| 1. Contingent Liabilities as at 31.03.14 - Rs.5,05,03,230/- for
Income-tax matter under dispute (Previous Year Rs. 4, 67, 28,770/-).
2. There are no eligible employees in the service of the Company
during the year and hence no provision towards retirement benefits has
been considered in the accounts (Previous year - Nil).
3. The Assets held for disposal under Non-current Investments
comprise of land and boundary wall, acquired by the Company during
2010-11 from Assets Care Enterprises Limited under SARFAESI Act, 2002.
The Company had subsequently received a Letter of Intent along with an
advance payment aggregating to Rs. 4.50 Crores (Previous Year Rs.3.00
Crores) from another company for purchasing the said property which
has been consistently disclose as a deduction from the said value of
Assets held for disposal.
4. There were no dues outstanding amounts payable to Micro, Small and
Medium Enterprises included under Current Liabilities, as per the
information available with the Company and relied upon by the auditors
(Previous Year - Nil).
5. In the opinion of the Board, the Current assets, and Loans and
Advances have a value on realisation in the ordinary course of the
business at least equal to the amount at which they are stated in the
books of account and adequate provision has been made of founds all
known liabilities.
6. Provision towards current taxation has been made based on the
Income Tax Act, 1961. No deferred tax is considered during the year
since there were no timing differences (Previous Year - Nil).
7. Related Party Disclosures
i) Related Party Relationship:
Key Management Personnel: Shri P.K. Jajodia
ii) During the year, there were no transactions with any of the
related parties.
Note - Related party relationship are as identified by the Company and
relied upon by the Auditors.
8. Since there are no employees with the Company, no provision towards
gratuity or Leave Encashment has been considered necessary in the
accounts as at the year end.
9. Provision towards permanent diminution in the book value of
non-current Investment has been considered to the extent of Rs.6.70
lacs (Previous Year - Nil).
10. In compliance of Section 45-IC of the Reserve Bank of India Act,
1934, the Company has created Special Reserve aggregating to Rs.86,489
(Previous Year - Rs.1,79,253) by way of a transfer from the current
year Profit.
11. Since there are no reportable segments, the recommendations of
Accounting Standard 17 - "Segment Reporting" are not applicable to the
Company during the year under review. (Previous Year - Not
applicable).
12. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's
classification / disclosure.
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