Home  »  Company  »  Punit Commercial  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Punit Commercials Ltd.

Mar 31, 2015

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they arc stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

3. The Company is a Small and Medium Sized Company (SMC) as defined in die General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards a applicable to a Small and Medium Sized Company.

4. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said insignificant amount and probability of its outgo.

A. Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel

Priya N. Mehta,Nirav P. Mehta, Purnima P. Mehta,Sujit Mehta

Category ID: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence) Subir Diamonds Private Ltd.

5. The previous year's figures are regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

6. Value of imports calculated on C.I.F basis by the company during the financial year in respect of-

March 31, 2015 March 31, 2014

i Raw materials; - 20,014,515

ii Components and spare parts - -

iii Capital goods - -

iv Trading Goods - -

7. The additional information on Quantitative Information of Goods Traded Quantitative Information in respect of stock (in Kgs^units):

8. DEFERRED TAX LIABILITY (NET)

The Company has accounted for taxes on income in accordance with AS-22 - Accounting for Taxes on Income issued by (he Institute of Chartered Accountants of India Consequently, the net incremental deferred ten (liability) / asset is charged / credited to Profit and Loss Account. The year end position of taxes on income it as under

9. CONTINGENT LIABILITIES AND COMMITMENTS

Particulars March 31, 2015 March 31, 2014

A. Contingent Liabilities

(1) Claims against the company - - not acknowledge as debt

(2) Guarantees - -

(3) Other money for which the company is contingently liable - -

Sub Total (A) - -

B. Commitments

(1) Estimated amount of contracts - - remaining to be executed on capital account and not provided for

(2) Uncalled liability on shares - - and other investments partly paid

(3) Other commitments (specify nature) - -

Sub Total (B) - -

Total Contingent Liabilities and - - Commitments (A B)


Mar 31, 2014

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

3. The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

4. The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.


Mar 31, 2013

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the!Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances. and other current assets are subject to confirmation and reconciliatidn.

3. Auditors'' remuneration in accordance with paragraph 4B of part II of Schedule VI to the Comppnies Act. 1956 is as under:

4. The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respeel of Accounting Standards notified under the Companies Act. 1956 Accordingly the Compiim lias complied "ith .he Accounting Standards as applicable to a Small and Medium Sized Company

5. "The Micro. Small and Medium Enterprise Development Act. 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

6. Related Party Disclosures, as required by AS-18 are given below

A, Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel

PriyaN. Mehla,Nirav P. MclUa.Purnima P. Mehia.Sujil Mehia

Category 111: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence) Subir Diamonds Private Ltd.

7. The previous year''s figures are regrouped / rearranged / reclassified wherever considered necessary u correspond with the figures of current year.

8. Other information pursuant to General Instructions for prepaiation of Balance Sheet and Profit & Loss Account of Schedule VI to the Companies Act, 1956 is not applicable.


Mar 31, 2012

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

3. The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

4. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

5. Related Party Disclosures, as required by AS-18 are given below:

A. Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel

PriyaN. Mehta,Nirav P. Mehta,Purnima P. Mehta,Sujit Mehta

Category III: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence) Subir Diamonds Private Ltd.


Mar 31, 2010

1) Balance of Sundry Creditors, Sundry Debtors Loans & Advances are subject to confirmation.

2) In the opinion of the Board, Current Assets, Loans & Advances will have a value at least equal to the amount stated in the Balance Sheet if realised in the ordinary course of Business.

3 RELATED PARTY DISCLOSURE: (3ased on disclosure made by Directors under the Companies Act, 1956)

a) List of Parties:

Where control exists: Subir Diamonds Pvt. Ltd.

Parties with whom the Transactions

are carried out during the year: Shri. Nirav P. Mehta

Smt. Purnima P. Mehta

e) Generic names of principal products of the Company

Item Code No. (ITC Code) 710239-01

Product Description Diamonds

4 Previous year figures have been regrouped and rearranged wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!