| 1 Segment Reporting
The company is principally engaged in the business of Household
Appliances. There are no separate reportable Segments as per Accounting
Standard - 17 - "Segment Reporting".
2 There are no amounts due and outstanding to be credited to the
Investor Education and Protection Fund as on March 31, 2015.
3 In the opinion of the Board, none of the assets have a value lower
on realization in the ordinary course of business than the amount at
which they are stated in the Balance Sheet.
4 The Company has revised its policy of providing depreciation on its
fixed assets effective April 1, 2014. Depreciation is now provided
based on Schedule II of Companies Act 2013 on a straight line basis
(SLM) for all assets as against the existing policy of providing on
written down value (WDV) basis for some class of assets and straight
line basis for other assets. As a result of these changes, the
depreciation impact for the year ended March 31, 2015 is not material.
The effect relating to change in method of depeciation from WDV to SLM
for the specified assets retrospectively for the periods prior to April
1, 2014 resulted in net credit of Rs. 14,28,693, which has been
recognised as an "Exceptional item' in the statement of profit and
loss. In case of Assets whose useful lives is 'NIL' as on 31st March,
2014 in terms of Schedule II, the carrying value amounting to Rs.
42,50,318 has been adjusted with the opening balance of retained
earnings.
5 The disputed customs duty of Rs. 3,013,811 pertains to the
concessional customs duty availed under EPCG scheme during the year
1995. The company has fulfilled export obligation and obtained export
obligation discharge certificate (EODC) from Director General of
Foreign Trade (DGFT). The claim has arisen due to non-receipt of EODC
by the customs department. The company has preferred an appeal before
Customs, Excise and Service Tax Appellate Tribunal (CESTAT), which
remanded the matter back to the Commissioner of Customs (Appeals) for
reconsideration and pending for disposal.
6 The previous year's figures have been re-grouped, reclassified
wherever necessary so as to make them comparable with the current
year's figures.
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