Mar 31, 2015
1. (a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in compliance with the
mandatory Accounting Standards notified under the companies (Accounting
Standards) Rules, 2006 (as amended) and generally accepted Accounting
principles applicable in India (GAAP).
The financial statements are prepared under historical cost convention
on accrual basis accordance with the requirements of the Companies Act,
1956 & Companies Act, 2013,
(b) FOREIGN CURRENCY TRANSACTIONS
Foreign transactions that has been entered into by the Company during
the year has been accounted as per the exchange rate prevailing as on
the date of transaction.
Sales or Purchases accounted during the year are accounted at the rate
of exchange as on the date of transaction. Subsequently, when the bills
are settled, any gain or loss arising on such transactions .are
credited or debited to exchange rate fluctuation account.
Closing balances of the foreign parties as on the Balance Sheet date
are accounted at the realizable value as on that date. The difference
in the account is transferred to exchange rate fluctuation account.
(c) REVENUE RECOGNITION
Sale of Goods:
Revenue from sale of goods is recognized when risk and rewards of
ownership of the products are passed on to the customers, which is
generally on dispatch of goods and is stated net of returns, trade
discounts, claims, etc.
(d) RELATED PARTY DISCLOSURES
Companies in which Directors are interested
* Sunraj Investment & Finance Pvt. Ltd.
* Gunial Investment & Finance Pvt. Ltd.
* K.D. Shah Investments Pvt. Ltd.
Management / Directors
* Sunil C. Gandhi
* Sunny S. Gandhi
* Nirav K. Shah
Shareholders
* Nirav K. Shah (HUF)
(e) DEFERRED TAXATION
Deferred Tax Liability for the year is Rs. 53,845/-
(f) CONTINGENT LIABILITIES:
The Company has a contingent liability of income tax of Rs. 8,86,480 in
respect for A.Y. 2002-2003.
2. Inventories are valued at cost as certified by the management.
3. There is no amount outstanding payable to Small Scale industries.
4. No provision for doubtful debts is made on long outstanding
debtors, as the management is hopeful of realizing the same.
5. Licensed capacity - Not Applicable.
6. EXPENDITURE IN FOREIGN EXCHANGE
Foreign Travelling Expenditure Rs. 4,22,055/- (Previous year Rs.
16,98,568.00/-)
7. EARNING IN FOREIGN EXCHANGE
F.O.B. Value of Exports and Exchange Difference - Rs. 16,85,79,880/-
(Previous year Rs. 33,78,36,486/-).
8. The previous year's figures are regrouped wherever necessary.
Mar 31, 2014
1. Inventories are valued at cost as certified by the management.
2. There is no amount outstanding payable to Small Scale industries.
3. No provision for doubtful debts is made on long outstanding debtors,
as the management is hopeful of realizing the same.
4. Licensed capacity - Not Applicable.
5. EXPENDITURE IN FOREIGN EXCHANGE
Foreign Travelling Expenditure Rs 16,98,568.00/-
(Previous year Rs 12,89,535.36/-)
6. EARNING IN FOREIGN EXCHANGE
F.O.B. Value of Exports and Exchange Difference - Rs 33,78,36,486/-
(Previous year Rs 32,24,51,240/-).
7. The previous year''s figures are regrouped wherever necessary.
Mar 31, 2013
1. Inventories are valued at cost as certified by the management.
2. There is no amount outstanding payable to Small Scale industries.
3. No provision for doubtful debts is made on long outstanding debtors,
as the management is hopeful of realizing the same.
4. Licensed capacity - Not Applicable.
5. The previous year''s figures are regrouped wherever necessary.
The company has one class of equity shares having a par value of Rs. 10
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. In the event of liquidation , the
equity shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion
to their shareholding.
PROPOSED DIVIDEND
The Company at its Board Meeting held on 29th June, 2013 has proposed
to declare dividend @ 10% on its paid up capital. The effect for the
same has been provided in the accounts for the relevant year. As per
Companies (Transfer of profits to Reserves) Rules, 1975,2.5% of the
current years profit after tax have been transferred to General Reserve
Account.
Nature of Security
Working Capital facility (Postshipment Finance) Secured against
- Guarantee: - Personal Guarantee of the Directors.
-Collateral:
- Hypothecation of stocks and receivables
- Bank Fixed Deposit of Rs. 1,20,00,000 kept with The Royal Bank of
Scotland N.V.
- Equitable Mortgage of the Registered Office fo the Company Other Loan
facility Secured against hypothecation of Car
ACCOUNTING OF DEPRECIATION
Depreciation is provided on Fixed Assets on Straight Line Basis in
accordance with Schedule XIV of the Companies Act, 1956.
ACCOUNTING FOR FIXED ASSETS
All Fixed Assets are valued at cost less Depreciation
Items of inventory are valued on the basis given below:
(l)Raw Materials: - At cost including incidental expenses incurred for
its acquisitions, (ii) Finished Goods: - At cost or market value
whichever is lower. In case of finished goods which are manufactured,
the cost of labour incurred for converting raw material into finished
goods and which are lying in the stock are added to the stock of
finished goods.
Note: Converted at the rate of Exchange USD 1 = Rs. 54.335 prevailing on
31.03.2013 For and on behalf of Board
Mar 31, 2012
1. Inventories are valued at cost as certified by the management.
2. There is no amount outstanding payable to Small Scale industries.
3. No provision for doubtful debts is made on long outstanding
debtors, as the management is hopeful of realizing the same.
4. Licensed capacity - Not Applicable.
5. The previous year's figures are regrouped wherever necessary.
(i) Raw Materials: - At cost including incidental expenses incurred for
its acquisitions.
(ii) Finished Goods: - At cost or market value whichever is lower. In
case of finished goods which are manufactured, the cost of labour
incurred for converting raw material into finished goods and which are
lying in the stock are added to the stock of finished goods.
Mar 31, 2010
1. PROVISIONS:
(a) Provision has been made for fall in market value of investments of
the Company of Rs. NIL as on 31.3.2010 (Previous year Rs. 9,78,400/-).
2. CONTINGENT LIABILITIES:
There are no Contingent Liability as on Balance Sheet Dated 31.03.2010.
3. Inventories are valued at cost as certified by the management.
4. There is no amount outstanding payable to Small Scale industries.
5. No provision for doubtful debts is made on long outstanding
debtors, as the management is hopeful of realizing the same.
6. Licensed capacity - Not Applicable.
7. EXPENDITURE IN FOREIGN EXCHANGE
Foreign Traveling Expenditure Rs. 7,54,129/- (Previous Year Rs.
7,59,422/-)
8. EARNING IN FOREIGN EXCHANGE
F.O.B. Value of Exports and Exchange Difference - Rs.221,100,129/-
(Previous year Rs.76,308,387/-)
9. The previous years figures are regrouped wherever necessary.