1. (a) Contingent Liabilities: NIL (NIL) (b) Guarantees/Counter
Guarantees issued by the Company Rs. NIL (N I L)
2. Capital commitments : Rs. N I L (N I L)
3. In the opinion of the Board, Current Assets, Loans & Advances, if
received in the ordinary course of business, will atleast, be equal to
the value stated in the Balance Sheet & provision for all known
liabilities has been made in the accounts.
4. Advance for Purchase of real estate is being treated as a trade
advance, since the company does not intend to hold the said real estate
as a Fixed Asset.
5. Auditors Remuneration :
Audit Fee Rs.10,000 (Rs.10,000)
Service Tax Rs. 500 (Rs. 500)
Income Tax Matters Rs. 5,000 (Rs. 5,000)
6. The Company has entered into Agreements to Sell agricultural land
shown under the head Inventories-Real Estate and has received an
advance of Rs. 16,78,000 (Previous year Rs.17,80,000) against the said
Agreement. The possession of the said land remains with the company
7. No provision for taxation has been made in the accounts in veiw of
the loss made by the company.
8. Sundry Debtors of Rs. 74,56,000 in the opinion of Directors is
doubtful for recovery. No confirmation of closing balances is received
from debtor. A provision of Rs.74,56,000 has been created in the
accounts towards doubtful debts.
9. During the year, the company has made a provision of Rs. 5,67,856
being 100% of the substandard assets. Further provision of Rs. 2907 has
been made being 20% of substandard asset of Rs. 14536.
10. During the year the company has made a provision of Rs. 56,32,100
being 50% of advance given earlier tor purchase of real estate. The
said advance is doubtful for recovery as proceedings against the vendor
have not - resulted in recovery of any part of the amount or settlement
in real estate.
11. The company has assigned two doubtful advances including past
interest thereon in settlement of its current liabilities due to a
12. The company has made a provision of Rs. 4,12,126 against advance
given earlier to share transfer agent as there is an accounting dispute
with respect to this amount.
13. Additional information as required by part II, Schedule VI of the
Companies Act 1956. (1) Particulars in respect of opening and closing
stock, Purchase and sales.
(A) Equity Shares :
Opening Stock NIL (98,100) NIL (16.55,484)
Sale return (Purchases) 3,20,400 (2,15,100) 12,81,200 (23,07,661)
Sales NIL (3,13,200) NIL (12,52,800)
Closing Stock 3,20,400 (NIL) 12,81,200 (NIL)
(B) Real Estate:
Quantity (Acres) Value (Rs.)
Opening Stock 27 (60) 23,42,117 (44,23,617)
Additions Land - (17) NIL (16,80,000)
- Land development - (-) NIL (NIL)
Sales - (50) NIL (27,40,000)
Closing Stock 27 (27) 23,42,117 (23,42,117)
14. Expenditure in foreign currency NIL (NIL)
15. Earning in foreign exchange NIL (NIL)
16. Remittance in foreign exchange NIL (NIL)
17. Previous years figures are displayed in brackets.
18. Previous years figures have been regrouped/rearranged wherever