Mar 31, 2013
1) Contingent Liabilities not provided for in respect of :-
a) Dsiputed demand from commercial Tax Authority Rs 1.35 lacs for
financial year 2001 -02 (Previous year Rs 1.35 lacs) is under appeal
with Deputy Tax Officer,Commercial Taxes Spl-4, Jaipur
b) Leasehold land for a period of 99 years from 19th August 1994 is
standing in accounts as per payments made, to be amortised on
settlement of premium with the lessor.
2) As per Accounting Standard 15 Related to Employees Benefit following
disclosures are given ;-
(A) The Company regularly considers its Liability for employees as
defined benefit obligation. Provision for gratuity are made on
actuarial valuation of the present value of defined benefit obligations
made at intervals not exceeding three years. But from this year the
number of employeses being very less, the Employees Gratuity liability
has been estimated by the company.
3) Disclosure of Sundry Creditor under Current Liability in regard to
the amounts due to entities covered under under the Micro.Small and
Medium Enterprises Development Act,2006(MSMED Act 2006).In this
respect, company at the time of negotiating the transaction of
purchases, required the suppliers to inform whether any suppliers of
goods on credit was coming under the provision of the Micro.Small and
Medium Enterprises Development Act 2006,but no information in this
matter was received from any such Vendors, as a result following
information required to be furnised under the provisions of MSMED
Act,2006 could not be furnised
The company has not received any inofrmation from any of its suppliers
(Creditors) of their status of being a Small Scale Industrial (SSI)
unit. Hence the amount, if any due to any such unit as on date of
balance sheet is not ascertainable.
4) As per approval of Remuneration Committee the Managing Director was
paid the following remuneration'' in accordance with Section II of
Part II of Schedule XIII of the companies Act, 1956
5) No person was employed by the company either throughout the year or
for a part of the year under review, whose remuneration for the year in
aggregate was not less than Rs 24,00,000/- or Rs 2,00,000 per month
when employed for any part of the Finacial Year.
6) Related party disclosures Relationships with Related Party
i) Enterprises in which Key Management personnel have significant
Infulence :
a) Arvind Coir Foam Private Limited ( ACFPL)
b) Asthavinayak Enterprises Private Limited.( AEPL)
c) Arvind Bajoria ( AB )
d) Anupama Bajoria (ANB )
e) Ruchika Bajoria (RB)
ii) Key Management Personnel : Sri Arvind Bajoria Managing Director
7) Prevoius year Figures have been regrouped and/or rearranged
wherever found necessary in accordance with Revised Form of Schedule VI
of the Companies Act, 1956.
Mar 31, 2012
1) Contingent Liabilities not provided for in respect of :-
a) Disputed demand from commercial Tax Authority Rs. 1.35 lacs for
financial year 2011-02 (previous year Rs. 1.35 lacs) is under appeal
with Deputy Tax Officer, Commercial Taxes Spl 4, Jaipur
b) Estimated amount of Contract remaining to be executed on Capital
A/C: Nil (Previous Year Nil)
c) Lease hold for a period of 99 years from 19th August 1994 is
standing in accounts as per payments made, to be amortised on
settlement of premium with the lessor.
2) As per Accounting Standard 15 Related to Employee Benefit following
disclosures are given:-
(A) The Company regularly considers its Liability (including post
employment benefit) for employees as defined benefit obligation.
Provision for gratuity are made on actuarial valuation of the present
value of defined benefit obligation made at intervals not exceeding
three years. However with a view that the amounts recognised in the
financial statement do not differ materially from the amounts that is
determined at the balance sheet date, the most recent valuation is
reviewed at the balance sheet date and updated to reflect any material
transaction and other material changes in circumstances between the
date of valuation and Balance Sheet date. The gratuity liability as per
Actuarial Valuation as on 31.03.2012.
3) No person was employed by the Company either throughout the year or
for a part of the year under review, whose remuneration for the year in
aggregate was not less than Rs. 24,00,000/- or Rs. 2,00,000 per month
when employed for any part of the Financial Year.
4) Related Party disclosures
i) Enterprises in which Key Management personnel have significant
Influence:
a. Arvind Coir Foam Private Limited (ACFPL)
b. Asthavinayak Enterprises Private Limited. (AEPL)
c. Arvind Bajoria (AB)
d. Anupama Bajoria (ANB)
e. Ruchika Bajoria (RB)
ii) Key Management Personnel : Sri Arvind Bajoria, Managing Director
5. Previous Year Figures have been regrouped and / or rearranged
whereever found necessary in accordance with revised Form of Schedule
VI of the Companies Act, 1956.
Mar 31, 2010
1) Contingent Liabilities not provided for in respect of:-
a) Dsiputed demand from commercial Tax Authority Rs 1.35 lacs for
financial year 2001-02 (Previous year Rs 135 lacs) is under appeal with
Deputy Tax Officer Commercial Taxes
b) Letter of Credit & Bank Guarantee issued by following banks :
Total Limits Outstandings As on 31.03.2010
State Bank of India
(Koikata): Rs 250 lacs Rs 103 lacs
c) Estimated amount of Contract remaining to be
executed on Capital A/C :Nil(Previous Year Nil)
2 (i) Secured loans from State Bank ol India as-Cash Credit facilities,
Term Loan and Letter of Credit bank obtained from this bank are secured
by an equitable mortgage of companys immovable property situated at E
95-96 and G 76 to 78 at RI1CO InduslrialArea. Bagru. Jaipur, Rajasthan.
hypothecation of all movables properties both present and future, and a
first charge by way of hypothecation of Stocks of Raw Materials. Stock
in Process. Finished Goods . Consumable Stores and Spares and
allotherCurrent assets in favour of Bank. Further, entire credit
facilities are as lo secured by way of Fixed deposits of Rs 40 lacs in
favourof Bank. The credit facilities are also guaranteed by Managing
Director, and one diector of the company.
3) During this year the company has amortized Rs 50 lacs out of
Deferred Revenue Expenditure made in 2006-07
4) In the Last year an amount of 150Lakh was considered receivable from
a buyer of Companys Land at E225, RIICO industrial Area, Bagru
Extension,Bagru Jaipur- 303007.Rajasthan on the basis of an agreement
for sale of land.But there was a breach of contract committed by the
said buyer and thereafter the land was sold in this year which fatched
Rs 91 Lakh and out of the amount shown receivable in last year.a sum of
Rs 59 lacs was written off as exceptional item in profit and loss
account ofthis year,
5) As per Accounting Standard 15 Related to Employees Benefit following
disclosures are given -
The Company regularly considers its Liability for employees gratuity as
defined benefit obligation-Provision for gratuity are made on actuarial
valuation of the present value of defined benefit obligations made at
intervals not exceeding three year.However with a view that the amounts
recognised in the financial statement do not differ materially from the
amounts that would be determined at the balance sheet date.the mosi
recent valuation is reviewed at the balance sheet date and updated to
reflect any material transaction and other materia) changes in
circumstnees between the date of valuation and balance Sheet dale
6) The company has not received any information from any of its
suppliers (Creditors) of their status of being a Smal Scale Industrial
( SSI) unit. Hence the amount, if any due to any such unit as on date
of balance sheet is not ascertainable
7) As per approval of Remuneration Committee the Managing Director was
paid the following remuneration in accordance with Section (I of Part
II of Schedule XIII of the companies Act.1956
None of the Directors was paid any tee tor attending Boards meeting or
in any committee meeting there of held during
this year.
8) Additional Information pursuant to the provisions of part II
Schedule VI of the Companies Act 1956 to the extent applicable to the
company are given as" Annexure 17 to this notes on Accounts tOJNo
person was employed by the company either throughout the year or tor a
part of the year under review, whose remuneration for the year in
aggregate was not less than Rs 24.00,000/- or Rs 2,00.000 per month
when employed tor any part of theFinacial Year.
9) Since the company is engaged in manufacturing of P.U.Foam and
allied items only , the segmentwise reporting according to Accounting
Standard 17 of the Companies Accounting Standard rules 2006 is not
applicabie.Entire business effected during this year were within India.
10) Related party disclosures as required by AS 18 of the Companies
Accounting Standards rules 2006.
A. Relationships
i) Enterprises in which Key Management personnel have significant
Infulence ;
a) Arvind Coir Foam Private Limited (ACFPL)
b) Asthavinayak Enterprises Private Limited.( AEPL)
11) Prevoius year Figures have been regrouped and/or rearranged
wherever found necessary.
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