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nd72
2014-15
Indian Textile Accessories & Machinery Manufacturers' Association
thBhogilal Hargovindas Building, 4 floor,18/20, K. Dubash Marg, (Kala Ghoda),
Mumbai - 400 001.Phone: 2284 4350 / 2284 4401; Fax : 022- 2287 4060
Email – [email protected]/ [email protected]/ [email protected] : www.itamma.org
nd72 Annual Report 2014-15
1. Managing Committee of the Association 2014-15 1
2. ITAMMA believes – INNOVATION to be the Base of “Make In India” Campaign 5
3. ITAMMA 's Activities 8
4. National Events 8
5. International Events 15
6. Obituary 19
7. Auditor’s Report & Statement of Accounts 20
8. Photo Gallery
nd72 Annual Report 2014-15
MANAGING COMMITTEE OF THE ASSOCIATION 2014-15
Mr. Senthil Kumar …………………………………………. PresidentMr. Mayank Roy ……………………..…………………... First Vice - PresidentMr. Kishore Khaitan ………………………………………… Second Vice – President Mr. Kaizar Z Mahuwala …………………………………………. Hon. Treasurer
Mr. Ajay D. ShahMr. Dhijen R. Mehta Mr. M. Gangadharan Mr. P.T. Muralidharan
Mr. Chandresh H. Shah Mr. Dilip V. KakabaliaMr. Mahesh P. Shah Mr. R. Sundarraj
Mr. Deepak N. GajjarMr. Jugal Kishore Mr. Omprakash Mantry Mr. Vishal T. Masand
Mr. Diven G. Dembla ……………………….. Immediate Past President.
Ms. Chamundeshwari Chinai …….…..… Permanent Trustee
Mr. R. Anand ………………………………….. Nominee Trustee
Ms. Amoli P. ShahMr. J. M. Balaji
Mr. Jignesh M. Shroff Mr. N. Subramaniam
Mr. T. R. Rajendran
Other Members of the Committee
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Ms.Chamundeshwari Chinai Mr. Narendra ShahMr. R. AnandMr. G. T. DemblaMr. S.B. Rao Mr. M.D. Vora
Mr. Jinesh ShahMr. Kirti RathodMr. Sanjiv Lathia Mr. Sudhir D. DaniMr. Prashant R. Gandhi Mr. Ketan Sanghvi
Mr. Suresh G. Vaidya Mr. Amit K. Shah * Mr. Nutan K. Shah Mr. Chetan R. Ghia Mr. Naresh MistryMr. Diven G. Dembla
* Demise
Mr. Nimish M. Sanghvi Mr. Manan S. Shah
Mr. Murlidhar N. Kabra Mrs. Seema Srivastava
Mr. Prakash Bhagwati Mr.S.Chakrabarty
Mr. S.B. Rao
During the year under report, 9 meetings of the Managing Committee were held. The details of the meetings are given below:
Meetings Date Place Total Attendance 1st Meeting 27.09.2014 Mumbai 16 2nd Meeting 28.11.2014 Mumbai (VC) & Audio 31 3rd Meeting 10.01.2015 Coimbatore 13 4th Meeting 20.02.2015 Ahmedabad 10 5th Meeting 04.03.2015 Mumbai (VC) 23 6th Meeting 14.05.2015 Coimbatore 8 7th Meeting 04.07.2015 Madurai 9 8th Meeting 14.08.2015 Mumbai 16 9th Meeting 05.09.2015 Mumbai
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Mr. Diven G. Dembla Mr. R. Anand
Mr. J.M. Balaji Mr. S. B. Rao
Mr. Prashant Gandhi Mr. Suresh Vaidya
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Sub- Committees 2014 - 15
For effective functioning of the Association the following Sub – Committees were constituted.
Technology Upgradation & Cluster Development Sub-Committee
Award Sub-Committee
Membership Development Sub-Committee
Chairman: Mr. Prashant R. Gandhi
Chairman: Mr. Suresh Vaidya
Chairman: Mr. S.B. Rao
Alternate Chairman: Mr. Kirti Rathod
Alternate Chairman: Mr. G.T. Dembla
Alternate Chairman: Mr. Ajay D. Shah
Members: Mr. Dhaval Doshi Mr. Gangadharan Mr. Girish G. Doshi Mr. Jignesh Shroff Mr. Ketan Sanghvi Mr. Naresh Mistry Mr. P.T. Muralidharan Mr. Sundarraj Mr. S. B. Rao Mr. Vishal Masand Mr. Zubin Mistry
Members: Mr. N. Subramaniam Mr. Nutan K. Shah Mr. R. Anand Mr. Sanjiv Lathia
Members: Ms. Amoli P.Shah Mr. Ashok Veda Mr. Bharat Kothari Mr. Chetan R. Ghia Mr. Deepak Gajjar Mr. Dhijen R. Mehta Mr. Gangadharan Mr. Mahesh P. Shah Mr. Muralidharan Mr. M.M. Kalavadwala Mr. Om Mantry Mr. Rajiv Kataruka Mr. Rajmeet Dhammu Mr. Sundarraj
International Networking, Seminars & Public Relations Sub-Committee
Exhibition Sub-Committee
General Purposes Sub-Committee
Chairman: Mr. J.M. Balaji
Chairman: Mr. Diven G. Dembla
Chairman: Mr. R. Anand
Alternate Chairman: Mr. Jugal Kishore
Alternate Chairman: Mr. P.T. Muralidharan
Alternate Chairman: Mr. Suresh Vaidya
Members: Ms. Amoli P. Shah Mr. Chandresh Shah Mr. Dhijen Mehta Mr. Jignesh Shroff Mr. Ketan Sanghvi Mr. M. Gangadharan Mr. N. Subramaniam Mr. P.T. Muralidharan Mr. Rajendhran Mr. Sundarraj
Members: Mr. Amit K. Shah Mr. Deepak N. Gajjar Mr. Gangadharan Mr. Girish G. Doshi Mr. Jignesh Shroff Mr. N. Subramaniam Mr. P.T. Muralidharan Mr. Rajendran Mr. Sundarraj Mr. Sushil Sonika
Members: Ms. Chamundeshwari Bhogilal Chinai Mr. R. Anand Mr. Narendra L. Shah Mr. G.T. Dembla Mr. S.B. Rao Mr. M.D. Vora Mr. J.H. Shah Mr. Kirti Rathod Mr. Sanjiv Lathia Mr. Sudhir D. Dani Mr. Prashant R. Gandhi Mr. Ketan Sanghvi Mr. Nutan Shah Mr. Chetan Ghia Mr. Naresh Mistry Mr. Diven Dembla
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Export Cell Centres Convenor Jt. Convenor
Ahmedabad Mr. Jignesh Shroff Mr. Chandresh Shah Coimbatore Mr. P.T. Muralidharan Mr. Gangadharan North India Mr. Kishore Khaitan Mr. Ashok Veda Mumbai Mr. Jugal Kishore Mr. Om Mantry
Special Task Force s Head Infrastructural & Fund Raising Mr. J. H. Shah I.T. Upgradation Mr. Ketan Sanghvi Administrative Matters Mr. Diven G. Dembla
Articles of Association Restructuring Task Force :Mr. Diven G. Dembla, Mr. Nutan K. Shah, Mr. N. Subramaniam, Mr. Ketan Sanghvi, Mr. S.G. Vaidya,
Mr. R. Anand and Office Bearers 2014-15.
Government Representation & Data Collection Task Force :Mr. R. Anand, Mr. N. Subramaniam, Mr. Ketan Sanghvi, Mr. S.G. Vaidya, Mr. Diven G. Dembla and
Office Bearers 2014-15.
MANAGING COMMITTEE OF THE ASSOCIATION FOR THE YEAR 2015 – 16
The following persons were elected uncontested as Office Bearers and Members of the Managing Committee.
Mr. Mayank Roy ………………………………………… President Mr. Kishore Khaitan ………………………………………… First Vice President Mr. Kaizar Mahuwala ………………………………………… Second Vice President Mr. Ashok Veda …………………………………..…….. Hon. Treasurer
Elected Members :1. Mr. Ajay D. Shah of Dilip An Company2. Ms. Amoli P. Shah of Prashant Gamatex Pvt. Ltd.3. Mr. Chandresh H. Shah of Krsna Engimech Pvt. Ltd.4. Mr. Deepak N. Gajjar of Patco Exports Pvt. Ltd.5. Mr. Dhijen R. Mehta of Ashton Green & Company6. Mr. Jugal Kishore of Super Tex Industries7. Mr. Mahesh P. Shah of Continental Engineering Industries Pvt. Ltd.8. Mr. Om Prakash Mantry of Century Inks Pvt. Ltd.
NOTE:As per Article 8(c) of the Articles of Association, since the number of valid nominations received for the member of the Committee are less than 12, the Annual General Meeting following, shall elect member/members of the Committee, in addition to the normal business to be transacted at that meeting under Article 7(a).
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ITAMMA believes – INNOVATION to be the Base of “Make In India” Campaign
ITAMMA's suggestions for UNION BUDGET 2015-16
Concern of Indian EconomyOne of the major concerns of the Indian economy is the dwindling manufacturing growth and consequently its share in the GDP. The manufacturing sector has slowed down sharply, growing at just 4.2% in the last 4 years. As a result, its share in GDP has declined to 14.9% in 2013-14 from a peak level of 16.2% in 2009-10 and the share of manufactured goods in exports has come down from 75% to just over 60%.
With the launch of 'Make in India' campaign and renewed focus on 'Ease of Doing Business', there are hopes and aspirations that the manufacturing sector will soon bounce back and would effect a transition from the vicious circle of low growth to the virtuous cycle of high growth and job creation.
Against the above backdrop, ITAMMA stated the following recommendations:
I. Helping the Indian Textile Engineering Industry directly for technological development in the way of substitution or replacement of existing products of obsolete technology and lengthy process through innovations & cutting edge technologies ; while taking care of aspects like energy conservation, user-friendly, eco-friendly and environmental friendly.
a) Through basic research and development:
i) Government has made a provision of financial assistance up to 80% in the projects like Common Facility Centre (CFC) where the activities like indigenization of imported spares and components, special processes, special testing and skill training can be organized.
We suggested---
?The Government should take initiative in making the availability of land in the areas like Industrial MIDCs, etc., as it is realized in most of the cases this is the hurdle in implementing the project.
?The information on the imported textile items in the trend of its value as well as quantity needs should be benchmarked by the involved Government authorities, with a view to reduce the Imports and further manufacturing these items in these centers.
?A loan at lower interest may be made available to the members of SPV forming the Common Facility Centre (CFC).
?The textile industry should be allowed to import against a Customs Bond (in lieu of customs duty), one trial machine for taking trials valid for 6 months. The trials have to be taken in the textile mills under Indian conditions only before making heavy capital goods investment.
?Now the policy is that one has to pay 100% of the value of the customs duty at the time of import which amount will be refunded on a slab basis depending on the number of days the machine is in India. This policy is unrealistic and not in the interest of either the Textile Industry or the Textile Engineering Industry.
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ii) Special funds should be made available for In-house innovations in existing machines, accessories, components from the view of aspects like energy conservation, user-friendly, eco-friendly and environmental friendly.
As such innovations are involving the textile engineering as well as textile technology aspects, a special cell/committee involving Experts from these fields needed to be formed for inspecting these projects & disbursement of funds.
b) Through applied research and development:
?At present a provision of Technology Upgradation Fund (TUF) has been made for the textile manufacturing industry or the textile user industry. However, in most of the occasions it is noted that upgraded – latest technology machines have been purchased and used for running the business.
The textile engineering units are mostly in the small scale sector and have to compete with the countries like China. Hence, suggested to institute a Rs.500 Crore Technology Upgradation Fund (TUF) for Textile Engineering Industry on similar lines as for textile industry. This will fund acquisition of new technology & machinery, innovation and R&D as well as Joint Ventures with leading textile machinery manufacturers from abroad.
An inspection team for the authenticity of the technology to be acquired or transferred as a joint venture or as collaboration; may consists of a member from the Government Body, Industry Association, Research Institute and a member of Expert Panel of highly qualified persons.
?Second-hand machinery should be removed from eligibility under the TUF Scheme for textile industry as it affects the local Textile Engineering Industry development adversely. Since used machinery is very cheap, there is no need for concessional financing to improve its feasibility.
II. Helping Indian Textile Engineering Industry for showcasing their 'Make in India' products
at i. National Level
?During exhibitions (MDA grant to be made available to Associations).
?Catalogue Shows – (provides an ideal platform to the suppliers (machine & spare part manufacturers, dealers & traders) & the end-users (textile manufacturers / consultants/academicians, etc.) to interact with each other and understand their requirements under one roof in short time. (MDA grant to be made available to Associations).
?Provision of space to Textile Associations in the Textile Parks for demonstrating the innovative products for the members of Textile Parks.
?Webinar / Video Conferencing exhibitions -- Provision of special funds to the Associations for organizing the same.
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?textile manufacturing units & vice versa.
ii. International Level -- ?To promote aggressive marketing for export, MDA for textile machinery and spares must be
raised to Rs.2.5 lakh instead of current Rs.1.5 lakh limit.
?Provision of funds to be made available to Associations for organizing delegation / exhibitor pavilions and reverse buyer-seller meet.
III. Creating an ambient atmosphere for helping Indian Textile Engineering Industry in manufacturing 'Make in India' product at competitive price.
?Textile Bank – In view of the high employment potential of the textile industry and the varied nature of production from cotton to apparel, a separate bank is to be created on the lines of NABARD. At present, the officers in the banks have little exposure to the textile industry and are unable to assess the projects resulting in enormous problems both to the industry and the banks whereas a specialized Textile Bank can not only speed up matters but make “ease of making business” in the Textile Industry.
?Duty Drawback of 6% should be automatically allowed on all textile machinery & spares exports, unless a higher level is fixed for any items. Since many textile machinery & spares are of a unique nature and do not have many local manufacturers, such exporters are deprived of drawback benefits and hence affects their competitiveness, especially against Chinese competition.
?User industry importers of capital goods under EPCG are allowed duty free import of spares but indigenous manufacturers supplying the same spares do not enjoy such duty exemption. This puts an adverse burden on local manufacturers when competing with international suppliers.
?Collecting 'C' forms from parties is a herculean task and penalties for non-submission are heavy on the supplier while the user enjoys the benefit. To make the CST regime GST compatible and avoid unfair burden on manufacture, it is proposed that requirement of 'C' forms be abolished and replaced with an document generated online to supplier by the buyer's VAT Commissioner ate when supplier fills up the online application providing the buyer's details and TIN number and his own invoice and dispatch details. This document would certify that the buyer is currently a registered dealer. Since that purpose of 'C' form is merely to certify that sale was made to a registered dealer in another State, this mechanism would serve this purpose effectively and simply.
Many textile products such as cotton, yarn, fabrics, etc. are exempted from excise duty and hence cannot avail CENVAT credit against input materials and capital goods. This puts excised products at a disadvantage against SSI competitors enjoying duty exemption. We suggest the Government should either reduce excise duty on textile machinery & spares to 4% or apply a nominal 2% excise duty on all currently exempted textile items to ensure the CENVAT chain is not broken. The CENVAT credit availed on inputs will ensure there is no additional tax liability on textile units and this will also facilitate easier implementation of GST.
Textile Clinics (Portable) -- Holding of camps of textile engineering industry in the Clusters of
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ITAMMA's Activities
During the year 2014-15, ITAMMA organized following events or participated and floated various
innovative schemes.
NATIONAL EVENTS
“Le-RuPlaTex-2014”
'Le-RuPlaTex-2014' exhibition was organized by MSME-Development Institute, Mumbai, Ministry of
MSME, Government of India, at Mumbai, during 14-16 November, 2014, with a view to have a registration of
Vendor Development Programme. Also a seminar on Bar Coding was organized on the last day of the
exhibition.
ITAMMA was allotted a complimentary stall while 2 of our members, M/s. Excel Industrial Gears Pvt. Ltd.,
Mumbai and M/s. Century Inks Pvt. Ltd., Mumbai, participated as exhibitors.
The visitors registered at ITAMMA stall were mainly from the allied textile industry and therefore many of
them were interacted and explained about the importance of the 'Textile Stores & Machinery Directory
2012'.
thOn 15 November, 2014 there was a Vendor Registration and Development Programme where the PSUs like
Mumbai Port Trust, Mazagaon Dock, HPCL, Western Railways, Konkan Railway explained about their
requirements which are being procured from MSMEs. It was also informed during the programme that the
Government has passed a notification making it mandatory for all these PSUs to procure minimum of 20%
of their requirements from MSMEs.
“Business Excellence through Lean Manufacturing -- ITAMMA's Cluster Development
Initiative”
stThe Tripartite Agreement was organized on 1 January, 2015 at Liaison Office, Ahmedabad. ITAMMA
initiated the formation of ITAMMA Lean Manufacturing Forum Group–II, by signing the Tripartite
Agreement along with National Productivity Council and AddValue Consulting Inc (AVCI).
Mr. D. Chandra Sekhar, Director, MSME, one of the speakers, briefed the members about the prevailing
MSME schemes which ITAMMA could avail for their benefits and laid stress on the combined facility
formation. Mr. Shirish Paliwal, Director, NPC, Gandhinagar, briefed about the progress of cluster formations
and also of the tremendous success of the APO meet held in December at Colombo, where he mentioned that
Waterman Industries, the client of AddValue Consulting Inc (AVCI) was the only Lean practicing
organization, who shared their Lean experiences and tremendous savings under the guidance of AddValue
Consulting Inc (AVCI).
The Tripartite Agreement was signed by Mr. Nimish Sanghvi (Forum II SPV Head) on behalf of ITAMMA, Mr.
Nilesh Arora – Founder Director, AddValue Consulting Inc (AVCI) and Mr. Shirish Paliwal, Director, NPC,
Gandhinagar on behalf of National Productivity Council (NPC).
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“Texfair 2015”
ITAMMA participated in Texfair 2015 which was organized by SIMA from 9-12 January, 2015 at Coimbatore
wherein ITAMMA was allotted a Complimentary Stall. Mr. Senthil Kumar, President, ITAMMA was invited for
giving felicitation speech at the inaugural function. During the Exhibitions, interactions with various
visitors and members were taken place at ITAMMA stall, where the activities like submission of ITAMMA
Logo, distribution of ITAMMA 'News & Notes' & CDs, selling of Textile Stores & Machinery Directory were
carried out.
An initiative for enrolling new members were also taken into consideration during this Exhibition. The
motive of Membership Drive was initiated.
Visit to Kumaraguru College (KCT)
A meeting with Mr. S. Senthil Kumar, President, ITAMMA, and Mr. Shankar Vanavarayar, Joint
Correspondent, Mr. Ravi Kandasamy, Head – Program Management Office (PMO), Prof. C. Vasantharaj,
Head, Centre of Excellence in Advanced Design, Professor & Head, Automobile Engineering, Mr.
Vishwanath, General Manager, Dr. R.S. Kumar, Principal, Dr. J. Srinivasan, Prof. & Head – Department of thFashion Technology was organized at Kumaraguru College on 12 January, 2015.
Discussions took place were in regard with the work plan and the strategy of execution of proposed
Common Facility Centre (CFC) at Coimbatore in the premises of Kumaraguru College of Technology. The
role of ITAMMA, its SPV members of Common Facility Centre (CFC) and the management authority of
Kumaraguru College of Technology was discussed in detail. The steps / phases at which the Common
Facility Centre will be running were also discussed and explained to the authorities of the Kumaraguru
College of Technology. It was decided to form a Core Group of 2 members from ITAMMA and 2 members
from Kumaraguru College of Technology to start the interaction and correspondence of documentation in
this regard.
“Importance of Energy Audit to the Textile Manufacturing & Engineering Industry”
A seminar on “Importance of Energy Audit to the Textile Manufacturing & Engineering Industry” was thorganized on 10 January, 2015 at Jenney – The Club Coimbatore.
Mr. M. Muthukumaran, Head, Engineering & Instrumentation, SITRA, Guest Speaker; during his
presentation mentioned that the energy is one of the major inputs for the economic development of any
country where the global need for energy is increasing on an average by 1.5% every year. He gave a brief
introduction of the Energy Management System which was introduced in 1980s due to the energy crisis
because of Gulf War. He mentioned that the energy management is the judicious and effective use of energy
to maximize profit (minimize cost) and enhance competitive positions. The objective of the energy
management is to achieve and maintain optimum energy procurement and its utilization with minimum
energy cost or waste without affecting the production and quality, and minimizing the environmental
effects. It was informed by Mr. Muthukumaran that widening gap between the supply and demand,
interruption and power quality problems, increasing cost has created the need of energy management. He
also informed that the crude oil cost which was 8$ in 1973 and is 52$ in 2015 where power cost in 1973 was
10 paise per unit and today it is Rs.7/- per unit. The details of Indian scenario was also informed where
India's share is 17% of the World's population which occupies 2% of World Land Area and generating 4.5%
of global electricity.
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“Global Textile Technology & Engineering Show 2015 (GTTES)”
ITAMMA participated in 'GTTES 2015' Exhibition which was organized by India ITME Society during 20-22 January, 2015 at Mumbai. It was organized to promote post spinning sectors, Live demo of machineries & accessories, showcase new technology & products, Support modernization, manufacturing & investments in Textile Industry, To create Gateway to regional markets of India, To provide access to market opportunities in India & neighboring countries, Indonesia, Bangladesh, Pakistan, Myanmar, Sri Lanka, Vietnam & Cambodia wherein ITAMMA was allotted a complimentary stall and the organizer also floated a scheme of 15% discount to ITAMMA members for participation.
Around 30 ITAMMA members participated in the show.
“E-Retailing & Farewell Function of Mr. Diven G. Dembla, Immediate Past President, ITAMMA ”
stA seminar on “E-Retailing” was organized at IT Park, Bombay Convention Centre, Mumbai, on 21 January, 2015 along with the Farewell Dinner celebration to Immediate Past President, Mr. Diven G. Dembla.
Mr. Bino George, Head Pre Sales, Infor Indian Sub Continent, Mumbai enlightened the audience with Concepts related to E – Retailing such as Operational elements, Challenges, E-Retail + Catalog Operations, E-Retail + Web Site Content and Advantages of E-Retailing, etc.
Finally to conclude that e-retailing isn't just about building a pretty website. An established management will bring in the requisite skills to evaluate business plan, check out revenue models, help identify potential alliances and integrate supply chain processes with e-commerce initiatives and tremendous cost control. E-retailing will just fail if cost control systems are not established. E-Retailing has tremendous future now because of convenience availability of the product, visibility. However quality issues are getting critical which are to be addressed in more systematic manner.
“In Pursuit Of Excellence – Unleashing the Potential in You & Your Organization”
A Seminar on “In Pursuit Of Excellence – Unleashing the Potential in You & Your Organization” in the fond memory of Past-President, ITAMMA, Late Shri Amit K. Shah was organized at Hotel Park Plaza,
thAhmedabad on 4 February, 2015.
As an International Speaker, Motivator and Trainer, the Director of The Centre For Excellence Mr. Nikhil Desai has been conducting Training Programs & Motivational Sessions for the past 24 years. More than a quarter million people have benefited from his presentations and programs in 51 cities of the world.
This has strengthened the member-entrepreneurs of ITAMMA in knowing their potential for preparing themselves in the project of “Make in India”.
“Latest Trends in Lubrication in Textile Machines & Energy Conservation in Textile Plant”
A seminar on “Latest Trends in Lubrication in Textile Machines & Energy Conservation in Textile thPlant” was organized at Hotel Regenta, Ahmedabad on 20 February, 2015.
Mr. N.K. Jha, Sr. Manager, Technical Services (Lubes), Bharat Petroleum Corporation Ltd delivered his presentations on latest lubricants and the formation of the same. He explained the categories of Oil Analysis like Contamination, Wear debris and Value Added Service. It is an important aspect to note that, today the Energy cost is increasing at an accelerating pace of about 11% to 12%, i.e. doubling every 6 years as against
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about 10% for wages cost and 7% to 8% for the other input costs. The cost of energy is the largest component of conversion cost in modern spinning mills accounting for about 35% of the total. At the same time, as the lubricants play an important role in the Conservation of the Energy, we feel that today's topic will an interesting one, enlightening us an important data on these aspects. He also explained the importance of lubricants and their various types of Lubricants available in the market. He informed, Textile lubricants grade is known for high efficiency, it adds to quality of production, runs for longer period between planned maintenance and no tolerance for unplanned down time leads to the customer delight.
“Union Budget 2015 - Proposals related to Direct & Indirect Taxes”
A seminar on “Union Budget 2015 -- Proposals related to Direct & Indirect Taxes” was organized at M.C. thGhia Hall on 4 March, 2015.
To understand the outcome of the Union Budget 2015-16 as well as to interact with the stalwarts in this area in regard with the various doubts and clarifications a seminar was organized where presentations were made by Mr. Shailesh Sheth, Advocate & Sr. Advisor Indirect Tax, BDO India on the Proposals related to Indirect Taxes ” ; and Mr. Jigar Saiya, Chartered Accountant & Partner, BDO India on the Proposals related to Direct Taxes”.
“Industry Interaction for Campus Recruitment” of Textile Under Graduate students at DKTE Institute of Textile & Engineering, Ichalkaranji (Maharashtra)
This event was organized for Textile Under Graduate/Post Graduate Students was organized at DKTE thInstitute of Textile & Engineering, Ichalkaranji (Maharashtra) on 29 April, 2015 inviting ITAMMA Member-
Companies on the selection board.
The CVs of about 23 students were scrutinized and sorted as per the interests shown by the students in their respective fields of work. The same were forwarded to the interested Member-Companies of ITAMMA and accordingly the requirements of the ITAMMA Member-Companies were noted and a strategy of recruitment process was planned.
Mr. Akiwate, Placement Officer, welcomed the ITAMMA participants viz Mr. Om Mantry, Century Inks Pvt. Ltd, Mumbai; Mr. Vinit Shah, Vinit Rubber Works, Mumbai; Mr. Subramaniam, Caretex Engineers, Coimbatore, Mr. Mayank Roy, Vice President. ITAMMA who later delivered the Inaugural Speech.
About 5 – 6 students were selected during this Recruitment Drive.
Mill Visit : The event was followed by a visit to Nav - Maharashtra Sahakari Soot Girani Ltd and DKTE Centre of Excellence in Non Woven plant. ITAMMA Members got an opportunity to know the infrastructure set up of the mill and explored the possibility of manufacturing new products of non – woven fabric as well as the technical knowhow and functioning of the Non Woven Plant and Machinery.
The Rotary Club of Ichalkaranji, invited ITAMMA for the presentation on "Latest Trends in Lubrication in Textile Machines" during the Conference jointly organized by The Rotary Club of Ichalkaranji, DKTE Institute & ITAMMA with a financial support of BPCL during TEXPOSURE 2015 on 30th April, 2015 at Ichalkaranji.
ITAMMA took this opportunity and Mr. Mayank Roy, First Vice President, ITAMMA; Mr. N.D. Mhatre, Director General (Tech), ITAMMA and Mr. N.K. Jha, Sr. Manager, Technical Services (Lubes), BPCL delivered the presentations during this Conference.
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“Government Schemes for 'Make in India' Campaign”thA seminar on “Government Schemes for 'Make in India' Campaign” was organized on 14 May, 2015 at Hotel
Le Meridian, Coimbatore.
It was arranged to update our members to know the various schemes of Government bodies like SIDCO, MSME and FIEO; available for the product developments and especially for the small entrepreneurs and further taking forward the Government Mission of “Make in India”.
Mr. Vijay Baskar, DGM, NSIC, Coimbatore; Mr. V. Saravanabava, Branch Manager, Tamil Nadu Small Industries Development Corporation Ltd. (SIDCO); Mr. Ninad Panhale, Product Manager – Textile, Sales, Electronica Finance Ltd, Pune, Maharashtra; Mrs. Santhi, Director, FIEO, Coimbatore; Mr. Palanivel, Deputy Director, MSME, Coimbatore, gave presentations on the schemes for Textile Engineering Industry.
The Seminar was preceeded by the ceremony of signing MoUs with Apparel and Leather Technology College (ALT), Bangalore, for jointly working together on various aspects for the benefit of the Textile Engineering Industry as well as the Garment Industry as whole; and with Kumaraguru College of Technology (KCT), Coimbatore, to set up a Common Facility Centre for Textile Engineering Industry in their campus. The MoUs were signed by Mr. S. Senthilkumar, President, on behalf of ITAMMA and by Mr. A. Mohan, Manager, CPC, on behalf of Apparel and Leather Technology College (ALT), Bangalore; and further by Mr. Shankar Vanavarayar, Joint Correspondent, on behalf of Kumaraguru College of Technology, Coimbatore.
th14 Product-cum-Catalogue Show at Madurai
th thITAMMA organized its 14 Product - Cum -Catalogue Show on 4 July, 2015 at the Hotel Fortune Pandian, Madurai. The show was inaugurated by Mr. TRS Karthikeyan, Managing Director, Aruppukottai Sri Jayavilas Mills Ltd.
The trade show received an overwhelming response with 45 exhibitors participating, and over 650 visitors attending the show.
? The show provided an ideal platform to the textile user industry of Madurai to interact with the suppliers (Manufacturers, Dealers and Traders) of textile machines and accessories. During the show the visitors of the Textile Industry of Madurai got an opportunity to get the information of the quality products of Machines & Accessories from the field of Spinning, Weaving & Wet Processing. Out of total 45 Exhibitors, about 60% exhibited products and catalogues dealing with Spinning Industry, followed by 25 % from Weaving Industry.The foot fall of the visitors was more than 650 where about 60% were from Spinning Industry, 20% from Weaving Industry, 10% from Wet Processing and 10% from allied Industry. Further, the detailed analysis states that 30-40% visitors were decision making, 50% were technicians and sales person and about 5% were from research associations & colleges like SITRA, Kumarguru, PSG, etc.
Key Take Away
? ITAMMA member- exhibitors expressed their satisfaction through the feedback survey recording about 85-90% putting their remarks as “excellent” for this show.
? The flow of visitors showed about 500 were stagnant for about 2-3 hours, thus conveying the message of their interest in knowing the products of our members and spending their valuable time in fruitful business interaction with our member- exhibitors.
? The co operation through financial assistance extended by few of our members like Basant Wire
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Industries Pvt .Ltd (Jaipur), Super Tex Industries (Mumbai), Simta Machinery Pvt. Ltd (Coimbatore), Caretex Engineers (Coimbatore) has helped us to present the show at the world class standard within the budgetary expenses.
Lean Management Initiative.
A speech was organized by Mr. Anshu Saluja, Chief Advisor, Boon Management Consultants Pvt. Ltd, thMumbai on 14 August, 2015.
After giving detail presentations on the scheme and its benefits said that Boon Management have done a tie up with a reputed company( MAMSPL) which is keen to promote its software/services at our clients. Under this tie up they have agreed for the following:
1. Under LMCS the client has to pay Rs 70,000 in stage 1. (Rs 35,000 at the time of signing the order and Rs 35,000 within 1 month / completion of DSR ) . MAMSPL shall offer its software/services to client and if client likes it then he can take the software in this cost . However if client is not keen to take software / services , then MAMSPL shall refund Rs 70,000 (Rs 35,000 after 9 months and balance Rs 35,000 after 18 months from the date of signing the RSA). This refund option is given to clients without any compulsion on the clients to accept the
2. If any association is giving more than 50 clients then , BMCPL shall provide common facility for calibration / workshop on capacity building on any selected topic/ any other activity for the benefit of association upto a maximum of Rs 10,000 per client order. This shall be given in 5 equal installments linked with 5 stage wise payments received from clients. These payments are given approximately after every 4 months from the date of start of cluster.
Export Cell Meetings.
1. Coimbatore Export cell meeting was organized on 8th November 2014 followed with Foreign delegates meeting.
Mr. Senthil Kumar, President, ITAMMA welcomed the members. He further discussed about currency trends, Polyster price trends and textile markets. He informed members about the Upcoming Exhibitions and scope of business during this Exhibitions through ITAMMA .
Following were the foreign guests present in the meeting:
Mr.Faruqul Islam Chowdhury, Asst.Technical Officer, Bangladesh; Mr.Mohammad Salim Reza, Instructor, Bangladesh; Mr.Md Aminul Islam, Instructor (DTI), Bangladesh; Mr.Mohammad Shahriar Raihan, Instructor, Bangladesh; Mr.Mohammad Selim Badsha, Instructor, Bangladesh; Mr.Padma Kishore Dey, Instructor, Bangladesh; Mr.Md.Sawagatul Alam, Instructor (DTI), Bangladesh; Mr.Zeine Nessre Selamo, Lead Textile Engineer, Ethiopia; Mr.Degu Bitew Yismaw, Senior Technican, Ethiopia; Mr.Mamaru Tesfaye Temesgen, Lead Chemical Testing Analyst, Ethiopia; Mr.Joseph Kivuva Mushoki, Industrial Training ofiicer, Kenya; Mr.Peter Mugo Muiuki, Deputy Mill Manager, Kenya etc.
Following Members explained abour their products to Foreign Delegates:
1. Mr. Balakumar Explained about SIMTA Products 2. Mr. Balaji explained about LRT Products. 3. Mr. Jayakumar explained about Mag Solvics Products
nd72 Annual Report 2014-15
14
4. Mr. Dinesh Paul explained about Rishitex Products 5. Mr. Rajeev explained about Adwaith Lakshmi products. 6. Mrs. Rajalakshmi explained about Naren Products.
2. Mumbai thExport Cell Meeting was organized held on 20 April, 2015 at 5.00.p.m. in the 'N.J. Nair Conference
Room' of the Association. Dr Praveen Kumar, Assistant Director General of Foreign Trade, Indian Trade Service Office of Additional DGFT, Mumbai; briefed about new Foreign Trade Policy. While Mr. Suresh Goswami and Ms. Shruti, ITAMMA Product Head, on behalf of Orbit Business Tours, enlightened the members about the various competitive schemes in regard with logistics and accommodation, etc. prepared especially for ITAMMA members.
ISO 9000:2008 ACTIVITIES
?
? As a initiative of the MOU signed between SGS India & ITAMMA, Ms. Rupali Waghmare, Asst. secretary, ITAMMA was given a free training on “ISO/DIS 9001: 2015 Introduction Course – IRCA
thCPD Approval C 17746” on 14 Oct. 2014
ITAMMA initiates Membership Development Drive
Following members were enrolled for the year 2014-15
ISO 9000 :2008 Audit was conducted successfully on 11th March, 2015.
nd72 Annual Report 2014-15
1. A Square Solutions, Ahmedabad
2. Aadi Corporation, Ichalkaranji
3. ABN Industries, Gandhinagar
4. Acqua Filtron Equipments, Dombivli (West)
5. Aero Based Control Systems Pvt. Ltd., Coimbatore
6. Airmaaster Tecnolozies India (P) Ltd., Coimbatore
7. Aloke Fibre Tech Pvt. Ltd., New Delhi
8. Applied Automation Systems Pvt. Ltd., Coimbatore
9. Arora Textile Traders, Ahmedabad
10. Bearing Manufacturing India, Mumbai
11. Bhagwati Traders, Mumbai
12. Bharat Pattern And Engineers, Ahmedabad
13. Bombino, Dist. Gandhinagar
14. Boon Management Consultants Pvt. Ltd, Thane
15. C. Gheewala & Co., Mumbai
16. Canspin Industries, District Surendranagar
17. Citytex Corporation, Coimbatore
18. Colorjet India Pvt. Ltd, Uttar Pradesh
19. Dhruv International, Ludhiana
20. DNA Expert Services, Chandigarh
21. Dornier Machinery India Pvt. Ltd., Mumbai
22. ECL Finance Ltd, Mumbai
23. Electronica Finance Limited, Pune
24. Elgi Electric And Industries Ltd., Coimbatore
25. Franstek Belts Pvt. Ltd., Goa
26. G.M. Enterprises, Hubli
27. Gajjar Diecast & Engineers, Ahmedabad
28. Harsh Enterprises, Ahmedabad
29. Ideal Sheet Metal Stampings & Pressings Pvt. Ltd., Ahmedabad
30. Indo Texnology Pvt. Ltd., Coimbatore
31. Industrial Electronics Corporation, Gwalior
32. J.V. Texpro (P) Ltd., Chandigarh
33. Jacobi Machinery, Coimbatore
34. Jupiter Ceramics, Delhi
35. Kailash Corporation, Mumbai
36. Katlax Enterprises Pvt. Ltd, Gandhinagar.
37. KCI Bearings (India) Pvt. Ltd., Ahmedabad
38. Key Textile Accessories Pvt. Ltd., District Surat
39. Kothari Textile Industries, Surendranagar
40. Krishna Antioxidants Pvt. Ltd., Mumbai
41. Krishna Engineering, Ahmedabad
42. Krislon System Sciences Pvt. Ltd., Mumbai
43. Leo Rubber Industries, Ahmedabad
44. Madhuli Marketing & Management, Ahmedabad
15
nd72 Annual Report 2014-15
45. Manisha Overseas, Bhiwandi
46. Mathis India Pvt. Ltd., Thane (West)
47. MEC Growths Texmach Pvt. Ltd., Madurai
48. Millmark Associates, Coimbatore
49. Mohler Machine Works Pvt. Ltd., Coimbatore
50. Nidhi Industries, Ahmedabad.
51. Nikasu Tapes Belts, Coimbatore
52. Nitta Corporation of India Pvt. Ltd, Pune
53. Number One Associates, Coimbatore
54. Pinter Fa.Ni Asia Pvt. Ltd., Coimbatore
55. Poornima Enterprises, Coimbatore
56. Poornima Enterprises.
57. Praful Reed And Heald Frame Pvt. Ltd., Ahmedabad
58. Prapti Texco, Mumbai
59. Prashant Ferber Logistics Automation Pvt. Ltd, Ahmedabad.
60. Prashant Rostoni Machinery Pvt. Ltd, Ahmedabad.
61. Rajendra Textile Engineers, Coimbatore
62. Rajvi Industries, Ahmedabad
63. Rishabh Micro Precision Components Pvt. Ltd., Silvassa
64. Rishitex Engineering India Pvt. Ltd., Coimbatore
65. Roop Telsonic Ultrasonic Limited, Mumbai
66. Rushi Plast, Ahmedabad.
67. SB Dyesprings (India) Pvt. Ltd., Thane (West)
68. Semitronik Systems, Ahmedabad
69. Sepson Textile Machines, Surat
70. Shansen Enterprises, Coimbatore
71. Sheltronics Control Systems Pvt. Ltd, Coimbatore.
72. Shivam Engineering & Fabrication Works, Surat
73. Shobaprad Machinery LLP, Kanpur
74. Shreenath Reed Industries, Ahmedabad
75. Shreesons, Jaipur
76. Shrihari Engineering, Tirupur
77. Somet Machinery (India), Ahmedabad
78. Sonal Industries, Ahmedabad
79. SPI Equipments India Pvt. Ltd., Coimbatore
80. Sudarshan Gears, Rajkot
81. Supreme Industrial Works, Mumbai
82. Surya Associates, Secunderabad
83. Susiram Enterprises, Coimbatore
84. Susmatex Machinery, Ahmedabad
85. Swiss Overseas, Ahmedabad
86. Swiss Service Management India Pvt. Ltd., Coimbatore
87. Tex-Fab Engineers (India) Pvt. Ltd., Navi Mumbai
88. Textronics Design Systems (I) Pvt. Ltd., Navi Mumbai
89. The Best Textile Engineers, Coimbatore
90. Trim Engineering Services, Rajasthan
91. Unirols Card Clothing India Pvt. Ltd, Coimbatore.
92. United Textile Accessories, Ahmedabad.
93. Unitop Aquacare, Thane
94. UV Tech, Thane
95. Wadhwa Brothers, Delhi
96. Weavetex Technology & Services Pvt. Ltd., Thane (West)
97. Yespee Associates, Coimbatore
INTERNATIONAL EVENTS
ITAMMA's participation in “DTG 2015” for the fourth consecutive year
thThe 12 edition of the Dhaka International Textile & Garment Machinery Exhibition was held from February 4-7, 2015 at Bangabandhu International Conference Centre (BICC), Dhaka, Bangladesh. It received a very good response of 880 Exhibitors from 32 countries occupying 1060 booths. Indians were 67 in number and ITAMMA members were 17 in number who had participated as an exhibitor.
ITAMMA was offered a Complimentary Stall to showcase services of ITAMMA as well as the products of its members. The trend of visitors registered at ITAMMA Stall was 11 from Spinning, 4 from Wet Processing, 6 from Composite and 10 were from Garment & Apparel Industry. While the category of visitors were 35 of
16
nd72 Annual Report 2014-15
Traders/Agents interested in purchasing and selling the products.
thA Networking Dinner was organized at Bukhara Restaurant, on 6 February, 2015 where about 44-45 ITAMMA members and the entrepreneurs from Bangladesh Textile Industry participated. During the dinner, the President of ITAMMA delivered a welcome speech which was followed by fruitful interactions among each other and was further followed by a speech from Mr.A. K. Mukherjee, Director Technical, Prime Group of Industries and Mr.M. A. Khan, Technical Adviser, Naheed Cotton Mills Ltd.; giving the insight of Bangladesh Textile Industry and the potential of doing business at Bangladesh.
A special 'Catalogue Display Scheme' was organized for its members who were not able to participate in the above Exhibition and there was an overwhelming response from the following members:
1. ABC Corporation, Ahmedabad.
2. Basant Wire Industries Pvt. Ltd., Jaipur, Rajasthan.
3. Bluemoon Machines Mfg. Co., Surat.
4. Excel Industrial Gears Pvt. Ltd., Mumbai.
5. Key Textile Accessories Pvt. Ltd., Surat.
6. Mahalaxmi Mill Store Co., Ahmedabad.
7. Maksteel Wire Healds Pvt. Ltd., Vadodara, Gujarat.
8. Patco Exports Pvt. Ltd., Mumbai.
9. Shree Ram Textiles, Ahmedabad.
10. Srinivasa Textile Equipment Company, Coimbatore.
11. Super Tex Industries, Mumbai.
12. Suprabhatam Textile Equipments, Coimbatore.
13. Techno craft Industries, Ahmedabad.
14. Yogesh Dyestuff Products Pvt. Ltd., Mumbai.
thA meeting with the Office-bearers of BTMA was organized for ITAMMA members on 5 February, 2015 at BTMA Office where 10 ITAMMA members attended.
'Global Textile Congress-2015'
The Global Textile Congress – 2015 (GTC) was organized by Textile Association of India (TAI) at Bangkok, Thailand, during 13-15 February, 2015.
The special Scheme of “Table Space at ITAMMA Pavilion during 'Global Textile Congress', Bangkok, Thailand” was organized.
Following ITAMMA members participated in the above scheme displaying their catalogues during the 3 days of the Conference and got the opportunity to interact with the delegates of the Conference coming from all over the world.
1. B Tex India, Coimbatore
2. Century Inks Pvt. Ltd., Mumbai
3. Excel Industrial Gears Pvt. Ltd., Mumbai
4. Patco Exports Pvt. Ltd., Mumbai
5. Shrihari Engineering, Tirupur
17
nd72 Annual Report 2014-15
The Textile Association of India (TAI) and ITAMMA have undergone a MOU for working together for the benefit of Textile Industry. On the basis of the same, Textile Association of India (TAI) invited ITAMMA for presenting its views on 'Building Innovation Capacity & Role of Associations.'
On behalf of ITAMMA, Mr. S. Senthil Kumar, President mentioned that earlier times Japanese were considered to be the big innovator during post World War II, where it was seen that the entire world flooded with goods made in Japan, and Japan virtually concurred the global market. In due course of time this has shifted to South Korea and now it has shifted to China, Taiwan & Vietnam. These countries have put lot of money in building, research and development capacities which are giving them very good results now as Innovations is everyday's job. A good example of Innovation success is that of apple in America which has given the world IPhone, Computers, IPad, Google, Microsoft etc.
Mr. Diven Dembla, Immediate Past President, mentioned that various initiatives have been made at the Association level by developing innovative schemes like Catalogue Shows, Catalogue Display, Share-a-Table, Share-a-Stall which has shown a tremendous response of our members. He further informed that Cluster Development activities have been implemented in an innovative manner in order to create an interest of the members to participate in the programmes like 5S, Lean, Design Awareness, CFC, etc. which has helped them in upgrading their present setup as well as implementing the waste management.
Mr. N. D. Mhatre, Director General (Technical) informed about the innovative systems adopted while releasing the various circulars through mass-mailing system where he added that the detailed analysis are being made at our Association for the various circulars to find out the flow of attendance of this mail by our members. From this analysis we come to know the interest of our members in regard with the type of information where detailed analysis region-wise, cluster-wise as well as topic-wise of the released circulars were made and accordingly the cluster development programmes are executed.
'INDO inter TEX 2015'
thThe 13 edition of 'INDO inter TEX 2015', the Indonesia International Textile and Garment Machinery & Accessories Exhibition, organized jointly by PT. Peraga Nusantara Jaya Sakti, Indonesia. The exhibition received a good response from 452 exhibitors from 24 countries, including 17 Indian exhibitors. The Participation from China was the highest to an extent of 35.62% which was followed by 25% from Indonesia. However, Indian Exhibitors were only 3.76%. Even though the Exhibition showcased more of Garment and Accessories stalls, the visitors at the ITAMMA stall were in good numbers from the field of Spinning, Weaving & Traders/Manufacturers of Spare Parts. This gave a good opportunity to the ITAMMA member participants of Catalogue Display scheme to get exposure to the clients/agents for their business at Indonesia.
The trend of visitors registered at ITAMMA Stall were 20% from Spinning, 10.67% from Weaving, 5.33% from Wet Processing, and 22.67 % were from Garment Apparel Industry & others. While Traders/Agents interested in purchasing and selling spares and accessories were 33.33%. As its regular practice ITAMMA organized a 'Catalogue Display Scheme' for its members who were not able to participate in the above Exhibition, which recorded a overwhelming response from 21 member companies whose details are given below:
1. Applied Automation Systems Private Limited, Coimbatore.
2. Ashton International Pvt. Ltd , New Delhi
3. B.Tex India, Coimbatore
4. Bea Electronics, Gwalior
18
nd72 Annual Report 2014-15
5. Blue Moon Machines Mfg. Co. Surat
6. Chem Verse Consultants (I) Pvt. Ltd, Mumbai
7. Continental Engineering Industries Pvt. Ltd, Gandhinagar
8. Excel Industrial Gears Pvt. Ltd, Mumbai
9. Industrial Electronics Corporation, Gwalior
10. Kothari Techno Tex, Gandhinagar
11. Krsna Engineering Works, Ahmedabad
12. Maksteel Wire Healds Pvt. Ltd, Vadodara
13. Patco Exports Pvt. Ltd, Mumbai
14. Phoenix Textile Engineering Pvt. Ltd, Pune
15. Rajshree Industries, Kolkata
16. Shree Ram Textile, Ahmedabad
17. Shri Hari Engineering, Tirupur
18. Srinivasa Textile Equipment Company, Coimbatore
19. Sumanlal J. Shah Sons (P) Ltd, Coimbatore
20. Suprabhatam Textile Equipments, Coimbatore
21. Technocraft Industries, Ahmedabad
'Shanghaitex 2015'
thThe 17 International Exhibition on Textile Industry 'Shanghaitex 2015' was organized from 15-18 June, 2015 at Shanghai New International Expo Centre (SNIEC), China. by the Shanghai International Exhibition Co. Ltd., Shanghai Textile Technology Service & Exhibition Center and Adsale Exhibition Services Ltd., which received a response of over 1,000 Exhibitors from 23 countries.
ITAMMA was offered a complimentary Booth for the first time, where it was noticed that the visitors involved in the manufacturing and supply of spares and components for spinning, weaving and processing industry were recorded on higher side. It was also noticed that many of the visitors were interested in selling their products in India and were in search of Agents who can market their products in India.
A special 'Catalogue Display Scheme' was organized for its members, where following members participated:
1. B Tex India, Coimbatore.
2. Basant Wire Industries Pvt. Ltd., Jaipur.3. Bea Electronics, Gwalior.4. Century Inks Pvt. Ltd., Mumbai.5. Chem Verse Consultants (India) Pvt. Ltd., Mumbai.6. Continental Engineering Industries P. Ltd., Ahmedabad.7. Excel Industrial Gears Pvt. Ltd., Mumbai.8. Maksteel Wire Healds Pvt. Ltd., Vadodara.9. Patco Exports Pvt. Ltd., Mumbai.10. Phoenix Textile Engineering Pvt. Ltd., Pune.11. Shree Ram Textile, Ahmedabad.12. Srinivasa Textile Equipment Company, Coimbatore.13. Super Tex Industries, Mumbai.14. Suprabhatam Textile Equipments, Coimbatore.15. Vinit Rubber Works, Mumbai.
19
nd72 Annual Report 2014-15
Every generation has men who leave their footprints on the sands of time, and act as beacons of light. Amit Shah was among such people. Mr. Amit K. Shah, popularly was known as Amitbhai in the textile fraternity all over the country. Amitbhai's share in grooming this Association needs a special mention. Amitbhai was instrumental in enrolling a large number of members from Ahmedabad, thanks to his long association with the industry in this city.
Mr. Amit Shah was Chemical Engineer from BITS Pilani which is one of the best Engineering Institution in India. Amitbhai was associated with Indian Textile Accessories & Machinery Manufacturers' Association (ITAMMA) for more than two
rddecades. He was elected as 53 President of the Association in the year 2008-09. He
was a continuous source of inspiration and a guiding force to the Association in its activities and continued progress.
In spite of his busy schedules he participated actively in most of the activities of ITAMMA, including Managing Committee meetings and other Events; and invariably gave his advice & opinion on various matters for the growth of the Association. ITAMMA has undergone an MOU with the International Textile Association “TEMSAD” during his tenure of Presidentship.
He was Vice-Chairman of India-ITME Society in the year 2008-09. He was also the active Member of many other Associations, including Gujarat Chamber of Commerce.
Shri Amitbhai was equally devoted to the welfare of poor & downtrodden people of the Society at Ahmedabad.
“MAY HIS SOUL REST IN PEACE “
Obituary Note
Mr. Suresh M. Mehta was a Bachelor of Engineering (Mechanical, Electrical); Textile-
Tech; Reutlingen, Germany; M. Mea (India), F.L. Mech. E. (India). Mr. Mehta was the
Chairman and Managing Director of Star Group of Companies and has promoted
various Companies in the field of specialized textile machinery and components
manufacturing in textile spinning, textile processing, patented textile bearing
components, textile electronics and cross – flow ventilation systems. He helped to set
up, the Textile Training Institute in Nairobi for the Government of Kenya in the early
1980's under the Dutch Government's Financing. In addition to having been the
Chairman of the TMMA, Mr. Mehta has served in various capacities on a number of
public organizations, some of them being, Chairman of the EEPC, President of the
Indian Textile Accessories & Machinery Manufacturers' Association formerly known as Association of
Merchants and Manufacturer's of Textile Stores and Machinery (AMMT&M), Founder – President of India-
ITME, Chairman Indian Standards Institute – Technical Development Committee, Patron Member
Associated Chambers of Commerce and Industry India (ASSOCHAM). Mr. Mehta was the recipient of
numerous awards related to exports and export promotion, research and development, and
standardization of quality control. He has received the Udyog – Ratan Award for Entrepreneurship and a
Memento from the President of India, Abdul Kalam for promoting and contributing to India's Engineering
Exports.
“MAY HIS SOUL REST IN PEACE “
Mr. Amit Shah
Mr. Suresh Mehta
20
nd72 Annual Report 2014-15
INDEPENDENT AUDITOR'S REPORT
To the Members of Indian Textile Accessories and Machinery Manufacturers Association
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Indian Textile Accessories and Machinery Manufacturers Association, which comprise the Balance Sheet as at March 31, 2015, the Income and Expenditure Account for the year then ended and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give
21
nd72 Annual Report 2014-15
a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2015; and its profit and its cash flow for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. The Company is exempted under para 1(2) (iii) of CARO 2015. As such the requirements of the Companies (Auditor's Report) Order, 2015 ('the Order') issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, are not applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;
c) The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on March 31, 2015 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations that affect its financial position in its financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
For ASA and Associates LLPChartered AccountantsFirm Registration No: 009571N/N500006
Sd/-
Anil A. MehtaPartnerMembership No. F-30529
Place: Mumbai Date: September 5, 2015
CIN : U99999MH1969NPL014319
As at As at
March 31, 2015 March 31, 2014
(Rs.) (Rs.)
2 24,865,212
24,649,082
3 11,183,747
8,323,725
36,048,959
32,972,808
4 545,680
1,935,526
5 6,600,507
4,247,149
6 563,403
552,779
7,163,910
4,799,928
43,758,549
39,708,261
7
1,276,762
2,269,390
10,084
60,224
3,937,460
3,366,112
5,224,307
5,695,726
8 1,100,000
1,100,000
9 (129,016)
51,117
10 1,139,724
1,103,880
2,110,708
2,254,997
11 946,525
707,945
12 35,289,057
30,708,158
10 187,953
341,435
36,423,535
31,757,538
43,758,549
39,708,261
1
In terms of our report of even date For and on behalf of the Board of Directors of
For ASA & Associates LLPChartered Accountants
Firm Registration No. 009571N/N500006S.Senthil kumarPresident
Anil A. MehtaPartnerMembership No. 30529
Kaizar.Z.MahuwalalaHon.Treasurer
Place : Mumbai
Date : 5/09/2015
N.D.MhatreDirector General (Tech)
Non-current assets
Capital work-in-progress
Long-term loans and advances
Current assets
Non-current investments
Deferred tax assets (net)
Notes
Non-current liabilities
Other long term liabilities
Current liabilities
Indian Textile Accessories & Machinery Manufacturers' Association
Fixed Assets
Tangible assets
Intangible assets
Other current liabilities
TOTAL
ASSETS
Short-term provisions
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
Balance Sheet as at March 31, 2015
Particulars
EQUITY AND LIABILITIES Shareholders' Funds
Capital and other funds
Reserves and surplus
Summary of Significant accounting policies
The accompanying notes are an integral part of the financial statements.
Trade receivables
Cash and bank balance
Short-term loans and advances
TOTAL
22
nd72 Annual Report 2014-15
23
nd72 Annual Report 2014-15
For ASA & Associates LLPChartered Accountants
Firm Registration No. 009571N/N500006S.Senthil kumarPresident
Anil A. MehtaPartnerMembership No. 30529
Kaizar.Z.MahuwalalaHon.Treasurer
Place : Mumbai
Date : 5/09/2015
N.D.MhatreDirector General (Tech)
Indian Textile Accessories & Machinery Manufacturers' Association
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
CIN : U99999MH1969NPL014319
Statement of Income and Expenditure Account for the year ended March 31, 2015
Particulars Year ended Year ended
March 31, 2015 March 31, 2014
(Rs.) (Rs.)
Income
Revenue from operations 13 7,302,880
8,159,954
Other income 14 6,288,269
6,633,761 Total (I) 13,591,149
14,793,716
Expenses
Employee benefits expense 15 2,595,065
2,746,984 Depreciation 7 1,142,207
315,882
Other expenses 16 5,332,892
6,202,248
Total (II) 9,070,163
9,265,114
Profit /(Loss) before tax (I-II) 4,520,985
5,528,602
Tax Expenses
- Current Tax 1,364,700
1,641,364
- Deferred Tax 180,133
(3,123)
1,544,833
1,638,241
2,976,152
3,890,362
Summary of Significant accounting policies 1
The accompanying notes are an integral part of the financial statements.
In terms of our report of even date For and on behalf of the Board of Directors of
Notes
Profit/(Loss) for the year
24
nd72 Annual Report 2014-15
Notes to financial statements for the year ended March 31, 2015
1. Summary of Significant accounting policies
Basis for Preparation
Use of Estimates
Revenue Recognition
Subscriptions
Entrance Fees
Patron Fees
Other income
Fixed Assets
The company has used the following useful lives to provide depreciation on its fixed assets.
Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchaseprice, borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for theintended use. Any trade discounts and rebates are deducted in arriving at the purchase price.
Entrance fees are accounted on the date a member is admitted. The admission fees are credited to the Capital Fund in the Balance Sheet.
Patron fees are accounted on the date a member is admitted. The Patron fees are credited to the Capital Fund in the Balance Sheet inaccordance with the Articles of Association.
a)Interest is accounted for on accrual basis.
b)Interest amount received on the investment of B.K. Mehta Endowment Fund, Export Promotion Fund and Diamond JubileeEndowment Fund are credited to the fund. Income on other investments is treated as revenue income.
c)Income from Exhibition is recognized on accrual basis in accordance with the terms of the agreement.
The financial statements of the company have been prepared in accordance with the generally accepted accounting principles in India(Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standardsnotified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014.Accordingly, the previous figures have been reclassified to conform to this year's classification. The financial statements have beenprepared on an accrual basis and under the historical cost convention.
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the changein accounting policy explained below.
Depreciation on fixed assets is calculated on a written - down value method on pro-rata basis applying the useful life specified in ScheduleII of the Companies Act 2013
The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates andassumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at theend of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions,uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts ofassets or liabilities in future periods.
a)Annual Subscriptions due and received from members are accounted in the Income & Expenditure Account.
b)Subscription received from New Member after 30th September of any year is treated as Half Yearly Subscription and half of the amount
received is refunded. Furthermore, subscription received after 31st
December is treated as Subscription received from 1st
April of theSubsequent year.
Nature of asset Useful lives estimated by the management (in years)
Furniture and fixtures 10
Office equipments 5
Office Building (RCC Structure) 60
Computers 3
Intangible Assets 3
25
nd72 Annual Report 2014-15
26
nd72 Annual Report 2014-15
2 - Capital & Other Funds
Paticulars
Capital Fund 129,750
129,750
Life Membership 7,000
7,000
Patron Membership Subscription 1,320,000
1,320,000
Building Capital Fund 345,666
345,666
Building Maintenance Fund 14,544,249
14,544,249
Donation to the Corpus of the Trust 1,381,875
1,381,875
Vice-Patron Membership Subscription 240,000
240,000
Entrance Fees
Balance as per last Balance Sheet 506,747
484,747
Add : Received during the year 100,000
606,747
22,000
506,747
Export Promotion Fund
Balance as per last Balance Sheet 1,074,108 1,098,950
32,000 32,000
Less : Expenses for the object of the Fund 22,472 1,083,636 56,842 1,074,108
1,870,619 1,814,619
56,000 1,926,619 56,000
1,870,619
2,729,069 2,669,202
50,602 59,867
2,729,069
Less : Expenses for the object of the Fund 2,779,671
-
2,729,069
Shri J. G. Roy Endowment Fund 500,000
500,000
Add : Remaining Donation -
500,000
-
500,000
24,865,212
24,649,082
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
Notes to financial statements for the year ended March 31, 2015
As at March 31, 2014
Donation to the Corpus of the Proposed Diamond Jubilee Endowment Foundation
Add : Transfer from Income & Expenditure Account (Interest on Fund FD's)
Add : Transfer from Income & Expenditure Account (Interest on Fund FD's)
Add : Transfer from Income & Expenditure Account (Interest on Fund FD's)
Shri B.K. Mehta Endowment Fund for encouraging Research in Textile Engineering Designs
As at March 31, 2015
27
nd72 Annual Report 2014-15
3 - Reserves and surplus
Particulars As at
March 31, 2015 As at
March 31, 2014
a. Capital Reserves
Opening Balance 531,158
531,158 (+) Current Year Transfer -
-
(-) Written Back in Current Year -
-
Closing Balance 531,158
531,158
b. Surplus
Opening balance 7,792,567
3,993,231
(+) Net Profit/(Net Loss) for the current year 2,976,152
3,890,362
(+) Transfers of Expenses for Fund to
Export Promotion Fund 22,472
56,842
B.K. Mehta Endowment Fund
(-) Transfers of Interest on FD to
Export Promotion Fund 32,000
32,000
B.K. Mehta Endowment Fund 50,602
59,867
Diamond Jubilee Endowment Fund 56,000
56,000
Closing Balance 10,652,589
7,792,567
TOTAL 11,183,747
8,323,725
4 - Non-current liabilities
Particulars As at
March 31, 2015 As at
March 31, 2014
Subscription Received in Advance 363,680
334,526
Security Deposits received 182,000
1,601,000
Total 545,680
1,935,526
5 - Current liabilities`
Subscription and Entrance Fees Received in Advance 531,399
379,662
Income for events received in advance 95,000
165,000
Oustanding Expenses 438,528
832,148
Income received in advance for telecom tower 622,233
592,603
Advance from Lessee 3,806,467
1,670,374
Other Advances 264,985
73,087
Advance Received for LMF 325,000
-
Tax withholding payable 137,353
115,038
Service Tax Payable 379,542
419,237
Total 6,600,507
4,247,149
6 - Provisions
Gratuity 328,647 206,199Leave Encashment 108,150 187,540Contribution to Provident Fund 33,839 125,940Salary and Reimbursement 92,767 33,100
Total 563,403 552,779
Year endedMarch 31, 2015
Year endedMarch 31, 2014
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
Notes to financial statements for the year ended March 31, 2015
Particulars As at
March 31, 2014
Particulars
As at March 31, 2015
28
nd72 Annual Report 2014-15
7 -
Fix
ed a
sset
s(A
mo
un
t in
Rs.
)
As
at
A
pri
l 1,
201
4
Ad
dit
ion
s d
uri
ng
th
e ye
ar
As
at
M
arch
31,
201
5 A
s at
Ap
ril
1, 2
014
Dep
reci
atio
n
char
ge
for
the
year
As
atM
arch
31,
201
5 A
s at
Mar
ch 3
1, 2
015
As
at
Mar
ch 3
1, 2
014
Tan
gib
le A
sset
s
Bui
ldin
g-(O
ffic
e)1,
210,
123
1,21
0,12
3
883,
506
12,8
75
896,
381
313,
742
326,
617
Fur
nit
ures
& F
ixtu
res
2,27
0,58
8
-
2,
270,
588
1,
150,
427
450,
282
1,60
0,70
9
669,
879
1,
120,
161
Off
ice
Equ
ipm
ent
3,09
4,00
1
99
,439
3,
193,
440
2,
274,
835
628,
115
2,90
2,95
0
29
0,49
0
819,
166
Co
mp
uter
s 49
1,78
5
-
491,
785
48
8,33
9
795
48
9,13
4
2,65
1
3,44
6
To
tal
7,06
6,49
7
99
,439
7,
165,
936
4,79
7,10
7
1,
092,
067
5,88
9,17
4
1,
276,
762
2,26
9,39
0
Pre
vio
us Y
ear
6,83
0,76
7
23
5,73
0
7,06
6,49
7
4,
501,
299
295,
807
4,79
7,10
7
2,
269,
390
2,32
9,46
8
Inta
ng
ible
Ass
ets
Web
site
201,
695
-
20
1,69
5
14
1,47
1
50,1
40
191,
611
10
,084
60,2
24
T
ota
l 20
1,69
5
-
201,
695
14
1,47
1
50,1
40
191,
611
10
,084
60,2
24
P
revi
ous
Yea
r20
1,69
5
-
201,
695
12
1,39
6
20,0
75
141,
471
60
,224
80,2
99
Cap
ital
wo
rk-i
n-p
rog
ress
3,36
6,11
2
57
1,34
8
3,93
7,46
0
-
-
-
3,
937,
460
-
PA
RT
ICU
LA
RS
IND
IAN
TE
XT
ILE
AC
CE
SS
OR
IES
& M
AC
HIN
ER
Y M
AN
UF
AC
TU
RE
RS
' A
SS
OC
IAT
ION
No
tes
to f
inan
cial
sta
tem
ents
fo
r th
e ye
ar e
nd
ed M
arch
31,
201
5
Acc
um
ula
ted
Dep
reci
atio
nN
et B
lock
29
nd72 Annual Report 2014-15
8 - Non-current investments (Amount in Rs.)
Particulars As at
March 31, 2015 As at
March 31, 2014
A. Trade Investments
(a) Investments in debentures or bonds 1,100,000
1,100,000
Total 1,100,000
1,100,000
9 - Deferred tax Asset (Net)
The major components of deferred tax liability / asset as recongised in the financial statement is as follows:
Particulars As at
March 31, 2015 As at
March 31, 2014
Deferred tax liabilityExcess of net block of fixed assets as per Income Tax over books of accounts
(263,987)
(2,407)
Others
Gross deferred tax liability (263,987)
(2,407)
Deferred tax asset
Provision for Employee benefits
Expenses disallowed under Sec 43B 134,970
53,524
Carry forward business loss and unabsorbed depreciation
Others
Gross deferred tax asset 134,970 53,524 Net deferred tax (liability) / asset (129,016) 51,117
Deferred Tax (Charge) / Credit for the year (180,133) 3,123 10 -Loans and advances
As at March 31, 2015
As at March 31, 2014
As at March 31, 2015
As at March 31, 2014
Capital advances
Unsecured, considered good -
Total -
-
Security deposits
Unsecured, considered good 130,650
220,650
Total 130,650
220,650
Other loans and advances
Secured, considered good
Loans and Advances given to Employees -
Unsecured, considered good
Advance income-tax 625,032
213,733
Prepaid expenses -
156,038
282,798
Other Advances 4,880
67,695
-
Accrued Interest -
31,915
58,637
Service tax credit 379,162
601,802
-
Total 1,009,074
883,230
187,953
341,435
TOTAL 1,139,724
1,103,880
187,953
341,435
Particulars
Long Term
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
Notes to financial statements for the year ended March 31, 2015
Short Term
30
nd72 Annual Report 2014-15
11 - Trade receivables
Trade receivables outstanding for a period less than six months
Unsecured, considered good 564,239
627,014 Total 564,239
627,014
Trade receivables outstanding for a period exceeding six months
Unsecured, considered good 382,286
80,931
Total 382,286
80,931
Total 946,525
707,945
12 - Cash and Bank Balances
a. Balances with banks* 35,275,770
30,684,068
b. Cash on hand 13,287
12,066
c. Foreign Currencies in hand -
12,024
Total 35,289,057
30,708,158
* Includes
Particulars As at
March 31, 2014 As at
March 31, 2014
Saving Account 4,210,381
3,284,795
Bank Deposits having maturity of more than 3 months 31,065,389
27,399,272
Total 35,275,770
30,684,068
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
Notes to financial statements for the year ended March 31, 2015
The debts are excluding the dues from a lessee since April 2005, which has not been recognised as Income in view of ongoing litigation
Particulars As at
March 31, 2014
Particulars As at
March 31, 2014
As at March 31, 2015
As at March 31, 2015
31
nd72 Annual Report 2014-15
13 - Revenue from Operations
Revenue from Operations
Sale of Services 512,232
1,065,440
Total 512,232
1,065,440
Other Operating Income
Royalty from Caterers 5,160,000
6,362,288
Compensation towards common expenses 491,169
574,779
Auditorium/Conference room Hire charges 1,139,479 157,448
Total 6,790,648 7,094,515
Revenue from Operations 7,302,880 8,159,954
Details of Services rendered
Particulars Year Ended
March 31, 2015 Year Ended
March 31, 2014
Services
Annual Subscription 1,243,503 988,238 Income from Directory 13,300 47,729 Exhibition Income 1,381,739 1,061,213 Less: Expenses 2,126,310 1,031,740 Net Exhibition Income 744,571- 29,473 Total 512,232 1,065,440
14 - Other Income
Interest Income
Interest on Bank FDs 2,626,370
2,450,919 Interest on Savings Bank Account 105,275
90,681
Interest on Government Bonds 88,000
88,000 Total 2,819,645
2,629,600
Rent 95,676
105,115
Rent from Telecom Tower 2,175,370
2,011,793 Contribution for Lean manufacturing -
1,879,996
Total 6,288,269
6,633,761
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
Notes to financial statements for the year ended March 31, 2015
ParticularsYear Ended
March 31, 2014
Year Ended March 31, 2014
Particulars
Year Ended March 31, 2015
Year Ended March 31, 2015
32
nd72 Annual Report 2014-15
15 - Employee benefit expenses
Salaries and incentives 2,126,209
2,365,916
Staff welfare expenses 98,029
37,718
Contributions to-
Provident Fund 144,401
115,140
Superannuation scheme 25,946
22,011
Gratuity Fund contributions 200,480
206,199
Total 2,595,065
2,746,984
Financial Assumptions on Valuation Date
Particulars Year ended
March 31, 2015 Year ended March
31, 2014
Discount Rate (p.a.) 8.00% 7.95%
Expected Rate of Return on Assets (p.a.) 0.00% 0.00%
Salary Escalation Rate (p.a.) 6.00% 6.00%
16 - Other Expenses
Electricity 1,016,862 1,264,114 Repairs to building 373,611 324,179 Insurance 36,424 34,291 Rates and Taxes 847,885 430,609 Legal and Professional 511,799
347,919
Communication Expenses 208,465
255,353
Conference and Meeting Expenses 1,016,453
816,562 Printing and Stationery 376,711
408,591
Upkeeping & Sanitation 279,266
248,176 Building Security Charges 86,040
142,822
Postage and Courier 132,742
128,950
Membership and Subscription Fees 20,108
97,054
Penalty for late payment of TDS -
20,243
Miscellaneous Expenses 426,526
179,383
Consultancy Charges for Lean Manufacturing -
1,504,000
Total 5,332,892
6,202,248
16.1 Payment to Auditors
Audit Fee 60,000
60000
Tax Audit Fee 25,000
20000
Other Matters 20,000
20000
Total 105,000
100,000
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
Notes to financial statements for the year ended March 31, 2015
Year ended March 31, 2014
Particulars Year ended
March 31, 2015
Year ended March 31, 2015
Particulars Year ended
March 31, 2015 Year ended March
31, 2014
ParticularsYear ended March
31, 2014
33
nd72 Annual Report 2014-15
17. Other notes to financial statements
1.The Association does not have any contingent liabilities.
18. Information pursuant to the Statement of Profit and Loss
(a). Expenditure in foreign currency (on accrual basis):
(Rs.) (Rs.)
Daily Allowance (including meeting expenses) 361,290 67,250
Airfare & other expenses 385,321 278,994
TOTAL 746,611 346,244
In terms of our report of even date For and on behalf of the Board of Directors of
For ASA & Associates LLP
Chartered Accountants
Firm Registration No. 009571N/N500006 CIN : U99999MH1969NPL014319
S.Senthil kumar
President
Anil A. MehtaPartner
Membership No. 30529Kaizar.Z.Mahuwalala
Hon.Treasurer
Place : Mumbai
Date : 05/9/2015 N.D.Mhatre
Director General (Tech)
2.Export Promotion Fund Account is utilized for the purpose of Export Cell activities at Mumbai, Ahmedabad & Coimbatore.
3.In view of addition of provision to section 2(15) of the Income Tax Act, 1961 by Finance Act, 2008, the Association has made a provision for taxation of Rs.13,64,700/-, in accordance with the provisions of the Income Tax Act, 1961.
4.In the opinion of the Managing Committee, the Current Assets, Loans and Advances are approximately of the value stated if realised in the ordinary course of business.
5.The Association had terminated the Lease Agreement of the one of its lessee (Nanubhai & Co.) for default in payment of lease rent and
other charges and has filed a suit for repossession of the same on the grounds of bonafide requirement, in a court of law in April 2005. The
suit was decided in favour of the Association in FY 11-12. However the lessee has challenged this judgment in High Court, Pending trial
order, the lease rent and other charges have not been recognized from the year 2005-06.
INDIAN TEXTILE ACCESSORIES & MACHINERY MANUFACTURERS' ASSOCIATION
Notes to financial statements for the year ended March 31, 2015
Year Ended March 31, 2015
Year Ended March 31, 2014
6. In the absense of virtual certainity of recoverability of Rs. 6,75,000/-, such amount is not recognised as income in the current financial
year.
Indian Textile Accessories & Machinery Manufacturers' Association
19. Previous year’s figures have been rearranged and regrouped, wherever necessary to make them comparable with that of current year.
Particulars