J.Income Tax

i. Provision for Income Tax is made in accordance with the Income Tax Act, 1961.

ii. Current Tax is determined as the amount of tax payable in respect of taxable income of the year.

iii. The Company has recognized Deferred Taxes which result from timing difference between the Book Profits and Tax Profits.

K Contingent Liability: Nil

Notes for Receivables:

1) The average credit period is 30-90 days from the date of invoice. No interest is recovered on trade receivables for payments received after due date.

2) The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information along with changes in credit risk of specific parties/companies. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix.

3) No trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person. Nor any trade or other receivables are due from firms or private companies respectively in which any director is a partner, a director or a member.

(d) Terms/ Right attached to Shares

(i) The equity shares of the Company, having par value of Rs. 10 each, rank paripassu in all respects including voting rights and entitlement to dividend.

(ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Description of nature and purpose of each reserve

(a) Security premium reserve :

Securities premium reserve is used to record the premium on issue of shares. The reserve will be utilized in accordance with provisions of the Act.

(b) Retained earnings :

Retained earnings are created from the profit / loss of the Company, as adjusted for distributions to owners, transfers to other reserves, etc.

Working Capital is secured by way of hypothecation of inventory and Book Debts upto 90 days with a stipulated margin of 25% and 40 % respectively besides charge over fixed assets and personal guarantee of promoter Directors.

32. In the opinion of the Board , the Current Assets and Loans And Advances , Debtors and Creditors have a value of realization in ordinary course of business , at least equal to the amount at which they are stated in the Balance Sheet. However no confirmation has been obtained on the same.

33. Amount due to small industries for more than Rs. 1.00 lac and due for more than 30 days is Rs. NIL.

34. Previous Years' Figure have been regrouped and rearranged wherever considered Necessary.