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 âAccounting Standard 18 - Related Party Disclosureâ 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.