| 1.Company is engaged in manufacturing of Non-stick coating, Leather
Sheets, Pulp Sheet & Paperboard & Dies.
2. In the opinion of the board ,value of all the current assets,
loans, and advances and other receivables is not less than their
realizable value.
3. Debtors/creditors/advances are subject to reconciliation/
confirmation.
4. The company has still not taken any steps to forfeit shares on
which shares allotment money of Rs. 260,504.35 is due.
5.The company has not transferred Rs. 21,956.22 lying in unpaid
dividend account since 1995 to the General revenue account of the
central govt. in pursuance to sub sec(5) of section 205A of the
Companies Act 1956.
6. From the financial year covered by our audit, there is virtual
certainty that there would be sufficient taxable income in future
against which deferred tax assets & liability if recognized could be
reversed. Thus the company has recognized deferred tax liability /
assets in line with Accounting Standard-22 relating to "Accounting for
taxes on Income" issued by The Institute of Chartered Accountants of
India. The components of Deferred Tax Liabilities/(Assets) are
7. During the year , the company purchased material amounting Rs.
1,21,95,574/- from Higrow Industries and made sale amounting Rs.
1,05,17,045/- to the same after some value addition. The sum of
Rs.15,98,746/- received by the company from M/s Higrow Industries in
addition to transactions related to Sales & Purchase during the year.
8. Related Party Disclosure as required by Accounting Standard-18
issued by The Institute of Chartered Accountants of India.
9. No provision is made for gratuity and leave encashment during the
year.
10. EVENTS OCCURING AFTER BALANCE SHEET DATE
There are no events (subject to the disclosure mentioned hereunder)
subsequent to the Balance Sheet date which require adjustments of, or
disclosure in, the financial statements or notes thereto.
Disclosure:-
The Company has sold Factor y Land & Building situated at 9 km Gu rgaon
Sultanpur Road, Opposite Daya Vihar, Budhera, Gurgaon vide Sale Deed
dated 06/06/2011 for Rs.800.00 Lakhs and vide Sale Deed dated
12/07/2011 for Rs. 25.00 Lakhs.
This transaction is in reference of Ordinary Reso lution passed U/s
293(1)(a) of The Companies Act,1956 by Shareholders at EGM dt.
02/02/2009 and Board Resolution dated 15/04/2011.
Previous year figures have been regrouped/ rearranged to whenever found
necessary to confirm to the groupings or clarifications of current
year.
Schedule 1 to 10 forms an integral part of the Balance Sheet and Profit
& Loss Account.
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