| 1 No managerial remuneration or sitting fees have been paid to or
provided for any directors of the company.
2 Previous years figures are regrouped and rearranged wherever
necessary as per Schedule VI.
3 In the opinion of the Board, the Current Assets, Loans and Advances
(Except mentioned in point no 4 above) are approximately of the value
stated, if realised in ordinary course of business. The provision for
all known liabilities is adequate and not in excess of the amounts
reasonably necessary.No personal expenses have been debited to the
Profit and Loss Account.
4 As per Accounting Standard 22- Taxes on Income issued by ICAI,
working of Deffered Tax Asset/(Liability) is as under:Deffered Tax
Asset and Liabilities are attributable to the following items:
Since there is no virtual or reasonable certainty with the convincing
evidence that future taxable income will be available against which
such deffered tax asset can be realised , deffered tax asset is not
recognised in the books as required by the paragraph 15 and 17 of
Accounting Standard 22 issued by ICAI.
5 The company is a potentially sick company under clause (o) of
Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985
since the accumulated losses of the company exceed 50% of the total Net
Worth of the Company.
6 The revised schedule VI has become effective from 1st April 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosure.
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