(1) There is no payment overdue to small-scale industries.
(2) The balance of advances, debtors and creditors are confirmed by majority of parties and efforts are being made for obtaining confirmations from remaining parties
(3) CENVAT: Capital expenditure and raw materials have been taken at net value after adjusting Cenvat, wherever applicable as per guidelines issued by The Institute of Chartered Accountants of India..
(4) The company has only one business segment that is “Textile” and hence Segment reporting as required under AS-17 issued by ICAI is not applicable.
(5) AS-18 Related Party Disclosure:
Related party disclosures as required by AS-18 “Related Party Disclosures” are given below. [Related parties are as identified by the Company and relied upon by the Auditors]:
A. List of Related Parties.
1. Parties where control exists : Nil
2. Other parties with whom the company has entered into transaction during the year.
i) Associates where key management personnel and their relatives have significant influence; - Nil
ii) Key Management Personnel: -
a. Manojkumar Sharma - Managing Director
iii) Relative of Key Management Personnel : Nil
(6) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business, the provisions for all known liabilities are adequate and not in excess than reasonably necessary.
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