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Notes to Accounts of Premium Capital Markets & Investments Ltd.

Mar 31, 2014

1. The Company has not made provision for Income tax for this year due to losses (Provision Year Rs. NIL) under the income Tax Act, 1961, as per expert advice taken in this respect.

2. In the opinion of Board of Directors, the Current Assets i.e. Sundry Debtors Loans and Advances and Other Current Assets as at the end of year 31.03.2014 have a value on realization in the ordinary course of the business at least equal to the amount at which these are stated.

3. Contingent Liabilities not provided for:

Income Tax demand for the A.Y. 1996-97 against which an appeal was pending before the CIT (Appeals)- II, Indore, relief in assessed Income of Rs.56.45 Lacs is granted by the Hon'ble CIT(Appeals)-II which reduces our tax demand approximately to Rs.91.18 Lacs from Rs. 171.85 Lacs and for the balance demand the company has also filed appeal before the Hon'ble ITAT Indore bench and the same is pending for decision,

4. Previous year figures are regrouped /rearrange wherever necessary to confirm with current year classification. Amount rounded off to nearest of Rupee.

5. Debit and Credit Balance of Parties are subject to confirmation from concerned parties.

6. Bank Accounts are subject to reconciliation.

7. Provision for Deferred Tax Assets not made as company is running in Losses and there is no virtual certainty that in near future sufficient taxable income will be available.

8. During the year under the company has provided Rs, 119.61 lacs towards bad and doubtful debtors and loans and advances.

9. During the year the company has written off Rs.5.73 lacs towards bad debts and written back Rs.5.70 lacs from Trade Payables and the net amount after set off Rs. 0.03 lacs has been debited to Sundry balances written off account.


Mar 31, 2013

1. Unreconciled Inter Branch reconciliation Account Rs.8165 (Dr.) NSE Account Rs. 19175 (Dr.) for earlier years grouped under the head of account Advances

2. In the opinion of Board of Directors, the Current Assets i.e. Sundry Debtors Loans and Advances and Other Current Assets as at the end of year 31.03.2013 have a value on realisation in the ordinary course of the business at least equal to the amount at which these are stated.

3. Contingent Liabilities not provided for:

Income Tax demand for the A.Y. 1996-97 against which an appeal was pending before the C1T (Appeals)- II, Indore, relief in assessed Income of Rs.56.45 Lacs is granted by the Hon''ble CIT( Appeals)-H which reduces our tax demand approximately to Rs.91.18 Lacs from Rs. 171.85 Lacs and for the balance demand the company has also filed appeal before the Hon''ble ITAT Indore bench and the same is pending for decision.

4. Previous year figures are regrouped /rearrange wherever necessary to confirm with current year classifica- tion. Amount rounded off to nearest of Rupee.

5. Debit and Credit Balance of Parties are subject to conformation from concerned parties.

6. Provision for Deferred Tax Assets not made as company is running in Losses and there is no virtual cer- tainty that in near future sufficient taxable income will be available.


Mar 31, 2012

1. Unreconciled Inter Branch reconciliation Account Rs.8165 (Dr.) NSE Account Rs. 19175 (Dr.) for earlier years grouped under the head of account Advances

2. In the opinion of Board of Directors' the Current Assets i.e. Sundry Debtors Loans and Advances and Other Current Assets as at the end of year 31.03 !2012 have a value on realisation in the ordinary course of the business at least equal to the amount at which these are stated.

3. Contingent Liabilities not provided for:

Income Tax demand for the A.Y. 1996-97 against which an appeal was pending before the CIT (Appeals)- II' Indore' relief in assessed Income of Rs.56.45 Lacs is granted by the Hon'ble CIT( Appeals)-II which reduces our tax demand approximately to Rs.91.18 Lacs from Rs. 171.85 Lacs and for the balance demand the company has also filed appeal before the Hon'ble ITAT Indore bench and the same is pending for decision.

4. Previous year figures are regrouped /rearrange wherever necessary to confirm with current year classifica- tion. Amount rounded off to nearest of Rupee.

5. Debit and Credit Balance of Parties are subject to conformation from concerned parties.

6. Provision for Deferred Tax Assets not made as company is running in Losses and there is no virtual cer- tainty that in near future sufficient taxable income will be available.


Mar 31, 2010

1. The Company has not made provision for Income tax for this year due to losses (Previous Year Rs. NIL) under the income Tax Act, 1961, as per expert advice taken in this respect.

2. Unreconciled Inter Branch reconciliation Account Rs. 8165 (Dr.) and NSE Accounts Rs. 19175 (Dr.) for earlier years grouped under the head of account Advances.

3. In the opinion of Board of Directors, the Current Assets i.e. Sundry Debtors Loans and Advances and Other Current Assets as at the end of the year 31.03.2010 have a value on realisation in the ordinary course of the business at least equal to the amount at which these are stated.

4. Contingent Liabilities not provided for :

1) Income Tax Liability of Rs. 1,71,85,222/- for the Assessment Year 1996-97, against which an appeal is pending before CIT (Appeals)-I, Indore.

BOOK POST PRINTED MATTER

If Undelivered please return to :

PREMIUM CAPITAL MARKET & INVESTMENTS LIMITED

Registered Office : 401, STARLIT TOWER, 29, Y.N. ROAD, INDORE 452 003

 
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