1. A. No interest is paid / payable during the year to any enterprise registered under the MSME.
2. Balances of Debtors ,Creditors and Loans & Advances have been as per books, and are subject to confirmation.
3. Disclosures in respect of derivative instruments.
4. Derivatives instruments outstanding.
5. All derivative and financial instruments acquired by the company are for hedging purpose only.
6. Foreign currency exposures that are not hedged by derivative instruments:
7. OPERATING LEASE
The Company has entered in to non-cancelable operating lease. The tenure of such agreements ranges from eleven month to seventy two months. There are no purchase option in these agreements. Lease agreements provide the option to Company to renew the lease period at the end of lease period.
8. DISCLOSURES PURSUANT TO ACCOUNTING STANDARD -15 “EMPLOYEE BENEFITS"
Consequent to the adoption of Accounting Standard on Employee Benefits (AS-15) (Revised 2005) issued by the institute of Chartered Accountants of India, the following disclosers have been made as required by the Standard.
9. Defined Contribution Plans
The Company has recognized the following amounts in the Profit and Loss Account for Defined Contribution
10. Defined Benefit Plans
Contribution to Gratuity Funds:
During the year under review company has made provision for gratuity plan for all its eligible employees based on actuarial valuation certified by the actuary as on 31-03-2016. Company has already framed Gratuity scheme through trust fund managed by LIC for certain class of employees and for other employees provisions has been made in the books and fund for the same shall be set up in due course of time.
11. Other Disclosures -
12. Segments have been identified in line with the Accounting Standard on Segment Reporting (AS -17) taking into account the organization structure as well as the differential risks and returns of these segments.
13. The Company has disclosed Business Segment as the primary segment.
14. The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.
Note: - Above details compiled by the Management and relied upon by the Auditors
15. Contingent Liabilities not provided for in respect of:
16. Export invoices backed by letter of credit purchased by the bank amounting to Rs.1003.54 Lacs (Previous year Rs.577.08Lacs)
17. Sales invoices Discounted with the bank amounting to Rs.27.63 Lacs. (Previous Year 65.13 Lacs)
18. Claim against the Company not acknowledged as debts in respect of disputed Income Tax demand amounting to Rs.NIL (Previous Year Rs.75.09 Lacs) (Interest thereon not ascertainable at present.)
19. Claim against the Company not acknowledged as debts in respect of Central Excise dues amounting to Rs.290.58 Lacs. (Previous Year Rs.290.58 Lacs) (Interest thereon not ascertainable at present.)
20. Bank guarantee given to Sales Tax , MSEB & Custom Department of Rs.382.15 Lacs. (Previous Year Rs.374.15 Lacs)
21. CAPITAL COMMITMENTS:
The estimated amount of contracts remaining to be executed on capital account to the extent not provided for Rs.NIL. (Previous year Rs.NIL)
22. The Hon'ble High Court of Judicature at Bombay had vide its order dated 29th March, 2016 approved the Scheme of Arrangement (the "Scheme") between Mandhana Industries Limited ("MIL /Demerged Company") and Mandhana Retail Ventures Limited ("MRVL/ Resulting Company") and their respective Shareholders and Creditors, pursuant to which the Retail Division of MIL has been demerged and transferred into MRVL. The Scheme has been made effective from 1st April, 2016 with effect from the Appointed date of 1st April, 2014.consiquence on said demerger the result of the discontinued Retail Division of MIL for the previous period not included in the result above.
23. Significant accounting policies and practices adopted by the Company, are disclosed in the statement annexed to these financial statements as Annexure I.
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