1 Previous year''s figure1:, are regrouped, rearranged or recast
wherever necessary to conform to this year''s figures.
2 Contingent liabilities not provided for in the Accounts: Current Year
a) Guarantees is sued by banks
3 In the absence of overall taxable profit, no provision for Current
Tax/ Minimum Alternate Tax has been made in the accounts of the current
financial period. Further, as at year end the major components of
deferred tax are accumulated losses & unabsorbed depreciation, and the
recovery of the same is not virtually certain. In view of the
aforesaid, deferred tax asset has not been recognized.
4 Three deposit holders of the company had filed a petition with the
Company Law Board for the refund of deposits amounting to Rs.5O,0O07-.
The Company Law Board had ordered the company to pay the amounts in
installments. As the company could not pay the amount due to financial
constraints. Register of Companies. Kerala has proceeded against the
company in the Economic Offence Court for upon compliance of Company Law
Board (CLB) Older which was dismissed by the court. The Registrar of
Companies has filed an appeal in the High Court of Kerala, which is
pending disposal. However, these deposits were settled during the year
2009-10, on a compromise settlement. Based on this settlelement. the
deposit holders has withdrawn all their claims and complaints in
respect of the deposits. The company has filed a petion with the Lot
Adalath of Ministry of Corporate Affairs to withdraw the appeal filed
by RoC with Kerala high Court. since the deposit holders claims were
settled and they had withdrawn their complaints.
5 Managerial Remuneration
a) No commission is payable to any director and hence the computation
of profit u/s 193 34-9 of the Companies Act. 195 6 is nor required
b) The computation of Managerial Remuneration u/s 35 0 of The Companies
Act, 1956 have nor been enumerated as the managerial remuneration
payable to Managing Director are within the limit prescribed under
Schedule XHI of the said Act.
6 Segment Reporting
The Company did not carry out any operations during the year, and hence
reporting as required under Accounting Standard 17 issued by ICAI on
Segment Reporting is not given.