Mar 31, 2013
NOTE -1
Ratan Glitter Industries Ltd (the company) is a private company
incorporated under the provisions of the Companies Act, 1956. The
Company is engaged in the business of sale of metallic.
NOTE - 2
Basis of Preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in i India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006. (as amended)
and the relevant (provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
Mar 31, 2010
Current Year Previous Year
2009-10 2008-2009
1. Contingent Liability
Bank Guarantee including Accrued
Interest on FD 5,051,000.00 5,051,000.00
2. Estimated amounts of Contract
remaining NIL NIL
to be executed on
capital accounts
3. Payments to Directors-Sitting Fees 15,000 15,000
4. Payment to Auditors As Audit 16,545 15,000
As tax Audit Fees 3,309 5,500
5. Retirement Benefits
No Provision for Gratuity, Contribution to Provident Fund, ESIC etc.,
earn leave or other staff benefits payable to employees has been made
during the year as there is no employee with the Company who is
entitled to such benefits
6. Pursuant to Department of Company Affairs Notification No.
GSR129(E) dated 22nd Feb., 1999, details are given as under :-
i) There are no Small Scale Industrial Undertakings to whom the company
owes a sum exceeding Rs. 1,00,000/- and outstanding for more than 30
days as on 31.03.2009
7. Depreciation for the year on additions made during the year to
fixed assets has not been provided as these have not been put to use
throughout the year
8. Borrowing cost (Interest on Term loan) amounting to Rs. 1,17,243/-,
Rs. 3,02,490/- and Rs. 1,72,69,289/- has been capitaJsed to Plant &
machinery shown under the Fixed Assets
9. As at the year end, assets have not been identified and reviewed
for the purpose of arriving at impairment loss, if any, being the
difference between the book value and recoverable value of relevant
assets. Impairment loss when crystallizes would be charged to revenue
of that year.
10. The position of Deferred tax Asset and Deferred tax Liabilty as at
31-03-2010 is as under. (I) Deferred Tax Asset Nil
(ii) Deferred Tax Liability arising on account of timing difference
of Depreciattion Nil
11. Fixed Deposit amounting to Rs.26,95,242/-, shown in Schedule D are
pledged with Bank of Baroda against bank Guarantee including Accrued
Interest
12. Previous Years Figures have been regrouped/ rearranged wherever
necessary to render them comparable with current year.
13. Segment Reporting
Based on the guiding Principles given in Accounting Standard on "
Segment Reporting" AS-17 issued by ICAI, the Companys Primary business
segments are organized around its line of activities which are as under
- Textile
- Amusement / Entertainment Shows
- Agency Commission
- As the company is operating in a single geographical segment by
location of customers, the disclosures related to secondary segments
are not relevant to the company
14 Related Party Disclosures
Disclosures as required by the Accounting Standard 18 "Related Party
Disclosures" are given below :- a) List of Related Parties -Associate
Companies
1) M/s. Nishiland Park Ltd.
2) M/s. Raten Silk Mills
3) M/s. Computility India Pvt. Ltd.
4) M/s. Modern Textile Rayon & Silk Mills Pvt. Ltd.
5) M/s. Prime Machine Company Pvt. Ltd.
17 Figures have been rounded off to the nearest rupee