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Notes to Accounts of V R Woodart Ltd.

Dec 31, 2014

1. In view of there being substantial carry forward of Losses and unabsorbed Depreciation available to the Company under Income Tax Law, no provision for tax has been made in the accounts.

2. No sitting fees have been paid/provided to the directors for attending the meeting of the Board as per Board Resolution passed on 11.08.1997.

3. Sundry Debtors, Loans and Advances, Sundry Creditors and other Liabilities are subject to confirmations.

4. No employee of the Company has completed the minimum years of service as per the Payment of Gratuity Act,1972, and hence no provision for Gratuity has been made in the accounts.

5. The Company does not have any scheme for leave encashment.

6. Investment allowance Reserve as required by section 32 A of the Income Tax Act, 1961 will be created when there are sufficient profits.

7. Contingent Liabilities:

a) Bonds executed in favour of Customs

authorities as on 31.12.2009 90,50,000 90,50,000

b) Bank guarantee executed in favour of

Customs Authorities 20,17,500 20,17,500

c) Claims against the company not 1,12,11,146 1,12,11,146

acknowledged as debts

d) Demand from Income Tax Authorities for 93-94 to 96- 97 against which a revision TDS including interest for Petition has 12,18,626 12,18,626 been filed.


Dec 31, 2013

During the course of our examination of the books and records of the Company carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company noticed or reported during the year, nor have we been informed of such case by the management.

Notes Forming Part of Financial Statements for the year ended 31st December 2013

1. In view of there being substantial carry forward of Losses and unabsorbed Depreciation available to the Company under Income Tax Law, no provision for tax has been made in the accounts.

2. No sitting fees have been paid/provided to the directors for attending the meeting of the Board as per Board Resolution passed on 11.08.1997.

3. Sundry Debtors, Loans and Advances, Sundry Creditors and other Liabilities are subject to confirmations.

4. No employee of the Company has completed the minimum years of service as per the Payment of Gratuity Act,1972, and hence no provision for Gratuity has been made in the accounts.

5. The Company does not have any scheme for leave encashment.

6. Investment allowance Reserve as required by section 32 A of the Income Tax Act, 1961 will be created when there are sufficient profits.

Current Year Previous Year 7. Contingent Liabilities:

a) Bonds executed in favour of Customs authorities as on 31.12.2009 90,50,000 90,50,000

b) Bank guarantee executed in favour of Customs Authorities 20,17,500 20,17,500

c) Claims against the company not acknowledged as debts 6,72,451 6,72,451

d) Demand from Income Tax Authorities for TDS including interest for 93-94 to 96- 97 against which a revision Petition has been filed. (Demand Rs. 6,87,453 less amount paid Rs. 1,06,841) 12,18,626 12,18,626


Dec 31, 2012

1. In view of there being substantial carry forward of Losses and unabsorbed Depreciation available to the Company under Income Tax Law, no provision for tax has been made in the accounts

2. No sitting fees have been paid/provided to the directors for attending the meeting of the Board as per Board . Resolution passed on 11.08.1997.

3. Sundry Debtors, Loans and Advances, Sundry Creditors and other Liabilities are subject to confirmations.

4. No employee of the Company has completed the minimum years of service as per the Payment of Gratuity Act, 1972, and hence no provision for Gratuity has been made in the accounts.

5. The Company does not have any scheme for leave encashment.

6. Contingent Liabilities:

a) Bonds executed in favor of Customs authorities as on 31.12.2009

90,50,000 90,50,000

b) Bank guarantee executed in favor of Customs Authorities 20,17,500 20,17,500

c) Claims against the company not acknowledged as debts 6,72,451 6,72,451

d) Demand from Income Tax Authorities for TDS including interest for 93-94 to 96- 97 against which a revision Petition has been filed. (Demand Rs. 6,87,453 less amount paid Rs. 1,06,841) 12,18,626 12,18,626

7. The company is in the business of manufacture of wood products and 31-Dec-12 31-Dec-ll there is no other business segment.

sales revenue by geographical market - -

Home Sales (including deemed Export sale) - -

Export sale - 4,302,357

4,302,357

8 Figures in the Balance Sheet, Profit and Loss account and schedules annexed there to have been rounded off to the nearest rupee.

9 Previous year figures have been regrouped / reclassified wherever necessary.


Dec 31, 2011

1. In view of there being substantial carry forward of Losses and unabsorbed Depreciation available to the Company under Income Tax Law, no provision for tax has been made in the accounts.

2. No sitting fees have been paid/provided to the directors for attending the meeting of the Board as per Board Resolution passed on 11.08.1997.

3. Sundry Debtors, Loans and Advances, Sundry Creditors and Other Liabilities are subject to confirmations.

4. As explained to us, no employees' of the Company has completed the minimum years of service as per the Payment of Gratuity Act, 1972, and hence no provision for Gratuity has been made in the accounts.

5. The Company does not have any scheme for leave encashment.

6. Investment allowance Reserve as required by section 32 A of the Income Tax Act, 1961 will be created when there are sufficient profits.

7. Contingent Liabilities:

a. Bonds executed in favour of Customs authorities as on 31.12.2009 90,50,000 90,50,000 b. Bank guarantee executed in favour of Customs Authorities 20,17,500 20,17,500

c. Claims against the company not acknowledged as debts 6,72,451 6,72,451

d. Demand from Income Tax Authorities for TDS including interest for 93-94 to 96- 97 against which a revision Petition has been filed. (Demand Rs.6,87,453 less amount paid Rs.1,06,841) 12,18,626 12,18,626

8. During the year the Company sold/Discarded all its Fixed Assets and the Profit (net) amounting to Rs. 13695871/- on sale and discarding of the fixed assets after adjustment of accumulated depreciation is shown under other Income

9. The company redeemed 123000 5% Redeemable Preference Shares of Rs. 100 each for 27.40 lacs. The company has created Capital Redemption Reserve of Rs. 12,300,000 , an amount equal to nominal value of Preference shares redeemed

10. The company is in the business of manufacture of wood products and there is no other business segment.

11. Figures in the Balance Sheet, Profit and Loss acount and schedules annexed there to have been rounded off to the nearest rupee.

12. Previous year figures have been regrouped / reclassified wherever necessary.

13. Additional information pursuant to paragraph 3,4 (c) and 4(d) of Part II of schedule VI of the companies Act, 1956

(I) Capacity and Production

Licenced capacity (based on approval letter dt. 08.01.89 and 31.12.1990 from Government of India, Ministry of Commerce) 600mA3 of Chemical impregnated Rubber wop , mouldings and components and 348 mA3 of Wooden Components

 
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