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Bang Overseas
BSE: 532946|NSE: BANG|ISIN: INE863I01016|SECTOR: Textiles - General
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Notes to Accounts Year End : Mar '13
1. Operatng Lease Arrangements:
 
 a. As lessee:
 
 Rental expenses of Rs. 98,81,048/- (P.Y. Rs.1,13,56,240) in respect of
 obligaton under operatng leases have been recognized in the proft and
 loss account.
 
 b. As lessor:
 
 Rental Income recognized in the proft & Loss account during the year
 Rs. 1,40,29,786/- (Previous Year Rs.1,32,53,130) relatng lease
 arrangements.
 
 2. Employee beneft plan:
 
 The Company has recognized Rs. 6,44,603 (PY Rs. 10,42,745/-) in the
 Proft and Loss Account for the year ended 31st March 2013 under defned
 contributon plans.
 
 3. Contngent Liabilites
 
                                                               (In Rs.)
 
 Partculars                                  31.03.2013     31.03.2012
 
 Bank Guarantees                              17,65,000      17,65,000
 
 Leter of credit                            1,13,43,201    6,68,72,722
 
 Export Obligaton                           3,04,81,689    3,65,71,097
 
 Corporate Guarantee                                  -   10,00,00,000
 
 Sales Tax declaraton forms                   56,19,686      11,25,798
 
 Stand by Leter of credit                   3,00,00,000              -
 
 Total                                      7,92,09,576   20,63,34,617
 
 4.  In the opinion of the Board, sundry debtors, loans and advances
 and other current assets and unsecured loans are approximately of the
 value stated if realized in the ordinary course of business. The
 provisions for all known liabilites is adequate and not in excess of
 the amount reasonably necessary. Balances are subject to confrmaton and
 reconciliaton.
 
 Debtors outstanding includes
 
 (1) Amount of Rs.18,50,24,149/- recoverable from Koutons Retail India
 Ltd (KRIL). Some creditors are reported to have approached the Delhi
 High Court to recover their dues.
 
 However, the Company is negotatng with the management of the above
 party for recovery of its dues. The Company is hopeful of being able to
 realize its entre outstanding and therefore no provision in regard
 thereto has been made in the accounts.
 
 5.  The Company has not received any intmaton from suppliers regarding
 their status under the Micro, Small and Medium Enterprises Development
 Act, 2006 and hence disclosures, if any, relatng to amounts unpaid as
 the year end together with interest paid / payable as required under
 the said Act have not been given.
 
 6. Segment Reportng:
 
 a. Primary Segment:
 
 The company is primarily engaged in single business segment of
 manufacturing and marketng of textle and textle products and is managed
 as one business unit.
 
 7.  The Company is in receipt of Assessment Order under Secton 5 (4)
 of The Entry Tax Act (Karnataka), wherein a liability of Rs.
 60,28,044/- has been assessed vide order dated 2 April 2013. Further,
 the Company has preferred an Appeal against the said assessment order
 before The Joint Commissioner of Commercial Taxes, Appeal  4,
 Bangalore.
 
 8. The Company has received Income Tax Assessment Order dated 18 March
 2013 passed under Secton 143 (3) of The Income Tax Act, 1961 in respect
 of Assessment year 2010-11 determining demand of Rs. 2.97 Crores
 payable by the Company. The Company has fled an Appeal before The
 Commissioner of Income Tax, (Appeals). No provision is being made in
 the books of accounts during the fnancial year 2012-13.
 
 9.  Previous year fgure has been regrouped, rearranged and restated
 whenever necessary.
Source : Dion Global Solutions Limited
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