| 1. Rights, Preferences and Restrictions attached to Equity Shares
Equity Share Holder is entitled to one vote per share. In the event of
liquidation of the Company, the holders of equity shares will be
entitled to receive any of the remaining assets of the Company, after
distribution of all preferential amount. Distribution will be in
proportion to the number of equity shares held by the shareholders.
2. Disclosure under the Micro and Small Enterprises Development Act,
2006 :
*The company is compiling information from its suppliers regarding
their status as per the provisions of "Micro, Small and Medium
Enterprise Development Act 2006". Since none of teh suppliers has given
the information under the Act, the company has not provided for any
interest payable under the Act.The company has not received any claim
for interest payable and does not expect such claims, if made later, to
be for material amount.
3. GRATUITY
Company has not got the actuarial valuation of gratuity done which is
the only form of long term defined benefits to the employee. Provision
of the same has been thus not provided as the amount is uncertain. The
company has a policy of accounting for gratuity as and when it is paid.
During the year company has paid Rs.Nil (Previous Year Rs.Nil) as
gratuity.
4. SEGMENT REPORTING
In the opinion of Management the company is engaged only in the
business of maufacturing and trading in non ferrous metals. As such
there is no Reportable Segment as per AS 17 "Segment Reporting"
notified by Ministry Of Corporate Affairs".
5. TRANSACTION WITH RELATED PARTY
Related Parties identified as per Accounting Standard 18 "Related Party
Disclosures" notified by MCA
Key Management Personnel: Relatives of Key Managerial Personnel:
Mr. S. P. Shorewala Mrs. Santosh Shorewala- Relative of Mr. S. P.
Shorewala
Mr. Satish Shorewala Mrs. Neelam Shorewala- Relative of Mr. Satish
Shorewala
Mr. Rohith Shorewala Mrs. Vidhi Shorewala- Relative of Mr. Rohith
Shorewala
Enterprises over which KMP & their relatives have significant influence
ABC Tube Industries Ltd
Delta Pipe Fittings Pvt Ltd
Sincere Distributors Pvt Ltd
6. CAPITAL COMMITMENTS & CONTINGENT LIABILITIES
Estimated amount of contracts remaining to be executed on Capital
Accounts is Rs. Nil (P.Y. Rs. Nil). Contingent Liabilities identified
as on the Balance Sheet date amounts to Rs 45,955 (P.Y. Rs. 45,955 on
account of Property Tax for Dombivali Godown).
7. In the opinion of the Board, all assets other than fixed assets and
non current investments, have a realisable value in the ordinary course
of business which is not different from the amount at which it is stated
in the financial statement.
8. Previous year's figures have been reworked/ regrouped/ rearranged and
reclassified, wherever necessary.
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