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Kandagiri Spinning Mills

BSE: 521242|NSE: KANDAGIRI|ISIN: INE292D01019|SECTOR: Textiles - Spinning - Cotton Blended
Aug 17, 16:00
1.8 (4.59%)
Kandagiri Spinning Mills is not traded in the last 30 days
Mar 15
Notes to Accounts Year End : Mar '17

1. 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.

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 over dues 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.

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 Francs. 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, 2016 US $ Nil) as at March 31, 2017 and has a net unhedged exposure of US $ Nil (March 31, 2016 US$ Nil) as at March 31, 2017.

4. Raw material consumed - others include consumption of yarn for manufacture of double yarn.

5. Power and fuel is net of value of power generated by Wind energy converters Rs.7,27,12,865 (2015 16 Rs.6,94,17,256).

6. Human resources - Particulars of managerial remuneration (i) To Managing Director - Salary Rs.21,60,000 (2015-16 Rs.21,60,000), Perquisites Rs.14,40,000 (2015-16 Rs.14,40,000).

7. The company has recognized deferred tax liability of Rs.1,25,89,000 (2015-16 Rs.1,30,55,152) representing timing differences on account of depreciation. As a matter of prudence and in accordance with the Accounting Standard 22, the accrual of deferred tax asset has been restricted (in view of unabsorbed losses under the Income tax Act, 1961). An amount of Rs.1,25,89,000 (2015-16) has accordingly been accrued as deferred tax asset such that impact of net deferred tax considered in the Statement of Profit and loss of the current year is Rs. Nil. Deferred tax asset primarily comprises timing differences on allowances and unabsorbed losses/depreciation.

In the above actuarial valuation the estimated of future salary increases have reckoned the effect of inflation, seniority, promotion and other relevant factors.

8. Gratuity fund is administered through group gratuity scheme with SBI Life Insurance and by the Gratuity Trust through trustees.

9. During the year, the company has recognized the following amounts in the Statement of Profit and Loss:

Salaries, wages and bonus include compensated absences of Rs.5,87,049 (2015-16 Rs.9,21,541) Contribution to provident, gratuity and other funds include contribution to provident fund and family pension fund contribution of Rs.43,13,182 (2015-16 Rs.53,71,762) and gratuity fund of Rs.100,17,469 (2015-16 Rs.16,43,209). Workmen and staff welfare expenses include contribution to employees state insurance of Rs.15,61,942 (2015-16 Rs.20,94,968)

10. During the year, the Company had Specified Bank Notes (SBNs) or other denomination notes as defined in the MCA notification, G.S.R. 308(E), dated March 31, 2017. The details of SBNs held and transacted during the period from November 8, 2016 to December 30, 2016, the denomination-wise SBNs and other notes as per the notification are as follows:

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