Sawant Food Products Ltd. के अकाउंट के लिये नोट

Mar 31, 2012

1. As per the representation given by the Management, Current Assets, Loans and Advances are approximately of the value stated at the value at which it will realize in ordinary course of the business. The provision for depreciation and all known, liabilities is adequate and not in excess of the amount reasonably necessary.

2. No provision for tax has been made in view of loss during the year and accumulated losses during the year.

3. The Balance of Sundry Debtors, Loans & Advances and Creditors are subject to confirmation and reconciliation.

4. Recoverability of debts and advances amounting to Rs.9.52 lakhs are doubtful where the Company has instituted legal proceedings.

5. The company had entered into a One Time Settlement Agreement (OTS) with The United Western Bank Ltd. (UWBL) for settlement of its outstanding debts in the preceding previous year. As per the terms of OTS, the amount of Rs.250 Lakhs has to be settled by issue of Debentures at concessional rate of Interest with initial moratorium of two years. The Company is yet to issue the Debentures of Rs. 250 Lakhs to UWBL as per the terms of OTS Agreement. Interest, if any, on delayed payments will be charged at the time of payment.

6. The amount receivable and payables considered bad or not payable have been written off and written back in the books.

a Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees.

Note 7 PREVIOUS YEAR FIGURES

The financial statements for the year ended 31st March, 2012 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

Note 8 RELATED PARTY DISCLOSURES

There are no related party transactions during the year

Note 9 CONTINGENT LIABILITIES

There are no contingent liabilities during the current year as well as the previous year.

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Mar 31, 2010

1.CONTINGENT LIABILITIES : Rs Nil except note no.6 mentioned below (Previous year Rs. Nil)

2.As per the representation given by the Management , Current Assets Loans and Advances are approximately of the value stated at the value at which it will realize in ordinary course of the business .The provision for deprecation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

3. No provision for tax has been made in view of loss during the year and accumulated losses during the year

4.The balance of Sundry Debtors Loans & Advances and Creditors are subject to confirmation and reconciliation.

5.Recoverability of debtors and advances amounting to Rs 9.52 Lakhs are doubtful where the Company has instituted legal proceedings

6.There are no inventories of finished goods and Raw Materials at the end of the year .

Inventories of packing Materials are not valued at lower of Cost Net Realisable Value the valuation of inventories are not in accordance with the Accounting Standards 2 regarding valuation of inventories issued by the ICAI .The natures of inventories are such that it is not possible to ascertain the extent to which inventories are under or over valued. 7.The company had entered into a One Time Settlement Agreement (OTS) with The United Western Bank Ltd .(UWBL) for settlement of its outstanding debts in the preceding previous year.

As per the terms of OTS the amount of Rs.250 Lakhs has to be settled by issue of Debentures at concessional rate of Interest with initial moratorium of two years . The Company is yet to issue the Debentures of Rs . 250 Lakhs to UWBL as per the terms of OTS Agreement .Interest if any on delayed payments will be charged at the time of payment

8.The amount receivable and payable considered bad or not payable have been written off and written back in the books

9. Directors remuneration paid during the year .Rs .Nil (previous year Rs Nil).

10.figures of the previous year been regrouped rearranged wherever necessary.

11.Figures of the previous year have been regrouped rearranged wherever necessary.

12 Deferred Tax Liabilities /Assets:

Deferred Tax Assets as Envisaged in Accounting Standards 22 on Accounting for Taxes On Income issues by The Institute of Chartered Accountant of India is not created due to unavailability of convincing evidence supporting the recognition of Deferred Tax Assets

13.Segment Reporting

The company is engaged in one activity viz Fish Product hence applicability of Accounting Standard 17 -Segment Report does not arise.

14.The company has not complied with the following Accounting Standards issue by the Institute of Chartered Accounts of India and made mandatory by Sub-section 3C of 211 of The Companies Act 1956.