BASIS FOR PREPARATION OF FINANCIAL STATEMENTS BASIS OF ACCOUNTING
 
 The Financial Statements have been prepared under historical cost
 convention on accrual basis and comply with notified accounting
 standards as referred to in Section 211(3C) and other relevant
 provisions of the per the Companies Act, 1956.
 
 All assets and liabilities have been classsified as current or
 non-current as per the company''s normal operating cycle and other
 criteria set out in Revised Scheule VI to the Companies Act, 1956.
 Based on the nature of the services and their realisation in cash and
 cash equivalents, the Company has ascertained its operating cycle as
 twelve months for the purpose of current and non-current clasification
 of assets and liabilities.
 
 USE OF ESTIMATES
 
 The preparation of the financial statements in conformity with the
 accounting standards generally accepted in India requires the
 management to make estimates that affect the reported amount of assets
 and liabilities, disclosure of contingent liabilities as at the date of
 the financial statements and reported amounts of revenues and expenses
 for the year.  Actual results could differ from these estimates.
 
 The Company is a Small and Medium sized company (SMC) as defined in the
 general instructions in respect of accounting standards notified under
 the companies Act 1956.  Accordingly, the company has compiled with the
 accounting standards as applicable to a Small and Medium Sized Company.
 
 VALUATION OF INVENTORY
 
 The company does not have any Inventory as on 31.3.2012.
 
 IMPAIRMENT OF ASSETS
 
 An asset is concerned as impaired in accordance with Accounting
 Standard 28 on ''Impair- ment of Assets, when at balance sheet date
 there are indications of impairment and the carrying amount of the
 asset, or where applicable the cash generating unit to which the asset
 belongs, exists is recoverable amount (i.e. the higher of the asset''s
 net selling price and value in use). There were no reduction or gain
 against the carrying amount to the recoverable amount and no effect for
 the impairment is recognized in the profit and loss account.
 
 CONTINGENT LIABILITY
 
 Contingent liabilities as defined in accounting standard 29 on
 provisions, contingent liabilities and contingent assets are
 disclosed by way of notes to the accounts. Provision is made if it is
 probable that an outflow of future economic benefits will be required
 for an item previously dealt with as a contingent liability. There were
 no transactions covered under this category and no provision has been
 made during this year.
 
 ACCOUNTING FOR TAXES ON INCOME
 
 Income taxes are accounted for in accordance AS 22 Accounting for
 Taxes and Income issued by the ICAI. Tax expense comprises both
 current and deferred tax. Current tax is measured at the amount
 expected to be paid to/ recovered from the tax authorities using the
 applicable tax rates. Deferred tax assets and liabilities are
 recognized for future tax consequences attributable to timing
 difference between taxable income and accounting income that are
 capable of reversing in or more subsequent periods and or measured
 using relevant enacted tax rates. At each Balance Sheet, the Company
 reassesses unrec- ognized deferred tax assets to the extent they have
 become reasonably certain or virtu- ally certain of realization, as the
 case may be.
 
 EMPLOYEE BENEFITS
 
 Defined Contribution Plan
 
 The Company has defined contribution plans for employees. But there are
 no permanent employees during the financial year. Hence there is no
 Contributions Paid/Payable to these plans during the financial year.
 
 FOREIGN CURRENCY TRANSACTION
 
 There is no foreign currency transaction during the financial year
 2011-12, hence there is no exchange difference.
 
 SEGMENT REPORTING
 
 As The Company has closed down its operation, there are no separate
 reportable seg- ments as per Accounting Standard (AS) 17 Segment
 Reporting 
 
 In the opinion, of the Board of Directors and to the best of their
 knowledge and belief, the value on realization of Current Assets, Loans
 and Advances in the ordinary course of business will not be less than
 the amount at which they are stated in the Balance sheet.
 
 Confirmation of Balances from certain parties for the amounts due to
 them or due from them is yet to be received / reconciled.
 
 For the year ended on March 31, 2012, the company has not generated any
 sales revenue from the Plant & Machinery capable of manufacturing 13000
 tons P.A of Steel Ingots from Metal Scraps during the financial year
 2011-12 but earned only exempted dividend income from the investment in
 shares of companies.
 
 The timing differences related mainly to depreciation and unabsorbed
 losses and the net effect of such differences will result in deferred
 tax asset or liability. The company has not earned any taxable income
 hence as a measure of prudence net deferred tax asset relating to the
 above period has not been recognized in the accounts.
 
 Since there is no tax liability, no Provision for Income Tax has been
 made in the books of accounts as per the provisions of the Income Tax
 Act.
 
 MANAGERIAL REMUNERATION
 
 Payment of Managerial Remuneration and other benefits inclusive of
 perquisites not made to the Managing Director and Director against
 their option.
 
 MICRO, MEDIUM & SMALL ENTERPRISES ACT, 2006.
 
 In spite of the absence of a database identifying Creditors as Small
 Scale industrial Undertakings, it is the opinion of the management that
 there are no parties, which can be classified as Small Scale industrial
 Undertaking to whom the Company owes any sum. The Auditors have
 accepted the representation of the management in this matter.
 
 As per the Business Plan prepared by the Management, they are exploring
 the possibilities to revive the manufacturing activities along with the
 present investment of surplus funds into the diversified projects.
 
 According to the information and explanation given to us, we are of the
 opinion that the changes in the Fixed Assets have not affected the
 going concern status of the company.
 
 Figures shown in the accounts have been rounded off to the nearest
 rupee.