NOTE - 1 - NOTES FORMING PART OF THE ACCOUNTS :

1. SIGNIFICANT ACCOUNTING POLICIES :

A. SYSTEM OF ACCOUNTING :

The Company follows the mercantile system of accounting and recognises income and expenditure on the accrual basis.

B. INVESTMENTS :

i) Long Term investments of the company are stated at their cost of acquisition.

ii) Provision for diminution in the value of long term investments is made only if, such a decline is other than temporary in the opinion of the management.

C. SALES & PURCHASES :

Sales & Purchases are recognised net of returns.

D. TAXATION :

i) Current tax has been determined and provided as the amount of tax payable in respect of taxable income for the year.

ii) Deferred tax recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

2. No Provision for Current tax has been made in the absence of taxable income.

3. The Company has no suppliers which constitutes small scale Industrial undertaking.

4. The Company principally engaged in the business of Textiles. Accordingly there are no reportable segments as per Accounting Standard No.17 issued by the Institute of Chartered Accountants of India on 'Segment Reporting'.

As per our report of even date

For Bipinchandra J. Modi & Co.

Chartered Accountants

 (CA. Bipin J. Modi)

Partner

Membership No.: 031687

Firm Reg. No.: 101521W

For Jarigold Textiles Limited

Harishchandra Bharucha (CFO)

Suhail Shah (Director) DIN 00719002

Harjibhai Dhaduk (Director) DIN 06905458

Place : Surat

Date : 30/04/2015