| NOTE 1: CORPORATE INFORMATION
Seasons Furnishing Limited is a listed public Company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
The Company is engaged in the Trading of Furnishing Fabrics and other
Lifestyle Products.
NOTE 2 : OTHER NOTES ON ACCOUNTS
a. Previous year figures have been re-arranged and regrouped to make
it comparable with the current year figures.
b. Contingent Liabilities and Commitments to the extent not provided
for:-
Contingent Liabilities
a) Claim against the company not acknowledged as debts- NIL
b) Contingent Liabilities not provided for in respect of Corporate
Guarantee given by the Company to Canara Bank amounting to Rs.712 lacs
(Previous year Rs.557.00 lacs) in respect ofloansgiven by the Bank to
Seasons Textiles Ltd.
Commitments
(a) Estimated amount of contract remaining to be executed on Capital
Account and not provided for is - NIL
c) All the known liabilities have been provided for and there are no
disputed liabilities as confirmed by the directors
d) Wherever the balance confirmation is not available from the parties,
the balances as appearing in the books of account have been considered.
e) Profit & Loss account includes remuneration to Auditors as given
below:
f. Capital work in progress includes advances for expansion
projects/modification of existing Projects and purchase of assets.
g. Related Party Disclosures:
Disclosure as required by the Accounting Standard- 18 "Related Party
Disclosures" are given below:
1) List of Related parties
Associate Companies : Seasons Textiles Ltd, Seasons Lifestyle Pvt. Ltd.
Key Management personnel : Inderjeet S Wadhwa and Mandeep S Wadhwa
Relatives : Tej Kaur, Manjit Kaur Wadhwa,
Other Related Parties : S-9 Home Pvt Ltd., Walnut Furnishings Pvt. Ltd.
h. Segmental Information:-
The Company has only one business segment of trading of Furnishing
Fabrics. The company operates its business from India. Therefore, there
is only one business and geographical segment.
i. The Company has not received any intimation from the suppliers
regarding status under Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosure regarding, Principal amount due and the
interest due thereon outstanding to suppliers as at the end of the
accounting year, Interest paid during the year and Interest
payable/accrued/unpaid at the end of the accounting year, has not been
provided.
j. In the opinion of the management, the Current Assets, Loans and
Advances have a value on realisation in the ordinary course of
business, at least equal to the amount at which they are stated in the
Balance Sheet.
k. In terms of 'Accounting Standard (AS) 28', the assets are not
impaired because the recoverable amount of fixed assets collectively
determined by the present value estimated future cash flows is higher
than its carrying value.
l. Tour and Travelling Expenses include Rs.7, 10,436/-(Previous Year-
Rs.7, 96,863/-) on account of Directors.
m. Cash Flow Statement:
The Cash Flow Statement has been compiled from and is based on the
Balance Sheet as on March 31,2015 and Profit & Loss Account for the
year ended on that date.
The Cash Flow Statement has been prepared on the basis of indirect
method as set out in the Accounting Standard - 3 on Cash Flow Statement
issued by the Institute of Chartered Accountant of India.
| 