| (1) CONTIGENT LIABILITIES
(a) The Company has to make payment of Rs.1.2 Crores towards Income Tax
Dues for the year ended 31-Mar-2014.
(2) The Company has shown Sundry Debtors and Loans and Advances over
six months as good as in the opinion of the management the same is
recoverable and no provision is required to be made.
(3) Retirement Benefit Scheme
a) The Company has not provided for Leave Encashment which is
unascertained and will be provided as and when it is paid by which the
profit of the Company has been overstated to that extent.
b) The Company has not provided for Gratuity which is unascertained and
will be provided as and when it is paid by which the profit of the
Company has been overstated to that extent.
(4) The Company has not made any provisions for deferred tax asset as
it is not certain that this amount will be realized in the near future.
(5) As per the Accounting Standard (AS) 28 - Impairment of Assets, the
Management carried out an internal impairment test as of 31st March
2014 and provided for the impairment loss where recoverable amount was
lower than the amount carried in the accounts by providing for the same
in the books of account.
(6) Debit and Credit balances are subject to confirmation.
(7) Related Party disclosure under Accounting Standard 18 (i)
Information about related party as required by AS-18
Sr. Related Party Relationship
No.
1. Subhash Knitting Industries ) Enterprises over which
Key
Managerial Personnel are able )
To exercise significant influence )
2 Subhash Fabrics Pvt. Ltd. )
3. Subhash Trading Corp. )
4. Acuity International P Ltd )
5. Aquabrane Water Technologies Pvt Ltd )
6. Sparkle Clean Tech P Ltd )
7. Subhash Mehra ) Key Managerial
Personnel
8. Dhiraj Mehra )
9. Sumeet Mehra )
10. Nandini Dhowan ) Relative of Key
Managerial Personnel
(8) SEGMENT REPORTING
Since the Company is dealing in only one segment i.e. Textile and hence
Segment reporting is not applicable.
(9) Figures have been rounded off to the nearest rupee.
(10) Previous years figures have been regrouped wherever necessary.
(11) The statement of significant accounting policies and the notes
form an integral part of the accounts for the period ended.
(12) Previous period figures have been regrouped/reclassified wherever
necessary.
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