1 Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is possible that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
Claims not acknowledge as debts amounting to Rs. 17,89,625/- in respect
of Sales Tax / VAT Liabilities.
2. Loans and advances are subject to confirmation from respective
parties. In case where repayment of loans is not forthcoming, the
Company has taken action in the matter and as per the management, no
part of principal amount is considered doubtful.
3. The details of amounts outstanding to Micro, Small and Medium
Enterprises are based on the information available with the company
a) Provision of Current Income Tax is made on after considering the
effect of deduction under section 80IB of the Income Tax Act, 1961.
b) Deferred Taxation:
The deferred tax liabilities comprises of tax effect of timing
differences mainly on account of depreciation. Deferred tax is
recognized, subject to the consideration of prudence, on time
differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
5. Previous year''s figures have been recast / re-stated wherever