1 Disclosure as required by Accounting Standard – AS 17 Segment
Reporting, issued by the Institute of Chartered Accountants of India.
The entire operations of the Company relate to only one segment viz.
Business Centre. As such, there is no separate reportable segment
under Accounting Standard-AS 17 on Segment Reporting.
2 Disclosure as required by Accounting Standard – AS 20 Earning Per
Share, issued by the Institute of Chartered Accountants of India.
The Company has not issued any potential diluted equity share and
therefore the Basic and Diluted earning per Share will be the same. The
earning per share is calculated by dividing the profit after tax by
weighted average number of shares outstanding.
3 Disclosure as required by Accounting Standard - AS 18 Related
Parties, issued by the Institute of Chartered Accountants of India.
A. Key Management Personnel
Mr. Kishore Shete, Wholetime Director Indian
Transaction during the year with Mr. Kishore Shete is in the Nature of
Director Remuneration paid/payable to him.
Amount Payable to him as at 31st March, 2012 is Rs. 124313/- (P. Y.
No amount pertaining to the party has been written off or written back
during the year.
4 Contingent liabilities not provided for in respect of :
Particulars 2011-12 2010-11
(Rs) (Rs) (Rs) (Rs)
i. Claims against the Company not 168,000 3,704,000
acknowledge as debts estimated at
ii. Income - Tax Matters 87,106,780 88,061,166
iii. The Company has received various show - 358,000
cause notices and an order from Excise
and Customs Authorities, which have been
replied to by the Company. The contingent
liability, if any, on the basis of such notices/
demands, except for those which have
become time barred are estimated at
5. In the opinion of the Board of Directors, all the assets other than
fixed assets and non current investments have value on realisation in
the ordinary course of business atleast equal to the amount at which
they are stated in the Balance Sheet.
6. Prior period comparatives :
The Company has reclassified the published previous year figures to
conform to the norms of the Revised Schedule VI. The adoption of the
revised Schedule VI does not impact recognition and measurement
principles followed for preparation of the financial statements.
However, it significantly impacts presentation and disclosures made in
the financial statements, particularly presentation of Balance Sheet.
7. The Balance Sheet, Statement of Profit & Loss, Cash Flow Statement,
Statement of significant accounting policy and other explanatory notes
form an integral part of the financial statements of the Company for
the year ended on 31st March, 2012.