Mar 31, 2015
1. Contingent Liabilities:
Contingent Liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.
2. CONTINGENT LIABILITIES:
In respect of pending VAT Assessment for the year 2010-11 to 2013-14, the liabilities of VAT Tax including liabilities for penalty / interest has remained to be ascertained. However, according to information and explanations given to us, the following dues of VAT and Income Tax, has not been deposited by the Company on account of disputes
Name of the Amount Period to which Forum where statute (in ') the amount Dispute is relates pending
Income Tax 1,36,89,070 Commissionser
2009-10, 2012-13 of Income Tax
Assessment Year Dy Comm. of Sales
MVAT Act, 2002 2,12,295
2009-10 Tax Mumbai
3. RELATED PARTY DISCLOSURES:
List of related parties with whom transactions have taken place during the current accounting year and relationship
1. Names of Related Parties :
a. Enterprises significantly influenced: M/s Chhaya Impex by key management personnel
b. Key Management Personnel: Mr. Ketan H Mehta
Ms. Sarika Khandre Mrs Bijal R Shah
c. Relatives of Key Management Personnel Mrs. Vilasben D. Sanjalia
4. DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES:
The company has put in place a suitable system for identifying the vendors coming under the purview of the Micro, Small and Medium Enterprises Development Act, 2006. Since the company has not received any information in this regard, from the vendors, disclosure relating to amounts unpaid as at the year end together with interest paid / payable under this Act could not be ascertained.
5. The Company has not made provision for gratuity as per AS 15 "Employee Benefits". No provision has been considered in accounts towards future payment of gratuity to the employees as the same is proposed to be accounted on cash basis. No provision has been made towards accrued leave wages which is continued to be accounted on cash basis
6. The value of closing stock of raw materials, finished goods and semi finished goods and other inventories has been brought into books on the basis of inventories taken, valued and certified by the director.
7. Balance Sundry Debtors, Sundry Creditors and Customer Advances, Advance to suppliers, Loans, Advances and Deposits are subject to Confirmation / reconciliation, if any. The management does not expect any material difference affecting the financial statement on such reconciliation / adjustments.
8. In the opinion of the Board , the current assets, loans and advance are approximately of the valued stated, if realized in the ordinary course of business. The provision of depreciation and all known liabilities are adequate and not in excess of amount reasonably necessary.
9. Previous year's figures have been regrouped/ recast and rearranged whenever considered necessary. These are the notes referred to in our report.