Mar 31, 2015
1. CORPORATE INFORMATION
Kashiram Jain & Company Ltd (the Company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 2013.
2. BASIS OF PREPARATION
The Company maintains its accounts on accrual basis following the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP) in India, in compliance with the provisions of the Companies Act, 2013 and the Accounting Standards as specified in the Companies (Accounting Standards) (Second Amendment) Rules, 2011, prescribed by the Central Government. Management evaluates all recently used or revised accounting standards on an ongoing basis. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.
3. Terms/Rights attached to Equity shares
The company's Equity Shares have a par value of Rs. 10/- per share each. Each Equity share holder is elegible for one vote per share held and is entitle to dividend,if any declared at the Annual General Meeting of shareholders. In the event of liquidation of the company, the holders of Equity Shares will be entitle to receive remaining assets of the company, after distribution of preferential amount. The distribution will be in proportion to the numbers of equity shares held by the share holders.
4. Related Party Transaction:
No Related Party Transaction has taken place during the year.
5. DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT 2006
Based on the representations made to us by the management of the Company, there are no dues to entities defined as Micro and Small Enterprises under Micro, Small and Medium Enterprises Development Act, 2006.
6. The Company operates in single business Segment of Sale of Saree and hence no further segment reporting is required.
7. The company has not made any provisions for the employees in accordance with the Acco unting Standard-15 issued by the Institute of Chartered Accountants Of India as there is no employee in service during the year.
8. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.