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Notes to Accounts of Euro Leder Fashions Ltd.

Mar 31, 2015

31.3.2015 31.3.2014

1. Contingent liability not provided for in respect of:

(a) Income tax demand disputed pending on appeal 41,08,129 41,08,129 (which includes income tax demand for the A.Y-2004-05

for Rs.704531/- has been paid in full and dispute pending on appeal)

(b) Bills discounted with banks 7,18,84,448 9,85,26,158

(c) Income tax demand for the A.Y2003-04 and 2004-05 fully paid and pending before the assessing Officer in connection with Section 80HHC.

(d) A.Y 2003-04 pending with CIT appeal III

2. The Company has received insurance claim settlement amounting to Rs.42,29,575/- for Nagelkeni Unit and Rs.708013/- for Uthiramerur Unit during this year.

3. RELATED PARTIES TRANSACTIONS:

The Company has entered into the following transactions with related parties as defined in Accounting Standard 18 issued by the institute of Chartered Accountants of India.

4. The balances in sundry debtors, sundry creditors, loans, certain bank balances and advances including advances to capital contracts are subject to confirmation, reconciliation and consequential adjustments, if any, to be made.

5. Previous year figures have been regrouped wherever considered necessary to conform to current year's classification.


Mar 31, 2014

(A) OTHER NOTES

31.3.2014 31.3.2013

1. Contingent liability not provided for in respect of:

(a) Income tax demand disputed pending on appeal 41,08,129 41,08,129 (which includes income tax demand for the A.Y-2004-05 for Rs.704531/- has been paid in full and dispute pending on appeal)

(b) Bills discounted with banks 9,85,26,158 9,83,17,055

(C) Income tax demand for the A.Y.2003-04 and 2004-05 fully paid and pending before the High Court in connection with Sec.80HHC.

(d ).A.Y 2003-04 pending with CIT appeal III

2. Loss Due to heavy rain/Strongwind

Total Loss claimed with Insurance Company amounting to to Rs.27,57,000 due to heavy rain/strong wind on 26/05/2013.The Company has preferred an insurance which is under process. The details are as follows

3. Previous year figures have been regrouped wherever considered necessary to conform to current year''s classification.


Mar 31, 2013

1. RELATED PARTIES TRANSACTIONS:

The Company has entered into the following transactions with related parties as defined in Accounting Standard 18 issued by the institute of Chartered Accountants of India.

2. The balances in sundry debtors, sundry creditors, loans, certain bank balances and advances including advances to capital contracts are subject to confirmation, reconciliation and consequential adjustments, if any, to be made.

3. Previous year figures have been regrouped wherever considered necessary to conform to current year''s classification.


Mar 31, 2012

31.3.2012 31.3.2011 1. Contingent liability not provided for in respect of:

(a) Income tax demand disputed pending on 41,08,129 28,73,476 appeal (which includes income tax demand for the A.Y-2004-05 for Rs. 704531/- has been paid in full and disputed pending on appeal)

(b) Bills discounted with banks 3,05,18,813 11,80,53,920

(C) Income tax demand for the A.Y.2003-04 and 2004-05 fully paid and pending before the High Court in connection with Sec.80 HHC.

(d) A.Y 2003-04 pending with CIT appeal III

Note: The remuneration paid to the Managing Director and Whole Time Director is within the limits specified under Schedule XIII to the Companies Act, 1956.

2. RELATED PARTIES TRANSACTIONS:

The Company has entered into the following transactions with related parties as defined in Accounting Standard 18 issued by the institute of Chartered Accountants of India.

3. The balances in sundry debtors, sundry creditors, loans, certain bank balances and advances including advances to capital contracts are subject to confirmation, reconciliation and consequential adjustments, if any, to be made.

4. Previous year figures have been regrouped wherever considered necessary to conform to current year's classification.


Mar 31, 2010

(1) OTHER NOTES 31.3.2010 31.3.2009

1. Contingent liability not provided for in respect of:

(a) Income tax demand disputed pending on appeal 28,73,476 28,73,476

(b) Bills discounted with banks 5,73,21,467 4,33,37,569

(C) Income tax demand for the A. Y.2003-04 and

2004-05 fully paid and pending before the High Couriin connection with Sec.80HHC.

2. RELATED PARTIES TRANSACTIONS:

The Company has entered into the following transactions with related parties as defined in Accounting Standard 18 issued by the institute of Chartered Accountants of India.

3. The balances in sundry debtors, sundry creditors, loans, certain bank balances and advances including advances to capital contracts are subject to confirmation, reconciliation and consequential adjustments, if any, to be made.

4. Previous year figures have been regrouped wherever considered necessary to conform to current years classification.

 
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