| 1. Debtors and Creditors balances as appearing in the Balance-Sheet are
subject to confirmation by the respective parties.
2. (i) The company has classified loans and advances amounting to Rs.
10,90,000 as a sub- standard assets and has made provision in
accordance with the Non- Banking Financial Companies Prudential Norms
(Raserve Bank) Direction 2007 and Rs. 397000/- has been recovered
during the year out of sub-standerad assets hence, effect has been
given accordingly.
(ii) In respect of loans amounting to Rs. 45,04,077 the Company has
resorted to available legal remedies, Civil and Criminal as advised,
therefore parties has already given possession of immovable properties
for the said loans and hence, no provision has been made on such loan
in accordance with the Non Banking Financial Companies Prudential
Norms(Reserve Bank) Directions 2007. The management is in the process
of recovering the dues by disposing off the said security so offered
and received and in possession.
(iii) In respect of loans and advances of Rs. 1,22,318 against which
company has filed suit and recovery if any will be credited to the said
accounts as per court's order. The company has not made any provision
in accordance with the Non - Banking Financial Companies Prudential
Norms (Reserve Bank) Direction 2007.
3. NO Provision for Income-Tax has been made due to available carried
forward unabsorbed depreciation and carried, forward business loss and
MAT provision is made as per rules of Income -Tax Act.
4. The company has carried forward losses and unabsorbed depreciation
under the Tax Laws. In absence of virtual certainty of sufficient
future taxable income, net deferred tax assets has not been recognised
by way of prudence in accordance with Accounting Standard (AS)22 -
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of India.
5. The Company does not anticipate any gratuity liability because the
Gratuity Act, 1972 is not applicable to the Company and therefore no
provision is made for gratuity.
6. The previous year's figures have been reworked, regrouped and
reclassified wherever necessary.
7. The stock in trade has been physically verified by the management
as on the last day of the year. The value of the closing stock has been
stated in the accounts as certified by the management.
10. The cash on hand on the last day of the accounting, year has been
physically verified by the management and the cash on hand has been
taken as found and certified by the management.
12. Shares stock closing value: 3449944/-
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