| 1. GENERAL;
The Company had filed with the BIFR u/s.15 (1) of SIC (SP) Act, 1985
for being registered as a sick company. However the same has been
rejected by the BIFR. The Company has gone in appeal against the said
order of BIFR and the appeal is also rejected.
2. DIRECTORS REMUNERATION;
Remuneration paid to the Director is Rs.Nil. (Previous Year Rs.NIL)
3. SEGMENT REPORTING;
Having regard to the nature of business carried out by the company, no
segment is identifiable as regards to the operation of the company and
accordingly no disclosure Is being made.
4. SUNDRY DEBTORS AND LOANS ft ADVANCES;
Debtors, loans & advances are subject to confirmation. The debtors are
doubtful and hence provisions for bad debts are made in the accounts.
5. SYSTEM OF ACCOUNTING;
i. The Company generally follows accrual system of accounting except
in the case of significant uncertainties.
ii. Previous year figures have been regrouped, rearranged and re-
classified to make them comparable with current year figures.
iii. Other provisions of Part II of Schedule VI of the Companies Act,
1956 are either nil or not applicable.
6. No Provision for gratuity has been made, as the company has no
employees.
7. As required under AS 22 the company has not accounted for any tax
assets/ liabilities, in view of suspension of companies activities and
uncertainty in resumption of the same.
8. The company has not provided for any interest on the loans
outstanding as of the year end because these loans are NPA for the
banks. Hence the bank has stopped charging interest on these loans and
accordingly no interest expense has been ascertained and provided for
in the current year.
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