| 1. Confirmations of certain parties for amounts due to them/amounts due
from them as per accounts of the Company are not received. Provision
for doubtful debts, if any, in respect of above and the consequential
adjustments, if any, arising out of reconciliation is unascertainable
at this stage.
2. Previous year's figures have been regrouped, reclassified and
rearranged wherever necessary to confirm this year's classification.
3. Consequent to the applicability of the Companies Act, 2013 (the Act)
with effect from 1st April 2014, the comapny has realigned the
remaining useful life of its Fixed Assets in accordance with the
provsions prescribed under schedule-ll to the Act. Consequently the
carrying value of the fixed assets having nil useful life as on 01st
April 2014 amounting to Rs. 491,683/- (Net of Deffered Tax of Rs.
219,870/-) has been adjusted to the opening balance of profit and loss
account and carrying value of assets having balanced useful life (net
of residual value) is being depreciated over the residual remaining
useful life. Accordingly the depreciation expense charged for the year
ended 31st March 2015 is lower Rs.1.33 lacs.
4. Figures have been rounded off to nearest of rupee. Figures in
brackets indicate negative values.
5. In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value, if realized, during the ordinary course
of business.
6. Contingent Liability and Capital Commitments:
Rs. in Lakhs
Particulars 2014-2015 2013-2014
Guarantee given to bank 56,000 56,000
Contracts remaining to NIL NIL
be executed on capital account
Excise demands against the
company not acknowledged as debts and
not provided for as the same are 8,79,562 8,79,562
disputed by the company in appeal.
7. The balances of sundry debtors and sundry creditors are subject to
confirmation from respective parties. Necessary adjustments, if any,
will be made when accounts are reconciled / settled.
8. Expenditure incurred by the Company on Employees :
a. If employed for a part of the financial year and where in receipt
of remuneration for the year which in aggregate was not less than Rs.60
Lacs : Rs. Nil.
b. If employed for a part of the financial year and where in receipt
of remuneration for any part of the year at the rate which in aggregate
was not less than Rs.5 lacs per month : Rs. Nil
9. Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)
10. Remittance in Foreign Exchange on account of Travelling etc. Rs.
Nil/- (Previous Year Rs.NIL)
11. Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)
12. Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)
13. Suppliers/Service providers covered under Micro, Small, Medium
Enterprises Development Act, 2006 have not furnished the information
regarding filing of necessary memorandum with the appropriate
authority. In view of this information required to be disclosed u/s. 22
of the said Act is not given.
14. Disclosure for leases under Accounting Standard 19 :
a Financial Lease :
The net carrying amount of assets acquired under financial lease : Nil
b Operational Lease :
The amount of payments for operational lease on assets : Nil
15. Segment Reporting:
The company manufactures only one product. The sale of the product is
in Indian markets only. Hence there are no reportable business
segments/geographical segments.
16. In accordance with Accounting Standard (AS-28) on "Impairment of
Assets" issued by the Institute of Chartered Accountants of India the
company during the year carried out an exercise to assess the
impairment loss of assets. Based on such exercise, there is no
impairment of assets. Accordingly no adjustment in respect of loss on
impairment of assets is required to be made in the accounts.
17. Related party Disclosure.
Disclosures as required by Accounting Standard 18 "Related Party
Disclosures" are given below.
A Related Party
Ashish D. Panchal - Managing Director
Kantaben D. Panchal - Director
B Key Management Personnel
Ashish D. Panchal - Managing Director
Rasik B. Panchal - CFO
18. Disclosures pursuant to Accounting Standard -15 ( Revised) "
Employee Benefits" :
A. Defined Contribution Plan:
The company has recognised as an expense in the profit and loss account
in respect of defined contribution plan - Provident Fund of Rs.
1,77,447/- (Previous year Rs. 1,77,426/-) administered by the
Government.
B. Defined benefit plan and long term employment benefit General
Description:
* Gratuity (Defined Benefit Plan):
The company has obtained report from Actuary for Gratuity liability.
* Leave Wages:
The leave wages are payable to all eligible employees at the rate of
daily salary/wages for each day of accumulated leave and are paid
during the financial year itself. Therefore no liability is accrued at
the end of the financial year for leave benefits as per practice
followed by the company year to year.
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