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Notes to Accounts of Vyapar Industries Ltd.

Mar 31, 2015

1.1 As per Accounting standard 15 "Employees benefit" the disclosures as defined in the Accounting standard are given below.

Defined Contribution Plan

No contribution has been made to defined contribution plans. The company does not made contribution to provident fund as they are not covered by Employees provident fund and Miscellaneous provision Act 1952.

Defined benefit plan

The company provision for gratuity is the defined benefit plan. The present value of the obligation is determined based on actuarial valuation using the Projected unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The company does not recognise leave encashment.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary based on advice of the Company.

The discount rate is taken on the basis of benchmark rate available as government securities for tenure of 10 years as certified by actuary.

Disclosure in Respect of Material Related Party Transaction during the year :

1. Payment of salary to Key Managerial Personnel and their relatives include to Mr.Abbas Rassai Rs. 337,500/- (Previous Year Rs. 13,50,000/-), Mr. Akeel Rassai Rs. 285,000/- (Previous Year Rs. 11,40,000/-), Mr.Husain Rassai Rs. 285,000/- (Previous Year Rs. 11,40,000/-). Mrs.Yakuta Rassai Rs. 4,80,000/- (Previous Year Rs. 4,80,000/-), Mrs. Shamima Rassai Rs. 144,000/- (Previous Year Rs. 5,76,000/-), Mrs.Sakina Rassai Rs. 4,80,000/- (Previous Year Rs. 4,80,000/-).

2. Payment of rent to Key managerial Personnel, their relatives and enterprise over which Key managerial personnel are able to exercise significant influence includes to M/s Noble Enterprise is NIL (Previous Year Rs.2,022,480/-), Mr. Akeel Rassai Rs. 1,348,320/- (Previous Year Rs. 1,348,320/-), Mr.Husain Rassai Rs. 1,348,320/- (Previous Year Rs. 1,348,320/-), Mrs.Shamima Rassai Rs. 1,348,320/-(Previous Year Rs. 1,348,320/-).

3 CONTINGENT LIABILITIES AND COMMITMENTS

Sr. As at As at No. 31st March 2015 31st March 2014

1 Guarantee in respect of SEZ unit 2,21,19,676 2,21,19,676

2 Service Tax Liability Pending appeal 32,60,228 32,60,228

3. Income Tax of A.Y. 2008-09 29,645 29,645

4. Income Tax of A.Y. 2010-11 38,41,020 38,41,020

5. Income Tax of A.Y. 2011-12 2,41,560 2,41,560

6. Income Tax of A.Y. 2012-13 5,38,420 -

TOTAL 3,00,30,549 2,94,92,129

4 The Company has only one segment of reporting namely yarn and consequently segmental reporting as per AS 17 is not applicable.


Mar 31, 2014

22 RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transactions with the related party are given below List of related parties where share control exists and related parties with whom transactions i) have taken place and relationships:

Sr. No. Name of the Related Party Relationship

1. Hindupur Vyapar Apparel Park Associates

2. Beneficent Knowledge Parks and Properties Ltd.

3. Mr. Abbas A. Rassai

4. Mr. Hussain A. Rassai Key Managerial Personnel

5. Mr. Akil A. Rassai

6. Mrs. Shamima Rassai

7. Mrs. Yakuta Rassai Relative of Key Managerial Personnel

8. Mrs. Sakina Rassai

9. M/s. Noble Enterprises Enterprises over which Key

Managerial Personnel are able to exercise significant influence

Disclosure in Respect of Material Related Party Transaction during the year :

1. Payment of Salary to Key managerial personnel and their relatives include to Mr. Abbas Rassai Rs. 13,50,000/- (Previous Year Rs. 13,50,000/-), Mr. Akeel Rassai Rs. 11,40,000/- (Previous Year Rs. 11,40,000/-), Mr. Hussain Rassai Rs. 11,40,000/- (Previous Year Rs. 11,40,000/-) and Mrs. Yakuta Rassai Rs. 4,80,000/- (Previous Year Rs. 4,80,000/-), Mrs. Shamima Rassai Rs. 5,76,000/- (Previous Year Rs. 5,76,000/-) Mrs. Sakina Rassai Rs. 4,80,000/- (Previous Year Rs. 4,80,000/-)

2. Payment of salary to Key Managerial Personnel, their relatives and enterprise over which Key Managerial personnel are abel to exercise significant include to M/s. Noble Enterprise Rs. 20,22,480/- (Previous Year Rs. 18,00,000/-),Mr. Akeel Rassai Rs. 13,48,320/- (Previous Year Rs. 12,00,000), Mr. Hussain Rassai Rs. 13,48,320/- (Previous Year Rs. 12,00,000/-), Mrs. Shamima Rassai Rs. 13,48,320/- (Previous Year Rs. 12,00,000/-).

2 CONTINGENT LIABILITIES AND COMMITMENTS

Sr. As at As at No. 31st March 2014 31st March 2013

1 Guarantee in respect of SEZ unit 2,21,19,676 2,21,19,676

2 Service Tax Liability Pending appeal 32,60,228 32,60,228

3. Income Tax of A.Y. 2008-09 29,645 -

4. Income Tax of A.Y. 2010-11 38,41,020 -

5. Income Tax of A.Y. 2011-12 2,41,560 -

TOTAL 2,94,92,129 2,53,79,904


Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS

Sr. As at As at No. 31st March 2013 31st March 2012

1 Guarantee in respect of SEZ unit 2,21,19,676 2,21,19,676

2 In respect of custom duty pending appeal 23,30,000

3 Service Tax Liability Pending appeal 65,85,661 65,85,661

TOTAL 2,87,05,337 3,10,35,337


Mar 31, 2012

Note : This form, in order to be effective, should be duly completed, stamped and signed and must be deposited at the Registered Office of the Company not less than 48 hours before the meeting. The proxy need not be a member of the Company.

1. CONTINGENT LIABILITIES AND COMMITMENTS

Sr. No. As at 31st March 2012 As at 31st March 2011

1. Guarantee in respect of SEZ Unit 2,21,19,676 2,21,19,676

2. In respect of custom duty pending appeal 23,30,000 23,30,000

3. Service Tax Liability Pending appeal 65,85,661 58,03,206

TOTAL 3,10,35,337 3,02,52,882

2. Loss on account of damage stock amounts of Rs. 3,13,50,117/- (Previous year Rs. 3,72,21,645/-) has been credited to purchase a/c and the loss actually suffered has been reflected in Profit & Loss after reducing sales procedds from damaged stocks as Exceptional loss from ordinary activities which are of such size, nature of incidence that their diclsoure is relevant to explain the performance of the enterprise for the period.


Mar 31, 2010

1 Previous year figures have been re-grouped & re-arranged wherever necessary.

2 Convertible Warrants

15,00,000 Convertible Warrants of Rs 150/- each carrying an entitlement to subscribe to an equivalent number of Equity Shares of Rs.10/- each at a premium of Rs.140/- per share, Rs. 15/- paid up were available for conversion upto 8th May, 2009 vide shareholders resolution dated 30th April, 2008. As the warrant holders did not exercise their option the warrants have been forfeited as per terms of allotment and the entire proceeds on forfieture of Rs. 2,25,00,000/- is credited to Share Forfieture A/c.

3 Contingent Liability 2009-2010 2008-2009

In respect of Guarantee 2,330,000 2,330,000

2,330,000 2,330,000

4 RELATED PARTY DISCLOSURES

Information relating to Related Party Disclosures as per Accounting Standard 18 issued by The Institute Of Chartered Accountants Of India is as given below :

a) Key Management Personnel Mr Abbas Rassai

Mr Akil Rassai

Mr Hussain Rassai

b) Relatives of Key Management Personnel Mrs Shamima Rassai

Mrs Sakina Rassai

Mrs Yakuta Rassai

c) Enterprises where Key Management Personnel M/s. Noble Enterprises and Relatives of Key Management Personnel Rassai Properties & Industries Limited exercise control or significant influence Limitless Properties Ltd.

Hindupur Vyapar Apparel

Park Limited

5 Prior period expenses debited to Profit & Loss A/c amounted to Rs. 67,000/- (Previous Year Rs.38,285/-)

 
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