India Polyspin Ltd. के अकाउंट के लिये नोट

Mar 31, 2013

1.CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

a) Contingent Liabilities

Sr. Particulars As at 31st As at 31st No. March, March, 2012 2013

(I) Contingent Liabilities

(A) Claims against the company/disputed liabilities not acknowledged as NIL NIL debts

(B) Guarantees NIL NIL

(C) Other Money for which the company is contingently liable

(i) Liability in respect of bills discounted with Banks (Including third party NIL NIL bills discounting)

(II) Commitments (A) Estimated amount of contracts remaining to be executed on NIL NIL capital account and not provided for the year

2 MISCELLANEOUS EXPENDITURE

Preliminary Expenses of the Company are being amortized as per the provisions of I.T. Act, 1961.

3 Related party disclosures as required by Accounting Standard - 18, "Related Party Disclosures'' are given (A) List of Related Parties:

I. Key Management Personnel and relatives

1. Mr. Arjunlal N. Uttamchandani

2. Mr. Sureshkumar N. Uttamchandani

3. Mr. Maheshkumar N. Uttamchandani

4. Mr. Nilesh G. Uttamchandani

5. Mr. Hemant J. Uttamchandani

6. Mr. Shankerlal N. Uttamchandani

II. Enterprises owned by Key Management Personnel

1. Arjun Textiles Private Limited

2. Rajni Textiles Private Limited

3. M/s. J.J. Group of Mills

4. M/s. Sureshkumar & Bros.

5. M/s. Khushi Textile Agencies

6. M/s. Nidhi Textile Agencies

4 The details of status of suppliers whether SSI or Otherwise are not available to the company, hence due/ payable to creditors are not separately given as required under the Companies Act. The information regarding the suppliers, whether they are registered with the authority specified under the Micro, Small & Medium Enterprises Development Act, 2006 is not available with the audited. Hence we are unable to calculate the amount of interest paid or payable to them U/s.23 of that Act.

5 In the opinion of the Management and to the best of their knowledge and belief, the Current Assets, Loans and Advances are approximately of the value stated if all known liabilities is adequate and not in excess of the amount reasonably necessary.

6 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year''s figures have been regrouped and recanted wherever necessary. Figures have been rounded off to the nearest of rupee wherever considered necessary.

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Mar 31, 2012

1. CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

a) Contingent Liabilities

Sr. Particulars As at 31st As at 31st No. March, March, 2011 2012

(I) Contingent Liabilities

(A) Claims against the company/disputed liabilities not acknowledged as NIL NIL debts

(B) Guarantees NIL NIL

(C) Other Money for which the company is contingently liable

(i) Liability in respect of bills discounted with Banks (Including third party NIL NIL bills discounting)

(II) Commitments (A) Estimated amount of contracts remaining to be executed on NIL NIL capital account and not provided for the year

2. MTSCELLANEOUS EXPENDTTURE

Preliminary Expenses of the Company are being amortized as per the provisions of I.T. Act, 1961.

3. The details of status of suppliers whether SSI or Otherwise are not available to the company, hence due/ payable to creditors are not separately given as required under the Companies Act. The information regarding the suppliers, whether they are registered with the authority specified under the Micro, Small & Medium Enterprises Development Act, 2006 is not available with the auditee. Hence we are unable to calculate the amount of interest paid or payable to them U/s.23 of that Act.

4. In the opinion of the Management and to the best of their knowledge and belief, the Current Assets, Loans and Advances are approximately of the value stated if all known liabilities is adequate and not in excess of the amount reasonably necessary.

5. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year''s figures have been regrouped and recasted wherever necessary. Figures have been rounded off to the nearest of rupee wherever considered necessary.

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Mar 31, 2011

1. The balances of Sundry Creditors, unsecured and secured loans & advances are subject to confirmation however, the directors have certified the respective balances. Transactions not supported by third party evidences are certified by the directors.

2. In the opinion of the board of directors of the company, the current assets, loans and Advances are approximately of the value stated if realised in the ordinary course of Business except as otherwise stated.

3. Previous year''s figures have been regrouped rearranged wherever necessary to confirm with current years figures.

4. The company is not carrying on any business the information relating to balances due to Small Scale Industrial (SSI) undertakings is therefore nil.

5. The provision for Deferred Tax Liability have not been made as the company had discontinued its business and now there is no possibility of such future profits on which the tax liability may arise in excess of carried forward losses.

6. Related party disclosures as required by Accounting Standard - 18, "Related Party Disclosures'' are given below:

a) List of Related Parties:

I. Key Management Personnel and relatives

(i) Mr. Arjunlal N. Uttamchandani

(ii) Mr. Sureshkumar N. Uttamchandani

(iii)Mr. Maheshkumar N. Uttamchandani

(iv)Mr. Nilesh G. Uttamchandani

(v) Mr. Hemant J. Uttamchandani

(vi)Mr. Shankerlal N. Uttamchandani

II. Enterprises owned by Key Management Personnel

(i) Arjun Textiles Private Limited

(ii) Rajni Textiles Private Limited

(iii) M/s. J.J. Group of Mills

(iv) M/s. Sureshkumar & Bros.

(v) M/s. Khushi Textile Agencies

(vi) M/s. Nidhi Textile Agencies

(b) Transaction with related parties:

I. Key management personnel and relatives:

(a) Transactions during the year-

7. Schedule 1 to 13 are an integral part of accounts and are duly authenticated.

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Mar 31, 2010

1. The company availed term loans form Industrial Investment Bank of India and Industrial Development Bank of India which were secured by equitable mortgage/ hypothecation of fixed assets of company located at 273/1 Shital Industrial Estate, Daman Road Dadra (UT) of the company and personal guarantee of some of the directors.

2. The Industrial Investment Bank of India and Industrial Development Bank of India fileda suit against the company for recovery of its outstanding dues of Rs.4605344/- and Rs. 10603065/- respectively before Ahmedabad Bench of Debt Recovery Tribunal on 15-03-2002 which has been disposed off in favor of the bank. All assets of the company have been auctioned by the bank in 2008 and as on the end of the year there were no assets.

During the year under consideration the asets of the company auctioned by the financial institutions on the order of DRT. The details regarding said auction is not available to us hence the book value of all these assets i.e. Rs.24945951/- are considered has relised value and the difference between the dues of these financial institutions i.e. Rs.12457202/- as per books and realized value of assets as per above Rs.25945951/- are taken as interest and other charges i.e. Rs. 13488749/- for the period.

3. Balances of Sundry Creditors, Sundry debtors unsecured and secured loans & advances are subject to confirmation however, the directors have certified the respective balances. Transactions not supported by third party evidences are certified by the directors.

4. In the opinion of the board of directors of the company, the current assets, loans and Advances are approximately of the value stated if realized in the ordinary course of Business except as otherwise stated.

5. Previous year figures have been regrouped rearranged wherever necessary to confirm with current year''s figures.

6. The company is not carrying on any business the information relating to balances due to Small Scale Industries (SSI) undertakings is therefore nil.

7. The provision for Deferred Tax Liability have not been made as the company had discontinued its business and now there is no possibility of such future profits on which the tax liability may arise in excess of carried forward losses.

8. In absence of taxable income no provision for taxation has been made.

9. Related party disclosures as required by accounts standard - 18 "Related Party Disclosures" are given below:

a) List of Related Parties :

I. Key Management Personnel and relatives

(i) Mr. Arjunlal N. Uttamchandani

(ii) Mr. Sureshkumar N. Uttamchandani

(iii) Mr. Maheshkumar N. Uttamchandani

(iv) Mr. Nilesh G. Uttamchandani

(v) Mr. Hemant J. Uttamchandani

(vi) Mr. Shankerlal N. Uttamchandani

II. Enterprises owned by Key Management Personnel

(i) Arjun Textiles Private Limited

(ii) Rajni Textiles Private Limited

(iii) M/s. J.J. Group of Mills

(iv) M/s. Sureshkumar & Bros.

(v) M/s. Khushi Textile Agencies

(vi) M/s. Nidhi Textile Agencies

10. Schedule 1 to 15 are an integral part of accounts and are duly authenticated.