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Notes to Accounts of Nu-Tech Corporate Services Ltd.

Mar 31, 2014

Contingent liabilities not provided for in respect of

Particulars As at 31st As at 31st March 2014 March, 2013

(a) Disputed income-tax matters in appeal. 204,062,588 204,062,588

204,062,588 204,062,588

1.1. Basic earnings per share have been calculated by dividing profit after tax attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The Company has not issued any potential equity shares and accordingly, the basic earnings per share and diluted earnings per share are the same. Values used in calculating earnings per share are as under:

Figures in brackets are the corresponding figures of the previous year.

1.2. The company is in the process of identifying suppliers falling under The Micro, Small and Medium Enterprises Development Act, 2006. However, the company has received no confirmation as regards to the status.


Mar 31, 2013

Contingent liabilities not provided for in respect of

Particulars As at 31st March, 2013 As at 31st March, 2012

(a) Disputed income-tax matters in appeal. 204 062 588 204 062 588 204,062,588 204,062,588

1.1. The company is in the process of identifying suppliers failing under The Micro, Small and Medium Enterprises Development Act, 2006. However, the company has received no confirmation as regards to the status.

1.2. Payment made to Auditors: Including Service tax wherever Applicable


Mar 31, 2012

1.1. The company is in the process of identifying suppliers falling under The Micro, Small and Medium Enterprises Development Act, 2006. However, the company has received no confirmation as regards to the status.

1.2. The figures relating to the previous year have been regrouped where necessary to make them comparable with those of the current year.


Mar 31, 2010

1. The management believes that the company is a going concern and will continue to be so in the foreseeable future, notwithstanding the fact that the company has eroded its net worth. Considering the steps initiated by the company for its revival and recovery of its dues from its clients, including legal recourse, the company is confident that the outstandings will be reduced in due course of time.

2. The company does not have a full time company secretary though the same is requiring by the Companies Act 1956.

3. The Companys bankers have initiated recovery proceedings in respect of dues against Bank Overdraft/Working Capital Demand Loans amounting to Rs. 78,920,893 in respect of Central Bank of India as at 20.03.2001 and amounting to Rs. 78,744,765 in respect of The Federal Bank Ltd. as at 02.01.2003. Together with interest thereon. The company has been consistently providing for interest on above loans @16.50% & @18.50% in respect of Central Bank of India and The Federal Bank Ltd. respectively. Accordingly as at the balance sheet date the total outstanding in respect of Central Bank of India is Rs.166, 996,410 and in respect of The Federal Bank Ltd. is Rs.191, 704,113. These matters are pending before The Debt Recovery Tribunal for hearing and final disposal. However, the Company is in dialogue for compromise settlement.

4. During the year under consideration the company has not recognised any income in respect of lease and hire purchase as in the opinion of the management no such income as accrued.

Contingent liabilities in respect of: As at As at

31.03.2010 31.03.2009

Rupees Rupees

Disputed income-tax demands 204,062,588 204,062,588

5. Since the company is solely engaged in leasing and hire purchase activity no separate information for segment wise disclosure is required.

6. The company is in the process of identifying suppliers falling under The Micro, Small and Medium Enterprises Development Act, 2006. However, the company has received no confirmation as regards to the status.

7. The figures relating to the previous year have been regrouped where necessary to make them comparable with those of the current year.

 
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