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Notes to Accounts of Vivid Global Industries Ltd.

Mar 31, 2015

1. Disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule VI to the Companies Act, 1956

Equity Shares (Previous year) are held by , the holding company.

Above disclosure is required for each class of Shares held by its holding company or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate.

2. The following are the observations during the course of Audit under review and brought to the notice of the members of the Company :-

a. Due to the complexities of business the value of the Inventory has been considered as has been verified, valued and certified by the Management.

b. Balances of Sundry Debtors and Sundry Creditors as on 31/03/2015 are recorded at realisable value. The Management has been able to produce some confirmations of balances due from Debtors as well as the Balances Payable to the Creditors. However the value of these Debtors and Creditors for the Balance Sheet purpose has been take as certified by the Management.

Installed capacity is as certified by the Management and not verified by the auditors. It denotes estimated production of a product, if the entire plant & machinery is operated on triple shift basis during the year and is exclusively utilised for its production. However, the plant and machinery is common for the production of various dye-intermediates and hence the installed capacity may vary depending upon the product mix adopted by the company.

3. Related Party transactions :

I Names of Related Parties and nature of relationship.

A. Associates

1 Vivid Intermediates Private limited

2 M/s Sumichem Corporation

B. Enterprises over which Key Management Persons Have significant influence and Enterprises having Key

Management Person in common.

1 Vivid Chemical (FIRM)

C. Key Management Persons and Relatives

1 Shri. Sudhir Mody

2 Shri. Sumish S. Mody

3 Shri. Miten S. Mody

4 Smt. Asha S. Mody

Secondary segment:

Since company deals in one line of product only ie. Chemicals , it does not satisfy the criteria of reportable segments; hence not reported.

4. Current Tax :

Provision for Tax has been made on the basis of the Income Tax Act 1961 However as the company has utilised brought forward Depreciation loss of the earlier years under the normal provisions of the Income Tax Act. As on the date of this Balance Sheet there is no allowable brought forward losses or Depreciation which can be carrier forward for the subsequent years.

5. Deferred Tax Adjustment :

For the company, the deferred tax adjustment as required by AS-22 consists only on account of Difference in the Rate of Depreciation under the Income Tax Act and the Companies Act.

The Profit & Loss Account has been debited with the Deffered Tax Liability of Rs.2,26,175/-.

6. In accordance with the requirement for disclosure of amounts due to SSI units, the company has not compiled the list of its sundry creditors who satisfy this criteria.

Subject to this, the information relating to payment overdue to SSI units cannot be computed.

7. Previous years figures have been regrouped wherever necessary in order to confirm to current years presentation.


Mar 31, 2014

Note 1 Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act, 1956

As at 31 March As at 31 March

Contingent liabilities and commitments (to the extent not provided for) 2014 2013

(i) Contingent Liabilities

The company is facing court cases With Central Excise department in re- spect of Modvat credit claimed for F.Y. 1994-95 The company has preferred 64,000 64,000 an appeal against the said order and is confdent of succeeding in the said appeal.

(The liability disclosed above is net of predeposit of Rs. 50,000) Guarantee Given 269,675 -

333,675 64,000

(ii) Commitments

- -

333,675 64,000

2) Related Party transactions :

I Names of Related Parties and nature of relationship.

A. Associates

1 Vivid Intermediates Private limited

2 M/s Sumichem Corporation

B. Enterprises over which Key Management Persons Have significant infuence and Enterprises having Key Management Person in commom

1 Vivid Chemical (FIRM)

C. Key Management Persons and Relatives

1 Mr. Sudhir Mody

2 Mr. Sumish S. Mody

3 Mr. Miten S. Mody

Secondary segment:

Since company deals in one line of product only ie. Chemicals , it does not satisfy the criteria of reportable segments; hence not reported.

3) Current Tax :

Provision for Tax has been made on the basis of the Liability of the Company as ascertained under the Minimum Alternate Tax based on the Book profits. However as the company has accumulated losses of the earlier years under the normal provisions of the Income Tax Act, the Provision of Taxation Payable under this Act is not required for the year under review.

4) Deferred Tax Adjustment :

For the company, the deferred tax adjustment as required by AS-22 consists only of unabsorbed depreciation and losses.

Due to the Virtual Uncertainity of profits in the earlier years the Management had decided against providing for the Deffered Tax Liability. The Profit & Loss Account has been debited with the Deffered Tax Liability of Rs.24,18,440/-.The breakup of the Deffered Tax Liability pertaining to the earlier years and for the year under consideration is as follows:

5) In accordance with the requirement for disclosure of amounts due to SSI units, the company has not compiled the list of its sundry creditors who satisfy this criteria.

Subject to this, the information relating to payment overdue to SSI units cannot be computed.

6) Previous years figures have been regrouped wherever necessary in order to confirm to current years presentation.


Mar 31, 2013

1 Related Party transactions :

I Names of Related Parties and nature of relationship.

A. Associates

1 Vivid Intermediates Private limited

2 M/s Sumichem Corporation

B. Enterprises over which Key Management Persons Have signifcant infuence and Enterprises having Key Management Person in commom

1 Nil

C. Key Management Persons and Relatives

1 Mr. Sudhir Mody

2 Mr. Sumish S. Mody

3 Mr. Miten S. Mody

Secondary segment:

Since company deals in one line of product only ie. Chemicals , it does not satisfy the criteria of reportable segments; hence not reported.

Current Tax :

Provision for current income tax is made at the current tax rate based on assessable income. However as the company has accumulated losses of the earlier years, the Provision of Taxation as per Income Tax is not made is not required for the year under review. Provision for MAT liability has been made as per applicable rate defned u/s 115JB of the Income Tax Act 1961.

Deferred Tax Adjustment :

For the company, the deferred tax adjustment as required by AS-22 consists only of unabsorbed depreciation and losses. As the company has earned proft during the year under consideration and as the Company has accumulated Losses of the earlier years , it is estimated the same are not suffcient to cover the accumulated losses of the earlier years. In view of the same the deferred tax asset/liability has not been recognised.

In accordance with the requirement for disclosure of amounts due to SSI units, the company has not compiled the list of its sundry creditors who satisfy this criteria.

Subject to this, the information relating to payment overdue to SSI units cannot be computed.

Previous years fgures have been regrouped wherever necessary in order to confrm to current years presentation.


Mar 31, 2012

1 Related Party transactions :

Names of Related Parties and nature of relationship.

A. Associates

14 Related Party transactions :

1 Vivid Intermediates Private limited

1 Names of Related Parties and nature of relationship.

2 M/s Sumichem Corporation

A.Associates

B. Enterprises over which Key Management Persons Have significant influence and Enterprises having Key

1 Vivid Intermediates Private limited

Management Person in commom

2 M/s Sumichem Corporation

1 Nil

B. Enterprises over which Key Management Persons Have significant influence and Enterprises having Key

C. Key Management Persons and Relatives Management Person in commom

1 Mr. Sudhir Mody

2 Mr. Sumish S. Mody

1 Nil

3 Mr. Miten S. Mody

C.Key Management Persons and Relatives

Secondary segment:

Since company deals in one line of product only ie. Chemicals , it does not satisfy the criteria of reportable segments; hence not reported.

Current Tax :

Provision for current income tax is made at the current tax rate based on assessable income. However as the company has accumulated losses of the earlier years, the Provision of Taxation is not required for the year under review.

Deferred Tax Adjustment :

For the company, the deferred tax adjustment as required by AS 22 consists only of unabsorbed depreciation and losses. As the company has incurred a Loss during the year under consideration and as the Company has accumulated Losses of the earlier years , it is estimated the same are not sufficient to cover the accumulated losses of the earlier years. In view of the same the deferred tax asset/liability has not been recognised.

In accordance with the requirement for disclosure of amounts due to SSI units, the company has not compiled the list of its sundry creditors who satisfy this criteria.

Subject to this, the information relating to payment overdue to SSI units cannot be computed.

Previous years figures have been regrouped wherever necessary in order to confirm to current years presentation.


Mar 31, 2011

1 Contingent Liabilities :

2010-11 2009-10 Rupees Rupees

The company is facing following court cases:

i. With Central Excise department in respect of Modvat credit 64,000 64,000 claimed for F.Y. 1994-95 The company has preferred an appeal against the said order and is confident of succeeding in the said appeal.

(The liability disclosed above is net of predeposit of Rs. 50,000)

2 Particulars of Licensed Capacity, Installed Capacity and Actual Production :

Installed capacity is as certified by the Management and not verified by the auditors. It denotes estimated production of a product, if the entire plant & machinery is operated on triple shift basis during the year and is exclusively utilised for its production. However, the plant and machinery is common for the production of various dye-intermediates and hence the installed capacity may vary depending upon the product mix adopted by the company.

3 Segment Reporting :

B Secondary segment:

Since company deals in one line of product only ie. Chemicals , it does not satisfy the criteria of reportable segments; hence not reported.

4 Related Party transactions :

I Names of Related Parties and nature of relationship.

A. Associates

1 Vivid Intermediates Private limited

2 M/s Sumichem Corporation

B. Enterprises over which Key Management Persons Have significant influence and Enterprises having Key Management Person in commom

1 Nil

C. Key Management Persons and Relatives

1 Mr. Sudhir Mody

2 Mr. Sumish S. Mody

3 Mr. Miten S. Mody

5 Earnings per share :

Earnings per share is calculated as per AS-20 issued by the ICAI. The Net Profit After Tax considered for calculation of basic and diluted earnings per share is Rs. 45,09,008/-. There is no difference between basic and diluted earnings per share.

6 Current Tax :

i Provision for current income tax is made at the current tax rate based on assessable income. However as the company has accumulated losses of the earlier years, the Provision of Taxation is not required for the year under review.

ii Deferred Tax Adjustment : For the company, the deferred tax adjustment as required by AS-22 consists only of unabsorbed depreciation and losses. Though the company has made nominal profits during the year under consideration as well as the earlier year, the same are not sufficient to cover the accumulated losses of the earlier years. In view of the same the deferred tax asset/liability has not been recognised.

7 In accordance with the requirement for disclosure of amounts due to SSI units, the company has not compiled the list of its sundry creditors who satisfy this criteria. Subject to this, the information relating to payment overdue to SSI units cannot be computed.

8 Previous years figures have been regrouped wherever necessary in order to confirm to current years presentation.


Mar 31, 2010

1 Contingent Liabilities:

2009-10 2008-09

Rupees Rupees

The company is facing following court cases: With Central Excise department in respect of Modvat credit 64,000 64,000

claimed for F.Y. 1994-95 The company has preferred an appeal against the said order and is confident of succeeding in the said appeal.

(The liability disclosed above is net of predeposit of Rs. 50,000)

2. particulars of Licensed Capacity. Installed Capacity and Actual Production :

Installed capacity is as certified by the Management and not verified by the auditors. It denotes estimated production of a product, if the entire plant & machinery working on triple shift during the year is exclusively utilised for its production. However, the plant and machinery is common for the production of various dye-intermediates and hence the installed capacity may vary depending upon the product mix adopted by the company.

3 Segment Reporting :

B Secondary segment:

Since company deals in one line of product only fe. Chemicals , it does not satisfy the criteria of reportable segments; hence not reported.

4 Related Party transactions :

I Names of Related Parties and nature of relationship.

A. Associates

1 Vivid Intermediates Private limited

2 M/s Sumichem Corporation

B. Enterprises over which Key Management Persons have significant influence and Enterprises having Key Management Person in commom

1 Nil

C. Key Management Persons and Relatives

1 Mr. Sudhir Mody

2 Mr. Sumish S. Mody

3 Mr. Miten S. Mody

5 Earnings per share :

Earnings per share is calculated as per AS-20 issued by the ICAI. The Net Profit After Tax considered for calculation of basic and diluted earnings per share is Rs. 71,05,992/-. There is no difference between basic and diluted earnings per share.

6 Current Tax :

i Provision for current income tax is made at the current tax rate based on assessable income.

ii Deferred Tax Adjustment:

For the company, the deferred tax adjustment as required by AS-22 consists only of unabsorbed depreciation and losses. The company has a history of continuing losses. Though measures have been taken towards turning the company around, we do not have evidence claiming certainty of profits in the immediate future. In view of the same, the deferred tax asset/Liability is not recognised.

7 In accordance with the requirement for disclosure of amounts due to SSI units, the company has not compiled the list of its sundry creditors who satisfy this criteria.

Subject to this, the information relating to payment overdue to SSI units cannot be computed.

8 Previous years figures have been regrouped wherever necessary in order to confirm to current years presentation.

 
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