Mar 31, 2013
1. Managerial Remuneration
The company was converted from a Private Limited Company to a Public Limited Company w.e.f. December 13, 2011. The appointment of Managing Director was made by the Board of Directors pursuant to Articles w.e.f. December 15, 2011. The remuneration to the Managing Director has been provided in accordance with resolutions passed by shareholders at the EGM of the company held on December 16,2011 and Director Remuneration has been paid by the company within the limit of the Companies Act, 1956.During the current financial year no remunerations was taken by the Managing Director & other Directors.
2. In the opinion of Board of Directors, the value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which these are stated in the balance sheet.
3. Balances of sundry debtors, sundry creditors and advances are subject to confirmation.
4. The preparation of the financial statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying financial statements are based upon management''s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial statements. Any differences of actual results to such estimates are recognized in the period in which the results are known materialized.
5. The Company has circulated letters to all its suppliers requesting them to confirm whether they are covered under the micro, small and Medium enterprises Development Act, 2006 (MSMED). Certain suppliers have provided the information. However from the majority of suppliers'' confirmation are still awaited. On the basis of available information no principal or interest is payable at the period end to any supplier covered under MSMED. Further no interest was payable or paid during the period to any such supplier.
6. Information regarding Foreign Exchange earnings and expenditure:
Earnings in Foreign Exchange: NIL (Previous Year NIL) Expenditure in Foreign Exchange: NIL (Previous Year NIL)