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Notes to Accounts of ACIL Cotton Industries Ltd.

Mar 31, 2014

(1) In the opinion of the management, the provident Fund and ESI Act are not applicable to the terms of employment of any employee of the Company. Hence, no provisions or payment have been made for the same. As no employees of the Company has put in the qualifying period of services for the entitlement of gratuity benefits. No provision has been made for the same.

(2) In the Opinion of the Board of Directors, Current Assets are realisable.

(3) No further information pursuant to paragraph 4c and 4d of the part II of Schedule VI of the Companies Act, 1956 is given, as the same is not applicable to the company.

(4) Balance in respect of debtors, bank, creditors, Loans and Advances including Banks are subject to reconciliation and Confirmation.

(5) There is no contingent liability in the Company.

(6) There are no employee drawing remuneration exceeding 12,00,000/- per annum or 1,00,000/- per month as the case may be.

(7) The company has not made any payment to any related party as required by AS-18 of ICAI.

(8) The provision of Income Tax has been made considering current profit and any shortfall of earlier years.

[9] Previous year''s figures have been regrouped/rearranged whenever necessary so as to confirm to the balance of the current year.

[10] Earning per Share is calculated by dividing profit by no. of shares.

[11] There is no additional information pursuant to para (3) & (4) of part II of schedule VI of the Companies Act, 1956.

[12] The deferred tax liability is not provided as amount pertaining to it nil.

We confirm that the above Balance Sheet has been correctly extracted from the accounts of the Company for the year ended 31st March 2014 audited by us.


Mar 31, 2013

1) Pursuant to the Notification No.447 (E) dated February 28,2011 and Notification No.653 (E) dated March 30, 2011, issued by the Ministry of Corporate Affairs, the Company has prepared its financial statements for the year ended March 31, 2013 as per revised schedules VI to the Companies Act, 1956. Accordingly, the previous year''s figures have been regrouped / reclassified, wherever required to align the financial statements to the

(2) In the opinion of the management, the provident Fund and ESI Act are not applicable to the terms of employment of any employee of the Company. Hence, no provisions or payment have been made for the same. As no employees of the Company has put in the qualifying period of services for the entitlement of gratuity benefits. No provision has been made for the same.

(3) In the Opinion of the Board of Directors, Current Assets are realizable.

(4) No further information pursuant to paragraph 4c and 4d of the part II of Schedule VI of the Companies Act, 1956 is given, as the same is not applicable to the company.

(5) Balance in respect of debtors, bank, creditors, Loans and Advances including Banks are subject to reconciliation and Confirmation.

(6) There is no contingent liability in the Company.

(7) There are no employee drawing remuneration exceeding 12,00,000/- per annum or 1,00,000/- per month as the case may be.

(8) The company has not made any payment to any related party as required by AS-18 of ICAI.

(9) The provision of Income Tax has been made considering current profit and any shortfall of earlier years.

[10] Earning per Share is calculated by dividing profit by no. of shares.

[11] There is no additional information pursuant to para (3) & (4) of part II of schedule VI of the Companies Act, 1956.

[12] The deferred tax liability is not provided as amount pertaining to it nil.


Mar 31, 2012

1) Pursuant to the Notification No.447 (E) dated February 28,2011 and Notification No.653 (E) dated March 30, 2011, issued by the Ministry of Corporate Affairs, the Company has prepared its financial statements for the year ended March 31, 2012 as per revised schedules VI to the Companies Act, 1956. Accordingly, the previous year's figures have been regrouped / reclassified, wherever required to align the financial statements

(1) In the opinion of the management, the provident Fund and ESI Act are not applicable to the terms of employment of any employee of the Company. Hence, no provisions or payment have been made for the same. As no employ ees of the Company has put in the qualifying period of services for the entitlement of gratuity benefits. No provision has been made for the same.

(2) In the Opinion of the Board of Directors, Current Assets are realisable.

(3) No further information pu rsuant to paragraph 4c and 4d of the part II of Schedule VI of the Companies Act, 1956 is given, as the same is not applicable to the company.

(4) Balance in respect of debtors, bank, creditors, Loans and Advances including Banks are subject to reconciliation and Confirmation.

(5) There is no contingent liability in the Company.

(6) There are no employee drawing remuneration exceeding 12,00,000/ - per annum or 1,00,000/- per month as the case may be.

[7] The company has not made any payment to any related party as required by AS -18 of ICAI.

[8] The provision of Income Tax has been made considering current profit and any shortfall of earlier years.

[9] Previous year's figures have been regrouped/rearranged whenever necessary so as to confirm to the balance of the current year.

[10] Earning per Share is calculated by dividing profit by no. of shares.

[11] There is no additional information pursuant to para (3) & (4) of part II of schedule VI of the Companies Act, 1956.

[12] The deferred tax liability is not provided as amount pertaining to it nil.

We confirm that the above Balance Sheet has been correctly extracted from the acc ounts of the Company for the year ended 31st March 2012 audited by us.


Mar 31, 2010

1. Balances of sundry debtors, loans and advances and sundry debtors as on 31-3-2010 either debit or credit are subject to confirmation, reconciliation and adjustment if any on account of claim arid counter claim for levy of interest, rate difference, quantity and quality etc. In view of the non confirmation, the impact of these oil accounts has not been ascertained.

2. Previous Years Figures have been regrouped wherever considered necessary to make them comparable with figures under review.

3. No liability in respect of present or future liability of payment of gratuity and leave encashment has been ascertained and provided in the account.

4. Segment reporting : Segment reporting as defined in Accounting standard 17 is not applicable to the company as it is engaged only in one segment.

5. Related Party disclosures : NIL

6. Earning (Loss) per share in accordance with Accounting Standard 20 issued by ICAI has been calculated.

7. The Quantitative information in respect of capacity and actual production is not required to be given as no manufacturing activity of the company.

8. The company has been advised that in view of the assessable loss under the Income Tax Act, 1961 no provision is required to be made for Income Tax for the year.

9. Managerial Remuneration Rs. NIL ((Prv. Yr. NIL)

 
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