1. AS - 17- Segment Reporting
During the year the company is engaged in the business of integrated
commercial toolrom and related activities only. Hence there are no
serparate reportable segments as per AS 17 is applicable.
2. Taxes on Income (AS-22)
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred Tax is recognized on timing difference, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods.
Deferred Tax Assets in respect of unabsorbed depreciation and carry
forward of losses are recognized if there is virtual certainty that
there will be sufficient future taxable income available to realiaze
such losses. Other Deferred Tax Assets are recognized if there is
reasonable certainty that there will be sufficient future taxable
income to realize such assets.
IV Based on the records and available information with the company the
following are the dues to Small Scale Industrial Undertakings exceeding
Rs.1 Lakhs and are outstanding for more than 30 days as on 31.03.2014
-- NIL
VI Previous years figures have been regrouped wherever necessary to
confirm this years classifiation.
VII. Note '1' to ' 20 ' and Notes forming part of accounts form an
integral part of the financial Statements.
3. (i) The company has only one class of shares referred to as equity
shares having a par value of'Rs.5/- Each holder of equity shares is
entitled to one vote per share
(ii) In the event of liquidation of the company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amounts. However, no
such preferential amounts exists currently. The distribution will be in
proportion to the number of equity shares held by the shareholders
4. Security:
(a) Term Loan is repayable to Banks secured by hypothecation of
machinery. Further the loan has been guaranteed by the two directors of
the Company.
(b) Cash Credits from Banks is secured by hypothecation of fixed
assets, stocks/ Work in Progress and other current assets both present
and future on parri passu basis and also guaranteed by two directors.
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