SENSEX NIFTY India | Notes to Account > Textiles - Spinning - Cotton Blended > Notes to Account from Kandagiri Spinning Mills - BSE: 521242, NSE: KANDAGIRI

Kandagiri Spinning Mills

BSE: 521242|NSE: KANDAGIRI|ISIN: INE292D01019|SECTOR: Textiles - Spinning - Cotton Blended
Jun 28, 16:01
Kandagiri Spinning Mills is not traded in the last 30 days
Mar 14
Notes to Accounts Year End : Mar '15
 1. Share Capital
 Rights and restrictions in respect of equity shares
 The company has one class of equity shares having a par value of Rs.10
 each.  Each holder of equity shares is entitled to one vote per share.
 In the event of liquidation of the Company, holder of equity shares
 will be entitled to receive remaining assets of the Company after
 distribution of all preferential amount. The distribution will be in
 proportion to the number of equity shares held by the shareholders.
 2. Contingent liabilities                          March          March
                                                 31, 2015       31, 2014
 (i) Claims against the company not           3,65,08,688    3,65,08,688
 acknowledged as debts
 (ii) Bills discounted with banks               47,89,500    2,76,85,194
 Out flow relating to above not practicable
 to indicate in view of the uncertainties
 3. Segment information
 The company''s primary segment is identified as business segment based
 on nature of products, risks, return and the internal business
 reporting system (i.e. cotton yarn) and operates in a single
 geographical segment as per Accounting Standard 17.
 4. Related party disclosure (as required under As 18)
 (i) Related parties with whom transactions have taken place during
 the year
 (1) Key management personnel
 Sri R. Selvarajan     - Chairman and Managing Director
 Sri S. Vijay Shankar  - Chief Financial Officer
 Ms. J. Asifa          - Company Secretary
 (2) Associate
 SPMM Healthcare Services Private Limited
 (3) Parties where significant influence exists
 S. Palaniandi Mudaliar Charitable Trust
 Kandagiri Spinning Mills Gratuity Trust
 Sambandam Siva Textiles Private Limited
 Sambandam Spinning Mills Limited
 5. The land and buildings of the company were revalued as on March
 31,2009 by an external valuer on the basis of estimated market value in
 the case of land and estimated depreciated replacement cost in the case
 of buildings. The resulting net surplus on such revaluation aggregating
 Rs.23,09,00,807 has been credited to revaluation reserve.
 6. Pursuant to the enactment of Companies Act, 2013 and according to
 the application guide on the provisions of Schedule II to the Companies
 Act, 2013, a sum of Rs.27,01,821, being the difference between
 depreciation based on the revalued carrying amount of the asset and
 depreciation based on its original cost, has been transferred to
 General Reserve from Revaluation Reserve account.
 7. Pursuant to the enactment of Companies Act, 2013, the Company has
 applied the estimated useful lives as specified in Schedule II, except
 in respect of certain assets as disclosed in Accounting Policy on
 Depreciation/Amortization. Accordingly the unamortized carrying value
 is being depreciated/amortised over the revised/remaining useful lives.
 The written down value of Fixed Assets whose lives have expired as at
 April 1,2014 have been adjusted net of tax, in the opening balance of
 profit and loss account amounting to Rs.18,36,586.
 8. The information required to be disclosed under the Micro, Small
 and Medium Enterprises Development Act, 2006 has been determined to the
 extent such parties have been identified on the basis of information
 available with the company. There are no overdues to parties on account
 of principal amount and/or interest and accordingly no additional
 disclosures have been made; and (ii) There are no amounts remaining
 unpaid or unclaimed for a period of seven years in respect of unpaid
 dividend, matured fixed deposits and interest thereon from the date
 they became payable by the company and hence there are no amounts
 remaining to be credited to the Investor Education and Protection Fund.
 9. Derivatives - The company uses derivative financial instruments
 such as forward contracts and option to hedge certain currency
 exposures, present and anticipated, denominated mostly in US dollars,
 Euro and Swiss Franks. Generally such contracts are taken for exposures
 materializing in the next six months. The company actively manages its
 currency rate exposures and uses these derivatives to mitigate the risk
 from such exposures. The company has hedged exposure of US $ Nil (March
 31,2014 US $ Nil) as at March 31,2015 and has a net unhedged exposure
 of US $ Nil (March 31,2014 US$ 2,22,178).
 10. Raw material consumed - others include consumption of yarn for
 manufacture of double yarn.
 11. Power and fuel is net of value of power generated by Wind energy
 converters Rs.8,63,00,718 (2013- 14 Rs.9,44,09,019).
 12. Human resources - Particulars of managerial remuneration (i) To
 Managing Director - Salary Rs.21,60,000 (2013-14 Rs.21,60,000),
 Perquisites Rs.14,40,000 (2013-14 Rs.14,40,000); and (ii) To Joint
 Managing Director - Salary Rs.Nil (2013-14 Rs.14,40,000), Perquisites
 Rs.Nil (2013-14 Rs.9,60,000).
 13. Employee benefits
 ii) Gratuity fund is administered through group gratuity scheme with
 SBI Life Insurance and by the Gratuity Trust through trustees.
 iii) During the year, the company has recognised the following amounts
 in the Statement of Profit and Loss:
 Salaries, wages and bonus include compensated absences of Rs.21,12,807
 (2013-14 Rs.4,53,631) Contribution to provident, gratuity and other
 funds include contribution to provident fund and family pension fund
 contribution of Rs.58,91,503 (2013-14 Rs.50,79,485) and gratuity fund
 of Rs.42,52,797 (2013-14 Rs.35,21,996). Workmen and staff welfare
 expenses include contribution to employees state insurance of
 Rs.22,81,226 (2013-14 Rs.16,89,508)
 14. The figures for the previous periods have been reclassified /
 regrouped / amended, wherever necessary.
Source :
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