| 1. Previous years figures have been regrouped and/or reclassified,
wherever necessary, to conform to the current years classification.
Contingent Liability:
Nit; Previous year: Employees State Insurance Corporation has demanded
Rs.154,968 towards contribution for the period from 1-4-1993 to
29-12-2000, out of which the Company has paid Rs.77,500, against which
the Company has preferred an appeal before the Employees Insurance
Court, Mumbai against the order under section 45-A of the Employees
State Insurance Act, 1948.
2. The Company has not received the required information from Suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006. Hence disclosures, if any, relating to amounts
unpaid as at the year end together with interest paid/payable as
required under the said Act have not been made.
3 Segment Reporting:
In the opinion of the management, since the Company is engaged in the
business of furniture items, there are no separate reportable segments
as per Accounting Standard 17 "Segment Reporting*.
4. Related Party Disclosures as per Accounting Standard 18 "Related
Party Disclosures" (related party are identified by the management of
Company and relied upon by the auditor):
a) Key Management Personnel:
Shri Jehangir T. Nagree - Chairman & Managing Director
b) Relatives:
Mrs. Shakera J. Nagree - Director - wife of Shri Jehangir T. Nagree
Ms. Amberine J. Nagree - daughter of Shri Jehangir T. Nagree and Mrs.
Shakera J. Nagree
Dr. Pervez T. Nagree - brother of Shri Jehangir T. Nagree
Particulars of Enterprises over which any person described in (a)
and/or (b) above or other Directors of the Company has control and/or
substantial c interest in voting power:
The Workshop (upto 31-5-2009)
Workshop Furniture Ltd. (from 1-6-2009)
BlueMoon Commerce & Credit Pvt. Ltd.
The Living Room Designers
Contour International
The Living Room
Flroz T. Nagree & Jehangir T. Nagree (Joint Account)
Garden Construction Company
Banoo Turabali Foundation
Sky Line Estate FVt. Ltd.
Kirrt Damania
Perfect Engineering Associates Pvt. Ltd.
5. The Company has transferred its Undertaking (consisting of the
entire business carried on by the Company under the name and style of
LivingRoom Lifestyle Limited along with all its assets, liabilities,
rights, interest, licences, and permissions, registrations certificates
excluding cash and bank balance and unclaimed dividend account,
provision for taxation, advance income tax and tax deducted at source
and the brand name The LivingRoom on 18-2-2010 to BlueMoon Commerce &
Credit Pvt. Ltd. for Rs.159,00,000 under slump sate on a going concern
basis. The loss thereon of Rs.65,96,953 has been treated as an
extraordinary item in the Profit and Loss Account for financial year
2009-2010.
6. In the opinion of the management, Current Assets and Loans and
Advances are approximately of the value stated If realised in the
ordinary course of business and provision for depreciation and
liabilities are reasonable and not In excess of the amount reasonably
necessary. Debtors, advances, deposits and creditors are subject to
confirmation.
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