1. Contingent Liabilities:
a) Claims against Company not
Acknowledged as debts. - -
* cannot be ascertained for want of adequate
2 Taxes on Income:
The Company provides tax liability on the basis of current tax and
deferred tax. Since company has loss for the year and being a sick
company and having unabsorbed depreciation and other available
deductions, the Company is not liable for Income Tax as well as Tax on
profit under section 115 JB of the Income Tax Act, 1961 . Therefore, no
provision for current tax liability has been made.
As regards deferred tax, no asset has been recognized because of
uncertainty of its realization.
3 Necessary provisions for revenue and expenses have been made in the
accounts on the basis of the available record and estimate of the
4 Sick Company :
The Company has become a ''sick industrial company'' within the meaning
of provisions of Section 3 (1) (o) of Sick Industrial Companies
(Special Provisions) Act, 1985.
5. Related Party Disclosure:
Related Party Disclosures as required under Accounting Standard on
Related Party Disclosures issued by the Institute of Chartered
Accountants of India are given below:
6 Figures for previous year have been regrouped wherever considered
necessary and practicable.