Damodar Industries Ltd. ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

Mar 31, 2018

1 The Company is engaged only in Textile business and there are no separate reportable segments as per Ind AS 108.

2 Rent Expenses

The Company has taken go down, residential & office premise under operating lease or leave and license agreement and these are cancellable leases. The lease terms in respect of such premises are on the basis of individual agreement entered into with the respective landlord/owner. The lease payments are recognized under the Rent expense in the note number 31 under " Rent ".

3 Related Party Disclosures

As per Accounting Standard 24, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below.

List of related parties where control exists and related parties with whom material transactions have taken place and relationships:

(a) Key Management Personnel (KMP)

Shri Arunkumar Biyani - Chariman & Director Shri Ajay D. Biyani - Managing Director Shri Anil D. Biyani - Whole-Time Director

(b) Relatives of Key Management Personnel (KMP) :

Mrs. Kanta Biyani, Mr. Aman Biyani, Mr. Akshay Biyani, Mrs. Manju Biyani, Mrs. Sanju Biyani, Ms. Risha Biyani, Ms. Anushree Biyani, Mrs. Payal Biyani, Mrs. Bhawna Biyani, Mrs. Savitridevi D Biyani, Mr. Aditya Biyani, Ms. Reiya Biyani, Ms. Jia Biyani, Ms. Kiara Biyani, Mrs. Radhika Biyani & Mr. Abhishek Biyani

(c) Other Related Parties (Enterprises - KMP having significant influence / Owned by Major Shareholders)

M/s. Shri Damodar Yarn Manufacturing Pvt.Ltd., M/s. Suam Overseas Pvt. Ltd., Ajay Biyani HUF, Arun Kumar Biayni HUF, Damodarlal Biyani HUF & Shri Damodar Foundation.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

VI) Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level.

4 Fair value measurement

Financial Instrument by category and hierarchy

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values :

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts."

3. For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values."

The Company uses the following hierarchy for determining and disclosing the fair value of financial instrument by valuation technique.

Level 1 : Quoted (unadjusted) price in active markets for identical assets or liabilities

Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. (Rs. In Lakhs)

Financial risk management objectives and policies

In the course of business, the company is exposed to certain financial risk that could have considerable influence on the Company''s business and its performance. These include market risk ( including currency risk, interest risk and other price risk), credit risk and liquidity risk. The Board of Directors review and approves risk management structure and policies for managing risks and monitors suitable mitigating actions taken by the management to minimize potential adverse effects and achieve greater predictability to earnings.

In line with the overall risk management framework and policies, the treasury function provides service to the business, monitors and manages through an analysis of the exposures by degree and magnitude of risks. It is the Company''s policy that no trading in derivatives for speculative purposes may be undertaken. The company uses derivative financial instruments to hedge risk exposures in accordance with the Company''s policies as approved by the board of directors.

a) Market Risk- Foreign currency risk.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to its operating activities. The Company manages its foreign Currency risk by hedging transaction that are expected to occur within a maximum 12 month periods for hedge of forecasted sales and purchases in foreign currency.

The hedging is done through foreign currency forward contracts.

c) Equity Price Risk

Equity price risk is related to the change in market reference price of the investments in quoted equity securities. The fair value of some of the Company''s investments exposes the company to equity price risks. At the reporting date, the company do not hold any equity securities.

d) Credit Risk

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on customer profiling, credit worthiness and market intelligence. Trade receivables consist of a large number of customers, spread across geographical areas. Outstanding customer receivables are regularly monitored.

The average credit period is in the range of 30 -90 days. However in select cases credit is extended which is backed by security deposit/bank guarantee/letter of credit and other firms. The Company''s Trade receivables consist of a large number of customers, across geographies hence the Company is not exposed to concentration risk.

The Company measures the expected credit loss of trade receivables from individual customers based on historical trend, industry practices and the business environment in which the entity operates.

Financial Assets are considered to be part of good quality and there is no significant increase in credit risk.

e) Liquidity Risk :

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company has obtained fund and non-fund based working capital limits from various banks. Furthermore, the Company access to funds from debt markets through short term working capital loans.

The table below summarizes the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments.

5 Export Promotion Capital Goods (EPCG)

Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at concessional duty subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant

Under Ind AS, proposed dividend is recognized as a liability in the period in which it is declared by the Company (usually when approved by the shareholders in a general meeting) or paid.

In the case of the Company, the declaration of dividend occurs after period end. Therefore, the liability for the year ended 31st March, 2016 recorded for the proposed dividend for the year along with dividend distribution tax is derecognized and provided in the financial year in which it is declared or paid under Ind AS.

ii) Both under Indian GAAP and Ind AS, the Company recognizes costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind AS, the actuarial gains and losses on re-measurements of net defined obligation are recognized in other comprehensive income. Thus the employee benefit cost is increased/decrease and remeasurement gains/losses on defined benefit plans has been recognized in the OCI net of tax.

Under previous GAAP there was no separate record in the financial statements for other Comprehensive Income (OCI). Under Ind AS, specified items of income, expense, gains and losses are presented under OCI.

iii) Under the Ind AS, change in fair value of cash flow hedge are recorded in OCI, net of tax.

iv) Apportionment of Government Grant recognised under Export Promotion Capital Goods (EPCG) scheme and corresponding charge of depreciation on account of grossing up of Property, plant & Equipment."

6 First time adoption of Indian Accounting Standards

These are Company''s first financial statements prepared in accordance with Ind AS. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for period ended 31 March 2018, together with the comparative period data as at and for the year ended 31st March, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Company''s opening balance sheet was prepared as at 1 April 2016, the Company''s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at 1st April 2016 and the financial statements as at and for the year ended 31 March 2017.

Exemptions Applied

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

I) Mandatory exemptions:

a) Estimates

An entity estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

Ind AS estimates at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP

ii) Optional exemptions:

a) Deemed Cost for Property Plant & equipment

lnd AS 101 permits a first time adopter to elect to fair value its property, plant and equipment as recognized in financial statements as at the date of transition to Ind AS, measured as per previous GAAP and use that as its deemed cost as at the date of transition or apply principles of Ind AS retrospectively. Ind AS 101 also permits the first time adopter to elect to continue with the carrying value for all of its property plant and equipment as recognized in the financial statements as at the date of transition to Ind AS. This exemption can be also used for intangible assets covered by Ind-AS 38.

Accordingly, as per Ind AS 101, the Company has elected to consider fair value of its property, plant and equipment, capital work in progress and intangibles as its deemed cost on the date of transition to Ind AS.

iii) Fair value measurement of financial assets and liabilities Under IGAAP the financial assets and liabilities were being carried at the transaction value.

First-time adopters may apply Ind AS 109 to day one gain or loss provisions prospectively to transactions occurring on or after the date of transition to Ind AS. Therefore, unless a first-time adopter elects to apply Ind AS 109 retrospectively to day one gain or loss transaction, transactions that occurred prior to the date of transition to Ind AS do not need to be retrospectively restated.

The Company has measured its financial assets and liabilities at amortized cost or fair value.

7 Other Current financial assets represents fair value of cash flow hedge.

8 The financial information of the Company for the year ended 31st March, 2017 and the transition date opening balance sheet as at 1st April, 2016 included in these Ind AS financial statements, are based on previously issued statutory financial statements for the year ended 31st March, 2017 and the year ended 31st March, 2016 prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were audited and the auditors had given unmodified opinion. The adjustments to those financial statements for the differences in accounting principles have been adopted by the Company on transition to the Ind AS.

9 The previous period figures have been regrouped reclassified, wherever considered necessary.

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Mar 31, 2017

1. Terms/Rights attached to equity shares

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2017, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 2.80 (31st March 2016 Rs.2.70).

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 proportion to the number of equity shares held by the shareholders.

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

- as stated by Directors taken on long term basis

2. The Term Loans of Rs 1121.35 lacs are secured by first pari passu charge on land and building situated at Dadra and Nani Tambadi, all the tangible movable machinery and plant together with spares tools and accessories and other movables, both present and future at Dadra and personal guarantees of three Directors. Term Loan of Rs 93.39 Lacs is secured by hypothecation of vehicles.

3. Current maturities on long term borrowings are included under note no 7 in Other Current Liabilities.

4. There are no defaults in repayment of loan and interest thereon as on March 31, 2017 for the loan under this head.

i) There was no amount due to small scale industrial undertaking at the close of the year. This disclosure is based on the document/information available to the Company regarding their status of the small scale undertakings.

ii) The above information has been compiled in respect of parties to the extent to which they could be identified as Micro, Small and Medium Enterprises on the basis of information available with the Company.

5. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency outstanding as at 31st March,2017 for export realization -Rs 7183.20 Lacs & for FCNR-B loan Rs. 676.70 lacs.

b. Foreign currency exposures that are not hedged by derivative instruments / Forward Contracts as at 31 st March 2017 amount to Rs 42.00 Lacs

6. Rent Expenses

The Company has taken godown, residential, office premise under operating lease or leave and license agreement. The lease terms in respect of such premises are on the basis of individual agreement entered into with the respective landlord/owner. The lease payments are recognized in the note number 23 under " Rent ".

7. Remittance in Foreign Currency on Account of Dividend

The Company has paid dividend in respect of shares held by Non-Residents on repatriation basis. This inter-alia includes portfolio investment and direct investment, where the amount is also credited to Non-Resident External Account (NRE A/c). The exact amount of dividend remitted in foreign currency cannot be ascertained. The total amount remittable in this respect is given herein below:

8. Balance in respect of unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

9. Comparative figures for previous year have been regrouped / rearranged wherever necessary.

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Mar 31, 2016

1. Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of '' 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2016, the amount of per share dividend recognized as distributions to equity shareholders was '' 2.70 (31st March 2015 '' 2.50)

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 proportion to the number of equity shares held by the shareholders.

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

* as stated by Directors taken on long term basis

2. The Term Loans of Rs 1121.41 lacs are secured by first pari passu charge on land and building situated at Dadra and Nani Tambadi, all the tangible movable machinery and plant together with spares tools and accessories and other movables, both present and future at Dadra and personal guarantees of three Directors. Term Loan of Rs 22.00 Lacs are secured by hypothecation of vehicles.

3. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency for export realization outstanding as at 31st March,2016 -Rs 7601.51 Lacs

b. Foreign currency exposures that are not hedged by derivative instruments / Forward Contracts as at 31st march 2016 amount to Rs 636.77

4. Rent Expenses

The Company has taken go down, residential, office premise under operating lease or leave and license agreement. The lease terms in respect of such premises are on the basis of individual agreement entered into with the respective landlord/owner. The lease payments are recognized in the note number 23 under " Rent ".

5. Remittance in Foreign Currency on Account of Dividend

The Company has paid dividend in respect of shares held by Non-Residents on repatriation basis. This inter-alia includes portfolio investment and direct investment, where the amount is also credited to Non-Resident External Account (NRE A/c). The exact amount of dividend remitted in foreign currency cannot be ascertained. The total amount remittable in this respect is given herein below

6. Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

7. Comparative figures for previous year have been regrouped / rearranged wherever necessary.

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Mar 31, 2015

1.1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 2.50 (31st March 2014 Rs.2.40)

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 proportion to the number of equity shares held by the shareholders.

2.1 The Term Loans of Rs 1642 lacs are secured by first pari passu charge on land and building situated at Dadra and Nani Tambadi, all the tangible movable machinery and plant together with spares tools and accessories and other movables, both present and future at Dadra and personal gurantees of three Directors. Term Loan of Rs 29.28 Lacs are secured by hypothecation of vehicles.

2.2 Current maturities on long term borrowings are included under note no 7 in Other Current Liabilities

As at As at 31.03.2015 31.03.2014

3. Contingent Liabilities (Rs.) 2014-15 (Rs.) 2013-14

Counter Gurantees given to Banks 26,372,000 20,338,500

Letter of Credit/Bill Discounting with Banks 251,911,473 763,955,338

DEPB Entitlement Refund Claim by DGFT 8,118,321 8,118,321

Central Sales Tax Dues under Appeal 7,437,996 7,437,996

Maharashtra Value Added Tax Dues under Appeal 4,291,001 4,291,001

4. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency for export realisation outstanding as at 31st March,2015 - Rs. 2495.28 Lacs.

b. Foreign currency exposures that are not hedged by derivative instruments / Forward Contracts as at 31st March, 2015 amount to Rs. NIL.

5. Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

6. Comparative figures for previous year have been regrouped / rearranged wherever necessary.

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Mar 31, 2014

1.1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2014, the amount of per Equity share dividend recognized as distributions to equity shareholders was Rs. 2.40 (31st March 2013 Rs.2)

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 proportion to the number of equity shares held by the shareholders.

1.2 The Term Loans of Rs. 2556.38 lacs are secured by first pari passu charge on land and building situated at Dadra and Nani Tambadi, all the tangible movable machinery and plant together with spares tools and accessories and other movables, both present and future at Dadra and personal gurantees of three Directors. Term Loan of Rs. 61.13 Lacs are secured by hypothecation of vehicles.

1.3 Current maturities on long term borrowings are included under note no 7 in Other Current Liabilities

1.4 Working capital loans are secured by hypothecation of present and future stock of raw materials ,stock in process, finished goods, stores and spares, packing materials, book debts & personal gurantees of three directors.

As at As at 31.03.2014 31.03.2013

2. Contingent Liabilities (Rs.) 2013-14 (Rs.) 2012-13

Counter Gurantees given to Banks 20,338,500 9,588,500

Letter of Credit/Bill Discounting with Banks 763,955,338 645,197,234

DEPB Entitlement Refund Claim by DGFT 8,118,321 8,118,321

Central Sales Tax Dues under Appeal 7,437,996

Maharashtra Value Added Tax Dues under Appeal 4,291,001

3. The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment.

4. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency for export realisation outstanding as at 31st March,2014- Rs. 998.485 Lacs

b. Foreign currency exposures that are not hedged by derivative instruments as at 31 st march 2014 amount to Rs. 2426.180 Lacs

5. Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

6. Comparative figures for previous year have been regrouped / rearranged wherever necessary.

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Mar 31, 2013

1. Contingent Liabilities

(Rs.) 2012-13 (Rs.) 2011-12

Counter Gurantees given to Banks 9,588,500 14,407,000

Letter of Credit/Bill Discounting with Banks 645,197,234 298,311,229

DEPB Entitlement Refund Claim by DGFT 8,118,321 8,118,321

2. The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment.

3. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency for export realisation outstanding as at 31st March,2013- Rs. 1285.334 Lacs

b. Foreign currency exposures that are not hedged by derivative instruments as at 31 st march 2013 amount to Rs 1821.087 Lacs

4. Remittance in Foreign Currency on Account of Dividend

The Company has paid dividend in respect of shares held by Non-Residents on repatriation basis. This inter-alia includes portfolio investment and direct investment, where the amount is also credited to Non- Resident External Account (NRE A/c). The exact amount of dividend remitted in foreign currency cannot be ascertained. The total amount remittable in this respect is given herein below:

5. Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

6. Comparative figures for previous year have been regrouped / rearranged wherever necessary.

7. The name of Company has been changed from Damodar Threads Limited to Damodar Industries Limited w.e.f. 22/01/2013

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Mar 31, 2012

1.1 Terms/Rights attached to equity shares:

The company has only one class of equity share having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2012, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 1.6 (31st March 2011 Rs.1 .5)

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 proportion to the number of equity shares held by the shareholders.

As per records of the company, including its regiater of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

2.1 The Term Loans of Rs. 3923.80 lacs are secured by first pari pasu charge on land and building situated at dadra and nani tambadi, all the tangible movable machinery and plant together with spares tools and accessories and other movables, both present and future at dadra and personal guantees of three Directors. Term loan of Rs. 16.22 lacs are secured by hypothecation of vehicles.

2.2 Current maturities on longterm borrowings are included under note no 7 in Other Current Liabilities

3.1 Working capital loans are secured by hypothecation of present and future stock of raw materials ,stock in process, finished goods, stores and spares, packing materials, book debts & personal gurantees of three directors.

4.1 As the market value of quoted investment fluctuates regularly the diminution in the value of investments has not been considered of the permanent nature and hence no provision of the same amounting to Rs.8,255/-(Previous Year - 8,243/-) has been made in the accounts.

5. Contingent Liabilities

2011-12 2010-11

Counter Gurantees given to Banks Rs. 14,407,000 23,704,600

Letter of Credit/Bill Discounting with Banks Rs. 298,311,229 368,033,038

DEPB Entitlement Refund Claim by DGFT Rs. 8,118,321 8,118,321

6. The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment.

7. During the year the Company has taken Mat Credit Entitlement of Rs. Nil (Previous year Rs. 213.58 Lacs) in relation to the prior years and the same is shown under the head 'Loans and Advances' in the balance sheet as there being a convincing evidence of realisation of such asset.

8. Financial and Derivative Instruments

a. Forward Contracts in Foreign currency for export realisation outstanding as at 31st March,2012- Rs. l092.38 Lacs

b. Foreign currency exposures that are not hedged by deivative instruments as at 31 st march 2012 amount to Rs 812.672 lacs

9. Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

10. Comparative figures for previous year have been regrouped / rearranged wherever necessary.

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Mar 31, 2011

1) Contingent Liabilities

Counter Gurantees given to Banks Rs. 23,704,600

Letter of Credit/Bill Discounting with Banks Rs. 368,033,038

DEPB Entitlement Refund Claim by DGFT Rs. 8,118,321

2) There was no amount due to small scale industrial undertaking at the close of the year. This disclosure is based on the document/information available to the Company regarding their status of the small scale undertakings.

3) The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment.

4) Related Party Disclosures

Key Managerial Personnel :

Name Designation

a. Shri Arun Kumar Biyani Chairman & Director

b. Shri Ajay D. Biyani Managing Director

c. Shri Anil D. Biyani Whole - Time Director

Associates & Relatives :

a. M/s. Panna Yarns Pvt. Ltd. Associates

b. M/s. Shri Damodar Yarn Associates Manufacturing Pvt.Ltd.

c. Ajay Biyani HUF Associates

d. Arun Kumar Biayni HUF Associates

e. M/s. Suam Overseas Pvt. Ltd. Associates

f. Mrs. Kanta Biyani - Relatives

g. Mr. Aman Biyani - Relatives

h. Mr. Aditya Biyani - Relatives i. Mr. Abhishek Biyani - Relatives

k. Mr. Akshay Biyani - Relatives

l. Mrs. Manju Biyani - Relatives

m. Mrs. Sanju Biyani - Relatives

n. Risha Biyani - Relatives

o. M/s. CSS Mercantiles Pvt. Ltd. - Associates

p. Ms Anushree Biyani - Relatives

q. Mrs Payal Biyani - Relatives

r. Mrs Bhawna Biyani - Relatives

s. Mrs Savitridevi D Biyani - Relatives

t. Mr Suresh Biyani - Relatives

5. During the year the Company has taken Mat Credit Entitlement of Rs .213.58 Lacs in relation to the prior years and the same is shown under the head 'Loans and Advances' in the balance sheet as there being a convincing evidence of realisation of such asset.

6) As the market value of quoted investmentfluctuates regularly the diminution in the value of investments has not been considered of the permanent nature and hence no provision of the same amounting to Rs.9,243/-(Previous Year -98,261/) has been made in the accounts.

7) Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirmation by respective parties.

8) Comparative figures for previous year have been regrouped / rearranged wherever necessary.

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Mar 31, 2010

1) Contingent Liabilities

Counter Gurantees given to Banks Rs. 23,704,600

Letter of Credit/Bill Discounting with Banks Rs. 242,164,202

2) There was no amount due to small scale industrial undertaking at the close of the year. This disclosure is based on the document/information available to the Company regarding their status of the small scale undertakings.

3) The Company is engaged in manufacturing and sale of Textile Products, which is the only reportable segment. I I) Related Party Disclosures

Key Managerial Personnel:

Name Designation

a. Shri Arun Kumar Biyani Chairman & Director

b. Shri Ajay D. Biyani Managing Director

c. Shri Anil D. Biyani Whole - Time Director

Associates & Relatives :

a. M/s. Damodar Overseas - Associates

b. M/s. Aman Industries - Associates

c. M/s. Samm Silk Mills - Associates

d. M/s. Panna Yarns Pvt. Ltd. - Associates

e. M/s. Shri Damodar Yarn Manufacturing Pvt.Ltd. - Associates

f. Ajay Biyani HUF - Associates

g. Arun Kumar Biayni HUF - Associates

h. M/s. Suam Overseas Pvt. Ltd. - Associates

i. Mrs. Kanta Biyani - Relatives

j. Mr. Aman Biyani - Relatives

k. Mr. Aditya Biyani - Relatives

I. Mr. Abhishek Biyani - Relatives

m. Mr. Akshay Biyani - Relatives

n. Mrs. Manju Biyani - Relatives

o. Mrs. Sanju Biyani - Relatives

p. Risha Biyani - Relatives

q. M/s. CSS Mercantiles Pvt. Ltd. - Associates

4) As the market value of quoted investmentfluctuates regularly the diminution in the value of investments has not been con- sidered of the permanent nature and hence no provision of the same amounting to Rs.98,261/-(Previous Year -98,311/-) has been made in the accounts.

5) Balance in respect of Unsecured loans. Sundry Creditors, Sundry Debtors and Loans & Advances are subject to confirma- tion by respective parties.

6) Comparative figures for previous year have been regrouped / rearranged wherever necessary.