Mar 31, 2016
1) Managerial Remuneration: NIL
2) The Company has become a subsidiary of Shri Ramalinga Mills Ltd., Aruppukottai, who, by virtue of conversion of loan into equity by preferential allotment and shares holding 61.63% of the paid up equity share capital of the company as on 31.03.2016.
3. Balance of certain debtors, creditors and Advances are yet to be confirmed and reconciled if any. In the opinion of the management the difference would be insignificant.
4. Income Tax Assessment:
Income-tax Assessments up to the Assessment year 2013-14 were completed. As the Company has no Taxable Income under regular Income or Profit U/s. 115JB of the Income Tax Act, for the assessment year 2016-17, No Provision for Income Tax Liability has been made in the accounts.
5. The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises development Act, 2006 and hence disclosure relating to amounts unpaid as at the yearend together with interest paid/payable under this act has not been given.
6. In the opinion of the Board of Directors the Current Assets, Loans and Advances value as stated in the balance sheet will be realized in the ordinary course of business.
7. Previous year figures have been regrouped and reclassified wherever necessary, to confirm to the years classification.
8. Paisa have been rounded off to the nearest rupee .
Mar 31, 2015
As at 31.03.2015 Asat31.03.2014
(Rs) (Rs)
Contingent liabilities & Commitments
(to the extend not provided for)
(i) Contingent liabilities
a. Claim against the company
not acknolwdged as debt -- --
b. Guarantees 1,287,000 1,287,000
c. Other money for which the
company is contingently liable
Inland Letter of Credit 24,400,000 13,300,000
Inland Lc Bills Discounted - -
Foreign Lc Bills Discounted 9,075,172 5,204,600
Disputed Statutory Liabiltiy
Provident Fund 15,555,881 15,555,881
Salestax 9,660,060 1,594,539
Employees State Insurance Corporation 236,550 236,550
II. Other Notes forming Part of the Balance Sheet and statement of
Profit & Loss Account:
1) Managerial Remuneration: NIL
2) The Company has become a subsidiary of Shri Ramalinga Mills
Ltd.,Aruppukottai, who, by virtue of conversion of convertible
debentures into equity shares are holding 61.62% of the paid up equity
share capital of the company as on 31.03.2015.
3) Non-Resident Shareholders: 31.03.2015 31.03.2014
NumberofNon-ResidentShareholders  16 16
Number of Equity Shares held  608100 6,08,100
4) Balance of certain debtors, creditors and Advances are yet to be
confirmed and reconciled if any. In the opinion of the management the
difference would be insignificant.
5) Income Tax Assessment:
Income-tax Assessments upto to the Assessment year 2012-13 were
completed. As the Company has no Taxable Income under regular Income or
Profit U/s. 115JB of the Income Tax Act, for the assessmentyear2015-16,
No Provision for Income Tax Liability has been made in the accounts.
6) The Company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprises development
Act, 2006 and hence disclosure relating to amounts unpaid as at the
year end together with interest paid/payable under this act has not
been given.
7) In the opinion of the Board of Directors the Current Assets, Loans
and Advances value as stated in the balance sheet will be realised in
the ordinary course of business.
8) Previous year figures have been regrouped and reclassified wherever
necessary, to confirm to the years classification.
9) Paise have been rounded off to the nearest rupee.
Mar 31, 2014
1) Managerial Remuneration : NIL
2) The Company has become a subsidiary of Shri Ramalinga Mills Ltd.,
Aruppukottai, who, by virtue of conversion of loan into equity shares
are holding 62% of the paid up equity share capital of the company as
on 31.03.2014.
3) Non-Resident Indian Shareholders : 31.03.2014 31.03.2013
Number of Non-Resident
Indian Shareholders -- 16 16
Number of Equity Shares held -- 6,08,100 6,08,100
4) Balance of certain debtors, creditors and Advances are yet to be
confirmed and reconciled if any. In the opinion of the management the
difference would be insignificant.
5) Income Tax Assessment:
Income-tax Assessments upto to the Assessment year 2011-2012 were
completed. As the Company has no Taxable Income under regular Income or
Profit U/s. 115JB of the Income Tax Act, for the assessment year
2014-15, No Provision for Income Tax Liability has been made in the
accounts.
7) The Company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprises development
Act, 2006 and hence disclosure relating to amounts unpaid as at the
year end together with interest paid/payable under this act has not
been given.
8) In the opinion of the Board of Directors the Current Assets, Loans
and Advances value as stated in the balance sheet will be realised in
the ordinary course of business.
9) Contingent liabilities are not recognised in the accounts but are
disclosed after a careful evaluation of the concerned facts and legal
issues involved.
10) On 17.03.2014, the BIFR has discharged the company from its purview
as the company is no more a Sick company But it is still a Potentially
SICK Company.
11) Previous year figures have been regrouped and reclassified wherever
necessary, to confirm to the years classification.
12) Paise have been rounded off to the nearest rupee .
Mar 31, 2012
1) Managerial Remuneration:
The present Managing Director has expressed his unwillingness to draw
any remuneration, till the Company wipes out its accumulated losses.
2) Leave Encashment:
As per the Rules and Regulations of the Company the eligible leave
salary is paid on cash basis within the accounting year.
3) Balance of certain debtors, creditors and Advances are yet to be
confirmed and reconciled if any. In the opinion of the management the
difference would be insignificant.
4) Income Tax Assessment:
Income-tax Assessments upto to the Assessment year 2009-2010 were
completed. As per the Assessment order dated 23.12.2011 the Assessing
Officer has disallowed certain expenses which has the impact of
reducing the loss returned by the company by Rs.4,29,91,829/= and
finally the total loss is determined by the Assessing Officer as
Rs.7,98,95,930/= instead of Rs.12,28,87,755/=. The management is of the
opinion that the demand is arbitrary and the same is not sustainable.
As the Company has no Taxable Income under regular Income or Profit
U/s. 115JB of the Income Tax Act, for the assessment year 2012-13, No
Provision for Income Tax Liability has been made in the accounts.
5) Sales-Tax
Sales tax Assessments have been completed upto the year ended
31.03.2004. The following liabilities are disputed in appeal and the
management is in confidence of success in appeal and hence no provision
has been made.
6)The Company has not received information from vendors regarding their
status under the Micro, Small and Medium Enterprises development Act,
2006 and hence disclosure relating to amounts unpaid as at the year end
together with interest paid/payable under this act has not been given.
7) In the opinion of the Board of Directors the Current Assets, Loans
and Advances value as stated in the balance sheet will be realised in
the ordinary course of business.
8) Contingent liabilities are not recognised in the accounts but are
disclosed after a careful evaluation of the concerned facts and legal
issues involved.
9) The networth of the company has been completely eroded. The Company
has passed a resolution at the Board Meeting held on 25.05.2012 to make
a reference to BIFR to declare the unit as sick and expects to work out
a Rehabilitation Scheme in due course.
10) Previous year figures have been regrouped and reclassified wherever
necessary, to confirm to the years classification.
11) Raise have been rounded off to the nearest rupee and grams to
nearest kilogram.
Mar 31, 2010
1) Segment Financials as per AS-17 recommended by the Institute of
Chartered Accountant of India.
The company operates in a single primary business segment namely
manufacture of cotton yarn. Hence no separate disclosure is required.
2) Related Party Disclosures as per AS-18 recommended by Institute of
Chartered Accountants of India
Reporting entity : Tamilnadu Jai Bharath Mills Limited
List of related parties
Associate Companies
: Shri Ramalinga Mills Ltd.,
Aruppukottai
Harshni Textiles Mills Ltd., Anamalai
Lakshmi Electrical Drives Ltd.,
Textile Division Sunspintex, Anamalai
Sri Jayadevi Textile Mills Pvt.Ltd.,
Aruppukottai
Shri Ramalinga Spinners Pvt.Ltd.,
Aruppukottai
Shri Govindaraja Mills Ltd.,
Aruppukottai
Sri Jayajothi & Co. Ltd.,
O.E.Division, Virudhunagar
Sri Jayajothi Textiles Mills Pvt. Ltd.,
Keelarajakularaman, Rajapalayam
Individuals/Firms
: Sri. T. R. Dhinakaran
Smt. D. Nirmala
Kedia Enterprises
Ramasamy & Company
Nirmala & Company
Key Management Personnel
: Sri. D. Senthilkumar,
Managing Director.
3) 1. Disclosure regarding lease transactions: AS-19 a) Cost of Assets
purchased on financial lease on or after 01.04.2001 - Nil
4) Deferred Tax Asset/Liability : (AS-22)
Deferred Tax resulting from timing difference between book and taxable
Profit is accountant for using the tax rates in force as on the balance
Sheet date. The deferred tax assets is recognised and carried forward
Only to the extent that there is reasonable certainty that the asset
will be realised in future.
II. Other Particulars :
1) Managerial Remuneration:
The present Managing Director has expressed his unwillingness to draw
any remuneration, till the Company wipes out its accumulated losses.
2) Leave Encashment:
As per the Rules and Regulations of the Company the eligible leave
salary is paid on cash basis within the accounting year.
5) Balance of Creditors and debtors are subject to confirmation.
6) Income Tax Assessment:
Income returned has been accepted by the Income Tax Department u/s.
143(1) of the Income Tax Act upto the Assessment year 2007-2008.
Scrutiny Assessment u/s.143(3) of the Income Tax Act has been completed
upto the Assessment year 2006-2007. As the company has no taxable
income and book profit for the Assessment year 2010-2011 no provision
for income-tax has been made in the accounts.
The demand of Rs.25,68,895/= which has arisen on reopening the
assessment for the Assessment year 2001-2002 is under dispute before
the Commissioner of Income-tax Appeals, Madurai and on Appeal it was
allowed in our favour. However the Department has filed an appeal with
Income Tax Appellate Tribunal( ITAT), Chennai and no provision has been
made in the accounts since the demand is likely to be either deleted or
subsequently reduced.
7) Central Excise :
The Deputy Commissioner of Central Excise, Rajapalayam has issued a
show cause Notice & confirmed the claim of Rs.6,69,039/= in respect of
availing the services of Goods Transport Operators (GTO) during the
period from 16.11.1997 to 01.06.1998 against freight paid for transport
of goods purchased / cleared by us. Against our appeal, the
Commissioner of Central Excise (Appeals), Madurai allowed our appeal
and has set aside the order of the adjudicating authority and in turn
the department authorities has filed an appeal before the Central
Excise, Customs and Service Tax, Tribunal, Chennai.
8) Term Deposits
Term Deposit with Scheduled Banks include the following:- a)
Rs.4,13,889/- with Tamilnad Mercantile Bank Limited earmarked for
maintaining liquidity as provided in Rule 3 A of the Companies
(Acceptance of Deposits) rules, 1975. b) Rs.19,88,000/- with SBI Com
Br. Madurai is for 10 % Margin Money for Inland letter of Credit.
9) The installed Capacity and stocks as specified are certified by the
respective authorities.
10) The Company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprises development
Act, 2006 and hence disclosure relating to amounts unpaid as at the
year end together with interest paid /payable under this act have not
been given.
11) Sundry Debtors include Rs73,19,543/= due from companies in which
Directors are interested as Directors (Previous Year 18,18,471/=)
12) In the opinion of the Board of Directors the Current Assets, Loans
and Advances value as stated in the balance sheets will be realised in
the ordinary course of business.
13) Contingent liabilities are not recognised in the accounts but are
disclosed after a careful evaluation of the concerned facts and legal
issues involved.
14) The preparation of financial statements in conformity with
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosures of contingent liabilities as
at the date of the financial statement and reported amount of revenues
and expenses during the reporting period. Actual results could differ
from these estimates. Any revision to the estimates is recognised
prospectively.
15) Previous year figures have been regrouped and reclassified wherever
necessary to confirm to the years classification
16) Paise have been rounded off to the nearest rupee and grams to
nearest kilogram.
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