Mar 31, 2013
1. Managerial Remuneration
The company was converted from a Private Limited Company to a Public
Limited Company w.e.f. December 13, 2011. The appointment of Managing
Director was made by the Board of Directors pursuant to Articles w.e.f.
December 15, 2011. The remuneration to the Managing Director has been
provided in accordance with resolutions passed by shareholders at the
EGM of the company held on December 16,2011 and Director Remuneration
has been paid by the company within the limit of the Companies Act,
1956.During the current financial year no remunerations was taken by
the Managing Director & other Directors.
2. In the opinion of Board of Directors, the value of realization of
current assets, loans and advances in the ordinary course of business
will not be less than the amount at which these are stated in the
balance sheet.
3. Balances of sundry debtors, sundry creditors and advances are
subject to confirmation.
4. The preparation of the financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
assets and liabilities. The estimates and assumptions used in the
accompanying financial statements are based upon management''s
evaluation of the relevant facts and circumstances as of the date of
the financial statements. Actual results may differ from the estimates
and assumptions used in preparing the accompanying financial
statements. Any differences of actual results to such estimates are
recognized in the period in which the results are known materialized.
5. The Company has circulated letters to all its suppliers requesting
them to confirm whether they are covered under the micro, small and
Medium enterprises Development Act, 2006 (MSMED). Certain suppliers
have provided the information. However from the majority of suppliers''
confirmation are still awaited. On the basis of available information
no principal or interest is payable at the period end to any supplier
covered under MSMED. Further no interest was payable or paid during the
period to any such supplier.
6. Information regarding Foreign Exchange earnings and expenditure:
Earnings in Foreign Exchange: NIL (Previous Year NIL) Expenditure in
Foreign Exchange: NIL (Previous Year NIL)
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