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Notes to Accounts of Anshu's Clothing Ltd.

Mar 31, 2015

1. In respect of Balance sheet

- The confirmation from parties who are under the head Loan and Advances, Sundry Debtors, Sundry Creditors, Franchisee Deposits are not available and therefore have short realization will have negative effect on financial results.

- The investment in partnership firm on account of capital and loan and advances has been taken as Book Value and recovery of said outstanding cannot be as per certificate.

2. In respect of Profit & Loss A/c

- The Interest payable to Banker has not been provided and such amount payable comes to Rs. 121.78 lacs. The interest payable to NBFC has not been provided and such amount payable comes to Rs. 5.64 lacs.

- The non provision of the above interest resulted in increase in profit by Rs. 127.42 lacs.

3. Impairment of Assets:-

The impairment in value of fixed assets has not been ascertained by the management and hence amount cannot be quantified.

4. Inventory:-

Valuation and verification of inventories is as taken, valued and certified by the management. The realizable value of stock cannot be ascertained and hence short-realization will have negative effect on financial results.

5. Capacity & Production:- N.A.

6. Previous year's figures have been regrouped / reclassified wherever necessary to confirm to current year's classification.

7. Significant accounting policies and practices adopted by the management are disclosed in the statement annexed to these financial statements.


Mar 31, 2014

1. Secured Vehicle Loan is to be repaid in 35 equal monthly installments of Rs 28802/-.

2. Secured - Loan from NBFC are secured against immovable property and the same is to be repaid as follows

i) Total 180 monthly intstallments of Rs. 273357/- & Rs. 251017/- starting from August, 2013

ii) Total 120 installments of Rs. 139045/- starting from August, 2011

The company has discontinued the payment of Secured and Unsecured loans during the year, so the maturity period of the loans can not be determined as on the balancesheet date.

3. Secured - Working Capital Loan referred above taken from bank are secured by way of hyphothecation of entire current assets of the Company including Stock and Book Debts and against collateral security of premises of Company and guaranteed by Directors.

The company has discontinued payment of interest payable to bank and the bank has classified the company account as non performing assets.

4. In respect of Balance sheet

* The confirmation from parties who are under the head Loan and Advances, Sundry Debtors, Sundry Creditors, Franchisee Deposits are not available and therefore have short realization will have negative effect on financial results.

* The investment in partnership firm on account of capital and loan and advances has been taken as Book Value and recovery of said outstanding cannot be as per certificate.

5. In respect of Profit & Loss A/c

* The Interest payable to Banker has not been provided from October, 2013 to March, 2014 and such amount payable for the aforesaid comes to Rs. 73.58 lacs. The non provision of above interest resulted in increase in profit by Rs. 73.58 lacs.

* The interest payable to NBFC has not been provided and such amount payable comes to Rs. 7.34 lacs. The non provision of above interest resulted in increase in profit by Rs. 7.34 lacs.

* The Stock Discount, Rebate & Claims Account has been credited by Rs. 307.45 lacs on account of delay in payment and on account of not furnishing requisite forms for Commercial Taxes by the debtors. The parties had not given any confirmations for above and hence recovery of this amount is doubtful. In case of non-recovery of this amount, the current year''s profit will stand reduced by Rs. 307.45 lacs.

* The various expenses which are allocated among franchisees have no confirmations for franchisees.

6. Impairment of Assets:-

The impairment in value of fixed assets have not been ascertained by the management and hence amount cannot be quantify.

7. Inventory:-

Valuation and verification of inventories is as taken, valued and certified by the management. The realizable value of stock cannot be ascertained and hence short- realization will have negative effect on financial results.

8. Operations:-

The Company has no major business operations during November - 2013 to March - 2014.

9. Capacity & Production:- N.A.

10. Previous year''s figures have been regrouped / reclassified wherever necessary to confirm to current year''s classification.

11. Significant accounting policies and practices adopted by the management are disclosed in the statement annexed to these financial statements..


Mar 31, 2013

1.1 Secured - Loan from NBFC are secured against immovable property and the same is to be repaid in 120 equal monthly installments of Rs. 139405/-.

- Secured Vehicle Loan is to be repaid in 35 equal monthly installments of Rs. 28802/-.

Note: The Company had not made any Impairment / Revaluation on any of its assets.

Note:-Loans and advances due by directors or other officers of the company or amounts due by firms or private companies respectively in which any director is a partner or a director or a member.

2. Previous year''s figures have been regrouped / reclassified wherever necessary to confirm to current year''s classification.

 
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