| a) Taxation:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax asset
and liability recognised for future tax consequences attributable to
the timing differences that profit offered for income tax and the
profit as per the financial statments
Deferred tax liability & Asset are measured as per the tax rates/laws
that have been enacted or substantively enacted by the Balance Sheet
date.
b) EPS
The Earning considered in ascertaining the Company's earnings per share
composes net profit after Tax. The number of shares used in computing
basic earning per share is weighted average number of shares
outstanding during the year.
c) Gratuity
No provision for gratuity has been made as no employee has put in
qualifying period of service for entitlement of this benefit. 1)
Particulars of Employees in accordance with Sub-section (2A) of Section
217 of the Companies Act, 1956 read with Companies (Particulars of
Employees)
NIL
d. Detailed information regarding quantitative particulars under part
II of Schedule VI to the Companies Act, 1956.
NIL
e. The Company is engaged in investment in Capital Market. The
production and sale of such services cannot be expressed in any Generic
Unit. Hence, it is not possible to give the quantitative details of
sales and the information as required under Paragraphs 3 and 4c of part
II of Schedule VI to the Companies Act, 1956.
f. There are no dues to SSI Units outstanding for more than 30 days.
g. Confirmations were obtained from debtors / creditors as to the
Balances receivable from/payable to them as at year end.
h. a) Income Tax authorities have levied tax liability of Rs.
2,04,49,720/- for the Asst.Year 2005-06 and the Company has filed an
appeal before the Commissioner of Income Tax (Appeals) and the appeal
is Confirmed as per Assessing Officer views except some relief. The
company has paid Rs 80.10 Lakhs and Appeal is pending before the
Tribunal.
b) An order U/s 263 of Income Tax Act 1961 was passed by the
Commissioner of Income Tax IV Hyderabad on 26/3/2013 for the Asst Year
2007-08 setting aside the assessment order passed by the Assessing
Officer is erroneous. The Company taking steps to file an appeal before
the tribunal.
c) The Company has filed appeal before the Tribunal, Hyderabad, Andhra
Pradesh for the FY'S 2004-05, 2005-06, 2006-07, 2007-08, 2008-09 and
2009-10 and the same are pending for disposal.
The Provision has not been made in accounts for the above tax amounts.
i. As there is timing difference of depreciation during the year,
deferred income tax Asset/Liability for the current year provided in
accordance with Accounting 22(AS-22) issued by the ICAI. (Previous Year
Rs.5,310/- towards deferred income tax Asset)
The company has surrendered the registration of Non- Banking finance
company to RBI Hyderabad on 23/02/2011 due to negative net Worth.
The Income tax authorities had attached Bank Accounts of the Company
for non Payment of tax arrears for the Asst, year 2005-06 and as on
date the Appeal is pending
before Hon'ble Income Tax Appellate Tribunal, Hyderabad for its
disposal.
Previous year's figures have been regrouped wherever necessary.
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