Uniworth Textiles Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

Rights, Preferances and Restrictions attached to Shares Issued :

Each Equity Shareholder holding shares of Rs. 10/- each is eligible for one vote per share held and is entitled to dividend when proposed by the Board of Directors subject to the approval of the sharesholders in the Annual General Meeting. Each Equity Shares holders is entitled to participate in repayament of Capital on liqudation after all secured creditors have been paid.

1) Working Capital Loans etc. from Banks are secured /to be secured by first charges by way of hypothecation on the company''s stock of Raw Materials, Consumable stores, Semifinished & Finished Goods and book debts present & future.

2) State Bank of India and Punjab & Sind Bank have filed applications against the Company before the Debt Recovery Tribunal, Kolkata for the recovery of their dues.The matters are pending and lying subjudice.

3) The outstanding balance of borrowings from the banks for Working Capital Loans, Overdraft and Cash Credit are subject to receipt of confirmation/statements which could not be obtained due to restructuring being in progress.

4) Efforts are made for recovery of Trade Recievable (including certain Domestics Sales Debts) In respect of the above debts adjustment are pending against supplies and other liabilities etc due to the buyers.

The Management is confident of recovering the balance after such adjustments pending approval from the concerned regulatory authority.

5) Trade Recievable include :-

Overdue Export Bills amounting to Rs.2060.62 Lacs outstanding for long after realization of Rs.236.03 Lacs from such debtors till 31.03.2014 pursuant to a decree in UK Court.

The Management considered that the remaining portion of the debt which is not covered by above decree will be fully adjustable against dues to the party in respect of supplies etc. on receipt of approval from the regulatory authorities.

6) Trade Recievable (over 6 months) also include Rs.1025.28 Lacs due from a customer based in UK in respect of consignment made to them for which suits have been filed by the company for recovery of the dues.The Management has been legally advised that such dues will be recovered.

7) Trade Recievable includes Rs. 176.68 Lacs due from the companies which have become sick and refereed to BIFR under Sick Inndustrial Companies ( Special Provisions ) Act, 1985. In the absence of rehabiliation scheme amount of provision if any required has not been ascertained at this stage.

8) Claims receivable from various banks amounting to Rs.63.06 Lacs on account of excess interest charged by them in earlier years which are subject to confirmation. However as explained by the Management the Banks have not disputed the claims.

9) The Miscellaneous Advances includes dues from certain Banks amounting to Rs.299.87 Lacs settlement of which is pending restructuring.

10) Loans and Advances includes Rs. 33.90 Lacs due from the companies which have become sick and refereed to BIFR under Sick Inndustrial Companies ( Special Provisions ) Act, 1985. In the absence of rehabiliation scheme amount of provision if any required has not been ascertained at this stage.

11) Advances include Rs. 539.00 Lacs due from a party, which in the opinion of the management is considered to be fully recoverable.

12) During the year the company paid Rs 211.70 Lacs as advance to overseas consultant on the basis of Advance Invoice raised by the Consultant for providing technical knowhow and marketing assisstance. The consultant failed to provide neccassary services and the Management is contemplating legal action against him. As the extent of recoverabilty of the amount is presently unascertainable, no provision has been made for the same.

13) Contingent Liabilities and Commitments

(To the extent not provided for)

i) Contingent Liabilities

a) Guarantees Letter of Credit 16,970 16,970 Bank Gurantee 4,179 4,005 Corporate Gaurantee 2,00,000 2,21,149 2,00,000 2,20,975

b) Other money for which the company is contingently liable: Excise Demands 13,67,637 13,70,159 Income Tax 1,531 1,531 Demands are in various 1,450 13,70,618 1,450 13,73,140 forums/Authorities. Total 15,91,767 15,94,115

ii) Commitments

Estimated Amount of Contracts remaing 11,972 - to be executed on Capital Account and not provided for

Total 11,972 -

13) The Company is a Sick Industrial Undertaking and has been registered with BIFR u/s 15 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985.Act, 1985.The Restructuring Scheme of the company is under preparation. However, these Accounts have been prepared on a Going Concern basis as the Management is of the view that the going concern assumption is not vitiated.

14) Trade Payable, Trade Receivable and Advances are subject to confirmation.

15) Advances include Rs.30000/- (Previous year Rs.166283/-) being amount due from an officer of the company (Maximum amount due at any time during the year Rs.178352/- (Previous Year Rs.634588/-).

16) Related Party Disclosures under AS - 18 i) Related Parties Relationship :

a) Key Management Personnel Mr N K Garg (Executive Director) b) Other Related Parties Uniworth Limited Uniworth Apparel Limited

Note: The enterprise listed under (b) above over which Key Management Personnel are able to exercise signficant influence.

F. The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary and practicable. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

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Mar 31, 2013

1. Share Capital

a) Rights, Preferances and Restrictions attached to Shares Issued :

Each Equity Shareholder holding shares of Rs. 10/- each is eligible for one vote per share held and is entitled to dividend when proposed by the Board of Directors subject to the approval of the shareholders in the Annual General Meeting.

Each Equity Shares holders is entitled to participate in repayment of Capital on liquidation after all secured creditors have been paid.

2. Long Term Provisions :

Notes : The final settlement in respect of Sales claims & Commission provided during the Year 2002-2003 for Rs.1674.45 Lacs is still pending and the necessary adjustment for such claims and commission will be made after finalization on receipt of necessary approval from concerned regulatory authority.

3. Short Term Borrowings :

Notes :

i) Working Capital Loans etc. from Banks are secured /to be secured by first charges by way of hypothecation on the company''s stock of Raw Materials, Consumable stores, Semifinished & Finished Goods and book debts present & future.

ii) State Bank of India and Punjab & Sind Bank have filed applications against the Company before the Debt Recovery Tribunal, Kolkata for the recovery of their dues. The matters are pending and lying subjudice.

iii) The outstanding balance of borrowings from the banks for Working Capital Loans, Overdraft and Cash Credit are subject to receipt of confirmation/statements which could not be obtained due to restructuring being in progress.

4. Non-Current Investments

Note :

i) Investment includes Rs.14.05 Lacs being amount of shares in Companies which have become Sick and registered/ referred to BIFR under the Sick Industrial Companies (Special Provisions) Act, 1985. No provision has, however, been considered necessary by the management at this stage.

ii) Quaoted Investment worth Rs.13.23 Lacs have been lent to another Company.

iii) Investment Valued at Lower of Cost after writing down permanent dimunition in Value.

5. Inventories

Note :

(i) Efforts are made for recovery of Trade receivable (including certain Domestics Sales Debts) In respect of the above debts adjustment are pending against supplies and other liabilities etc due to the buyers.

The Management is confident of recovering the balance after such adjustments pending approval from the concerned regulatory authority.

(ii) Trade receivable include :-

Overdue Export Bills amounting to Rs.2060.62 Lacs outstanding for long after realization of Rs.236.03 Lacs from such debtors till 31.03.2013 pursuant to a decree in UK Court.

The Management considered that the remaining portion of the debt which is not covered by above decree will be fully adjustable against dues to the party in respect of supplies etc. on receipt of approval from the regulatory authorities.

(iii) Trade receivable (over 6 months) also include Rs.1025.28 Lacs due from a customer based in UK in respect of consignment made to them for which suits have been filed by the company for recovery of the dues. The Management has been legally advised that such dues will be recovered.

(iv) Trade receivable includes Rs. 176.68 Lacs due from the companies which have become sick and refereed to BIFR under Sick industrial Companies (Special Provisions) Act, 1985. In the absence of rehabilitation scheme amount of provision if any required has not been ascertained at this stage.

6. Cash and Cash Equivalent

Notes :

i) Current Account with Banks includes certain debit balances which are subject to receipt of confirmations/statements. These could not be obtained due to restructuring being in progress.

ii) Margin Deposit with banks aggregating Rs.40.05 Lacs have been pledged as security against guarantee given by Banker for the Company.

7. Short Term Loans and Advances

Notes :

i) Claims receivable from various banks amounting to Rs.63.06 Lacs on account of excess interest charged by them in earlier years which are subject to confirmation. However as explained by the Management the Banks have not disputed the claims.

ii) The Miscellaneous Advances includes dues from certain Banks amounting to Rs.299.87 Lacs settlement of which is pending restructuring.

iii) Loans and Advances includes Rs. 33.90 Lacs due from the companies which have become sick and refereed to BIFR under Sick Industrial Companies (Special Provisions) Act, 1985. In the absence of rehabilitation scheme amount of provision if any required has not been ascertained at this stage.

8. Contingent Liabilities and Commitments (To the extent not provided for) (Rs. in 000''s) Particulars 2012-13 2011-12

i) Contingent Liabilities

a) Guarantees Letter of Credit 16,970 16,970 Corporate Guarantee 2,00,000 2,16,970 2,00,000 2,16,970

b) Other money for which the company is contingently liable : Excise Demands 13,70,159 13,70,159 Income Tax 1,531 1,531

Demands are in various forums/ Authorities 1,450 13,73,140 1,450 13,73,140

Total 15,90,110 15,90,110



9. The Company is a Sick Industrial Undertaking and has been registered with BIFR u/s 15 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985.Act, 1985.The Restructuring Scheme of the company is under preparation. However, these Accounts have been prepared on a Going Concern basis as the Management is of the view that the going concern assumption is not vitiated.

10. Trade Payable, Trade Receivable and Advances are subject to confirmation.

11. Advances include Rs.166283/- (Previous year Rs.23960/-) being amount due from an officer of the company (Maximum amount due at any time during the year Rs.634588/- (Previous Year Rs.196707/-).

12. Defined Benefit Plan :

The employee''s gratuity fund scheme is a defined benefit plan. The present value of obligation is determined on the basis of actuarial valuation using Projected Unit Credit method. Consequent on the valuation by actuaries, the gratuity liability as on 31.3.2013 stood at Rs. 145.11 lacs.

13. The previous year figure have been regrouped/reclassified wherever necessary.

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Mar 31, 2010

31.03.2010 31.03.2009 (Rs. in lacs) (Rs. in lacs)

1. a) Letters of Credit and Guarantees outstanding 169.70 169.70

b) Corporate Guarantee 2000.00 2000.00

c) Contingent Liabilities

Nature Status indicating unutilities

Central Excise Duty Lying in appeal with CEGAT, 13702.38 13682.84

(including penalty) Mumbai/New Delhi -

Deposited Rs. 0.79 lacs

Income Tax C.I.T. Aappeals - 15.31 15.31 Deposited Rs. 13.50 lacs

Others Demands are in dispute in 14.50 14.50 various forums/authorities

2. The Company is a Sick Industrial Undertaking and has been registered with BIFR u/s 15 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985. The Restructuring scheme of the company is under preparation. However, these Accounts have been prepared on a Going Concern basis as the Management is of the view that the going concern assumption is not vitiated.

3. State Bank of India and Punjab & Sind Bank have filed applications against the Company before the Debt Recovery Tribunal, Kolkata for the recovery of their dues. The matters are pending and lying subjudiced.

4. Investment and Current Assets includes the understated amounts receivable from Companies which have become Sick and registered/referred to BIFR under the Sick Industrial Companies (Special Provisions) Act, 1985. No provision has been considered necessary by the management at this stage.

5. Advances include Rs. NIL (previousyearRs.NIL/-)beingamountduefromanofficerofthecompany (Maximum amount due at any time during the year Rs. 198779/-; (Previous Year Rs. 201954/-).

6. Sundry Creditors include

A. Advance from Customers Rs,3,99,76,787/- (Previous Year Rs.4,26,44,542/)

7. Interest provision on borrowings from some of the institutions and banks has been made in the accounts under simple interest method at prevailing/estimated rates applicable on such borrowings. The impact of compound interest/penal charges wherever applicable could not be ascertained.

8. The outstanding balance of borrowings from the banks and Term Loans from Financial Institutions are subject to receipt of confirmation/statements.

9. Advances recoverable in cash or in kind or for value to be received include claims receivable from various banks amounting to Rs.63.06 Lacs on account of excess interest charged by them in earlier years which are subject to confirmation. However as explained by the Management the Banks have not disputed the claims.

10. Debtors, Creditors and Advances are subject to confirmation.

11. (a) Efforts are made for recovery of Sundry Debtors (including certain Domestic Sales Debts). In respect of the above debts, adjustments are pending against supplies and other liabilities etc. due to the buyers.

The Management is confident of recovering the balance after such adjustments pending approval from the concerned regulatory authority.

(b) Sundry Debtors include :

Overdue Export Bills amounting to Rs.2060.62 Lacs outstanding for long after realization of Rs.236.03 Lacs from such debtors till 31.03.2010 pursuant to a decree in UK Court.

The Management considered that the remaining portion of the debt which is not covered by above decree will be fully adjustable against dues to the party in respect of supplies etc. on receipt of approval from the regulatory authorities.

(c) Sundry Debtors (over 6 months) also include Rs. 1025.28 Lacs due from a customer based in UK in respect of consignment made to them for which suits have been filed by the company for recovery of the dues. The Management has been legally advised that such dues will be recovered.

12. The final settlement in respect of Sales claims & Commission provided during the Year 2002-2003 for Rs.1674.44 Lacs is still pending and the necessary adjustment for such claims and commission will be made after finalization on receipt of necessary approval from concerned regulatory authority.

13. The Company has applied from time to time to Reserve Bank of India for certain Permission/approval " relating to transactions where their approvals are required.

14. Margin Deposit with banks aggregating Rs.43.88 Lacs have been pledged as security against guarantee given by Banker for the Company.

15. Garments & Stores have been acquired in earlier year from a debtor in settlement of debt and the stocks are lying on our account with them.

16. Inter-Unit transfer of Rs.652.38 Lacs (Previous year Rs.2175.69 lacs) is included in sales and Raw material consumed.

17. a) The disclosures required under Accounting Standard 15 "Employee benefits" notified in the companies (Accounting Standard) Rules 2006 are given below :

Contribution to Defined Contribution Plan recognized and charged off for the year are as under:

(i) Employers contribution to Provident Fund Rs. 9,48,344/-

(The company makes contribution to Govt. Statutory Fund.)

Contribution to Family Pension Fund. Rs. 12,29,152/-

(ii) Defined Benefit Plan :

- The employees gratuity fund scheme is a defined benefit plan. The present value of obligation is determined on the basis of actuarial valuation using Projected Unit Credit method. Consequent on the valuation by actuariaries, the gratuity liability as on 31.03.2010 stood at Rs. 79.99 lacs.

- Leave is accounted for an accrual basis.

18. Previous year figures have been regrouped/rearranged wherever considered necessary.