| 1. There are no micro, small and medium enterprises to whom the company
owes dues which are outstanding for more than 45 days from the balance
sheet date. The micro, small and medium enterprises have been
identified on the basis of information available with the Company. This
has . been relied upon by the Auditors.
2. Contingent Liabilities not provided for - Excise Duty Rs. 17.96
Lacs (p.y 17.96 lacs) and Sales Tax Rs Nil (p.y 7.66 lacs)
3. Legal & Professional charges include a sum of Rs. 8,988/- (p.y
16,545) paid to Auditors towards Consultation charges.
4. Deferred Taxation: The company has unabsorbed depreciation and
carried forward losses available for set off under the Income Tax Act,
1961. However, in view of uncertainty regarding generation of
sufficient future taxable income, net deferred tax assets have not been
recognised in accounts on prudential basis.
5. The company is engaged in the manufacture of a single product i.e.
S S Wire. Company's business activities are confined only to India.
Hence there are no reportable segments.
6. Related party Disclosures
Disclosures as required by the Accounting Standard 18 (AS-18) "Related
party Disclosures" are given below:
i. Names of related parties and description of relationship:
a. Associates : 1. Balaji Wire Products
2. Bagaria Enterprises Pvt. Ltd.
3. R.K.Wire Products Ltd.
b. Key Management Personnel : a. Shri Shiv Bhagwan Bagaria -Chairman
b. Shri Navneet Khemani
c. Shri Sanjay Kumar Bagaria
d. Shri Chetan Kumar Bagaria
e. Shri Premotpal Guha
7. The company has carried out an impairment test as per Accounting
Standard 28 issued by I.C.A.I. on all the assets and no provision was
found to be required towards impairment of assets for the year ending
31.03.2014.
8. The company does not have any non cancellable leases. Office
premises are taken on operating lease. Lease rent is accounted on
accrual basis.
9. Balances under the head trade receivables, long term loans &
advances, short term loans & advances, trade payables and other current
liabilities are subject to confirmation from the respective parties.
10. Amounts, due and outstanding to be credited to Investor Education
and Protection Fund as on 31st March, 2014 are Nil. (PY : NIL)
11. Previous year figures have been regrouped /recasted wherever
deemed necessary to conform with current year's classification.
12. Earnings/Outgoings in foreign currency:
Earnings : Rs. Nil (Previous year Nil)
Outgo : Rs. Nil (Previous year Nil)
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