| 1: Corporate Information
Addi Industries limited (the company) is a public limited company
incorporated in the year 1980 under the provisions of the Companies
Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The
Company is engaged in the manufacturing and marketing of readymade
garments.
2. Share Capital
(a) Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs. 5/- per share. Each holder of Equity shares is entitled to one vote
per share. 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 ensuring Annual General Meeting. 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
3. a) Contingent Liabilities
i) Claims against the company, not accepted and not provided for: Rs.
7,742,020 towards Employees State Insurance (March 31, 2014: Rs.
7,742,020).
4. (i) Defined Benefit plans
The employee's gratuity fund scheme defined unfunded benefit plan. The
present value of obligation is determined based on actuarial valuation
using the projected unit credit method, which recognizes each period of
service as giving rise to additional unit of employees benefit
entitlement and measures each unit separately to built up the final
obligation. The obligation for leave encashment is a defined unfunded
benefit plan, which is recognized in the same manner as gratuity.
5. Disclosure of Related parties/ Related parties transactions:
A. Name of the Related Parties and description of relationship
i) Wholly owned Subsidiary Company
Aum Texffab Pvt. Ltd.
ii) Key Management Personnel
Mr. C.L. Jain
Mrs. Urmila Jain Mr. Atul Jain
6. In view of the management,the current assets,loans and advances have
a value on realization in the ordinary course of business at least
equal to the amount at which they are stated in the balance sheet as at
31.03.2015.
7. The company is in business of single product "ready garments".
Therefore, the requirements in context of the Accounting Standard -17
Segmental Reporting" are not applicable.
8. The closing balances of creditors and loans and advances are subject
confirmation.
9. Previous year figures have been regrouped/ rearranged wherever
considered necessary.
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