Mar 31, 2012
1. LIABILITY AND ASSETS
Balances grouped under Sundry Debtors, Sundry Creditor, and Advances
from Customers and Advances Recoverable in cash or in kind are subject
to confirmation from respective parties.
2. SECURED LOAN
Secured loans security and other particulars:
(I) Term Loans & working capital loans from Banks/NBFC are secured by
way of Mortgage/ Hypothecation of
Moveable/lmmovable assets, (ii) Term Loans & working capital loans are
further secured by personal guarantees of Executive Chairman and/or the
Managing Directors.
3. PREPAID EXPENSES:
Financial expense incurred during the current accounting period which
provides benefit in several accounting period has been treated as
revenue expense only for the period relating to the current accounting
period and balance is treated as prepaid expenses to be adjusted on pro
rata basis in the future accounting period.
4. FOREIGN CURRENCYTRANSACTIONS:
The company has carried out intermediary trade transactions in course
of Export & Import of goods & Foreign Exchange Fluctuation Profit of
Rupees Eighty Eight Thousand Three Hundred Eighty Two Only during the
year.
5. INVENTORY
Stock at the end of the year is taken based on the physical
verification conducted by the management.
6. BENEFITS TO EMPLOYEES:
The Company follows Accounting Standard 15 (Revised 2005) 'Employee
Benefits'. It has classified the various employee benefits provided to
employees as under :-
II Defined Benefit Plans
Contribution to Gratuity Fund
In accordance with Accounting Standard 15 (Revised 2005), actuarial
valuation was done in respect of the aforesaid defined benefit plan of
gratuity based on the the following assumptions:-
7. MICRO, SMALL AND MEDIUM ENTERPRISE
The identification of micro, small and medium enterprises suppliers as
defined under the provisions of "Micro, small and medium enterprises
development Act, 2006" is based on Management's Knowledge of their
status. There are no dues to micro, small and medium enterprises as on
March 31,2012.
8. COMMITMENTS AND CONTINGENT LIABILITIES
Note- Contingent Liabilities for Current period is NIL and for previous
year was also NIL.
9. RELATED PARTY TRANSACTION
Information on Related party transaction as required by Accounting
Standard (AS 18) for the year ended 31st March, 2012.
(a) Related parties where control exists
Subsidiaries Avon Corporation FZE
(b) Key management personnel
Mr. Pankaj saraiya Managing Director
Mrs. Rupalsaraiya Whole Time Director
Mrs. Shantaben P. Saraiya Director
Mr. R. M.Joshi Director
Mr. AnmolSekhri Director
Mr. GopalKrishanSharma Director
(c) Relative of Key management personnel
Mr. Pratapsinh saraiya Mr. Bhupendra Doshi
10. PREVIOUS YEAR COMPARATIVES FIGURE
Previous period's figures have been regrouped / reclassified wherever
necessary to conform to the current year's classification.
11. SCHEDULES TO ACCOUNTS
Schedules 1 to 27 form an integral part of the Balance Sheet and Profit
and Loss Account and are duly authenticated.
Mar 31, 2010
1. LIABILITY AND ASSETS
Balances grouped under Sundry Debtors, Sundry Creditor, and Advances
from Customers and Advances Recoverable in cash or in kind are
subjectto confirmation from respective parties.
2. SECURED LOAN
Secured loans - security and other particulars:
(I) Term Loans & working capital loans from Banks are secured by way of
Mortgage/ Hypothecation of Moveable/lmmovable assets on pari-passu basis
among all the lenders.
(ii) Foreign currency loans are secured by the undertaking given by
Bank of India against letter of credit facility provided to the
company and it is not hedged by derivative instruments or otherwise as
on the balance sheet date.
(iii) Term Loans & working capital loans are further secured by
personal guarantees of Executive Chairman and/or the Managing
Directors.
3. AMORTIZATION OF EXPENSES FOR INCREASING AUTHORIZED SHARE CAPITAL:
Expense for increasing authorized share capital and GDR issue expenses
is amortized over a period of five years.
4. ACQUISITIONS AND DISPOSAL:
The company acquired Avon Corporation FZE, a wholly owned subsidiary on
2nd of March 2010. From the date of incorporation till March 31,2010
there are no transactions in subsidiary and hence Consolid-ated
Accounts as required under Accounting Standard 21, have not been
prepared.
5. PREPAID EXPENSES:
Financial expense incurred during the current accounting period which
provides benefit in several accounting period has been treated as
revenue expense only for the period relating to the current accounting
period and balance is treated as prepaid expenses to be adjusted on pro
rata basis in the future accounting period.
6. PRE-RECEIVED INCOME:
Pre-received income from service contract charges have been apportioned
on the basis of number of days services outstanding as at 31.03.2010
7. FOREIGN CURRENCY TRANSACTIONS:
The company has carried out intermediary trade transactions in course
of Export & Import of goods & Foreign Exchange Fluctuation Loss of
Rupees Three Crore Twenty One Lacs Ninety Three Thousand Two Hundred
and sixty One Only during the year. Also Foreign Exchange fluctuation
Loss of Two Crore Fifty Eight Lacs Seventy Five Thousand Four Hundred
Eighty Only is booked for the fund of GDR during the year.
8. INVENTORY
Stock at the end of the year is taken based on the physical
verification conducted by the management.
9. MICRO, SMALL AND MEDIUM ENTERPRISE
The identification of micro, small and medium enterprises suppliers as
defined under the provisions of "Micro, small and medium enterprises
development Act, 2006" is based on Managements Knowledge of their
status. There are no dues to micro, small and medium enterprises as on
March 31,2010.
10. UTILIZATION OF GDR ISSUE
Out of the amount raised by the company through GDR issued during
Financial Year 2009-10, Rs 1038.45 Lacs has been utilized for capital
expenditure and the entire unutilized proceed of Rs 3417.48 Lacs has
been deposited with EURAM Bank at Austria.
11. COMMITMENTS AND CONTINGENT LIABILITIES
Note - Contingent Liabilities for Current period is NIL and for
previous year was also NIL.
12. RELATED PARTY TRANSACTION
Information on Related party transaction as required by Accounting
Standard (AS 18) for the year ended 31 st March, 2010
(a) Related parties where control exists
Subsidiaries Avon Corporation FZE (with effect from March 02,2010)
(b) Key management personnel
Mr. Pankaj saraiya Managing Director
Mrs. Rupal saraiya Whole Time Director
Mrs. Shantaben R Saraiya Director
Mr. R. M. Joshi Director
Mr. Anmol Sekhri Director
Mr. Gopal Krishanan Sharma Director
(c) Relative of Key management personnel
Mr. Pratapsinh Saraiya
Mr. Bhupendra Doshi
13. PREVIOUS YEAR COMPARATIVES FIGURE
Previous periods figures have been regrouped / reclassified wherever
necessary to conform to the current years classification.
14. SCHEDULES TO ACCOUNTS
Schedules 1 to 21 form an integral part of the Balance Sheet and Profit
and Loss Account and are duly authenticated.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article