1 No provision for taxation is made in accounts, as it is estimated by
the company that there would be no taxable income for the financial
year relevant to assessment year 2010-2011 as per the provisions of
Income-tax 1961.
2 Penal interest of Rs. 48,64,000 (P.Y. Rs. 48,64,000/-) payable on
term loan of GSFC has not been provided in the books of account as the
companys proposal for re-schedulement /restructure of the loan account
containing waiver of the penal interest is under process and the board
of directors of the company are the opinion that the penal interest
will be waived by GSFC.
3. Gratuity liabilities as per actuarial valuation has not been
provided amounting to Rs. 12,21,808/- upto the end of the year under
report. If the provision for gratuity has been made in the accounts,
the loss for the year under report and statutory liability would have
been increased to that extent.
4. The Company has unabsorbed depreciation & carried forward losses
under Tax laws. In absence of virtual certainty of sufficient future
taxable income, net deferred assets has not been recognized by way of
prudence in accordance with Accounting Standard (AS) 22 "Accounting for
Taxes on Income" issued by the Institute of Chartered Accountants of
India.
5. Advances recoverable in cash or in kind or for which value to be
received includes Rs.82.89 lacs [Maximum amount outstanding during the
year of Rs. 91.37 lacs] recoverable from the company in which some of
the directors are interested and there are no stipulation as regard to
repayment of such loan
6 Balances appear under the head loans & Liabilities. Sundry
Debtors, Loans and Advances and Sundry Creditors are subject to
confirmation.
7 Paises are rounded off to the nearest rupees.
8. Previous year figures are re-grouped whenever necessary.
9. Since the company is in single operation, "Specialty Chemical",
the AS-17, "Segment Reporting" is not applicable.
10 Disclosure of Transactions with related parties as required under
Accounting Standard AS 18 on Related Party disclosures issued by The
Institute of Chartered Accountants of India are given below : Separate
Sheet is attached
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