| 1. (a) The outstanding balances of Debtors, Creditors, Loans and
Advances given / taken are subject to confirmation from the parties.
(b) The balances in current account of few banks are subject to
confirmation from respective Banks.
2. During the year, as and when required, Loans and advances are given
to and taken from the Directors / Companies/ firms and other parties,
in which Directors are interested. Since the accounts were operated as
current accounts, repayable on demand it is impossible for the
Management to quantify the amount of unsecured loans given and taken.
However, Balance outstanding at the yearend together with corporate
guarantee given does not exceeds the limit prescribed under section 185
& 186 of the Companies Act, 2013 & under RBI Directions to NBFC's
3. Previous year's figures have been regrouped / recast / rearranged /
reclassified, wherever required
4. Contingent Liabilities & Commitments
A. Contingent Liabilities
a. Claims against the Company not acknowledged as debt: - Disputed
Income Tax Liability for AY 06/07 - Rs. 4,71,077/- (On account of
disallowance of deduction claimed u/s 10 (23G) and expenses disallowed
u/s 14A and u/s 3 7 of the 1 .T. Act. b. Guarantees : - Rs. Two Crores
on behalf of a company under the same management.
c. Other Money for which the Company is contingently liable: - NIL
B. Commitments
a. Estimated amount of contacts remaining to be executed on capital
account and not provided for: - NIL
b. Un called liability on shares and other investments partly paid: -
NIL
c. Other Commitments: - NIL
5. Interest on unsecured loans and advances in the nature of loans,
taken and/ or given have been provided, wherever stipulation to that
effect exists.
6. In the opinion of the management, there is no diminution in the
value of investments made in Buildings / Properties / Unquoted shares,
held as Long term investments. The book balance of quoted shares, which
were fully written off as loss assets in earlier years are there in
physical as well as in demat form in the name of the Company.
7. In the opinion of the Board, the realizable value of the Current
Assets, Loans and Advances, in the ordinary course of business would
not be less than the amount at which they are stated in the Balance
Sheet.
8. Loans/Investments / Guarantees taken together to single group of
parties i.e. Firms & Companies under the same management is within the
limit prescribed under RBI Directions, 1998 to NBFC's and the limits
prescribed under section 185 & 186 of the Companies Act, 2013.
9. In the opinion of the Board of Directors of the Company, the
provisions of service tax is not applicable to the Company neither
under the head Banking and financial services nor under new system of
negative taxation of services.
10. Earnings per share has been computed as below as required by
Accounting standard- 20 on Earnings per share issued by the Institute
of Chartered Accounts of India.
11. As per accounting standard-22 on "Accounting for Taxes on Income"
issued by the Institute of Chartered Accountants of India, no amount
has been provided against deferred tax Asset / Liability, in view of
amount involved is not material.
12. The transactions with related parties as per Accounting standard-18
on "Related party Disclosures" issued by the Institute of Chartered
Accountants of India, are furnished below:
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