| 1. SHARE CAPITAL :
The reconciliation of the Closing amount and Opening amount of Share
Capital is given as follows :
(II) There is no movement of the shares outstanding at the beginning
and at the end of the reporting period.
(III) The Company has only one class of equity shares having a par
value of Rs. 10 per share, each shareholder is eligible for one vote
per share. The dividend proposed by the Board of Directors is subject
to the approval of shareholders, except in case of interim dividend in
the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company, after distribution of all
preferential amounts, in proportion of their shareholding.
(IV) Company has not allotted any bonus shares, Shares without
consideration in cash and/or bought back any equity shares during the
period of five years immediately preceding the Balance sheet date.
2. OTHER :
(I) RELATED PARTY TRANSACTIONS
As per Accounting Standard (AS) 18, `Related Party Disclosures'
prescribed under the Accounting Standard Rules, the disclosures of the
details of the related parties and the transactions entered with them
are given below:
(II) A. List of Related Parties
No. Nature Name of the person
1 Key Management Personnel DHIREN K. THAKKAR
2 Key Management Personnel VINODCHANDRA K. PANDYA
3 Key Management Personnel KISHORKUMAR BHATT
4 Key Management Personnel ALPESH KIRITBHAI PATEL
5 Key Management Personnel KAMALKANT RAO
6 Key Management Personnel RADHESHYAM LODH
7 Associates DHIREN ENTERPRISE
8 Associates DEVIKA ROADLINES PVT.LTD.
9 Associates ROHIN ENTERPRISE
10 Associates KANEL INDUSTRIES LTD.
(OLD NAME-KANEL OIL & EXPORT PVT.LTD.)
11 Associates TJR SONS LTD.
12 Associates SUN RETAIL PVT.LTD.
13 Associates KANEL PROTEINS LTD.
(II) A. List of Related Parties
No. Nature Name of the person
13 Associates KANEL PROTEINS LTD.
14 Associates TJR FINANCE LTD.
15 Associates KHYATI REALITIES LTD.
16 Associates KADAM EXPORTS PVT. LTD.
17 Associates KHYATI FINCAP LTD
18 Associates KHYATI MULTIMEDIA-ENTERTAINMENT LTD.
19 Associates YASH ESTATE AND DEVELOPERS PVT. LTD.
20 Associates HEERA ISPAT LTD.
21 Relatives of KMP HITESH THAKKAR
22 Relatives of KMP NEELA THAKKAR
23 Relatives of KMP GAURI THAKKAR
(V) Figures have been regrouped and rearranged wherever found necessary
so as to make them comparable with in the current year and Figures in
the Balance Sheet are rounded off to the nearest of the rupee.
(VI) Management have broadly reviewed the basis of compiling details
and information and made test checked wherever considered necessary.
The books and / or the details / information compiled in the company on
the computer.
(VII) Writing off debtors Bad and Doubtful debts, investments, loans
and advances are as per management's decision and opinion.
Debtors/Creditors are accounted at the time of settlement of claims.
(VIII) Contract remaining to executed on Capital Account not provided
for Rs. Nil/- (Previous year Rs. Nil)
(IX) The company is operating only in one segment of trading of goods.
Hence no separate Segment wise Accounting is required and given
herewith.
(XI) In the opinion of the Board of Directors, the Current Assets,
loans & Advances are approximately of value stated if realized in the
normal course of business.
(XII) Company has not received share certificates of Rs. 125440/- from
Classic Co-op. Bank on allotment under liquidation. Unquoted shares of
Rs. 8000000/- of Akansha Finance & Investment Ltd., Hindprakash Int.
Tr. P. Ltd., Mack cur Laboratories Ltd. and Precision Technofeb &
Engg. Were not available for verification. Company's name has not
been shown by these company in their registrar of member or annual
return.
(XIII) Account confirmations in respect of accounts of Sundry Debtors,
Creditors, Loans and Advances have not been received and they are
subject to confirmations and reconciliation, if any. The management is
of the opinion that adjustments, if any arising out of such
reconciliation would not be material effecting financial statements of
current periods. Above adjustments are subject to claims and
settlement. In the opinion of auditor these balances are hardly
recoverable and payable.
(XIV) The management is in the process of taking stringent remedial
actions for recovery of outstanding dues from debtors and loans and
advances throughout the year. The Company is in process of developing
proper internal control system for obtaining confirmations.
(XV) The Company has initiated the process of identifying the suppliers
who qualify under the definition of Micro and Small Enterprises, as
defined under the Micro, Small and Medium Enterprises Development Act,
2006. Since no intimation has been received from the suppliers
regarding their status under the said Act as at 31st March, 2014,
disclosures relating to amounts unpaid as at the year end, if any, have
not been furnished. In the opinion of the management, the impact of
interest, if any, that may be payable in accordance with the provisions
of the Act is not expected to be material and NIL.
(XVI) Wherever external evidence in the form of bills, invoice, and
debit notes, credit notes, Journal entry etc are not available.
Management has relied upon the internal vouchers prepared and
authenticated by the directors/ Authorized officers of the company and
also entry passed in the accounts maintained by the company.
(XVII) In absence of market quotations at the end of the year, market
value of quoted investments as at Balance sheet date cannot be
commented. Provision for permanent diminishing value of quoted
investments has not been made.
(XVIII) Due to settlement dispute with debtor/creditor, advance given
and advance taken we could not quantify closing balance at the end of
year as such balances have been arrived by unilateral actions. Amount
of dispute cannot be quantified. No fraud by company or on company has
been initiated during the year.
(XIX) NSC matured could not be encased as they are lying with sales tax
department. Recoveries of such NSC are negligible. As per auditor these
investment must be written off in absence of details.
(XX) We could not employ full time company secretary u/s.383A of
Companies Act, 1956, due to non-availability of professional.
(XXI) The information/details given in the Audit report are as per the
books maintained and determined and information are compiled and
furnished on the computer.
(XXII) Management has passed entry for sale of investment of Kanel Oil
and Exports after Limited Review of company accordingly last quarter
results are not comparable.
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