1 CONTIGENT LIABILITY - NIL
2 REVENUE RECOGNITION
3 Debit and credit balances on whatsoever account are subject to
confirmation from parties, as such their effect on profit & loss
account cannot be reflected.
4 In opinion of the board, all the current assets, loans and advances
have the value realisation in the ordinary course the business, at
least equal to the amount stated.
The Managing director has been paid remuneration. The above
remuneration has been paid as minimum remuneration in the absence on
inadequacy of profits. No commission has been paid to the Managing
Director due to inadequacy of profits.
5 FIXED ASSETS
Fixed Assets are stated at historical cost and net of canvas credit, if
any , and depreciation.
Depreciation provided on written down value basis in accordance with
the provisions of Section 205(2) (b) of Companies Act, 1956.
7 INCOME AND EXPENDITURE RECOGNITION
Revenue on sales and other sources are recognised on accrual basis and
are accounted as liabilities on the due basis.
8 PRELIMINARY EXPENSES
1/5 of the pre-operative expenses of the new project of last year has
been written off as per Sec 35D of the Income Tax Act, 1961.
Investments & Deposits are valued at cost. Investments are certified by
10 The previous years figures have been recast/regrouped wherever
necessary to confirm to this year''s classification.
11 Figures have been rounded off to nearest rupee