| 1. Details of Related parties transactions are as under :
2. CONTINGENT LIABILITIES NOT PROVIDED FOR :
a) The Liability for workman compensation ofRs, 45,174/- is disputed by
the company and the the matter is lying in Lab our Court.
b) The liability for Loan amountRs, 27,33,157/- is not provided as the
matter is pending with the custodian under special court Trial of
offence relating to transactions in Security Act, 1992.
c) The liability for Interest amount Rs, 92,15,092/- is not provided as
the matter is pending with the custodian under special court Trial of
offence relating to transactions in Security Act, 1992.
3. IN THE OPINION OF THE DIRECTORS:
a) The Current Assets and Loans & Advances are approximately of the
value stated, if realized in the ordinary course of business.
b) The provision for depreciation and for all known liabilities is
adequate and not in excess of the amount reasonably necessary.
4. Effective from April 1,2014,the Company has charged depreciation
based on the revised remaining useful life of the assets as per the
requirement of Schedule II of the Companies Act 2013. The balance
useful life of the Fixed Assets has been taken as difference between
the total use full life prescribed under schedule II and assets already
used. Due to above depreciation charge for the year ended March, 2015
is higher by 0.01 lacs.
5. Reporting under sub clause 32 of clause 49 of listing agreement
issued by Securities and Exchange Board of India (SEBI), is not
applicable to the company, as there is no loan given to subsidiary or
Associates as defined under section 186 of the Companies Act, 2013 and
no loans and advances are given which is outstanding for a period of
more than seven years.
6. Reporting as per the requirement under Section 186 (4) of the
Companies Act, 2013
7. All assets and liabilities have been classified as current or
non-current as per the Company's normal operating cycle and other
criteria set out in the Revised Schedule III to the Companies Act,
2013. Based on the nature of products and the time between the
acquisition of assets for processing and their realization in cash and
cash equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current - noncurrent classification of assets
and liabilities.
8. The Company had incurred heavy expenditure on Filing fees to
Registrar of Companies, Bombay Stock Exchange and Preferential Share
Issue, Since the amount incurred was very high, the management has
decided to write it off in a span of five years, the same practice was
followed from old companies Act, 1956 and even in Revised Schedule VI
of the Companies Act, 1956. The same practice is continued and followed
in Schdule III of the Companies Act, 2013.If they would have been
written off the loss would have been higher by Rs, 8,01,664/-.
9. The previous year's figures have been regrouped and rearranged
wherever necessary to make in compliance with the current financial
year.
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