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STI India 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.) -
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Bookclosure - EPS (Rs.) - Div Yield (%) -
Year End :2018-03 

1. In absence of any probable operating profits in the near future, the management is of view the provision for deferred tax assets are not required to be made during the year.

2. Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprises under The Micro, Small and Medium Enterprises Development Act, 2006, as at 31st March 2018.

3. In view of the management there were certain outstanding liabilities from the financial year 1997-98 with respect of Sales Tax & Entry Tax demand amounting Rs.36.48 lacs, these statutory liabilities are in respect of Biplus division (Demerged Unit w.e.f 01.04.1997). Accordingly the company has transferred the said statutory liabilities to the respective division.

4. The remuneration paid to non-executive chairman is subject to approval of Central Government for which application has been filed on 04.10.2011 followed by the further applications on 30th October, 2012 & 22nd July, 2013 respectively. However, the approval of govt. is yet to be received. The same is pending before the Central Government till date.

5. The Board of Directors at its meeting dated 25,h November, 2010 have taken note of the Report of Independent Chartered Accountant firm elaborating the details of certain financial transactions of the Company. As directed by the board, the efforts were made for recovery of dues and issued legal notices to respective parties. During the year company the board is of the considered view that advances for which provisions have already been made in the books & charged to Profit & Loss Account in no longer receivable and therefore the company has written off the such advances in the current year.

6. The terms of Debentures (series 1 to 4) outstanding are Rate of Interest : waived off by holders company Repayment : yet to be finalised

7. Pursuant to section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014 including further amendments thereto, a company has to spend, in every year, at least 2% of the average net profit of the company made during the last three years immediately preceding financial year, as per the objects mentioned in the Rules since there is no average net profit made by the Company during the last three years, excluding the abnormal non- recurring profit on sale of joint venture shares, the provisions of section 135 of the companies act, 2013 related to CSR are not applicable.

8. Segmental Reporting:

The Company is mainly engaged in the business of manufacturing of textiles consisting of yarn and fabrics. Considering the nature of business and financial reporting of the Company, the Company has only one segment viz. textile segment. The company operates in one geographical segment.

9. As per Accounting Standard 15 “Employee Benefits”, the disclosure of Employee benefits as defined in the Accounting Standard are given below:

Defined Benefit Plan:

A. Leave Encashment:

The present value of obligation under Leave Encashment 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 employee benefit entitlement and measures each unit separately to build up the final obligation.

Changes in present value of obligation

B. Gratuity

The employees' Gratuity Fund Scheme, which is a defined plan, is managed by the Trust maintained with Life Insurance Corporation of India (LIC). The present value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which is recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The Company has recognized Rs. 41.60 lacs (68.72 lacs) in the Profit & Loss account for the year ending 31st March 2018 under Defined Contribution Plan

10. Related Party Disclosures (As certified by Management)

a) List of Related Parties and Relationships.

11. The net worth of the company is eroded, the accounts have been prepared on the principle of going concern with a view to revive the operation of the Company in the future notwithstanding the fact that its net worth is completely eroded.

12. Previous year figures have been re-grouped / reclassified wherever necessary to make them comparable in accordance with


 
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