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Vaswani Industries
BSE: 533576|NSE: VASWANI|ISIN: INE590L01019|SECTOR: Steel - Sponge Iron
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« Mar 12
Notes to Accounts Year End : Mar '13
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
 Suvlkash alloys and Steel Pvt. Ltd and Cement Corporation of India
 Ltd.. 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.  Details of Employee benefits are given below:-
 
 6.  Valuation 8t Consumption of inventories has been taken as valued
 and certified by the management.
 
 7.  There were no employee at any time during the year drawing Rs.
 500000/- or more per month.
 
 8.  Contingent liabilities & Commitments not provided for in respect
 of:-
 
 (a) Claims against the Company not acknowledged as
 debt:-  
 
                                                 (Rs.in Lacs) 
 
 Particular                         2012-13      2011-12
 
 - Sales Tax                         75.53         49.59
 
 - Excise Duty                      239.27        239.27
 
 Income Tax                            NIL          1.01
 
 (b) Guarantees:-
 
 Particular                        2012-13      2011-12
 
 Tetter of Credit                  2424.59      1565.73
 
 9.  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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