Mar 31, 2013
1. Contingent Liabilities : NiL (Previous Year: N I L)
2. Capital Commitment : NiL (Previous Year: N I L)
3 In the opinion of the Board of Directors the Current Assets, Loans and Advances have a value realization in ordinary course of business at least equal to the amount at which they are stated. Certain Balances of Bank, Advances, Creditors etc.are subject to confirmation and consequential reconciliation.
4. No provision for doubtful loan and interest receivable has been made in the books of account for the above.
5. Deferred Tax: The Company is having unabsorbed losses under Tax Laws In the absence of Virtual as well as reasonable certainty about the future taxable income, deferred tax assets has not been recognized to comply with accounting Standard AS-22 on accounting for taxes on income issued by the Institute of Chartered Accountants of India.
6. Foreign Exchange Earnings and Expenditure : NIL (Previous Year: NIL)
7 In the opinion of the Management the company has only single business segment of Investment '' & Finance activities, therefore no segment reporting has been presented in terms of Accounting Standards-17 of "Segment Reporting" issued by the Institute of Chartered Accountants of India.
8. As required by Accounting Standard AS-18 "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are as per annexure
9. As the Company''s application for registration with RBI as NBFC has been rejected, no fresh activities related to business of NBFC has been undertaken by the Company. Loans and advances given and Investments made prior to rejection will be dealt in due course.
10 Additional Information pursuant to Non-Banking Financial Companies prudential Norms (Reserve Bank Directions 1998) is annexed.
Previous year''s figures have been regrouped/ rearranged wherever necessary.Schedule 1 to 8 forms an integral part of the Balance Sheet and Profit & Loss Account and have been authenticated as such, As per our report of Even Date attached