| 1. Other Notes:
(i) PROVISIONS. CONTINGENT LIABILITIES & CONTINGENT ASSETS f AS-291:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events & it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
CONTINGENT LIABILITIES: 31.03.2014 31.03.2013
Claim against the Company not (Rs) (Rs)
acknowledged as debts nor provided for;
Contingent Liabilities not provided for in 2,80,90,656 /- 2,80,90,656/-
respect of Royalty charges & interest
raised by Collector of Bhuj-kutch,
Gujarat State which is disputed by the company.
(ii) RELATED PARTY DISCLOSURE (AS INDENTIFIED BY THE MANAGEMENT!: i)
Related Party relationship
a) Where control exists :
b) Director / Key Management Personnel:
MR. P. G. DAVDA DIRECTOR
MR. KISHORE G. DAVDA DIRECTOR
MR. D. S. MADHAVANI DIRECTOR
c) RELATIVES OF KEY MANAGEMENT PERSONNEL & DIRECTOR
Smt. N. D. Madhavani Wife of Director D.S. Madhavani.
Rupal K Ashani Daughter of Director Pratap G. Davda.
(iii) The balance of debtors, creditors, deposit transactions and loans
and advances as appears in Books & Financial statements, are subject to
confirmation from parties
(v) The Company has no whole time Company Secretary within the meaning
of section 383 A of the Companies Act, 1956.
(vi) In the opinion of the Board of Directors the current assets, loans
and advances have a value on realization in the ordinary course of
business at least equal to the amount at which items are stated in the
Balance sheet.
(vii) The Company has neither provided nor ascertained the amount of
retirement benefits such as Gratuity and Leave Encashment etc., as
required by Accounting Standard (AS-15) issued by the Institute of
Chartered Accountants of India.
(viii) Payment of remuneration to whole time directors includes Rs.
24,00,000/- to Mr Prataprai G. Davda and Rs. 12,00,000/- to Mr Kishore
G. Davda.
(ix) The Company has not ascertained or made provisions for which
assets are to be treated as impaired as per AS 28.
2. In the absence of intimation from the vendors with regard to their
registration (filing of memorandum) under "The Micro, Small & Medium
Enterprise Development Act, 2006 (27 of 2006)" Hence no disclosures
have been made in this regard.
3. Figure of the previous year have been re-grouped / rearranged /
reclassified wherever necessary.
(xii) In view of copy of letter dated 07-01-2014 addressed to Forest
Protection officer received by Company from Geology, Science & Mining
Department on subject of closing of Mining Activities which are fully
within 1 k.m of National Park /Animal Protection area (Abhayaranya).
In view of above the company mining activities has been suspended on
lease hold land for time being with effect from 07-01-2014.
In case if the company is not able to start the Mining Activities on
such lease hold land, concept of going concern is affected.
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