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Notes to Accounts of Vintage Cards & Creations Ltd.

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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