Credence Sound & Vision Ltd. के अकाउंट के लिये नोट

Mar 31, 2009

1 On availability of full details of the companys public issue, it was found that Rs. 19000/- is still due from the shareholders due to expire / invalidation of stock invests.

2 In the opinion of the Board of Directors, the Current Assets, Loans and Advances have a value of realisation in the ordinary course of business equal to the amount at which they are stated in the Balance Sheet.

3 The balances of secured loans, unsecured loans, debtors, Creditors, Loans and advances and advances received are subject to confirmation.

4. Cumulative and Other Information (certified by Director) class of goods manufactured

i) Licensed capacity

5 There were No Small Scale Industrial Undertaking to whom the Company owes a sum exceeding Rs. 1 lakhs and which is outstanding for more than 30 days as at Balance Sheet date.

6 Previous years figures have been regrouped/rearranged wherever necessary to confirm to current position.

7 The Company has not made any provision of interest on inter-corporate Loan as required by section 372A of the Companies Act, 1956 as these are old loans and the recovery of interest is not certain.

8. Tax on Income:

a) Deferred Taxes: The Company has unabsorbed carry forward losses/depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax assets at the year end including related credits/charge for the year have not been recognised in these accounts on prudent basis.

b) Current Taxes: In view of the carried forward unabsorbed losses/depreciation, the company does not expect any current tax liability for the financial year 2008-2009 (Assessment Year 2009-2010) and hence no provision has been made for the current income tax.

9. The company is operating in single segment

10. Related Party Disclosures.

Related party disclosures as required under Accounting Standard 18 (AS-18) on "Related Party Disclosures" issued by the institute of chartered accountants of India (ICAI) are given below.

A) Relationships:

i) Subsidiary company: None

ii) Associate company: NIL

iii) Key Management Personnel: a) Mr. NARENDRA MEHTA

iv) Relatives of Key Management Personnel: None

v) Entities over which key management personnel are able to exercises significant influence : None

11. The company has not provided interest on term loan from M.S.F.C. The company is negotiating with the M.S.F.C. to settle the same and the directors do not for see any liability on this account and the liability, if any, will be provided in the year of payment.