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Notes to Accounts of Amit International Ltd.

Mar 31, 2014

Note No. 1

Corporate Information

The principal activities of the company comprises of trading in diamonds,textiles,fabrics,readymade garments,yarn,hosiery,cotton and blended socks vests.underwear,other knitted fabrics,textiles made of silk,art-silk,rayon,staple and synthetic fibres,cotton,wool,flax,hemy,jute,business of spinning,texturising,crimping and twisting of staple,synthetic fibre,silk, cotton,wool,flax,hemp,lute and other fibres.yarn or raw materials.


Mar 31, 2013

Corporate Information

The principal activities of the company comprises of trading in textiles, diamonds, fabrics, readymade garments, yarn, hosiery, cotton and blended socks vests, under wear, other knitted fabrics, textiles made of silk, art-silk, rayon, staple and synthetic fibres, cotton, wool, flax, hemp, jute, business of spinning, text rising, crimping and twisting of staple, synthetic fibre, silk, cotton, wool, flax, hemp, jute and other fibres, yarn or raw materials.

1 The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in the Accounting Standards - 3 on Cash Flow Statement issued by the Institute of Chartered Accountants of India

2 Cash and Cash Equivalents at the end of the year consists of Cash in Hand and Balances with Banks

The Previous year''s figures have been regrouped, rearranged wherever necessary in order to conform to 3 this year''s presentation

3 Figures in brackets reflect cash outflow.


Mar 31, 2012

Corporate Information

The principal activities of the company comprises of trading in textiles, fabrics, readymade garments, yarn, hosiery, cotton and blended socks vests, underwear, other knitted fabrics, textiles made of silk, art-silk, rayon, staple and synthetic fibres, cotton, wool, flax, hemp, jute, business of spinning, texturising, crimping and twisting of staple, syntheticfibre, silk, cotton, wool, flax, hemp, jute and other fibres, yarn or raw materials.

In accordance with the approval of the shareholders, the company had, on a preferential basis, Issued 150,00,000 warrants of Rs.10 In each to the at a price of Rs.10 each. The holder of each warrant is entitled to apply for and obtain allotment of 150,00,000 equity shares against each warrant at any time after the date of allotment but on or before the expiry of 18 months from the al lotment one or more tranches. The company has not revelved 100% of total consideration receivable. Of the aggregate share warrants Issued, 142,20,000 share warrants have already been converted Into Equity Shares and the balance 7,80,000 warrants are not converted into equly shares as only 25% of 7,80,000 warrants of Rs.10 I.e., Rs.19,50,000 Is received and the same Is transferred to Capital Reserves.

The office at the company secretary has been vacant. The company is fn process of appointing a full tfme company secretary

The Revised schedule VI has become effective from April 1,2011 for the prepartlon of financial statement Impacted the dlsdoure and presentation made In finandaf statements.

Previous year figures have been regrouped /reclassified wherever necessary to correspond with there current year cIasslfiaction/disclosure


Mar 31, 2010

1. Figures of Previous years have been regrouped and rearranged wherever necessary to make them comparable with those of current year.

2. Figures are rounded off to the nearest rupee.

3. Figures in brackets indicate the figures pertaining to previous year.

4. Balance appearing on the debits and credits of the various parties including banks are subject to confirmation. However, as certified by the management of the Company, this would not affect the books of accounts and its materiality.

5. Advances given on account of capital goods for which contracts remaining to be executed Rs. Nil (Rs. Nil).

6. Expenditure amounting to Rs. NIL (Rs. Nil/-) relates to previous year, which has been debited to the current profit & loss account.

7. Directors Remuneration Rs.3,00,000/- (Rs.5,40,000/-).

8. Expenditure in Foreign Currency was only on account of Foreign Travelling amounting to Rs.Nil/- (Rs Nil/-)

9. There are no sundry creditors being Small Scale Industrial Units to whom any sum is outstanding for more than 30 days as per the records available with the company.

10. The internal controls over.all operations of the company are exercised on day-to-day basis by the managing director of the company. In view of this and size of the company and nature of its operation, the company does not perceive the necessity of formal internal audit function at this stage.

11 Loans & Advances includes amount due from Directors Rs. 8,45,000/- (Nil/-) and maximum amount due any time during the year amounted to Rs. 19,05,000/- (Rs.71,24,487/-) and other Loans and Advances includes amount due from concerns in which directors are interested is Rs. 7,00,000/- (Rs.Nil/-). Sundry debtors includes amount due from concerns in which Directors are interested Rs.NIL/- ( Rs. 44,12,136/-).

12. Disclosers of Related Parties Transaction as required by As-18 "Related parties Discloser" are as follows. (Related Parties Relationships and Transactions are identified by Management and relied upon by the Auditors.)

Related Parties Relationships are:

1. Key Management Personnel: - Kirti J. Doshi

Jethalal Doshi Dinesh Shah Oswal Dsouza

2. Relatives Of Key Management Personnel:-

Mahesh J. Doshi

Manoj J Doshi Ankit M. Doshi Sujata Doshi Vasantben Doshi Prakash j Doshi Priti j Doshi Deven K Doshi Manali M Doshi

3. Enterprise over which Persons referred to in 1 or 2 above exercises Significant influence:

Devankit Textiles Pvt. Ltd. Topsun Rim Iron Ore Industries P. Ltd Rim Securities Ltd Rimmel Rogers Inc (USA)

13. Segment Information

A. Primary Segment Reporting (by Business Segment)

The Company has considered business segment as the primary segment for disclosure. The Company is engaged in the segment of Textiles, which in the context of Accounting Standard - 17 issued by the Institute of Chartered Accountants of India is considered the only business segment.

14. The office of the Company Secretary has been vacant. The company is in process of appointing a full time Company Secretary.

 
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