Skylead Chemicals Ltd. के अकाउंट के लिये नोट

Mar 31, 2010

1 No provision for taxation is made in accounts, as it is estimated by the company that there would be no taxable income for the financial year relevant to assessment year 2010-2011 as per the provisions of Income-tax 1961.

2 Penal interest of Rs. 48,64,000 (P.Y. Rs. 48,64,000/-) payable on term loan of GSFC has not been provided in the books of account as the companys proposal for re-schedulement /restructure of the loan account containing waiver of the penal interest is under process and the board of directors of the company are the opinion that the penal interest will be waived by GSFC.

3. Gratuity liabilities as per actuarial valuation has not been provided amounting to Rs. 12,21,808/- upto the end of the year under report. If the provision for gratuity has been made in the accounts, the loss for the year under report and statutory liability would have been increased to that extent.

4. The Company has unabsorbed depreciation & carried forward losses under Tax laws. In absence of virtual certainty of sufficient future taxable income, net deferred assets has not been recognized by way of prudence in accordance with Accounting Standard (AS) 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

5. Advances recoverable in cash or in kind or for which value to be received includes Rs.82.89 lacs [Maximum amount outstanding during the year of Rs. 91.37 lacs] recoverable from the company in which some of the directors are interested and there are no stipulation as regard to repayment of such loan

6 Balances appear under the head loans & Liabilities. Sundry Debtors, Loans and Advances and Sundry Creditors are subject to confirmation.

7 Paises are rounded off to the nearest rupees.

8. Previous year figures are re-grouped whenever necessary.

9. Since the company is in single operation, "Specialty Chemical", the AS-17, "Segment Reporting" is not applicable.

10 Disclosure of Transactions with related parties as required under Accounting Standard AS 18 on Related Party disclosures issued by The Institute of Chartered Accountants of India are given below : Separate Sheet is attached