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Kandagiri Spinning Mills
BSE: 521242|NSE: KANDAGIRI|ISIN: INE292D01019|SECTOR: Textiles - Spinning - Cotton Blended
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Kandagiri Spinning Mills is not traded in the last 30 days
Mar 13
Notes to Accounts Year End : Mar '14
1. Contingent liabilities
 
 (i) Claims against the company not 
 acknowledged as debts                       3,65,08,688    3,65,08,688
 
 (ii) Bills discounted with banks            2,76,85,194              - 
 Out flow relating to above not 
 practicable to indicate in view of 
 the uncertainties involved
 
 2. 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.
 
 3. 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.
 
 4. 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.
 
 (i) 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.
 
 5. 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, 2013 US $ Nil) as at March 31, 2014 and has a net unhedged exposure
 of US $ 2,22,178 (March 31, 2013 US$ 9,04,602).
 
 6. Raw material consumed - others include consumption of yarn for
 manufacture of double yarn.
 
 7. Power and fuel is net of value of power generated by Wind energy
 converters Rs.9,44,09,019 (2012-13 Rs.10,94,14,250).
 
 8. Human resources - Particulars of managerial remuneration
 
 (i) To Managing Director        - Salary Rs. 21,60,000 (2012-13 Rs.
                                   21,60,000), Perquisites Rs.14,40,000
                                   (2012-13 Rs.14,40,000);
 
 (ii) To Joint Managing Director - Salary Rs.14,40,000 (2012-13 
                                   Rs.14,40,000), Perquisites 
                                   Rs. 9,60,000 (2012-13 Rs.9,60,000).
 
 9. Depreciation / Amortisation - Depreciation for the year computed
 on revalued assets includes a charge of Rs.28,89,247 (2012-13
 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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