| 1. Contingent Liabilities Rs.34,82,360/- (Previous Year Rs. Nil)
2. Capital Commitment:
Estimated amount of contracts remaining to be executed on capital
account is approximately Rs.1,06,611/-(Net of advances) (Previous Year
Rs. 10,00,000)
3. The company has discontinued manufacturing of paper and paper
board. The company has started leasing its premises on rent. The
Company's net worth is negative as on March 31, 2014. The management
has made the net worth positive from out of the surplus that had been
generated from present activities and also by bringing required funds
to finance losses. Now having regard to these the accounts are prepared
on going concern.
4. 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, provision for depreciation and all known
liabilities is adequate and not in excess of the amount reasonably
necessary.
5. a) Balance of Trade Payables, Trade Deposits, Advance from
Customers, Trade Receivables, Non Current and Current Loans and
Advances are subject to confirmation by the parties.
b) There are no Micro, Small and Medium Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days at the
Balance Sheet date. The Micro, Small and Medium Enterprises have been
identified on the basis of information available with the Company. This
has been relied upon by the auditors.
6. The Company has setup Gratuity Fund for future payment of
retirement gratuities of employees. The company has not ascertained the
amount of accrued liability on the basis of actuarial valuation and has
not made any contribution to gratuity fund.
7. Expenditure in foreign currency during the year on account of
Travelling expenses Rs. Nil (Previous Year Rs Nil )
8. CIF Value of Imports of Raw Materials and Capital goods Rs. Nil
(Previous Year Rs. Nil )
9. Remittance in Foreign Currency on account of Dividend Rs. Nil
(Previous Year Rs. Nil)
10. Earnings in foreign exchange and expenditure in foreign currency
Rs. Nil (Previous Year Rs. Nil)
11. Related party disclosures:
I. LIST OF RELATED PARTIES:
A) Key Management Personnel:
a) Shri Manoj R. Patel : Managing Director
b) Shri Rajeev R. Patel : Whole time Director
c) Smt. Laxmiben J. Patel : Director
B) Other Related Parties:
a) M/s Polycone Paper Limited : Associate Company
b) Laj Investments Private Limited : Associate Company
12. In view of the uncertainty of availment of tax benefit on
accumulated business losses and unabsorbed depreciation, the company
has not considered any deferred tax assets as required to be disclosed
under Accounting Standard 22 "Accounting for Taxes on Income"
13. Company has closed down engineering division during the year
2011-12. However, the required information as per Accounting Standard -
24 has not been disclosed.
14. Previous years figures have been regrouped and or rearranged
whenever necessary.
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