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.