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Notes to Accounts of Filatex Fashions Ltd.

Mar 31, 2023

Provisions, Contingent Liabilities and Contingent Assets

The Company recognizes provisions when there is present obligation as a result of past event and it is probable that there
will be an outflow of resources and reliable estimate can be made of the amount of the obligation. A disclosure for
Contingent liabilities is made in the notes on accounts when there is a possible obligation or present obligations that may,
but probably will not, require an outflow of resources.

Contingent assets are disclosed in the financial statements when flow of economic benefit is probable.

2.14. Revenue Recognition

Revenue from construe tion/project related activity and contracts for supply/commissioning of complex plant and
equipment is recognised as follows:

2.14.1. Cost plus contracts: Revenue from cost plus contracts is determined with reference to the recoverable costs incurred
during the period and the margin as agreed with the customer.

2.14.2. Fixed price contracts: Contract revenue is recognised only to Hie extent of cost incurred till such tune Hie
outcome of the job cannot be ascertained reliably subject to condition that it is probable that such cost will be recoverable
. When the outcome of the contract is ascertained reliably, contract revenue is recognised at cost of work performed on
the contract plus proportionate margin, using the percentage of completion method. Percentage of completions the
proportion of cost of work performed to-date, to the total estimated contract costs.

The estimated outcome of a contract is considered reliable when all the following conditions are satisfied:

i. the amount of revenue can be measured reliably.

ii. it is probable that the economic benefits associated with the contract will flow to the company.

iii. the stage of completion of the contract at the end of the reporting period can be measured reliably; and

iv. the costs incurred or to be incurred in respect of the contract can be measured reliably.

Expected loss, if any, on a contract is recognised as expense in the period in which it is foreseen, irrespective of the stage
of completion of the contract. For contracts where progress billing exceeds the aggregate of contract costs incurred to-date
and recognised profits (or recognised losses, as the case may be), the surplus is shown as the amount due to customers.
Amounts received before the related work is performed are disclosed in the Balance Sheet as a liability towards advance
received. Amounts billed for work performed but yet to be paid by the customer are disclosed in the Balance Sheet as trade
receivables. The amount of retention money held by the customers is disclosed as part of other current assets and is
reclassified as trade receivables when it becomes due for payment.

2.15. Other income:

2.15.1. Dividend Income: Dividend income from Investments is recognised when the shareholder''s right to receive
payment has been established.

2.15.2. Interest income: Interest income from a financial asset is recognised when it is probable that the economic
benefits will flow to the company and the amount of income can be measured reliably. Interest income is accrued on a
time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that
exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset''s net
carrying amount on initial recognition.

2.16. Insurance claims

Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that the
amount recoverable can be measured reliably and it is reasonable to expect ultimate collection.

2.17. Claims

Claims against the company not acknowledged as debts are disclosed under contingent liabilities. Claims made by the
company are recognised as and when the same is approved by the respective authorities with whom the claim is lodged.

2.18. Commitments

Commitments are future liabilities for contractual expenditure. Commitments are classified and disclosed as follows

a) Estimated amount of contracts remaining to be executed on capital account and not provided for

b) Uncalled liability on shares and other investments partly paid

c) Funding related commitment to subsidiary, associate and joint venture companies and Other non-cancellable
commitments, if any, to the extent they are considered material

d) and relevant in the opinion of management

e) Other commitments related to sales/procurements made in the normal course of business are not disclosed to avoid
excessive details.

2.19. Foreign exchange translation and foreign currency transactions:

The functional currency and presentation currency of the Company is the Indian rupee.

Foreign currency transactions are accounted at the exchange rates prevailing on the date of transactions. Gains and losses
resulting from settlement of such transactions are recognised in the Statement of Profit and Loss.

Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year are
translated at year end rates. The difference in translation of monetary assets and liabilities and realized gains and losses
on foreign exchange transactions are recognised in the Statement of Profit and Loss.

The exchange difference on restatement of long-term receivables / payables from / to foreign operations that are
considered as net investments in such operation are recognised in the statement of profit or loss in the separate financial
statements of the reporting entity or the individual financial statements of the foreign operation, as appropriate.

2.20. Employee Benefits:

Provident fund is defined Contribution scheme and contributions are charged to profit and loss account of the year when
the contributions to the respective funds are due. Other retirement benefits such as Gratuity, leave encashment etc., are
recognized on basis of an Actuarial Valuation.

2.21. Borrowing Costs:

Borrowing costs include interest expense calculated using the effective interest method and finance charges in respect of
assets acquired on finance lease.

Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of activities
relating to construction / development of the qualifying asset up to the date of capitalisation of such asset are included in
the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and Loss
during extended periods when active development activity on the qualifying assets is interrupted. All other borrowing
costs are recognised in profit and loss in the period in which they are incurred.

2.22. Taxation:

Income tax expense represents sum of the tax currently payable and deferred tax.

2.21.1. Current Tax: Current tax is the amount of tax payable on the taxable income for the year as determined in
accordance with the applicable tax rates and the provisions of the Income tax Act, 1961.

2.22.2. Deferred tax: Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the Company''s financial statements and the corresponding tax bases used in the computation of taxable profit

Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax
assets and liabilities are not recognised if the temporary differences arise from the initial recognition of assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the
liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted
by tlie end of the reporting period

2.23. Leases:

Leases, where the lessor effectively retains substantially all the risks and benefits of ownership over the leased term, are
classified as operating leases. Operating lease payments are recognised as an expense in the Statement of Profit and Loss
on a straight -line basis over the lease term except where the lease payments are structured to increase in line with
expected general inflation. Assets acquired on finance lease are capitalised at fair value or present value of minimum
lease payment at the inception of the lease, whichever is lower.

2.24. Fair value measurement

The Company measures certain financial instruments at fair value at each reporting date. Fair value is the price that
would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or
transfer the liability takes place either:

a. In the principal market for the asset or liability, or

b. In the absence of principal market, in the most advantageous market for the asset or liability.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximizing the use of relevant observable inputs and minimising the use of
unobservable inputs.

2.25. Earnings per Share:

Basic earnings per equity share are computed by dividing the net profit for the year attributable to the Equity
Shareholders by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is
computed by dividing the net profit for the year, reduced for the effects of dilutive potential equity shares, attributable to
the Equity Shareholders by the weighted average number of the equity shares and dilutive potential equity shares
outstanding during the year except where the results are anti -dilutive.


Mar 31, 2015

1 Corporate information

Filatex Fashion Limited has been incorporated on 8th March, 1994. At present the company is engaged in thebusiness of manufacturing of Socks.

2 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Con~paniesA ct, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous years.

3 Terms / rights attached to equity shares

The company has only one class of equity shares having a face value of Rs.5 per share. Each holder equity share is entitled to one vote per share. The dividends recommended by the Board of Director: any are subject to the approval of the shareholders in the ensuing Annual General Meeting.

4 In the event of liquidation of the Company, the equity share holders are entitled to receive t remaining assets of the Company after distribution of all preferential amounts. In proportion to 1 numberof shares held.

5 All the installments falling due within 12 months from the date of Balance Sheet have been classified as current liabilities, the aggregate of which is shown as current maturities of long term borrowings under Note -11, 'Other Current Liabilities'.

6 In the opition of the management, the Current Assets, Loans and Advance are expected to realise at east the amount at which they are stated, if realised in the ordinary course of business and provision for all known liabilities have been adequate made in the accounts

7 Related Party Disclosures :

NIL

8 Contingent Liabilities

Claims against the company not March 2015 March 2014 acknowledged as debts

Bank Guarantees issued by bank NIL NIL

* on behalf of company

* on behalf of others NIL NIL

Other money for which the company is contingently liable NIL NIL

Loans and Advances in the nature of loans given to subsidiaries associates and firms / companies in which dire interested:

9 i) Disclosure of Sundry Creditors Trade Payables on the information available with the Company regarding the status of the suppliers as defined the "Micro, small and Medium Enterprised Development Act, 2006" and relied by the Auditors,

ii) Details of total outstanding dues to Micro and Small Enterises as per "Micro, Small and Medium Enterprise Development Act, 2006"

10As per Accounting Standard 22 " Accounting for Taxes on income" issued by the Institute of Chartered Accountants of India Rs. 7,34,519.00 ( Previous year Rs 1,25,000.00 of Deferred Tax Liability ) of deferred tax asset arising during the financial year has been credited to the current year1 s Profit and Loss Account.

11 Related party Transaction

Interest free inter deposits from M/S-'LLUMINNATI CONSRUCTIONS LTD Amount

Related Parties : Mr. Prabhat Sethia - Director : Mrs. Sangeeta Sethia - Director

12 Balances laving in Various accounts I.e.Advances roc capital goods, expenses and supples creditors tor capital goods, expenses and suppliers and amounts payable t0 institutions are subject to confirmation with

13 curren t'year1 s classification /disclosures reclassified wherever necessary to correspond with the current year s classification /disclosure, paisa has been rounded off to the nearest rupee.


Mar 31, 2010

1. The Balances in respect of Sundry creditors, Sundry Debtors, Loans & Advances are subject to confirmation and as per the Managements view they are realisable.

2. Particulars of Employees in accordance with Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars Of Employees) — NIL

3 During the year there were no dues to SSI Co., / Firms.

4. Paises were rounded off to the nearest Rupee.

5. Advance/Loans given to Company under the same Management as defined under Sec. 370(1 B) of the Companies Act, 1956 is : Nil

6. Related Party Transactions as per AS 18 is NIL:

7. Estimated amount of Contracts remaining to be Executed on Capital Account and not provided for - NIL

8. Regarding the stocks the management certification was taken into consideration

9.Previous Year Figures regrouped where ever necessary.

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