| 1. Contingent liabilities not provided for in the accounts There were
no Contingent Liability as on 31.03.2015.
2. Balance of sundry debtors, Creditors and loans and advances are
subject to confirmation, reconciliation and adjustment required, if
any.
3. Gratuity liability has been provided for during the year of
Rs.1,66,463/- . However the same has not been provided for on
actuarial basis as prescribed in Accounting Standard -15.
4. In the opinion of management, sundry debtors, Loans and advances
are approximately of the value stated, if realized in the ordinary
course of business. The provisions of all liabilities are adequate and
not in excess of the amount reasonably necessary .There are no
contingent liabilities other than those stated above.
5. Pursuant to requirement of Accounting Standard -18, issued by the
ICAI, the details of transactions carried out during the year with
related parties are disclosed as under :-
Relationships:
(a) Key Management Personnel
(i) Jattashankar Poddar
(ii) Sharad Poddar
(b) Relative of Key Management Personnel and their Enterprises where
transactions have taken place
(i) Sunrise Colours Limited
(ii) Shivkripa Enterprises Private Limited
(iii) Subhash Poddar HUF ( Karta of Jattashankar Poddar & Sharad
Poddar)
(iv) Sharad Poddar HUF ( Sharad Poddar is Karta of HUF)
Disclosure in respect of material transactions with related parties
during the year
6. The company mainly deals in Dyed yarns and Elastic tapes which are
considered only one segment of Textile Products therefore, disclosure
of segment reporting pursuant to Accounting Standards -17 issued by
the ICAI is not required.
7. In view of the applicability of Accounting Standards -22
accounting for taxes on income issued by the ICAI, company does not
have deferred tax liability due to carried forward losses. In the
opinion of the management deferred tax asset is not recognized in view
of uncertainty of future taxable profits.
8. Earning Per Share (EPS) pursuant to Accounting Standard -20 issued
by the ICAI as under:
9. There were no Impairment of Fixed Assets during the year pursuant
to requirement of Accounting Standard -28 issued by the ICAI.
10. Previous year's figures have been regrouped / rearranged
wherever is necessary.
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