| 1. Debit and credit balances are subject to confirmation and
reconciliation, if any.
2. As the Company's business activities fall within a single primary
business segment, the disclosure requirements of Accounting Standards
(AS)-17 on "Segment Reporting", issued by The Institute of Chartered
Accountants of India are not applicable. However the Company has made
sales of Rs.160.87 Lacs (Previous Year Rs.107.56 Lacs) of Knitwear
Division which is shown under Other Operating Income.
3. There was a search by the Central Excise and Taxation Department on
26.09.2002 at the premises of the Company and the books of accounts and
other related documents (including excise records) have been seized.
The excise department has issued a show cause notice dated 29.03.2005
to the company for the raising of demand of Rs.6,62,19,886/- . The
company has filed the appeal with the Customs, Excise & Service Tax
Appellate Tribunal, New Delhi, who had stayed the recovery proceeding
till the disposal of appeals. So, no provision has been made in the
books since the demand raised, as the management is of opinion that the
same will be accounted for in the year of payment.
4. In the opinion of the Board, all the Current Assets, Loans &
Advances have a value on realization in the ordinary course of business
at least equal to the amount at which they are stated except as
expressly stated otherwise.
5. Legal & Professional Charges include payment to Auditor's as under :
6. The Company is taking the inventories as on 31.03.2015 &
31.03.2014 of its knitwear division on the basis of physical stock
taking, as the knitwear division of the company is not maintaining the
proper stock registers.
7. Related Parties Disclosure
A) Related parties where control exists or with whom transactions have
taken place during the year.
ASSOCIATED/ALLIED COMPANIES
* Ritesh Properties & Industries Limited*
* Kishan Chand & Co. Oil Industries Limited.
* Kamal Oil & Allied Industries (P) Limited
* Up to 25.07.2013
OTHERS
* Anita Arora Wife of Mg. Director
* Anita Arora Maximum Prop.- Wife of Managing Director
Discount Medical Retail Store
KEY MANAGERIAL PERSONNEL (KMP) REPRESENTED ON THE BOARD
* Sh. Rajiv Arora Chairman cum Mg. Director
* Sh. Ritesh Arora Executive Director
B) Particular of Related Party Transactions
The following is a summary of significant related party transaction:
8. Expenditure in Foreign Currency on Traveling - NIL (Previous
Year-Rs. 168840/-)
9. Consequent to the enactment of the Companies Act, 2013 (the act)
and its applicability for the accounting periods after April 1st, 2014,
the company has computed depreciation with reference to the estimated
economic lives of the fixed assets prescribed by the schedule II to the
Act. For assets whose life is over, the carrying value, net of residual
value, aggregating to Rs. 2.30 lacs as at April 1st, 2014 has been
adjusted through the retained earnings and in other assets the carrying
value as at April 1st, 2014 has been depreciated over the remaining of
the revised useful life of the assets and recognized in the above
financial results. As a result charge of depreciation is lower Rs. 5.58
Lacs for the year ended March 31st, 2015 and the net profit from
activities before tax is higher by the same amount.
10. Corresponding figures of the previous year have been regrouped/
rearranged wherever deemed necessary.
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