Ref.

No: ITTA/09/090/13

20th September, 2013.

To,
All Members of the Association and
Special Invitees.
Dear Sirs,

THIRD ANNUAL GENERAL MEETING ON FRIDAY, THE

27TH SEPTEMBER, 2013, AT MUMBAI

The 3rd Annual General Meeting (AGM) of Indian Technical Textile Association (ITTA) will
be held on Friday, the 27th September, 2013 at 11-00 AM in the Boundary Hall, First Floor,
Mumbai Cricket Association (MCA) Club, Bandra Kurla Complex, Bandra (East), Mumbai400051. The AGM will be followed by lunch at the same premises.
We request you to kindly make a note of the date and attend the AGM, positively.
We are enclosing the following, pertaining to the Annual General Meeting
1. Notice of the Third Annual General Meeting
2. Annual Report together with Accounts for the year 2012-2013
Thanking you,
Yours Faithfully,
T. V. Bhavadas
Administrative Officer
Encl: as above

MEMBERS WHO HAVE NOT PAID THEIR ANNUAL SUBSCRIPTION ARE

REQUESTED TO PAY THE SAME BEFORE THE ANNUAL GENERAL MEETING
1

INDIAN TECHNICAL TEXTILE ASSOCIATION

MUMBAI

NOTICE FOR THIRD ANNUAL GENERAL MEETING.

Notice is hereby given that the 3rd Annual General Meeting of the members of Indian
Technical Textile Association will be held on the Friday, the 27th September 2013 at 11-00
AM, in the Boundary Hall, First Floor, Mumbai Cricket Association (MCA) Club, Bandra
(East), Mumbai-51to transact the following business.
1. To receive, consider and adopt the Directors Report and the Audited Balance sheet
and Income and Expenditure account for the period from 1st April 2012 to 31st
March,2013, together with the report of the Auditors thereon.
2. To appoint Messrs. R.A. Sheth & Associates, Chartered Accountants, as Auditors to
hold office from the conclusion of this meeting till the conclusion of the next Annual
General Meeting and to fix their remuneration.
3. To announce the new Board of Directors.

By ORDER OF DIRECTORS

T V BHAVADAS
Administrative Officer

Place: Mumbai
Dated: 6th September, 2013

BOARD OF DIRECTORS
CHAIRMAN

Shri Mohan Kavrie

VICE-CHAIRMAN

Shri M. Senthil Kumar

FINANCE DIRECTOR

Shri V. Kannan

HON SECRETARY

Shri Amit Agarwal

DIRECTORS

Shri Dilip B. Jiwrajka

Shri Vayu Garware
Shri P K C Bose
Shri Pramod Khosla
Shri D. Pulikeshi
Shri Kamal Kumar Johri
Dr. Ashok N. Desai
Shri U K Gangopadhyay
Shri Chandrakant M Khetan
Shri Gokul Mehta
Shri Rajesh Somani
Shri Arun Jariwala
Shri Mukesh Vijaywargi
Shri M K Bardhan

EXECUTIVE DIRECTOR

Smt. Shashi Singh

BANKERS

Andhra Bank, Ghatkopar (W)

AUDITORS

M/s. R. A. Sheth & Associates

Chartered Accountants

REGISTERED OFFICE

Ground Floor, BTRA,

A Block, L.B.S. Marg,
Ghatkopar (West),
Mumbai 400 086
3

3rd Annual Report of the Board of Directors of

Indian Technical Textile Association.
Dear Members,
The Board of Directors of Indian Technical Textile Association have pleasure in presenting to
you the 3rd Annual Report, Audited Balance Sheet and Income and Expenditure Account for
the year ended 31st March, 2013.
During the period from 1st April 2012 to 31 st March 2013, the Board met six times. The
board members,inter-alia, discussed about having an office premise for ITTA, participation
in national and international trade fares, HSN codes exclusively for technical textile products,
EPC status to ITTA including formation of Technical Textile Development and Export
Promotion Council (TTD&EPC), preparation of comprehensive budget proposal for 2013-14,
govt. scheme on promoting agro textiles and geo textiles in north eastern regions,
strengthening the secretariat of ITTA, expanding the office premises of ITTA by leasing in
additional space from BTRA adjacent to the existing premises, financial position of ITTA and
approving the annual budget including that of interior work and furnishing of additional
space, patron membership application of Feminine and Infant Hygiene Association
(FIHA),opening of regional office of ITTA at Surat and Coimbatore, inclusion of ITTA in the
Standing Council for Market Access agreement(SCMAA), levy of fees for insertion of Ads.
in the ITTA website etc, etc.
Membership of the Association.
There was a quantum jump in the membership of ITTA during the year under report. 53
members were added in the year under report reaching a total of 183 as on 31/03/2013. As on
30/08/2013, there are 208 members.
Office of ITTA
ITTA did not have an office of its own. In the month of August 2012, ITTA has leased in
office space admeasuring 500 sqm carpet area in the A Block, Ground Floor, BTRA
premises, Ghatkopar (W) and started functioning from there w.e.f. 14th September 2012.
Furniture, office equipments like computers, printers etc. have also been procured. During
April 2013, an additional space of 500 sqm, adjacent to the present premises has also leased
in and made a conference room with suitable table and other furniture which can
accommodate about 25 persons, a display rack for displaying the products of ITTA members
as well as storage shelf etc.
Posting of Executive Director/ Officers.
Smt. Shashi Singh, former Joint Textile Commissioner, office of the Textile Commissioner,
Mumbai joined ITTA as Executive Director on 13th August 2012.
(i)
(ii)
(iii)
(iv)

T V Bhavadas joined ITTA as Administrative Officer w.e.f. 16th May 2012.

Shri. D S Narayana, Ex- Joint Director, TEXPROCIL, has joined ITTA as Jt.
Director w.e.f 13th Feb. 2013.
Ms. Priyanka Prajapati has joined as Asst. Director w.e.f 5th December, 2012.
Smt. Kranti Wadekar has joined as Executive Associate w.e.f October 2012.
4

(v)

Shri. Bhushan Khairnar, Asst. Director, was specifically recruited for about two
months during December 2013 Feb 2013 in order to take-up the works
pertaining to Vibrant Gujarat Global Trade Expo-2013 and the Seminar organized
at New Delhi on Use and Advantages of Geo Synthetics in Road construction.
2nd AGM of ITTA
The 2nd Annual General Meeting (AGM) of the Indian Technical Textile Association
(ITTA) was held on 27th September 2012 at MayFair Banquet hall, Mumbai. The
AGM was graced by the presence of Chief Guest, Shri A B Joshi, Textile
Commissioner, Mumbai. Mr. Dilip Jiwrajka, CMD, Alok Industries Ltd was the Guest
of Honour. Shri Mohan Kavrie, Director, ITTA, extended a warm welcome to the
Guests as well as to all members and invitees who were present. Shri A B Joshi, in his
key note address stated that ITTA is coming out of hibernation and wished the
association will play a larger and vibrant role in the industry and instill further
confidence. Shri Jiwrajka, in his address complemented the TUF scheme for the
healthy textile sector of India. He wished ITTA would provide the much needed boost
to the Indian T T industry.

Major Activities of the Association during the year.

1) Symposium on Technical Textiles at Mumbai.
ITTA was the supporting organization in the two day Techtextil India Symposium
organized by messe Frankfurt India at Mumbai on 30 th and 31st October 2012. Smt.
Shashi Singh, was the Chairperson of the programme Committee of the Symposium.
There was a table top for ITTA in the symposium. Mr. Mohan Kavrie, Chairman, Mr.
Amit Agarwal, Hon Secretary, many board members viz., Mr. Vayu Garware, Mr.
Mukesh Vijaywargi, Mr. V. Kannan, Mrs. Shashi Singh, ED and a number of ITTA
members participated in the symposium. The members directory of ITTA was released in
the symposium by Shri. Sujit Gulati, Joint. Secretary, MOT and Mr. A. B. Joshi, Textile
Commissioner.
2) Vibrant Gujarat Global Trade Expo-2013 (VGGTS) at Gandhi Nagar, Gujarat.
ITTA, was a supporting organisation of VGGTS-2013, a Mega Trade Exhibition
spreading over an area of 1,00,000 sq.m. at Helipad Ground, Gandhinagar, Gujarat held
during 8th to 13th of January 2013, organised by Government of Gujarat. The Gujarat
Government has decided to focus on TECHNICAL TEXTILES as one of the thrust areas
for promotion and requested Indian Technical Textile Association (ITTA) to coordinate
the booking of exclusive technical textile pavilion in this Global Trade Show. ITTA has
coordinated the entire booking and also ensured participation of top class technical textile
units in the exhibition. T T pavilion had 32 stalls with 100% occupancy. ITTA also had a
stall in the pavilion. Prominent technical textile units like Arvind Mills, SRF Ltd, Ginni
Filaments Ltd, Ahlstrom Fibre Composites India (P) Ltd., Armstrong Products (P) Ltd,
Tarasafe International (P) Ltd., Supreme group of industries, Veer Plastics Ltd,
Entremonde Polycoaters Ltd, Kusumgar corporate Ltd, CTM technical Textiles, Khosla
5

profils Ltd., BKS Textiles Ltd, Jill Mill Nonwovens etc. has booths in the ITTA pavilion
for Tech.Textiles.
30% discount on the stall rentals for technical textile units was given by Gujarat state
government and 20% discount provided by Ministry of Textiles, Govt. of India under
TMTT. The pavilion attracted thousands of visitors and a large number of one 2 one
meetings between the buyers and sellers were facilitated by ITTA. E D, ITTA attended
the inaugural ceremony of the EXPO on 8th January 2013.
Shri Sujit Gulati, JS, MOT, Shri. A B Joshi, Textile Commissioner, Dr. Subroto Gupta,
Jute Commissioner, Sr. officials of Dept. of Mines, Disaster Management dept. of Gujarat
state, Health and waste Mgmt. officials of Ahmedabad Municipal corporation, social
welfare dept. of Govt. of Karnataka, Indian Oil Corporation, Reliance industries Ltd,
educational & Research institutions, officials of trade depts. of foreign embassies and a
large number of buyers/ traders/users of Technical textile products in small, medium and
large industrial sectors and prospective entrepreneurs visited the pavilion.
3) Seminar on Advantages and Usages of Geo synthetics in Road Construction At
New Delhi.
A seminar on Usage and advantages of Geosynthetics in Road construction was
organized by Indian Technical Textile Association (ITTA) jointly with Ministry of Textile
(MOT) and in collaboration with Ministry of Road Transport and Highways (MORTH) &
National Highway Authority of India (NHAI) in New Delhi on 5 th - 6th February, 2013.
The seminar was co-sponsored /supported by prominent technical textile units. The venue
of the seminar was Silver Oak Hall, India Habitat Centre, New Delhi. The Table top
display by 15 indigenous manufacturers was also organized concurrently to showcase the
indigenous availability of range of products to the concerned agencies and also to provide
an opportunity to the indigenous manufacturers to display their capability and capacity in
terms of product range. Dr J N singh, Member (Finance) National Highway Authority of
India was the Chief Guest.
The seminar attracted participation of about 200 persons comprising of top officials of
the user industry viz. MORTH, NHAI, BRO, NRRDA, Central Road Research Institute
(CRRI), IRC, Delhi Municipal Corporation (DMC), IGS, NHBF and Contractors /
Consultants / Concessionaires including big players like L&T, Louis Berger, Balfour
Beatty, SNC Lavalin, Unihorn etc., top officials of manufacturers, Centers of Excellence,
Academician etc. Shri Sujit Gulati, J S MoT, Shri. A B Joshi, Textile Commissioner, Dr. J
N Singh, Member, NHAI, Shri. C Kandaswamy ,DG, Road, MoRTH, Shri Sharad Y
Mhaiskar, Dean, NMIMS and Shri. P I Bongirwar, Advisor (L&T) and a host of
prominent experts from MoRTH,NHAI and private sector actively participated in the
seminar as Chair persons of sessions, resource persons etc. The seminar was widely
acclaimed by the participants as one of the best in the subject.
4) Release of Hand Book on Geo synthetic case studies of ITTA Members
6

During the above seminar, a handbook on Geo synthetic case studies of ITTA
Members was released. This handbook is a compilation of 75 successful case studies
of application of Geo Synthetics by ITTA members, along with their corporate
profile. This will be of much use to the concessionaiers, contractors, users etc.
5) Role of ITTA in the scheme of Promotion and usage of geo textiles and agro textiles
in North Eastern Region (NER) by Ministry of Textiles, New Delhi.
Ministry of Textiles initiated a scheme for promotion and usage of geo textiles and agro
textiles in North Eastern Region (NER). ED, ITTA, as a member of the delegation of
Ministry of Textiles participated in the programme organized by the Ministry at Guahati
(Assam), Itanagar (Arunachal Pradesh) and Aizwal (Mizoram). The program is aimed at
explaining/sensitizing the Government officials and other stake holders, the features of
the scheme and the advantages of using Geotextiles in the north eastern states. Three
members of ITTA, viz. Reliance Industries Ltd, CTM Tech Textiles Ltd and Strata Geo
Systems Pvt. Ltd made presentations on the geo/agro textile products.
6) Technotex 2013 at New Delhi.
Ministry of Textiles jointly with FICCI and supported by ITTA, organized Technotex 2013 from 17th to 19th January, 2013 at Pragati Maidan at New Delhi which was the
second international conference-cum-exhibition to promote the Indian Technical Textile
sector. ITTA had a stall in the pavilion. Chairman, Executive Director, Honrary
Secretary of ITTA as well as a number of ITTA members visited the Expo, attended the
seminar organized along with the Expo. A number of ITTA member units like Reliance,
SRF, Supreme Group, Nobel Hygiene, Ellies Engineering, KTechnical Textiles, Skaps
India Ltd., NTC, BCH, Madhuram Fabrics, , Pasupati Polytex pvt. Ltd, COEs like
BTRA, ATIRA, SITRA, DKTE had stalls in the Expo. ITTA had a stall in the exhibition
and disseminated information on ITTA and technical textiles to about 300 visitors.
7) ITTA committee on Geo synthetic education.
One of the major reasons for limited application of Geo Synthetics in India is due to the
lack of awareness of the scope of the applications as well as lack of knowledge and
confidence in design techniques. This could be attributed to non-inclusion of this
important aspect of civil engineering during the formative years of a civil engineers
education. As a result, when confronted with the problem, the decision-making engineer
often shies away from appropriate use of geosynthetics as a greyarea, although one can
incur huge saving on capex and / or life cycle costs, besides saving in time. Sometimes,
the application is wrongly applied with discouraging or disastrous results. In view of the
above, the ITTA Committee on Geosynthetics Education has been formed with the
objective of drawing up an appropriate syllabus for inclusion, both at the Bachelor level
in general civil engineering as well as at the Masters level where geotechnical
engineering is the major. This has the support of Ministry of Textiles. The committee
consists of eminent persons from academic/ research institutions, industry, consultancy
organizations etc.

As on date, the committee held seven meetings and the report is to be submitted to the
Ministry by 31st August 2013.
8) ED, ITTA and a number of ITTA members attended the launch function/curtain raiser
which was organized for the introduction of Technotex 2013 to the industry and other
stakeholders on 10th September, 2012 at Mumbai. Smt. Panabaaka Lakshmi, Honble
Union Minister of State for Textiles inaugurated the function. Shri Sujit Gulati, Joint
Secretary, Ministry of Textiles, Shri A B Joshi, Textile Commissioner, was also present in
the function.
ITTA E-Bulletin.
ITTA has been publishing E-Bulletin with effect from September 2012. The Bulletin,
inter-alia, provides important international/national news on various aspects of technical
textile industry, developments in technology & processes, ITTA activities, Trade Fairs,
governments policy changes in regard to exim policy, fiscal policy etc. The publication is
well received by the industry.
Technology upgradation Fund Scheme (TUFS).
ITTA took up the issues of non release of interest incentive/ capital subsidy under TUFS
raised by some of ITTA members with Ministry of Textiles and office of the Textile
Commissioner, Mumbai. Major grievances of the units are closure of the portal of Textile
Commissioners office facilitating on line registration of units under RTUFS, non
availability of interest incentive/ capital subsidy, coverage of units in the blackout period,
to remove the sectoral caps under TUFS etc.
.
Support to other agencies.
1) ITTA is a supporting organization of IFAI EXPO Americas held at Boston
during November 7-9, 2012. ITTA had been allotted a complementary booth in
the Expo. ITTA members were provided with lowest registration packages and
discounted trade show passes. The Expo promoted ITTA as a supporting
organization on the IFAI Expo Americas Website.
2) IITA supported VASTRA 2012, an International Textile & Apparel Fair held
during 22-25 November
2012 at Jaipur, jointly organized by RIICO, FICCI,
Govt. of Rajasthan and Ministry of Textile, Govt. of India. The
Supporting
Organisation will be given a complimentary 9 sq. meters of Indoor space in the
Exhibition. Special
Discount of 5 % on Stall Rentals of VASTRA 2012 is
extended to the ITTA members (over and above 10 % Early Bird Discount valid
till 30 September 2012).
Proposals for Union Budget: 2013-14.

ITTA has prepared the budget proposal for the year 2013-14 based on the suggestions
received from its members and sent to Ministry of Finance, Ministry of Textiles and
office of the Textile Commissioner. Administrative officer, ITTA attended the meeting
convened by office of the Textile Commissioner, Mumbai on 20 th November 2012 to
discuss the budget proposals for the year 2013-14.
Tax Research Unit (TRU) of Dept. of Revenue, Ministry of Finance, Govt. of India has
invited ITTA for a discussion on the budget proposals submitted to Ministry of Finance.
Directors/members of ITTA, viz. Dr. P K C Bose of Saertex India Pvt. Ltd, Mr. Kamal
Johari of Noble Hygiene, Mr. D. Pulikeshi of SRF Ltd, Mr. Nitin R. Bhojani of B&V
Agro Irrigation Co, Mr. Ashish Dubey of P&G and a representative of Venus Safety &
Health attended the meeting and made suggestions on fiscal issues pertaining to technical
textile industry for consideration in the budget.
Other important activities.
1) Visit to Development Institute, MSME.
ED and AO of ITTA visited Development Institute (DI), Medium, Small and Micro
enterprises, Govt. of India, Saki Naka, Mumbai and had detailed discussion with
Mr..G.M.Ambhore, Director of the institute and his officers to understand the
promotional schemes in operation by Ministry of MSME to small scale units and the
possibilities of coverage of technical textile units under such schemes.
2) Visit by Italian Delegation.
A delegation from Italy comprising of Mr. Simone Cesari, International Relations,
Camera di Commercio Prato, Dr. Alfredo Belli, Textile and Environmental Advisor,
Kairos S.r.l. alongwith Shri.Aman Joshi, India Representative, Indo Italian Chamber
of Commerce visited ITTA office for discussion with ITTA members. The objective of
the visit was to explore possibility of co-operation between two nations in setting up
manufacturing units through joint ventures, financial collaboration, supply of
machinery, tie-up for marketing in India as well as Indian products in Italy etc. ED,
ITTA and five members of ITTA interacted with the delegation.
3) Matchmaking event with German Companies.
ITTA supported Match Making event which was commissioned by Federal Ministry
of Economics & Technology (BMWi), AHP International GmBh & Co. KG, Germany
jointly with WB Management Consulting on 4th March 2012 at Amber
Hall, Courtyard Marriott, Andheri Kurla Road, Andheri East, Mumbai. Four German
companies participated in the event.

4) Interaction with French Delegation.

ED, ITTA alongwith Administrative Officer and Asst. Director attended the meeting
with French delegation from USRTL on Friday 21st December, 2012 in HALL
9

BURGUNDY at Hotel Novotel Juhu, Mumbai. Asst. Director, ITTA made a power
point presentation highlighting the activities of ITTA and also the present scenario of
technical textile industry.
5) Support to Indo- French Seminar.
ITTA supported the Indo-French seminar on Textiles & Technical Textiles Machinery:
French Technology and Services for the Indian Textile and Technical Textile Industry
held on 19th March 2013 at Delhi and 22nd March 2013 at Surat. In the seminar held in
New Delhi, Shir. Amit Agarwal, Honrary Secretary of ITTA made a presentation on
Activities of ITTA. Similarly the presentation was made in the seminar held in Surat
by Shri. Pancholi, Regional office, ITTA, Surat.

Meetings attended by ITTA officials.

1)

ED, ITTA attended the following meetings held on 29th November 2012 at Ministry
of Textiles, New Delhi.
a) The sixth meeting of the Empowered Committee constituted under
Technology Mission on Technical Textiles (TMTT) under the Chairpersonship
of Smt. Anita Agnihotri, AS & FA, MOT. The meeting, inter-alia, reviewed the
performance of TMTT, approval of contract research proposals, finalization
of guidelines on IPR, approval of modifications in guidelines of business start
up intervention, additional location for the establishment of incubation centre
for COE Nonwoven, relaxation in purchase guidelines for books / journal /
periodicals for COEs.
b) The second meeting of the Steering Committee on TECHNOTEX 2013 under
the Chairmanship of Shri. Sujit Gulati, Jt. Secretary, MOT mainly to assess the
progress of organizing the event.
c) The first meeting of Monitoring Committee for Standards on technical textiles
under the Chairmanship of Shri Sujit Gulati, Joint Secretary, Ministry of
Textiles. The committee reviewed the progress of standards formulation by all
standards committees at COEs, overall status of standards on technical textiles
at BIS, outsourcing of experts for formulation of standards by BIS.
2) Chairman, ITTA attended the second meeting of committee for approval of Non
DPR items of COEs under TMTT was held on 27 th November 2012 under the
chairmanship of Shri.A.B.Joshi, Textile Commissioner.
3) The coordination meeting under the chairmanship of Shri Sujit Gulati, Jt.
Secretary, and Ministry of Textiles was convened by office of the TxC on
16.02.2013 at Mumbai wherein Textile Commissioner was also present. The
main objective of the meeting between ITTA, SRTEPC and TEXPROCIL was
for discussing the formation of Technical Textile Development and Export
Promotion Council (TTDEPC). Mr. Mohan Kavrie, Chairman, Mrs. Shashi
10

Singh, Executive Director, Mr. Amity Agarwal, Honrary Secretary, Mr. Kamal
Kumar Johari, Director, Mr. Raj Pathak, Director, Mr. Mahesh Kudav
Member, ITTA and officers of ITTA attended the same.
4) Mr. Mohan Kavrie, Chairman; Mrs. Shashi Singh, Executive Director; Mr. Amit
Agarwal, Honrary Secretary and officers of ITTA attended the meeting of the
Evaluation and Approval Committee of Technology Mission on Technical
Textiles (TMTT) held under the Chairmanship of Shri Sujit Gulati, Joint
Secretary, Ministry of Textiles and in the presence of Textile Commissioner on
16.02.2013 in the Office of the Textile Commissioner, Mumbai,.
5) Shri V. Kannan, Finance Director, Mr. D S Narayana, Joint Director, and
Mr.T.V.Bhavadas, Administrative Officer of ITTA attended the meeting of
Appraisal and Review Committee of TMTT held under the Chairmanship of
Textile Commissioner held on 08.03.2013 at 11.00 a.m in the Conference Hall
of Office of the Textile Commissioner, Mumbai to discuss the report of M/s
ICRA Management Consulting Services Limited.
6) The Ministry of Textiles has constituted a committee for evaluation of consultants
to undertake an appraisal & review of Technology Mission on Technical Textiles
(TMTT). ITTA is a member of this committee. The meetings of the committee
convened periodically were attended by ED, Hon Secretary and Administrative
Officer of ITTA.
Grants received by ITTA.
ITTA has received a grant of Rs.13,09,400/ during the year from Ministry of Textiles
for the work done for VGGTS-2013 (Rs.9,09,400) and Seminar on Usages and
advantages of Geosynthetics in Road constructions held at New Delhi (Rs.4,00,000).
ITTA also received about Rs. 6.00 lakh from state Govt. of Gujarat, ie, 10% of the
rental of the area booked for the successful execution of the technical textile pavilion
in the VGGTS-2013.
Accounts
As per the audited accounts of ITTA, there is a surplus of Rs.3,03.600/ which has
been carried forward to the balance sheet.
Auditors
Members are requested to appoint Auditor for the current year and to fix their
remuneration.
ON BEHALF OF THE BOARD OF DIRECTORS
Sd/
Shri Mohan Kavrie,
11

Mumbai: Dated,2013
INDEPENDENT AUDITORS REPORT

Chairman.

To the Members of Indian Technical Textile Association

Report on the Financial Statements
1. We have audited the accompanying financial statements of Indian Technical Textile
Association (the Association) which comprise the Balance Sheet as at March 31 st, 2013,
and the Statement of Profit and Loss for the year then ended, and the summary of
significant accounting policies and other explanatory information, which we have signed
under reference to the report.
Managements Responsibility for the Financial Statements
2. The Associations Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position, financial performance of
the Association in accordance with the Accounting Standards referred to in sub-section
(3C) of Section 211 of the Companies Act, 1956 of India (the Act). This responsibility
includes the design, implementation and maintenance of internal control 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
3. Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India. 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.
4. An audit involves performing procedures to obtain audit evidence, about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessment of the risk of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the Associations preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made by Management, as
well as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
6. In our opinion, and to the best of our information and according to the explanations given
to us, the accompanying financial statements give the information required by the Act in
the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Association as at
31st March, 2013; and
12

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
7. The Companies (Auditors Report) Order, 2003 and the Companies (Auditors Report)
(Amendment) Order, 2004, issued by the Central Government in terms of Section 227(4A)
of the Companies Act, 1956, is not applicable to the Association as it is licensed to operate
under Section 25 of the Companies Act, 1956.
8. As required by Section 227(3) of the Act, we report that:
(a) We have 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
Association 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 Balance Sheet and Statement of Profit and Loss dealt with by this
Report comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Act;
(e) The Company has not received any representations from the Directors of the
Company with respect to clause (g) of sub-section (1) of Section 274 of the
Companies Act, 1956. Hence we are not in a position to comment whether any of the
Directors of the Company is, as at 31st March 2013, prima-facie disqualified from
being appointed as a director in terms of the said clause;
For R. A. SHETH & ASSOCIATES
Chartered Accountants
Firm Registration No.113270W
Sd/SALONI R. SHETH
Partner
Membership No. F 046460
Mumbai:

13

INDIAN TECHNICAL TEXTILE ASSOCIATION

BALANCE SHEET AS AT 31ST MARCH 2013
Note

31.03.2013
Rs.

31.03.2012
Rs.

(in hundreds)

(in hundreds)

EQUITY AND LIABILITIES

Shareholders' Funds
Share Capital

47700

37500

Reserves and Surplus

8050

5014

55750

42514

Non Current Liabilities

Deferred Tax Liability (Net)

156

Other Long Term Liabilities

3800

2360

3956

2360

Current Liabilities
Trade Payables

141

84

Other Current Liabilities

1285

500

1426

584

61132

45458

Total
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets

3732

4966

1436

4966

1436

52034

41522

10

400

2500

52434

44022

Non-Current Assets
Long Term Loans and Advances

Current Assets
Cash and Cash Equivalents
Short Term Loans and Advances

14

Total
The notes form an integral part of these financial
statements.

61132

45458

As per our report attached

For R. A. Sheth & Associates

For Indian Technical Textile Association

Chartered Accountants
Firm Registration No. 113270W

Sd/Mohan Kavrie

Sd/-

Chairman

(Saloni R Sheth)
Partner
Membership No. F 046460

Sd/V. Kannan
Finance Director

For Indian Technical Textile Association

Mumbai

Sd/-

Dated :

Smt. Shashi Singh

Executive Director

15

Sd/T.V.Bhavadas
Admn. Officer

16

STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED 31ST MARCH, 2013
PARTICULARS

Note

2012-13
Rs.
(in hundreds)

2011-12
Rs.
(in hundreds)

REVENUE
Revenue from Operations
Other Income
Total Revenue

11
12

25844
48439
74283

10325
7217
17542

EXPENSES
Employee Benefits Expense
Finance Costs
Other Expenses
Depreciation
Total Expenses

13
14
15
7

8764
30
60295
562
69651

39
12833
12872

4632
-

4670
-

1440
156
1596

1550
1550

3036

3120

Profit/(Loss) before
Extraordinary and
Exceptional
Exceptional Items
Profit/(Loss) before Tax
Tax Expense
Current Tax
Deferred Tax
Profit/(Loss) for the year from Continuing
Operations
Earnings per Equity Share
Basic and Diluted

Not Applicable

Not Applicable

The notes form an integral part of these financial statements.

As per our report attached

For R. A. Sheth & Associates
Chartered Accountants
Firm Registration No. 113270W

For Indian Technical Textile Association

Sd/Mohan Kavrie
Chairman

Sd/(Saloni R Sheth)
Partner
Membership No. F 046460

Sd/V. Kannan
Finance Director

For Indian Technical Textile Association

Sd/-

Mumbai
Dated :

Smt. Shashi Singh

Executive Director
17

Sd/T.V.Bhavadas
Admn.Officer

INDIAN TECHNICAL TEXTILE ASSOCIATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS
31.03.2013
Rs.
(in hundreds)
NOTE 1 - SHARE CAPITAL
Capital Fund
As per last Balance Sheet
Add : Received during the year
Entrance Fees
Patron Fees

31.03.2012
Rs.
(in
hundreds)

37500

30600

Total

5200
5000
47700

1900
5000
37500

Total

5014
3036
8050

1894
3120
5014

Total

156
156

Total

3800
3800

2360
2360

Total

141
141

318
318

The Association has dispensed with the word 'Limited'

from its name by virtue of the approval dated
20th January, 2010 granted to it by the Central Government
under Section 25(1) of the Companies Act, 1956.
NOTE 2 - RESERVES AND SURPLUS
Income and Expenditure Account
Balance as per last Balance Sheet
Add/(Less): Loss for the year
NOTE 3 - DEFERRED TAX LIABILITY (NET)
Opening Balance
Charge for the year on account of Depreciation
Closing Balance
NOTE 4 - OTHER LONG TERM LIABILITIES
Provision for Taxation
NOTE 5 - TRADE PAYABLES
For Goods and Services
Due to Micro and Small and Medium Enterprises
Due to Others

The Association has confirmed that it does not owe any sum to any micro enterprises and small
enterprises
as prescribed under the Micro, Small and Medium Enterprises Development Act, 2006.
18

NOTE 6 - OTHER CURRENT LIABILITIES

Employees' Dues Payable
Statutory Dues Payable
Advances Received from Member
Advance Received towards Subscription

1240
10
35
1285

Total

500
500

INDIAN TECHNICAL TEXTILE ASSOCIATION

SCHEDULES FORMING PART OF THE BALANCE SHEET
(rs. in
hundreds)

NOTE 7 - FIXED ASSETS - TANGIBLE ASSETS

Particulars

GROSS BLOCK AT COST

As at
Additions
As at
01-0431-032012
during
2013
the year

DEPRECIATION
As at
During As At
01-04the
31-032012
year
2013

NET BLOCK
As at
As at
31-03- 31-032013
2012

Furniture and
Fixtures

2610

2610

242

242

2368

Computers

1352

1352

294

294

1058

Office
Equipments

332

332

26

26

306

Total
Previous Year

4294
-

4294
-

562
-

562
-

3732
-

19

31.03.2013
R.
(in hundreds)
NOTE 8 - LONG TERM LOANS AND ADVANCES
(Unsecured, considered good)
Advance Tax and Tax Deducted at Source
Security Deposit to BTRA
Service Tax paid in Excess

31.03.2012
R.
(in hundreds)

Total

3991
975
4966

1397
39
1436

Total

11675
40333
26
52034

1909
39437
176
41522

NOTE 10 - SHORT TERM LOANS AND ADVANCES

(Unsecured, considered good)
Advances recoverable in cash or in kind or for value to be
received
Advances to Suppliers
Grant Receiveable
Total

400
400

500
2000
2500

NOTE 9 - CASH AND CASH EQUIVALENTS

Balances with Banks
In Current Account
In Deposit Account
Cash on Hand

INDIAN TECHNICAL TEXTILE ASSOCIATION

NOTES FORMING PART OF THE FINANCIAL STATEMENTS
2012-13
2011-12
Rs.
Rs.
(in
(in
hundreds)
hundreds)
NOTE 11 - INCOME FROM OPERATIONS
Membership and Subscription
Grant Received
Total

12750
13094
25844

8325
2000
10325

NOTE 12 - OTHER INCOME

Interest Received
Sponsorship Received
Seminar Fees
Miscellaneous Receipts

3658
7450
35473
308

3138
4079
-

20

Prior Period Income

Total

1550
48439

7217

NOTE 13 - EMPLOYEE BENEFITS EXPENSE

Salaries and Allowances
Staff Welfare Expenses
Total

8685
79
8764

30
30

39
39

3514
2689

3000
1754

3048
330
690
975
412

566
3
1380
308
498

84
185
269

84
55
139

74
108
393
0
3069
162
117
114
44163
11
90
67
60295

22
89
107
689
79
230
288
3143
538
12833

NOTE 14 FINANCE COSTS

Bank Charges
Total
NOTE 15 OTHER EXPENSES
Licence Fees Paid
Conveyance
Travelling Expenses (including Foreign
Travelling)
Filing Fees
Registration Fees
Reimbursement of Expenses
Meeting Expenses
Professional Fees
Auditors' Remuneration
Audit Fees
In Other Capacity

Repairs and Maintenance Others

Computer Expenses
Electricity Expenses
Telephone Expenses
Books and Periodicals
Printing and Stationery
Postage and Courier
Office Expenses
Miscellaneous Expenses
Seminar Expenses
Interest Paid
Website Expenses
Sundry Balances Written Off
Prior Period Expenses
Total

21

INDIAN TECHNICAL TEXTILE ASSOCIATION

NOTES FORMING PART OF THE ACCOUNTS
NOTE 16 Disclosure for operating leases under Accounting Standard 19, Leases
The Association has paid compensation for use of office premises which is in the nature of
cancellable operating lease. The payment is recognised in the Income and Expenditure
Account for the period 1st April, 2012 to 31st August, 2012 on the basis of periodic debit notes
raised by Synthetic and Art Silk Mills Association Limited (SASMA) amounting to r.1250
(Previous Year r.3000). (Rupees in hundreds)
The Company has entered into one agreement for taking on leave and license basis office
premises from Bombay Textile Research Association (BTRA). The specified disclosures in
respect of these agreements are given below:
I.
Lease payments recognised in the Income and Expenditure Account for the year
R.2264 (in hundreds) [Previous year -Nil (in hundreds)] under the head Licence Fees.
II.

(a)
(b)

In respect of the leave and license agreement, refundable/adjustable

interest free deposit have been given.
The agreement does not provide for increase in rent and renewal.

(c)

The agreements provide for early termination by either party.

NOTE 17 Provision for taxation has been made as per the provisions of the Income-tax Act,
1961.
22

NOTE 18 Information pursuant to Paragraphs 3 and 4D of Part II of Schedule VI to the

Companies Act, 1956.
2012-13

2011-12
Rupees

Rupees
(Amounts

in

Rs.

hundreds)
i)

Value of Imports on C.I.F. Basis

ii)

Earnings in Foreign Currency

iii)

Expenditure in Foreign Currency

Foreign Travelling

NIL

NIL

NIL

NIL

NIL

137

Membership and Subscription

NIL

280

Miscellaneous

NIL

NIL

NOTE 19 In the opinion of the Board, Loans and Advances are approximately of the value
stated if realised in the ordinary course of business. There are no contingent liabilities other
than those stated hereabove. No personal expenses have been debited to revenue.

NOTE 20 Previous years figures have been regrouped/recast wherever necessary so as to

make them comparable to those of the current year.

NOTE 21 Significant Accounting Policies adopted by the Association:

2.

Method of Accounting:
The Association follows the mercantile system of accounting except where specified
otherwise.

2.

Fixed Assets:
Fixed Assets are capitalised at cost inclusive of incidental expenses.

3.

Depreciation:
23

Depreciation is provided as per the reducing balance method at the rates and in the
manner as specified in Schedule XIV to the Companies Act, 1956.
4.

Lease:
The Companys leasing arrangement is in respect of its operating lease for office
premises. The lease rental payable is charged to revenue as Licence Fees.

5.

Retirement Benefits:
Gratuity on retirement/resignation and leave encashment of employees are accounted
on cash basis, since the number of employees does not warrant an actuarial valuation.

6.

Grants-in-Aid:
Grants-in-Aid received relating to capital expenditure have been reduced from the
cost of the respective fixed assets.
Grants-in-Aid received relating to revenue expenditure have been accounted in the
Statement of Profit and Loss in the year in which the expenditure related thereto has
been incurred.

7.

Taxation:
Income Tax expense comprises deferred tax charge or credit. The deferred tax asset
and deferred tax liability is calculated by applying the tax rate and the tax laws that
have been enacted or substantially enacted by the Balance Sheet date. Deferred tax
assets arising mainly on account of brought forward losses or unabsorbed
depreciation under the tax laws, are recognized, only if there is a virtual certainty of
its realization supported by convincing evidence. Deferred tax assets on account of
other timing differences are recognized only to the extent there is a reasonable
certainty of its realization. At each Balance Sheet date, the carrying amount of
deferred tax assets are reviewed to reassure realization.
Signatures to Notes 1 to 20

As per our report attached

For R. A. Sheth & Associates
Chartered Accountants
Firm Registration No. 113270W

For Indian Technical Textile Association

Mohan kavrie
V. Kannan
chairman
Finance Director

(Saloni R Sheth)
Partner
Membership No. F 046460

For Indian Technical Textile Association

Smt. Shashi Singh

24

T. V. Bhavadas

Executive Director Administrative Officer

Mumbai
Dated:

*************

25