| 01. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :
Income Tax demands disputed in appeal for Rs. 168.59 Lacs (previous
year Rs. 168.59 Lacs)
02. No provision has been made in accounts for the gratuity, which is
not conformity with the Accounting Standard AS-15 viz. ' Accounting for
Retirement Benefits' issued by the Institute of Chartered Accounts of
India.
03. The Company does not posses information and/or have separate
records of supplies of small scale or Ancillary industries defined
under the 'Interest on delayed payment of small scale and Ancillary
undertaking Act, 1993: In the absence of such information, interest on
overdue amounts to such supplies, if any as on 31st march 2012 is not
ascertained and hence not provided for However, the company has not
received and claims in respect of interest.
04. Income tax Assessment of the company have been finalized upto and
including Assessment Year 2006-07. In view of carry forwarded losses,
no provision for taxation is made for the current year.
05. The Company does not have the practice to call for balance
confirmation in respect of Loans and Advances, Deposites, Sunday
Debtors and Sunday Creditors and hence the same shown as per the books
of accounts and are subject to confirmations and reconciliation, if
any.
06. The Company's operations relate only to Textile Segment and hence
has only > single reportable segment.
07. Related party transaction are noted here below :
08. The Company is entitled to set-off carried forward losses and
unabsorbed depreciation against the future taxable profits. As a matter
of prudence the company is not recognizing the Deferred Tax Assets in
respect of the same, as provided in the Accounting Standard AS-22 viz.
'Accounting for Taxes on Income' issued by the Institute of Chartered
Accounts of India.
09. The previous year's figures has been reworked, regrouped,
rearranged and/ or reclassified wherever necessary.
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