Kiran Syntex Ltd. ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

2.17 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past events
and it is probable that an outflow of resources will be required to settle the obligation in
respect of which a reliable estimate can be made.

The Company has not formulated any scheme like ESPOS

Note 37 :- Taxes on Income

The company has incurred loss during the year and theexpected -

results in near future is also not expected to be encouraging,
therefore taking a conservative approach, the management has
decided for not to recognise the deferred tax asset for the year,
worked out as per provisions of Accounting Standard (AS-22) of
the Act.

As per attached report of even date

For MM S & ASSOCIATES For KIRAN SYNTEX LTD.

CHARTERED ACCOUNTANTS For and on the behalf of the Board of

FRN : 110250W Director

Sd/- Sd /- Sd/- Sd/-

PRAMOD BOTHRA Maheshkumar Ami Jigar DaizyJain

PARTNER M. Godiwala Godiwala

M. NO. 42831 (Managing (Director and Company Secretary

Director.) CFO)

1003, Rathi Palace (DIN : 1779079) (DIN: 03019834)

Ring Road, Surat- 395002
DATE : May 29, 2024
PLACE : SURAT

Note No. 1 Corporate information

The company is a public limited engaged in Trading & Manufacturing of dyed yam, the Registered office of the company is situated at 1/324 Popat Street Nanpura, Surat. 395001.

Note 2 Segment Reporting

Segment information

There is only one segment as identified by the management viz Textiles, as defined in the AS 17.

Note 3 :-Contingent Liabilities

The Excise deptt has raised demand of Rs. 1939.19 lacs and Rs 1387.35 Lacs on the company for the period from 1998 to 2003 and has also imposed penalty of equal amount. The company has disputed the said demand in Tribunal and in the opinion of the management the liability will be deleted. The management has not proposed any provision in the books for the said demand raised by the Excise Department.

Note 1 Segment Reporting Segment information

There is only one segment as identified by the management viz Textiles, as defined in the AS 17.

Note 2 :-Contingent Liabilities

The Excise deptt has raised demand of ''1939.19 lacs and ''1387.35 lacs on the company for the period from 1998 to 2003 and has also imposed penalty of equal ammount. The company has disputed the said demand in Tribunal and in the opinion of the management the liability will be deleted. The management has not proposed any provision in the books for the said demand raised by Excise Department.

Note 3 :- Related Party Disclosure as per AS-18

Notes To Cash Flow Statement

1 Direct taxes paid are treated as arising from operating activities and are not bifurcated between investing and financing activities.

Note No. 1 :- Corporate information

The company is a public limited engaged in Trading & Manufacturing of dyed yarn, the Registered office of the company is situated at 1/324 Popat Street Nanpura, Surat. 395001.

Note 2 :- Segment Reporting Segment information

There is only one segment as identified by the management viz Textiles , as defined in the AS 17.

Note 3 :-Contingent Liabilities

The Excise deptt has raised liability of duty amounting to Rs 1387 Lacs on the company for the period from 1998 to 2003 . The company has disputed the said demand in Tribunal and in the opinion of the management the liability will be deleted.

Notes To Cash Flow Statement

1 Direct taxes paid are treated as arising from operating activities and are not bifurcated between investing and financing activities.

Note No1. InCorporate information

The company is a pubic limited engaged in Trading of yam the Registered office of the company is situated at 1/324 Popat Street Nanpura, Surat. 395001.

Note 2 :- Segment Reporting Segment information

There is only one segment as identified by the management viz Textiles, as defined in the AS 17.

Note 3 :-Contingent Liabilities

As explained to us there exists no such contingent liabilities which may result in loss or which require provision to be made in the books of accounts. No contingent gain has been recognised as income in the books of accounts.

1. The outstanding Balances of Debtors, Creditors, Deposits and advances are subject to confirmation.

2. Previous year figures have been regrouped or rearranged wherever necessary to make them comparable with these of current year.

3. The company has not provided for gratuity.

The management has explained that provision for gratuity will be made as per actuarial basis as and when it falls due and becomes applicable.

4. Advances include a sum of Rs.171.38 Lass outstanding from companies in which directors are interested.

No interest has been charged on these advances. Management has explained that the advances were made in earlier years against supplies to be made by the companies.

5. Segment Reporting :

There is only one segment as identified by the Management via Textiles, as defined in the AS-17.

6. Related Party Disclosure as per AS-18 is as Under:

a) Related Party relationship and transactions with them during the period:

1. The outstanding Balances of Debtors, Creditors, Deposits and advances are subject to

2. Previous year figures have been regrouped or rearranged wherever necessary to make them comparable with these of current year.

3. The company has not provided for gratuity. The management has explained that provision for gratuity will be made as per acturial basis as and wher falls due and becomes applicable.

4 Advance to Suppliers includes a sum of Rs.157.38 lacs (P.Y.Rs. 179.31 lacs) given to companies in while Directors are interested.

5 Segment Reporting :

There is only one segment as identified by the Management viz Textiles, as defined in the AS-17.