| 1. TRADE PAYABLES
1.1 The Company has not received any intimation from the suppliers as
Micro, Small and Medium Enterprises. In the absence of such
information, the amount due to Micro and small supplier under the
provision of "Micro, Small and Medium Enterprises Development Act, 2006
(MSMED)", as at 31.03.2012 could not be bifurcated separately and also
interest due, if any under the provision of said Act to such suppliers
is not ascertainable. Interest If any, would be accounted an receipt of
information.
1.2 Balance of Trade payables are subject to confirmation.
2. FIXED ASSETS
2.1 The Company has acquired leasehold land at Mehla at a cost of Rs.
27.23 lacs vide Govt. of Rajasthan order no. P/8/Industries/1/94 dated
9th Aug. 1999 and lease executed in favour #### company on 7th Sept.
1999. The allotment of this land is cancelled by Govt of Rajasthan ####
non establishing industry with in stipulated time, however the issue
was raised before honourable #### High court, Jodhpur and order of the
state Govt. is stayed and land is under in continues pos#### of the
company.
2.2 Capital work in process include Building under construction Rs.
262573/- (Previous Year Rs. 262####/-) and other preoperative expenses
of Rs. 852390/- (Previous Year Rs. 852390/-) in respect to the textile
unit at Mania, the implementation thereof has been shelved for the time
being.
2.3 The company had taken industrial land on lease rent for putting up
Yarn Doubling Plan expenses of Rs. 680000/- incurred on lease rent upto
31/03/2011 has been charged to #### operative expenses.
3. INVENTORIES
3.1 Physical verification of inventories could not be carried out
during the year, As per the scheme submitted to BIFR the values of
inventories taken for Rs. 6.98 lacs as against book values of Rs.69.75
lacs, the basis of which is not explained to us, Difference between
book value and taken in scheme has been written off during the FY
2P09-10.
3.2 The amount of Excise Duty leviable on uncleared goods as on 31st
March, 2012 amounts to Rs.0.05 lacs (Previous Year Rs. 0.05 lacs). Same
has neither been taken in valuation of stocks nor provided for, hence
not having any impact on Statement of Profit & Loss.
4. TRADE RECEIVABLES
4.1 Sundry Debtors includes an amount on Rs. 45.78 lacs (Previous Year
Rs. 45.78 lacs.) which are under litigation against which provision for
doubtful debt has been made.
4.2 Balance of Trade receivables are subject to confirmation.
5. CASH & BANK BALANCES
5.1 Bank balances are subject to reconciliation and confirmation.
6. EXCEPTIONAL ITEMS
6.1 Sundry creditors had been written back to the extent of 85% as per
the scheme approved by Hon'ble BIFR during FY 2009-10. The excess write
back of creditors were reverted back during FY 2010-11.
7. The company is registered as a sick company with BIFR.The hon'ble
BIFR has passed an order on 23/6/2009 for de merger of Spinning Unit
(the industrial undertaking, situated at Khari to Lamba, Gulabpura Dist
Bhilwara) into Suzuki Textiles Ltd. Accordingly, assets and Liabilities
are transferred to transferee company during financial year 2009-10.
8 Contingent Liabilities not provided for, in respect of de-merged
industrial unit of the Company would be taken care of by the transferee
company, as per scheme approved by BIFR.
9. RELATED PARTY DISCLOSURE.
Names of related parties and description on relationship
a) Key Management Personnel
Shri B.S. Sacheti : Chairman cum Managing director
Shri V. S. Sancheti : Joint Managing director
Shri Anil Kumar Sancheti : Executive Director
b) Companies Controlled by Directors/relatives : Nil
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