| 1. The figures are rounded off to the nearest rupee and previous year
figures have been regrouped/rearranged wherever necessary.
2. CONTINGENT LIABILITY
Income Tax Liability pertaining to the assessment year 1993-1994 is Rs.
36,20,286/- and the company has preferred an appeal before the income
Tax appellate Tribunal, no provision is made in this regard since the
appeal is pending. (Previous Year Rs. 36,20,286/-)
3. As per information and explanations given to us, during the
financial year no expenditure incurred in Foreign Currency (inflow and
outflow)
4. The Company has no information as to whether any of its suppliers
constitute Small Scale Industries undertaking and therefore the amounts
due to such suppliers have not been identified.
5. Pursuant to the approval given by the shareholders to take up the
new activities, the company has taken up the project to Assemble
Automobiles as its plant under Automobile Division, since the project
is under implementation; all the expenditure incurred during
construction period is treated as preoperative expenditure.
6. The company has declared Multiple Option Security Premium (MSOP) in
lieu of dividend for the Equity Shareholders up to the year 1995-96 at
the Annual General Meeting held on 26th September 1996 for Rs.
3,71,64,000/-. The company is outstanding for dispatch of MSOP Warrants
for want of approval from Securities Exchange Board of India, Income
Tax Department and the Company Law Board, since the declaration of MSOP
was not specified by the Companies Act, 1956.
7. Preliminary expenses and public expenses will written off over a
period of 10 years.
8. As explained to us that the company's business activity falls
within a turnkey projects and manufacturing of special purpose tools
which fall under single business segment viz., engineering, the
disclosure requirements of Accounting Standard 17 - Segment reporting
issued by The Institute of Chartered Accountants of India is not
applicable.
9. Relative parties disclosures as requirements of Accounting Standard
18 issued by The Institute of Chartered Accountants of India is as
annexed herewith.
10. As per information and explanations given to us, Additional
information as required under Part - II of Schedule VI of the Companies
Act, 1956, that the company is not having any manufacturing activities
and doing contract works, hence product wise details not given or not
applicable.
11. Additional Information pursuant to Part IV of Schedule VI to the
Companies Act, 1956.
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