|
Current Year Previous Year
(Rs.in lacs) (Rs.in lacs)
1. Contingent Liabilities not
provided for in respect of:
A) Claims against the company not
acknowledged as debts: 1.01 1.6
B) Contingent liabilities not
provided for:
a) Income Tax demand raised by
Income tax Authorities. Nil Nil
b) Excise & Coustom duty demands
raised by Excise Authorities. 58.11 58.11
Matter pending in appeal with Appellate Authorities
2. EMPLOYEES BENEFITS PLANS:
1) The Company makes contribution towards employees' Provident Fund,
Pension Fund, Under the rules of these schemes, the Company is required
to contribute a specified percentage of payroll costs. During the year
the Company has recognized Rs. .42 Lac as expenses to these plans.
2) In view of the non viability in the existing set of operational and
manufacturing setup,all the fixed assets have been disposed off
setteling almost all liabilities and labourdues, Flowever, accounts
continued to be prepared on the basis of going concern, as the
management is exploring other business opportunities to be carried in
the company. All the necessary provisions , losses and liabilities to
the extent identified and assessed by the management have been provided
for. Further management is of the view that the value in realization of
current assets, loans & advances and current liabilities would not
significantly differ from the position as stated in the books as on
year end.
3. Debtors, Creditors and advances are subject to confirmations,
Reconciliations and adjustments, if any. The Management does not expect
any significant variation and in the process of taking the necessary
steps in this regard in the current year.
4. Related party disclosure in accordance with the Accounting
Standard 18 issued by the Institute of Chartered Accountants of India
is given below :
Sr.No.
5. Names of Related parties and nature of relationship where control
exists
(i) Key Management Personnel and relative of such personnel
Ashok Kumar Kothari Director DIN 00132801
Anshul Kothari Director DIN 02624500
Flanuman Pokharna Director DIN 031555927
Smt. Sushila Kothari Additional Director DIN 00132802 WEF. 12-2-2015
ArvindTater Additional Director DIN 07167125 WEF. 22-4-2015
6. Based on the information available with the Company, no balance is
due to Micro & Small Enterprises as defined under the Micro, Small and
Medium Enterprises Development Act, 2006.as on 31st March 2015 Further
during the year no interest has been paid or payable under the terms of
the said Act.
7. a) In View of absence of Profit in accordance with Section 197
(12) of the Companies Act 2013, no commission is payable to the Managing
Director for the current year.
b) Directors' remuneration
(i) Directors sitting fees
|