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Notes to Accounts of M K Exim (India) Ltd.

Mar 31, 2015

1. RELATED PARTY DISCLOSURES

As per Accounting Standard 18, issued by the institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in tile Accounting Standard are given below :

(1)List of related partes and relationships :

S.NO. NAME of RELATED PARTY RELATIONSHIP

1. Mr Dayaram Khanchandani : Key Management Personnel (KMP)

2. Mrs. Pusiipa Khancliandani: Key Management Personnel (KMP)

3. Mr. Ashok Patni Key Management Personnel (KMP)

4. Mr. Manish Murlidhar Dialam Key Management Personnel (KMP)

5. M.K.Products Partnership firm of KMP

6. Rakhi Khanchandani Relative of Director

7. M/s Square Gem General Trading Related concern of KMP L.L.C.

8.. M/s Square Textile L.L.C. Related concern of KMP

2. COMTINGEMT LIABILITIES AND COMMITMENTS Year Ended Year Ended 31.03.2015 31.03.2014

Claims against the Company not

acknowledge as debts NIL NIL

Disputed Income Tax Liability

Pending in Appeals 190380/- 290380/-

3. SEGMENT REPORTING

(I) Segments have been identified in line with the Accounting Standard-17- "Segment Reporting ' issued by the Institute of Chartered Accountants of India.

(ii) Tile Business Segment has been considered as the primary segment for disclosure.

Tile segments have been identified taking into account the nature of products, the different risks and returns and internal reporting system. The Geographical Segment based on location of its customers have been considered as secondary segment for disclosure.

(iii) The segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of tile segments as also amounts allocated on a reasonable basis.


Mar 31, 2014

1. CONTINGENT LIABILITIES AND COMMITMENTS Year Ended Year Ended 31.03.2014 31.03.2013

Claims against the Company not acknowledge as debts NIL NIL

Disputed Income Tax Liability Pending in Appeals 2,90,380/- NIL

Corporate Gurantee given by Company to Bank NIL NIL

2. SEGMENT REPORTING

(I) Segments have been identified in line with the Accounting Standard-17- "Segment Reporting " issued by the Institute of Chartered Accountants of India.

(ii) The Business Segment has been considered as the primary segment for disclosure. The segments have been identified taking into account the nature of products, the different risks and returns and internal reporting system. The Geographical Segment based on location of its customers have been considered as secondary segment for disclosure.

(iii) The segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.


Mar 31, 2013

1. DEFERRED TAX LIABILITY (Net)

In accordance with AS-22 "Accounting for Taxes on lncome",issued by the Institute of Chartered Accountants of India, the company has created deferred tax assets during the year.The breakup of Net Deferred Assets/ (Liabilities) are @30.90% as under:

2. RELATED PARTY DISCLOSURES

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below :

3. CONTINGENT LIABILITIES AND COMMITMENTS

Year Ended Year Ended 31.03.2013 31.03.2012

Claims against the Company not acknowledge as debts NIL NIL

Disputed Income Tax Liability

Pending in Appeals NIL 10.21 lacs

Corporate Gurantee given by Company to Bank NIL 516.66 lacs

4. SEGMENT REPORTING

(I) Segments have been identified in line with the Accounting Standard-17- "Segment Reporting " issued by the Institute of Chartered Accountants of India.

(ii) The Business Segment has been considered as the primary segment for disclosure. The segments have been identified taking into account the nature of products, the different risks and returns and internal reporting system. The Geographical Segment based on location of its customers have been considered as secondary segment for disclosure.

(iii) The segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.


Mar 31, 2012

1. RELATED PARTY DISCLOSURES

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below :

2. SEGMENT REPORTING

(i) Segments have been identified in line with the Accounting Standard-17- "Segment Reporting " issued by the Institute of Chartered Accountants of India.

(ii) The Business Segment has been considered as the primary segment for disclosure. The segments have been identified taking into account the nature of products, the different risks and returns and internal reporting system. The Geographical Segment based on location of its customers have been considered as secondary segment for disclosure.

(iii) The segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.


Mar 31, 2010

1 Contingent Liabilities

Year Ended Year Ended 31.03.2010 31.03.2009

(i) Claims against the Company not acknowledge as debts NIL NIL

(ii) Disputed Income Tax Liability Pending in Appeals 133938.00 133938.00

2 Impairment of Assets

The Company have discontinued the operation of its Garment Manufacturing Plant. In accordance with the Accounting Standard - 28" Impairment of Assets" issued by the Institute of Chartered Accountants of India, the Company has not calculated the Impairment loss, if any, on account of unavailability of information of recoverable amount of Garment Manufacturing Plant.

3 In view of non availability of relevant information with the company, the total outstanding dues to small Scale Industrial undertakings cannot be ascertained, therefore the same are not disclosed.

4 Trade Advances amounting to Rs. 114.81 Lacs (Previous Year 241.52 Lacs) which are long overdue were given out of business expediency and the same in the opinion of the management are good and recoverable. The same are subject to confirmation.

5 Debtors amounting to Rs. 201.50 lacs (Previous Year 201.50 Lacs) which are long overdue were given out of business expediency and the same In the opinion of the management are good and recoverable. The same are subject to confirmation.

6 The company is having discussion for sale of land and Building of company situated at G-1-150 industrial area, Jaipur. The Company has also received Rs. 75 lacs as dvance for sale of property, however no agreement Is executed by the Company in this regard.

7 In accordance with AS-22 "Accounting for Taxes on lncome",lssued by the Institute of Chartered Accountants of India, the company has created deferred tax assets during the year.

8 Segment Reporting

(i) Segments have been identified in line with the Accounting Standard-17- "Segment Reporting "issued by the Institute of Chartered Accountants of India.

(ii) The Business Segment has been considered as the primary segment for disclosure. The segments have been identified taking into account the nature of products, the different risks and returns and internal reporting system. The Geographical Segment based on location of its customers have been considered as secondary segment for disclosure.

(iii) The segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

(iv) Information about primary business segments.

9 RELATED PARTY DISCLOSURES

As per Accounting Standard 18, issued by the Institute of Accountant of India, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:

(i) List of related parties and relationships :

S. No. NAME OF RELATED PARTY RELATIONSHIP

1 M/s. M.K. Ingots Casting Pvt. Ltd. Associate Company

2 Mr. Dayaram Khanchandanl: Key Management Personnel

3 Mr. Kanhaiya Lai Khanchandanl: Key Management Personnel

4 Mrs. Pushpa Khanchandanl Key Management Personnel

5 Mr. Shyam Khanchandanl: Relative of Key Management Personnel

6 Mr. Ashok Patni Key Management Personnel

7 M/s. M.K. Traders Proprietoship firm of Key Management Personnel

8 M/s. Square Textiles L.L.C. Relative Concern Key Management Personnel

9 M/s. K.V. Exports Proprietoship Concern Key Management Personnel

10 M/s. M.K. Textiles Relative Concern Key Management Personnel

11 M/s Symphony Jewels Pvt. Ltd. Associate Company

12 Mr. Murli Menghani Key Management Personnel

10 Figures for the previous year have been re-grouped / re-arranged wherever considered necessary to make them comparable with those of current year.

11 Figures have been rounded off to the nearest rupees.


Mar 31, 2009

1 Contingent Liabilities Year Ended Year Ended 31.03.2009 31.03.2008

(I) Claims against the Company not acknowledge asdebts NIL NIL

(ii) Disputed Income Tax Liability Pending in Appeals

2 Impairment of Assets

The Company have discontinued the operation of its Garment Manufacturing Plant. It accordance with the Accounting Standard - 28 " Impairment of Assets " issued by th( Institute of Chartered Accountants of India, the Company has not calculated the Impairmen loss, if any, on account of unavailability of information of recoverable amount of Garmen Manufacturing Plant.

3 In view of non availability of relevant information with the company, the total outstanding dues to small Scale Industrial undertakings cannot be ascertained, therefore the same are not disclosed.

4 Trade Advances amounting to Rs. 241.52 Lacs (Previous Year 373.38 Lacs) which are long overdue were given out of business expediency and the same in the opinion of the management are good and recoverable. The same are subject to confirmation.

5 Debtors amounting to Rs.201.50lacs (Previous year Rs.924.22 lacs) which are long overdue were given out of business expediency and the same in the opinion of the management are good and recoverable. The same are subject to confirmation.

6 The Company is having discussion for sale of Land and Building of the Company situated at E-3,RIICO Industrial Area,Jaipur. The Company has also received Rs.50.00 Lacs as advance for sale of property.However no agreement executed by the Comapny in regard.

7 In accordance with AS-22 "Accounting for Taxes on Income",issued by the Institute of Chartered Accountants of India, the company has provided for deferred tax during the year.

8 Segment Reporting

(I) Segments have been identified in line with the Accounting Standard-17- "Segment Reporting "issued by the Institute of Chartered Accountants of India.

(ii) The Business Segment has been considered as the primary segment for disclosure. The segments have been identified taking into account the nature of products, the different risks and returns and internal reporting system. The Geographical Segment based on location of its customers have been considered as secondary segment for disclosure.

(iii) The segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

(iv) Information about primary business segments.

9 Balance in Personal Accounts are subject to confirmation

10 RELATED PARTY DISCLOSURES

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below :

(I) List of related parties and relationships :

S.NO. NAME OF RELATED PARTY RELATIONSHIP

1 M/s. M.K.Ingots Castings Pvt.Ltd. Associate Company

2 Mr. Dayaram Khanchandani: Key Management Personnel

3 Mr. Kanhaiya Lai Khanchandani: Key Management Personnel

4 Mrs. Pushpa Khanchandani Key Management Personnel

5 Mr. Shyam Khanchandani: Relative of Key Management Personnel

6 Mr. Ashok Patni Key Management Personnel

7 M/s. M.K.Traders Proprietorship concern of Key Management Personnel

8 M/s. Square Textiles L.L.C Relative concern of Key Management Personnel

9 M/s. K.V.Exports Proprietorship concern of Key Management Personnel

10 M/s. M.K.Textiles Relative concern of Key Management Personnel

11 M/s Symphony Jewels Pvt. Ltd. Associate Company

12 Mr. Murli Menghani Key Management Personnel

 
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