Mar 31, 2010
1. Contingent Liabilities Not Provided For:
Sr.
No. Nature Year Ended Year Ended
March 31,2010 (Rs.) March 31,2009 (Rs.)
a. Estimated amount of
contracts remaining to be
executed on Capital Account
and not provided for NIL NIL
b. Claims against the company
not acknowledged as debts: 4,805,813 4,805,813
(i) Sales tax matters in dispute under appeal.
(ii) Assessment of Sales Tax for Pune for the Year 2001-2002 and
onwards and assessment of Sales Tax for Goa for the year 2003-2004 and
onwards are pending. Assessments of Sales Tax for Carrying and Forwarding
Agents are pending.
Liabilities if any, arising thereon shall be accounted for in the year
of assessment.
(iii) Income Tax matters that may arise in respect of which
the Company is in appeal. 15,53,557 NIL
c. Guarantees given by banks on behalf of the Company (The guarantee
is backed by fixed deposit placed by the Company with its bankers)
99,522 99,522
2. The Company is in the process of compiling relevant information
from its suppliers about their coverage under the Micro, Small and
Medium Enterprises Development Act, 2006. As the Company has not
received any information from its suppliers as on date regarding their
status under the above said act, no disclosure has been made.
3. In the opinion of the Management, the current assets, loans and
advances have a value on realization in the ordinary course of business
at least equal to the amounts at which they are stated in the Balance
Sheet and provisions for all known liabilities have been made as at the
year end.
4. The Company recognizes greeting cards, stationary and gift articles
as a single segment. Consequently, in the opinion of the management
since it has only one primary segment, no further disclosure is deemed
necessary pursuant to Accounting Standard 17 on Segment Reporting
issued by the Institute of Chartered Accountants of India.
5. In line with the mandatory Accounting Standard 22 - Accounting for
Taxes on Income, issued by the Institute of Chartered Accountants of
India, the deferred tax assets are recognized only if there is a
virtual certainty of realization. In view of the above, the Company has
not accounted for deferred tax asset in the books of account.
6. Related party disclosure as required by Accounting Standard 18
issued by the Institute of Chartered Accountants of India, are given
below: 1) Related Parties:
a) Key Management Personnel: Mr. Nitin Naik - Whole Time Director.
b) Company under same management: Partyline Products Private Limited.
c) Enterprise under significant influence: Sahil Kshtij
7. The Company has passed a special resolution in its Extra Ordinary
General Meeting held on February 26, 2008 to allot 7,00,000 convertible
warrants on preferential basis at an exercise price of Rs.11/- each.
The warrants are convertible at the option of warrant holder within 18
months from its allotment date into one fully paid up equity share of
Rs. 10 each for each warrant. The Company has received advance for
convertible warrants in 2007-2008 and is in the process of allotment of
convertible warrants.
8. The Company had passed a special resolution in its Extra Ordinary
General Meeting held on February 26,2008 for increase of Authorized
Share Capital from 1,00,00,000 to 2,00,00,000 equity shares of Rs.10
each. However, since Form No.5 has not been submitted with Registrar of
Companies, the increase in authorized share capital has not been
disclosed in the financial statements.
9. The figures for the previous year have been regrouped /
rearranged, wherever necessary and possible, to conform to this years
classification.
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