| Contingent Liabilities
Depending of the facts of each case and after the evaluation of
relevant legal aspects, the Company makes a provision when there is a
present obligation as a result of a past event where the outflow of
economic resources is probable and a reliable estimate of the amount of
obligation can be made. The disclosure is made for all possible or
present obligations that may be probably will not require outflow of
resource as contingent liability in the financial statement.
Use of estimate
In preparing Companys financial statements in conformity with
accounting principles generally accepted in India, management is
required to make estimates and assumptions that effects the reported
amounts of assets and liabilities and the disclosure of contingent
liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period, actual
results could differ from those estimate.
Earning Per Share
Basic earning per share are calculated by dividing the net profit
attributable to equity shareholders by the weighted average number of
equity shares outstanding during the period.
Inotesto the financial statement
All loans, advances, sundry debtors and sundry creditors are subject to
confirmation. Additional Information under Part-ll of the schedule VI
of the Companies Act, 1956 (a) Quantitative detail of opening stock,
purchase, sales and closing stock
(b) Loans and Advances include balance with Central Excise Department
Rs. 51082/-
(c) Guarantee given by schedule Bank to West Bengal State Electricity
Board & others Rs. 2795664/- for which the Company is contingently
liable
(d) The Cost of filament Machine imported from Hungary is lying with
Custom Warehouse at Calcutta Port has been included in Work in Progress
which shall be used in the upcoming project of the Company.
Disclosure regarding leases
Operating leases :- The Companys significant leasing arrangements are
in respect of operating leases of demises for Business Purpose.
Sub-lease payments received/recoverable are recognized as Rent during
he year.
Segment Reporting
(a) Business Segments : The Companys operations relate to
manufacturing of electronic items, lease rent, job work and call centre
which are considered the only reportable business segment As Per
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India. The geographical segment is considered
not relevant.
(b) Segment Revenue and Expneses : Revenue directly attributable to the
segments is considered as Segment Revenue. Expenses directly
attributable to the segments and common expenses allocated on a
reasonable basis are considered as Segment Expenses.
(c) Segment Assets and Liabilities : It is not possible to allocate
corporate and other assets and liabilities.
Related Party Disclosure
Related Party disclosure as required by the Accounting Standard 18
issued by The Institute of Chartered Accountants of India are as
follows.
(A) Name of the related party and nature of relationship where control
exists. Key Management Personnel:-
Mr. M. G Maheshwari Chairman
Mr. Nitesh Toshniwal Managing Director
Mr. Vijay Kumar Sharma Director
Mr. Surya Prakash Toshniwal President
Mr. Rajesh Kumar Chandak Director
Mr. Ajoy Kumar Guha Director
Mr. B. R. Kabra Director
Mr P. Saha Director
Related Parties:
Mrs. Sumitra Devi Toshniwal Wife of M. G. Maheshwari
Mrs. Sunita Devi Toshniwal Wife of S. P. Toshniwal
Associate Concern : M/s Ladhuram Toshniwal & Sons
: Assam Industries Co.
During the year company has contributed Rs. 138924/- towards Gratuity
Fund for the Key Management Personnel.
Figure have been rounded off nearest to Rupees -
Previous years figure have been regrouped and/or rearranged whenever
necessary
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