| 1. Contingent assets are neither recognised nor disclosed in the
financial statements.
31 March, 2015 31 March, 2014
(Rs.) (Rs.)
16.1 Contingent liabilities and
commitments (to the extent not
provided for)
(i) Contingent liabilities
(a) Claims against the Company not
acknowledged as debt Nil Nil
(b) Guarantees Nil Nil
2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006 Micro, Small and Medium
Enterprises in terms of section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006 have been determined to the extent
such parties have been identified on the basis of information
available with the Company and relied upon by the auditors. Since the
relevant information is not readily available, no disclosures have
been made in the accounts. However, in the opinion ofthe management,
the impact of interest, if any, that may be payable in accordance with
the provision of this Act is not expected to be material.
3 The balances appearing under short term borrowings, sundry
creditors, loans and advances, and banks are subject to confirmation
and reconciliation and consequential adjustment, if any, will be
accounted for in the year of confirmation and/or reconciliation
4 In the opinion of the Board, assets other than fixed assets do
have a value on realisation in the ordinary course of business at
least equal to the amount at which they are stated.
5 During the year under consideration, there is no tax effect of
timing difference resulting from the recognition of items in the
financial statements and in estimating its current tax provision.
Hence, no provision for deferred tax is made. Further, as a matter of
prudence, in the absence of virtual certainty, the company has not
created deferred tax asset on accumulated losses.
6 The Bombay High Court vide its order dated 7th November,2014 has
approved the scheme of reduction of capital on account of which the
equity share capital of company stands reduced from 46,20,100 equity
shares of Rs. 10 each aggregating Rs. 4,62,01,000/- to 4,62,010 equity
shares of Rs. 10 each aggregating to Rs. 46,20,100/-. Accordingly an
amount of Rs. 4,15,80,900/- has been reduced from the equity share
capital by setting it off against the accumulated losses of the
company.
7 Loans and advanced include Rs. 58,00,000/- (P.Y Rs. 1,10,00,000/-)
advanced to Mrs. Shraddha V. Singh for development of 8.5 acres of
plot no. 247/402, 404 A/1,404(B) located at Kalamgar-Mumbai-Nasik
highway, Shahapur Taluka in the district of Thane.
8 Since the Company recognises gratuity and leave salary expense
on payment basis no liability for the same has been ascertained and
provided in the accounts. Hence, the company has not complied with the
provisions of AS-15 "Accounting for Retirement Benefit".
9 Previous year's figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosure.
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