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Notes to Accounts of Arex Industries Ltd.

Mar 31, 2015

1. Share Capital :

Terms / Rights attached to Shares

Equity Shares : The Company has only one class of equity shares having at par value of Rs. 10/- per share. Equity shares are pari passu in all respects and each shareholder is eligible for one vote per share held. The Company declare and pays dividend in indian rupees. The dividend proposed by the board of Directors is subject to the approval of the shareholders at the ensuing AGM. In the event of liquidation of the company, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.

2. The figures are rounded off to the nearest rupee and previous year figures are regrouped and rearranged, wherever necessary to make them comparable with current year figures.

3. Trade Receivables are subject to conformation from parties and reconciliation if any.

4. In the opinion of the Board, the current assets, loan and advance have a value on realisation in ordinary course of business at least equal to the amount at which they are stated.

5. Segment Reporting

Company has only one primary segment of manufacturing and sale of labels and does not fall under secondary segment. In view of this, details of segment information is not given as required by AS 17 "Segment Reporting".

6. Related Party Transactions

(A) Related Parties and nature of relationship

Sr.No. Name of Related Party Description of Relationship

1. Mr. Dinesh Bilgi Managing Director & CFO

2. Mr. Neel Bilgi Managing Director

3. Mr. Chirag Bilgi Managing Director

4. Mr. Pragnesh K. Shah Executive Director

5. Mrs. Kairavi Bilgi Company Secretary

Directors

1. Mr. Laxman C. Tilani Director

2. Mr. Dinesh H. Pande Director

Entities in which relatives of Key Managerial Personnel are interested

1. ANC Systems LLP Firm (Company) in which (Earlier ANC Systems Pvt Ltd) (was) relative of a Director is Partner (Director)

2. Latha Services LLP Firm (Company) in which (Earlier Latha Services Pvt Ltd) (was) relative of a Director is Partner (Director)

3. Ultra Polydye Pvt. Ltd. Company in which relative of a Director is member


Mar 31, 2014

As at 31st As at 31st March,2014 March,2013

1. Contingenting Liabilities of

(a) Letter of credit by bank NIL NIL

(b) Disalloawance of expenses under Income Tax Act for 1351672 1351672 A.Y.-1996-97 matter pending with High Court of Gujarat

2. The figures are rounded off to the nearest rupee and are regrouped or rearranged, wherever necessary to make them comparable.

3. Sundry Debtors, Sundry Creditors, Loans and Advances, Deposite and Personal Accounts either debit or credit are subject to conformation from parties and reconciliation if any.

4. In the opinion of the Board, the current assets, loan and advance have a value on realisation in ordinary course of business at least equal to the amount at which they are stated.

5. Segment Reporting

Company has only one primary segment of manufacturing and sale of labels and doses not fall under secondary segment. In view of this, details of segment information is not given as required by AS 17 Segment Reporting issued by The Institute of Chartered Accountants of India.

6. Related Party Transactions

(A) Related Parties and nature of relationship

Sr. No. Name of Related Party Description of Relationship

1. Mr. Dinesh Bilgi Chairman & Managing Director

2. Mr. Neel Bilgi Jt.Managing Director

3. Mr. Chirag Bilgi Jt.Managing Director

4. Mr. Pragnesh K. Shah Executive Director

5. Mr. Laxman C. Tilani Director

6. Mr.Dinesh H. Pande Director


Mar 31, 2013

1. Contingenting Liabilities of

(a) Letter of credit by bank NIL 1423829

(b) Disalloawance of expenses under Income Tax Act for A.Y.-1996-97 matter pending with High Court of Gujarat 13,51,672 13,51,672 2. The figures are rounded off to the nearest rupee and are regrouped or rearranged, wherever necessary to make them comparable.

3. Sundry Debtors, Sundry Creditors, Loans and Advances, Deposite and Personal Accounts either debit or credit are subject to conformation from parties and reconciliation if any.

4. In the opinion of the Board, the current assets, loan and advance have a value on realisation in ordinary course of business at least equal ot the amount at which they are stated.

5. Employee Benefits in respect of Gratuity and Leave encashment - Particular as per Accounting Standard AS 15

6. Segment Reporting

Company has only one primary segment of manufacturing and sale of labels and doses not fall under secondary segment. In view of this, details of segment information is not given as required by AS 17 Segment Reporting issued by The Institute of Chartered Accountants of India.


Mar 31, 2012

1. Contingent Liabilities of

Amount in Rupees 2011-12 2010-11

(a) Letter of credit by bank 14,23,829 NIL

(b) Disallowance of expenses under Income Tax Act for A.Y.- 1996-97 13,51,672 13,51,672 matter pending with High Court of Gujarat

2. The figures are rounded off to the nearest rupee and are regrouped or rearranged, wherever necessary to make them comparable.

3. Sundry Debtors, Sundry Creditors, Loans and Advances, Deposits and Personal Accounts either debit or credit are subject to conformation from parties and reconciliation if any.

4. In the opinion of the Board, the current assets, loan and advance have a value on realisation in ordinary course of business at least equal to the amount at which they are stated.

5. Segment Reporting :

Company has only one primary segment of manufacturing and sale of labels and doses not fall under secondary segment. In view of this, details of segment information is not given as required by AS 17 Segment Reporting issued by The Institute of Chartered Accountants of India.

6. Related Party Transactions

(A) Related Parties and nature of relationship

Sr.No. & Name of Related Party Description of Relationship

1. Mr. Dinesh Bilgi Chairman & Managing Director

2. Mr. Neel Bilgi Executive Director

3. Mr. Pragnesh K. Shah Executive Director

4. Mr. Chirag Bilgi Executive Director

5. Mr. Laxman C. Tilani Director

7. Bad debts of Rs. 17,05,096/- in Note no. 23 of Financial Statement includes Rs. 8,77,487/- in respect of Export Debts for which Application to get approval for write-off from Authorised Dealer is made on 11/05/2012 as required under FEMA. Approval, for which is yet to be received.


Mar 31, 2011

I. AMOUNT IN RUPEES

31/03/2011 31/03/2010

i) Contingent Liabilities of

(a) Letter of Credit by bank - 9,11,250

(b) Disallowance of expenses under Income Tax Act for A. Y-1996-97 13,51,672 13,51,672 matter pending with High Court of Gujarat

[The company is not required to obtain any license under Industrial (Development & Regulation) Act, 1951 for the products being manufactured by the company]

ii) The figures are rounded off to the nearest rupee and are regrouped or rearranged, wherever necessary to make them comparable.

iii) Company provides for depreciation on the fixed assets, at the rates specified in Schedule XIV of the Companies Act,1956, on straight line method. (Windmills - Written Down Value)

iv) Sundry Debtors, Sundry Creditors, Loans and Advances, Deposits and Personal Accounts either debit or credit are subject to confirmation from parties and reconciliation if any.

v) In the opinion of the Board, the current assets, loans and advances have a value on realisation in ordinary course of business at least equal to the amount at which they are stated.

vi) Segment Reporting

Company has only one primary segment of manufacturing and sale of labels and does not fall under secondary segment. In view of this, details of segment information is not given as required by AS 17 Segment Reporting issued by The Institute of Chartered Accountants of India.

This information as required to be disclosed has been determined to the extent such parties have identified on the basis of information available with the Company. Further, pervious year information is not available with the Company.


Mar 31, 2010

AMOUNT IN RUPEES

31/03/2010 31/03/2009

i) Estimated amount of contracts --- --- remaining to be executed on capital account and not provided for

ii) Contingent Liabilities of

(a) Letter of Credit by bank 9,11,250 ---

(b) Disallowance of expenses under Income Tax Act for A. Y-1996-97 13,51,672 13,51,672 matter pending with High Court of Gujarat

iii) The figures are rounded off to the nearest rupee and are regrouped or rearranged, wherever necessary to make them comparable.

iv) Company provides for depreciation on the fixed assets, at the rates specified in Schedule XIV of the Companies Act, 1956, on straight line method. (Windmills - Written Down Value)

v) Sundry Debtors, Sundry Creditors, Loans and Advances, Deposits and Personal Accounts either debit or credit are subject to confirmation from parties and reconciliation if any.

vi) In the opinion of the Board, the current assets, loans and advances have a value on realisation in ordinary course of business at least equal to the amount at which they are stated.

vii) Segment Reporting

Company has only one primary segment of manufacturing and sale of labels and does not fall under secondary segment. In view of this, details of segment information is not given as required by AS 17 Segment Reporting issued by The Institute of Chartered Accountants of India.

viii) Related Party Transactions

(A) Related parties and nature of relationship

Sr. No. Name of related Party Description of relationship

1. Mr. Dinesh Bilgi Managing Director

2. Mr. Neel Bilgi Executive Director

3. Mr. Pragnesh Shah Executive Director

4. Mr. Chirag Bilgi Relatives of key Management Personnel

(C) Related party relationship is as identified by the Company on the basis of information available with them and relied upon by the Auditors.

ix) Disclosure in accordance with Part I of Schedule VI of Companies Act, 1956 in respect of Micro, Small arid Medium Enterprises:

(Amount in Rupees)

Sr. No. Particulars 2009-10 2008-09

a. Principal amount remaining unpaid NIL NIL

b. Interest due thereon NIL NIL

c. Interest paid by the Company in term of Section 16 of Micro, Small and Medium Enterprises Development Act, 2006 NIL NIL

d. Interest due and payable for the period of delay in payment NIL NIL

e. Interest accrued and remaining unpaid NIL NIL

f. Interest remaining due and payable even in succeeding years. NIL NIL

This information as required to be disclosed has been determined to the extent such parties have identified on the basis of information available with the Company. Further, perivous year information is not available with the Company.

 
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