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Kandagiri Spinning Mills
BSE: 521242|NSE: KANDAGIRI|ISIN: INE292D01019|SECTOR: Textiles - Spinning - Cotton Blended
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« Mar 12
Notes to Accounts Year End : Mar '13
1.1 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.23,09,00,807has been credited to revaluation reserve.
 
 1.2 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.
 
 1.3 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
 31,2012 US $ Nil) as at March 31,2013 and has a net unhedged exposure
 of US $ 9,04,602 (March31,2012US$ Nil).
 
 1.4 Raw material consumed-others include consumption of yarn for
 manufacture of double yarn.
 
 1.5 Power and fuel are (i) net of value of power generated by Wnd
 energy converters Rs.10,94,14,250 (2011-12 Rs.6,71,09,012)and (ii)
 after reckoning the reversal of carbon credit accrued in prior years of
 Rs. Nil (2011-12 Rs.48,99,288), as a measure of abundant caution, due
 to (a) rejection of claim for the credit by concerned sanctioning
 authorities and (b) inordinate delay in issue of validation report even
 after completion of inspection and documentation.
 
 1.6 Human resources - Particulars of managerial remuneration (i) To
 Managing Director - Salary Rs.21,60,000 (2011-12 Rs.21,60,000),
 Perquisites Rs.14,40,000 (2011-12 Rs. 14,40,000); and (ii) To Joint
 Managing Director - Salary Rs.14,40,000 (2011-12 Rs.14,40,000),
 Perquisites Rs.9,60,000(2011-12Rs.9,60,000).
 
 1.7 Depreciation/amortisation - Depreciation for the year computed on
 revalued assets includes a charge of Rs.28,89,247 (2011 -12
 Rs.28,89,247) being the excess depreciation computed by the method
 followed by the company prior to revaluation and the same has been
 transferred from Revaluation reserve to the Profit and Loss account.
Source : Dion Global Solutions Limited
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