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Notes to Accounts of Prashant India Ltd.

Mar 31, 2014

A Contingent liabilities and commitments (to the extent not provided for)

Particulars 31-03-2014 31-03-2013 Rs. Rs

Claims against the company not acknowledged as debt 7.16 7.16

Guarantees- 0.00 0.00

Other money for which the company is contingently liable 785.76 777.93



Detaiils given below :

The Company has not made provisions for the above items, which in the opinion of the Auditors, need provision. Had the provision been made in the books of accounts, the accumulated losses of the Company would have increased by Rs.6852.95 lacs

c Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The company has no information regarding which of its suppliers is a small scale industrial undertaking. Hence, the particulars of amounts payable to such undertakings, if any, have not been given as required under Schedule VI to the Companies Act, 1956

The company is not in a position to identify the amounts payable to small scale and ancillary undertakings under the provision of the "Interest on the delayed payment to small scale and ancillary undertaking Act, 1993" and accordingly it is not possible to quantify the extent of overdue interest payable under the said Act

d Disclosure as per Clause 3''2 of the Listing Agreements with the Stock Exchanges

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties is NIL

k Balances of trade receivables, trade payables, loans and advances are subject to confirmation and have been taken as appearing in the books of accounts of the Company.

I The Company has provided depreciation of Rs.3.20 lacs on assets of agro division as the depletion of assets has continued even though the division was closed during the whole year. Plant & machineries have been considered to be continuous process plant and depreciation has been charged accordingly ''

d Deferred tax asset/(liability) AS-22

Since the company has been continuously incurring net losses / cash losses and still there is no certainty about the future income, deferred tax asset has not been accounted as a prudent accounting practice

f Segment reporting AS-17

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. Business segments are primarily Textiles and Windfarm. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All othej expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably amongst segments are not allocated to primary and secondary segments. Geographical revenues are allocated based on the location of the customer. Geographic segments of the Company are Surat and Rajkot.


Mar 31, 2012

1.a. Estimated amount of contracts remaining to be executed on capital accounts and not provided for Rs. Nil (Previous year Rs. Nil)

b. Contingent liabilities

Name of Nature of dues Amount Forum where Management's statute / Rs.lacs dispute is perception, Authority pending if any

Gujarat Demand on regular 544.68 Case The demand Sales Tax assessment reminded by raised is Act, 1969 A.Y. 1986-87 Tribunal to based on to 89-90 A.C. Sales false A.Y.1993-94 Tax. presumptions to 98-99 Bhavnagar only and hence, no liability is envisaged.

Demand on regular 10.24 GVAT Demand raised assessment Tribunal, due to A.Y.2002-03 Gujarat purchases from allegedly fictitious dealers is not taxable because of documentary evidences and facts on the subject

N.A. Guarantee 101.78 N.A. Commission commission payable to payable to directors directors and others &others providing 1999-00 to for 2009-10 guarantee and security to the banks and financial institutions against their lending to the company.

Civil Suit Non payment of 116.47 Fast Track Supply of materials Court. machines by supplied and Ranipat BHEL has other charges O.S.No.25 not been in up to of 2006 accordance dt.30-11-01 as with the per contract terms of by BHEL - contract. 1995

Civil Suit Claims against 7.16 No liability the company not is envisaged the acknowledged by as debt management on this account

2. Value of imports on C.I.F. basis Rs. Nil (Previous year Rs.Nil)

3. Earnings or Expenditure in foreign exchange - Foreign travelling Rs. 52929/- (Euro 796.60) (Previous year Rs. Nil)

4. a. Remuneration paid to directors Rs. 2,99,268/- (Previous year Rs. 2,99,268/-).

b. Travelling & conveyance expenses incurred by Directors Rs. 2,15,102/- (Previous year Rs. 2,42,408/-).

5. The company has provided depreciation of Rs. 16.25 lacs on assets of agro division as the depletion of assets has continued even though the division was closed during the whole year. Plant & machineries have been considered to be continuous process plant and depreciation has been charged accordingly.

6. The balances of sundry debtors, sundry creditors, secured and unsecured loans, loans and advances and old bank balances are subject to confirmation and have been taken on the basis of the accounts in the books of the company

7. The closing stock of raw materials, finished goods, consumable stores, oil, diesel and packing materials are as taken, valued and certified by the directors of the company.

8. In the opinion of Board of Directors, all the current assets, loans and advances have net realisable value as stated in the balance sheet except for loans and advances and old bank balances in respect of which provision is required to be made as mentioned in note no.3.

9. Sundry debtors (unsecured, considered good) include a sum of Rs. Nil (Previous year Rs.Nil) due by companies/firms in which director(s) is/are interested as director/member. Loans & advances (unsecured, considered good) include a sum of Rs. Nil (Previous year Rs.Nil) due by companies/firms in which director(s) is/are interested as director/member.

10. a. The company has no information regarding which of its suppliers is a small scale industrial undertaking. Hence, the particulars of amounts payable to such undertakings, if any, have not been given as required under Schedule VI to the Companies Act, 1956.

b. The company is not in a position to identify the amounts payable to small scale and ancillary undertakings under the provision of the "Interest on the delayed payment to small scale and ancillary undertaking Act, 1993" and accordingly it is not possible to quantify the extent of overdue interest payable under the said Act.

11. During the year under review, there was no employee drawing remuneration of Rs. 2,00,000/- per month or RS. 24,00,000/-per annum. Moreover, there was no employee drawing if employed for the part of the year in receipt remuneration of Rs. 2,00,000/ per month or Rs. 24,00,000/- for the part of the year.

12. The company had been held sick industrial company within the meaning of the provisions of sec.3(l(0) of the Sick Industrial Companies ( Special Provisions ) Act, 1985 by the BIFR on dt.20-09-2005 and has been held to be wound up us 20(1) of the said Act by the BIFR on dt. 14-09-2006. The said order has been upheld by the AAIFR on dt.06-12-2010. These orders of company's winding up are challenged by the company, by way of civil application before the Hon'ble Gujarat High Court.

13. Figures of previous year are regrouped or rearranged to make them comparable with the current year figures.

14. Licensed, installed capacities and production; quantitative & other details - Annexure 'A'

15. In view of huge accumulated losses endangering 'Going Concern' status of the company, Deferred Tax Assets are not recognized following the principle of conservative.

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