01. CONTINGENT LIABILITIES :
A. The contingent liabilities may exist in respect of pending
assessment with income tax, sales tax, excise duty etc, where the
amounts are not ascertainable.
B. The Company has not provided a liability of Rs. 1940050 on account
of penalty u/s 271 E of the IT act 1961,for the A.Y. 2001-02 and the
company is preferring a appeal in ITAT(APPEAL) for waiver of same.
C. An appeal preferred by the company for A.Y. 2001-02 against
addition of Rs.113.38 lacs by assessing officer has been decided in
favour of the company,,however the department has gone to Tribunal for
02. The Company has not provided for Gratuity and leave encashment to
employees on accrual basis, which is not in conformity with AS-15
issued by ICAI. However, in the opinion of management the amount
involved in negligible and has no impact on profit & loss account.
03. Earnings on foreign exchange - NIL.
04. Value of Import on C.I.F. Basis - NIL.
05. Value of foreign currency loan at year end Rs. NIL.
06. Figures of previous year have been regrouped, recasted and
rearranged wherever necessary to make them comparable.
07. In the opinion of Board, the current assets, loans and advances
are approximately of the value stated in the Balance sheet if realised
in the ordinary course of business.
08. Stock has been valued, verified & Certified by the Management.
09. Amount is rounded up to nearest of rupees.
10. CONFIRMATION OF BALANCES The accounts of sundry debtors, creditors
and other parties are as per books of the concern. These balances are
subject to confirmation from respective parties.
11. In cases where the vouchers and / or supporting are not available
it has been accepted as per the information and explanations given to
us by the management and as per the books of accounts maintained by the
company that the expenses have been incurred wholly & exclusively for
the purpose of business or for creation of the assets as the case may
12. Provision for taxation for the year under consideration has been
made as per the provision of income tax Act, 1961.
13. RELATED PARTY DISCLOSURE
Related party disclosure as required by Accounting Standard 18 Related
Party Disclosure are given below:-
1. Name of Related Party and its relationship
a) Associated Companies
Kushagra Software Ltd. Handful Investrade Pvt. Ltd.
b) Key Management Personnel
Girraj Kishore Agrawal Managing Director
Rajiv Agnihotri Director
Madhvi Agnihotri Director
Tanu Agrawal Director
Bankeylal Agrawal Director
Ashwin Trivedi Director
NOTE: Related party relationship is identified by the Management and
relied upon by the auditors.
2. Transaction carried out with related parties referred above in
ordinary course of business.
Particulars Key Management Personnel Other
Remuneration Nil (Nil) Nil
Loans & Advances Nil Nil
3. Secondary Segment Information
The Company operates only in the Indian Market so there are no
reportable geographical segments.
14. There are no parties, which can be classified as small-scale
undertaking to whom the company owes a sum exceeding Rs. 1 Lacs, which
is outstanding for more than thirty days.