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Notes to Accounts of Arfin India Ltd.

Mar 31, 2015

1. The balances in respect of Sundry Debtors, Current Liabilities and Loans and Advances are subject to confirmations and reconciliations, if any.

2. In the opinion of Board of Directors & Management, the Current Assets, Current Liabilities, Unsecured Loans, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business. The Provisions for depreciation and for all known liabilities are adequate and not in excess of amounts reasonably necessary.

3. In the opinion of Management, the Company is mainly engaged in a single segment of manufacturing & trading of non ferrous metals, therefore there are no separate reportable segments as per Accounting Standard (AS-17) "Segment Reporting".

4. Related Party Transaction

As per Accounting Standard 18 on "Related Party Disclosures", disclosure of transactions with related parties as defined therein are given below.

List of related parties with whom transactions have taken place and Nature of relationship. a) Key Management Personnel ("KMP"):

- Mahendra R. Shah - Whole Time Director

- Jatin M. Shah - Managing Director

- Riddhi N. Shah - Company Secretary

5. Employee Benefits

a) Defined Benefit Plan

No Liability in respect of present or future liability of gratuity has been ascertained and provided in the accounts (Previous Year – Not ascertained and provided for).

6. The Company has not received information from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, disclosure, if any, relating to amount unpaid as at the Balance Sheet date together with interest paid or payable as per the requirement under the said act, have not been made.

7. In the opinion of the Board, Current Assets and Loans & Advances have a value of the least equal to the amounts shown in the Balance Sheet, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of amount considered reasonably necessary.

8. For the Financial Year Ended March 31, 2015 the Board of Directors of the Company have recommended a dividend of Rs, 1/- (10%) Per Share (2014: Rs, Nil) to Equity Shareholders. Dividend, if approved, at the ensuing Annual General Meeting, will be paid / credited to those members whose names appear on the Company's Register of Members on Record Date.

9. Previous year's figures have been regrouped, reclassified & rearranged wherever considered necessary.

10. Expenditure incurred on employees who were in receipt of not less than Rs, 60,00,000/- per year if employed throughout the year and Rs, 5,00,000/- per month if employed for a part of a month: Rs, NIL


Mar 31, 2014

1. The Company has only One Class of Ordinary Equity Shares and the Holders of these Ordinary Shares are entitled to receive Dividends as and when declared by the Company. All Shares rank Equally with regard to the Company''s Residual Assets.

2. The balances in respect of Sundry Debtors, Current Liabilities and Loans and Advances are subject to confirmations and reconciliation if any.

3. In the opinion of Board of Directors & Management, the Current Assets, Current Liabilities, Unsecured Loans, Loans and Advances have been approximately of the value sated, if realized in the ordinary course of business. The Provisions for depreciation and for all known liabilities are adequate and not in excess of amounts reasonably necessary.

4. As the company operates in a single segment, Accounting Standards 17 on Segment Reporting is not applicable.

5. Related Party Transaction

As per Accounting Standard 18 on "Related Party Disclosures": disclosures of transactions with related parties as defined therein are given below.

List of related parties with whom transactions have taken place and Nature of relationship.

a) Key Management Personnel ("KMP"):

* Mahendra R Shah - Director

* Jatin M Shah - Director

* Pushpaben M Shah - Director

* Shantilal Mehta - Additional Director

b) Relatives of "KMP"

* Pooja M Shah - Daughter of Mahendra R Shah

* Deepchand R Shah - Brother of Mahendra R. Shah

* Rani J Shah - Wife of Jatin M Shah

c) Enterprises significantly influenced by Directors and or Their relatives Mahendra Aluminium Company Limited - Associate Companies Krish Ferro Industries Limited

Mahendra Corporation Sakar Industries Ltd

Transactions with Related Parties during the year

The following transactions were carried out with the Related Parties in the ordinary course of business.

a) Details of Related Party Transaction with "KMP":

Rs. in Lacs

Particulars 2013-14 2012 - 13

Directors Remuneration 16.8 14.4

b) Details of Related Party Transaction with Relatives of "KMP" & Associates:

6. Employee Benefits

a) Defined Benefit Plan

No Liability in respect of present future liability of gratuity has been ascertained and provided in the accounts (Previous Year-Not ascertained and provided for). This is in contravention with the accounting standard 15 issued by the ICAI, in respect of accounting for retirement benefits.

b) Defined Contribution Plan

The Company has recognized the following amount in Profit & Loss Account which is included under contribution to funds.

Rs. in Lacs Particulars 2013-14 2012 - 13

Contribution to Provident Fund 3.27 2.51

7. The Company has not received information from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, disclosure, if any relating to amount unpaid as at the Balance Sheet date together with interest paid or payable as per the requirement under the said act, have not been made.

8. Investment of the company has been considered by the management to be of long-term nature and hence they are valued at cost of acquisition. In respect of quoted investments where the market value is lower than the acquisition cost, no provision is made for diminution in the value of such investments, since in the opinion of the board it is a temporary phenomenon and no provision is necessary.

9. In the opinion of the Board, Current Assets, Loans and Advances have a value of the least equal to the amounts shown in the Balance Sheet, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of amount considered reasonably necessary.

10. Previous year''s figures have been regrouped, reclassified & rearranged wherever considered necessary.

11. Expenditure incurred on employees who were in receipt of not less than Rs.24,00,000/- per year if employed throughout the year and Rs. 2,00,000/- per month if employed for a part of a month Rs. NIL

 
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