| 1.Rights, preferences and restriction attached to shares Equity Shares:
The Company has one class of equity shares having at par value of Rs.
2/- per equity share held. Each shareholder is eligible for one vote
per share.
If any dividend is proposed by the Board of Directors, then the same is
subject to approval of the share- holders in the ensuing Annual General
Meeting except in the case of interim dividend.
In the unlikely event of the liquidation of the Company,the equity
shareholders are eligible to receive the residual value of assets of
the Company, if any, after all secured and unsecured creditors of the
Company are paid off, in proportion of their shareholding in the
Company.
2. Contingent liabilities and commitments (to the extent not provided
for)
(Rs. 000's)
As at 31st March 2015 2014
Bank Guarantees outstanding 944 944
in favour of the
Government and other parties
Towards Excise Duty demands 46524 46524
against which the
Company has preferred appeal
Towards Custom Duty demands - 12068
against which the
Company has preferred appeal
Towards Sales Tax demands 13232 13232
against which the
Company has preferred appeal
Claims against the Company 8444 8444
not acknowledged as
debts
Others - Income Tax Demands 15469 15469
3. In terms of Accounting Standard - 17 (Segment Reporting) issued by
the Institute of Chartered Accountants of India, the Company is engaged
in Trading activities.
4. The outstanding balances as at 31/03/2015 in respect of trade
receivables, trade payables, short term loans and advances and deposits
are subject to confirmation from the respective parties and
consequential reconciliation / adjustments arising there from if any.
The management, however, does not expect any material variation.
5. The Company has given a Business advances of Rs. 21658 thousand,
which is due for recovery. In view of management, the same is
recoverable and has initiated the steps for recovery of the same.
6. Effective from 01/04/2014, the Company has charged depreciation
based on the useful life of its assets as per the requirement of
Schedule - II of the Companies Act, 2013. Deductions/ Adjustments
under depreciation includes Rs.2732 thousand adjusted from the opening
balance of the Profit and Loss Account of the fixed assets, whose
remaining useful life was NIL as on 01/04/2014 based on transitional
provisions of Schedule II of the Companies Act, 2013.
7. Disclosures as required by the Accounting Standard (AS) 18
-"Related Parties Disclosures" are given below:
A) Name of the Related Parties as Description of Relationship
Holding / Associates
(i) Nainesh Trading and Consultancy LLP
(ii) Viniyog Investment and Trading Company Private Limited
(Holding by virtue of control the composition of Board of Directors)
Interested by Director
M/s. Makar Estate
Key Management Personnel:
(i) Mr. Yogiraj Makar
(ii) Mr. Puneet Makar
(iii) Mrs. Reshma Makar
8. Figures for the previous year have been given in the bracket and
are regrouped and rearranged wherever necessary.
|