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Notes to Accounts of Worldwide Leather Export Ltd.

Mar 31, 2015

1. SHARE CAPITAL

a) Terms/ rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company the holders of equity shares will be entitled to receive remaining assets of company , after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Pursuant to the Companies Act, 2013 ("the Act") becoming effective from 1st April, 2014, the Company has recomputed the depreciation based on the useful life of the assets as prescribed in Schedule II of the Act. The depreciation and amortization expense charged for the year ended 31st March, 2015 would have been higher by Rs. 64,108/- had the Company continued with the previously prescribed depreciation rates as per Schedule XIV of the Companies Act, 1956. Further, in accordance with the transitional provisions of Schedule il, the Company has adjusted an amount of Rs. 718,637 (Net off deferred tax Rs. 322000/- thereon) in the opening balance of retained earnings for those assets where the remaining useful life is Nil as on 1st April, 2014.

3. Related parties and transactions with them as specified in Accounting Standard 18 on "Related Parties Disclosure" issued by iCAI has been identified and given below.

a) Enterprises where control exists Blackberry Property Advisory Private Limited (Subsidiary Company)

b) Associates and Joint Ventures -

c) Individual Owning an interest in the voting power of the company and their relatives -

d) Key Management Personnel and Anil Agrwal (Chairman and their Relatives Managing Director)

Renu Agarwal (Director)

Lalit Kumar Chhawchharia (Director)

Krishan Kumar Singh (CFO)

Parul Jain (Company Secretary)

e) Enterprises over which any person referred to in Nilgiri Mercantile Pvt. Ltd.

(c) or is able to exercise significant influence

4. on the basis Physical verification of assets,specified in Accounting Standard 28, and cash generation capacity of those assets management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2015

5. Particulars required to be disclosed in pursuance of Accounting Standard - 15 (revised 2005) on -Employee Benefits" as issued by the Institute of Chartered Accountants of India is not determined and hence, not disclosed.

6. Previous year figures have been rearranged/regrouped wherever considered necessary.






Mar 31, 2014

1. Capital commitments remaining to be executed and not provided for amount to Rs.353.77 lacs ( Rs.332.53 lacs); advance there against amount to Rs. 238.03 lacs (Rs. 202.82 lacs).

2. a) There are no dues to any entity which is covered under small scale industrial undertaking.

b) In absence of necessary information relating to the suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the company is unable to identify such suppliers, hence the information required under the said act is not given.

c) Balance in the account of M/s Shoecraft under the head ''Sundry Creditors - Others'' and certain adjustments there in are subject to confirmation.

3 Due to economic reasons, the company has changed its line of business from being a manufacturing exporter to merchant exporter w.e.f 1 st November, 2013 under an arrangement with a manufacturer and getting company''s export orders manufactured from the company''s existing manufacturing facilities.

4. On the baste of physical verfication of assets, as specified in Accounting Standard - 28. and cash generation capacity of those assets, in the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2014

5. Particulars required to be disclosed in pursuance of Accounting Standard -15 (revised 2005) on "Employee Benefits" as issued by the Institute of Chartered Accountants of India is not determined and hence, not disclosed.

6. Previous year figures have been rearranged/regrouped wherever considered necessary.


Mar 31, 2013

A) Terms/ rights attached to equity shares

The company has only one class of equity shares having a par value of 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in indian rupees. The dividend proposed by the Board of Directors is subject to the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of company, after distrubution of all preferential amounts. The distrubution will be in proportion to the number of equity shares held by the shareholders.

1. Capital commitments remaining to be executed and not provided for amount to Rs. 332.53 lacs (Rs. 232.52 lacs); advance there against amount to Rs. 202.82 lacs (Rs. 130.18 lacs).

2. a) The names of small scale industrial undertakings to whom the Company owes sums outstanding for more than 30 days as at the Balance Sheet date is Indcoat Shoe Accessories, Sagar Buckles Pvt. Ltd, Ashian Mercantile Pvt Ltd, Capston Rubber India and Scarco Shoes Pvt. Ltd.. This information and that given in Note 6 - "Trade Payables* regarding small scale industrial undertakings has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

b) In absence of necessary information relating to the suppliers under the Micro, Smalt and Medium Enterprises Development Act, 2006, the company is unable to identify such suppliers, hence the information required under the said act is not given.

c) Balance in the account of M/s Shoecraft under the head ‘Sundry Creditors - Others'' is subject to confirmation.

3. Advance against one Property namely ’Kensington Boulevard’, Noida is in the name of the an Ex-Director on behalf of the company.

Company is taking steps to transfer such allotment in the name of the company.

4. On the basis of physical verfication of assets, as specified in Accounting Standard - 28, and cash generation capacity of those assets, In the management perception there is no impairment of such assets as appearing in the balance sheet as on 31.03.2013

5. Particulars required to be disclosed in pursuance of Accounting Standard - 15 (revised 2005} on "Employee Benefits* as issued by the Institute of Chartered Accountants of India is not determined and hence, not disclosed,

6. Previous year figures have been rearranged/regrouped wherever considered necessary.

 
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