| (A) Terms/ rights attached to Equity Shares
The Company has only one class of equity shares having a face value of
Rs. 1/- per share. Each holder of equity shares is entitled to one vote
per share. Whenever the Company declares dividend, same will be paid
in Indian rupees.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. However, no such
preferential amounts exist currently. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Note 1 Sundry Debtors include Rs.8,72.872 due from Scooters India
Limited, outstanding for more than 3 years. The Company has intiated
recovery proceedings from this party against earlier decree obtained
from Mumbai High Court in favour of the Compnay.
Note 2 In the opinion of the Board the Current Assets, Loans &
Advances are realisable in the ordinary course of business at least
equal to the amount at which they are stated in the Balance Sheet. The
provision for all known liabilities is adequate and not in excess of
amount reasonably necessary.
Note 3: Being the first year of new reportable segment, corresponding
figurs of previous year have not been given.
Note 4 Taxes on Income
(i) Provision for taxation for the year has been made in accordance
with the provisions of the Income Tax Act, 1961.
(ii) As per Accounting Standard { AS-22 ) on " Accounting for Taxes on
income" issued by the Institute of Chartered Accountants of India , the
timing difference relating to unabsorbed losses results into Deferred
Tax Assets. In view of present uncertainty regarding generation of
sufficient future taxable income and as a measure of prudence the
Deferred Tax Assets on the same has not been recognised in the
accounts.
Note 5 Previous year's figures have been re-grouped/reclassified,
wherever necessary to correspond with current year's classification.
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