| Secured Loans:
1) Term loan of financial instituiton is secured by hypothecation of
all moveable and immovable properties of the company and equitable
mortgage on companys immovable properties and personal guarantee of
the directors of the company.
2) Working Capital loan of Bank is secured by hypothecation of stocks
and receivables of the Company.
Fixed Assets:
DEPRECIATION ON ADDITION/SALE TO FIXED ASSETS DURING THE YEAR IS
CALCULATED PROPORTIONATELY FROM/TOTHE DATE OF SUCH ADDITION/SALE IN
CASE OF ITS USE DURING THE YEAR.
Other Notes:
1. Figures of previous year have been regrouped and rearranged wherever
necessary.
2. No provisions for taxation has been made in view of absence of
taxable income.
3. Balances of Depositors/Creditors, Debtors, Loans and Advances are
subject to confirmation and adjustment, if any.
4. Expenditure incurred on employee who were in receipt of remuneration
in the aggregate at the rate of not less than Rs. 6,00,000/- p. a.
and/or Rs. 50,000/- p. m.
a) Employed throughout the year: Nil
b) Employed for a part of the year: Nil
5. Interest of Rs. lacs on loan from Bank of Baroda for earlier years
has been written back as other income in view of settelment entered
into with the said bank whereby interest is waived. Similarly lease
rental charges of earlier years is also written back as other income in
view of settelment entered into with GSFC.
6. In the opinion of the Board, Current Assets, Loans and Advances and
Deposits are approximately of the value stated if realised in the
ordinary course of Business.
7. No provisions for gratuity payable to employees is made, since
provisions of the respective Act were not applicable during the year.
8. Contingent liablities not provided for
a) NIL
9. PAYMENT TO AUDITORS
Current Previous
Year Year
As Auditor 21000 21000
Taxation Matters 5000 10000
Company Law - Matter 0.00 0.00
10. Remuneration to Directors
Managing Director - Salary 0.00 168000
- Perks 0.00 1000
- Contribution to P. F 0.00 14400
Other Directors - Salary 0.00 88000
- Contribution to P. F 0.00 5280
11. Expenditure in Foreign Currency- Nil
Remittance in Foreign Currency- Nil
Earning in Foreign Exchange- Nil
C. I. F. value of Imports
a) Import of Raw Materials- Nil |