Dec 31, 2014
1. In view of there being substantial carry forward of Losses and
unabsorbed Depreciation available to the Company under Income Tax Law,
no provision for tax has been made in the accounts.
2. No sitting fees have been paid/provided to the directors for
attending the meeting of the Board as per Board Resolution passed on
11.08.1997.
3. Sundry Debtors, Loans and Advances, Sundry Creditors and other
Liabilities are subject to confirmations.
4. No employee of the Company has completed the minimum years of
service as per the Payment of Gratuity Act,1972, and hence no provision
for Gratuity has been made in the accounts.
5. The Company does not have any scheme for leave encashment.
6. Investment allowance Reserve as required by section 32 A of the
Income Tax Act, 1961 will be created when there are sufficient profits.
7. Contingent Liabilities:
a) Bonds executed in favour of Customs
authorities as on 31.12.2009 90,50,000 90,50,000
b) Bank guarantee executed in favour of
Customs Authorities 20,17,500 20,17,500
c) Claims against the company not 1,12,11,146 1,12,11,146
acknowledged as debts
d) Demand from Income Tax Authorities for
93-94 to 96- 97 against which a revision
TDS including interest for Petition has 12,18,626 12,18,626
been filed.
Dec 31, 2013
During the course of our examination of the books and records of the
Company carried out in accordance with generally accepted auditing
practices in India and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the year, nor have we been
informed of such case by the management.
Notes Forming Part of Financial Statements for the year ended 31st
December 2013
1. In view of there being substantial carry forward of Losses and
unabsorbed Depreciation available to the Company under Income Tax Law,
no provision for tax has been made in the accounts.
2. No sitting fees have been paid/provided to the directors for
attending the meeting of the Board as per Board Resolution passed on
11.08.1997.
3. Sundry Debtors, Loans and Advances, Sundry Creditors and other
Liabilities are subject to confirmations.
4. No employee of the Company has completed the minimum years of
service as per the Payment of Gratuity Act,1972, and hence no provision
for Gratuity has been made in the accounts.
5. The Company does not have any scheme for leave encashment.
6. Investment allowance Reserve as required by section 32 A of the
Income Tax Act, 1961 will be created when there are sufficient profits.
Current Year Previous Year
7. Contingent Liabilities:
a) Bonds executed in favour of
Customs authorities
as on 31.12.2009 90,50,000 90,50,000
b) Bank guarantee executed in
favour of Customs Authorities 20,17,500 20,17,500
c) Claims against the company not
acknowledged as debts 6,72,451 6,72,451
d) Demand from Income Tax Authorities for TDS including interest for
93-94 to 96- 97 against which a revision Petition has been filed.
(Demand Rs. 6,87,453 less amount paid Rs. 1,06,841) 12,18,626 12,18,626
Dec 31, 2012
1. In view of there being substantial carry forward of Losses and
unabsorbed Depreciation available to the Company under Income Tax Law,
no provision for tax has been made in the accounts
2. No sitting fees have been paid/provided to the directors for
attending the meeting of the Board as per Board . Resolution passed on
11.08.1997.
3. Sundry Debtors, Loans and Advances, Sundry Creditors and other
Liabilities are subject to confirmations.
4. No employee of the Company has completed the minimum years of
service as per the Payment of Gratuity Act, 1972, and hence no
provision for Gratuity has been made in the accounts.
5. The Company does not have any scheme for leave encashment.
6. Contingent Liabilities:
a) Bonds executed in favor of
Customs authorities as on 31.12.2009
90,50,000 90,50,000
b) Bank guarantee executed in
favor of Customs Authorities 20,17,500 20,17,500
c) Claims against the company
not acknowledged as debts 6,72,451 6,72,451
d) Demand from Income Tax Authorities for TDS including interest for
93-94 to 96- 97 against which a revision Petition has been filed.
(Demand Rs. 6,87,453 less amount paid Rs. 1,06,841) 12,18,626 12,18,626
7. The company is in the business of manufacture of wood products and
31-Dec-12 31-Dec-ll
there is no other business segment.
sales revenue by geographical market - -
Home Sales (including deemed Export sale) - -
Export sale - 4,302,357
4,302,357
8 Figures in the Balance Sheet, Profit and Loss account and schedules
annexed there to have been rounded off to the nearest rupee.
9 Previous year figures have been regrouped / reclassified wherever
necessary.
Dec 31, 2011
1. In view of there being substantial carry forward of Losses and
unabsorbed Depreciation available to the Company under Income Tax Law,
no provision for tax has been made in the accounts.
2. No sitting fees have been paid/provided to the directors for
attending the meeting of the Board as per Board Resolution passed on
11.08.1997.
3. Sundry Debtors, Loans and Advances, Sundry Creditors and Other
Liabilities are subject to confirmations.
4. As explained to us, no employees' of the Company has completed the
minimum years of service as per the Payment of Gratuity Act, 1972, and
hence no provision for Gratuity has been made in the accounts.
5. The Company does not have any scheme for leave encashment.
6. Investment allowance Reserve as required by section 32 A of the
Income Tax Act, 1961 will be created when there are sufficient profits.
7. Contingent Liabilities:
a. Bonds executed in favour of Customs
authorities as on 31.12.2009 90,50,000 90,50,000
b. Bank guarantee executed in favour of
Customs Authorities 20,17,500 20,17,500
c. Claims against the company not
acknowledged as debts 6,72,451 6,72,451
d. Demand from Income Tax Authorities
for TDS including interest for
93-94 to 96- 97 against which a
revision Petition has been
filed. (Demand Rs.6,87,453 less
amount paid Rs.1,06,841) 12,18,626 12,18,626
8. During the year the Company sold/Discarded all its Fixed Assets and
the Profit (net) amounting to Rs. 13695871/- on sale and discarding of
the fixed assets after adjustment of accumulated depreciation is shown
under other Income
9. The company redeemed 123000 5% Redeemable Preference Shares of Rs.
100 each for 27.40 lacs. The company has created Capital Redemption
Reserve of Rs. 12,300,000 , an amount equal to nominal value of
Preference shares redeemed
10. The company is in the business of manufacture of wood products and
there is no other business segment.
11. Figures in the Balance Sheet, Profit and Loss acount and schedules
annexed there to have been rounded off to the nearest rupee.
12. Previous year figures have been regrouped / reclassified wherever
necessary.
13. Additional information pursuant to paragraph 3,4 (c) and 4(d) of
Part II of schedule VI of the companies Act, 1956
(I) Capacity and Production
Licenced capacity (based on approval letter dt. 08.01.89 and 31.12.1990
from Government of India, Ministry of Commerce) 600mA3 of Chemical
impregnated Rubber wop , mouldings and components and 348 mA3 of Wooden
Components