1. Provision has been made for Rs. 65,000/- on account of Income Tax
for assessment year 2000-2001.
2. Balances Outstanding with Sundry Debtors and Creditors are subject
to confirmation/reconciliation/adjustment.
3. Depreciation for the period from 1-10-98 to 31-3-2000 has been
provided on S.L.M. Basis amounting to Rs. 33,01,982 as per Schedule
XIV of the Companies Act, 1956. The depreciation has not been provided
on redundant assets i.e. on Plant & Machinery of Rs. 13,67,674,466 and
tools & dies amounting Rs. 24,170,866 respectively.
4. Gratuity will be accounted on cash basis. Contribution to
Provident Fund is charged to revenue on accrual basis. The employees
are covered under the payment of Gratuity Act. No provision has been
made on accural basis. If once claims arises from the eligible
employees the same shall be settled on cash basis.
Expenditure incurred on employees who were in receipt of remuneration of
Rs. 6,00,000/- or more per annum where employed for the full year and
Rs. 50,000/- per month where employed for the part of the year.
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