a) Gratuity and Leave Encashment benefits are accounted for on cash
basis. In the absence of actuarial valuation it is not possible to
quantify the amount payable on this account and its effect on Profit
and Loss of the company.
b) In opinion of Board, there is no unpaid amount due to Small Scale
Industrial Under taking and SMEs for more than45daysand also there
anointed rest paid or payable during the year towards unpaid amount or
delayed
c) Service Tax and Penalty amount of Rs. 4B,874/- paid under protest
during the year was considered as expenses on being lapse of reasonable
time for appeal. Further Rs. 44,57B/- was also paid in the same matter
to discharge the whole liability of demand order and the amount paid is
classified as "extraordinary items" in final accounts.
d) Extraordinary items and prior period items contains Rs. 16,611/-
towards PF Penalty, Rs. 1,70,82B/- towards Maintenance charges to Govt.
Agency for prior period and Rs. 93,452/- towards Service Tax as
detailed above.
e) No contract on capital account is remaining to be executed during
and at the close of the year.
f) Depreciation on fixed assets has been charged on "Straight Line
Method" on Pro-rata basis and has been realigned in accordance with
schedule II to the Companies Act, 2013. Life span of all the assets
have been recalculate and taken as per schedule II. Carrying value of
assets is now depreciated over its remaining useful life. Residual
value of the assets has been taken as Nil in case of all assets which
is also with the provisions of Schedule II. The assets of which
residual life remains nil as on 01.04.2014, the book value of these
assets has been transferred to retained earnings.
g) The Fixed assets items of which residual life remains nil as on
01.04.2014; book value of these assets has been transferred to retained
earnings. Accordingly the depreciation has been less charged by Rs.
27,80,047/- in the Profit and Loss Statement and Loss is less computed
by the same amount.
h) Plant Building construction is completed during the year and the
amount stood as Capital Work in progress which relates to Building
construction is being capitalized by transferring the amount to
Building A/c and depreciation has been charged on the addition from
current financial year.
i) other income includes sale of scrap of building to the tune of Rs.
5.79 Lacs.
j) In the opinion of the Board of Directors, the current Assets have a
value on realization in the. ordinary course of business at least equal
to the amount at which these are stated above. Provisions for known
liabilities are adequate and not in excess of the amount considered
reasonable and necessary.
k) Account statements of in-operative bank accounts held in the name of
the company are not available hence balances in such accounts subject
to confirmation. n) Disclosures as required under "Related Part
Disclosures" (AS 18) issued by The Institute of Chartered Accountants
of India are as below;
l) List of Related Parties-
i) Key Managerial Personnel (KMP)
Sheri AjayKasat - Managing Director
ShriArpitBangur - Director (Chairman)
Shri Rajesh KumarGupta - Director(independent)
Shri Vijendra Kumar Sood - Director(independent)
Shri Narendra Bahadur Singh - Director(independent)
Smt. Krishna Jajoo - Additional Director
ii) Bodies Corporate
M/s Famous Vanijya Pvt. Ltd. - Director Shri Rajesh Gupta is a Director
M/s Shrini was Poly fabric& Pack well - Director Shri Arpit Bangur is a
Director Pvt. Ltd.
M/sArpit Plastics Pvt. Ltd. - Director Shri Arpit Bangur isa Member
M/sUjjain Security and Manpower - Director Shri N.B.Singh isa Director
Services Pvt. Ltd.
M/sShriji Polymers(l)Ltd. - Director ShriArpit Bangur along with his
relatives holds more than 2 % of Shares.
iii) Relatives of Directors (with whom transactions done during the
year).
Shri Anand Bangur, Smt. Ma ngla Bangurare the relatives of
Director Shri Arpit Bangur.
m) Balances of Sundry Debtors, Creditors and Loans &advances are
subject to confirmation.
n) Previous year figures have been rearranged/ regrouped where ever
necessary.
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