Kareems Spun Silk Ltd. के अकाउंट के लिये नोट

Mar 31, 2009

1. The liability in respect of the following is contingent to the Company :

Customs duty with interest arising out of non fulfillment of export obligation against Export Promotion Capital Goods (EPCG) Licences obtained for conversion into EPCG Scheme from 100% Export Oriented Unit (EOU) Scheme for C1F value of Rs. 8,94,65,040.00.

2. Confirmation of balance from some of the Creditors, Loans and Advances were not received by the Company and these balances are shown as appearing in the accounts.

3. Earning in Foreign currency : Export of finished goods - Nil (Previous Year - Rs. 1,57,724/-).

4. Expenditure in Foreign currency - Import of raw material - Nil (Previour Year - Nil), Import of Spares - Nil - (Previous Year - Rs. 6,89,660/-), Import of consumables - Rs. 1,51,547/- (Previour year - Nil), totaling - Rs. l,51,547(Previous Year - Rs. 6,89,660/-).

5. Deferred Tax on account of carry forward losses have not been accounted as the Company is not reasonably certain that such a deferred tax assets can be realized against future business income.

6. In the opinion of the Board of Directors, all the current assets, loans and advances have realizable value, atleast the value as stated in the Balance Sheet if realized in the ordinary course of business.

7. The promoters have brought-in Rs. 97,48,000/-, part of their contribution to finance cost of the Rehabilitation Scheme as per the directions of Honourable Appellate Authority for Industrial and Financial Reconstruction (AAIFR).

8. The management of the Company is reviving the unit and the networth of the Company is expected to be improved in near future.

9. There are no amount due to small scale industrial undertakings.

10. Additional information pursuant to the provisions of paragraphs 3, 4C and 4D of part II of Schedule IV of the Companies Act, 1956 :

11. Related party disclosure :

Related party disclosure with whom the Company had transaction as required by AS-18 "Related Party Disclosure" are given below :

A. Key managerial personnel:

i) A.K.Abdul Samad, Chairman

ii) Mohammed Mohsin, Managing Director

iii) Mohammed Faisal, Director

B. Other related parties:

i) Kareems Silk International Limited

ii) Kabini Silk Private Limited

iii) Barkath Trading Company

12. Figures of previous year have been regrouped wherever necessary.