SENSEX NIFTY India | Notes to Account > Textiles - Spinning - Cotton Blended > Notes to Account from Binny - BSE: 514215, NSE: N.A


BSE: 514215|ISIN: INE118K01011|SECTOR: Textiles - Spinning - Cotton Blended
Feb 23, 16:00
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VOLUME 54,940
Binny is not listed on NSE
« Mar 14
Notes to Accounts Year End : Mar '15
1.  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 31-03-2015
 resulting in a Net Deferred Tax asset. As a prudent measure, this net
 deferred tax asset has not been recognized in the accounts.
 2.  The company has received wealth tax demand from AY 1993-94 to AY
 2003-04 and 2005-06 to 2010-11 of Rs.2553.78 lakhs for which the
 company has filed appeals with ITAT, Chennai.  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
 3..a. 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 and company has filed appeals
 before CIT (A). The Company has also filed a writ before the High Court
 and the HC has stayed the demand. Considering the company''s chance of
 success in appeal no provision has been made in the accounts.
 4.b.. During the year, the company has received order from the
 Service tax department demanding penalty of Rs. 34.34 lacs 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.
 Since, it is considered that the case shall be favorable to the Company
 no provision was made in the books.
 5.  During the previous year, the company has entered in to MOU for
 sale of land held as stock in trade. The company has received Rs.
 19145.58 lacs as advance for sale of land. The transfer of title,
 settlement of employees occupying some portion of the land etc are
 under progress.  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 were shown as Other Long Term Liabilities as
 on 31-Mar-2015.
 6.  The Company has discontinued its Warehousing operations from
 January, 2015. In order to carry on the real estate activity the land
 held in Fixed Assets have been converted in to Stock- in-trade
 effective 01.12.2014 The company has entered in to MOU for development
 of land held as stock-in-trade for real estate activities. As per MOU
 the company has received Rs.  6145.57 lakhs, as part of interest free
 Security Deposit which was shown as Other Long-term liabilities.
 7.  During the year, the 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 was utilized for write off
 losses as per the sanctioned scheme of Demerger by the High Court.
 Hence, the value of Inventory is taken as 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.
 ii) Enterprises where Key Management Personnel exercise Influence
 - Mohan Breweries & Distilleries Ltd (Related company by Director)
 - Binny Mills Ltd. (Related company by Director)
 - Mother Mira Industries Limited (Related company by Director)
 - Mira Textile & Industries Limited (Related company by Director)
 8.  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.
 9.  The Company is not liable to spend any amount as per Section
 135 of the Companies Act, 2013 for the year ended 31-Mar-2015..
 10.  There are no amounts to be transferred to Investor Education
 and Protection Fund as at the year ended 31-Mar-2015.
 11.  Previous year figures have been regrouped wherever necessary to
 conform to current year classifications.
Source : Dion Global Solutions Limited
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