| 1. Employee benefits
Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Profit & Loss Account.
* The demand was raised by the jurisdictional assessing officer of the
Income Tax Authorities u/s
143(3) of the Income Tax Act, 1961 of Rs 13,660 & Rs. 2,53,815 for the
Assessment Year 2008-09 & 2009-10 respectively. The management feels
that demand raised is likely to be either deleted or substantially
reduced; hence the management is of the opinion that no provision is
required.
2. PRUDENTIAL NORMS OF NBFC:
i. Majority of the loans given are demand loans, therefore in some
cases the terms of repayment including interest and loan agreement
including KYC documents etc are not available. Demand and other loans
given are governed by the Board policies. Considering the close
monitoring of Board no appraisal, renewal, Policies, Procedure,
Committee or documents have been prescribed and executed.
ii. In view of the management all the loans outstanding are considered
good and therefore provision on Non- Performing Assets not provided.
iii. Pre and post sanction generally accepted procedures are not in
place.
iv. Provision on standard assets @ 0.25% is yet to be provided.
3. As per information available with the Company, none of the
creditors has confirmed that they are registered under the Micro, Small
and Medium enterprises Development Act, 2006.
4. Trade payables, Trade receivables, Short Term Borrowings and Short
term loans and advances balances are subject to confirmation and
reconciliation.
5. Segment Information: The Company is engaged in single segment and
there are no separate reportable segments as defined in AS-17
6. Previous year's figures have been regrouped, rearranged and
reclassified wherever necessary to conform to the current's
classification/ presentation.
|