| CONTINGENT LIABILITIES
a) There are various suits filed against the company by various
parties. We are unable to quantity the amount of liabilities arising in
various suits.
b) Contigent liabilities not provided for as the information provided
by the management, present status of the cases are not known as the
management has not provided any detail of the cases.
Particulars Amount(ln Rs.)
Sales Tax for Karnal Unit 80 lacs
Sales Tax for Bundi Unit 37 lacs
1) SECURED LOANS
During the last year, the deed of Assignment was executed on 10th June
2008 between the Consortium Bankers , Kotak Mahindra Bank and the
Company regarding the buyout of Consurtium debt owned by K J
International Ltd. Similarly the deed of assignment was also executed
on 13th June 2008 between the Stressed Assets Stabilization fund
(IDBI), Kotak Mahindra bank ltd and the company regarding the acquiring
the debts of IDBI owned by the copmany. As per the draft term sheet ,
the company has not provided Interest on above loans.
During the year the company has made a payment of Rs. 3,.98 crores to
Kotak Mahindra Bank against ARD loan , however in the absence of
Agreement with the bank, we are unable to comment on the terms &
conditions for repayment of Bank Loans.
The company has also provided interest on the above loan . However no
confirmation is available in respect of loan and interest their on.
(2) TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
estimated taxable income for the year and in accordence with the
provision as per Income Tax Act 1961. Deffered tax is recognised using
the enacted tax rates and laws as on the Balance Sheet date. Subject to
the consideration of prudence in respect of deffered tax assets, on all
timing, differences, between taxable of deffered tax assets, on that
originate in one period and are capable of reversal in one or more
subsequent period.
(3) Auditors Remuneration - Rs 15000 /-, (Previous Year - Rs 16854 /-)
(4) Provisions of lndustries( Development & Regulation) Act. 1951
relating to licenced capacity :- in the absense of any engineer
certificate we are unable to comment on the insatalled, licensed Ý
actual capacity of various industries
(5) Production, Stock and Sales of Rices:
The Company is not carrying a any manufacturing and business activity
during the year and carry no inventory
6 ) CAPITAL WAIVER ACCOUNT (Shown under Reserve & surplus) As informed
in para 8 above, the debts of the company was taken over by Kotak
Mahindra bank, after settle the above dues, the balances left in loan
accounrs were transfered to Capital Waiver account.
7) Earning From Foreign Currency NIL NIL
Expenditure in Foregin Currency NIL NIL
8) During the year company has taken over the M/s K.J. International
dt. 29 September, 2009 a firm in which directors are interested.
9) Deffered tax assets/ liabilities has not been recognized and
carried forward as there is no certainly of any future taxable income
10) Closing Balances of debtors, Secured Loans, Unsecured loans and
subject to confirmation by them. because the management has not
provided any confirmation of abobe balances
11) During the year the company has not writeoff/ writeback old
debtors.
12) Previous years figures have been regrouped and rearranged wherever
necessary to make it comparable with the Current years figures. All
figures have been rounded off to nearest rupee.
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