| 1. The account of the Company are prepared on 'going concern Basis
even though loss up to the year is more than the paid up capital and
free reserves and the operations of the company are temporarily
suspended
2. The Current assets, Loan and Advances stand at the values stated in
Balance Sheet are realizable in the ordinary course of business and
also provision
for known Liabilities made are adequate.
3. Depreciation for the current period has been provided on straight
line method at the application rates specified in schedule XIV of the
Companies Act, 1956. For the Assets Acquired / installed in the
earlier years, the depreciation ha been charges on straight line method
at the Rates applicable at the time of installation of installation of
the said assets.
4. Balances under sundry debtors, sundry creditors, unsecured loan,
under Payable, loans & advances and other receivables represent
aggregate receivable and subject to confirmation by respective parties.
Similarly few non-operative Bank account are subject to confirmation
and reconciliation.
5. There are no stores, work in process, stock in Trade, etc. as
certified by the Director.
6. Contingent Liabilities : Nil
7. No provision for Income Tax has been made since the Company has no
assessable Income.
8. Bonus / Ex-gratia has not been provided during the year (previous
year Rs. Nil) This clause of Provision of Bonus, ex-Gratia is not
applicable.
9. A Sum of Rs. 7,76,138/- towards principal and Rs.24,79258/- towards
Interest up to 31.03.2014 is overdue to A.P.govt. for interest Free
sales Tax Loan. However, no such sum provided in books during the year.
10. As part of a comprehensive review in respect of the outstanding
Sundry Debtors. Loan & Advances and other receivable are on going.
Further Provision, if any, required towards outstanding amount will be
made as and when in the opinion of the management the same is
warranted. Necessary efforts are being made for the recovery of the
same.
11. The company had settled dues of all the staff during financial
year 1.4,2009 to 31.03.2010. Hence, there is no permanent staff and
hence there is no Liability of EPF, ESI, etc during the year.
12. Since the Company has substantially carry forward loss and
unabsorbed depreciation and there is uncertainty of sufficient future
taxable income that may be avoidable for its realization, the deferred
tax assets, in accordance with accounting standard 22 issued by the
institute of Chartered Accountants of India has been considered as
matter of Prudence.
13. The company accounts for payment of Gratuity on "Payment basis".
The Actuarial liability in respect of the same is not available with
company it has provided for Rs. Nil (Previous year Rs. Nil).
14. The company has not provided Dividend on preference Shares capital
in the absence of Dividend on Equity share capital.
15. Selling and distribution expenses include forwarding expenses Rs.
Nil (Previous year Rs. Nil).
16. Approved from SEBI in respect of listing of Shares is yet be
received , A Certificate from the Chartered Accountant to effect the
applicable provision of the regulation of SEBI under regulation 3(4)
read with 3(5) is also pending.
17. There is no permanent staff and hence this clause of leave
encashment is not applicable.
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