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Vaswani Industries
BSE: 533576|NSE: VASWANI|ISIN: INE590L01019|SECTOR: Steel - Sponge Iron
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« Mar 13
Notes to Accounts Year End : Mar '14
1.  The figures of the previous year have been regrouped wherever
 considered necessary to confirm with current year''s presentation. The
 figures have been rounded off in Rs. in Lacs.
 
 2.  Balance under sundry debtors, other current assets, sundry
 creditors, and loans & advances are subject to confirmation and
 reconciliation if any.
 
 3.  In the opinion of the Management, Current Assets, Loans & Advances
 have the value at which they are stated in the balance sheet if
 realized in the ordinary course of the business except the balance of
 Suvikash Alloys and Steel Pvt. Ltd, Cement Corporation of India Ltd.
 and Bhadramaruti Concast Private Limited. No Provision has been made
 as matter is under court proceedings.
 
 4.  In respect of Micro / Small / Medium Enterprises Development Act,
 2006, certain disclosure is required to made relating to Micro / Small
 / Medium Enterprises. The company could not get relevant information
 from its supplier about their coverage under the Act since the relevant
 information is not readily available, no disclosure have been made in
 the account. Hence disclosure, if any, relating to amounts unpaid as at
 the year-end together with interest paid/ payable as required under the
 said act have not been made.
 
 5.  Valuation & Consumption of inventories has been taken as valued and
 certified by the management.
 
 6.  There were no employee at any time during the year drawing Rs.
 500000/- or more per month.
 
 7.  Contingent liabilities & Commitments not provided for in respect
 of:-
 
 (a) Claims against the Company not acknowledged as debt:-
 
                                                           (Rs.in Lacs)
 
 Particular                                   31.03.2014     31.03.2013
 
 *  Sales Tax                                      75.53          75.53
 
 *  Excise Duty                                   236.10         239.27
 
 (b)  Guarantees:-
 
 Particular                                   31.03.2014     31.03.2013
 
 Letter of Credit                                2306.49        2424.59
 
 8.  Since the company is engaged in the generation of power from A.Y
 2008-09, So the company is entitled to claim the deduction under
 section - 80IA of Income tax act & the quantum of deduction is 100% of
 profit & gains derived from such business for 10 consecutive assessment
 years out of 15 years beginning with the year in which enterprises
 begins to generate Power. Hence the company is decided to claim the
 deduction from A.Y.2013-14.
 
Source : Dion Global Solutions Limited
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