1. Previous years Figures:
The Previous years figures have been recast / restated, wherever
necessary to confirm to current period classification.
2. Share Capital:
The Comp. has at present, only one class of shares i.e. Equity
Shares.
3. Fixed Assets:
The Comp. doesn't have any Fixed Assets.
4. Loans & Advances:
Advances recoverable in cash, kind, or value to be received are
primarily towards prepayments for value to be received. Advance income
tax represents payments made towards tax deducted at source & funds
due.
5. Treatment of Contingent Liabilities:
Contingent Liabilities are disclosed by way of note to the Balance
Sheet, Provision is made in Acc. for those liabilities which are
likely to materialize after the period end & having effect on the
position stated in the Balance Sheet as at the period end.
6. Foreign Exchange : NIL
7. Expenditure on employees in respect of salary not less then Rs.
6,00,000/- per year or Rs. 50,000/- per month when employed for the
part of year Rs. NIL.
8. Contingent liabilities which can be reasonably ascertained are
provided for, if in the opinion of Comp. the future outcome may
be detrimental to the company.
9. The Provisions of Gratuity, as explained to us, will be provided in
respect of Employees as & when they become eligible under the payment
of Gratuity Act, 1972.
10. The Balance of Sundry Debtors, Advances & Current Liabilities
are subject to confirmation from parties.
11. In the Opinion of Board, the Current Assets, Loans and
Advances have a value on realization in the ordinary course of business
at least equal to the amount at which they are stated in the financial
statement.
12. No revaluation of fixed assets has been made since the date of
incorporation of Company.
13. There were no manufacturing activities of Comp. during the
period 2007-2008.
14. In the opinion of Management, the Provident Fund & ESI Acts
are not yet applicable to the Company.
15. No Provisions has been made in respect of Gratuity, leave
encashment & leave travel allowances.
16. Closing Stock of Equity Shares as on 31st March, 2008 are being
valued at cost or market value, which ever is lower.
17. Segment Reporting:
The Segment wise details as per Accounting Standard 17 are not
applicable as there are no separate segments.
18. Fixed Assets
The Comp. doesn't have any fixed assets.
19. Inventories.
Inventories are valued at the lower of cost & net realizable value.
Cost is determined on a first in first out basis & includes all
applicable overheads in bringing the inventories to their present
location & condition. Excise Duty arising on finished goods and
Customs Duty on imported raw materials in stock [excluding stocks in
the bonded warehouses] is treated as part of cost of inventories
20. Borrowing Costs.
Borrowing costs that are attributable to the acquisition and
construction of qualifying assets are capitalized as a part of cost
of the assets.
Other borrowing costs are recognized as an expense in the year in which
they are incurred.
21. Deferred Tax
Pursuant to the Accounting Standard [AS-22s] on 'Accounting for Taxes on
Income' issued by Institute of Chartered Accountants of India
having been made mandatory, the Comp. has valued the various elements
of tax computation to determine whether any deferred tax asset or
liability needs to be recognized. In our opinion there are no deferred
tax assets or liability.
