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NOTES ON ACCOUNTS
   
7.

Hire Purchase Business:

     
(Rs. in lacs)
    31.03.2008 31.03.2007
i) Amounts for which instalments are not due
NIL
NIL
ii) Amounts for which instalments are due but have not been received:    
  a) More than six months
678.53
1345.69
  b) Six months and under
NIL
NIL
iii) Value of Repossessed Stock
90.09
107.13
   
8.

Deferred Taxation

On a prudent and conservative basis, Deferred Tax Assets, due to timing differences, arising from Unabsorbed Depreciation , Business Loss and Provisions for Non Performing Assets have not been recognised in the absence of any certainty that sufficient future taxable income will be available in the foreseeable future against which the net Deferred Tax Assets can be realised.
   
9.

Current Taxation

(a)
Current Tax provision on account of substantial carried forward losses and uabsorbed depreciation, the management is of the opinion that there will not be any tax liabilities on current profits, which are adjustable against unabsorbed depreciation and carry forward of losses, as such, no provision for current tax has been made under the Income Tax Act, 1961.
   
(b)
Income Tax Assesments upto the Financial Year 2004-2005 (Assessment Year 2005-2006) have been completed and there are no pending demands against the Company.
 
10. Balance in parties accounts whether in debit or in credit are subject to confirmation..
   
   
14.
Segment information

The Company's business activities predominantly relate to providing finance by way of Hire Purchase and Leasing Operations. Accordingly revenue from financing activities comprises the primary basis of segmental reporting. Hence segmental reporting as defined in Accounting Standard - 17 is not applicable.
             
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