| 1. In view of there being substantial carry forward of Losses and
unabsorbed Depreciation available to the Company under Income Tax Law,
no provision for tax has been made in the accounts.
2. No sitting fees have been paid/provided to the directors for
attending the meeting of the Board as per Board Resolution passed on
11.08.1997.
3. Sundry Debtors, Loans and Advances, Sundry Creditors and other
Liabilities are subject to confirmations.
4. No employee of the Company has completed the minimum years of
service as per the Payment of Gratuity Act,1972, and hence no provision
for Gratuity has been made in the accounts.
5. The Company does not have any scheme for leave encashment.
6. Investment allowance Reserve as required by section 32 A of the
Income Tax Act, 1961 will be created when there are sufficient profits.
7. Contingent Liabilities:
a) Bonds executed in favour of Customs
authorities as on 31.12.2009 90,50,000 90,50,000
b) Bank guarantee executed in favour of
Customs Authorities 20,17,500 20,17,500
c) Claims against the company not 1,12,11,146 1,12,11,146
acknowledged as debts
d) Demand from Income Tax Authorities for
93-94 to 96- 97 against which a revision
TDS including interest for Petition has 12,18,626 12,18,626
been filed.
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