| 1. Corporate Information:
The Company was formed in 1986 and manufactures draw warped and sized
yarn beams of polyester and nylon. It also manufactures textured and
twisted yarns of polyester and nylon. The Company also exports these
yarns and trades in textiles fabrics.
2. Related Party Disclosures
As per Accounting Standard 18, the disclosures of transactions with
related parties (with whom transaction exist) are given below:
i Related Party relationships :
a Where control exists
Super Infincon P. Ltd
Super Polyester Yarns Ltd.
b Key Management Personnel
G D Mishra
R K Mishra
S K Mishra
c Relatives of Key Management Personnel
G D Mishra A R Mishra R S Dhandh S B Sharma R S Mishra
H V Mishra R A Sharma S D Mishra U K Sharma
As At As At
31st March, 31st March,
2015 Rupees 2014 Rupees
in Lacs in Lacs
3. Contingent Liabilities and Commitments
I Contingent Liabilities
A Claims against the Company/disputed
liabilities not acknowledged as debt nor
provided for :
i Excise duty appeal before the Gujarat 792.11 792.11
High Court*
ii Excise appeal before the Appellate 67.32 67.32
Tribunal,WZB, Ahmedabad
Total 859.43 859.43
* Excise duty of Rs 792.11 lacs (Previous Year Rs 792.11 lacs),
relating to certain sales made from 4/7/1995 to 22/10/1996, was
demanded by the Commissionerate, Daman, alongwith equal penalty,
interest thereon and a fine of Rs 21 lacs (Previous Year Rs 21 lacs).
The Company appealed against the said order with CESTAT, Ahmedabad. The
CESTAT has decided in favour of the Company. The Excise department has
appealed before the Gujarat High Court.
II Commitments
i Estimated amount of contracts remain to be
executed on capital account and not provided 0.00 0.00
for
ii No provision for Minimum Alternate Tax(MAT) under section 115JB of
the Income Tax Act, 1961 has been made in view of legal opinion
received by the Company.
4. The Sales Tax assessments at Silvassa and Dharampur are completed
upto F.Y. 2011-12 and F.Y. 2010-11 respectively. The income tax
assessment of the Company is completed upto A.Y.2011-12.
5. Previous Year's figures have been re-grouped/re-arranged wherever
necessary.
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