Mar 31, 2013
1.1 Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) Rs. NIL(Previous year Rs. NIL).
1.2. A) CONTINGENT LIABILITIES:
There is demand of Rs.9,91,91,785/- from Commercial Tax Department & Rs. 47,14,039/- from Income Tax Department for which no provision has been made as the company has preferred an appeal.
B) Claims against the company not acknowledge as debts Rs.-Nil- Previous year Rs.Nil.
1.3. Secured Loans:
The Cash Credit loans from banks are secured by a charge created through an equitable mortgage of immovable properties by deposit of title deeds and hypothecation of stock in trade, book-debts and stores & spares, present and future.
The Previous year loan outstanding taken as same in this year due to no banking transactions in this year.
1.4. Supdry Debtors, Loans and Advances:
In the opinion of the Management, the value on realization of Current Assets, Loans and advances and other debit balances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.
Pending comprehensive review of balances under Loans and Advances, considered good by the management, no provision has been considered towards short fall in recovery in the accounts.
Balances under Sundry Debtors and Loans and Advances are subject to confirmation from respective parties.
1.5. Deferred Taxation:
No provision for deferred taxation was made, because of huge loss suffered by the company.
1.6. MANAGERIAL REMUNERATION:
Remunerations not paid during the year.
1.7. Retirement benefits/ estimated liability for Gratuity/leave encashment on the Balance Sheet date has not been quantified. The same will be accounted on actual payment basis.
1.8. All Sundry Creditors and Debtors are being opening balances, SSC classification does not apply.
1.9. Pending finalization of the proposal regarding rescheduling of the loan by our bankers no interest provision has been made.
1.10 The information as required by Para 3 & 4 of part II of the schedule VI to the Companies Act, 1956 is as under.
1.11 Previous Year figures have been regrouped / reclassified /recast wherever necessary to confirm with current year''s classifications.
1.12 The figures have been rounded off to the nearest rupee.
1.13 There are no related party transactions during the years.
1.14 Earning pershare
A) The stock records of the company are under the custody of a statutory authority for certain verification and hence quantitative details could not be compiled.
1.15 Pending detailed technical valuation of stock on hand no provision for obsolesce has been made during the year.