| 1. Previous year figure have been regrouped/rearranged wherever
necessary.
2. Figure have been rounded off to the nearest rupee.
3. Balances of some of the Sundry Debtors, Creditors, Loans & Advances
are taken as per Books of Accounts and are subject to confirmation from
respective parties.
4. Income Tax liability has been worked out as per provisions of
Income Tax Act 1961.
5. Quantitative Details of Opening Stock, Purchase, Sales, and Closing
Stock of Inventories are not Maintained
6. Expenditure and Earning in Foreign Currency: --Nil--
7. Expenditure incurred on employees who are in receipt of
remuneration of not less than Rs. 2400000/-p.a. if employed for a whole
year and Rs.200000/- p.m if employed for a part of the year:
-Nil
8. In case where voucher and/or supporting are not available it has
accepted as per the Books of Accounts maintained by the Assessee that
the expenses have been incurred wholly & exclusively for the purpose of
business or for creation of assets as the case may be. As explained to
us mostly purchase & sales of Agriculture products made in cash and
from/ to small farmers, for which proper supporting are not available.
9. The Computation of Net Profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as commission by way of
percentage of profit is not payable for the year to any of the
Directors of the Company.
10. In the opinion of the directors the assets had recoverable value as
compared to their carrying cost and therefore no provision is
considered necessary.
11. Opening balances have been incorporated from the Balance Sheet
audited by erstwhile Auditors.
12. In the opinion of the Board the current assets, loans & advances
have a value on realization in the ordinary course of business, at
least equal to the amounts at which they stated in the Balance Sheet.
13. The company's bid for acquiring 9.8 Acres of land situated at
Ujjain yielded into a letter of Intent No.
MPSTC/95/MNG/97/ASSETS/ITU/1384 dated 28/11/1998 from MP Textile
Corporation Ltd. In these matter the Company have received order dated
19.01.15 of the High Court of Madhya Pradesh Bench At Indore. Contempt
Petition No. 951 of 2014 in the Matter of Alfavision Overseas (India)
Ltd, (Petitiner) Versus Mr. Mr. P.K. Dash, The Principal Secretary
(Retired), Commerce and Industries Department, (M.P.) (Respondent
No.l), Shri Annupam Rajan,Managing Director, M.P. State Textile
Corporation respondent No.2 and the respondent No.3 (Shri Mohd.
Suleman, the Principal Secretary, Commerce and Industries Department).
Learned senior counsel for the petitioner summits that the matter was
twice travelled up to the Hon'ble Court and in view of funding recorded
in the earlier Contempt Petition on 10.10.2013 which has been upheld by
Apex Court on 07.11.2014, The proposed contemnors are bound to comply
the order passed by this court on 29.10.2010 in W.A.No. 676/2007 And
Order Dated 10.10.2013 Passed In Contempt Petition No. 590 of 2013 and
Hon'ble High Court Of Madhya Pradesh Division Bench Indore, had
directed the respondent No. 2 and 3 to comply the order Within A Period
Of Two weeks from the dated of receipt of copy of this order and summit
a compliance report failing which the contemnors no.2 and 3 shall
remain present personally present before this court on the next date of
haring (List on 10.02.2015).
On dated 10.02.2015 said contempt petition was listed before the High
Court, Shri Annupam Rajan, Managing Director, M.P. State Textile
Corporation was present in person and requested for time for compliance
of order dated 29.01.10 and 10.10.10.13. The High Court grated one
month time for Compliance and directed him and the Principal Secretary,
Commerce and Industries Department, (M.P.) to remain present with
compliance report on 10.03.2015 failing which, appropriate action will
be taken.
In continuation of earlier the said contempt petition No. 951/2014 was
listed on 10.03.15 before the High Court. Shri Annupam Rajan, (Managing
Director, M.P. State Textile Corporation) was present in person and
filed an application for exemption of personal appearance of
non-applicant No. 3, Mr. Mohammed Suleman, (Principal Secretary,
Commerce and Industries Department, M.P.) has been filed on the ground
that some workshop is going on and his presence is required in the
workshop on 10th and 11th of March,2015.Considering the aforesaid
application The Hon'ble High Court exempted non-applicant No.3 from his
personal appearance and directed the non-applicant No. 3 to remain
present on next date of hearing on April 15, 2015.
The Chief Secretary, Govt, of M.P is also directed to secure the
presence of non- applicant No. 2, Shri. Annupam Rajan, (Managing
Director, M.P. state Textile Corporation) and No.3, Mr. Mohammed
Suleman, (Principal Secretary, Commerce and Industries Department M.P.)
before the Court on next date of hearing. The Company also updates all
the information to BSE time to time for all the stakeholder of the
company.
Once the company takes control over the title and possession over the
said land, whole booking of transaction will take place thereafter.
14. Schedules referred to herein are under the same signature and form
an integral part of the Accounts.
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