| Notes
a. There is no fresh issue of equity in last five years.
b. The Company has only One class of Equity Share having a par value
of Rs. 10 per share. Each holder of Equity Shares is entitled to One
vote per share. In the event of Liquidation of the company, the holder
of Equity shares will be entitled to receive remaining assets of the
company, after distribution of all preferential amounts. The
distribution will be in proportion to the number fo equity shares, held
by the shareholders.
1. There are no commitments on capital account as on the date of the
Balance Sheet.
2. In terms of Section 22 of Micro, Small and Medium Enterprises
Development Act, 2006, the outstanding to these enterprises are
required to be disclosed. However, these enterprises are required to be
registered under the Act. In the absence of the information about
registration of the Enterprises under the above Act, the required
information could not be furnished. In view of above and in absence of
relevant informations, the Auditor has relied upon the same.
3. The company has suspended all its business activities till the time
company generates sufficient resources for effective working, as
decided by the Board of Directors in its meeting held on 21st January
2004. Accordingly company has neither replaced senior management staff
after their resignation nor retained marketing network. Company carries
on its effort to identify a strategic partner, who can bring in
required resources. However, the management is not able to express
their views on probable date for recommencement of company's
activities.
4. Considering the fact that company has a positive net worth, that
company can meet all its liabilities out of its assets, and that the
realizable value of the net assets is higher than / equal to its costs
recorded in books and accordingly all the assets and liabilities have
been stated at their historical costs, which is same as its realizable
value.
5. Principal business of the Company remains temporarily suspended due
to unavailability of sufficient resources. Company shall restart its
business upon generating required resources for effective working.
Meanwhile idle funds are invested in interest fetching loans/deposits,
till the time they get deployed in main business. Since the Company has
no other business, the interest income and the loan assets are
respectively more than 50% of total income and 50 % of total assets.
The company therefore satisfies one of the conditions of NBFC
registration. However since Net worth of the Company is less than Rs.
200 lakhs, the Company cannot register itself as NBFC.
6. Deferred Tax :
The company has unabsorbed depreciation and carry forward losses and
other allowances available for set-off under the Income Tax Act 1961.
However in view of present uncertainty regarding generation of
sufficient future taxable income, net deferred tax assets amounting to
Rs. 61,85,812 at the year-end including related credit for the year
have not been recognized in these accounts on prudent basis.
The above loans are not repayable within a period of 12 months, as
confirmed by the parties. Related parties are identified by Management
and relied upon by the Auditors.
7. Segment Reporting :
The only source of income for the Company is interest earned on idle
funds invested in loans / deposits. Hence no disclosure under
Accounting Standard - 17, 'Segment Reporting' is required in these
financial statements. There is no reportable Geographical Segment.
8. At the end of the year, there were no employees in the company;
hence no provision has been made for Gratuity and Leave encashment.
9. Previous period figures are grouped / regrouped, arranged /
re-arranged wherever necessary to conform to current year's
classification.
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