Mar 31, 2015
1. Segment accounting policies:
In addition to the significant accounting policies applicable to the business segment as set out in notes to the accounts, the accounting Policies in relation to segment accounting are as under:
(a) Segment assets and liabilities
Segment assets include all operating assets used by the segment and consist principally of fixed assets, inventories, sundry debtors and loans & advances less current liabilities. Segment assets and liabilities do not include investment, inter corporate deposits, equity, reserves and surplus borrowings, provision for contingencies and income-tax (Both current and deferred).
(b) Segment revenue and expenses
Segment revenue and expenses are taken directly as attributable to the segment. It does not include interest income on inter- corporate deposits, Profit on sale of investments, Interest expense, Provision for Contingencies and income-tax.
AS -18 - Related Party Disclosure
2. List Related Parties and Relations
1. Subsidiaries, Fellow Subsidiaries and Associates
* Infoline.in Private Limited
* Citizen Exports Private Limited
* Key Management Personnel
* Omprakash L. Jain
* Harsh 0. Jain
* Ravindra 0. Jain
* Kasturi R. Jain
* Pukhraj K. Ved
* Vikas H. Jirawala
* Mitesh A Jain
* Sandip M Jain
3. List of Relatives of Key Managerial Personnel and Enterprise over which Key Management Personnel and their relative excessive significant influence with whom transaction have taken place during the year
* Opera Exports Pvt. Ltd.
* Infoline.in Pvt Ltd
* K. Lite Fashions Pvt. Ltd.
* Citizen Exports Pvt. Ltd.
* S.T. Enterprise
* AS - 20 - Earning Per Share
Basic Earnings per Share are disclosed in the profit and loss account. There is no Diluted Earnings per Share as there are no dilative potential equity shares.
4. AS - 22 - Accounting for Taxes on Income
Provision for current income taxes is made on taxable income at the rate applicable to the relevant assessment year. Deferred taxes are recognized for future tax consequences attributable to timings difference between the financial statements determination of income and their recognition for tax purpose. The effect on deferred tax assets and liabilities of a change in tax rates is recognized for tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in Profit and Loss Account using the tax rates and tax laws that have been enacted or substantively enacted by balance sheet date.
Deferred tax assets are recognized and carried forward only to the extent that there is a virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized. The Company has recognized its deferred tax assets because the management has reasonable reasons to believe that the company will be able to realize this deferred tax assets in the near future. During the year the company has debited deferred tax of Rs. 11.11 lakhs pertaining to earlier accounting periods, against opening balance of reserve & surplus.
5. AS-28-Impairment of Assets
The carrying value of fixed assets is evaluated whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. There is no impairment loss recognized or identified during the reporting period.
6. AS - 29- Provisions, Contingent Liabilities and Contingent Assets
Contingent liabilities are not provided for but are disclosed after a careful evaluation of facts and legal aspects of the matter involved. In general, liabilities and contingencies are provided for it. If, in the opinion and at the discretion of the management, there are reasonable prospects of such liabilities crystallizing or future outcome of such contingencies is likely to be materially detrimental to business.
7. Disclosure required under companies Act, 2013
1. Figures of previous year have been regrouped / rearranged wherever necessary.
2. Directors Remuneration