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Moneycontrol.com India | Notes to Account > Textiles - General > Notes to Account from Kumar Wire Cloth Manufacturing Company - BSE: 513703, NSE: N.A
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Kumar Wire Cloth Manufacturing Company

BSE: 513703|ISIN: INE840A01011|SECTOR: Textiles - General
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Kumar Wire Cloth Manufacturing Company is not listed on NSE
Mar 14
Notes to Accounts Year End : Mar '16

accounts have been prepared under the historical cost convention and on the basis of going concern. hunting policies not specifically referred to are consistent and in consonance with generally accepted accounting principles. pansies and income to the extent considered payable and receivable respectively are accounted for on accrual basis except ability in respect of excise duty on finished goods lying in factory premises and Export incentives on Export sales.

AVENUE RECOGNITION

les is recognised at the time of despatch of goods & revenue is recognised at the time of bills raised. come from services is recognised on completion of services.

fixed Assets :

assayed Assets are recorded at historical cost of acquisition or construction. -

Asset st of Plant & Machinery fabricated comprises of cost directly relatable to the specific Assets such as freight, interest laries and installation charges for bringing the asset to its working condition for use.

depreciation :

:citation has been provided on Written Down Value Method at the rates derived as per useful life specified in Part ''C'' of Schedule II 5 Companies Act, 2013. Depreciation on Land has not been provided.

liquation of Inventories :

w Materials are valued at cost.

impotents, Stores, Spares, Consumables, etc. are valued at cost, noshed Goods are valued at lower of cost or net realisable value.

vestments:

tents are valued at cost, retirement Benefits to Employees :

sent company does not have any employees who are eligible for retirement benefits. Hence no provision is made in the accounts ds retirement benefits.

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares

d) Aggregate number of bonus shares issued during the period of five years immediately preceding the reporting date.

Equity shares allotted as fully paid bonus shares by capitalization of reserves

Figures in brackets are relating to previous year.

The company is required to furnish the list of outstanding to Small Scale Industrial undertakings under the head 31 Current Liabilities. The Company had requested the vendors to furnish, the information with SSI Registration Number. Due to non receipt of the said information, the details are not furnished.

The balances of certain Sundry Debtors/ Sundry Creditors/ Loans and Advances and Unsecured loans are subject to confirmation. *

The company made a reference to the Board For Industrial & Financial Reconstruction (BIFR) and BIFR declared the company as sick on 21.02.2006 u/s 3(1 )(o) of the Sick Industrial Companies (Special Provisions) Act,1985.The rehabilitation scheme prepared by Karnataka Bank Limited as Operating Agency was

1. sanctioned by BIFR vide its order dated 25.02.2010. Later, BIFR sanctioned certain modifications to the scheme vide its order dated 3.9.2010 & 7.3.2012. The sanctioned scheme is under implementation. During the year the company paid the outstanding dues to creditors & towards Income Tax and Sales Tax except for the amounts due on March 31, 2015 to the extent of the Rs. 1.5 lacs, as the parties are not traceable.

2. Previous year figures have been regrouped / rearranged wherever necessary / possible.

Source : Dion Global Solutions Limited
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