Mar 31, 2014
1. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated if realized in the ordinary
course of business. Adequate provision have been made for all known
liabilities
2. Balance due to/from sundry debtors, sundry creditors, loans and
advances and other liabilities are subject to confirmation
3. The Company has not provided interest receivable on fixed deposit
with The Madhavpura Mercantile co-operative bank Ltd, (presently
defunct bank ).
4. As per AS 13, no provision have been made for the losses due to
decline in the present value of investments. The Company in which
investment made have been delisted,
5. No provision has been made for gratuity for employees, as per As
15. The management has informed that the same shall be claimed at the
time of making the payment.
6. The company has not made any provisions nor has provided any
interest on the old disputed Industrial Hypothecation Loan granted by
The Madhavpura Mercantile co-operative bank Ltd, (presently a defunct
bank ) The matter is pending before Court .
7. The Work in Progess under Fixed assets is the payment for premises
allotment for running as MRP at Kondivita-Andheri. However during the
year some of the part of the premises are sold,the same has been
reduced from the total work in progress account, the management is in
view to ascertain the Profitability on complete of the said project.
8. Income tax assessment has been completed up to assessment year
2009-2010. However, a tax demand of Rs. 424350/- have been determined
for assessment year 2009-10. A rectifcation application has been fled
against the said demand
9. Micro and Medium scale business entities
There is no information available for Micro, small and medium
Enterprises, to whom the Company owes dues, which are outstanding for
more than 45 days as at 31st March, 2014. This information as required
to be disclosed under the Micro, small and medium Enterprises
Development Act,2006 has been determined to the extent such parties
have been identified to the extent of information gathered
10. No commission has been paid to the Directors, only the salary and
perquisite has been paid to the Directors as per the provision of
section 198 & 309 of the Companies Act,1956 and schedule XII to the
said Act.
11. Deferred Tax Assets/Liabilities
As per AS 22 Deferred Tax Liability/Assets is recognized on timing
difference, being the difference between taxable income and accounting
income that originate in one year and are capable of reversal in one or
more subsequent year. The management has recognized the Deferred tax
from the end of the exempt period u/s 80I of the Income tax Act
12. Segment Reporting:
At present the Company has one activity namely dealing of Textile
Fabrics.
13. Related Party Disclosure:
a. The control of the Company exists with Shri Rasiklal D. Thakkar -
Chairman & Managiing Director of the company, who is also key
management personnel
b. The names, along with relation, of the relatives of key management
personnel and related parties of the company where control of the
company exists and their enterprises, where transaction have taken
place are having Shivani Textiles, Radha Textiles, Rasiklal D Thakkar &
Rammaruti Textiles Pvt. Ltd the associate companies and where relative
of key personnel are proprietor
14. Figures for the previous year have been recast/ regrouped/
rearranged, wherever considered necessary.
Mar 31, 2013
1. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated if realized in the ordinary
course of business. Adequate provision have been made for all known
liabilities.
2. Balance due to/from sundry debtors, sundry creditors, loans and
advances and other liabilities are subject to confirmation.
3. The Company has not provided interest receivable on fixed deposit
with The Madhavpura Mercantile co-operative bank Ltd, (presently
defunct bank).
4. As per AS 13, no provision have been made for the losses due to
decline in the present value of investments. The Company in which
investment made have been delisted.
5. No provision has been made for gratuity for employees, as per As
15. The management has informed that the same shall be claimed at the
time of making the payment.
6. During the year the company has made payment against an old
disputed Industrial Hypothecation Loan granted by The Madhavpura
Mercantile co-operative bank Ltd, (presently a defunct bank). The
company has not made any provisions nor has provided any interest on
the said loan. The matter is pending before Court.
7. The work in progress under fixed assets is the payment for premises
allotment for running as MRP at Kondivita- Andheri.
8. Income tax assessment has been completed up to assessment year
2009-2010. However, a tax demand of Rs. 424350/- have been determined for
assessment year 2009-10. A rectification application has been filed
against the said demand.
9. Micro and Medium scale business entities:
There is no information available for Micro, small and medium
Enterprises, to whom the Company owes dues, which are outstanding for
more that 180 days as at 31st March, 2013. This information as required
to be disclosed under the Micro, small and medium Enterprises
Development Act,2006 .has been determined to the extent such parties
have been identified to the extent of information gathered.
10. No commission has been paid to the Directors, only the salary and
perquisite has been paid to the Directors as per the provision of
section 198 and 309 of the Companies Act, 1956 and schedule XIII to the
said Act.
11. Deferred Tax Assets/ Liabilities:
As per AS 22 Deferred Tax Liability/Assets is recognized on timing
difference, being the difference between taxable income and accounting
income that originate in one year and are capable of reversal in one or
more subsequent year. The management has recognized the Deferred tax
from the end of the exempt period u/s 80I of the Income taxAct.
12. Segment Reporting:
At present the Company has one activity namely dealing of Textile
Fabrics.
13. Related Party Disclosure:
a. The control of the Company exists with ShriRasiklalD. Thakkar-
Chairman and Managiing Director of the company, who isalso key
management personnel.
b. The names, along with relation, of the relatives of key management
personnel and related parties of the company where control of the
company exists and their enterprises, where transaction have taken
place are having Shivani Textiles, Radha Textiles, Rasiklal D Thakkar
and Rammaruti Textiles Pvt. Ltd the associate companies and where
relative of key personnel are proprietor.
14. Figures for the previous year have been recast/rearranged wherever
considered necessary.
15. Figures in the brackets indicates previous years or negative
figures.
Mar 31, 2012
1. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated if realized in the ordinary
course of business. Adequate provision have been made for all known
liabilities
2. Balance due to/from sundry debtors, sundry creditors, loans and
advances and other liabilities are subject to confirmation
3. The Company has not provided interest receivable on fixed deposit
with The Madhavpura Mercantile co-operative bank Ltd, (presently
defunct bank).
4. As per AS 13, no provision have been made for the losses due to
decline in the present value of investments. The Company in which
investment made have been delisted,
5. No provision has been made for gratuity for employees, as per As
15. The management has informed that the same shall be made at the time
of making the payment
6. During the year the company has made payment against an old
disputed Industrial Hypothecation Loan granted by The Madhavpura
Mercantile co-operative bank Ltd, (presently a defunct bank). The
company has not made any provisions nor has provided any interest on
the said loan. The matter is pending before Court.
7. The work in progress under fixed assets is the payment for premises
allotment for running as MRP at Kondivita-Andheri. ,
8. Income tax assessment has been completed up to assessment year
2009-2010. However, a tax demand of Rs. 424350/- have been determined
for assessment year 2009-10. A rectification application has been filed
against the said demand
9. Micro and Medium scale business entities
There is no information available for Micro, small and medium
Enterprises, to whom the Company owes dues, which are outstanding for
more that 45 days as at 31st March, 2012. This information as required
to be disclosed under the Micro, small and medium Enterprises
Development Act,2006 .has been determined to the extent such parties
have been identified to the extent of information gathered
10. No commission has been paid to the Directors, only the salary and
perquisite has been paid to the Directors as per the provision of
section 198 & 309 of the Companies Act, 1956 and schedule XII to the
said Act.
11. Deferred Tax Assets/ Liabilities
As per AS 22 Deferred Tax Liability/Assets is recognized on timing
difference, being the difference between taxable income and accounting
income that originate in one year and are capable of reversal in one or
more subsequent year. The management has recognized the Deferred tax
from the end of the exempt period u/s 80I of the Income tax Act
12. Segment Reporting:
At present the Company has one activity namely dealing of Textile
Fabrics
13. Related Party Disclosure:
a. The control of the Company exists with Shri Rasiklal D.
Thakkar-Chairman & Managiing Director of the company, who is also key
management personnel
b. The names, along with relation, of the relatives of key management
personnel and related parties of the company where control of the
company exists and their enterprises, where transaction have taken
place are having Shivani Textiles, Radha Textiles, Rasiklal D Thakkar &
Rammaruti Textiles Pvt. Ltd the associate companies and where relative
of key personnel are proprietor
14. Figures for the previous year have been recast/regrouped/
rearranged .wherever considered necessary in accordance with Revised
Schedule VI forming part of the Companies Act, 1956 and effective for
financial year commencing on or after 01 April,2011.
15. Figures in the brackets indicates previous years or negative
figures
Mar 31, 2011
1. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated if realised in the ordinary
course of business. The Provision for all known liabilities is
adequate.
2. Balance due to/from sundry debtors, sundry creditors, loans and
advances and other liabilities are subject to confirmation.
3. The Company has not provided interest receivable on fixed deposit
with MMCB.
4. The Present value of Investment are not ascertainable as share are
not traded in the market and not traded in the market and both the
companies have been delisted, no provision has been made for possible
losses.
5. No provision has been made for gratuity for employees, as per As
15, as inform to us that the same will be provided as and when paid.
6. The Company has not provided interest on Industrial Hypothecation
loan from The Madhavpura Mercantile Co-op. Bank Ltd. Mumbai [MMCB]. The
MMCB has closed down its Banking opereation. After various
representations made to MMCB and in absence of the information the
Company had not provided Interest payable on aforesaid loan however the
repayment of principal amount has been started during the year The
matter is still pending before Arbitration Court.
7. Income tax assessment has been completed up to assessment year
2008-2009
8. Micro and Medium scale business entities
There is no Micro, small and medium Enterprises, to whom the Company
owes dues, which are outstanding for more than 45 days as at 31st
March, 2011. This information as required to be disclosed under the
Micro, small and medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
9. No commission has been paid to the Directors, only the salary &
perquisite has been paid to the Directors as per the provision of
section 198 & 309 of the Companies Act, 1956 and schedule XIII to the
said Act.
10. Deferred Tax Assets/Liabilities
As per Accounting standard 22 Deferred Tax Liability/Assets is
recognised on timing difference, being the difference between taxable
the ab income and accounting income that originate in one year and are
capable of reversal in one or more subsequent years from end of
exempted period.
11. Segment Reporting :
At present the Company has one activity namely dealing of Textile
Fabrics.
12. Related Party Disclosure :
a. The control of the Company exists with Shri Rasiklal D. Thakkar -
Chairman & Managing Director of the company, who is also key management
personnel.
b. The names, along with relation, of the relatives of key management
personnel and related parties of the company where control of the
company exists and their enterprises, where transaction have taken
place are having Shivani Textiles, Radha Textiles, Rasiklal D Thakkar &
Rammaruti Textiles Pvt. Ltd. the associate companies, and where
relative of key personnel are proprietor.
13. Figures for the previous year have been regrouped, rearranged and
recasted wherever necessary.
14. Figures in the brackets indicate previous years or negative
figures.
Mar 31, 2010
1. In the opinion of the Board, the current assets, loans and advances
are approximately of the value stated if realised in the ordinary
course of business. The Provision for all known liabilities is
adequate.
2. Balance due to/from sundry debtors, sundry creditors, loans and
advances and other liabilities are subject to confirmation.
3. The Company has not provided interest receivable on fixed deposit
with MMCB,
4. The Present value of Investment are not ascertainable as share are
not traded in the market and not traded in the market and both the
companies have been delisted, no provision has been made for possible
losses.
5. No provision has been madefor gratuity for employees, as per As 15,
as inform to us that the same will be provided as and when paid.
6. The Company has not provided interest on Industrial Hypothecation
loan from The Madhavpura Mercantile Co-op. Bank Ltd. Mumbai [MMCBj. The
MMCB has closed down its Banking opereation. After various
representations made to MMCB and in absence of the information the
Company had not provided Interest payable on aforesaid loan however the
repayment of principal amount has been started during the year. The
matter is still pending before Arbitration Court.
7. Loans and advances
Advances recoverable in cash or kinds or for value to be received are
inclusive of due by firms or private companies in which directors are
interested.
8. a. Income tax assessment has been completed up to assessment year
2006-2007 with a demand for Income tax Rs. 524406/- and Fringe Benefit
Tax Rs. 154337/-Application for rectification of mistake is pending for
give the effect of Tax deducted at source in the above demand.
b. Appeal with ITAT for penalty proceeding are pending for A.Y 2003-04
with penalty demand of Rs. 21,100/,
9. Micro and Medium scale business entities
There is no Micro, small and medium Enterprises, to whom the Company
owes dues, which are outstanding for more than 45 days as at 31st
March, 2010. This information as required to be disclosed under the
Micro, small and medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
10. No commission has been paid to the Directors, only the salary &
perquisite has been paid to the Directors as per the provision of
section 198& 309 of the Companies Act, 1956and schedule XIII to the
said Act.
11. Deferred Tax Assets/Liabilities
As per Accounting standard 22 Deferred Tax Liability is recognised on
timing difference, being the difference between taxable income and
accounting income that originate in one year and are capable of
reversal in one or more subsequent years from the end of exempted
period.
12. Segment Report mg:
At present the Company has one activity namely dealing of Textile
Fabrics.
13. Related Party Disclosure:
a. The control of the Company exists with Shri Rasiklal D. Thakkar -
Chairman & Managing Director of the company, who is also key management
personnel.
b. The names, along with relation, of the relatives of key management
personnel and related parties of the company where control of the
company exists and their enterprises, where transaction have taken
place are Gravity Textiles Pvt. Ltd., Dakshali Synthetics Pvt. Ltd.,
the associate companies, and Jay textiles, Sony Industries, R. D.
Thakkar HUF where relative of key personnel are proprietor b himself is
Karta.
14. Figures for the previous year have been regrouped, rearranged and
recasted wherever necessary.
15. Figures in the brackets indicate previous years or negative
figures.