SCHEDULE – XXIII

[See sub-rule (1) of rule 4]

CONTINGENT LIABILITIES AND NOTES ON ACCOUNTS (Illustrative)

1. CONTINGENT LIABILITIES

1.1 Claims against the Entity not acknowledged as debts - Rs. ____________(Previous year Rs. ____________ )

1.2 In respect of:

- Bank guarantees given by/on behalf of the Entity -Rs.____________(Previous year Rs. ____________).

- Letters of Credit opened by Bank on behalf of the Entity -Rs.____________  (Previous year Rs. ____________ ).

- Bills discounted with banks Rs. _________  (Previous year Rs.  _________).

1.3 Disputed demands in respect of:

Income-tax Rs.  _________ (Previous Year Rs. _________ )

G.S.T. Rs.  _________   (Previous Year Rs.  _________ ) Municipal Taxes Rs. _________ (Previous Year Rs. _________  )

1.4 In respect of claims from parties for non-execution of orders, but contested by the Entity - Rs. _________(Previous year Rs._________ ).

2. CAPITAL COMMITMENTS

Estimated value of contracts remaining to be executed on capital account and not provided for (net of advances) Rs.

(Previous year Rs._________).

3. LEASE OBLIGATIONS

Future obligations for rentals under finance lease arrangements for plant and machinery amount to Rs._________(Previous year Rs. __________).

4. CURRENT ASSETS, LOANS AND ADVANCES

In the opinion of the Management, the current assets, loans and advances have a value on realization in the ordinary course of business, equal at least to the aggregate amount shown in the Balance Sheet.

5. TAXATION

In view of there being no taxable income under Income-tax Act 1961, no provision for Income tax has been considered necessary.

6. FOREIGN CURRENCY TRANSACTIONS

6.1  Value of Imports calculated on C.I.F Basis:

-     Purchase of finished Goods

-     Raw Materials & Components (Including in transit)

-        Capital Goods

-        Stores, Spares and Consumables

6.2 Expenditure in foreign currency:

-        Travel

-        Remittances and Interest payment to Financial Institutions/ Banks in Foreign Currency

-        Other Expenditure:

·     Commission on Sales

·     Legal and Professional Expenses

·     Miscellaneous Expenses

6.3  Earnings:

6.4 Remuneration to auditors: As auditors:

·     Taxation matters

·     For management services

·     For certification

·     Others

7. Corresponding figures for the previous year have to be regrouped/ rearranged, wherever necessary.

8. Schedules I to XXXIII are annexed to and form an integral part of the Balance Sheet as at and the Income and Expenditure Account for the year ended on that date.