Notes to Accounts of Haryana Texprints (Overseas) Ltd.

Mar 31, 2015

1. Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of Re.1 per share.Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company,after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of Shareholders in the ensuing Annual General Meeting. During the year ended 31st March 2015, the amount per share dividend recognised as distribution to equity share holders is Re.0.10 per equity share of Re. 1 /-each (Previous year - NIL)

(d) The Company has not issued any shares for consideration other than in cash or by way of bonus during a period of five years immediately preceding the balance sheet date.

2. Nature of Security

Term loans from bank is secured by hypothecation of plant & machinery, furniture & fixture and other fixed assets (present as well as proposed to be purchased). The Term Loan is also secured by personal gurantee of promoters and equitable mortgage of land & building situated at Plot No.3, Sector -25, Faridabad.

3. CONTINGENT LIABILITIES

a) Demand under Haryana VAT ACT, 2003 and CST ACT, 1956 for the Assessment Year 2003-04, 2004-05, and 2006- 07 amounting to Rs. 60.18 Lacs (Previous Year - Rs.60.18 Lacs) against which Company has filed an appeal before Joint Commissioner (Excise &Taxation) Faridabad & Tribunal at Chandigarh.

b) Textile Committee Cess Rs. 4.06 Lacs upto December 2000 (Previous year Rs. 4.06 Lacs)

c) Tax Demand of Rs. 21.46 Lacs for assessment year 2000-01 (Previous year - Rs. 21.46 Lacs) under Haryana Local Area Development Tax Act,2000.

d) The Company (through Faridabad Textile Processors Association) has filed writ petition before Hon'ble Punjab & Haryana High Court in the matter of applicability of Sales Tax on Job work. The company may be liable to pay Sales Tax on Job Work already / to be undertaken by it, if the case is not decided in the favour of the Company / Association the amount of which is unascertainable (Previous year NIL).

e) Estimated amount of Capital commitment remaining to be executed on capital account(Net of Capital Advance) Rs. NIL (Previous Year Rs.2155699.00)

f) Bank Guarantees given by the Compnay (Net of Margin ) Rs. 1074552.00 (Previous Year Rs. 924552.00)

4. RELATED PARTY DISCLOSURES

As per Accounting Standard (AS)-18 issued by The Institute of Chartered Accountants of India, the disclosure of

transactions with the Related Parties as defined in Accounting Standard are given below:

Related parties with whom transactions have taken place and relationships:

ASSOCIATES

1 Shri Balaji Trading Company Firm in which M.D. is Proprietor

2 Indian Texprints Firm in which E.D. is Proprietor

3 Tanfac Apparels Ltd. Company in which E.D. is Director

KEY MANAGMENT PERSONNEL

1 Shri N.P. Jhanwar Managing Director

2 Shri R.N. Maheshwari Executive Director

3 Shri S.N. Maheshwari Director

4 Shri Aditya Maheshwari CFO

5 Ms. Sneha Gera Company Secretary

Relative of Key Management Personnel

1 Shri Aditya Maheshwari Son of Executive Director

2 Ms Swati Mahwshwari Daughter of Managing Director

3 Smt. Devki Maheshwari Wife of Director

4 Shri Laxmi Narayan S Maheshwari Son of Director

5. Effective from 1st April 2014, the Company has revised estimated useful life of all of its fixed assets as per Schedule II of the Companies Act, 2013 other than Plant & Machinery wherein Management has estimated that the useful life worked out as per the residual value, the carrying amount of the Fixed Assets of Rs. 2.82 lacs (net of deferred tax assets of Rs. 1.36 lacs) on account of fixed assets whose useful life has already exhausted as on 1st April, 2014 have been adjusted to retained earnings. Had there not been any change in the useful life of the fixed assets,there would not have been any material change in the amount of depreciation for the year ended 31st March, 2015.

6. Provision on account of impairment of Assets as required under AS - 28 of ICAI has not been made, as in the opinion of the management, the carrying amount of the Assets is not less than the recoverable amount.

7. The Company is engaged in business of Textile viz Fabric Processing and Garment Manufacturing, which has been considered as one reportable segment, therefore, no disclosure on segment wise revenue etc., has been given.

8. Previous year figures have been re-grouped or rearranged wherever necessary.

The accomanying notes referred to above forms an integral part of the financial statements.

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Mar 31, 2014

1.1: SHARE CAPITAL

(a) Details of Shareholder''s holding more than 5% shares in the Company

As per records of the Company, including Its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

(b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) The Company has not issued any shares for consideration other than in cash or by way of bonus during a period of five years immediately preceding the balance sheet date.

1.2: LONG TERM BORROWINGS

(a) Nature of Security:-

Term loans from bank is secured by hypothecation of plant & machinery, furniture & fixture and other fixed assets (present as well as proposed to be purchased). The Term Loan is also secured by personal guarantee of promoters and equitable mortgage of land & building situated at plot No.3, sector-25, Faridabad.

1.3: SHORT TERM BORROWINGS

Working Capital facility from Jammu & Kashmir Bank Ltd. is secured by hypothecation of stock of raw material, semi- finished, consumables both (existing & future), receivable. The working capital is also secured by personal guarantee of promoters and equitable mortgage of land & building situated at plot no.3, serctor-25, Faridabad.The facility is repayable on demand and carry interest ranging between 12.25% to 13.75%.

Packing Credit Facility from Jammu & Kashmir Bank Ltd. is secured by hypothecation of stock of raw material, semi-finished, consumables both (existing & future), receivable. The working capital is also secured by personal guarantee of promoters and equitable mortgage of land & building situated at plot no.3, serctor-25, Faridabad. The facility is repayable on demand and applicable rate of interest is Base Rate 1%.

1.4: TRADE PAYABLES

The information as required to be disclosed under The Micro, Small and Medium Enterprises Development Act,2006 ("the Act") has been determined to the extent such have been identified by the company, on the basis of information and records available with them. This information has been relied upon by the Auditors.

1.5: CONTINGENT LIABILITIES

a) Demand under Haryana VAT ACT 2003 and CST ACT 1956 for the Assessment Year 2003-04, 2004-05, and 2006-07 amounting to Rs. 60.18 Lacs (Previous Year - Rs. 60.18 Lacs) against which Company has filed an appeal before Joint Commissioner (Excise &Taxation) Faridabad & Tribunal at Chandigarh.

b) Textile Committee Cess Rs. 4.06 Lacs upto December 2000 (Previous year Rs. 4.06 Lacs)

c) Tax Demand of Rs. 21.46 Lacs for assessment year 2000-01 (Previous year - Rs. 21.46 Lacs) under Haryana Local Area Development Tax Act, 2000.

d) The Company (through Faridabad Textile Processors Association) has filed writ petition before Hon''ble Punjab & Haryana High Court in the matter of applicability of Sales Tax on Job work. The company may be liable to pay Sales Tax on Job Work already/to be undertaken by it, if the case is not decided in the favour of the Company/Association the amount of which is un-ascertainable. (Previous year NIL)

e) Estimated amount of Capital commitment remaining to be executed on capital account (Net of Capital Advance) Rs. 2155699.00

1.6: RELATED PARTY DISCLOSURES

As per Accounting Standard (AS)-18 issued by The Institute of Chartered Accountants of India, the disclosure of transactions with the Related Parties as defined in Accounting Standard are given below:-

Related parties with whom transactions have taken place and relationships:

ASSOCIATES

1. Balaji Trading Company : Firm in which M.D. is Proprietor

2. Indian Texprints : Firm in which E.D. is Proprietor

3. Tanfac Apparels Ltd. : Company in which E.D. is Director

KEY MANAGEMENT PERSONNEL

1. Shri N.P. Jhanwar : Managing Director

2. Shri R.N. Maheshwari : Executive Director

3. Shri S.N. Maheshwari : Director

4. Shri. Aditya Maheshwari : CFO

Relative of Key Management Personnel

1. Shri Aditya Maheshwari : Son of Executive Director

2. Smt. Devki Maheshwari : Wife of Director

3. Shri Laxmi Narayan S Maheshwari : Son of Director

1.7: The Company has continued to treat plant & machinery as continuous process plant on the basis of expert opinion obtained.

This being a technical matter without forming an independent opinion has been relied upon by the Auditors

1.8: Provision on account of impairment of Assets as required under AS-28 ICAI has not been made, as in the opinion of the management, the carrying amount of the Assets is not less than the recoverable amount.

1.9: The Company is engaged in business of Textile viz Fabric Processing and Garment Manufacturing, which has been considered as one reportable segment, therefore, no disclosure on segment wise revenue etc., has been given.

1.10: Previous year figures have been re-grouped or rearranged wherever necessary.

The accompanying notes referred to above forms an integral part of the financial statements.

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Mar 31, 2013

1.1: CONTINGENT LIABILITIES

a) Demand under Haryana VAT ACT 2003 and CST ACT 1956 for the Assessment Year 2003-04, 2004-05, and 2006-07 amounting to Rs. 60.18 Lacs (Previous Year - Rs.60.18 Lacs) against which Company has filed an appeal before Joint Commissioner (Excise &Taxation) Faridabad & Tribunal at Chandigarh.

b) Textile Committee Cess Rs. 4.06 Lacs upto December 2000 (Previous year Rs. 4.06 Lacs)

c) Tax Demand of Rs. 21.46 Lacs for assessment year 2000-01 (Previous year- Rs. 21.46 Lacs) under Haryana Local Area Development Tax Act,2000.

d) The Company (through Faridabad Textile Processors Association) has filed writ petition before Hon''ble Punjab & Haryana High Court in the matter of applicability of Sales Tax on Job work. The company may be liable to pay Sales Tax on Job Work already/to beundertaken byit, ifthecase is not decided in the favour of the Company/Association the amount of which is unascertainable. (Previous vear NIL)

1.2: RELATED PARTY DISCLOSURES

As per Accounting Standard (AS)-18 issued by The Institute of Chartered Accountants of India, the disclosure of transactions with the Related Parties as defined in Accounting Standard are given below:-

Related parties with whom transactions have taken place and relationships:

ASSOCIATES

1 Balaji Trading Company Firm in which M.D. is Proprietor

2 Indian Texprints Firm in which E.D. is Proprietor

3 TanfacApparelsLtd. Company in which E.D. is Director

KEY MANAGEMENT PERSONNEL

1 ShriN.P. Jhanwar Managing Director

2 ShriR.N. Maheshwari Executive Director

3 Shri S.N. Maheshwari Director Relative of Key Management Personnel

2 Shri Aditya Maheshwari Son of Executive Director

1 Smt. Devki Maheshwari Wife of Director

1.3: PROVISIONS FOR CURRENT TAX

Provision for current tax amounting to Rs.20.55 lacs has been made under section 115JB of Income Tax Act1961. In view of tax credit available U/S 115JAAof Income Tax Act 1961, the Company has debited MAT credit entitlement account amounting to Rs. 15.52 lacs by crediting Statement of Profits Loss.

1.4: The Company has continued to treat plant & machinery as continuous process plant on the basis of expert opinion obtained. This being a technical matter without forming an independent opinion has been relied upon by the Auditors.

1.5: Provision on account of impairment of Assets as required under AS- 28ICAI has not been made, as in the opinion of the management, the carrying amount of the Assets is not less than the recoverable amount.

1.6 : The Company is engaged in business of Textile viz Fabric Processing and Garment Manufacturing, which has been considered as one reportable segment, therefore, no disclosure on segment wise revenue etc., has been given.

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Mar 31, 2012

(a) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of Re.1 per share. Each holder of equity shares is entitled to one vote per share In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) The Company has not issued any shares for consideration other than in cash or by way of bonus during a period of five years immediately preceding the balance sheet date.

(c) Nature of Security :-

Term loans from bank is secured by hypothecation of plant & machinery, furniture & fixture and other fixed assets (present as well as proposed to be purchased). The Term Loan is also secured by personal gurantee of promoters and equitable mortgage of land & building situated at plot No.3,sector -25,Faridabad.

Working Capital facility is secured by hypothecation of stocks of raw Material ,semi-finished, consumables both (existing & future),receivables. The working capital is also secured by personal gurantee of promoters and equitable mortgage of land & building situated at plot no.3,serctor-25,Faridabad.The facility is repayable on demand and carry interest ranging between 12.25 % to 13.75%.

1.1 : CONTINGENT LIABILITIES

a) Demand under Haryana VAT ACT 2003 and CST ACT 1956 for the Assessment Year 2003-04, 2004-05, and 2006-07 amounting to Rs. 60.18 Lacs (Previous Year - Rs.60.18 Lacs) against which Company has filed an appeal before Joint Commissioner (Excise &Taxation) Faridabad & Tribunal at Chandigarh.

b) Textile Committee Cess Rs. 4.06 Lacs upto December 2000 (Previous year Rs. 4.06 Lacs)

c) Tax Demand of Rs. 21.46 Lacs for assessment year 2000-01 (Previous year - Rs. 21.46 Lacs) under Haryana Local Area Development Tax Act,2000.

d) The Company (through Faridabad Textile Processors Association) has filed writ petition before Hon ble Punjab & Haryana High Court in the matter of applicability of Sales Tax on Job work. The company may be liable to pay Sales Tax on Job Work already / to be undertaken by it, if the case is not decided in the favour of the Company / Association the amount of which is unascertainable. (Previous year NIL)

1.2 : RELATED PARTY DISCLOSURES

As per Accounting Standard (AS)-18 issued by The Institute of Chartered Accountants of India, the disclosure of transactions with the Related Parties as defined in Accounting Standard are given below:-

Related parties with whom transactions have taken place and relationships:

ASSOCIATES

1 Balaji Trading Company Firm in which M.D. is Proprietor

2 Indian Texprints Firm in which E.D. is Proprietor

3 Tanfac Apparels Ltd. Company in which E.D. is Director

KEY MANAGMENT PERSONNEL

1 Shri N.P. Jhanwar Managing Director

2 Shri R.N. Maheshwari Executive Director

3 Shri S.N. Maheshwari Director Relative of Key Management Personnel

1 Shri Abhishek Maheshwari Son of Managing Director

2 Shri Aditya Maheshwari Son of Executive Director

1.3 : PROVISIONS FOR CURRENT TAX

Provision for current tax amounting to Rs.16.15 lacs hasbeen made under section 115JB of Income Tax Act1961. In view of tax credit available U/S 115JAA of Income Tax Act 1961, the Company has credited MAT credit entitlement account of equivalent amount by crediting Statement of Profit & Loss.

1.4 : The Company has continued to treat plant & machinery as continuous process plant on the basis of expert opinion obtained. This being a technical matter without forming an independent opinion has been relied upon by the Auditors

1.5: Provision on account of impairment of Assets as required under AS - 28 ICAI has not been made, as in the opinion of the management , the carrying amount of the Assets is not less than the recoverable amount.

1.6 : The Company is engaged in business of Textile viz Fabric Processing and Garment Manufacturing, which has been considered as one reportable segment, therefore, no disclosure on segment wise revenue etc., has been given.

1.7 : Till the year ended 31 March,2011, the Company was using pre-revised schedule -VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31 March,2012, the revised schedule -VI notified under the Companies Act,1956, has become applicable to the Company. The Company has reclassified, regrouped or recasted previous year figures to conform to this years classification.

The accomanying notes referred to above forms an integral part of the financial statements

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Mar 31, 2011

1. Figures of previous year have been regrouped/rearranged wherever considered necessary to conform with current year classification.

2. Figures have been rounded off to the nearest of rupee one.

3. Contingent Liabilities as at 31st March 2011

a) Demand under Haryana VAT ACT 2003 and CST ACT 1956 for the Assessment Year 2003-04, 2004-05 and 2006-07 amounting to Rs.60.18 Lacs (Previous Year - Rs.60.18 Lacs) against which Company has filed an appeal before Joint Commissioner (Excise & Taxation) Faridabad & Tribunal at Chandigarh.

b) Textile Committee Cess Rs.4.06 Lacs upto December 2000 (Previous year Rs. 4.06 Lacs ).

c) Tax demand of Rs. 21.46 Lacs for assessment year 2000-01 (Previous year - Rs21.46 Lacs) under Haryana Local Area Development Tax Act, 2000.

d) The Company (through Faridabad Textile Processors Association) has filed writ petition before Hon'ble Punjab & Haryana High Court in the matter of applicability of Sales Tax on Job Work. The company may be liable to pay Sales Tax on Job Work already/to be undertaken by it, if the case is not decided in the favour of the Company/Association the amount of which is unascertainable. (Previous year NIL)

4 Income Tax Assessment up to the Assessment year 2008-09 has been completed.

5 Pursuant to BIFR order dated 06.10.05, the Company was permitted to increase its paid up" capital by Rs.250 Lacs. Accordingly 250 Lacs Equity Shares of Rs.1/- each were allotted by way of conversion of unsecured loans into equity duly approved by Resolution of Board of Directors in meeting held on 31st March'06. The Company is yet to apply to concerned Stock Exchange, where the Shares of the Company are listed, for listing of additional shares worth Rs.250 Lacs.

6 During the year grant in the nature of Capital Subsidy of Rs.7.92 Lacs and Interest Subsidy of Rs. 16.22 Lacs under Technology Up-gradation Fund (T.U.F.) scheme has been recognized aggregating to Rs. 24.14 Lacs. Accordingly. capital subsidy of Rs.7.92 Lacs has been reduced from the gross block of related fixed assets in the year of its acquisition and depreciation have been re-computed. Excess depreciation on account of this charged in earlier years amounting to Rs.2.19 Lacs have been written back. Interest subsidy up to 31.03.2010 amounting to Rs.10.49 Lacs have been taken as other income and such subsidy for the current year amounting to Rs.5.74 Lacs have been reduced from the interest charged for the year.

7 The Company has continued to treat plant & machinery as continuous process plant on the basis of expert opinion obtained. This being a technical matter, without forming an independent opinion has been relied upon by the Auditors.

8 Provision on Account of impairment of Assets as required under AS-28 ICAI has not been made, as in the opinion of the management; the carrying amount of the assets is not less than the recoverable amount.

9 In the opinion of the Management and to the best of their knowledge and belief, the value on realization of Loans, Advances and Currerjt Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

10. Certain Sundry Creditors and Debtors have been shown at net of debit & credit balances owing to nature of trade. Balances of all Debtors and Creditors are subject to confirmation and reconciliation from the respective parties. The final adjustment, if any. in Debtors and Creditors account would be made as and when the reconciliation is completed, the impact of which is not identifiable and not provided for.

11. The Company has not received information from vendors regarding their Status under the Micro, Small and Medium Enterprises Development Act, 2006, hence, disclosure relating to amount unpaid as at the year end together with interest paid/ payable under this Act have not been given.

12. The Company is engaged in business of Textile viz Fabric Processing and Garment Manufacturing, which has been considered as one reportable segment, therefore, no disclosure on segment wise revenue etc.. has been given.

13. As per Accounting Standard (AS)-18 issued by The Institute of Chartered Accountants of India, the disclosure of transactions with the Related Parties as defined in Accounting Standard are given below

(i) Related parties with whom transactions have taken place and relationships:

ASSOCIATES

1 Balaji Trading Company - Firm in which M.D. is Proprietor

2 Indian Texprints - Firm in which E.D. is Proprietor

3 Tanfac Apparels Ltd. - Company in which E.D. is Director.

KEY MANAGMENT PERSONNEL

1 Shri N.P. Jhanwar - Managing Director

2 Shri R.N. Maheshwari - Executive Director

3 Shri S.N. Maheshwari - Director

Relative of Key Management Personnel

Shri Abhishek Maheshwari - Son of Managing Director

14. DEFERRED TAX

The Deferred Tax Asset amounting to Rs.94.17 Lacs has been recognized by the Company, as in the opinion of the management, there is a virtual certainty based on convincing evidences that sufficient taxable income would be available in the future against which such Deferred tax Asset can be realized. The Deferred Tax charge for the current year amounting to Rs.20.88 Lacs has been charged to Profit & Loss Account.

15. Provision for current tax amounting to Rs. 23.89 Lacs has been made under Section 115 JB of Income Tax Act 1961. In view of Tax Credit available U/S115JAAof Income Tax Act 1961, the Company has credited MAT credit entitlement account of equivalent amount by crediting Profit & Loss Account.

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Mar 31, 2010

1. Figures of previous year have been regrouped/rearranged wherever considered necessary to conform with current year classification and therefore are not strictly comparable.

2. Figures have been rounded off to the nearest of rupee one.

3. Contingent Liabilities as at 31st March 2010

a) Demand under Haryana VAT ACT 2003 and CST ACT 1956 for the Assessment Year 2003-04, 2004-05 and 2006-07 amounting to Rs.60.18 Lacs (Previous Year - 61.62 Lacs) against which Company has filed an appeal before Joint Commissioner (Excise & Taxation) Faridabad & Tribunal at Chandigarh.

b) Textile Committee Cess Rs.4.06 Lacs upto December 2000 (Previous year Rs. 4.06 Lacs ).

c) Tax demand of Rs. 21.46 Lacs assessment year 2000-01 (Previous year - Rs21.46 Lacs) under Haryana Local Area Development Tax Act, 2000.

d) ESI dues amounting to Rs.1.28 Lacs (Previous Year Rs.2.55 Lacs) are pending with ESI Court Faridabad.

e) The Company (through Faridabad Textile Processors Association) has filed writ petition before Honble Punjab & Haryana High Court in the matter of applicability of Sales Tax on Job Work. The company may be liable to pay Sales Tax on Job Work already/to be undertaken by it, if the case is not decided in the favour of the Company/Association the amount of which is unascertainable. (Previous year NIL)

4. Income Tax Assessment up to the Assessment year 2007-08 has been completed.

5. Pursuant to BIFR order dated 06.10.05, the Company was permitted to increase its paid up capital by Rs.250 Lacs. Accordingly 250 Lacs Equity Shares of Rs.1/-each were allotted by way of conversion of unsecured loans into equity duly approved by Resolution of Board of Directors in meeting held on 31 st March06. The Company is yet to apply to concerned Stock Exchange, where the Shares of the Company are listed, for listing of additional shares worth Rs.250 Lacs.

6. During the year grant in the nature of Capital Subsidy of Rs. 26 Lacs and Interest Subsidy of Rs. 36.03 Lacs under Technology Up-gradation Fund (T.U.F.) scheme has been recognized aggregating Rs. 62.03 Lacs as there is a reasonable assurance as to its receipt and that conditions attached there to are complied with. Accordingly, capital subsidy of Rs.26 Lacs has been reduced from the gross block of related fixed assets in the year of its acquisition and depreciation have been re-computed. Excess depreciation on account of this charged in earlier years amounting to Rs.9.43 Lacs have been written back. Interest subsidy up to 31.03.2009 amounting to Rs.29.77 Lacs have been taken as other income and such subsidy for the current year amounting to Rs.6.26 Lacs have been reduced from the interest charged for the year.

7. The Company has continued to treat plant & machinery as continuous process plant on the basis of expert opinion obtained. This being a technical matter, without forming an independent opinion has been relied upon by the Auditors.

8. Provision on Account of impairment of Assets as required under AS-28 ICAI has not been made, as in the opinion of the management; the carrying amount of the assets is not less than the recoverable amount.

9. In the opinion of the Management and to the best of their knowledge and belief, the value on realization of Loans, Advances and Current Assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

10. Certain Sundry Creditors and Debtors have been shown at net of debit & credit balances owing to nature of trade. Balances of all Debtors and Few Creditors are subject to confirmation and reconcilation from the respective parties. The final adjustment, if any, in Debtors and Creditors account would be made as-and when the reconciliation is completed, the impact of which is not identifiable and not provided for.

11. The Company has not received information from vendors regarding their Status under the Micro, Small and Medium Enterprises Development Act, 2006, hence, disclosure relating to amount unpaid as at the year end together with interest paid/ payable under this Act have not been given.

12. The Company is engaged in business of Textile viz Fabric Processing and Garment Manufacturing, which has been considered as one reportable segment, therefore, no disclosure on segment wise revenue etc., has been given.

The Deferred Tax Asset amounting to Rs. 115.05 Lacs has been recognized by the Company, as in the opinion of the management, there is a virtual certainty based on convincing evidences that sufficient taxable income would be available in the future against which such Deferred tax Asset can be realized. The Deferred Tax charge for the current year amounting to Rs.19.51 Lacs has been charged to Profit & Loss Account. 16. Provision for current tax amounting to Rs.15.10 Lacs has been made under Section 115 JB of Income Tax Act 1961.

In view of Tax Credit available U/S115JAA of Income Tax Act the Company has credited MAT credit entitlement account of equivalent amount by crediting Profit & Loss Account.

Signed for identification Schedule 1 to 18 in terms of our report of even date.