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Moneycontrol.com India | Notes to Account > Textiles - Weaving > Notes to Account from LS Industries - BSE: 514446, NSE: N.A
LS Industries
BSE: 514446|ISIN: INE345D01031|SECTOR: Textiles - Weaving
LS Industries is not traded in the last 30 days
LS Industries is not listed on NSE
Mar 10
Notes to Accounts Year End : Mar '11
1. Commitments and Contingent Liabilities not provided for:
 (a) Bank guarantee in favor of vendors / Govt. authorities is ss66.88
 Lac (Previous Year- ss15.75 Lac).
 (b) Standby letter of credit issued by bank on behalf of direct / step
 down subsidiary company ss477.00 Lac (Previous Year Nil).
 (c) Corporate guarantees on behalf of step down subsidiary companies
 ss3572 Lacs equivalent to US$ 8 million.
 (d) Import duty saved against EPCG licenses is ss130.68 Lac (Previous
 Year ss4.64 Lac).
 2. Related party transactions :-
 (a) Disclosure of related parties and relationship between the
 Holding Company          : Strategybot Finance Private Limited, India
 Wholly Owned Subsidiaries: EZY Infosoft Pvt. Ltd., India LSIL
                            Singapore Pte. Ltd., Singapore 
 Fellow Subsidiaries      : Miracle Leasing &
                            Finance Limited., India Victor 
                             Leasing Limited., India 
 Limited Liability Partnership : LSI Textile LLP., India (Share - 90%) 
 Step down Subsidiary Companies : EZY Global Infotech FZE, UAE 
                     EZY APAC Limited,Marshall Islands 
                     EZY Infotech America Inc, Seychelles 
                     EZY EMEA Limited, Belize 
                     EZY Central Purchasing Limited, Marshall Islands 
                     Esys Distribution(Korea) Ltd, Korea
                     Esys Central Purchasing Limited, Marshall Islands 
                     Esys Pakistan Private Limited, Pakistan 
                     EZY Infotech (USA) Inc, Miami, USA 
                     EZY Infotech (Canada) Inc, Toronto, Canada 
                     EZY Infotech (M) Sdn.Bhd. Malaysia
                     EZY Infotech (Hong Kong) company Limited, Hongkong 
                     EZY Infotech Private Limited, Bangladesh 
                     EZY Infotech Private Limited, Sri Lanka 
                     EZY Infotech Private Limited, Pakistan 
                     EZY Infotech FZE, UAE EZY Infotech Gmbh, Germany
                     Esys Technologies Lanka Private Limited, Sri Lanka 
                     Esys D.O.O., Croatia
                     EZY Infotech Pte Limited, Singapore 
                     EZY Infotech B.V., The Netherlands
                     Esys Technologies Jsc , Vietnam 
                     EZY Logistics Private Limited, India
 Key Management Personnel          : Mr. Birendra Kumar, Akashdeep Sharma
 4.  Employee Benefits:-
 (i) Post Retirement Employee Benefits
 (a) Defined Contribution Plans:
 The company has Defined Contribution plans for post retirement
 employment benefits namely Provident Fund and Employee State Insurance
 Scheme. Expense for the same is being charged to Profit and Loss
 account for the year. During the year, the company has recognized an
 expenses of ss1,935,103/- (Previous Year ss135,692/-) in respect of
 contribution to Provident Fund.
 (b) Defined Benefit Plans:
 a) Gratuity: The liability for gratuity is determined on the basis of
 an actuarial valuation at the end of the year. Gains and losses arising
 out of actuarial valuations are recognized in the Profit and Loss
 Account for the year.  b) Leave encashment: Liabilities for compensated
 absences which is a defined benefit plan are determined based on
 independent year end actuarial valuation and the resulting charge is
 being accounted in Profit and Loss account.  Expected short term
 liability as assessed by actuary is accounted for on accrual basis.
 Accumulated liability pertaining to the services rendered with the
 vendor company, as derived on the basis of actuary valuation up to the
 date of appointment has been recovered.
 Actuarial assumptions:
 In accordance with Accounting Standard-15 (Revised 2005), an actuarial
 valuation was carried out on the basis of Projected unit credit
 method in respect of the aforesaid defined benefit plans based on the
 following assumptions:
 5.  Earning Per Share
 The basic and diluted Earning Per Share (EPS) have been calculated by
 dividing Net Profit for the year attributable to equity shareholders by
 the weighted average number of Equity Shares as per AS 20 as under:-
 *Since the share split is without consideration, it is treated as if it
 had occurred prior to the beginning of the previous financial year
 2009-2010, the earliest period reported.
 6. Segment Reporting
 On the basis of assessment of the risk and return differential in terms
 of AS-17, the Company has identified ''Wholesale Trading'' and
 ''Manufacturing'' as primary reportable business segments. Further, the
 geographical segments have been considered as secondary segment and
 bifurcated into ''Within India'' and ''outside India''. The accounting
 policy in respect of segments is in conformity with the accounting
 policies of the enterprise as a whole. The revenue and expenditure in
 relation to the respective segments have been identified and allocated
 to the extent possible. Other item i.e. corporate office expenses, etc.
 not allocable to specific segments are being disclosed separately as
 unallocated and adjusted directly against the total Income of the
 Strength to their existing business associate in order for them to
 transfer business agreements in favor of the company, they have
 incurred huge losses and thus, they have debited the company by ss24.00
 Crore. This has been reviewed by the Board of Directors of the company
 thoroughly, and based on circumstances of the whole situation; it
 decided to take this as a onetime acquisition cost of the running
 established business. However, without prejudice to any accounting
 treatment, the company has filed a legal suit in the proper court of
 law for defending its claim.
 15.  Micro, Small Scale Business Entities
 The Company has not received information from vendors regarding their
 status under the Micro, Small and Medium Enterprises Development Act,
 2006 and hence disclosure relating to amounts unpaid as at the year end
 together with interest paid / payable under this Act has not been
 16. Balances of sundry debtors, sundry creditors, advances given,
 advances received are subject to reconciliation and confirmation from
 respective parties. The balance of said sundry debtors, sundry
 creditors, and advances given and received are taken as shown by the
 books of accounts. The ultimate outcome of such reconciliation and
 conformation cannot presently be determined; therefore no provision for
 any liability that may result out of such reconciliation and
 confirmation has been made in the financial statement.
 17. The loans & advances, debtors and other current assets are reviewed
 annually and there value in the ordinary course of business will not be
 less than the amount at which they are stated in the Balance Sheet as
 assessed by the management.
 18. Previous year figures have been regrouped and reclassified,
 wherever material and considered necessary to conform to current year''s
 19.  Figures in bracket indicate deductions / previous year as the case
 may be.
 20.  Schedules 1 to 19 form an integral part of the Balance Sheet and
 Profit & Loss A/c for the year ended 31st March 2011.
Source : Dion Global Solutions Limited
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