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Binny
BSE: 514215|ISIN: INE118K01011|SECTOR: Textiles - Spinning - Cotton Blended
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« Mar 13
Notes to Accounts Year End : Mar '14
1.  As per the Sanctioned Scheme of Arrangement by the High Court of
 Madras dated 22/04/2010 the management has implemented all the terms of
 the Scheme. SEBI has approved the Relaxation of Rule 19 (2) (b) of the
 Securities Contracts (Regulation) Rules, 1957 of Resulting Companies''
 during March, 2013. The Listing / Trading of Resulting Companies'' have
 been complied with. Upon completion of formalities, the change in
 Directorship and inter se transfer of shares among the Promoters have
 been complied with.
 
 2.  Long Term Borrowings: Unsecured
 
 The company was receiving the loans from the Promoters individually and
 through their group companies since 1994, to meet the requirements of
 rehabilitation schemes submitted to BIFR. As per the Sanctioned Scheme
 of Arrangement of Hon''ble High Court of Madras the company has recorded
 a sum of Rs.3800 lakhs as unsecured loan due to promoter group. The
 Company has settled the entire loan with liquidated damages of
 Rs.2037.10 lakhs..
 
 3.  Binny Engineering Limited (BEL)
 
 During the year the Company has disinvested the shares in BEL and the
 resultant loss on sale of shares has been accounted for as exceptional
 item and the Loan & Advances given to BEL was also written off. As at
 the balance sheet date, there is no subsidiary company.
 
 4.  Contingent Liabilities
 
 No provision is considered necessary in respect of the following
 contingent liabilities as the management is hopeful of getting relief /
 succeeding in the appeals:
 
                                                          (Rs. In Lakhs) 
                                          31-03-2014          31-03-2013
 
 a) Electricity charges on                    117.50              117.50
 revision of Tariff rates 
 for the period from 1-12-82 
 to 31-12-87 contested 
 by the company, the 
 recovery of which is stayed 
 by the Hon''ble High Court of Madras
 
 b) Estimated surcharge on                    729.69              700.31
 belated payment above up 
 to 31/3/2014 
 
 c) Claim for back wages in                     Liability, if any
 respects of various                            not ascertainable
 disputes 
 
 d) Income Tax demand for Asst.                19.21               19.21
 Year 2008-09 (pending before 
 Chennai ITAT)
 
 e) Income Tax demand for Asst.             11464.23            11464.23
 Year 2010 - 2011 (pending before
 CIT (A), Chennai)
 
 f) Wealth Tax Demand for Asst.                  NIL             2553.77
 year 1993-94 to 2010-11 
 
 5.  Other Moneys for which the company is contingently liable
 
 a) Claims against the company not acknowledged as Debts 131.32 131.32
 
 6.  During the year the company has entered into MOU for sale of land,
 held as stock in trade and received a sum of Rs.6057.63 lakhs as
 advance. The transfer of title, settlement of employees occupying some
 portion of the land, etc are under progress. Upon receipt of sale
 consideration and transfer of title to the buyers the said amount shall
 be recoginised as income. Pending transfer of title the entire amounts
 were shown as Other long term liabilities as on 31st March, 2014.
 
 7.  The company 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 31-03-2014 resulting in a Net
 Deferred Tax asset. As a prudent measure, this net deferred tax asset
 has not been recognized in the accounts.
 
 8.  a.  The company has received wealth tax demand from AY 1993-94 to
 AY 2010-11 of Rs.2553.78 lakhs for which the company has filed appeals
 with ITAT, Chennai except for the year AY 2004- 05. Out of these
 demands a sum of Rs.710.09 lakhs was paid by the erstwhile Binny
 Karnataka Ltd for the assets taken over by them and a sum of Rs.866.44
 lakhs was provided for in the books during the year ended 31st March,
 2010. For the balance demand of Rs.977.24 lakhs with the wealth tax
 demands for AY 2011-12 to 2013-14 amounting to Rs.83.82 lakhs (total
 demand of Rs.1061.06 lakhs) was provided during this year and shown as
 exceptional item in Note 24. Wealth-tax liability for the Asst year
 2014-15 amounting to Rs.27.92 lakhs was included in Rates & Taxes. The
 entire wealth tax demands were paid to the Department and the Company
 has paid a sum of Rs. 313.02 lakhs in excess of demands raised by the
 Department which was shown as ''Wealth-tax paid under Protest'' under
 ''Note 17 - Other Current Assets''
 
 b.  Finance cost includes Rs.197.57 lakhs Interest levied on the above
 wealth tax demands and Rs. 3.95 lakhs for Income-tax dues by the
 Income-tax Department and the same was paid by the company.
 
 c.  The company has received Income Tax demand for Asst. year 2008 - 09
 Rs.19.21 lakhs which is disputed before ITAT, Chennai. The Company has
 also received Income Tax demand for Asst. Year 2010 - 2011 demanding a
 sum of Rs.11464.23 Lakhs, additions were made on flimsy grounds, and
 company has filed appeals before CIT (A). Considering the company''s
 chance of success in appeal no provision has been made in the accounts.
 The Company has also filed a writ before the High Court and the HC has
 stayed the demand.
Source : Dion Global Solutions Limited
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