Mar 31, 2015
1. Contingent liabilities not provided for in respect of:
i) Show cause notices/dcmands were issued by the Securities and
Exchange Board of India demanding Rs. 1,75,000/- for Settlement by
Consent Order for violation of Takeover Regulations. However, tire
Company is contesting the issues under legal advice & hence not opted
for settlement.
ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange
Limited. Calcutta Stock Exchange Association Limited and the Stock
Exchange, Ahmedabad: Amount not determined.
2. Sundry Debtors include amounts aggregating to Rs.6,00,318/-
(Previous Year Rs.6,00,318/-), which have remained outstanding for over
five years and amount aggregating to Rs, 7,85,58,540( P.Y. Rs.
7,85,58,540) which have remained outstanding for more than one year and
are subject to confirmation. The Company has not made any provision
against these debtors and also has initiated legal action against one
of them for recovery of dues, in management's view, the amounts have
remained overdue on account of general recession in the industry in the
recent past and it expects that the amounts would be recovered in due
course of time and no provision is required in this regard.
3. Unsecured loans and advances granted & remained outstanding
aggregating to Rs. 6,29,07,504/-(Previous Year Rs.6,01,16,385/-) as on
the Balance Sheet date, which arc either overdue or where there are no
covenants with regard to repayment of loan & other terms and
conditions. The Company is pursuing the matter and is hopeful to
recover the above debts. Accordingly, no provision is considered
necessary in the matter at this stage.
4. The outstanding balances of Debtors, Creditors, Deposits and
Advances are subject to confirmation.
5. In the opinion of the Board and to the best of their knowledge and
belief, the value of the realization of Current Assets, Loans and
Advances, in the ordinary course of business would not be less than the
amount at which they arc stated in the balance sheet. The Provision for
ail known liabilities is adequate and not in excess of the amount
considered reasonably necessary.
6. Sundry Creditors does not include any amount due to 'Small Scale
Industrial Undertaking as defined under Section 3(j) of industries
(Development and Regulation) Act, 1951.
7. Previous year's figures have been regrouped, recast and
reclassified wherever considered necessary.
8. Figure in brackets pertain to previous year.
9. Additional information pursuant to part II to schedule VI of the
Companies Act, 1956.
Particulars of Capacity
i) Class of goods : Synthetics Cloth etc.
ii) Licensed Capacity : Not Applicable.
iii) Installed Capacity : Not Applicable.
(As certified by the Directors)
10. Value of Imports calculated on C.I.F. basis - Nil (Nil)
11. Expenses in Foreign Currency during the year - Nil (Nil)
12. Earning in Foreign Exchange during the year - Nil (Nil)
13. The Company is principally engaged in the business of only one
broad segment of Textile products. Accordingly there arc no reportable
segments as per Accounting Standards 17 issued by the ICAI on "Segment
Reporting".
14. Related Party Disclosure as required by Accounting Standard 18 '
Related Party Disclosure issued by the Institute of Chartered
accountants of India is given below:
1) Key Management Personnel:
a) Mr. Ajit Vasani Director
b) Meghal Vasani Director
2) Relative of Key Management Personnel: - NONE
3) Enterprises owned by the Key Management Personnel or their
Relatives:
Details of transactions between the Company & related parties & the
status of the outstanding balance as on 31.03.2015 - NIL
Mar 31, 2014
1. Contingent liabilities not provided for in respect of:
i) Show cause notices/demands were issued by the Securities and
Exchange Board of India demanding Rs. 1,75,000/- for Settlement by
Consent Order for violation of Takeover Regulations However, the
Company is contesting the issues under legal advice &. hence not opted
for settlement.
ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange
Limited, Calcutta Stock Exchange Association Limited and the Stock
Exchange, Ahmedabad: Amount not determined
2. Sundry Debtors include amounts aggregating to Rs.6,00,318/-
(Previous Year Rs.6,00,318/-), which have remained outstanding for over
five years and amount aggregating to Rs 7,85,58,540( P.Y. Rs.
10,14,70,455) which have remained outstanding for more than one year
and are subject to confirmation. The Company has not made any
provision against these debtors and also has initiated legal action
against one of them for recovery of dues, in management's view, the
amounts have remained overdue on account of general recession in the
industry in the recent past and it expects that the amounts would be
recovered in due course of time and no provision is required in this
regard.
3. Unsecured loans and advances granted &. remained outstanding
aggregating to Rs 6.29,07,504/- (Previous Year Rs.6,52,70885/-) as on
the Balance Sheet date, which are either overdue or where there arc no
covenants with regard to repayment of loan &. other terms and
conditions The Company is pursuing the matter and is hopeful to recover
the above debts Accordingly, no provision, is considered necessary' in
the matter at this stage.
4. The outstanding balances of Debtors, Creditors, Deposits and
Advances are subject to confirmation.
5. In the opinion of the Board and to the best of their knowledge and
belief, the value of the reali/alion of Current Assets, Loans and
Advances, in the ordinary course of business would not be loss than the
amount at which they are staled in the balance sheet. The Provision for
all known liabilities is adequate and not in excess of the amount
considered reasonably necessary.
6. Sundry Creditors does not include any amount due to 'Small Scale
Industrial Undertaking as defined under Section 3(j) of lndustries
(Development and Regulation) Act, 1951.
7. Previous year's figures have been regrouped, recast and reclassified
wherever considered necessary
8. Figure in brackets pertain to previous year.
9. Additional information, pursuant to part II to schedule VI of the
Companies Act, 1956Particulars of Capacity
i) Class of goods : Synthetics Cloth etc.
ii) Licensed Capacity : Not Applicable
iii) Installed Capacity : Not Applicable.
(As certified by the Directors)
10. The Company is principally engaged in the business of only one
broad segment of Textile products. Accordingly there are no reportable
segments as per Accounting Standards 17 issued by the TCAI on "Segment
Reporting".
11. Related Party Disclosure as required by Accounting Standard 18
Related Party Disclosure issued by the Institute of Chartered
accountants of India is given below;
1) Key Management Personnel.
a) Mr. Ajit Vasani Director
b) Meghal Vasani Director
2) Relative of Key Management Personnel: - NONE
3) Enterprises owned by the Key Management Personnel or their
Relatives:
12. Details of transactions between the Company & related parties & the
status of the outstanding balance as on 31.03.2012-NIL
Mar 31, 2013
1. Contingent liabilities not provided for in respect of:
i) Show cause notices/demands were issued by the Securities and
Exchange Board of India demanding Rs. 1.75.000/- for Settlement by
Consent Order for violation of Takeover Regulations. However, the
Company is contesting the issues under legal advice & hence not opted
for settlement.
ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange
Limited. Calcutta Stock Exchange Association Limited and the Stock
Exchange. Ahmadabad: Amount not determined.
2. Sundry Debtors include amounts aggregating to Rs.6.00.318/- (P.Y.
Rs.6.00.318/-). which have remained outstanding for over five years and
amount aggregating to Rs.10.14.70.455 - (PA. Rs.6.00,318/-). which have
remained outstanding for more than one years and are subject to
confirmation. The Company has not made any provision against these
debtors and also has initiated legal action against one of them for
recovery of dues. In management''s view, the amounts have remained
overdue on account of general recession in the industry in the recent
past and it expects that the amounts would be recovered in due course
of time and no provision is required in this regard.
3. Unsecured loans and advances granted & remained outstanding
aggregating to Rs. 6.52.70.885 - (P.V . Rs.3.37.58.617/-) as on the
Balance Sheet date, which are either overdue or where there are no
covenants with regard to repayment of loan & other terms and
conditions, I he Company is put suing the matter and is hopeful to
recover the above debts. Accordingly, no provision is considered
necessary in the matter at this stage.
4. The outstanding balances of Debtors, Creditors, Deposits and
Advances aid subject to continuation.
5. In the opinion of the Board and to the best of their knowledge and
belief, the value of the realization of Current Assets. Loans and
Advances, in the ordinary course of business would not be less than the
amount at which they are stated in the balance sheet. The Provision tor
all known liabilities is adequate and not in excess of the amount
considered reasonably necessary.
6. Sundry Creditors does not include any amount due to ''Small Scale
Industrial Undertaking as declined under Section 3(j) of Industries
(Development and Regulation) Act. 1951.
7. Previous year''s figures have been regrouped, recast and
reclassified wherever considered necessary ,
8. Figure in brackets pertain to previous year.
9. The Com pan v is principally engaged in the business of only one
broad segment of textile products. Accordingly there are no reportable
segments as per Accounting Standards 17 issued by the 1CA1 on "Segment
Reporting".
10. Related Party'' Disclosure as required by Accounting Standard 18
Related Party Disclosure issued by the Institute of Chartered
accountants of India is given below;
1) Key Management Personnel:
a) Mr. Ajit Vasani Director
b) Meghal Vasani Director
2) Relative of Key Management Personnel: - NONE
3) Enterprises owned by the Key Management Personnel or their
Relatives:
Details of transactions between the Company & related parties & the
status of the outstanding balance as on 31.03.2013
Mar 31, 2012
1. Contingent liabilities not provided for in respect of:
i) Show cause notices/demands were issued by the Securities and
Exchange Board of India demanding Rs.L75.000/- for Settlement by
Consent Order for violation TTakeover Regulations. However, the
Company is contesting the issues under legal advice & hence not
opted for settlement.
ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange
Limited, Calcutta Stock
2. Sundry Debtors include amounts aggregating to Rs.6.00.318/-
(Previous Year Rs 6 00 3 ISM which have remamed outstanding for over
five years and are subject to confirmatlo, The cVmi hi made any
prov.s.on against these debtors and also has initiated legal action Ja
mlonelf them fo the amounts wou,d be ÂJm due
3. Unsecured loans and advances granted & remained outstanding
aggregating to Rs, 3 37 58 617/- (Previous Year Rs.3.37,58,617/-) as on
the Balance Sheet date, which are cither overdue or where there are no
covenants with regard to repayment of loan & other terms and
conditions. The Companv is pursuing the matter and is hopeful to
recover the above debts. Accordingly, no provision is considered
necessary in the matter at this stage.
4. The outstanding balances of Debtors. Creditors, Deposits and
Advances are subject to confirmation.
5. In the opinion of the Board and to the best of their knowledge and
belief, the value of the realization of Current Assets, Loans and
Advances, in the ordinary course of business would not be less than the
amount at which they are stated in the balance sheet. The Provision for
all known liabilities is adequate and not in excess of the amount
considered reasonably necessary.
6. Sundry Creditors does not include any amount due to ''Small Scale
Industrial Undertaking as defined under Section j(j) of Industries
(Development and Regulation) Act. 1951.
7. Previous year''s figures have been regrouped, recast and
reclassified wherever considered necessary.
8. Figure in brackets pertain to previous year.
Mar 31, 2011
1. Contingent liabilities not provided for in respect of:
i) Show cause notices/demands were issued by the Securities and
Exchange Board of India demanding Rs. 1,75,000/- for Settlement by
Consent Order for violation of Takeover Regulations. However, the
Company is contesting the issues under legal advice & hence not
opned for settlement.
ii) Arrears of Listing Fees payable to the Jaipur Stock Exchange
Limited, Calcutta Stock Exchange Association Limited and the Stock
Exchange, Ahmadabad Amount not determined.
2. Sundry Debtors include amounts aggregating to Rs.6,00,318/- (P.Y.
Rs.6,00,318/-) which have remained outstanding for over five years and
are subject to confirmation. The Company has not made any provision
against these debtors and also has initiated legal action against one
of them for recovery of dues. In management's view, the amounts have
remained overdue on account of general recession in the industry m the
recent past and it expects that the amounts would be recovered in due
course of time and no provision regard.
3. CHANGE OF CONTROL OF MANAGEMENT:
During the period under review, pursuant to Regulation 12 of Securities
and Exchange Board of India (Substantial Acquisitions of Shares and
Takeover) Regulations, 1997 ("the SEBI Regulations") Listing Agreements
and other applicable rules, Companies Act, 1956, the shareholders
through the process of Postal Ballot approved the change in control and
management of the Company from the existing management to Mr. Ajit
Vasam, Ms. Jagruti A Vasani and Ms. Megahal A Vasani w.e.f. w.e.f.
15-2-2011.
4. Unsecured loans and advances granted & remained outstanding
aggregating to Rs. 3 37 58 617/- (P Y Rs.3,37,58,617/-) as on the
Balance Sheet date, which are either overdue or where there are no
covenants with regard to repayment of loan & other terms and
conditions. The Company is pursuing the matter and is hopeful to
recover the above debts. Accordingly, no provision is considered
necessary in the matter at this stage.
5. The outstanding balances of Debtors, Creditors, Deposits and
Advances are subject to confirmation.
6. In the opinion of the Board and to the best of their knowledge and
belief, the value of the realization of Current Assets, Loans and
Advances, in the ordinary course of business would not be less than the
amount at which they are stated in the balance sheet. The Provision for
all known liabilities is adequate and not in excess of the amount
considered reasonably necessary.
7. Due to inadequacy of profits, the Company has not paid any
managerial remuneration & perquisites during the year.
8. Sundry Creditors does not include any amount due to 'Small Scale
Industrial Undertaking as defined under Section 3(j) of Industries
(Development and Regulation) Act, 1951.
9. Previous year's figures have been regrouped, recast and
reclassified wherever considered necessary.
10. Figure in brackets pertain to previous year.
11. Additional information pursuant to part II to schedule VI of the
Companies Act, 1956 Particulars of Capacity
i) Class of goods : Synthetics Cloth etc.
ii) Licensed Capacity : Not Applicable.
iii) Installed Capacity : Not Applicable.
(as certified by the Directors)
Detailed quantitative information in respect of Opening and Closing
Stock, Purchase, Sales and consumption of raw- materials.
12. The Company is principally engaged in the business of only one
broad segment of textile products Accordingly there are no reportable
segments as per Accounting Standards 17 issued by the ICAI on
Segment Reporting".
13. Related Party Disclosure as required by Accounting Standard 18
Related Party Disclosure issued by the Institute of Chartered
accountants of India is given below:
1) Key Management Personnel:
a) Mr. Ajit Vasani Director
b)Megbal Vasani Director
2) Relative of Key Management Personnel: - NONE
3) Enterprises owned by the Key Management Personnel or their Relatives:
Details of transactions between the Company & related parties & the
status of the outstanding balance as on 31.03.2011-NIL-
Mar 31, 2010
1. Contingent liabilities not provided for in respect of:
a) Show cause notices/demands were issued by the Securities and
Exchange Board of India demanding Rs. 1,75.000 - for Settlement by
Consent Order for violation of Takeout
1. The outstanding balances of Debtors, Creditors, Deposits and
Advances are subject to confirmation.
2. curse of business would not be less than the amount at which they
are stated in the balance sheet. The Provision for all known
liabilities is adequate and not in excess of the amount considered
reasonably necessary.
i) Class of goods ; Synthetics Cloth etc.
ii) Licensed Capacity : Not Applicable.
iii) Installed Capacity ; Not Applicable.
(as certified by the Directors)
2 The Company is principally engaged in the business of only one broad
segment of textile products. Accordingly there are no reportable
segments as per Accounting Standards 17 issued by the ICAI on segment
Reporting.
3. Related Party Disclosure as required by Accounting Standard 18
Related Party Disclosure issued by the Institute of Chartered
accountants of India is given below:
1) Kiev Management Personnel:
a) Mother Karia Director
2) Relative of Management Personnel: - NONE
3) Enterprises owned by the Key Management Personnel or their
Relatives.