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Notes to Accounts of Arihant Tournesol Ltd.

Mar 31, 2011

1. The company has not made any provision for gratuity payable to the Managing Director. There are no other employees who are eligible for Gratuity payment during the year. The liability as per actuarial valuation has not been determined.

2. The balances in sundry debtors, loans and advances, and sundry creditors are as per the books of accounts for which the company has not obtained confirmations from certain parties. The said balances are therefore subject to the confirmation and consequent reconciliation if any.

3. In the opinion of the Board of Directors, unless otherwise stated in the Balance Sheet and the Schedules annexed thereto, current assets, loans and advances as stated in the Balance Sheet have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet

4. In compliance with Accounting Standard 22 on "Accounting for Taxes on Income* issued by the Institute of Chartered Accountants of India, the Company has during the current year followed Deferred Taxation in respect of taxes on income. As a consequence, the company has created Net Deferred Tax Liability of Rs. 10,43,851/- in respect of temporary differences mainly due to difference in book value and income tax value of the block of assets as existing on 31.03.2011 by debiting it to Profit & Loss Appropriation Account

5. Related Party Disclosures:

Disclosures as required by Accounting Standard 18 "Related Party Disclosures" are given below:

List of Related Parties (Enterprises commonly controlled or influenced by the Major Shareholders or / Directors of the Company):

1. Omega Investment & Properties Ltd.

Key Management Personnel & Relatives

1. A. K. Sethi, Director

2. Varsha Sethi, Director

3. Sharmishta Jadhav, Director

4. D. N. Jha, Director

6. Previous years figures have been regrouped and rearranged wherever necessary,


Mar 31, 2010

1. The company has not made any provision for gratuity payable to the Managing Director. There are no other employees who are eligible for Gratuity payment during the year. The liability as per actuarial valuation has not been determined.

2. The balances in sundry debtors, loans and advances, and sundry creditors are as per the books of accounts for which the company has not obtained confirmations from certain parties. The said balances are therefore subject to the confirmation and consequent reconciliation if any.

3. In the opinion of the Board of Directors, unless otherwise stated in the Balance Sheet and the Schedules annexed thereto, current assets, loans and advances as stated in the Balance Sheet have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet

4. In compliance with Accounting Standard 22 on "Accounting for Taxes on Income* issued by the Institute of Chartered Accountants of India, the Company has during the current year followed Deferred Taxation in respect of taxes on income. As a consequence, the company has created Net Deferred Tax Liability of Rs. 11,96,919/- in respect of temporary differences mainly due to difference in book value and income tax value of the block of assets as existing on 31.03.2010 by debiting it to Profit & Loss Appropriation Account

5. Related Party Disclosures:

Disclosures as required by Accounting Standard 18 "Related Party Disclosures" are given below:

List of Related Parties (Enterprises commonly controlled or influenced by the Major Shareholders or / Directors of the Company):

1. Omega Investment & Properties Ltd.

Key Management Personnel & Relatives

1. A. K. Sethi, Director

2. Varsha Sethi, Director

3. Sharmishta Jadhav, Director

4. D. N. Jha, Director

6. Previous years figures have been regrouped and rearranged wherever necessary,

 
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