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Continental Controls

BSE: 531460|ISIN: INE545B01022|SECTOR: Electric Equipment
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Mar 13
Notes to Accounts Year End : Mar '14
Note 1: Segment Information for the year ended March 31, 2014
 
 As the Company is engaged only in one business segment i.e.
 Manufacturing of Electrical goods and there are no geographical
 segments, the Balance Sheet as at March 31, 2014 and the Profit and
 Loss Account for the year ended March 31, 2014 pertain to one business
 segment and related activities as per Accounting Standard (AS) 17 on
 Segment Reporting.
 
 Note 2: Related Party Transactions
 
 As per Accounting Standard 18, the disclosures of transactions with the
 related parties are given below Note 29.1: Relationships during the
 year
 
 Name of the Related Party                      Relationship
 
 Navin G Thakkar (Managing Director)
 
 Samir N Thakkar Amit N Thakkar       Key Management Personnel & Relatives
 
 Pradeep C Gaglani 
 
 Harish S Thakkar 
 
 Kanaiyalal S Thakkar
 
 Shree Krishna Controls Private Limited  :
 
 Enterprises over which Key Management Personnel are
 able to exercise signficant influence
 
 New Krishna Metal Arts (Partnership Firm)
 
 Note 3: Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans
 and Advances are subjected to reconciliation and confirmation,
 adjustment if required, will be made after reconciliation. The
 management does not expect any material difference affecting the
 current year''s statements.
 
 Note 4: In the opinion of the Board and to the best of their knowledge
 and belief all the Current Assets, Loans and Advances have value on
 least of an amount at which they are stated in Balance Sheet.
 
 Note 5: Liability In respect of gratuity and leave encashment are
 accounted on cash basis which is not in conformity with Accounting
 Standard (Revised 2005) on Employee Benefits as issued by the Institute
 of Chartered Accountant of India, which requires that gratuity and
 Leave Liabilities be accounted for on actuarial basis.
 
 Note 6: The Company has not received intimation from most of the
 suppliers regarding the status under the Micro, Small and Medium
 Development Act, 2006, and hence disclosure requirements in this regard
 as per schedule VI of the Companies Act, 1956 is not being provided.
 
 Note 7: Previous Year figures
 
 Figures of previous year are regrouped, rearranged and reclassified
 wherever necessary to correspond to figures of the current year
 
Source : Dion Global Solutions Limited
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