence not included under IDBI
partly paid shares.
3. Estimated amount of contracts remaining to be executed on Capital
account. 14,72,85,144 19,92,50,360
4. Interest on Fixed Loans disclosed under financial charges is net of
interest subsidy on TUF Loan amounting to Rs.58,20,485/- (Previous year
Rs.49,23,208/-)
5. a) Income Tax Assessment upto the year ended 31.03.2007 (AY -
2007/2008} has been completed, b) Sales Tax Assessment upto the year
ended 31.03.2007 has been completed.
6. No provision is made for doubtful debts for Rs.34,39,782/-. The
effect of such non provision is that less as stated in Profit and Loss
Account is less by Rs.34,39,782/- with corresponding effect on the
accumulated losses carried forward.
7. a} In the opinion of Directors, current assets, loans and advances
have the value at which they are stated in the BaIance Sheet if
realized in theordinary course of business. b) Balances of certain
sundry debtors, advances and sundry creditors are subject to
confirmation / reconciliation, as the Company has received replies only
from few parties for the confirmation statements sent by the Company.
The adjustments thereof, if any, having an impact of revenue nature
will be made in the year in which the same are finalized and settled.
8. Amount of Sales Tax/Value Added Tax of Rs.2,30,57,360/- collected
on Sales has not bean included in the Turnover of the Company.
9. Segment Report (AS-17)
As the Company operates under single segment related to Textiles,
segment reporting is not applicable to , the Company for the year
under review.
10. Related Party Disclosure (AS-18) (as identified by the
Management): i) Names of related parties and description of
relationship:
a) Associates : Supreme Yarn Spinners Ltd
Raja Yarns Private Limited
b) Key Management Personnel : 1. Shri.R Palaniappan, Chairman cum
Managing Director
2. Smt. RUmayal, Joint Managing Director.
c) Relatives of Key Management : 1. Smt. R.GeethanjaliRamasamy
Personnel 2. Smt. RM. Umaiyal
3. Shri. R Palaniappan (HUF)
4. Shri. MC. Ramasamy (HUF)
11- Disclosure as required under listing agreement:
Statement of loans and advances to associates: (As required under
Clause 32 of listing agreement with the stock exchanges) To Associates:
Rs. Nil
12. (a) There are no derivative financial instruments either for
hedging or for speculation outstanding as atthe Balance Sheet date
13, Current year figures have been rounded off to the nearest rupee and
figures in respect of the previous year have been regrouped and
reclassified wherever necessary.
Jun 30, 2009
1. Contingent Liabilities not provided for:
a) The Company has undertaken export obligation under EPCG Scheme to
Export worth of Rs. 7,12,27,416/- spread over a period of 8 years from
2004 failing which additional customs duty of Rs. 81,39,761/-along with
interest at the appropriate rate shall be payable. Of the above, the
company has fulfilled obligation to the extent of Rs. 93,86,190/- upto
30.06.2009
2. Tax amounting to Rs. 3,81,073/- was paid under protest to Sales Tax
Department against the demand on treating premium on Hank Yarn
Obligation as sales for the assessment years 1997-1998,2002-2003 &
2004-2005. However, the Company after paying the above demand under
protest, has appealed and the matter is pending before the Sales Tax
Tribunal.
3. Interest on Fixed Loans disclosed under financial charges is net of
interest subsidy on TUF Loan amounting to Rs. 49,23,208/- (Previous
year Rs. 54,38,200/-)
4. a) Income Tax Assessment upto the year ended 31.03.2007 (AY -
2007/2008) has been completed. b) Sales Tax Assessment upto the year
ended 31.03.2007 has been completed.
5. No provision is made for doubtful debts for Rs. 29,13,783/-. The
effect of such non provision is that less as stated in Profit and Loss
Account is less by Rs. 29,13,783/- with corresponding effect on the
accumulated losses carried forward.
6. a) In the opinion of Directors, current assets, loans and advances
have the value at which they are stated in the Balance Sheet if
realized in the ordinary course of business. b) Balances of certain
sundry debtors, advances and sundry creditors are subject to
confirmation / reconciliation, as the Company has received replies only
from few parties for the confirmation statements sent by the Company.
The adjustments thereof, if any, having an impact of revenue nature
will be made in the year in which the same are finalized and settled.
7. Amount of Sales Tax /Value Added Tax of Rs. 1,48,21,764/-
collected on Sales has not been included in the Turnover of the
Company.
8. Segment Report (AS-17)
The Company is engaged in the business of manufacturing yarn which
comes under a single segment. Hence, Segment reporting is not
applicable to the Company for the year under review.
9. Related Party Disclosure (AS-18) (as identified by the
Management): i) Names of related parties and description of
relationship:
a) Associates : Supreme Yarn Spinners Ltd
Raja Yarns Private Limited
b) Key Management Personnel : 1. Shri.R Palaniappan, Chairman cum
Managing Director
2. Smt. R Umayal, Joint Managing Director.
c) Relatives of Key Management : 1. Smt. Geethanjali Ramasamy Personnel
2. Smt. RM. Umaiyal
3. Shri.R Palaniappan (HUF)
4. Shri.MC. Ramasamy (HUF)
10. Current year figures have been rounded off to the nearest rupee
and figures in respect of the previous year have been regrouped and
reclassified wherever necessary.
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