1 Corporate Information
Super Spinning Mills Limited is a public limited company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
The company is engaged in the manufacture and selling of cotton yarn
and its shares are listed on the Bombay Stock Exchange and the National
Stock Exchange. The company has manufacturing units in Tamil Nadu and
2.1 There is no change in the number of shares outstanding at the
beginning and at the end.
2.2 Details of security for Long-term Borrowings
The term loans from banks and financial institutions are secured by:
a. Pari-passu first charge on specific Moveable and Immoveable
properties of the Company.
b. Second charge on current assets of the Company.
3.1 Working Capital loans are secured by:
a. First charge by way of Hypothecation of Inventories, Book Debts and
other current assets of the Company.
b. Second charge on specific Moveable and Immoveable properties of the
4 Trade Payables
The company has initiated the process of obtaining confirmation from
suppliers who are covered under the Micro, Small and Medium
Enterprises Development Act, 2006. Based on the information and
evidence available with the company, there are no dues to Micro, Small
and Medium Enterprises, outstanding as on 31.03.2012.
5.1 Contingent Liabilities: 31.03.2012 31.03.2011
Letters of Credit 1,715.28 2,310.30
Bank Guarantees 6.00 6.00
Bills discounted with company''s bankers 738.11 2,886.91
Disputed demands from Income tax authorities 1,757.62 3,058.64
Disputed Excise duty liability 75.98 287.57
Disputed Sales tax liability 83.93 83.93
Corporate Guarantee to bank on behalf
of subsidiary 270.00 270.00
5.2 Details of employee benefits as required by the Accounting
Standard 15(Revised) are as under:
a) Description of the company''s defined plan: The company operates a
defined plan for payment of post employment benefits in the form of
Benefits under the plan are based on pay and years of service and are
vested on completion of five years of service, as provided in the
Payment of Gratuity Act, 1972. The terms of benefit are common for all
the employees of the company.
e) Investment Details: LIC Group Gratuity(Cash Accumulation) Policy -
100% invested in Debt instruments.
5.3 The revised Schedule VI has become effective from 1st April 2011,
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous years figures have been regrouped and
reclassified, wherever necessary, to correspond with the current years
classification / disclosure.