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Binny

BSE: 514215|ISIN: INE118K01011|SECTOR: Textiles - Spinning - Cotton Blended
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Mar 15
Notes to Accounts Year End : Mar '16

1. Foreign Exchange inflow and outflow Nil Nil

2. The company has reviewed the deferred tax assets and liabilities as at the year end. The timing differences relates mainly to depreciation and carry forward losses for the period up to 31-03-2016 resulting in a Net Deferred Tax asset. As a prudent measure, the net deferred tax asset has not been recognized in the accounts.

3. Wealth tax demand of Rs. 2553.77 lakhs made by the Income-tax department relating to AY 1993-94 to AY 2010-11 was disputed before ITAT, Chennai which has set aside the AO''s order and directed the AO to re-assess the same. However, the entire Wealth tax demands were provided for in the books and the entire wealth tax demands were paid by the company. The

Company has paid a sum of Rs.404.92 lakhs in excess of demands raised by the Department which was shown as ''Wealth tax paid under Protest'' under Note 17 - Other Current Assets.

4. Provision was not made in the books of accounts of the company for the following disputes pending before authorities considering that the cases shall favour the company.

a. The Income-tax the demand of Rs. 19.21 lakhs for AY 2008-09 raised by AO was disputed before ITAT and ITAT partly allowed the appeal of the company. The AO has not yet passed ''giving effect order'' for ITAT order. However, the Income-tax Department has preferred an appeal before Hon''ble High Court of Madras.

b. The Income-tax demand of Rs. 11464.23 for AY 2010-11, raised by AO was disputed before CIT(A). CIT(A) allowed the appeal in favour of the company and AO has not yet passed the ''giving effect order'' for the CIT(A) order.

c. During the Financial year 2014-15, the company has received order from the Service tax department demanding penalty of Rs. 34.34 lakhs for the period from October, 2009 to October, 2010., The company has paid the dues before Show Cause Notice is being served on the Company. On the basis of the merits of the case the company has paid Rs. 2.57 lakhs as pre-deposit which is shown under ''Note-17-Other Current Assets'' and has appealed before Commissioner of Central Excise (Appeals), Chennai.

d. The Wealth-tax Assessment for AY 2011-12 to 2014-15 was completed by AO demanding a sum of Rs. 574.73 lakhs. The company preferred appeal against the order before CWT(A), Chennai.

5. The company has entered in to MOU for sale of land held as stock in trade and received Rs. 23265.63 lakhs as advance for sale of land. Upon receipt of the entire sale consideration and transfer of title to the buyers the said amount shall be recognized as income as per the accounting policy of the company. Pending transfer of title the entire amounts was shown under ''Other Long Term Liabilities'' as on 31-Mar-2016.

6. The company has entered in to ''Joint Development Agreement'' (JDA) for development of land in to a Township. As per JDA the company has received Rs. 24400.00 lakhs, as interest free Security Deposit and a sum of Rs. 25.37 lakhs has been received from JDA escrow account which are shown under ''Other Long-term liabilities''. The JDA Partner is in the process of obtaining NOC, Plan Approval etc. to commence the construction.

7. The remaining land held in Fixed Assets has been converted in to Stock-in-trade with effect from 01-12-14. The Fixed Asset value of land includes revaluation addition made during previous years. Some portion of revaluation reserve utilized for write off losses as per the sanctioned scheme of Demerger by the High Court. Hence, the value of Inventory is taken as of the value of Fixed Asset standing as on the date of conversion in to stock-in-trade which is much less than net realizable value.

8. In the absence of Profit, only minimum remuneration has been provided to Managing Director as per Section 197 of Companies Act, 2013 read with Schedule V of Companies Act, 2013.

9. The Company has advanced a sum of Rs.18365.13 lakhs for purchase of 12.43 acres of land from a related party. The Shareholders have not approved the resolution for the same. (Only Public Shareholders excluding Promoters have participated in the voting). Hence the company has recalled the advance paid and the same is pending for recovery.

10. The Company has not entered in to any long term contracts including derivatives and there are no outstanding obligations, and there are no foreseeable losses on these as at the year end.

11. The Company is not liable to spend any amount as per Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility for the year ended 31-Mar-2016.

12. There are no amounts to be transferred to Investor Education and Protection Fund as at the year ended 31-Mar-2016.

13. Previous year figures have been regrouped wherever necessary to conform to current year classifications.

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