| A. Confirmation of balances from some of parties appearing under the
head current liabilities, sundry debtors, loans and advances are
awaited
B. Previous year adjustments of Rs. 48,773/- include Rs.5,827/- paid
for Sales Tax demand for the Assessment Year 2010-11; Rs.3,101/- paid
for Service Charges 2013-14, Rs. 14,510/- paid for License Renewal Fee
of 2013-14 & VAT Credits of Rs. 25,335/- has been written off due to
VAT exemption.
C. Company has revalued its Fixed Assets namely Land and Building on
31.03.2004. The value of aforesaid assets has increased by
Rs.5,90,00,625.42 as per Valuation Report dt.31.03.2004 from a
qualified & authorized firm of Engineers M/s.Universal Consultants,
Meerut. The aforesaid amount has been credited to Revaluation Reserve
Account. Further, during the year, same has been reduced by equivalent
amount of depreciation charged on this revalued amount.
D. The bifurcation of the total outstanding dues of small scale
industrial undertakings and other than small scale industrial
undertakings as well as the name of the small scale industrial,
undertakings to whom the company owes a sum of exceeding rupees one
lacs and which is outstanding for more than thirty days, are not
disclosed in the Balance Sheet as suppliers have not indicated their
status on their documents/papers whether they are small scale
undertakings or not hence it is not possible for the company to
disclose the said information in respect of trade creditors.
E. The cost records for the financial year 2014-2015 are still under
preparation and till the date of this Balance Sheet, the same could not
be finalized.
F. The company has valued the stock of finished goods at lower of cost
or realizable value in terms of AS-2. Earlier the company was valuing
the stock at realizable value.
G. The company has adopted Schedule II to the Companies Act, 2013, for
depreciation purposes, from 1 April 2014. The company was previously
not identifying components of fixed assets separately for depreciation
purposes; rather, a single useful life/ depreciation rate was used to
depreciate each item of fixed asset. Due to application of Schedule II
to the Companies Act, 2013, the company has changed the manner of
depreciation for its fixed assets. Now, the company identifies and
determines separate useful life for each major component of the fixed
asset, if they have useful life that is materially different from that
of the remaining asset. The company has used transitional provisions of
Schedule II to adjust the impact of component accounting arising on its
first application. The carrying amount of components whose remaining
useful life is not nil on 1 April 2015, is depreciated over their
remaining useful life.
H. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated if realised in the
ordinary course of business and the provision for all known liabilities
is adequate and not in excess of the amount reasonably necessary.
I. Managerial Remuneration :
Managerial remuneration has been paid within the limits specified by
Schedule V of the Companies Act, 2013. Computation of Net Profit u/s
198 of the Act is not given in view of there being no commission
payable to any director. The details of managerial remuneration paid
under Section 197 of the Companies Act, 2013 are as under:
J. During the current year no dividend is proposed to be paid hence
not provided for.
K. Particulars of Capacity, Production, Turnover and Stock for
manufacturing Activities:
L. Disclosures in respect of related party as defined in Accounting
Standard 18, with whom transactions were carried out in the ordinary
course of Business during the year as given below:-
Related party disclosures
a. List of related parties
i. Subsidiaries
- Sybly International FZE
ii. Key Management Personnel
- Mr. Mahesh Chand Mittal
- Mr. Nishant Mittal
iii. Relatives of Key Management Personnel
- Mrs. Suman Mittal
- Mrs. Parul Mittal
- Mrs. Rashi Mittal
- Mrs. Shikha Mittal
- Mr. Satya Prakash Mittal
- Mr. Umesh Kumar Mittal
- Sybly Techno Fibres Limited (Common KMP Mr. M.C.Mittal & Mr. Nishant
Mittal)
- Vartex Fabrics (P) Ltd. (Common KMP Mr. M.C. Mittal)
- Dux Textiles (P) Ltd. (Common KMP Mr. Nishant Mittal)
M. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated if realised in the
ordinary course of business and the provisions for all known
liabilities is adequate and not in excess of amount reasonably
necessary.
N. Previous Year's figures have been rearranged regrouped wherever
necessary.
|