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Notes to Accounts of Weizmann Ltd.

Mar 31, 2018

Notes to accounts

Sennsitivity Analysis

Rs in Lakh

Defined Benefit Plan

2018

2017

2016

Particulars Impact on Profit and loss

Investments measured at FVTPL (including equity instruments held for trading)

10% Increase in price

10.90

9.92

9.33

10 % Decrease in price

(10.90)

(9.92)

(9.33)

Impact on other comprehensive Income

Investments measured at FVTOCI

10% Increase in price

0.79

0.51

0.43

10% Decrease in price

(0.79)

(0.51)

(0.43)

Note No: 43

The financial statements were approved for issue by the board of directors on May 29, 2018

Note No: 44

Ind AS 101 Reconciliations

Effect of IND AS adoption on the Standalone Balance Sheet as at 31.03.2017 and 01.04.2016

Rs. in lakh

Particulars

As at 31-03-2017

As at 01 -04-2016

Previous GAAP

Effect of transition to Ind AS

As per Ind AS balance sheet balance sheet

Previous GAAP

Effect of transition to Ind AS

As per Ind AS

ASSETS

Non-current assets

a Property .Plant & Equipment

1735.05

1735.05

1664.28

-

1664.28

b Capital Work in Progress

41.21

41.21

30.43

-

30.43

h Financial Assets

-

(i) Investments

1089.51

194.34

1283.85

1090.51

4.91

1095.42

(ii) Trade Receivables

-

-

-

-

(iii) Loans

551.84

551.84

409.01

-

409.01

(iv) Others ( to be specified)

302.49

302.49

215.21

-

215.21

i Deferred tax assets (net)

-

-

-

-

j Other non-current assets

4.80

4.80

176.52

-

176.52

Current assets

-

a Inventories

521.34

521.34

481.49

-

481.49

b Financial Assets

-

(i) Investments

99.12

99.12

93.12

(0.00)

93.12

(ii) Trade Receivables

587.96

587.96

511.10

-

511.10

(iii) Cash and cash equivalents

98.52

98.52

68.72

-

68.72

(iv) Bank balances other than

(iii) above

16.03

16.03

52.72

-

52.72

(v) Loans

2673.78

2673.78

2556.61

-

2556.61

(vi) Others ( to be specified)

-

-

0.00

-

0.00

c Current Tax Assets (Net)

186.31

186.31

-

-

d Other current assets

12.97

-

12.97

9.11

-

9.11

Total Assets

7920.91

194.34

8115.26

7358.83

4.91

7363.74

EQUITY AND LIABILITIES

Equity

a Equity Share capital

1727.15

-

1727.15

1727.15

-

1727.15

b Other Equity

4611.59

255.44

4867.02

4377.56

3.82

4381.38

LIABILITIES

Non-current liabilites

a Financial Liabilities

(i) Borrowings

11.98

-

11.98

4.39

-

4.39

(ii) Trade payables

-

-

-

-

(iii) Other financial liabilities

240.00

-

240.00

315.00

-

315.00

b Provisions

1.91

-

1.91

19.71

-

19.71

c Deferred tax liabilites (Net)

112.71

42.84

155.55

86.58

1.09

87.67

Current liabilites

a Financial Liabilities

(i) Borrowings

0.00

-

0.00

1.17

-

1.17

(ii) Trade payables

843.31

-

843.31

566.42

-

566.42

(iii) Other financial liabilities

58.97

-

58.97

94.58

-

94.58

b Other current liabilities

23.35

-

23.35

21.25

-

21.25

c Provisions

103.94

(103.94)

0.00

-

-

d Current Tax Liabilities (Net)

186.00

-

186.00

145.00

-

145.00

Total Equity and Liabilities

7920.91

194.34

8115.26

7358.83

4.91

7363.74

Particulars

As on 31.03.2017

As on 01.04.2016

Total Equity as per previous GAAP

6,338.74

6,104.71

Net Gain/(Loss) on Fair Value Through OCI - Equity

151.50

3.82

Impact of Dividend and Dividend Distribution Tax

103.94

-

Total Equity as per IND AS

6,594.18

6,108.53

Effect of IND AS adoption on the Standalone Statement of Profit and Loss for the year ended 31.03.2017

Rs. in Lakh

Particulars

As at 31-03-2017

Previous GAAP

Effect of transition to Ind AS

As per Ind AS balance sheet

I Revenue from Operations

8387.79

-

8387.79

II Other Income

306.85

-

306.86

III Total Income ( I II)

8694.64

-

8694.64

IV EXPENSES

(a) Cost of Materials Consumed

4895.88

-

4895.88

(b) Purchases of Stock-in-Trade

84.42

-

84.42

(c) Changes in Inventories of Finished goods, Work-in-Progress and Stock-in-Trade

54.15

-

54.15

(d) Manufacturing Expenses

1983.70

-

1983.70

(e) Employee Benefits Expense

454.04

(6.58)

447.47

(f) Finance Costs

4.95

-

4.95

(g) Depreciation and Amortisation Expense

117.09

-

117.09

Less : Amt. Transferred from Revaluation Reserve

(9.28)

9.28

-

(h) Other Expenses

521.33

-

521.33

Total Expenses (IV)

8106.28

2.70

8108.99

V Profit / (Loss) before Exceptional Items and Tax (III - IV)

588.36

(2.70)

585.65

VII Profit / (Loss) before Tax

588.36

(2.70)

585.65

VIM Tax Expense:

(a) Current Tax Expense

186.01

(2.11)

188.11

(b) Current Tax Expense Relating to Earlier Year''s

28.97

-

28.97

(c) Deferred Tax

26.13

-

26.13

IX Profit / (Loss) for the year

347.25

(4.81)

342.44

X Other Comprehensive Income

A) Items that will not be reclassified to profit or loss

Net Gain/(Loss) Of Fair Value - Equity Instruments

-

(189.42)

189.42

Tax On Above

-

41.75

(41.75)

Re-measurement Gains/(Losses) on defined benefit plans

-

6.58

(6.58)

Current Tax Effect

-

(2.11)

2.11

Sub Total

-

(143.21)

143.21

B Items that will be reclassified to profit or loss XI Total Comprehensive Income for the year (Comprising Profit ( Loss) and Other Comprehensive Income for the year)

347.25

138.39

485.66

Reconciliation of the net profit for the year ended March 31, 2017, as reported under previous GAAP and now under Ind AS is as follows:

Particulars

Year Ended 31.03.2017

Net profit as pre previous GAAP

347.25

Re-measurement loss on defined benfit plans accounted in OCI

6.58

Reversal of revaluation reserve utlised in profit and loss account

(9.28)

Tax effect on Above

(2.11)

Net profit as per Ind AS

342.44

Other Comprehensive Income

Net Gain/(Loss) Of Fair Value - Equity Instruments

189.42

Tax effect on Above

(41.75)

Re-measurement Gains/(Losses) on defined benefit plans

(6.58)

Tax effect on Above

2.11

Total Comprehensive Income for the year

485.66

1 Note: Fair Valuation for Financial Assets-

The Company has valued financial assets (other than investment in Associates which are accounted at cost),at fair value. Impact of fair value changes as on date of transition, is recognised in opening reserves and changes thereafter are recognised in Statement of profit and Loss or other Comprehansive income, as the case may be.

2 Note: Deferred Tax-

The impact of transaction adjustments together with Ind AS mandate of using balance sheet approach (against profit and loss approach in the previous GAAP) for the computation of deferred taxes has resulted in changes to the reserves, on the date of transition, with consequential impact to the statment of profit and loss for the Subsequent periods.

3 Note: Remeasurements of post-employment benefit obligation

Under Previous GAAP the Company recognised actuarial gains and losses in the Statement of Profit and Loss. Under Ind AS, re-measurements, i.e., actuarial gains and losses, the return on plan assets excluding amounts included in net interest on the net defined benefit liability are recognised in Other Comprehensive Income instead of Statements of Profit and Loss.

4 Note: Dividend and Dividend Distribution Tax

The company pursuant to Amendment to Accounting Standard 4 - "Contingencies and Events occurring after the Balance Sheet date" effective from 30.03.2016 and in accordance with IND AS 10 - Events after the Reporting Period have recorded the dividend amount for year ended March 31, 2017 approved by the Shareholders at the Annual General Meeting held in F.Y 2017-18, in the Reserves and Surplus of the Financial Statements for F.Y. 2017-18.

5 Note: Other Adjustments

To comply with the Companies (Accounting Standard) Rules, 2006, certain account balances have been regrouped as per the format prescribed under Division II of Schedule III to the Act.

Note No: 45

During the year, the amount required to be spent on Corporate Social Responsibility activities amounted to Rs. 8.47 lakhs in accordance with Section 135 of the Companies Act,2013. The Amounts were spent during current year for Education and Skill Development.

Note No: 46

Previouse year figure were audited by two other firms of chartered accountant jointly.

Note No: 47

Previous year figures have been recast and restated wherever necessary

As per our report of even date attached

For and on behalf of the Board

For Batliboi & Purohit

N.V.Siraj -

Chartered Accountants

DIN: 00021986

Firm Reg. No 101048W

Vice-Chairman And Managing Director

Chetan D.Mehra -

DIN: 00022021

Director

Navneet K. Pandya-Chief Financial Officer

Atul Mehta

Sushama Vesvikar-

(Partner)

Company Secretary

Membership No: 015935

Place : Mumbai

Dated : 29.05.2018


Mar 31, 2016

1. The Company has made necessary provisions as per actuarial valuation for leave encashment and other retirement benefits wherever required as per Accounting Standard 15 under Companies ( Accounting Standards) Rules

2. Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs. Nil [Previous Year Rs. Nil]

3. Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

4. There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2016

5. The Gross Block of Fixed assets at Textile Processing House includes Rs.1111.17 lakh [Previous Year - Rs.1111.17 lakh] on account of revaluation of such assets carried out as of 1st March 2000.

Consequently the additional depreciation of Rs.9.28 lakh [Previous year Rs.9.28 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss.

6. In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director of the Company. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

7. Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies (Accounting Standards).

The Employee''s Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

8. Loans and Advances to Companies / Firms in which Directors are interested and Associate Companies -NIL

9. Related Party Disclosures for the year ended 31st March 2016

In accordance with the “Accounting Standard 18 - Related Party Disclosure” as per Companies (Accounting Standards) Rules, the Company has compiled and certified the required information as stated below:

10. Related Party and their Relationship Associates

Windia Infrastructure Finance Limited

11.. Secondary Segments :-

There are no reportable secondary segments

12. Previous year figures have been recast and restated wherever necessary


Mar 31, 2015

1 Terms / rights attached to equity shares

a) The Company has only one class of shares having a par Value of Rs. 10/- per Share. Each holder of equity shares is entitled to one vote per share.

b) The dividend on equity shares proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting

c) In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

d) The company has not issued any bonus shares or bought back the equity shares in the last 5 years immediately preceding the balance sheet date

e) The company in FY 2010-2011 had issued equity shares 4410450 of face value of Rs. 10/- each pursuant to scheme of arrangement u/s 391 to 394 of the Companies Act, 1956 sanctioned by the Honorable High Court of Bombay on 29th October, 2010 under which two subsidiary companies were amalgamated with the Company w.e.f. from merger appointed dated 1.4.2009.

2 Contingent Liabilities not provided for in respect of the following:

Rs. in lakh

Year Ended Year Ended 31/3/2015 31/3/2014

i Claims against the Company not acknowledged as debts 191.34 191.34

ii Disputed Income Tax Liabilities 25.77 104.35

iii Guarantees 11797.95 19390.98

3 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs. Nil [Previous YearRs. 85.50]

4 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

5 There are no amounts due and outstanding to be credited to Investors,Education and Protection fund as at 31.03.2015

6 The Gross Block of Fixed assets at Textile Processing House includes Rs. 1111.17 lakh [Previous Year - Rs. 1127.09 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of Rs. 9.28 lakh [Previous year Rs. 19.78 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss. Further on sale of assets an amount of Rs. 0.80 lakh has been written back by transferring the said amount from Revaluation Reserve to Profit & Loss Account

7 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director of the Company. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

8 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employee's Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

a) Loans and Advances to Companies / Firms in which Directors are interested (Excluding Subsidiary and Associate Companies) - NIL

9 Related Party Disclosures for the year ended 31st March 2015

In accordance with the "Accounting Standard 18 - Related Party Disclosure" as per Companies ( Accounting Standards ) Rules, the Company has compiled and certified the required information as stated below:

A Related Party and their Relationship Subsidiaries Associates

Knitwear Industries Limited * Windia Infrastructure Finance Limited Weizmann International Limited **

* till 21.6.14 ** till 8.6.14

Key Management Personnel Entities Controlled by Key Management Personnel or his Relatives

Mr.Chetan Mehra - Managing Director Brahi Hydro Electric Power Projects Limited Exotic Tourism Projects Private Limited (Frmrly Eco Friendly Energy Projects Pvt Ltd) Greenpower Energy Projects Pvt Ltd Inspeed Power Private Limited Malayamarutha Energy Projects Ltd Sanchay Properties Pvt Ltd Sarvodaya Properties Pvt ltd Samarth Multitrade Pvt Ltd Supportive Insurance Brokers Ltd Tanraj Enterprises Truewind Power Private Limited

10 The company has, on the basis of expected life of Fixed Assets, as prescribed in Schedule II of the Companies Act, 2013, restated figures of Written Down Value of each of such fixed asset, as on 01/04/2014 and in accordance therewith the net difference arising there from aggregating to Rs. 26.85 lakh has been transferred to Retained Earnings and Rs. 1.34 lakh in respect of revalued assets to Revaluation Reserve.

11 The exceptional item represents net gains on divesting of the entire equity stake of the company in its subsidiaries viz., Indian subsidiary, Weizmann International Ltd and Foreign subsidiary, Knitwear Industries Ltd, Malawi.

12 Previous year figures have been recast and restated wherever necessary


Mar 31, 2014

INR in Lakh

Year Ended Year Ended 31/03/2014 31/03/2013

1 Earnings in Foreign Exchange Export at FOB value 584.36 669.38

2 Expenditure in Foreign

Currency

a CIF Value of Imports 45.40 476.44

b Travelling 7.90 8.08

c Others 0.36 7.46

3 Contingent Liabilities not provided for in respect of the following:

Year Ended Year Ended 31/03/2014 31/03/2013

i Claims against the Company not acknowledged as debts 191.34 157.64

ii Disputed Income Tax Liabilities 104.35 88.37

iii Guarantees 19390.98 13034.20

4 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] INR 85.50 [Previous Year INR .Nil]

5 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

6 There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2014

7 The Gross Block of Fixed assets at Textile Processing House includes INR 1127.09 lakh [Previous Year - INR 1127.09 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of INR 19.78 lakh [Previous year INR 19.78 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss.

8 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

9 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employee''s Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.


Mar 31, 2012

1 Contingent Liabilities not provided for in respect of the following:

Rs. in Lakh Year Ended Year Ended 31/03/2012 31/03/2011

i Claims against the Company not 157.64 157.64 acknowledged as debts

ii Disputed Income Tax Liabilities - 10.67

iii Guarantees 17476.11 11364.51

2 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs. Nil [Previous Year Rs. Nil]

3 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

4 There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2012.

5 The company has acquired vehicles on hire purchase and the future hire charges payable as of 31st March 2012 are as follows

6 The Gross Block of Fixed assets at Textile Processing House includes Rs. 1127.09 lakh [Previous Year - Rs. 1158.53 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of Rs. 20.31 lakh [Previous year Rs. 22.17 lakh] provided in the Statement of Profit & Loss has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Statement Profit & Loss. Further on sale of assets an amount of Rs. 15.26 lakh has been written back by transferring the said amount from Revaluation Reserve to Statement of Profit & Loss.

7 The agreement under which Factory Building and Plant and Machinery of Textile Division that was given on rent to subsidiary company Weizmann International Limited in FY 2010-2011 was terminated as mutually agreed wef 1.4.2011.

8 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD, confirmations which were not received by the Company in few cases have been accepted and taken as certified by the Director. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

9 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employee's Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.


Mar 31, 2010

1 Contingent Liabilities not provided for in respect of the following:

Rs. in lakh

Year Ended Year Ended 31/3/2010 31/3/2009

i Claims against the Company not acknowledged as debts 157.64 157.64

ii Disputed Income Tax Liabilities 10.67 17.62

iii Guarantees 1557.18 4779.22

2 Estimated amount of contracts remaining to be executed on capital account not provided for [Net of Advances] Rs Nil [Previous Year Rs.Nil]

3 Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.

4 There are no amounts due and outstanding to be credited to Investors, Education and Protection fund as at 31.03.2010

5 a The company has acquired vehicles on hire purchase and the future hire charges payable as of 31st March 2010 are as follows :

6 The Gross Block of Fixed assets at Textile Processing House includes Rs.1180.28 lakh [Previous Year - Rs.1188.56 lakh] on account of revaluation of such assets carried out as of 1st March 2000. Consequently the additional depreciation of Rs. 13.72 lakh [Previous year Rs 39.70 lakh] provided in the Profit & Loss account has been recouped by withdrawing an identical amount from Revaluation Reserve and credited to Profit & Loss Account.Further on sale of assets an amount of Rs 3.38 lakh has been written back by transfering the said amount from Revaluation Reserve to Profit & Loss Account

7 In respect of balances of Sundry Creditors / Debtors, Loans and advances, Banks and Unsecured Loans/ICD confirmations were not received by the Company in few cases. In the opinion of management the balances as appearing in the books are fully payable/realizable, as the case may be, in the normal course of business.

8 Textile Business Turnover includes export benefits of Rs. 34.51 lakh [Previous Year Rs.140.63 lakh].

9 Dividend Accounts have been taken as it appears in the books of accounts on account of non-receipt of particulars from the banks.

10 Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies ( Accounting Standards) Rule 2006 are given below:

The Employees Gratuity Fund Scheme managed by Life Insurance Corporation India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.

11 Karma Energy Limited and Weizmann Forex Limited were amalgamated with the Company w.e.f. 1.4.2009 as per a composite scheme of arrangement approved by Honble High Court of Bombay. Hence the figures for the current year is not comparable with those of the previous year.The Previous years figures have been regrouped and rearranged wherever necessary.

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