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Moneycontrol.com India | Notes to Account > Miscellaneous > Notes to Account from Vikas Multicorp - BSE: 542655, NSE: VIKASMCORP
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Vikas Multicorp

BSE: 542655|NSE: VIKASMCORP|ISIN: INE161L01027|SECTOR: Miscellaneous
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Notes to Accounts Year End : Mar '18

1. Previous year figures have been regrouped/ rearranged wherever necessary.

2. Sundry Creditors, Sundry Debtors, Loans & Advances & Unsecured Loans are subject to confirmation and reconciliation by the respective parties.

3. In the opinion of the management, the current assets, loans and advances have a book value not less than those at which they are stated in the Balance Sheet, if realized in the normal course of business.

4. Small scale industrial undertakings to whom amounts are due been determined during the current financial year as the Company has not received from vendors regarding their status under the Micro Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act have not been given.

5. Cash in hand at the closing hours of 31st March 2018 as certified by the management.

6. Fixed assets have been certified by the Management and relied upon by the auditors, being a technical matter.

7. Auditor’s Remuneration for the year ended 31st March 2018

8. Disclosures as per Accounting Standard - 11 on ‘Effects of Changes in Foreign Exchange Rates’.

In Accordance with AS 11 and companies accounting policy, difference in monetary assets & Liabilities relating to foreign currencies transactions remaining unsettled at the year end are translated at the year end rates or subsequent realisation rate as the case may be & accordingly income for Rs.10,51,989.30/- has been recognized in the Profit a Loss A/C under head Exchange Fluctuation.

9. Disclosure as per Accounting Standard - 16 on ‘Borrowing Cost’.

During the year no borrowing cost has been capitalized to fixed assets.

10. Disclosure as per Accounting Standard - 18 on ‘Related Party Disclosure’

A. Relationship

i. Key Management Personnel:

- Mr. Vikas Garg

- Mr. Hari Bhagwan Sharma

- Mr. Pankaj Kumar Gupta

- Ms. Anubhuti Mishra

- Ms. Preeti Rai

ii. Significant influence by key management personnel

- Vikas Ecotech Limited

- Vikas Polymer India

- Seema Garg (Wife of Vikas Garg)

- Vivek Garg (Brother of Vikas Garg)

11. Computation of Net Profit in accordance with section 197,198 and 199 of schedule V of the Companies Act 2013 has not been given as no commission is payable to any of director or Managers of Company.

12. Disclosure as per Accounting Standard-22 ‘Accounting for Taxes on Income’

On the basis of reasonable virtual certainty of future Income/Loss, deferred tax liabilities has been recognised for Rs.2,59,941. At the end date of year carrying amount of deferred tax asset stands at Rs.4,61.023/- The breakup is as follow.

11. The balance of custom duty Recoverable is subject to confirmation and reconciliation.

12. Closing stock at the closing hours of 31st March 2018 as certified by the management.

13. The Balance of Sundry Creditors and Sundry Debtors are subject to confirmation and reconciliation.

Source : Dion Global Solutions Limited
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