1. Balances of sundry debtors, creditors and of loans & advances are
subject to confirmation from respective parties.
2. During the year, the Company has complied with Accounting Standard
(AS) 22 Accounting for taxes on Income issued by ICAI. The Company
does not recognise either Deferred Tax Asset or Current Tax Aset as
required-under Accounting Standard - 22 despite having huge unabsorbed
depreciation & carryforward business losses as there is no certainly of
future taxable profits.
3. In the opinion of board of directors, the aggregate value of current
assets, loans & advances, if realised, in the ordinary course of
business will not be less than the amount at which these have been
stated in the balance sheet.
4. Previous years figures have been regrouped and rearranged wherever
5. Earning per share according to the Accounting Standard - 20 is as
Basic & Diluted EPS (0.06) (0.85)
Cash EPS 0.16 0.96
6. Contingent liability in respect of guarantees provided by the
company aggregates to rupees 1,475 lacs (previous year rupees 1,475
7. Banks and Financial Institutions have filed suits against company in
The Debt Recovery Tribunal - Ahmedabad for recovery of their dues
aggregating to rupees 1336.29 lacs.
8. Company has made investments and granted loans in excess of 40% of
net owned funds against Non Banking Financial Companies Prudential
Norms (Reserve Bank) Directions 1998.
(12 months) (6 months)
9. Managerial Remuneration:
Salary 225,000 720,000
Total 225,000 720,000
10. Auditors Remuneration :
Audit Fees 36,750 36,750
Other Services 10,500 70,500
Out of Pocket Expenses 11,700 77,700
Total 58,950 58,950
11. Bank Balances include rupees 980/- held with The Social Co
Operative Bank Limited (Maximum balance outstanding rupees during the
12. Additional information to be given, pursuant to para 4C and 4D of
part II of schedule VI to the Companies Act, 1956, are not applicable.