| Note 2 DEFERRED TAX ASSET (NET)
The Company has accounted for taxes on income in accordance with
AS-22-Accounting for Taxes on Income issued by the Ministry of
Corporate Affairs. Consequently, the net incremental deferred tax
(liability) / asset is charoed / credited to Statement of Profit and
Loss. The Year end position of taxes on income is as under:
The net result of calculation on account of deferred tax asset /
liability worts out to be Deferred Tax Asset Since the Company has
accumulated losses of past years, there is no virtual certainty
supported by convincing evidence as to reversal of this losses in
foreseeable future. In view of this, Deferred Tax Assets have not been
accounted following the principle of prudence.
Note .2 LONG TERM LOANS AND ADVANCES
Disclosure pursuant to Note No. LflL fin and fiill of Part I of
Schedule VI to the Comoan let Act 1956
Note 3 CONTINGENT LIABILITIES AND COMMITMENTS
Disclosure pursuant to Note No. 6(T) of Part I of Schedule VI to the
Companies Act, 1956
Particulars March 31, 2014 March 31, 2013
A. Contingent Liabilities
1) Claims against the company
not acknowledged as debt - -
2) Guarantees - -
3) Other money for which the
company is contingently
table - -
Sub Total (A) - -
8. Commitments
1) Estimated amount of contracts
remaining to be executed on capital
account and not provided for - -
2) Uncalled lability on shares and other
investments partly paid - -
3) Other Commitments (Specify Nature) - -
Sub Total (B) - -
Total Contingent Liabilities and Commitments
(A B) - -
Note 4 CONTINGENT LIABILITIES AND COMMITMENTS
1. Disclosure pursuant to Note No. 6(U) of Part I of Schedule VI to the
Companies Act, 1956
Particulars Total Per Share
Dividends proposed to be distributed to
equity shareholders - -
Dividends proposed to be distributed to
preference shareholders - -
Arrears of fixed cumulative dividends on
preference shares - -
2. Disclosure pursuant to Note No. 6(V) of Part I of Schedule VI to the
Companies Act, 1956
Where in respect of an issue of securities made for a specific purpose,
the whole or part of the amount has not been used for the specific
purpose at the balance sheet date, Indicate below how such unutilized
amounts have been used or invested.
Not Applicable
3. Disclosure pursuant to Note No. 6{W) of Part I of Schedule VI to the
Companies Act, 1956
If, in the opinion of the Board, any of the assets other than fixed
assets and non-current investments do not have a value on realization
in the ordinary course of business at least equal to the amount at
which they are stated, the fact that the Board is of that opinion,
shall be stated.
Name of Assets Realisable Value Value in Balance Sheet Opinion of Board
Not Applicable
Note 5 REVENUE FROM OPERATIONS
Disclosure pursuant to Note No. 2 of Part II of Schedule VI to the
Companies Act, 1956
In respect of a company other than a finance company revenue from
operations shall disclose separately in the notes revenue from
2. The value on realization of current assets in the ordinary course of
business would not be less than the amount at which they are stated in
the Balance Sheet According to the management, provision for all the
known liabilities is adequate.
3. Balances in Debtors, Creditors, loans, advances, and other current
assets are subject to confirmation and reconciliation.
1. The Company is a Small and Medium Sized Company (SMC) as defined in
the General Instructions in respect of Accounting Standards notified
under the Companies Act, 1956. Accordingly, the Company has complied
with the Accounting Standards as applicable to a Small and Medium Sized
Company.
2. Related Party Disclosures, as required by AS-18 are given below :
A. Relationships:
Category I: Holding Company Nil Category II: Key Management Personnel
Mr. Rajendra Agrawal, Mr. Shiv Ratan Agarwal, Mr. Shyam Sunder Agarwal,
Mr. Subhash Mittal. Category III : Others (Relatives of Key Management
Personnel and Entities in which the Key Management Personnel have
control or significant influence)
Systematic Steel Industries Ltd.
3. The previous year's figures are regrouped / rearranged /
reclassified wherever considered necessary to correspond with the
figures of current year.
4. A show cause notice was issued by Securities and Exchange Board of
India under Section 11B of SEBI ACt, 1992 and Section 12A of SCRA1956
upon the Company and its directors stating that the company is a
vanishing company, and why legal consequences should not follow. The
Company and its directors have filed suitable replies that the Company
is not a Vanishing Company, and have provided requisite information.
5. "The Micro, Small and Medium Enterprise Development Act, 2006" has
repealed the provision of interest on delayed payment to small scale
and ancillary industrial undertaking Act, 1993. The management does not
find it necessary to provide for interest on delayed payments to the
Suppliers covered by the said Act in view of insignificant amount and
probability of its outgo.
6. Other information pursuant to General Instructions for preparation
of Balance Sheet and Profit & Loss Account of Schedule VI to the
Companies Act, 1956 is not applicable.
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