2. The Company has one class of equity shares with equal voting and dividend right and alsohave 12% CRPS with preferential right of distribution in case of dissolution.

As there is no movement in Share Capital during the year no reconciliation of opening and closing Share Capital is given

3. In an earlier year the company had issued 287000 12% Cumulative Redeemable Preference Shares of Rs.100 each as fully paid up pursuant to a contract without payment being received in Cash but redeemable at par in three equal installments during the years 2004-05, 2005-06 & 2006-07. But the same has not been redeemed till date due to financial constraints faced by the Company. Similarly in absence of cash accruals and carried forward losses the arrear of Cumulative Preference Dividends Rs. 475.04 lacs (Rs.449.21 lacs) has not been provided .as at the date of the balance sheet

(a) The Amount of Rs.19.75 lacs (Rs.19.75 lacs) standing to the credit of Capital Suspense Account required to be converted into paid up equity capital of the Company by issue of 1,99,345(1,99,345) fully paid up Equity Shares of Rs.10 each for consideration other than cash to the resident stock holders of erstwhile Indian Copper Corporation Limited, Holding 7,49,860 (7,49,860) units of stock as and when they will surrender their stock certificates as per the agreement dated 3rdJanuary,1977 entered into with the liquidators of Indian Copper Corporation Limited (in Member's Voluntary Liquidation)

4. a) Out of the above a sum of Rs.21.94 lacs represents very old balances of raw material and store suppliers for which neither an approach has been made by the suppliers nor their balance confirmation and / or their status as SME could be obtained. Hence the balance appearing in the books of account are taken as correct

5. Previous year Extra Ordinary Item represents-

A) Debit amount was for payment made to Bombay Stock Exchange as reinstatement fees for allowing trading of Securities,which was previously suspended due to various non compliance

B) Credit amount was for the amount written back of the unsecured loan taken in earlier years on short term basis but could not be repaid due to financial crisis, and interest on such loan could neither be provided nor paid due to paucity of funds in terms decision taken by the Board to write back such loan with interest if any which are time bar under the taw of limitations.

6. On complete erosion of net worth of the company, in an earlier year it was referred to BIFR. While implementing the BIFR order, it disposed off its entire assets and cleared secured and unsecured creditors in the best possible manner. The Company has since been released from SICA.

In an earlier year there was a change in Management, and the present management with a view to revive the Company is continuously infusing fresh Working Capital and have also regularized the listing of Shares with Bombay Stock Exchange. Further efforts are being made by the management to revive the Company by brining fresh Capital. Accordingly the accounts have been prepared on going concern basis.

7. (a) In view of carried forward unabsorbed depreciation and losses of earlier years, no income tax / MAT liability is envisaged at this stage..

b) On the basis of the Income-tax return filed and assessment done creation of deferred taX Assets on carry forward losses is not considered necessary as future operations are uncertain.(AS 22)

8. In absence of balance confirmation certificates from the parties the debit / credit balance as appearing in the books of accounts is taken as correct. However balance Confirmations for unsecured loan parties are being received

9. The Company do not have any assets requiring provisions for impairment of loss (AS-28).

10. Quantitative and other information pursuant to the provisions of Schedule VI to the extent presently applicable to the Company- NIL (NIL)

11. Previous years figures have been re - arranged and / or re-grouped wherever necessary for better presentation