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Notes to Accounts of Ambition Mica Ltd.

Mar 31, 2015

1. Such Term Loan is secured by way of Mortgage of Industrial Property Situated at a) Survey No.309, Zak Village, FIDC, Taluka-Dehgam, District-Gandhinagar, Gujarat. b) Survey No. 311, Zak Village, FIDC, Taluka-Dehgam, District-Gandhinagar, Gujarat. and c) Residential Property of Managing Director situated at 55/2, Mohannagar Society, Naroda, Ahmedabad, Gujarat.

Such Term Loan is further secured by way of Personal Guarantee of all the Directors of the Company and All property holder who have offered their property as Collateral Security.

2. Such Car Loan is secured by way of Lien on Motor Car purchased under Hire purchase agreement.

3. Such Office Loan is secured by way of hypothication of Office Premises situated at 10/GF, Raghav Residency, Opp. Naroda GEB, Dehgam Road, Naroda, Ahmedabad - 382330, Gujarat.

4. Such Car Loan is secured by way of Lien on Motor Car purchased under Hire purchase agreement.

5. Such Cash Credit is secured by way of Hypothecation of Unit's Current Assets including stocks of RM, WIP and FG, Bills/Bookd Debts/Receivables, Stores and Other Current Assets (Both Present & Future).

6. We, Ambition Mica Limited, which was originally incorporated on 19th March, 2010 under previous Company law as Ambition Mica Private Limited has been converted in to Public limited by shares Company under section 18 of the Companies Act, 2013 w.e.f 25th March, 2015 and the name of the said company is changed to Ambition Mica Limited.

7. The Previous Year's figure have been regrouped, reworked, rearranged, and reclassified whenever necessary to make them comparable with current year figures.

8. Balance of Trade receivables, Trade payables and Loans & Advances payable or receivable are subject to confirmation from respective parties.

9. In the opinion of the Board of Directors, current assets, loans and advances are approx. of the value at which these are stated in the balance sheet, if realized in the ordinary course of business. Adequate provisions have been made for all known liabilities and provisions are not in excess of the amount reasonably necessary.

10. Where ever vouchers are not supported/inadequately supported, the auditors have relied on the declaration by the management that they are genuine business transaction.

11. Cash on Hand as on 31st March, 2015 is taken as certified by the Management of the company and not physically verified by us.

12. Pursuant to the requirement of the Companies Act, 2013, effective from 1st April, 2014 the Company has reassessed remaining useful life of the fixed assets, prescribed by Schedule II of the Act, or actual useful life of the asset which ever is lower. In case of any asset whose useful life has completed as above, the carrying value (net of residual value) of Rs. 1,42,347 has been adjusted in the opening balance of Retained earnings as on 1st April, 2014 and in other cased the carrying value has been depreciated over the remaining of the revised life of the asset and recognized in the Statement of Profit & Loss.

13. Inventories are as taken, valued and certified by the Directors.

14. There is no Contingent Liabilities incurred by the company during the year under review.

i) Defined Contribution Plan: Employee benefits in the form of Provident Fund are considered as defined contribution plan and the contributions to Employees Provident Fund Organization established under The Employees Provident Fund and Miscellaneous Provisions Act 1952 and Employees State Insurance Act, 1948, respectively, are charged to the profit and loss account of the year when the contributions to the respective funds are due.

ii) Defined Benefit Plan: Retirement benefits in the form of Gratuity are considered as defined benefit obligation and are provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at the date of the Balance sheet. As the Company has not funded its liability, it has nothing to disclose regarding plan assets and its reconciliation. Defined Benefit Obligation for the year ended 31st March, 2015 amounted to Rs. 3,97,538.00 out of which Company has not paid any amount so outstanding balance in the books is Rs. 3,97,538.00 (Previous Year Nil). Company had not made provision for Gratuity for the earlier years so, In the financial year 2014-2015 provision of Rs. 3,20,778.00 is made for Gratuity by debiting such amount in Reserve & Surplus Account.

15. As per the practice consistently followed, Cenvat duty on finished goods lying in the plants at the end of the period is neither included in expenditure nor valued in such stock, but is accounted for upon clearance of goods. This has no effect on profit/loss for the period.

16. In absence of the complete information regarding the status of the suppliers as micro, small or medium enterprise as per the micro, small and medium enterprise act, 2006 the information regarding the amount due to such parties as on the balance sheet date and provision for interest if any required by the said act is not been made.

17. Generic Name Of Principle Product Of The Company:-"Decorative Laminated Sheet"

18. Related Party Transaction

Names of Related Parties and Description of Relationship

Sr. No Nature of Relationship Name of Related Parties

Associate Companies/ 1 Enterprise Anand Timber Mart

Maruti Packaging

Parmeshwar Timber Mart

Velsons Laminate Pvt. Ltd.

2 Key Management Person Bhaveshkumar Jayantilal Patel

Govindbhai Veljibhai Patel

Monghiben Veljibhai Patel

Pareshaben Govindbhai Patel

Prahaladbhai Veljibhai Patel

Rameshbhai Veljibhai Patel

Veljibhai Khetshibhai Patel

3 Relatives of Key Person Kavitaben Patel

Kinjalben Prahladbhai Patel

Rekhaben Rameshbhai Patel