1. Contingent Liabilities:
Contingent Liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which will be
confirmed only on the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company or
a present obligation that arises from past events where it is either
not probable that an outflow of resources will be required to settle or
a reliable estimate of the amount cannot be made.
2. CONTINGENT LIABILITIES:
In respect of pending VAT Assessment for the year 2010-11 to 2013-14,
the liabilities of VAT Tax including liabilities for penalty / interest
has remained to be ascertained. However, according to information and
explanations given to us, the following dues of VAT and Income Tax, has
not been deposited by the Company on account of disputes
Name of the Amount Period to which Forum where
statute (in ') the amount Dispute is
relates pending
Assessment Year
Income Tax 1,36,89,070 Commissionser
2009-10, 2012-13 of Income Tax
Assessment Year Dy Comm. of
Sales
MVAT Act, 2002 2,12,295
2009-10 Tax Mumbai
3. RELATED PARTY DISCLOSURES:
List of related parties with whom transactions have taken place during
the current accounting year and relationship
1. Names of Related Parties :
a. Enterprises significantly influenced: M/s Chhaya Impex
by key management personnel
b. Key Management Personnel: Mr. Ketan H Mehta
Ms. Sarika Khandre
Mrs Bijal R Shah
c. Relatives of Key Management Personnel Mrs. Vilasben D. Sanjalia
4. DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES:
The company has put in place a suitable system for identifying the
vendors coming under the purview of the Micro, Small and Medium
Enterprises Development Act, 2006. Since the company has not received
any information in this regard, from the vendors, disclosure relating
to amounts unpaid as at the year end together with interest paid /
payable under this Act could not be ascertained.
5. The Company has not made provision for gratuity as per AS 15 "Employee
Benefits". No provision has been considered in accounts towards future
payment of gratuity to the employees as the same is proposed to be
accounted on cash basis. No provision has been made towards accrued
leave wages which is continued to be accounted on cash basis
6. The value of closing stock of raw materials, finished goods and
semi finished goods and other inventories has been brought into books
on the basis of inventories taken, valued and certified by the
director.
7. Balance Sundry Debtors, Sundry Creditors and Customer Advances,
Advance to suppliers, Loans, Advances and Deposits are subject to
Confirmation / reconciliation, if any. The management does not expect
any material difference affecting the financial statement on such
reconciliation / adjustments.
8. In the opinion of the Board , the current assets, loans and advance
are approximately of the valued stated, if realized in the ordinary
course of business. The provision of depreciation and all known
liabilities are adequate and not in excess of amount reasonably
necessary.
9. Previous year's figures have been regrouped/ recast and rearranged
whenever considered necessary. These are the notes referred to in our
report.
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