10. Provisions, Contingent Liabilities and Contingent Assets - (AS-29)
Provisions are recognized only when there is a present obligation as a result of past events and when a
reliable estimate of the amount of the obligation can be made.
Contingent Liabilities is disclosed in Notes to the account for:-
(i) Possible obligations which will be confirmed only by future events not wholly within the control of
the company or
(ii) Present Obligations arising from past events where it is not probable that an outflow of resources
will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be
made.
Contingent assets are not recognized in the financial statement since this may income that may result in
the recognition of the income that may never be realized.
11. General
Except wherever stated, accounting policies are consistent with the generally accepted accounting
principles and have been consistently applied.
(B) Notes on Financial Statements
1. The classification of creditors as micro and small enterprise has been given for the parties from whom
the confirmation has been received regarding their classification as per MSMED Act. The interest on
delayed payment to such parties, if any, has neither been determined nor has been paid as per verbal
mutual understanding with the such parties.
2. Salaries includes directors' remuneration on account of salary Rs. 16,20,000/-
3. Trade receivables, Trade payables, Loans & Advances and Unsecured Loans have been taken at their
book value subject to confirmation and reconciliation.
5. Loans and Advances are considered good in respect of which company does not hold any security
other than the personal guarantee of persons.
6. No provision for retirement benefits has been made, in view of accounting policy No. 11. The impact
of the same on Profit & Loss is not determined.
7. Related Party disclosure as identified by the company and reiled upon by the auditors:
(A) Related Parties and their Relationship
(I) Key Management Personnel
1. Mahaveer Sundrawat
2. Mayur Sundrawat
(II) Relative of Key Management Personnel
1. Padma Sundrawat
8. Previous Year figures have been re-grouped/re-arranged wherever necessary.
Bansilal Shah & Co. For M/S Mayur Flooring Limited
Chartered Accountant Sd/- Sd/-
Sd/-
Dhruv Shah Mahaveer Sundrawat Mayur Sundrawat
(Partner) Director Director
DIN:01928303 DIN: 01837589
Membership No. 223609
Registration No - 00384W
Place - Udaipur
Date - 29.05.2024
UDIN: 24223609BKEZMG5130
|