1.1 Terms/Rights attached to equity shares:
The company has only one class of equity share having a par value of
Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share. The company declares and pays dividends in Indian Rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2012, the amount of per share dividend
recognized as distributions to equity shareholders was Rs. 1.6 (31st
March 2011 Rs.1 .5)
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be proportion to the number of equity shares held by the shareholders.
As per records of the company, including its regiater of
shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both
legal and beneficial ownerships of shares.
2.1 The Term Loans of Rs. 3923.80 lacs are secured by first pari pasu
charge on land and building situated at dadra and nani tambadi, all the
tangible movable machinery and plant together with spares tools and
accessories and other movables, both present and future at dadra and
personal guantees of three Directors. Term loan of Rs. 16.22 lacs are
secured by hypothecation of vehicles.
2.2 Current maturities on longterm borrowings are included under note
no 7 in Other Current Liabilities
3.1 Working capital loans are secured by hypothecation of present and
future stock of raw materials ,stock in process, finished goods, stores
and spares, packing materials, book debts & personal gurantees of three
4.1 As the market value of quoted investment fluctuates regularly the
diminution in the value of investments has not been considered of the
permanent nature and hence no provision of the same amounting to
Rs.8,255/-(Previous Year - 8,243/-) has been made in the accounts.
5. Contingent Liabilities
Counter Gurantees given to Banks Rs. 14,407,000 23,704,600
Letter of Credit/Bill
Discounting with Banks Rs. 298,311,229 368,033,038
DEPB Entitlement Refund Claim
by DGFT Rs. 8,118,321 8,118,321
6. The Company is engaged in manufacturing and sale of Textile
Products, which is the only reportable segment.
7. During the year the Company has taken Mat Credit Entitlement of Rs.
Nil (Previous year Rs. 213.58 Lacs) in relation to the prior years and
the same is shown under the head ''Loans and Advances'' in the balance
sheet as there being a convincing evidence of realisation of such
8. Financial and Derivative Instruments
a. Forward Contracts in Foreign currency for export realisation
outstanding as at 31st March,2012- Rs. l092.38 Lacs
b. Foreign currency exposures that are not hedged by deivative
instruments as at 31 st march 2012 amount to Rs 812.672 lacs
9. Balance in respect of Unsecured loans. Sundry Creditors, Sundry
Debtors and Loans & Advances are subject to confirmation by respective
10. Comparative figures for previous year have been regrouped /
rearranged wherever necessary.