Home  »  Company  »  Dharti Proteins  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Dharti Proteins Ltd.

Mar 31, 2014

1. SHARE CAPITAL :

The reconciliation of the Closing amount and Opening amount of Share Capital is given as follows :

(II) There is no movement of the shares outstanding at the beginning and at the end of the reporting period.

(III) The Company has only one class of equity shares having a par value of Rs. 10 per share, each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend in the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

(IV) Company has not allotted any bonus shares, Shares without consideration in cash and/or bought back any equity shares during the period of five years immediately preceding the Balance sheet date.

2. OTHER :

(I) RELATED PARTY TRANSACTIONS

As per Accounting Standard (AS) 18, ‘Related Party Disclosures’ prescribed under the Accounting Standard Rules, the disclosures of the details of the related parties and the transactions entered with them are given below:

(II) A. List of Related Parties

No. Nature Name of the person

1 Key Management Personnel DHIREN K. THAKKAR

2 Key Management Personnel VINODCHANDRA K. PANDYA

3 Key Management Personnel KISHORKUMAR BHATT

4 Key Management Personnel ALPESH KIRITBHAI PATEL

5 Key Management Personnel KAMALKANT RAO

6 Key Management Personnel RADHESHYAM LODH

7 Associates DHIREN ENTERPRISE

8 Associates DEVIKA ROADLINES PVT.LTD.

9 Associates ROHIN ENTERPRISE

10 Associates KANEL INDUSTRIES LTD. (OLD NAME-KANEL OIL & EXPORT PVT.LTD.)

11 Associates TJR SONS LTD.

12 Associates SUN RETAIL PVT.LTD.

13 Associates KANEL PROTEINS LTD.

(II) A. List of Related Parties

No. Nature Name of the person

13 Associates KANEL PROTEINS LTD.

14 Associates TJR FINANCE LTD.

15 Associates KHYATI REALITIES LTD.

16 Associates KADAM EXPORTS PVT. LTD.

17 Associates KHYATI FINCAP LTD

18 Associates KHYATI MULTIMEDIA-ENTERTAINMENT LTD.

19 Associates YASH ESTATE AND DEVELOPERS PVT. LTD.

20 Associates HEERA ISPAT LTD.

21 Relatives of KMP HITESH THAKKAR

22 Relatives of KMP NEELA THAKKAR

23 Relatives of KMP GAURI THAKKAR

(V) Figures have been regrouped and rearranged wherever found necessary so as to make them comparable with in the current year and Figures in the Balance Sheet are rounded off to the nearest of the rupee.

(VI) Management have broadly reviewed the basis of compiling details and information and made test checked wherever considered necessary. The books and / or the details / information compiled in the company on the computer.

(VII) Writing off debtors Bad and Doubtful debts, investments, loans and advances are as per management’s decision and opinion. Debtors/Creditors are accounted at the time of settlement of claims.

(VIII) Contract remaining to executed on Capital Account not provided for Rs. Nil/- (Previous year Rs. Nil)

(IX) The company is operating only in one segment of trading of goods. Hence no separate Segment wise Accounting is required and given herewith.

(XI) In the opinion of the Board of Directors, the Current Assets, loans & Advances are approximately of value stated if realized in the normal course of business.

(XII) Company has not received share certificates of Rs. 125440/- from Classic Co-op. Bank on allotment under liquidation. Unquoted shares of Rs. 8000000/- of Akansha Finance & Investment Ltd., Hindprakash Int. Tr. P. Ltd., Mack cur Laboratories Ltd. and Precision Technofeb & Engg. Were not available for verification. Company’s name has not been shown by these company in their registrar of member or annual return.

(XIII) Account confirmations in respect of accounts of Sundry Debtors, Creditors, Loans and Advances have not been received and they are subject to confirmations and reconciliation, if any. The management is of the opinion that adjustments, if any arising out of such reconciliation would not be material effecting financial statements of current periods. Above adjustments are subject to claims and settlement. In the opinion of auditor these balances are hardly recoverable and payable.

(XIV) The management is in the process of taking stringent remedial actions for recovery of outstanding dues from debtors and loans and advances throughout the year. The Company is in process of developing proper internal control system for obtaining confirmations.

(XV) The Company has initiated the process of identifying the suppliers who qualify under the definition of Micro and Small Enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Since no intimation has been received from the suppliers regarding their status under the said Act as at 31st March, 2014, disclosures relating to amounts unpaid as at the year end, if any, have not been furnished. In the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material and NIL.

(XVI) Wherever external evidence in the form of bills, invoice, and debit notes, credit notes, Journal entry etc are not available. Management has relied upon the internal vouchers prepared and authenticated by the directors/ Authorized officers of the company and also entry passed in the accounts maintained by the company.

(XVII) In absence of market quotations at the end of the year, market value of quoted investments as at Balance sheet date cannot be commented. Provision for permanent diminishing value of quoted investments has not been made.

(XVIII) Due to settlement dispute with debtor/creditor, advance given and advance taken we could not quantify closing balance at the end of year as such balances have been arrived by unilateral actions. Amount of dispute cannot be quantified. No fraud by company or on company has been initiated during the year.

(XIX) NSC matured could not be encased as they are lying with sales tax department. Recoveries of such NSC are negligible. As per auditor these investment must be written off in absence of details.

(XX) We could not employ full time company secretary u/s.383A of Companies Act, 1956, due to non-availability of professional.

(XXI) The information/details given in the Audit report are as per the books maintained and determined and information are compiled and furnished on the computer.

(XXII) Management has passed entry for sale of investment of Kanel Oil and Exports after Limited Review of company accordingly last quarter results are not comparable.


Mar 31, 2013

(I) There is no movement of the shares outstanding at the beginning and at the end of the reporting period.

(II) The Company has only one class of equity shares having a par value of Rs. 10 per share, each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend in the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

(III) Company has not allotted any bonus shares, Shares without consideration in cash and/or bought back any equity shares during the period of five years immediately preceding the Balance sheet date.

(IV) Figures have been regrouped and rearranged wherever found necessary so as to make them comparable with in the current year and Figures in the Balance Sheet are rounded off to the nearest of the rupee.

(V) Contingent liabilities not provided for Rs. NIL (Previous Year Rs. NIL)

(a) Claims lodged against the company not acknowledged as debts, such amounts are unascertainable and NIL.

(b) Liabilities of tax, interest and penalty on account of non filling of sales tax return and cancelation sales tax numbers for last few years cannot be quantified.

(c) Liabilities for interest and penalty of income are not ascertainable.

(VI) Management have broadly reviewed the basis of compiling details and information and made test checked wherever considered necessary. The books and / or the details / information compiled in the company on the computer.

(VII) Writing off debtors Bad and Doubtful debts, investments, loans and advances are as per management''s decision and opinion. Debtors/Creditors are accounted at the time of settlement of claims.

(VIII) Contract remaining to executed on Capital Account not provided for Rs. Nil/- (Previous year Rs. Nil)

(IX) The company is operating only in one segment of trading of goods. Hence no separate Segment wise Accounting is required and given herewith.

Notes :

(a) In accordance with Accounting Standards 22"Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has provided for deferred tax during the year.

(b) The Company expects to generate taxable income in the coming years, which would enable it to utilize the carry forward deferred tax assets.

(X) In the opinion of the Board of Directors, the Current Assets, loans & Advances are approximately of value stated if realized in the normal course of business.

(XI) Company has not received share certificates of Rs. 125440/- from Classic Co-op. Bank on allotment under liquidation. Unquoted shares of Rs. 8000000/- of Akansha Finance & Investment Ltd., Hindprakash Int. Tr. P. Ltd., Mack cur Laboratories Ltd. and Precision Technofeb & Engg. Not available for verification.

(XII) Account confirmations in respect of accounts of Sundry Debtors, Creditors, Loans and Advances have not been received and they are subject to confirmations and reconciliation, if any. The management is of the opinion that adjustments, if any arising out of such reconciliation would not be material effecting financial statements of current periods. Above adjustments are subject to claims and settlement.

(XIII) The management is in the process of taking stringent remedial actions for recovery of outstanding dues from debtors and loans and advances throughout the year. The Company is in process of developing proper internal control system for obtaining confirmations.

(XIV) The Company has initiated the process of identifying the suppliers who qualify under the definition of Micro and Small Enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Since no intimation has been received from the suppliers regarding their status under the said Act as at 31st March, 2013, disclosures relating to amounts unpaid as at the year end, if any, have not been furnished. In the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material and NIL.

(XV) Wherever external evidence in the form of bills, invoice, and debit notes, credit notes, Journal entry etc are not available. Management has relied upon the internal vouchers prepared and authenticated by the directors/ Authorized officers of the company and also entry passed in the accounts maintained by the company.

(XVI) In absence of market quotations at the end of the year, market value of quoted investments as at Balance sheet date cannot be commented. Provision for permanent diminishing value of quoted investments has not been made as most of such investments are in associate concern.

(XVII) Due to settlement dispute with debtor/creditor, advance given and advance taken we could not quantify closing balance at the end of year as such balances have been arrived by unilateral actions. Amount of dispute cannot be quantified. No fraud by company or on company has been initiated during the year.

(XVIII) NSC matured could not be encased as they are lying with sales tax department. Recoveries of such NSC are negligible.

(XIX) We could not employ full time company secretary u/s.383A of Companies Act, 1956, due to non-availability of professional.

(XX) The information/details given in the Audit report are as per the books maintained and determined and information are compiled and furnished on the computer.

(XXI) Auditor has not taken limited review of quarterly results during the year.


Mar 31, 2012

(I) There is no movement of the shares out standing at the beginning and at the end of the reporting period.

(II) The Company has only one class of equity shares having a par value of Rs. 10 per share, each shareholder is elligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend in the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

(III) Company has not alloted any bonus shares, Shares without consideration in cash and/or bought back any equity shares during the priod of five years immediately preceeding the Balance sheet date.

(IV) Figures have been regrouped and rearranged wherever found necessary so as to make them comparable with in the current year and Figures in the Balance Sheet are rounded off to the nearest of the rupee.

(V) Contingent liabilities not provided for Rs. NIL (Previous Year Rs. NIL)

(a) Claims lodged against the company not acknowledged as debts, such amounts are unascertainable.

(b) Liabilities of tax, interest and penalty on account of non filling of sales tax return and cancelation sales tax numbers for last few years can not be quantified.

(c) Liabilities for interest and penalty of income is not acertainable.

(VI) Management have broadly reviewed the basis of compiling details and information and made test checked wherever considered necessary. The books and / or the details / information compiled in the company on the computer.

(VII) Writing off debtors Bad and Doubtful debts, investments, loans and advances are as per management's decision and opinion. Debtors/Creditors are accounted at the time of settlement of claims.

(VIII) Contract remaining to executed on Capital Account not provided for Rs. Nil/- (Previous year Rs. Nil)

(IX) The company is operating only in one segment of trading of goods. Hence no separate Segment wise Accounting is required and given herewith.

Notes :

(a) In accordance with Accounting Standards 22"Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has provided for deferred tax during the year.

(b) The Company expects to generate taxable income in the coming years, which would enable it to utilize the carry forward deferred tax assets.

(c) Company has not filed appeal against demand of preceding year set off against Carry forward loss so provision for loss not made

(X) In the opinion of the Board of Directors, the Current Assets, loans & Advances are approximately of value stated if realized in the normal course of business.

(XI) Company has not received share certificates of Rs. 125440/- from Classic Co-op. Bank on allotment under liquidation. Unquoted shares of Rs. 8000000/- of Akansha Finance & Investment Ltd., Hindprakash Int. Tr. P. Ltd., Mack cur Laboratories Ltd. and Precision Technofeb & Engg. not available for verification.

(XII) Account confirmations in respect of accounts of Sundry Debtors, Creditors, Loans and Advances have not been received and they are subject to confirmations and reconciliation, if any. The management is of the opinion that adjustments, if any arising out of such reconciliation would not be material effecting financial statements of current periods. Above adjustments are subject to claims and settlement.

(XIII) The management is in the process of taking stringent remedial actions for recovery of outstanding dues from debtors and loans and advances through out the year. The Company is in process of developing proper internal control system for obtaining confirmations.

(XIV) The Company has initiated the process of identifying the suppliers who qualify under the definition of Micro and Small Enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Since no intimation has been received from the suppliers regarding their status under the said Act as at 31st March, 2012, disclosures relating to amounts unpaid as at the year end, if any, have not been furnished.

In the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

(*) Amount of loans, advances in the nature of loan where there is no repayment schedule or repayment beyond seven years. (No Repayment Schedule)

(*) Amount of loans/advances in nature of loan where there is no interest or interest below section 372A of companies Act, 1956. (All account are interest free given)

(XVI) Wherever external evidence in the form of bills, invoice, and debit notes, credit notes, Journal entry etc are not available. Management has relied upon the internal vouchers prepared and authenticated by the directors/ Authorized officers of the company and also entry passed in the accounts maintained by the company.

(XVII) In absence of market quotations at the end of the year, market value of quoted investments as at Balance sheet date cannot be commented. Provision for permanent diminishing value of investments has not been made as most of such investments are in associate concern.

(XVIII) Due to settlement dispute with debtor/creditor, advance given and advance taken we could not quantify closing balance at the end of year as such balances have been arrived by unilateral actions. Amount of dispute can not be quantified. No fraud by company or on company has been initiated during the year.

(XIX) NSC matured could not be encashed as they are lying with sales tax department. Recovery of such NSC are negligible.

(XX) We could not employ full time company secretary u/s.383A of Companies Act, 1956, due to non-availability of professional.

(XXI) The information/details given in the Audit report are as per the books maintained and determined and information are compiled and furnished on the computer.

(XXII) Auditor has not taken limited review of quarterly results during the year.


Mar 31, 2011

1. Contingent liabilities not provided for Rs. NIL (Previous Year Rs. NIL)

(a) Claims lodged against the company not acknowledged as debts, such amounts are unascertainable.

(b) Liabilities on account of non filling of sales tax return and cancelation sales tax numbers for last few years can not be quantified.

2. Figures in Balance Sheet have been regrouped and rearranged wherever necessary so as to make them comparable with in the current year.

3. Figures in the Balance sheet are rounded off to the nearest of the rupee.

4. Management have broadly reviewed the basis of compiling details and information and made test checked wherever considered necessary. The books and / or the details / information compiled in the company on the computer.

5. Writing off debtors Bad and Doubtful debts, investments, loans and advances are as per management's decision and opinion. Company is engaged in business of Agriculture products so payments are due or payable on the basis of quality of product so claim of Debtors/Creditors are accounted at the time of settlement of claims.

6. Contract remaining to executed on Capital Account not provided for Rs Nil/- (Previous year nil)

7. Amount paid by way of Remuneration to statutory Auditors:

8. The company is operating only in one segment of selling distributing of the Agro Commodities and its by product. Hence no separate Segment wise Accounting is required and given herewith.

Note: (1) Details given above are provided for transaction during the year.

(2) Previous year figures have been shown in the brackets.

(3) Following opening transactions are not part of above figures.

(i) 47000 Shares of Kanel oil and Export Industries Ltd belonging to the company had been given to SICOM as collateral securities for availing the loan to Kanel Oil and Export Industries Limited.

Notes:

(a) In accordance with Accounting Standards 22" Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has provided for deferred tax during the year.

(b) The Company expects to generate taxable income in the coming years, which would enable it to utilize the carry forward deferred tax assets.

9. In the opinion of the Board of Directors, the Current Assets, loans & Advances are approximately of value stated if realized in the normal course of business.

10. Company has not received share certificates of Rs. 125440/- from Classic Co-op. Bank on allotment, 57212/- Shares certificate of Kanel Oil & Export Industries Ltd has been misplaced. Company is in process of availing duplicate shares certificate or write off the investments on the basis of available details. 2533 Share Certificate not available of Rs. 75358/- have been written off during the year.

11. Provision of Clause 4 of Part II of schedule VI of the Companies Act, 1956, regarding:

(a) Value of Imports: Nil

(b) Expenditure incurred in Foreign Currency: Nil

(c) Amount of remittance in Foreign Currency on accounts of dividends: Nil

(d) Export Earnings:

Export of goods on FOB basis Rs. Nil (P.Y. Nil)

12. Account confirmations in respect of accounts of Sundry Debtors, Creditors, Loans and Advances have not been received and they are subject to confirmations and reconciliation, if any. The management is of the opinion that adjustments, if any arising out of such reconciliation would not be material effecting financial statements of current periods. Above adjustments are subject to certain claims and settlement.

13. The management is in the process of taking stringent remedial actions for recovery of outstanding dues from debtors and loans and advances through out the year. The Company is in process of developing proper internal control system for obtaining confirmations.

14. The Company has initiated the process of identifying the suppliers who qualify under the definition of Micro and Small Enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Since no intimation has been received from the suppliers regarding their status under the said Act as at 31st March, 2011, disclosures relating to amounts unpaid as at the year end, if any, have not been furnished. In the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

15. Wherever external evidence in the form of bills, invoice, and debit notes, credit notes, Journal entry etc are not available. Management has relied upon the internal vouchers prepared and authenticated by the directors/Authorized officers of the company and also entry passed in the accounts maintained by the company.

16. Outstanding forward contracts as on the Balance Sheet date were NIL.

17. In absence of market quotations at the end of the year, market value of quoted investments as at Balance sheet date cannot be commented. Company is in process of transferring certain physical shares in its name. Provision for permanent diminishing value of investments has not been made as such investments are in associate concern. Provision for physical shares available for verification have been made.

18. Due to settlement dispute with debtor/creditor, advance given and advance taken we could not quantify closing balance at the end of year as such balances have been arrived by unilateral actions. Amount of dispute can not be quantified. No fraud by company or on company has been initiated during the year.

19. NSC matured could not be encashed as they are lying with sales tax department. Recovery of such NSC are negligible.

20. We could not employ full time company secretary u/s.383A of Companies Act, 1956, due to non-availability of professional.

21. The information/details given in the Audit report are as per the books maintained and determined and information are compiled and furnished on the computer.

22. Auditor has not taken limited review of quarterly results during the year.

23. Company's results publish with actual results in books not comparable due to change in reconciliation of internal accounts.

22. Balance with Axis Bank Ltd. are Nil. In statement they have debited bank charges to us for in operation. We have not consider such charges and made balance Nil as close of accounts.

23. Credit deposit of Gopal Shah is to be settle against debit balance of Mit G. Shah and Sejal G. Shah on his death.

24. Company has not filed sales tax return from so many years and such sales tax number has been cancelled by sales tax department. Liabilities of tax on such cancellation and not filling return quantified.

25. The statement of significant Accounting policies and the Notes numbered 2 to 32. Above form an integral part of the accounts for the accounts for the year ended on 31st March, 2011.


Mar 31, 2010

1. Contingent liabilities not provided for Rs. NIL (Previous Year Rs. NIL)

(a) Claims lodged against the company not acknowledged as debts, such amounts are unascertainable.

(b) Liabilities on account of non filling of sales tax return for last few years can not be quantified.

2. Figures in Balance Sheet have been regrouped and rearranged wherever necessary so as to make fv them comparable with in the current year.

3. Figures in the Balance sheet are rounded off to the nearest of the rupee.

4. Management have broadly reviewed the basis of compiling details and information and made test checked wherever considered necessary. The books and / or the details / information compiled in the company on the computer.

5. Writing off debtors Bad and Doubtful debts, loans and advances are as per managements decision and opinion. Company is engaged in business of Agriculture products so payments are due or payable on the basis of quality of product so claim of Debtors/Creditors are accounted at the time oj settlement of claims.

6. Contract remaining to executed on Capital Account not provided for Rs Nil/- (Previous year nil)

7. The company is operating only in one segment of manufacturing and selling distributing of the edible and non edible oil, castor oil and sale of castor oil and its by product De-oiled Cakes. Hence no separate Segment wise Accounting is required and given herewith.

8. Related party transactions are follow :

Notes:

(A) Key : 1. Hitesh K. Thakkar-Resign-14/05/2010

Management

2. Dhiren K. Thakkar

3. Sejalben G. Shah-Resign-09/03/2010

4. Mit G. Shah-Resign-09/03/2010

5. Anil Dhanesha-Resign -14/05/2010

6. Vinodchandra K. Pandya-Appoint -05/04/2009

7. Bachubhai Kachardas Patel-Appoint -05/04/2009

8. Anuj Jayeshbhai Desai-Appoint -09/03/2010

9. Kishorbhai Pravinchandra Bhatt-Appoint -09/03/2010



(B) Associations : 1. Dhiren Enterprise

2. Devika Roadlines Pvt. Ltd.

3. Hitesh Trading Pvt. Ltd.

4. Rohin Enterprise

5. Kanel Oil & Exports Industries Ltd.

6. TJR Finance Ltd.

7. TJR Sons Ltd.

8. Manibhadra Petrochem Pvt. Ltd.

9. Manibhadra Tradelink Pvt. Ltd.

10. Shaan Graphics

11. Shaan Energy Ltd.

12. Shaan Leisure Ltd.

13. Kaushal Trading



9. In the opinion of the Board of Directors, the Current Assets, loans & Advances are approximately of value stated if realized in the normal course of business.

10. Company has not received share certificates of Rs. 125440/- from Classic Co-op. Bank on allotment, 57200/- Shares certificate of Kanel Oil & Export Industries Ltd has been misplaced. Company is in process of availing duplicate shares certificate or write off the investments on the basis of available details. Company takes physical verification of investment once in three years. During the year on verification of quoted shares we could not find shares of Rs. 686583/-

11. QUNTITATIVE INFORMATION OF OPENING STOCK, PURCHASES, SALES, CLOSING STOCK & CONSUMPTION OF RAW MATERIALS (AS CERTIFIED BY THE MANAGEMENT)

12. Provision of Clause 4 of Part II of schedule VI of the Companies Act, 1956, regarding:

(a) Value of Imports: Nil

(b) Expenditure incurred in Foreign Currency: Nil

(c) Amount of remittance in Foreign Currency on accounts of dividends: Nil

(d) Export Earnings:

Export of goods on FOB basis Rs. Nil (P.Y. Nil)

13. Account confirmations in respect of accounts of Sundry Debtors, Creditors, Loans and Advances have not been received and they are subject to confirmations and reconciliation, if any. The management is of the opinion that adjustments, if any arising out of such reconciliation would not be material effecting financial statements of current periods. Above adjustments are subject to certain claims and settlement.

14. The management is in the process of taking stringent remedial actions for recovery of outstanding dues from debtors and loans and advances through out the year. The Company is in process of developing proper internal control system for obtaining confirmations.

15. The Company has initiated the process of identifying the suppliers who qualify under the definition of Micro and Small Enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Since no intimation has been received from the suppliers regarding their status under the said Act as at 31st March, 2010, disclosures relating to amounts unpaid as at the year end, if any, have not been furnished. In the opinion of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

Computation of net profit for the purpose of managerial remuneration in accordance with the companies Act, 1956 has not been given as no commission by way of percentage of profit has been paid for the period under review and Managing Director has waived his remuneration due to absence of profit.

16. Wherever external evidence in the form of bills, invoice, and debit notes, credit notes, Journal entry etc are not available. Management has relied upon the internal vouchers prepared and authenticated by the directors/Authorized officers of the company and also entry passed in the accounts maintained by the company.

17. Outstanding forward contracts as on the Balance Sheet date were NIL.

18. In absence of market quotations at the end of the year, market value of quoted investments as at Balance sheet date cannot be commented. Company is in process of transferring certain physical shares in its name. Provision for permanent diminishing value of investments has not been made as such investments are in associate concern. In absence of intrinsic value of unquoted investments we could not written off.

19. Due to settlement dispute with debtor/creditor, advance given and advance taken we could not quantify closing balance at the end of year as such balances have been arrived by unilateral actions. Amount of dispute can not be quantified. No fraud by company or on company has been initiated during the year.

20. NSC matured could not be encashed as they are lying with sales tax department. Recovery of such NSC are negligible.

21. We could not employ full time company secretary u/s.383A of Companies Act, 1956, due to non-availability of professional.

22. The information/details given in the Audit report are as per the books maintained and determined and information are compiled and furnished on the computer.

23. Companys Shares have been listed on Bombay Stock Exchange after Compliance with all die formalities as per Listing Norms.

24. Companys results publish with actual results in books not comparable due to variable in reconciliation of internal accounts.

25. Balance with Axis Bank Ltd. are Nil in statement but they have off the lien debited bank charges to us for inoperation. We have not consider such charges and made balance Nil as close of accounts.

26. The statement of significant Accounting policies and the Notes numbered 1 to 30. Above form an integral part of the accounts for the accounts for the year ended on 31s1 March, 2010.

 
Subscribe now to get personal finance updates in your inbox!