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Notes to Accounts of Muzali Arts Ltd.

Mar 31, 2016

NOTE 16. NOTES TO FINANCIAL STATEMENTS

a) None of the Earning/Expenditures is in Foreign Currency.

b) Balance of Debtors, Loans and Advances are subject to confirmation and reconciliation.

c) In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amounts reasonably necessary.

d) Previous year’s figures have been regrouped, rearranged wherever necessary to make them comparable with those of current year.

e) In the opinion of the management and to the best of their knowledge and belief the value under the head of the current assets and noncurrent assets are approximately of the value stated, if realized in ordinary course of the business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary


Mar 31, 2015

1. Terms/ right attached to Equity Shares

The Company has Only one Class of equity shares having par value of Rs.10 per Shares. Each holder of Equity Shares is Entitled to one vote per share. In the event of liquidation of the company, the holders of equity share will be entitled to receive remaning assets of the Company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.


Mar 31, 2014

1. Under the Micro Small and Medium Enterprises Development Act , 2006, certain disclourses are required to be made relating to Micro, Small and Medium Enterprises. The company is in the process of compliant relevant information from its suppliers about their coverage under the Act. Since the reveling information is not presently available, no disclosures have been made in the accounts.

2. Corresponding figures of the previous year have been regrouped or rearranged to make it comparable with this years's figure, wherever necessary.

3. The company is having net deferred tax assets. Deferred tax assets, which have arisen mainly on account of unabsorbed depreciation, have been considered for recognition, as there is virtual certainity that sufficient further taxable income will be available against which such deferred tax assets can be realized. Therefore, net deferred tax asset has been recognized in the accounts of the company.


Mar 31, 2013

1. Under the Micro Small and Medium Enterprises Development Act ,2006, certain discloures are required to be made relating to Micro, Small and Medium Enterprises. The company is in the process of complying relevant information from its suppliers about their coverage under the Act . Since the relevant information is not presently available, no disclosures have been made in the accounts.

2. Corresponding figures of the previous year have been regrouped or rearranged to make it comparable with this years's figure, wherever necessary.

3. The company is having net deferred tax assets. Deferred tax assets, which have arisen mainly on account of unabsorbed depreciation, have been considered for recognition, as there is virtual certainity that sufficient future taxable income will be available against which such deferred tax assets can be realized. Therefore, net deferred tax asset has been recognized in the accounts of the company.

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