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Notes to Accounts of Continental Controls Ltd.

Mar 31, 2014

Note 1: Segment Information for the year ended March 31, 2014

As the Company is engaged only in one business segment i.e. Manufacturing of Electrical goods and there are no geographical segments, the Balance Sheet as at March 31, 2014 and the Profit and Loss Account for the year ended March 31, 2014 pertain to one business segment and related activities as per Accounting Standard (AS) 17 on "Segment Reporting".

Note 2: Related Party Transactions

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below Note 29.1: Relationships during the year

Name of the Related Party Relationship

Navin G Thakkar (Managing Director)

Samir N Thakkar Amit N Thakkar Key Management Personnel & Relatives

Pradeep C Gaglani

Harish S Thakkar

Kanaiyalal S Thakkar

Shree Krishna Controls Private Limited :

Enterprises over which Key Management Personnel are able to exercise signficant influence

New Krishna Metal Arts (Partnership Firm)

Note 3: Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and Advances are subjected to reconciliation and confirmation, adjustment if required, will be made after reconciliation. The management does not expect any material difference affecting the current year''s statements.

Note 4: In the opinion of the Board and to the best of their knowledge and belief all the Current Assets, Loans and Advances have value on least of an amount at which they are stated in Balance Sheet.

Note 5: Liability In respect of gratuity and leave encashment are accounted on cash basis which is not in conformity with Accounting Standard (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountant of India, which requires that gratuity and Leave Liabilities be accounted for on actuarial basis.

Note 6: The Company has not received intimation from most of the suppliers regarding the status under the Micro, Small and Medium Development Act, 2006, and hence disclosure requirements in this regard as per schedule VI of the Companies Act, 1956 is not being provided.

Note 7: Previous Year figures

Figures of previous year are regrouped, rearranged and reclassified wherever necessary to correspond to figures of the current year


Mar 31, 2013

1 CORPORATE INFORMATION

CONTINENTAL CONTROLS LIMITED ("the company") is engaged in the manufacturing of Thermal Overload Protectors.

Note 2: Segment Information for the year ended March 31,2013

As the Company is engaged only in one business segment i.e. Manufacturing of Electrical goods and there are no geographical segments, the Balance Sheet as at March 31, 2013 and the Profit and Loss Account for the year ended March 31, 2013 pertain to one business segment and related activities as per Accounting Standard (AS) 17 on "Segment Reporting".

Note 3: Related parry transactions

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below

Note 4: Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and Advances are subjected to reconciliation and confirmation, necessary adjustment if required, will be made after reconciliation. The management does not expect any material difference affecting the current year''s financial statements.

Note 5: In the opinion of the Board and to the best of their knowledge and belief all the Current Assets, Loans and Advances have value on realisation at least of an amount at which they are stated in Balance Sheet.

Note 6: Liability In respect of gratuity and leave encashment are accounted on cash basis which is not in conformity with Accounting Standard (AS)15 (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountant of India, which requires that gratuity and Leave Encashment Liabilities be accounted for on actuarial basis.

Note 7: The Company has not received intimation from most of the suppliers regarding the status under the Micro, Small and Medium Enterprise Development Act, 2006, and hence disclosure requirements in this regard as per schedule VI of the Companies Act, 1956 is not being provided.

Note 8: Previous Year figures

Figures of previous year are regrouped, rearranged and reclassified wherever necessary to correspond to figures of the current year


Mar 31, 2012

1 CORPORATE INFORMATION

CONTINENTAL CONTROLS LIMITED ("the company") is engaged in the manufacturing of Thermal Overload Protectors.

Note 2: Segment Information for the year ended March 31, 2012

As the Company is engaged only in one business segment i.e. Manufacturing of Electrical goods and there are no geographical segments, the Balance Sheet as at March 31, 2012 and the Profit and Loss Account for the year ended March 31, 2012 pertain to one business segment and related activities as per Accounting Standard (AS) 17 on "Segment Reporting".

Note 3: Related party transactions

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below Note 27.1: Relationships during the year

Note 4: Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and Advances are subjected to reconciliation and confirmation, necessary adjustment if required, will be made after reconciliation. The management does not expect any material difference affecting the current year's financial statements.

Note 5: In the opinion of the Board and to the best of their knowledge and belief all the Current Assets, Loans and Advances have value on realisation at least of an amount at which they are stated in Balance Sheet.

Note 6: Liability In respect of gratuity and leave encashment are accounted on cash basis which is not in conformity with Accounting Standard (AS)15 (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountant of India, which requires that gratuity and Leave Encashment Liabilities be accounted for on actuarial basis.

Note 7: The Company has not received intimation from most of the suppliers regarding the status under the Micro, Small and Medium Enterprise Development Act, 2006, and hence disclosure requirements in this regard as per schedule VI of the Companies Act, 1956 is not being provided.

Note 8: Previous Year figures

Figures of previous year are regrouped, rearranged and reclassified wherever necessary to correspond to figures of the current year


Mar 31, 2011

1. Previous year's figure have been regrouped and rearranged, wherever necessary,

2. The schedules referred to in the Balance Sheet and Profit and Loss Account form an integral part of the accounts.

3. Balances of Deposit, Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and reconciliation.

4. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

5. The management is currently in the process of identifying enterprises which have provided goods to the company. Accordingly, the disclosures in respect of the amounts payable to such medium and small enterprises as at 31« March, 2011 has not been made in the financial statements

6. Deferred Tax:

The Company has recognized deferred tax arising on account of timing differences, being the difference between the taxable income and accounting income, that originates in one period and is capable of reversal in one or more subsequent period(s) in compliance with Accounting Standard (AS 22) - Accounting for Taxes on Income issued by Institute of Chartered Accountants of India.

The major components of Deferred Tax Assets / (liabilities) arising on account of timing differences are as follows:


Mar 31, 2010

1. Deferred Tax:

The Company has recognized deferred tax arising on account of timing differences, being the difference between the taxable income and accounting income, that originates in one period and is capable of reversal in one or more subsequent period(s) in compliance with Accounting Standard (AS 22) - Accounting for Taxes on Income issued by Institute of Chartered Accountants of India.

The basic and diluted earning per share is computed by dividing the net profit for the year by weighted average number of Equity Shares outstanding during the year.

2. The management is currently in the process of identifying enterprises which have provided goods to the company. Accordingly, the disclosures in respect of the amounts payable to such medium and small enterprises as at 31 st March 2010 has not been made in the financial statements.

3. The schedules referred to in the Balance Sheet and Profit and Loss Account form an integral part of the accounts.

4. Balances of Deposit, Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation and reconciliation.

5. In the opinion of the Board of Directors, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business.

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

7. In accordance with requirements of AS 18 on related party disclosures:

Related Party Relationship :

Key management personnel Amit N. Thakkar

Navin G. Thakkar

Where Control exists DMS Graphic & Component

Transaction with Related Parties during the financial year:

1) Key Management Personal

Name Nature of transaction 2009-10 2008-09

Amit N. Thakkar Directors Remuneration 180,000 180,000

Navin G.Thakkar Directors Remuneration 120,000 120,000

 
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