1. A) Contingent Liabilities: Nil
B] The Board does not anticipate any claims against the Company.
2: Previous years figures have been regrouped and rearranged wherever
found necessary to make them comparable to those of the current year.
3. Balances standing to the debit/credit of parties disclosed under
the heads Current Assets, Loans and Advances as well as Current
Liabilities are subject to confirmation as are the balances of
financial institutions, banks and unsecured lenders.
4. In view of the losses incurred by the company no provision for
taxation is made in the current year.
5. The working of deferred taxation of the company shows that in view
of the losses over a period of time, there is a deferred tax asset of
Rs 2.03,55,537/-for the earlier years and Rs.8,51,611/- the
current year under audit As per para 18 of the Accounting standard 22,
an enterprise is required to recognise deferred tax assets only to the
extent that it has timing differences the reversal of which will result
in sufficient income or there is other convincing evidence that
sufficient taxable income will be available against which such deferred
tax assets can be realised. In the opinion of the directors it is not
likely that sufficient income will arise to set off deferred tax assets
as worked out above. The directors did not consider it prudent to make
any entry in the books of accounts for deferred tax asset.
6. The undertakings to whom amounts outstanding for more than 30 days
in respect of small scale undertakings where such dues exceed Rs 1 lakh
are Rs Nil The information has been complied in respect of parties to
the extent to which they could be identified as small scale and
ancillary undertakings on the basis of the information available with
7. In the opinion of the Board, all known liabilities are provided for
and all the Current Assets, Loans & Advances have a value on
realisation, the value stated in Balance Sheet if realised in the
ordinary course of business.