Contingent assets are not recognized in the financial statement since this may result in the recognition of the income that may never be realized.

General:

Except wherever stated, accounting policies are consistent with the generally accepted accounting principles and have been consistently applied.

(B) Notes on Financial Statements

1.    The SSi status of the creditors is not known to the Company: hence the information is not given.

2.    Salaries includes directors remuneration on account of salary Rs.2,74,80,000 /- (Previous Year Rs.2,74.80000 /-)

3.    Trade receivables, Trade payables. Loans & Advances and Unsecured Loans have been taken at their book value subject to confirmatjon and reconciliation.

5.    Loans and Advances are considered good in respect of which company does not hold any security other than the personal guarantee of persons.

6.    No provision for retirement benefits has been made, in view of accounting policy No. 11. The impact of the same on Profit & Loss is not determined.

9. Company has made no provision in respect of penalty of Rs. NIL_ imposed by department in respect of assessment for AY NIL as the company has filed an appeal before the    and the company quite hopeful of getting relief.

14. Previous year figures have been regrouped/rearranged wherever necessary.