1. Contingent liabilities as may arise due to :
 
 Delayed/Non compliance of various fiscal statues. Amount
 unascertainable.
 
 2. In the opinion of the management, the current assets, loan and
 advances, are expected to realise, atleast at the value stated in the
 Balance Sheet and adequate provisions have been made, for all known
 liabilities unless otherwise stated.
 
 3. The company's financial year for the purpose of compliance with the
 provisions of the Companies Act, 1956 ends on 31st July as against the
 previous year for tax purposes, which ends on 31st March. The company
 does not expect any taxable income relevant to the previous year ended
 on 31st March, 2004 and therefore, no provision for tax, is considered
 necessary, for the said year. The income, if any, for the period from
 1st April, 2004 to 31st March, 2005 which forms part of the Annexed
 Accounts will be Assessed as part of the Income relevant to the
 previous year ending on 31st March, 2005.  Consequently, tax liability,
 if any, with respect to the income of the said Four Months, cannot be
 arrived at present and hence, no provision is made therefor.
 
 4. The company has increased the authorised capital however certain
 legal & procedural formalities with regard to above are yet to be
 complied with.
 
 5. Balance under the head Unsecured loans, share application money,
 bank balance & other current liabilities are subject to confirmation &
 reconciliation if any. Consequent adjustment thereof, if any, remains
 pending in the books of accounts.
 
 6. Previous year's figures have been re-arranged and/or re-grouped,
 wherever considered necessary,
 
 7. No provisions has been made in the accounts for
 Diminution/Appreciation in the book value of the investments since, in
 the opinion of the management, the investment are of long term nature.
 
 8. Generic names of Three Principals/Services of the Companies - N.A.
 
 * Though this represents the gross income of the company however, the
 term Turnover is given to strictly comply with the statutory
 requirements.
 
 In terms of the our attached report of even date.