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You can view the entire text of Notes to accounts of the company for the latest year

BSE: 540615ISIN: INE413X01019INDUSTRY: Textiles - Readymade Apparels

BSE   ` 82.00   Open: 82.00   Today's Range 82.00
82.00
+1.00 (+ 1.22 %) Prev Close: 81.00 52 Week Range 10.80
105.00
Year End :2018-03 

NOTES ON ACCOUNTS:

a) Foreign Currency Earning / Expenditure:- NIL

b) Related Party Disclosures:-

a) Transactions with Related Parties as specified under Accounting Standard - 18 issued by the Institute of Chartered Accountant of India-

Enterprises over which Key Managerial Personnel exercises significant influence

NIL

Key Managerial Personnel ( KMP) on the Board

Mr. Final Shah

Promoter- Managing Director

Mrs. Riddhi Shah

Promoter- Director

Mrs. Nutanben Patel

Promoter

Miss. Shaili Mehta

Company Secretary

Mr. Mittal Shah

CFO (appointed w.e.f 14th November, 2018)

Mr. Kunjal Panchal

CFO (Resigned w.e.f 21st August, 2017)

b) Particulars of Related Party Transactions:-

(Amount in Lakh)

Particulars

Salary/ Remuneration

Purchase/ Sale

O/S Payable

2017-18

2016-17

2017-18

2016-17

2017-18

2016-17

Purchase

Sale

Purchase

Sale

Final Shah

6.00

4.25

Nil

Nil

Nil

Nil

0.45

Nil

Riddhi Shah

5.66

4.10

Nil

Nil

Nil

Nil

0.43

Nil

Nutan Patel

2.90

3.12

Nil

Nil

Nil

Nil

Nil

Nil

Shaili Mehta

2.15

0.37

Nil

Nil

Nil

Nil

0.22

0

Kunjal Panchal

0.80

0.19

Nil

Nil

Nil

Nil

Nil

0

Mittal Shah

0.79

0

Nil

Nil

Nil

Nil

0.16

0

7NRInc

NA

NA

0.50

0.66

7.33

16.81

11.13

9.48

c) Capacity & Production: -

Currently the Company is not engaged in any manufacturing business activities. Therefore no details can be provided.

d) In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value of realization equivalent to the amount at which they are stated in the Balance Sheet. Adequate provisions have been made in the accounts for all the known liabilities.

e) The balance of Sundry Creditors, Sundry Debtors, and Loans & Advances are unsecured, considered good and reconciled from subsequent transaction and/ or confirmations are obtained.

f) Previous year's figures have been regrouped / reclassified wherever necessary to confirm to current year's classification.

g) As informed to us, there are no contingent liabilities as on Balance Sheet Date.

h) During the year, the Company had raised fund through IPO amounting to Rs 511.92 lakh and the said funds to be used in Issue Expenses amounting To Rs. 30.00 lakh and balance Rs. 481.92 lakh in working capital requirements. However, the Company had used the funds as per object of the issue and Interim Utilisation of Balance IPO proceeds as on balance sheet date was as a Fixed Deposits in Banks amounting to Rs 40.00 lakh.

i) As certified by the Directors all amounts in the Balance Sheet relating to Sundry Debtors, Sundry Creditors, Unsecured Loans, Deposits, Loans and advances are shown at net realizable or net payable as the case may be.

j) As certified by Company that it has received written representation from all the Directors, that Companies in which they are Directors had not defaulted in terms of section 164 (2) of the Companies Act, 2013, and that representation of Directors taken in Board that Director is disqualified from being appointed as Director of the Company.

As per our report of even date.

For and on behalf of Board of Directors

For, Loonia & Associates,

Chartered Accountants

Sd/-

Sd/-

Sd/-

Hitesh Loonia

Pinal Shah

Riddhi Shah

Proprietor

Managing Director

Director

M.No. 135424

Firm Reg No 130883W

Sd/-

Sd/-

Place: Ahmedabad

Shaili Mehta

Mittal Shah

Date: 30.05.2018

Company Secretary

Chief Financial Officer