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Notes to Accounts of Magna Industries Exports Ltd.
Mar 31, 2012
1. Provision for Taxation has been made after considering exemptions,
allowances & disallowances under the Income Tax Act 1961,if any.
Deferred Tax Asset of Rs. 9,738/- has been created for the year.
2. No provision for gratuity has been made as no employee has put in
the qualifying period of service for entitlement of this benefit under
the Payment of Gratuity Act 1972.
3. Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) Rs. NIL (Previous Rs.
4. Application money in Arrears amounting to Rs. 33,000/- (Previous
year Rs. 33,000/-) represent stock invest instruments returned unpaid
by the Bankers.
5. Certain statutory requirements under the Companies Act, 1956 and
proper maintenance of records thereof are under compliance,
6. In the opinion of the management, the current assets, loans and
advances have a value on realisation in the ordinary course of
business, at least equal to the same amount at which they are stated in
the Balance Sheet The provision for depreciation and other known
liabilities is adequate and not in excess of what is required.
7. Confirmations in respect of balances of few Sundry Debtors,
Creditors, Loans & Advances, Deposits are in the process of being
collected and the same are subject to reconciliations/-and adjustments,
8. There were no amounts overdue and remaining unpaid to small scale
and/or ancillary industrial suppliers on account of principal and/or
interest as at the close of the year.
9. Previous years figures have been regrouped / rearranged wherever
necessary to make them comparable with current year figures.