| 1. Contingent Liabilities not provided for in the respect of:
(a) On account of non-receipt of VAT 15, H Form &C Forms for the years
pending assessment (Amount not confirmed).
2. (a) Factory Building, Building other than Factory, Plant &
Machinery, Electric Installation and Vehicles have been revalued as on
30th April, 1992 by the approved valuer appointed for the purpose. As
per their valuation report, based on current replacement cost of such
assets taking into account the present use thereof, there has been a
net increase in the gross value of the assets over original cost by Rs.
439.45 Lacs (Factory Building Rs. 29.06 Lacs, other Building Rs. 9.66
Lacs, Plant & Machinery 361.08 Lacs, Electric Installation Rs. 35.25
Lacs and Vehicles Rs. 4.40 Lacs) which have been added to fixed assets
and credited to Revaluation Reserve Account. Out of these for the
machineries sold during the year the revaluation reserve and the
revalued cost thereof have been adjusted accordingly.
(b)The current year's depreciation includes an additional charge of Rs.
1.15 Lacs (Previous year Rs. 1.56 Lacs) representing difference between
the depreciation calculated on Revalued Gross Value and the original
cost of the rates prescribed in Schedule XIV of the Companies Act,
1956. The Company has transferred said additional charge of
depreciation on Revalued Assets from the Revaluation Reserve to the
Profit & Loss Account.
3. The Company has made investment of Rs. 1,30,00,000/- in equity
shares Stone & Mineral Associates Ltd., subsidiary of the Company.
4. Sundry creditors amount due to small scale industrial undertaking
is nil.
5. Term Loans for Rs.7.50 Lacs and 13.00 Lacs and cash credit limit
for Rs.90 Lacs from the State Bank of Bikaner and Jaipur. secured by
first charge over the Plant & Machinery and all other movable
properties existing and to be bought from time to time within the
factory premises and by way of hypothecation of all present and future
stocks and further secured by way of Personal Guarantee by Shri Nishant
Bagla, Managing Director and Smt. Meghana Bagla. Car finance for
Rs.34.00 Lacs has been taken from BMW India Financial Services Pvt.
Ltd.
6. Balances appearing under the head Creditors / Debtors, Advances &
Deposits are subject to confirmation.
7 As per AS 15 (Revised) on Employee Benefits, an actuarial report was
obtained for valuation of Leave Encashment Benefits and Gratuity
Benefits for employees. As per the valuation report the liability for
leave encashment is Rs.33,383/- and liability for gratuity is
Rs.3,61,615/-. However, provision for leave encashment stated in
Balance Sheet is at Rs.39,098/- and provision for gratuity stated at
Rs.4,73,686/-. Thus liabilities are overstated by Rs. 1,17,786/-. In
Profit and Loss account provision for Leave Encashment is Rs.26,627/-
and Provision for Gratuity is made at Rs.53,062/-. As per AS 15
following expenses were to be recognised.
8 No provisions has been made for Income Tax in the Books of Accounts
for the Year as there is no any Taxable Income under the Provisions of
the Income Tax Act, 1961.
9 Figures of previous year have been regrouped and rearranged wherever
considered necessary.
10 Figures have been rounded off to the nearest Rupee.
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