1) No provision has been made in respect of income tax liability of
Rs.3,60,47,377/- determined on account of Block assessment up to 18th
June, 1998 pursuant to search operation carried out by the Income Tax
Authorities as the same has been disputed by the company before the
2) Sundry Debtors exceeding six months include Rs.67,47,933/- due for
recovery for a period of thirty six months and above and have become
time barred under Limitations Act, 1963 for recovery thereof, no
action, legal or otherwise, has been initiated by the Management.
However, in the opinion of the Board all the debtors are good for
3) The Company did not have a Secretary during the year as required
pursuant to the provisions of section 383-A of the Companies Act 1956.
4) The balance of Sundry debtors, Sundry creditors, Loans & Advances
and other accounts appearing in Current Liabilities remain unrecognized
and are subject to such rectification as deem fit on reconciliation/
5) During the year under review the Company has carried out business
transaction in shares only, and hence there is no separate business
segment reporting as per Accounting Standard 17 issued by the Institute
of Chartered Accounts of India.
6) Related parties disclosure
(A) 1. Other related parties where control exists: NIL 2. Key
management personnel and their relatives: Shri A.K Sanghi Smt. Poonam
Sanghi Shri M.K.Saboo Shri K.Udaykumar
Note: Related parties relationships as identified by the Company and
relied upon by the Auditors.
7) Information pursuant to Paragraph 4A and 4D of Part II of Schedule
VI of the Companies Act, 1956 is not applicable to the Company.
8) Previous year''s figures have been rearranged/ regrouped wherever
9) Based on the information / documents available with the company
sundry creditors includes total outstanding due to Micro & Small
Enterprises of which:
i) Amounts overdue on accounts of principal and / or Interest: NIL ii)
Name of the parties to whom the company owe any sum outstanding for
more than 30 days but not overdue: NIL