Note 1

COMPNAY OVERVIEW

Bloom Industries Ltd. Is a Iron Industry, Trading & providing Sharing, decoiling, Corrugation with Labour Job Work & Warehousing Charges Received at its factories located at Taloja, Dist.-Raigad (Maharashtra).

Note 2

SIGNIFICANT ACCOUNTING POLICIES

2.01 FIXED ASSETS AND DEbrCIATION :

(I) Fixed Assets are stated at cost inclusive of other identifiable direct expenses and errection expenses up to the date of the assets put to use and on commencement of production.

(ii) The company is charging debrciation under the straight line method at the rates brscribed under schedule XIV of the Companies Act, 1956.

2.02 INVESTMENTS :

Investments are stated at cost and valued on FIFO basis. In the management's opinion the decline in the value of shares on the concerned stock exchange is of short-term nature and no provision for the decline in the value of investment is considered necessary as on the date of the balance sheet.

2.03 INVENTORIES :

The Company had followed the value of inventories as cost or market value whichever is lower. However Raw Materials, Material-in-Process, Stores and spare parts during the year are Nil.

2.04 SALES :

Sales, Labour Job charges, Warehousing charges, Sale of goods & Services given net of trade discounts.

2.05 PURCHASE :

Purchases shown in the books of account are purchase cost and other direct expenses incurred.

2.06 EXCISE DUTY :

The company has not liable to pay or charge excise duty as there is no any exciseable goods manufacturing activities during the year.

2.07 CENVAT

Benefit of Cenvat credit in respect of Service Tax is directly reduce from the respective expenses /Fixed Assets.

2.08 TAXATION

Current Income tax are measured at the amount expected to be paid to Tax authorities in accordance with the Income Tax Act 1961. Tax paid under MAT if any is to be charge to profit & loss a/c.

2.09 TREATMENT OF RETIREMENT BENEFITS :

Retirement benefits are recorded only on the Crystalisation of liability.

2.10 CONTINGENT LIABILITY :

Contingent liabilities are determined on the basis of available information and are disclosed by way of a note to the accounts.

2.11 FORIEGN CURRENCY TRANSCATION :

Foreign Currency transaction are recorded in the books of the Company at the rates brvailing on the date of payment.

17. FORFEITURE OF EQUITY SHARES

Out of the forfeited equity shares of Rs.32.03 Lacs which were forfeited in financial year 1994-95. Some allotees filed case against forfeiture in respect of 10400 Equity Shares of Rs.10/- each which are pending before various courts. In this respect company has not made any provisions.

18. MANAGERIAL REMUNERATION :

(a) Director's Remuneration: Rs.8,79,516/- (brvious year Rs.1,80,000/-)

(b) The remuneration stated above is in accordance with the provisions of and Schedule V to the Companies Act, 1956.

Since the remuneration stated above is the within the limit of remuneration paid to the managerial personnel, calculation of managerial remuneration under Section 198 of the Companies Act, 1956 is not applicable.

19. Value of Import during the year is Rs. Nil (Previous year Rs. Nil)

20. (a) Expenditure in foreign currency during the year Rs. Nil (Previous Year Rs. Nil). (b) Earning in foreign currency during the year Nil (Previous Year Nil)

21. The Balance of Trade Receivable, Trade Payable and Loan & advances are subject to confirmation and reconciliation.

22. There is no any amount due to Micro, Small and Medium Enterprises. The disclosure is based on the information available with the company.

25. SEGMENT REPORTING

Since The Company primarily operates in one segment - Labour Job & Warehousing facility segmental reporting as required under Accounting standard -17 is not applicable. There is no reportable geographic segment either

23. Debrciation:

(I) Debrciation on Fixed Assets is provided on 'Straight Method' considering their useful lives and residual value as provided in Schedule II of the Act.

(ii) Debrciation on revalued assets to the extent of revaluation is charged from Revaluation reserve.

24. DEFERRED TAX ASSETS / LIABILITY.

The AS -22 (Accounting Standard for "Accounting for Taxes on Income") issued by ICAI becomes applicable to the company w.e.f.01.04.2002.

The Deferred tax liability on account of the timing difference in the rates of debrciation has not been recognized as on 31.03.2015. Because according to the management opinion this does not affect the financial status & profitability of the company considering the substantially MAT Credit available to the Company.

25. Figures have been Rounded Off to the nearest Rupee.