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CONTINGENT LIABILITIES AND NOTES ON ACCOUNTS (Illustrative)

..... 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 .....

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..... 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 M .....

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