Himgiri Foods Ltd. के अकाउंट के लिये नोट

Mar 31, 2010

1. Previous year's figures have been regrouped/rearranged and/or recast wherever considered necessary.

2. Figures in the bracket represents deductions.

3. All figures have been rounded off to the nearest rupee.

4. The balances of secured loan, Unsecured loans, bank balance other parties' balances are subject to confirmation.

5. Contigentent liabilities not provided for :

Provision is not made for land revenue amounting to Rs.90,985/- Disputed GEB liabilities of Rs.222976/-

6. Most of the assets are taken over and sold by Bank and the loss on account of sale/auction are are accounted for during the year.

7. Insurance claim was made in earlier years for estimated loss/damage caused due to burglary. The claim amount will be accounted for in the year of receipt on actual basis.

8. a) Dena bank had filed a suit in earlier years and has started recovery proceeding. No provision is made for interest on bank borrowing and interest on fixed deposit of Rs.15.40 lacs for L/C margin is also not considered (except the amount of Rs. 97663/- credited by bank in earlier years.)

b) Dena bank had issued an L/C for Rs. 154 lacs against the cash margin of Rs. 15.40 lacs and charge on the assets. However, Dena bank did not make payment to the beneficiary's banker on technical grounds. The beneficiary's banker has filed a suit against Dena bank for recovery of L/C amount of Rs. 154 lacs and interest, in which the company is also made a party. However, the company has no liability towards the plaintiff. (ref. Schedule 2)

9. In view of the suit filed by the bank and most of assets taken over and sold by bank, the business operations of the company are closed and the possibility of starting business operations in the near future is remote.

10. As the Company has no tax liability during the year in view of carried forward losses, it does not anticipated any tax liability in near future ,so to comply with the A.S 22 issued by ICAI, the provision for differed tax liability has not been provided relating to previous year.