Election 2014
SENSEX NIFTY
Moneycontrol.com India | Notes to Account > Textiles - Hosiery/Knitwear > Notes to Account from High Street Filatex - BSE: 531301, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > TEXTILES - HOSIERY/KNITWEAR > NOTES TO ACCOUNTS - High Street Filatex
High Street Filatex
BSE: 531301|ISIN: INE319M01011|SECTOR: Textiles - Hosiery/Knitwear
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
, 16:01
39.25
0
VOLUME 105
High Street Filatex is not listed on NSE
Mar 12
Notes to Accounts Year End : Mar '13
1.1 Contingent Liabilities (Amount in Rs.) Particulars 2012-13 2011-12
 Claims against company not acknowledged as debts* (*Demand of
 Rs.1,42,048 raised by Land & Building Tax Deptt. which is challanged by
 the company in appropriate court.) 142048.00 142048.00 Deposited with
 ESI under protest against demand for the period from October 2007 to
 December 2008 during which period the factory was closed.
 
 This demand has been challenged by the company in appropriate court.
 92035.00 92035.00 Deposit of 25% of registration fees of Land for
 filling revision petition before Ajmer Revnue board to revise rate of
 registry charges to 5% instead of demand of full duty i.e Rs. 594250/-
 vide descision dated 19-1-2012 and demand note dated 4-10-2012.
 594250.00 0.00
 
 1.2 Due to non availability of reliable information regarding SSI
 status of suppliers/ sundry creditors, information regarding
 outstanding toward them can not be ascertained. However the amount is
 not likely to be significant.
 
 1.3 The accounting of deferred tax in terms of Accounting Standard (
 AS22) on  Accounting for Taxes on Income results in deferred Tax
 Assets. However in view of sickness of the company there is no
 certainity of realization of such assets in a reasonable period of
 time, hence the same has not been accounted for.
 
 1.4 Segments are identified in line with the Accounting Standard 17 (
 AS17) taking into account the organisation structure.  Expenses which
 were identified were attributed directly i.e manufacturing and
 depreciation related to Socks segment only and other expenses were
 attributed on pro-rata basis of sale value.
 
 Segment Reporting
 
 (a) Primary Segment Information
 
 The company''s operation primarily relates to manufacturing of Knitted
 socks, head band and wrist band and trading in yarn. Accordingly
 segments have been identified in line with Accounting Standard on
 Segment Reporting AS-17. Sale of socks and yarn are the primary
 segment and there is no other segment.
 
 Secondary segment information:
 
 The company caters mainly to the need of Indian market and there is no
 Export sale, therefore no reportable geographical segments.
 
 1.5 In view of paucity of funds no salary were paid to any of the
 Director for the financial year, however in view of directors
 confirmations not to avail any remuneration, no provision for liability
 is required.
 
 1.6 In Terms of Provisions of Accounting Standard 28 ( AS28) issued by
 The Institute of Chartered Accountants of India the company had
 provided for loss due to impairment of assets during 2004-05. The Value
 in use being uncertain due to sickness of unit, recoverable amount was
 reduced from carrying amount and resultant loss ( impairment loss) was
 debited to balance of Profit and Loss a/c .In view of high obsolence
 rate of machinery the board had decided to provide depreciation on
 original value of block of machinery.
Source : Dion Global Solutions Limited
Quick Links for highstreetfilatex
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.