| 1. Contingent liabilities not provided for in respect of:
a) The Sales Tax Department had created a demand on the company in
respect of cases for 2 years against which the company has preferred
appeals to the appropriate appellate authorities aggregating to
Rs. 28,64,433/ - (Previous Year Rs 28,64,433)
b) The company has provided a Corporate Guarantee in favour of
Syndicate Bank in respect of the credit facility availed by M/s Chitra
UtsavVideo Pvt Ltd amounting to Rs 2475 Lacs .(PreviousYear 2475 Lacs)
2. Segment Reporting
The company business income consist of textiles only .The segment wise
details as per Accounting Standard AS -17 issued by the Institute of
Chartered Accountants of India is not required to be disclosed .
3. In accordance with the requirement of Accounting Standards (AS) -18
on Related Party Disclosure ,the name of the parties where control
exists and/or with whom the transaction have taken place during the
year are as follows :-
a) Key Management Personal
Anil Kumar Khanna - Chairman
Aditya Khanna - Director
b) Entities where Key Management Personal exercises significant
influence
i) Saurer Embroidery Systems India Pvt Ltd
ii) Chene Capital Pvt Ltd
iii) Chitra Utsav Pvt. Ltd.
iv) ADAB Infrastructure Pvt. Ltd.
4. Figures of the previous year have been regrouped & recast wherever
necessary.
5. The company has a unutilized balance of Cenvat Credit amounting to
Rs 16,76,338 which is lying in the books ,the matter has been decided
by the H'onoble High Court . The Company based on the decision of the
High Court has approached the Department for refund of Rs 27,05,026 for
which the refund has been granted by the department during the year.
6. The Company has an dispute going on with Central Bank of India
regards to Excess interest charged by the Bank under the Scheme of
Ministry of Textile, Government of India in the year 2005 on our Term
Loan accounts amounting to Rs 19.82 Lacs for which the company is
following up with the Bank for the refund .
7. Loan from others include a sum of Rs 46,34,698 which has been
borrowed from MrAnil Kumar Khanna Director of the company .
8. The company had a Company Secretary during the year who has
resigned on 28th February 2015 , the company has taken steps and
initiative to appoint new Company Secretary .
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