1. The contingent liabilities not provided for in the books of account:-
2. The confirmation of credit balance of IDBI Rs. 1221 Lac has not
been made available to us.
3. Debentures of Rs. 2 Crore have already become due for redemption.
Rs. 25 Lacs out of 2 Crore have been paid during the year. But no
confirmation has been made available to us.
4. L & T Finance Ltd. balance of Rs. 38391676 and interest payable of
Rs. 4066159 has been written off during the year and shown under misc.
income. But no confirmation from L & T Finance Ltd. has been made
available to us.
5. Parties balances are subject to confirmation and reconciliation if
6. The confirmation of debit balance of no lien a/c of S.B.I. and PSIDC
of Rs. 95 Lacs has not been made available to us.
7. Previous figures have been regrouped/rearranged wherever considered
8. Provisions for taxation has not been made as there is no tax
liability during the year as per Companies calculations.
9. No interest has been provided for on loans from financial
institution and Bank during the year.
10. The company was declared sick industrial company within the meaning
of section 3(1)(o)of the sick industrial co. (Spl. Prov.) Act, 1985 by
Hon Board for industrial and financial reconstruction in 1999.
11. The company has unabsorbed depreciation and carried forward losses
under tax law and there is reasonable certainty that no future taxable
income will be available so no deferred tax asset has been calculated
12. Segment information : The company is engaged only in the business
of engineering components and there are no separate reportable segments
as per accounting standards 17 on segments reporting.