1a Share of profit excluding interest from partnership firm for the
current year named CHANDANPANI ENTERPRISE shall be accounted for on the
finality of the accounts of the partnership firm for the year ended
31/03/2015.
Loss from partnership firm of Rs. 4,50,942/- (previous year profit
Rs.1,81,315/-) from the said firm in Note-24 pertains to year ended
31-03-2014, Interest for the current year 31-03-2015 Rs. 8,97,576 /- (
Prior Year 31-03-14 Rs.9,62,448 ) is part of interest income in Note-20
to these financial statement.
NOTE : '2' In the opinion of the management the balances shown under
all the assets other than fixed assets & non current investment have
approximately the same realizable value as shown in these financial
statement. Balance of parties are subject to confirmation.
NOTE : '3' There is only one segment " Stainless steel Products" and
therefore other disclosure requirement of Accounting Standard 17 for
Segment reporting does not apply.
NOTE : '4' Related Party disclosure, as required by Accounting
Standard-18, is as below : a) List of related persons
(i) Subsidiary Company
Titu International Company Limited (ii) Associates / Enterprises having
significant influence :
Chandanpani Enterprise, Unison Natural Reserouces Ltd. (Iii) Key
Managerial person & their relatives Mahesh V. Changrani, Tirth U.
Mehta , Pushpa Mehta, Rashi Mehta
NOTE : '5' Retirement benefit plans
a) Defined Contribution Plans
The Company made contribution towards provident fund to a defined
contribution retirement benefit plan for qualifying employees. The
provident fund plan is operated by the Regional Provident Fund
Commissioner. The company Recognized Rs.3,11,771/- ( Pr.year Rs. 1,73,452/-
) for provident fund contributions in the profit & loss account. The
contributions payable to these plans by the company are at rates
specified in the rules of the scheme.
b) Defined Benefit Plans
The Company made provision for gratuity liability which is un
funded. The scheme provides for payment to vested employees at
retirement, death while in employment or on termination of employment
of an to 15 days salary payable for each completed
year of service or part thereof in excess of six months. Vesting occurs
upon completion of five years of service.
The present value of the defined benefit obligation and th related
current service cost were measured using the Projected Unit Credit
method as per actuarial valuation carried out at the balance sheet
date.
The following tables sets out the status of the gratuity plan as
required under AS-15 and the amounts recognized in the company's
financial statements as at 31st March, 2015.
NOTE : 6 Pursuant to Companies Act,2013 ( The Act ) effective from
April 01, 2014 the company has revised depreciation rates on fixed
assets based on useful life specified in schedule II of the Act. As a
result of the change, the depreciation charge for the year ended March
31, 2015 is lower by Rs. 1,074,366/- is lower in respect of assets whose
useful life is already exhausted as on April 01, 2014 sum of rupees
895,081 (net of deferred tax) has been adjusted against the opening
balance of General reserve in this financial statements in accordance
with Schedule II of the Act.
NOTE : '7' The disclosure under Micro, small and medium Enterprise
Development Act, 2006 in respect of the amounts payable to such
enterprises as at 31st March, 2015 has been made in the financials
statements based on information received and on the basis of such
information the amount due to small and medium enterprises is Nil /- as
on 31st March, 2015. No interest is paid or payable to such
enterprises. Auditors have relied on the same.
NOTE : '8' The Management is of the opinion that as on the
Balance sheet date, there are no indications of material impairment loss
on Fixed Assets, hence, the need to provide for impairment loss does
not arise.
NOTE : '9' Previous year's figures have been regrouped or rearranged
wherever considered necessary.
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