| 1. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated if realized in the ordinary
course of business. Adequate provision have been made for all known
liabilities
2. Balance due to/from sundry debtors, sundry creditors, loans and
advances and other liabilities are subject to confirmation
3. The Company has not provided interest receivable on fixed deposit
with The Madhavpura Mercantile co-operative bank Ltd, (presently
defunct bank ).
4. As per AS 13, no provision have been made for the losses due to
decline in the present value of investments. The Company in which
investment made have been delisted,
5. No provision has been made for gratuity for employees, as per As
15. The management has informed that the same shall be claimed at the
time of making the payment.
6. The company has not made any provisions nor has provided any
interest on the old disputed Industrial Hypothecation Loan granted by
The Madhavpura Mercantile co-operative bank Ltd, (presently a defunct
bank ) The matter is pending before Court .
7. The Work in Progess under Fixed assets is the payment for premises
allotment for running as MRP at Kondivita-Andheri. However during the
year some of the part of the premises are sold,the same has been
reduced from the total work in progress account, the management is in
view to ascertain the Profitability on complete of the said project.
8. Income tax assessment has been completed up to assessment year
2009-2010. However, a tax demand of Rs. 424350/- have been determined
for assessment year 2009-10. A rectifcation application has been fled
against the said demand
9. Micro and Medium scale business entities
There is no information available for Micro, small and medium
Enterprises, to whom the Company owes dues, which are outstanding for
more than 45 days as at 31st March, 2014. This information as required
to be disclosed under the Micro, small and medium Enterprises
Development Act,2006 has been determined to the extent such parties
have been identified to the extent of information gathered
10. No commission has been paid to the Directors, only the salary and
perquisite has been paid to the Directors as per the provision of
section 198 & 309 of the Companies Act,1956 and schedule XII to the
said Act.
11. Deferred Tax Assets/Liabilities
As per AS 22 Deferred Tax Liability/Assets is recognized on timing
difference, being the difference between taxable income and accounting
income that originate in one year and are capable of reversal in one or
more subsequent year. The management has recognized the Deferred tax
from the end of the exempt period u/s 80I of the Income tax Act
12. Segment Reporting:
At present the Company has one activity namely dealing of Textile
Fabrics.
13. Related Party Disclosure:
a. The control of the Company exists with Shri Rasiklal D. Thakkar -
Chairman & Managiing Director of the company, who is also key
management personnel
b. The names, along with relation, of the relatives of key management
personnel and related parties of the company where control of the
company exists and their enterprises, where transaction have taken
place are having Shivani Textiles, Radha Textiles, Rasiklal D Thakkar &
Rammaruti Textiles Pvt. Ltd the associate companies and where relative
of key personnel are proprietor
14. Figures for the previous year have been recast/ regrouped/
rearranged, wherever considered necessary.
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