SIGNIFICANT ACCOUNTING POLICIES:

I) Basis of accounting;

The financial statements, other than the cash flow statement, are brpared on accrual basis under the historical cost convention.

II) Fixed assets and debrciation:

Fixed assets are stated at cost less accumulated debrciation. Debrciation is provided on Straight line basis at the rates brscribed under Schedule XIV to the Companies Act, 1956.

Notes to Accounts:

1) During the year, the company has engaged in no business activity other than renting out its vehicle. The rental income is not sufficient to meet out the expenditure of the company. As a result, the company has incurred a cash loss of Rs. 2,92,361/ - during the year as at 31st March 2014, the company has accumulated losses of Rs. 62,288,730/- which amount exceeds its paid-up share capital in view of this, there is a substantial doubt about the ability of the company to continue its operations in the foreseeable future.

2) The balances of debtors, Creditors and Security Deposits are subject to their confirmation.

3) In the opinion of the Directors, the current assets, Loans & Advances have a value on realization at least equal to the value at which they are stated in the foregoing balance sheet.

4) Amounts due to creditors covered under Micro, Small and Medium Undertakings Act, 2006 could not be determined owing to lack of information available with the company.

5) Contingent Liabilities not provided for: NIL

7) In the absence of there being virtual certainty that there would be sufficient taxable income in future to set of unabsorbed business losses and debrciation, no deferred tax asset has been created, in accordance with the provisions of Accounting standard 22 "Accounting for taxes on Income" issued by the Institute of chartered Accountants of India.

8) Previous year figures have been recast and rearranged wherever thought necessary in order to make them look comparable with the current year's figures.

10) Note Nos. 1 to 17 form an integral part of the balance sheet and the profit and loss account.

Subject to our report of even date

For & on behalf of Board

For Raj Gupta & Co.

Chartered Accountants

FRN 000203N

Sd/- (Raj Kumar Gupta)

Partner

M No. 017039

Sd/- Rakesh Kansal

Mg. Director

DIN: 01735388

Sd/-Bipin Patel

Director  

DIN: 03313341

Sd/- Mayur Shah

Director

DIN: 03190744

Date: 30/05/2014

Place: Ludhiana