| 1. Contingent liabilities not provided for in respect of:
i) Show cause notices/dcmands were issued by the Securities and
Exchange Board of India demanding Rs. 1,75,000/- for Settlement by
Consent Order for violation of Takeover Regulations. However, tire
Company is contesting the issues under legal advice & hence not opted
for settlement.
ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange
Limited. Calcutta Stock Exchange Association Limited and the Stock
Exchange, Ahmedabad: Amount not determined.
2. Sundry Debtors include amounts aggregating to Rs.6,00,318/-
(Previous Year Rs.6,00,318/-), which have remained outstanding for over
five years and amount aggregating to Rs, 7,85,58,540( P.Y. Rs.
7,85,58,540) which have remained outstanding for more than one year and
are subject to confirmation. The Company has not made any provision
against these debtors and also has initiated legal action against one
of them for recovery of dues, in management's view, the amounts have
remained overdue on account of general recession in the industry in the
recent past and it expects that the amounts would be recovered in due
course of time and no provision is required in this regard.
3. Unsecured loans and advances granted & remained outstanding
aggregating to Rs. 6,29,07,504/-(Previous Year Rs.6,01,16,385/-) as on
the Balance Sheet date, which arc either overdue or where there are no
covenants with regard to repayment of loan & other terms and
conditions. The Company is pursuing the matter and is hopeful to
recover the above debts. Accordingly, no provision is considered
necessary in the matter at this stage.
4. The outstanding balances of Debtors, Creditors, Deposits and
Advances are subject to confirmation.
5. In the opinion of the Board and to the best of their knowledge and
belief, the value of the realization of Current Assets, Loans and
Advances, in the ordinary course of business would not be less than the
amount at which they arc stated in the balance sheet. The Provision for
ail known liabilities is adequate and not in excess of the amount
considered reasonably necessary.
6. Sundry Creditors does not include any amount due to 'Small Scale
Industrial Undertaking as defined under Section 3(j) of industries
(Development and Regulation) Act, 1951.
7. Previous year's figures have been regrouped, recast and
reclassified wherever considered necessary.
8. Figure in brackets pertain to previous year.
9. Additional information pursuant to part II to schedule VI of the
Companies Act, 1956.
Particulars of Capacity
i) Class of goods : Synthetics Cloth etc.
ii) Licensed Capacity : Not Applicable.
iii) Installed Capacity : Not Applicable.
(As certified by the Directors)
10. Value of Imports calculated on C.I.F. basis - Nil (Nil)
11. Expenses in Foreign Currency during the year - Nil (Nil)
12. Earning in Foreign Exchange during the year - Nil (Nil)
13. The Company is principally engaged in the business of only one
broad segment of Textile products. Accordingly there arc no reportable
segments as per Accounting Standards 17 issued by the ICAI on "Segment
Reporting".
14. Related Party Disclosure as required by Accounting Standard 18 '
Related Party Disclosure issued by the Institute of Chartered
accountants of India is given below:
1) Key Management Personnel:
a) Mr. Ajit Vasani Director
b) Meghal Vasani Director
2) Relative of Key Management Personnel: - NONE
3) Enterprises owned by the Key Management Personnel or their
Relatives:
Details of transactions between the Company & related parties & the
status of the outstanding balance as on 31.03.2015 - NIL
|