Amison Foods Ltd. के अकाउंट के लिये नोट

Mar 31, 2009

1. Contingent Liabilities:

As on 31.03.2009 As on 31.03.2008 Rs. Rs.

(a) On overdue Export Bills (Rs.) Nil Nil

Bank Guarantee Executed (Rs.) Nil Nil

(b) Income Tax amount with interest of Rs. 14.40 lacs has been demanded vide demand notice dated 09.07.2003. The company has filed an appeal against this demand in High Court of Chennai and the company is hopeful that there are chances of winning in favour of the company. Hence the company feels no provision is required for this liability.

2. Unsecured loan represents the amount brought in by the promoters for the expansion programme as per the stipulation by the Industrial Development Bank of India in the loan agreement executed by the company with them and also includes the hire purchase liabilities.

3. In respect of unsecured loan for hire purchase, proceedings of the case filed by M/s. Concord Credit Limited, Ernakulam have been stayed by the Honorable High Court of Kerala.

4. There are no imports, exports or foreign currency transactions during the year and in the previous year,

5. Some of the balances of current assets and sundry creditors are subject to confirmation.

6. Previous year figures have been rearranged or regrouped wherever necessary.

7. No provision for income tax has been made in the accounts as there is no liability expected under the Income Tax Act, 1961.

8. Related party transactions. -

Unsecured loan from Managing Director, Mr. A.H.M. Babu - Rs. 6,01,000.00

9. The Asst. Commissioner of Customs, Cochin -682009 vide their order no. EPCG 10/95 -Gr. V H. Cus dated 21-12-2007 has demanded a sum of Rs. 19,54,922/- being the part of the non-fulfillment of export obligation on EPCG License no. 1500042/05.10.1995 together with interest of Rs. 32,25,621/- upto 10.11.2006. The Company has submitted their grievance before the higher authorities in this regard and expects a favorable decision from them In the meantime as per intimation from Directorate General of Foreign Trade, Ministry of Commerce & Industry, Government of India (F.No.20/891/AM'96/ EPCG.1/1048 dated 12th March 2008) they have demanded a sum of Rs. 17,76,960/- (Rupees seventeen lacs seventy six thousand nine hundred and sixty only) towards liability of customs duty on account of unfulfilled Export Obligations under EFGG Scheme during the previous year. The Company has remitted Rs. 11,76,131/- during this current year and the current year balance Is shown at Rs. 600,829/- .The Company has not accounted for any interest on the above since the company feels that their grievance is reasonable and there will be relief from the department.

10. Since the company is not expecting any taxable profit in the near future no provision for net deferred tax asset on account timing difference on carry forward business loss and unabsorbed depreciation after set off of deferred tax liability on tithing difference In depredation has been made in the accounts.

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Mar 31, 2007

1. Contingent Liabilities:

As on 31.03.2007 As on 31.03.2006 Rs. Rs.

(a) On overdue Export Bills (Rs.) Nil 20,887,292.00

Bank Guarantee Executed (Rs.) Nil 1,176,131.00

(b) Income Tax amount with interest of Rs. 14.40 lacs has been demanded vide demand notice dated 09.07.2003. The company has filed an appeal against this demand in High Court of Chennai. Hence the company feels no provision is required for this liability.

2. Unsecured loan represents the amount brought in by the promoters for the expansion programme as per the stipulation by the Industrial Development Bank of India in the loan agreement executed by the company with them and also includes the hire purchase liabilities.

3. The secured loans from Industrial Development Bank of India, State Bank of Travancore and unsecured loan from Manipal Finance Corporation Limited were settled. The interest of Rs. 71,432,753.87 waived by the banks has been written back in the profit and loss account as income and the principal loan amount of Rs. 115,674,439.50waived by the banks has been credited to Capital Reserve.

4. In respect of unsecured loan for hire purchase, proceedings of the case filed by M/s. Concord Credit Limited, Ernakulam have been stayed by the Honorable High Court of Kerala.

5. As per the ordinary resolution passed by Postal Ballot on 21.02.2006 pursuant to section 192A of the Companies Act, 1956 in the matter under section 293(l)(a) of the Companies Act, 1956, the Board of Directors of the Company has been authorized to deal, negotiate and dispose of:

(i) Land admeasuring 45 cents and factory building therein under A.T. S No. 198/4 and 1575/3 situated at Edacochin Village, Kochi Taluk in Ernakulam District, Kerala and

(ii) Plot No. 1302, under GIDC area in Veraval District, Gujarat admeasuring 3000 sq. meters (approx, 74.1313 cents) and building therein approx. 2100 sq. meters including plant and machinery.

These transactions were completed during the year for an amount of Rs. 3,58,54,000.00.

(a) Since the company has disposed substantial part of its plant and machinery and there is no production, purchase or sales during the year and the previous year there is no requirement to disclose installed capacity and quantitative details of sales, purchases and stock.

6. There are no imports, exports or foreign currency transactions during the year and in the previous year.

7. Some of the balances of current assets and sundry creditors are subject confirmation.

8. Previous year figures have been rearranged or regrouped wherever necessary.

9. No provision for income tax has been made in the accounts as there is no liability expected under the Income Tax Act, 1961 due to set of carry forward business loss and unabsorbed depreciation.

10. Related party transactions.

(a) Remuneration to Managing Director, Mr. A.H.M. Babu - Rs. 1,00,000.00

(b) Receipts from M/s. Amison Pte. Singapore, a firm in which the Managing Director is interested, Rs. 8,38,678.13 towards settlement of dues.

11. The major part of the fixed assets has been disposed of by the company. However the company has settled the entire amount of secured loans from banks and a part of unsecured loans. These loans were the major liabilities of the company. In the opinion of the Board of Directors, the company can continue its business in small scale and going concern assumption is not affected.

12. Since the company is not expecting any taxable profit in the near future, no provision for net deferred tax asset on account timing difference on carry forward business loss and unabsorbed depreciation after set off of deferred tax liability on timing difference in depreciation has been made in the accounts.