| 1. (a) Contingent Liabilities as may arise due to
delayed/non-compliance of certain fiscal statutes -
Amount unascertainable (Previous Year - Amount Unascertainable). (b)
Arrears of preference dividend on 1,500,000, 15% Cumulative Convertible
Redeemable Preference Shares of Rs.100 each Rs.225 lacs (Previous Year
Cumulative Rs. 2700 lacs)
2. The company has in the earlier year filed an Appeal before the
Commissioner of Customs, Ahmedabad against the order of the
Commissioner (EOU) demanding additional Custom Duty of Rs. 4.68 lacs.
The Company has deposited the said amount under protest and made no
provision in respect of the same in its accounts. Keeping in view the
fact that there was no outcome in the matter for more than 5 years, the
Company has though it fit to write of the said deposit during the year
under review.
3. The Company has issued 1,500,000, 15% Cumulative Convertible
Redeemable Preference Shares of Rs.100 each on 27th January 2000. The
said shares are Convertible in to equity shares as decided by the
management on or before 26th January 2015 along with the arrears of
dividend, if any.
4. In the opinion of the management, the Current Assets and Loans and
Advances are realizable at the values stated in the financial
statements in the ordinary course of business and adequate provision
for all known liabilities has been made in the accounts.
5. No Remuneration was paid /provided in respect of the directors
during the current as well as the previous year.
6. Since there were no employees with the Company during the year, no
retirement benefits were provided in the books within the purview of
Accounting Standard -15(AS-15), 'Employee Benefits'.
7. The provision for the current tax has not been made keeping in
view of losses during the year. Further no provision towards deferred
tax has been made since there are no timing differences at any time
during the year.
8. During the year Board of Director appointed Ms. Surabhi Panwar,
Company Secretary of the Company dated 16th July, 2012. However, due to
some personal reason she expressed her unwillingness to continue as a
Company Secretary in the company and tendered her resignation to the
Board of Director on 30th September, 2012. The management of the
Company is searching for a new Company Secretary in the Company and the
appointment shall be made at the close of the year.
9. Details of amounts due to Micro, Small and Medium Enterprises
under the head Current liabilities, to be given under the Micro, Small
and Medium Enterprises Development Act, 2006, based on the
10. Other Information
i) Earnings in Foreign currency on account of export of goods
calculated on FOB basis Nil
(Previous Year - Nil). ii) CIF Value of goods imported NIL (Previous
Year NIL).
iii) Expenditure in Foreign currency: NIL (Previous Year - Nil).
11. Previous year's figures have been regrouped wherever necessary to
conform to that of current year's presentation.
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