| 1. In the opinion of the Directors, the balance of unsecured loan and
bank balance are subject to confirmation from the respective
parties, and necessary adjustment, if ant will be made on its
reconciliation.
2. The company not having any employee, therefore no retirement
benefit have to payable
3. CONTINGENT LIABILITIES : The Company has given guarantee on behalf
of M/s Piramal Financial Services Limited (PFSL) for Rs. 13,70,00,000/-
(Previous year Rs. 13,70,00,000/-)
4. (a) Provision for Income tax has not made In the accounts in absence
of taxable income computed under the provision of the Income Tax Act
1961.
(b) The Company has got carry forward of losses under Income Tax Laws.
The Company is is running into losses The impact of losses, suffered by
the Company is severe and in future there is no probability that the
Company would be in a posotion to have taxable Income. As Company would
not be having taxable Income.
It would not reasonably certain that the deferred tax assets can be
realised and therefore there is no requirement for any adjustment of
Taxes on income.
(c) The Income tax has issued the penalty u\s 271(1)((c), against which
the company has preferred an appeal before the Hon'ble ITAT, but the
Department had recovered some tax liability from the loan holder during
the year under report.
5. Segment Reporting:
During the year under consideration the Company has not undertaken any
trading/ Manufacturing activity hence there is no reportable Segment
identifiable in accordance with Accounting Standard (As) 17 issued by
The Institue of Chartered Accountants of India.
6. There is no amount outstanding due to Small Scale Industries.
7. During the year under consideration the Company has not undertaken
any trading/ Manufacturing activity hence detail required as per the
part II of Schedule VI .relating to Capacity, production, quantity
details etc is not applicable
8. Previous year figures have been rearranged/regrouped wherever
necessary.
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