| 1. The current assets and loans and advances are approximately of the
value stated in the Balance Sheet, if realized in the ordinary course
of business.
2. Income tax Demand against the company of Rs. 183,19,67,316/- out of
Rs. 39,42,17,900/- pertains to AY 2007-08 & Rs. 24,12,60,919/- pertains
to AY 2008-09 & Rs. 15,07,23,180/- pertains to AY 2009- 2010 &
Rs.104,57,65,317 pertains to AY 2010-11. The cases against these
demands are pending with CIT (Appeal).
3. Earning and Expenditures in foreign currency is Nil.
4. HSBC has sanctioned vide letter dt.21/08/2008 export facility for
purchase / negotiation of documents etc. for Rs. 19 crores creating a
first charge on the current Assets and other movable fixed assets of
the Borrower and personal gaurantee from Suresh Kumar Seengal and
Rashmee Seengal. Bank has declared the packing limit account as NPA and
litigation is going on with the bank and the case is pending with DRT
Court, Delhi. HSBC Bank has also filed winding up petition in Punjab
and Haryana High Court, Chandigarh.
5. PNB has sanctioned term loan for Rs. 25 crores not disbursed fully
for setting up of Animation Studio at Chandigarh at interest @ rate of
BPLR TP 1.5%-1.5% (as per letter dated 24.02.2010) by equitable
mortgage of leasehold land measuring 0.996 acres (4820.840 sq. yards)
at Rajiv Gandhi Technology Park, Chandigarh.The account was declared
NPA and the case is pending in DRT Court, Chandigarh.
6. In respect of Long Term borrowings,no provision for interest has
been made as the cases are pending in court and will be settled soon.
7. No TDS has been deducted and deposited on payments made to
professionals u/s 194J of the Income Tax Act,1961 during the F/Y
2013-14.
8 The balances of Trade Receivables, payables and Loans and advances
are subject to confirmation from parties.
9 The Company had acquired land of area 1.00 acre from Kerala
Industrial Infrastructure Development Corporation ( A statutory body of
Govt. Of Kerala) during the Financial Year 2007-2008 for the purpose of
investment and Company failed to commence any activity which is the
most important condition of the Licence Agreement out of which Kerala
Industrial Infrastructure Development Corporation ( A statutory body of
Govt. Of Kerala) cancelled allotment of such land and refunded amount
of Rs. 22,76,677.00 and during the financial year 2013-14 and on
cancelation company has incurred loss of Rs. 8,09,652.00 and loss of
work done on land of Rs.19,97,363.00 total loss of Rs. 28,07,015.00.
Transaction with Related Party
An advance of Rs.15000/-given to Kanta seengal Education Foundation.
A sum of Rs. 51300/- paid by PBPL on our behalf.
Payment of Rs.2000000/- made to Barsana Food Pvt Ltd on behalf of laser
Infomedia ltd.
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