Seasons Textiles Limited is a listed public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the Manufacturing, Trading and Export of Furnishing Fabrics.
NOTE-2 OTHER NOTES ON ACCOUNTS
a. Previous year figures have been re-arranged and regrouped to make it comparable with the current year figures.
b. Contingent Liabilities and Commitments to the extent not provided for:-
Contingent Liabilities
a. Bills and Cheques Discounted Rs. 2,35,01,123/- ( Previous year Rs. 2,80,09,932/-)
Commitments
a. Estimated amount of contract remaining to be executed on Capital Account and not provided for is - NIL
b. All the known liabilities have been provided for and there are no disputed liabilities as confirmed by the directors
c. Wherever the balance confirmation is not available from the parties, the balances as appearing in the books of account have been considered.
d. Profit & Loss account includes remuneration to Auditors as given below:
e. Capital work in progress relates to installation of Plant & Machinery for expansion cum modernisation project at Barhi, Sonepat, Haryana.
f. Related Party Disclosures:
Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:
1) List of Related Parties
Associate Companies: Seasons Furnishings Ltd.
Key management personnel and relatives :Inderjeet S. Wadhwa, Mandeep S. Wadhwa & Neelam Wadhwa.
Relatives: Jasmer Singh Wadhwa & Gursheen Wadhwa.
Other Related Parties:S9 Home Pvt. Ltd., Seasons Lifestyles Pvt. Ltd& Walnut Furnishings Pvt Ltd.
g. Segmental Information:
The Company has only one business segment of Textiles only. The company operates its business from India. Therefore, there is only one business and geographical segment.
h. Deferred Taxation: In accordance with Accounting Standard (AS) 22, issued by Institute of Chartered Accountants of India, the deferred tax liability (on account of timing difference) for the current year amounted to Rs. 4,50,68,097/-. (Previous year Rs. 4,56,26,222/-).
i. The Company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding principal amount due and the interest due thereon outstanding to suppliers as at the end of the accounting year, Interest paid during the year and Interest payable/accrued/unpaid at the end of the accounting year, has not been provided.
j. In the opinion of the management, the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet
k. In terms of 'Accounting Standard (AS) 28', the assets are not impaired because the recoverable amount of fixed assets collectively determined by the present value of estimated future cash flows is higher than its carrying value.
l. Tour and Travelling Expenses include Rs.4,21,748/- .(Previous Year Rs.8,61,561/-) on account of Directors.
m. Cash Flow Statement:
The Cash Flow Statement has been compiled from and is based on the Balance Sheet as on March 31,2015 and Profit & Loss Account for the year ended on that date.
The Cash Flow Statement has been prepared on the basis of indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountant of India.
As per our Separate Report of even date as annexed hereto.