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Notes to Accounts of Ratan Glitter Industries Ltd.

Mar 31, 2013


Ratan Glitter Industries Ltd (the company) is a private company incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the business of sale of metallic.

NOTE - 2

Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in i India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006. (as amended) and the relevant (provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

Mar 31, 2010

Current Year Previous Year 2009-10 2008-2009

1. Contingent Liability

Bank Guarantee including Accrued Interest on FD 5,051,000.00 5,051,000.00

2. Estimated amounts of Contract remaining NIL NIL to be executed on capital accounts

3. Payments to Directors-Sitting Fees 15,000 15,000

4. Payment to Auditors As Audit 16,545 15,000

As tax Audit Fees 3,309 5,500

5. Retirement Benefits

No Provision for Gratuity, Contribution to Provident Fund, ESIC etc., earn leave or other staff benefits payable to employees has been made during the year as there is no employee with the Company who is entitled to such benefits

6. Pursuant to Department of Company Affairs Notification No. GSR129(E) dated 22nd Feb., 1999, details are given as under :-

i) There are no Small Scale Industrial Undertakings to whom the company owes a sum exceeding Rs. 1,00,000/- and outstanding for more than 30 days as on 31.03.2009

7. Depreciation for the year on additions made during the year to fixed assets has not been provided as these have not been put to use throughout the year

8. Borrowing cost (Interest on Term loan) amounting to Rs. 1,17,243/-, Rs. 3,02,490/- and Rs. 1,72,69,289/- has been capitaJsed to Plant & machinery shown under the Fixed Assets

9. As at the year end, assets have not been identified and reviewed for the purpose of arriving at impairment loss, if any, being the difference between the book value and recoverable value of relevant assets. Impairment loss when crystallizes would be charged to revenue of that year.

10. The position of Deferred tax Asset and Deferred tax Liabilty as at 31-03-2010 is as under. (I) Deferred Tax Asset Nil

(ii) Deferred Tax Liability arising on account of timing difference of Depreciattion Nil

11. Fixed Deposit amounting to Rs.26,95,242/-, shown in Schedule D are pledged with Bank of Baroda against bank Guarantee including Accrued Interest

12. Previous Years Figures have been regrouped/ rearranged wherever necessary to render them comparable with current year.

13. Segment Reporting

Based on the guiding Principles given in Accounting Standard on " Segment Reporting" AS-17 issued by ICAI, the Companys Primary business segments are organized around its line of activities which are as under

- Textile

- Amusement / Entertainment Shows

- Agency Commission

- As the company is operating in a single geographical segment by location of customers, the disclosures related to secondary segments are not relevant to the company

14 Related Party Disclosures

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below :- a) List of Related Parties -Associate Companies

1) M/s. Nishiland Park Ltd.

2) M/s. Raten Silk Mills

3) M/s. Computility India Pvt. Ltd.

4) M/s. Modern Textile Rayon & Silk Mills Pvt. Ltd.

5) M/s. Prime Machine Company Pvt. Ltd.

17 Figures have been rounded off to the nearest rupee