Mar 31, 2015
NOTE NO 1.
Interest includes Interest on Loan paid
NOTE NO 2.
Income Tax paid has been paid as per the demand letter dated: 17-07-2014 towards old liability of Assessment Years 1984-85 & 1991-92 to 1993-94.
NOTE NO 3.
Previous year figures has been regrouped reclassified wherever necessary to correspond with the current year's classification/ disclosure.
Mar 31, 2012
1. The company had some transaction relating to commodities trading and is also restructuring its finances to mitigate the liabilities of the company. It has entered into and made compromise settlements with banks and financial institution out of proceeds from sale of land.
2. The company has not been able to ascertain dues of Micro, Small and Medium enterprises as required under the MSED Act, 2006 since relevant information is not available.
3. The company filed a reference on 2nd August, 1996 with the Board for Industrial and Financial Reconstruction (BIFR) in terms of section 15 of ''Sick Industrial Company'' within the meaning of section 3(1)(0) of the ''Sick Industrial Companies Special Provision Act, 1985. Subsequently AAIFR Ordered for winding up of the Company. The Company referred the matter to the Hon''ble High Court at Calcutta and obtained stay order against the order of AAIFR.
4. As per the order of Hon''ble High Court, the Company''s Land was disposed of and the proceeds were directly given to Bank and other Financial Institutions against their due and the effect of the same has been given in the Balance Sheet as per the managements representations made to us.
5. Balance confirmations have not been received for the dues on account of debtors lying overdue, Suits have been filed by the company for recovery of long outstanding debtors of Rs. 283.47 lacs.
6. Contingent Liabilities s at 31.3.2012 were as follows:
Year ended Year ended 31.03.2012 31.03.2011 (Rs.in lac) (Rs.in lac)
a) Claims against the Company not acknowledged as debts 440.09 440.90
b) In respect of Income Tax Matter disputed in appeals 41.97 41.97
c) In respect of Sales Tax Matter disputed in appeals 87.47 87.47
Total: 569.53 570.34
7. In view of past losses and uncertainty of future profits the company has not accounted for deferred assets.
8. Balance confirmation with regard to unsecured loans and creditors and loans and advances, debtors have not been received.
9. The company is not having any permanent full time employee in its payroll and in the opinion of the management no such retirement benefits are accruing to any of its employees which requires accounting of retirement benefits as required under AS 15.
10. The Company does not require to report segment wise activities.
11. Figures of the previous years have been regrouped / rearranged wherever necessary.