NOTE 1: Provisions, Contingent Liabilities & Contingent Assets:
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.
Following dispute with income tax department not provided in financial statements:
NOTE 2: In the opinion of the Board, the Current Assets Loans and Advances are not less than the values stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.
NOTE 3: The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the yearend together with the interest paid/payable as required under the said Act have not been given.
NOTE 4: Disclosures under accounting standards:
a. Segment Reporting (AS-17):
The Company operates in the business of Trading and investments .It operates only in Domestic Market, hence there is no business / geographical segments to be reported as required under Accounting Standard (AS-17) “Segment Reporting” issued by the Institute of Chartered Accountants of India.
b. Related Party Disclosure (AS-18):
Related Party Disclosure under AS-18 issued by the Institute of Chartered Accounts of India. The Management has informed that all the transactions entered during the previous year with various parties do not fall within the purview of the Accounting standard 18 "Related Party Transaction” issued by the Institute of Chartered Accountants of India. The related parties of the company at March 31, 2018 are as follows:
i. Directors & Key management personnel :
- VipulDangi - Managing Director
- VarshaDangi - Director
- Manoj Shashikant Dave -Director
- Mahesh kumar Mannalal Sharma-Director
c. Summary of significant related party transactions
The nature and volume of transaction of the company during the year with the above parties were as follows:
NOTE 5: The balances of Current assets, Current liabilities including Sundry Debtors, Sundry Creditors, Loans & advances & Unsecured Loan are subject to confirmation.
NOTE 6: Figures have been rounded off to the nearest rupee.
NOTE 7: Comparative Figures Previous year’s figures have been regrouped &rearranged wherever necessary to correspond with the current period’s classification/disclosures.
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