| 1. "The Company had lodged claims on Axis Bank demanding repayment of
fraudulent withdrawal of Rs .39,00,500/- during the year 2011-12. The
adjudication complaint is Pending before the Adjudicator of Karnataka
and other legal proceedings to recover the amount is before the Cyber
Appellate Tribunal. In the opinion of management and legal consultant
the amount is considered good for recovery thru judicial process. The
current assets include the above claim of Rs. 39,00,500 (previous year
Nil) recoverable from Axis Bank Ltd and is considered as good"
2. In the opinion of the Management:
a) All the current assets, loans and advances have a value on
realization at least equal to the amount at which they are stated in
the accounts.
b) All the known liabilities have been provided no liability,
contingent or otherwise, except those which are stated in the accounts.
3. Depreciation
There is a change in accounting policy for providing Depreciation as
per Schedule II of the Companies Act, 2013 due to which there is an
increase of Rs 8,93,789/- in the current year depreciation and Rs
39,31,305 of additional Depreciation
has been charged to Reserves & surplus. The new rates of Depreciation
have been reworked as per the useful life of the assets as per Schedule
II of the Companies Act, 2013.
4. Commission to Directors not worked out in view of Loss during the
year.
5. Based on the information received by the Company from the
creditors in regard to their S.S.I. Status, there are no amounts due to
such creditors outstanding for over 30 days exceeding Rs. One lakh as
on 31st March, 2015. Based on such information, there is no liability
for interest on delayed payments which would be payable under "The
Interest on Delayed Payments to Small Scale and Ancillary Industrial
undertakings ordinance, 1992". Moreover, the Company has not received
any claims in respect of interest.
6. Additional information in pursuance to clause (ii) of part II of
the Schedule III of Companies Act, 2013 are given to the extent as
applicable to the Company.
7. The Company has written off old debit and credit balances of
various parties during the year, net debit on this account is Rs NIL
(Previous Year Rs NIL/- net Debit)
8. Prior Period expenses of Rs NIL (Previous Year expenses Rs
79,909/-)
9. Balances of Debtors, Creditors and Other parties are subject to
confirmations.
10. Previous year's figure have been re-grouped and re-arranged
wherever necessary.
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