| 1. LIABILITY AND ASSETS
Balances grouped under Sundry Debtors, Sundry Creditor, and Advances
from Customers and Advances Recoverable in cash or in kind are subject
to confirmation from respective parties.
2. SECURED LOAN
Secured loans security and other particulars:
(I) Term Loans & working capital loans from Banks/NBFC are secured by
way of Mortgage/ Hypothecation of
Moveable/lmmovable assets, (ii) Term Loans & working capital loans are
further secured by personal guarantees of Executive Chairman and/or the
Managing Directors.
3. PREPAID EXPENSES:
Financial expense incurred during the current accounting period which
provides benefit in several accounting period has been treated as
revenue expense only for the period relating to the current accounting
period and balance is treated as prepaid expenses to be adjusted on pro
rata basis in the future accounting period.
4. FOREIGN CURRENCYTRANSACTIONS:
The company has carried out intermediary trade transactions in course
of Export & Import of goods & Foreign Exchange Fluctuation Profit of
Rupees Eighty Eight Thousand Three Hundred Eighty Two Only during the
year.
5. INVENTORY
Stock at the end of the year is taken based on the physical
verification conducted by the management.
6. BENEFITS TO EMPLOYEES:
The Company follows Accounting Standard 15 (Revised 2005) 'Employee
Benefits'. It has classified the various employee benefits provided to
employees as under :-
II Defined Benefit Plans
Contribution to Gratuity Fund
In accordance with Accounting Standard 15 (Revised 2005), actuarial
valuation was done in respect of the aforesaid defined benefit plan of
gratuity based on the the following assumptions:-
7. MICRO, SMALL AND MEDIUM ENTERPRISE
The identification of micro, small and medium enterprises suppliers as
defined under the provisions of "Micro, small and medium enterprises
development Act, 2006" is based on Management's Knowledge of their
status. There are no dues to micro, small and medium enterprises as on
March 31,2012.
8. COMMITMENTS AND CONTINGENT LIABILITIES
Note- Contingent Liabilities for Current period is NIL and for previous
year was also NIL.
9. RELATED PARTY TRANSACTION
Information on Related party transaction as required by Accounting
Standard (AS 18) for the year ended 31st March, 2012.
(a) Related parties where control exists
Subsidiaries Avon Corporation FZE
(b) Key management personnel
Mr. Pankaj saraiya Managing Director
Mrs. Rupalsaraiya Whole Time Director
Mrs. Shantaben P. Saraiya Director
Mr. R. M.Joshi Director
Mr. AnmolSekhri Director
Mr. GopalKrishanSharma Director
(c) Relative of Key management personnel
Mr. Pratapsinh saraiya Mr. Bhupendra Doshi
10. PREVIOUS YEAR COMPARATIVES FIGURE
Previous period's figures have been regrouped / reclassified wherever
necessary to conform to the current year's classification.
11. SCHEDULES TO ACCOUNTS
Schedules 1 to 27 form an integral part of the Balance Sheet and Profit
and Loss Account and are duly authenticated.
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