| 1. Company has received stay order on basic excise demand Rs.
6,995,384/- and penalty Rs.3,103,965/-vide order No. S/151-152/2007/C-I
dated 06.03.2007 of the Customs Excise and Service Tax Appellate
Tribunal West Zonal Bench at Mumbai.
2. There is an outstanding demand of Income Tax Arrears of the A.Y
1998-99 Rs. 147,142.00/- and A. Y 2004-05 Rs. 49,255/-
3. Interest Provision on Rupee Bank CC & Term Loan account & Mahesh
Bank Term Loan account has not made as the statement has not available.
4. Company has not made regular payment of Provident Fund, ESIC,
Profession Tax and other statutory liabilities. We can not comment on
what would be contingent liability in future as it is not
ascertainable.
5. Contingent liabilities for TDS on different heads cannot be
ascertained. (Above figure does not include interest, penalty on
arrears thereon, which will be ascertained at the time of payment.)
v) There is payment of excess interest Rs. 218,631.00/- to Rupee Bank.
The matter is still pending in the court.
x) The Balance Sheet abstract and business profit as required by
schedule VI of the Companies Act, 1956 are given in a separate
annexure.
y) Under the Micro, Small and Medium Enterprises Development Act, 2006,
which came into force on October 2, 2006, certain disclosures are
required to be made relating to Micro, Small and Medium Enterprises.
As no relevant information is available from the suppliers about their
coverage under the Act, no disclosures have been made in the Accounts.
z) Previous year's figures are regrouped and rearranged wherever
necessary to confirm to the layout of the year.
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