| 1. The liability in respect of the following is contingent to the
Company :
Customs duty with interest arising out of non fulfillment of export
obligation against Export Promotion Capital Goods (EPCG) Licences
obtained for conversion into EPCG Scheme from 100% Export Oriented Unit
(EOU) Scheme for C1F value of Rs. 8,94,65,040.00.
2. Confirmation of balance from some of the Creditors, Loans and
Advances were not received by the Company and these balances are shown
as appearing in the accounts.
3. Earning in Foreign currency : Export of finished goods - Nil
(Previous Year - Rs. 1,57,724/-).
4. Expenditure in Foreign currency - Import of raw material - Nil
(Previour Year - Nil), Import of Spares - Nil - (Previous Year - Rs.
6,89,660/-), Import of consumables - Rs. 1,51,547/- (Previour year -
Nil), totaling - Rs. l,51,547(Previous Year - Rs. 6,89,660/-).
5. Deferred Tax on account of carry forward losses have not been
accounted as the Company is not reasonably certain that such a deferred
tax assets can be realized against future business income.
6. In the opinion of the Board of Directors, all the current assets,
loans and advances have realizable value, atleast the value as stated
in the Balance Sheet if realized in the ordinary course of business.
7. The promoters have brought-in Rs. 97,48,000/-, part of their
contribution to finance cost of the Rehabilitation Scheme as per the
directions of Honourable Appellate Authority for Industrial and
Financial Reconstruction (AAIFR).
8. The management of the Company is reviving the unit and the networth
of the Company is expected to be improved in near future.
9. There are no amount due to small scale industrial undertakings.
10. Additional information pursuant to the provisions of paragraphs 3,
4C and 4D of part II of Schedule IV of the Companies Act, 1956 :
11. Related party disclosure :
Related party disclosure with whom the Company had transaction as
required by AS-18 "Related Party Disclosure" are given below :
A. Key managerial personnel:
i) A.K.Abdul Samad, Chairman
ii) Mohammed Mohsin, Managing Director
iii) Mohammed Faisal, Director
B. Other related parties:
i) Kareems Silk International Limited
ii) Kabini Silk Private Limited
iii) Barkath Trading Company
12. Figures of previous year have been regrouped wherever necessary.
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