Notes to Accounts of Veena Textiles Ltd.

Mar 31, 2015

NOTE : 1

1. Disclosure of related party transactions.

Names of related parties and description of relationship

1. Subsidiaries : none

2. Associates : none

3. Key management personnel (KMP)

Shri K.S. Elavarashen, Chairman cum Managing Director

4. Enterprises with common key management personnel

K.S. Elavarashen (Ind)

K.S. Elavarashen (Huf)

5. Enterprises in which key management Personnel and their relatives have Significant influence

E. Pushpa (Ind)

KPE Ravindran (Ind)

Superfine Bleaching Company Ltd

6. Relatives of key management personnel.

E. Pushpa, Wife of K.S. Elavarashen

K.PE. Ravindran Son of K.S. Elavarashen

NOTE : 2

Confirmation of balances in respect of some of the Sundry Debtors, stock with outsiders, Loans and Advances and Sundry creditors are not available.

NOTE : 3

Since the Company operates in a single segment i.e. Textile Fabrics, Accounting Standard (As)17- "Segment Reporting" issued by The Institute of Chartered Accountants of India is not applicable.

NOTE : 4

The Company has unabsorbed and carried forward losses under Tax laws. In absence of virtual certainty of sufficient future taxable income, net deffered assets has not been recognised by way of prudence in accordance with Accounting Standard. (AS)22 - "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India.

NOTE : 5

The Company is a potentially sick industrial company within the meaning of Section 23(1) of Sick Industrial Companies (Special Provisions) Act 1985 and it has been informed to BIFR vide letter dt. 3.11.2003.

NOTE : 6

Previous year's figures have been regrouped and rearranged whereever necessary.

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Mar 31, 2014

NOTE : 1

1. Disclosure of related party transactions.

Names of related parties and description of relationship

1. Subsidiaries : none

2. Associates : none

3. Key management personnel (KMP)

Shri K.S. Elavarashen, Chairman cum Managing Director

4. Enterprises with common key management personnel

K.S. Elavarashen (Ind)

K.S. Elavarashen (Huf)

5. Enterprises in which key management Personnel and their relatives have Significant influence

E. Pushpa (Ind)

KPE Ravindran (Ind)

Superfine Bleaching Company Ltd

6. Relatives of key management personnel.

E. Pushpa, Wife of K.S. Elavarashen K.PE. Ravindran Son of K.S.Elavarashen

NOTE : 2

Confirmation of balances in respect of some of the Sundry Debtors, stock with outsiders, Loans and Advances and Sundry creditors are not available.

NOTE : 3

Since the Company operates in a single segment i.e. Textile Fabrics, Accounting Standard (As)17- "Segment Reporting" issued by The Institute of Chartered Accountants of India is not applicable.

NOTE : 4

The Company has unabsorbed and carried forward losses under Tax laws. In absence of virtual certainty of sufficient future taxable income, net deffered assets has not been recognised by way of prudence in accordance with Accounting Standard. (AS)22 - "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India.

NOTE : 5

The Company is a potentially sick industrial company within the meaning of Section 23(1) of Sick Industrial Companies (Special Provisions) Act 1985 and it has been informed to BIFR vide letter dt. 3.11.2003.

NOTE : 6

Previous year''s figures have been regrouped and rearranged whereever necessary.

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Mar 31, 2013

NOTE : 1

1. Disclosure of related party transactions.

Names of related parties and description of relationship

1. Subsidiaries : none

2. Associates : none

3. Key management personnel (KMP)

NOTE : 2

Confirmation of balances in respect of some of the Sundry Debtors, stock with outsiders, Loans and Advances and Sundry creditors are not available.

NOTE : 3

Since the Company operates in a single segment i.e. Textile Fabrics, Accounting Standard (As)17- "Segment Reporting” issued by The Institute of Chartered Accountants of India is not applicable.

NOTE : 4

The Company has unabsorbed and carried forward losses under Tax laws. In absence of virtual certainty of sufficient future taxable income, net deffered assets has not been recognised by way of prudence in accordance with Accounting Standard. (AS)22 - "Accounting for Taxes on Income” issued by The Institute of Chartered Accountants of India.

NOTE : 5

The Company is a potentially sick industrial company within the meaning of Section 23(1) of Sick Industrial Companies (Special Provisions) Act 1985 and it has been informed to BIFR vide letter dt. 3.11.2003.

NOTE : 6

Previous year''s figures have been regrouped and rearranged whereever necessary.

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Mar 31, 2010

1. Under Secured loans : Ternt Loan from US :

In case of term loan from HBI, IIBI has filed on application before the Debt Recovery Tribunal, Chennai. iiBl in their Petition on 28th September 1999 has claimed an amount of Rs. 1,99,77,619.00 as due on the date of petition. No provision of interest has been made for the period after 28th September 1999. An amount of Rs.41.02 lacs has been deposited in Court towards settlement as per Mumbai Debt Recovery Tribunal order dt. 9.11.2004. The same has been classified under Loans and Advances.

2. As per details provided by the management there is no amount due to Micro, Small Medium enterprises for more than 30 days.

3. Estimated amount of Contract remaining to be executed on Capital Account and not provided for is Rs. Nil (Previous year Rs. Nil)

4. Confirmation of balances in respect of some of the Sundry Debtors, stack with outsiders, Loans and Advances and Sundry creditors are not available.

5. Since the Company operates in a single segment i.e. Textile Fabrics, Accounting Standard (As) 17- "Segment Reporting" issued by The Institute of Chartered Accountants of India is not applicable.

6. The Company has unabsorbed and carried forward losses under Tax laws. In absence of yirtual certainty of sufficient future taxable income, net deffered assets has not been recognised by way of prudence in accordance with Accounting Standard. (AS)22 - "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India.

7. The Company has paid the managerial remuneration as per Schedule XIII of the Companies Act, 1956.

8. The Company is a potentially sick industrial company within the meaning of Section 23(1) of Sick Industrial Companies (Special Provisions) Act 1985 and it has been informed to BIFR vide letter dt. 3.11.2003.

9. Previous years figures have been regrouped and rearranged whereever necessary.