అకౌంట్స్ గమనికలుAbhayam Trading Ltd.

Mar 31, 2014

I. On an application made by the Company, the Reserve Bank of India (the RBI) cancelled the registration of the Company as a Non-Banking Finance Company (NBFC). However the Company can in future carry on the business of the Hire Purchase & Lease Finance after taking the necessary approval from the RBI and hence these accounts have been prepared on the Going Concern Basis and Historical Cost Convention Method. The management is evaluating various revival proposals for the company. Hence management is of the view that it shall continue to be prepared on the assumption that the company is a going concern. Based on the advice received by the Company and in view of the brought forward losses, no provision for tax has been made during the year.

II. All the investments are in the name of the Company and are held as long term investments and provision for decline in value, other than temporary, has been considered wherever necessary.

III. Employee Benefits:

a. Provident Fund

The Employees Provident Fund and miscellaneous Provisions Act, 1952 is not applicable, since the number of employees in the company is not above the limit specified in the Act.

b. Gratuity

The Payment of Gratuity Act 1972 is not applicable, since the number of employees in the company is not above the limit specified in the Act.

c. Leave Encashment

The company does not provide Leave encashment benefits to its employees in the absence of any specific obligations.

IV. Since the Company''s registration as NBFC is cancelled by the RBI, the provisions of Section 45 IC of Reserve Bank of India (Amendment) Act, 1997 regarding creation of a Reserve Fund is not applicable.

V. Provision carried in the books is more than the value of assets held by the Company, because of the ongoing legal cases which are pending at different forums at various stages. In view of the above, the provision is carried as such.

VI. There are no separate reportable segments.

VII. During the current year and in the previous year, the company has not earned or incurred any income or expenditure in foreign currency.

VIII. Figures for the previous year have been regrouped wherever necessary.

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Mar 31, 2013

1. On an application made by the Company, the Reserve Bank of India (the RBI) cancelled the registration of the Company as a Non-Banking Finance Company (NBFC). However the Company can in future carry on the business of the Hire Purchase & Lease Finance after taking the necessary approval from the RBI and hence these accounts have been prepared on the Going Concern Basis and Historical Cost Convention Method. The management is evaluating various revival proposals for the company. Hence management is of the view that it shall continue to be prepared on the assumption that the company is a going concern. Based on the advice received by the Company and in view of the brought forward losses, no provision for tax has been made during the year.

2. All the investments are in the name of the Company and are held as long term investments and provision for decline in value, other than temporary, has been considered wherever necessary.

3. Employee Benefits:

a. Provident Fund

The Employees Provident Fund and miscellaneous Provisions Act, 1952 is not applicable, since the number of employees in the company is not above the limit specified in the Act.

b. Gratuity

The Payment of Gratuity Act 1972 is not applicable, since the number of employees in the company is not above the limit specified in the Act.

c. Leave Encashment

The company does not provide Leave encashment benefits to its employees in the absence of any specific obligations.

4. Since the CompanyBs registration as NBFC is cancelled by the RBI, the provisions of Section 45 IC of Reserve Bank of India (Amendment) Act, 1997 regarding creation of a Reserve Fund is not applicable.

5. Provision carried in the books is more than the value of assets held by the Company, because of the ongoing legal cases which are pending at different forums at various stages. In view of the above, the provision is carried as such.

6. There are no separate reportable segments.

7. During the current year and in the previous year, the company has not earned or incurred any income or expenditure in foreign currency.

8. Figures for the previous year have been regrouped wherever necessary.

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Mar 31, 2011

1. On an application made by the Company, the Reserve Bank of India (the RBI) cancelled the registration of the Company as a Non Banking Finance Company (NBFC). However the Company can in future carry on the business of the Hire Purchase & Lease Finance after taking the necessary approval from the RBI and hence these accounts have been prepared on the Going Concern Basis and Historical Cost Convention Method. The management is evaluating various revival proposals for the company. Hence management is of the view that it shall continue to be prepared on the assumption that the company is a going concern.

The company during the year received an income tax asst order for the A.Y.2008- 09 where in a sum of Rs.6,95,69,670/- is raised as demand which the company has disputed and an appeal was filed and the appellate orders also have been received by the company partly allowing the company's claim. Pending the revision consequent to the orders of the Appellate authorities the entire demand is shown as contingent liability of the company.

The company also received orders from Commissioner of Income Tax U./s 263 holding a view that the assessment for the A.Y. 2006-07 be set aside and a fresh assessment be done. The Assessing officer is yet to take up the assessment and complete, pending the same the eventual tax liability arising on account of the same is not quantifiable at this point in time. However the company appealed before ITAT and the same was decided in favor of the company.

2. Contingent Liabilities:

1. Counter guarantee given to Banks Rs.12,00,000/- (Previous year Rs.12,00,000/-). However the guarantee has been ordered to be released by the Honorable XI Metropolitan Magistrate, Secundrabad vide their order dated 24th November 2003. On repeated persuasion with Banks, we understand that the guarantees are not subsisting anymore and the underlying obligations have been since discharged. The company is making efforts to obtain appropriate confirmations pending the same the counter guarantee is treated as continuing.

2. Income Tax matters for the A.Y. 2008-09 Rs.695 lakhs

3. In view of the brought forward losses, in opinion of the Board of Directors, the Company will not be in a position to take the benefit of the arising Deferred Tax Asset in near future and hence the same has not been considered for the year. This view of the company is notwithstanding the certain asst orders of the Income Tax Dept where in considerable portion of unabsorbed losses carried forward have been disallowed as the same is under dispute before appellate forums.

4. Based on the advice received by the Company and in view of the brought forward losses, no provision for tax has been made during the year.

5. All the investments are in the name of the Company and are held as long term investments and provision for decline in value, other than temporary, has been considered wherever necessary.

6. Employee Benefits:

a. Provident Fund

The Employees Provident Fund and miscellaneous Provisions Act, 1952 is not applicable, since the number of employees in the company is not above the limit specified in the Act.

b. Gratuity

The Payment of Gratuity Act 1972 is not applicable, since the number of employees in the company is not above the limit specified in the Act.

c. Leave Encashment

The company does not provide Leave encashment benefits to its employees in the absence of any specific obligations.

7. Since the Company's registration as NBFC is cancelled by the RBI, the provisions of Section 45 IC of Reserve Bank of India (Amendment) Act, 1997 regarding creation of a Reserve Fund is not applicable.

8. During the year, one of the mortgagee holding a property of the company as security exercised their option to sell the property in order to recover their dues and accordingly sold the mortgaged property and the resultant surplus on sale is accounted as "Profit on sale of assets" amounting to Rs.195.28 Lacs.

9. There are no separate reportable segments.

10. Related party Transactions

11. Figures in bracket are pertaining to previous year.

12.Figures for the previous year have been regrouped and/or rearranged wherever necessary.

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Mar 31, 2010

1) On an application made by the Company, the Reserve Bank of India (the RBI) cancelled the registration of the Company as a Non Banking Finance Company (NBFC). However the Company can in future carry on the business of the Hire Purchase & Lease Finance after taking the necessary approval from the RBI and hence these accounts have been prepared on the Going Concern Basis and Historical Cost Convention Method.

2) Contingent Liabilities:

Counter guarantee given to Banks Rs. 12,00,000/- (Previous year Rs. 12,00,000/-). However the guarantee has been ordered to be released by the Honorable XI Metropolitan Magistrate, Secundrabad vide their order dated 24lh November 2003.

3) In view of the brought forward losses, in opinion of the Board of Directors, the Company will not be in a position to take the benefit of the arising Deferred Tax Asset in near future and hence the same has not been considered for the year.

4) Based on the advice received by the Company and in view of the brought forward losses, no provision for tax has been made during the year. The Company has made provision for Fringe Benefit Tax in accordance with the provisions of the Income Tax Act 1961 as amended.

5) a) All the investments are held by the Company as long term investments.

b) All the Investments are held by the Company in its own name.

6) Since the Companys registration as NBFC is cancelled by the RBI, the provisions of Section 45 IC of Reserve Bank of India (Amendment) Act, 1997 regarding creation of a Reserve Fund is not applicable.

7) There are no separate reportable segments.

8) Figures in brackets are pertaining to previous year.

9) Figures for the previous year have been regrouped and/or rearranged wherever necessary.