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Notes to Accounts of Innocorp Ltd.

Mar 31, 2014

1. a) Contingent liabilities and commitments (to the extent not provided for)

2013-14 2012-13

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt NIL NIL

(b) Guarantees

(c) Other money for which the company is contingently liable - -

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital NIL NIL account and not provided for

(b) Uncalled liability on shares andd other investments partly paid

(c) Other commitments (specify nature) - -

- -

2. Related party disclosures (AS-18):

a) Related Parties and their relationship :

i) Key Management Personnel (Directors)

* Prasad VSS Garapati , Managing Director

* Sahu Garapati, Whole time Director.

3. Contingent Liabilities and commitments - (AS-29):

Contingent Liabilities:

i. Guarantees and letters of credit : Nil

1) Bank Guarantees issued by Bankers - Rs. Nil (Previous year Rs Nil)

4. The Previous year''s figures have been regrouped and recast wherever necessary to Bring them in line with the current year''s figures.

5. General Notes to the financial statements:

Statement of Profit & Loss for the year has been prepared showing separately as per Schedule-VI (Revised)


Mar 31, 2012

(a) a) Previous year figures have been regrouped and rearranged wherever necessary.

b) Paisas have been rounded off to the nearest rupee.

(b) Contingent Liabilities and commitments - (AS-29): Contingent Liabilities: -NIL-

(c). General Notes to the financial statements :

(i) Statement of Profit & Loss for the year has been prepared showing the following separately as per Schedule-VI (Revised):

(ii) Previous year's figures have been regrouped wherever necessary to conform to the format of revised Schedule-VI and the layout adopted in the current year.


Mar 31, 2009

1. Contingent Liability not provided for:

i) Capital commitment not provided - NIL Previous Year - NIL.

ii) Claims against the company not acknowledged as debt - NIL Previous Year - NIL

iii) Other Contingent liabilities - NIL Previous Year-NIL

2. Balances in Debtors, Advances and Creditor accounts are subject to confirmation from the parties.

3 Working Capital Loan from Punjab National Bank and Medium Tern Loan (MTL) from Punjab National Bank is secured by charge on Fixed Assets, Hypothecation of Stocks, Stores and Spares, present and future Book Debts and claims and personal guarantee of the directors of the company. Further, Working Capital Loan from UCO Bank is secured by charge by way of Hypothecation of Current Assets of the company and personal guarantee of the Directors.

4. No employee has received salary of Rs. 100,000 per month if employed part of the year or Rs.1,200,000 per annum during the year 2008-2009. Previous year: NIL.

5. There are no outstanding over-dues to Small Scale Industrial Undertakings and/or Ancillary Industrial Suppliers on account of principal and/or interest at the close of the year. This disclosure is based on the documents/information available with the company.

6. In accordance with the Accounting Standard 22 issued by the ICAI, the company is having a Tax Asset of Rs.40,82,874 on timing differences as on 31.03.2009.

7. Cenvat Credit: Excise Duty paid on inputs is debited to a separate account namely Cenvat on Raw Material Account. This account is credited as and when Cenvat actually utilized against payment of Excise Duty on final Dispatches. Balance in Cenvat on Raw Materials is shown on assets side of Balance sheet under the current assets.

8. Related Party Transactions :

The Company has transactions with the following related parties:

9. a) Previous year figures have been regrouped and rearranged wherever necessary. b) Paisa have been rounded off to the nearest Rupee.

10. Quantitative Information pursuant to the provisions of paragraphs 3,4C and 4D of Para-ll of Schedule VI in respect of goods manufacture.

 
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