1 Contingent Liabilities :
Claims against the company not acknowledged as debts :
2 The estimated amount of contracts remaining
to be executed on capital account and not
provided for. 1185.89 61.11
3 PREFERENCE SHARES :
(i) 1,35,000 10% Redeemable Cumulative Non-convertible Preference
Shares (Previous Year 1,35,000 Preference Shares) of Rs.10/-each
redeemable at par on 19.01.2010 which are not paid.
(ii) 60,00,000 13.5% for 1999-2000, 10% p.a. from April 1,2000 till
March 31,2004 and 12% p.a. thereafter, Redeemable Cumulative
Non-convertible Preference Shares (Previous Year 60,00,000 Preference
Shares) of Rs.100/-each redeemable at par in 28 quarterly instalments
commencing from April 1, 2003 and ending on January 1, 2010.
Instalments due have not been paid.
4 NOTES ON SECURED LOANS :
Term Loans from Financial Institutions and Banks :
The Term Loans of Rs.272.00 lacs from Financial Institutions and Term
Loans of Rs.8114.88 lacs from Banks are secured by fi rst interse
pari-pasu charge/equitable mortgage and /or hypothication charges
created over all immovable and movable assets of the Company both
present and future, of (I) Arvind Intex situated at Rajpur
Road,Gomtipur,Ahmedabad, (ii) Ankur Textiles situated at Outside Raipur
Gate,Ahmedabad,(iii) Bottom Weigtht Division situated at Santej,Taluko
Kalol, (iv) lease hold land of Arvind Cotspin situated at Kolhapur, (v)
freehold land situated at Vadsar, (vi) frehold land situated at Moti
Bhoyan and (vii) freehold land situated at Khatraj and second charge of
current assets both present and future of the Company.
Cash Credit and Other Facilities from Banks : Cash Credits and other
facilities from Banks of Rs.4760.79 lacs are secured by fi rst charge by
way of hypothecation of inventories and book debts, both present and
future, besides second charge on all fixed assets of the Company. All
these securities to rank pari- passu among the banks.
5 The Company has not received any information from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act,2006 and hence disclosure regarding :
a) Amount due and outstanding to suppliers as at the end of accounting
b) Interest paid during the year
c) Interest payable at the end of the accounting year
d) Interest accrued and unpaid at the end of accounting year, has not
The Company is making efforts to get the confirmations from the
suppliers as regards their status under the act.
6 (a) Plant & Machinery taken on lease for a period of 5 years with
the option of renewal.
The particulars of these leases are as follows :
(b) Plant & Machineries are given on operating lease for a period of 12
to 60 months with the option of renewal.
The particulars of lease are as under :
7 In terms of the provisions of the Accounting Standard No.22
Accounting for tax on Income notifi ed by Companies (Accounting
Standards) Rules,2006, there is a net deferred tax assets on account of
accumulated business losses and unabsorbed depreciation.
In compliance with provisions of Accounting Standard and based on
General Prudence, the Company has not recognised the deferred tax asset
while preparing the accounts for the year under review.
8 Segment information for the year ended 31st March,2011
Information about Primary Business Segments
The Company is in the business of manufacturing,trading and dealing in
In view of the above the Company has only one reportable segment i.e.