Mar 31, 2010
1. In the opinion of the Board unless otherwise stated in the Balance Sheet and Schedules attached thereto the current assets and loans and advances as stated in the balance sheet are approximately of the value realisable in the ordinary course of business.
2. Balance of sundry debtors, loans and advances and creditors are subject to confirmation. Necessary adjustment if any, will be made in the accounts on receipt of such confirmations.
3. Special Capital Incentive of Rs.2000000/-received from the State Industrial & Investment Corporation of Maharashtra Ltd. is subject to conditions laid down in the relevant agreement.
4. Segment Reporting - Accounting Standard 17
The Company is engaged in Shares & Securities transactions which falls under one segment and hence no seperate segment reporting is given as envisaged in Accounting Standard 17 issued by ICAI.
5. Taxes on Income - Accounting Standard 22
Accumulated deferred tax assets as at 31st March, 2010 has arisen on account of unabsorbed depreciation, brought forward losses and other timing differences. The Company has not accounted for the same. There is no accumulated deferred tax liability as at 31 st March, 2010.
During the year the only item of timing difference is difference in the depreciation as per accounts and depreciation as per income tax provisions. The depreciation on assets which are subject to timing difference as per accounts is Rs. 1943/- and depreciation on the corresponding assets as per income tax provisions is Rs. 2489/-. The resultant deferred tax credit being nominal has not been quantified and accounted for in the books of account.
6. Disclosure of related parties / related party transactions:
(a) Associate Companies/Concerns
1. Kores (India) Ltd
2. Kores Services Ltd.
3. Solar Packaging P Ltd.
4. Shashi Finance P Ltd
6. Shri Amarsinji Stationery Industries Ltd.
(b) Key Management Personnel & their relatives.
1. A.K. Thirani (Son)
2. S.K. Thirani (Director)
3. Sushila S.Thirani (Wife)
4. Rekha Thirani (Daughter in Law)
5. Nandini Mehta (Grand Daughter)
6. Neha Thirani (Grand Daughter)
7. Shashi Binani
8. Suhasini Lohia