1A. Company has an unsecured loan of Rs. 2 Lacs (Previous year Rs. 7
Lacs) from the company. In view of the present financial scenario, the
company has approached them to waive the interest amounting to Rs. 0.71
Lacs (previous year 1.12 Lacs) on such unsecured loan, hence no
provision has been made in the account.
2. Related Party Disclosure:
A. Names of related parties and description of relationship i Key
Mr. K.N. Bagla
Mr. B.P. Hazarika
Mr. Satendra Singh
Mr. Naresh Tulshan
3. DEFERRED TAX LIABILITIES
The company is not claiming any depreciation on the fixed assets of the
company under the Companies Act, 1956, nor under the Income Tax Act,
1961. There being no other items of expenses or income which have a
timing difference which will give rise to the deferred tax assets. As
per AS-22 issued by the Institute of Chartered Accountants of India,
deferred tax amount should be recognised only to the extent there is
virtual certainty that sufficient future taxable income will be
available against which deferred tax assets can be realised. At
present, there is no virtual certainty about the availability of the
sufficient future taxable income; hence calculation of deferred tax as
per AS-22 is not done by the company.
4. Figures for the previous year have been regrouped/rearranged
wherever considered necessary.
5. None of employee was in receipt of remuneration aggregating to
more than Rs. 6000000/- per annum or Rs. 5,00,000/- per month if
employed part of the year.
6. Income Tax Assessment of the company have been completed upto
Assessment year 2010-11 u/s 143(1)(a) of the Income Tax Act 1961. In
view of the brought forward business loss & unabsorbed depreciation, no
provision for Income Tax has been made in the book of accounts.
7. Segment Reporting
As the company''s business activities fall within a single primary
business segment, the disclosure requirement of Accounting Standard
(AS-17) ''Segment Reporting'' issued by the Institute of Chartered
Accountants of India is not applicable.