Mar 31, 2012
(Collateral security- Company's office premises and factory land and
building (including plant and machinery at Valsad) and by personal
gurantee of director Rajesh Mehta and Bhavna Mehta of the company)
For FY 2011-12-CC from SBI is obtained at 15.75% p.a
Working Capital Loan From NBFC is Secured against the demand promissory
note, pledge of shares and personal gurantee of director Rajesh Mehta
and Bhavna Mehta and working capital and guranteed by Acclaim
Industries Ltd is carrying interest @10.75% p.a)
1 Basis of preparation of financial statements
The financial statements are prepared under the historical cost
convention on an accrual basis in accordance with the Generally
Accepted Accounting Principles in India ("GAAP"). GAAP comprises
accounting standards as specified in Rule 3 of the Companies
(Accounting Standards) Rules 2006, and the relevant provisions of the
Companies Act, 1956 to the extent applicable.
Mar 31, 2010
1.2.1 There are no Micro, Small and Medium Enterprises, as defined in
the Micro, Small and Medium Enterprises Development Act, 2006 to whom
the Company owes dues on account of principal amount together with
interest and accordingly no additional disclosures have been made. The
above information regarding Micro, Small and Medium Enterprises has
been determined to the extent such parties have been identified on the
basis of the information available with the company.
1.2.2 As per the best estimate of the management, no provision is
required to be made as per Accounting Standard (AS 29) as notified by
Companies (Accounting Standard) Rules, 2006 in respect of any present
obligation as a result of a past event that could lead to probable
outflow of resources, which would be required to settle the obligation.
1.2.3 In the opinion of the Board, the provisions for known
liabilities are adequate and current assets in the ordinary course of
business have a value at least equal to the amount at which they are
stated.
1.2.4 In accordance with the Accounting Standard (AS 28) on
"Impairment of Assets" the Management during the year carried out an
exercise of identifying the assets that may have been impaired. On the
basis of this review carried out by the management, there was no
impairment loss on fixed assets during the year ended March 31, 2010.
1.2.5 There were no contingent liabilities during the period under
review which were not provided for.
1.2.6 There are no amounts due and outstanding to be credited to
Investor Education and Protection Fund.
1.2.7 Sundry debtors, Loans and Advances and creditors balances are
subject to confirmation, reconciliation and consequent adjustments, if
any.
1.2.8 Figures for the previous year have been regrouped /
reclassified wherever necessary.
1.2.9 Additional Information as required under Part IV of Schedule VI
to the Companies Act, 1956.
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