| 1) Disclosure pursuant to Note No. 6(W) of Part I of Schedule III to
the Companies Act, 2013
In the opinion of the Board, all assets other than fixed assets and
noncurrent investments have a realisable value in the ordinary course
of business which is not different from the amount at which it is
stated.
2) During the year the Company created Deferred Tax Assets of Rs.
85,561/- 11) (A)The Assessing Officer of the Income Tax Department had
raised the demand of Rs. 82, 90,782/- against the Assessment Year
2008-09. However, the Company has filed an appeal to Commissioner of
Income-tax (Appeals). In spite of the said appeal, the company has paid
Rs. 22, 49,556/- to the Income-tax department which is shown in the
Balance Sheet as advances.
(B) However, the company has not paid Income tax liability of Rs. 2,
58,680/- for the Assessment year 2013-14 excluding interest u/s. 234A,
234B and 234C of the Income tax Act, 1961.
3) Pursuant to compliance of Accounting Standard (AS) 18 'Related
Party Disclosures', provisions of section 189 of the Companies Act,
2013, as per Point (iii)(a) of the Annexure to the Companies (Auditor's
Report) Order, 2015, as per the information provided to us,
M/s. Arnav Corporation Limited has not entered into any transaction
with related parties during the year.
4) As the Management has given the representation that the Company has
given advances to its suppliers. However, these advances had been
outstanding for more than one year and no material is supplied by the
following parties. As we are informed that there is no one has
mentioned below is related party. The Balances are subject to
confirmation and company is in process to obtain balance confirmation
till the completion of audit.
5) The company during the year has done only sale and purchases of the
Fabrics. There is no other business that is why no segment reporting is
required.
6) Figures in brackets represent the figures of the previous year and
have been regrouped / rearranged wherever necessary.
7) There is no practice of the Company to obtain confirmation of the
sundry debtors and sundry creditors. Hence, the said accounts are
subject to confirmation and reconciliations, if any.
|