| 1. Related Party Disclosures : Disclosures as required by the
accounting standard 18 of ICAI in respect of related party transactions
for the year ended on 31/03/2015 :-
Key Managerial Personnel (KMP) on the Board
Mrs. Seema Jain Director
Mr. Rajesh Jain Director
Particulars of Related Party Transactions:-
Directors Remuneration- Rs. 20.47 Lakh (Previous year Rs. 11.28 Lakh)
Relative of Key Managerial Personnel (KMP)
Genda Lal Jain HUF
Aarti Jain
Meenakshi Jain
Particulars of Related Party Transactions:-
Rent Rs.2.10 Lakh (Previous Year Rs.1.80 Lakh)
Salary Rs.8.40 Lakh (Previous Year Rs. 7.98 Lakh)
2. In the opinion of management the current assets and advances are
approximately of the value as stated. If realized in the ordinary
course of business unless otherwise stated. The provisions for all
liabilities are adequate and not in excess/shortage of the amount
reasonably necessary.
3. None of the employees were getting more than Rs. 60,00,000/-p.a.
or 5,00,000/p.m. during the year.
4. All the balances of Sundry Creditors, Loans and Advances are
subject to confirmation.
5. The Company have complied all the prudential norms prescribed by
Reserve Bank of India on income recognition , accounting standards,
assets classification , provisions for Bad & doubtful debts , capital
adequacy and credit / investment concentration .
6. The Company has written off unrecoverable debts of Rs. 6.32 Lacs
(Previous Year Rs.6.01 Lacs) during the year.
7. The company does not have any exposure in foreign currency at the
year end.
8. As per the provisions of new Companies Act, 2013 ( Act), the
Company has applied the new rates of depreciation based upon the useful
life of fixed assets specified in Part C of schedule II of the Act.
During the Current year , the Company has revised remaining useful
lives of certain fixed as sets as specified in Part C of schedule II of
the Act, accordingly , the carrying value of fixed assets as on 1st
April,2014 has been depreciated over the revised remaining useful
lives. As a result of this change, the net depreciation charge for the
year ended on 31st March, 2015 is higher by Rs.1.29 Lakh as compared to
provisions if made under earlier companies Act. Further , an amount of
Rs.0.13 Lakh representing the carrying value of assets , whose
remaining useful life is NIL, as at 1st April,2014 has been charged to
opening balance of retained earnings as per the transitional pro vision
prescribed in note 7(b) of part c of Schedule II of the Companies act,
2013.
9. Previous year figures have been regrouped / reclassified wherever
necessary to correspond with the figures of the cur- rent year under
review.
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