2. In the opinion of the management and to the best of their knowledge and belief, the value under the head of current and non-current assets (other than fixed assets and non-current investments) are approximately of the value stated, if realised in ordinary course of business, except unless stated otherwise. The provision for all known liabilities is adequate and not in excess of amount considered reasonably necessary.

3. SEGMENT REPORTING

The company's business activity falls within a single business segment viz. 'Textile' and is managed organisationally as a single unit. However, it has customers in India as well as outside India and thus segment reporting based on the geographical location of its customers is as follows :

* Segment Assets from outside India represents receivables from export sales (net of advances in relation to exports). In view of the interwoven / intermix business operations and manufacturing facility, other information is not ascertainable.

4. RELATED PARTY DISCLOSURES

As per the Accounting Standard 18, disclosure of transactions with related parties (as identified by the management), as defined in the Accounting Standard are given below:

I. Names of Ralated Parties & Description of Relationship

(A) Subsidiaries of Company : Pradip Home Fashions, INC (USA)

(B) Key Managerial Personnel :

Shri Pradip J. Karia, Managing Director

Shri Chetan Karia, Whole Time Director

Shri Vishal R. Karia, Whole Time Director & CFO

Shri Amit H. Thakkar, President

Shri Anil Agarwal, Vice President (Production)

Shri A. N. Saboo, Vice President (HRD & Admin.)

Shri Anand Shiplkar, Vice President (Technical)

Shri Kaushik Kapadia, Company Secretary & Compliance Officer

(C) Enterprises over which (B) above have significant influence:

M/s Pradip Exports Pradip Intigrated Textile Park Pvt. Ltd.

Pradip Enterprises Limited Pradip Energy Limited

M/s Anu Impex

5. The company had made an application before the Hon'ble Settlement Commission, Mumbai u/s 245C of the Income Tax Act, 1961, for A.Y. 2006-07 to 2012-13. During the year, the application was heard and disposed off vide order u/s 245 D(4) dated 07.11.2014 in favour of the Company. The effects of the order have been given in the current year' financial statements.

6. Pradip Overseas Ltd. had formed a company, "Pradip Home Fashion Inc." (USA), on 31-01-2011 by subscribing all 100 Equity Shares of US$ 0.01 in the said Company and making it as a wholly owned Subsidiary Company. The subsidiary company has not commenced any business activities. As per clause 32 of the Listing Agreement, the company is required to mandatorily publish Consolidated Financial Statements (CFS) in its Annual Report in addition to the individual financial statements. The Company will have to get its Consolidated Financial Statements audited by the statutory auditors of the company and file the same with the stock exchange. The Accounting Standard 21 related to "Consolidated Financial Statement" states that it applies to material items and if there are no material transactions, the accounts of the subsidiary may not be consolidated. Accordingly, since no transaction has been carried out by the subsidiary company, except issue of share capital, the consolidated accounts have not been prepared.

Section 129(3) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 requires that a company having one or more subsidiaries (including associate company) will, in addition to separate financial statements, prepare CFS. But as per the fourth proviso to Rule 6 of the Companies (Accounts) Rules, 2014 (as amended), "nothing in Rule 6 shall apply in respect of consolidation of financial statement by a company having subsidiary or subsidiaries incorporated outside India only for the financial year commencing on or after 1st April, 2014". Since the company has subsidiaries (including associate company) incorporated outside India, it is also not required to prepare CFS as per the Companies Act, 2013 read with the relevant Rules.

7. Previous year's figure have been regrouped / reclassified, wherever necessary to confirm to this year's classification / disclosure. Further the figures have been rounded off to the nearest rupee.