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Haryana Texprints (Overseas) Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) - P/BV - Book Value (Rs.) -
52 Week High/Low (Rs.) - FV/ML - P/E(X) -
Bookclosure - EPS (Rs.) - Div Yield (%) -
Year End :2015-03 
1. Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of Re.1 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 any of the 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.

The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of Shareholders in the ensuing Annual General Meeting. During the year ended 31st March 2015, the amount per share dividend recognised as distribution to equity share holders is Re.0.10 per equity share of Re. 1 /-each (Previous year - NIL)

(d) The Company has not issued any shares for consideration other than in cash or by way of bonus during a period of five years immediately preceding the balance sheet date.

2. Nature of Security

Term loans from bank is secured by hypothecation of plant & machinery, furniture & fixture and other fixed assets (present as well as proposed to be purchased). The Term Loan is also secured by personal gurantee of promoters and equitable mortgage of land & building situated at Plot No.3, Sector -25, Faridabad.

3. CONTINGENT LIABILITIES

a) Demand under Haryana VAT ACT, 2003 and CST ACT, 1956 for the Assessment Year 2003-04, 2004-05, and 2006- 07 amounting to Rs. 60.18 Lacs (Previous Year - Rs.60.18 Lacs) against which Company has filed an appeal before Joint Commissioner (Excise &Taxation) Faridabad & Tribunal at Chandigarh.

b) Textile Committee Cess Rs. 4.06 Lacs upto December 2000 (Previous year Rs. 4.06 Lacs)

c) Tax Demand of Rs. 21.46 Lacs for assessment year 2000-01 (Previous year - Rs. 21.46 Lacs) under Haryana Local Area Development Tax Act,2000.

d) The Company (through Faridabad Textile Processors Association) has filed writ petition before Hon'ble Punjab & Haryana High Court in the matter of applicability of Sales Tax on Job work. The company may be liable to pay Sales Tax on Job Work already / to be undertaken by it, if the case is not decided in the favour of the Company / Association the amount of which is unascertainable (Previous year NIL).

e) Estimated amount of Capital commitment remaining to be executed on capital account(Net of Capital Advance) Rs. NIL (Previous Year Rs.2155699.00)

f) Bank Guarantees given by the Compnay (Net of Margin ) Rs. 1074552.00 (Previous Year Rs. 924552.00)

4. RELATED PARTY DISCLOSURES

As per Accounting Standard (AS)-18 issued by The Institute of Chartered Accountants of India, the disclosure of

transactions with the Related Parties as defined in Accounting Standard are given below:

Related parties with whom transactions have taken place and relationships:

ASSOCIATES

  1     Shri Balaji Trading Company       Firm in which M.D. is
                                          Proprietor

  2     Indian Texprints                  Firm in which E.D. is
                                          Proprietor

  3     Tanfac Apparels Ltd.              Company in which E.D. is
                                          Director
KEY MANAGMENT PERSONNEL

  1     Shri N.P. Jhanwar                 Managing Director

  2     Shri R.N. Maheshwari              Executive Director

  3     Shri S.N. Maheshwari              Director

  4     Shri Aditya Maheshwari            CFO

  5     Ms. Sneha   Gera                  Company Secretary
Relative of Key Management Personnel

  1     Shri Aditya Maheshwari            Son of Executive Director

  2     Ms Swati Mahwshwari               Daughter of Managing Director

  3     Smt. Devki  Maheshwari            Wife of Director
4 Shri Laxmi Narayan S Maheshwari Son of Director

5. Effective from 1st April 2014, the Company has revised estimated useful life of all of its fixed assets as per Schedule II of the Companies Act, 2013 other than Plant & Machinery wherein Management has estimated that the useful life worked out as per the residual value, the carrying amount of the Fixed Assets of Rs. 2.82 lacs (net of deferred tax assets of Rs. 1.36 lacs) on account of fixed assets whose useful life has already exhausted as on 1st April, 2014 have been adjusted to retained earnings. Had there not been any change in the useful life of the fixed assets,there would not have been any material change in the amount of depreciation for the year ended 31st March, 2015.

6. Provision on account of impairment of Assets as required under AS - 28 of ICAI has not been made, as in the opinion of the management, the carrying amount of the Assets is not less than the recoverable amount.

7. The Company is engaged in business of Textile viz Fabric Processing and Garment Manufacturing, which has been considered as one reportable segment, therefore, no disclosure on segment wise revenue etc., has been given.

8. Previous year figures have been re-grouped or rearranged wherever necessary.

The accomanying notes referred to above forms an integral part of the financial statements.


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