1. GENERAL INFORMATION
ADINATH TEXTILES LIMITED is a public limited company incorporate in
India under the provisions of the Companies Act,1956.The company is
engaged in the business of Manufacturing of Blended acrylic Yarn and
Trading of Unstitched Suitings, Shirtings & Dress Materials.
2 CONTINGENT LIABILITIES NOT PROVIDED FOR :
a) Outstanding Excise Duty (Penalty) of Rs. 10,00,000/-**.
** Note: The amount includes Rs.5,00,000/- has been deposited under
protest.
3 In the opinion of the Board of Directors, the current assets, loans
and advances have a value on realisation in the ordinary course of
business at least equal to the amount at which they are stated except
as expressly stated otherwise.
4 Since the company has become sick and has been registered with the
Board for Industrial and Financial Reconstruction.
5 Confirmation of balances, whether in debit or credit from parties
have not been obtained. As such their effect on Profit & Loss Account
cannot be reflected.
6 As per Accounting Standard (AS)-28 on "Impairment of Assets"At
each Balance Sheet date, an assessment is made whether any indication
exists that an asset has been impaired. If any such indication exists,
an impairment loss i.e. the amount by which the carrying amount of an
asset exceeds its recoverable amount is provided in the books of
account.
7 Previous year figures have been regrouped/recasted wherever
necessary to make them comparable.
8 Sundry Debtors exceeding six month amount to Rs.11858779.89/-
,against which provision of Rs 5500000 /- has been made. However the
company has filed suits against some of the debtors whose outstanding
amount as on 31.03.2015 is Rs.4176132/-
A. Key Management Personnel and relatives of Key Management Personnel:
1. Key Management Personnel:
i) Rajneesh Oswal (Managing Director)
ii) Rajesh Kumar, CFO
iii) Preet Kanwar Singh, Company Secretary
2. Relatives of Key Management Personnel
i) Mr. Vishal Oswal (Brother)
ii) Mr. Kunal Oswal (Brother)
iii) Mrs. Priti Oswal (Wife)
iv) Mrs. Nirmal Oswal (Mother)
B. Entities Over Which Key Management Personnel and Relatives of Such
Personnels are able to Exercise Significant Influence
i) Punctual Dealers Private Limited
ii) Fountain Tie-up Private Limited
9 Employee Benefits (Defined Benefit Plan)
The Company has a defined benefit plan for gratuity and leave
encashments . The present value of obligation is determined based on
the actuarial valuation using the Project unit Credit Method, which
recognised each period of service as giving rise to additional unit of
employee benefit entitlement and measure each unit separately to build
up the final obligation.
The Accounting Standard (AS-15 Revised) prescribed by Companies
Accounting Standard Rules 2006 is being followed and the following
table summarize the components of net benefit/expenses recognised in
the statement of Profit and loss and the amount recognised in the
balance sheet for the gratuity and Leaves with wages plan.
10 Disclosure requirement as per AS - 19 on 'Leases':- factory
building is given on Lease to different parties for the period varies
between 1 to 7 years.
General description of the Lease agreement :
i) lease agreement can be terminated by either party by giving advance
notice either by lease or lessor.
ii) Leases can not sublet the building further.
iii) lease rent is subject to yearly increase by 10%.
11. C.I.F. value of Imports - NIL
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