Balance Sheet as on 31.3.07

PARTICULARS

SCH

31-3-07

31-3-06

SOURCES OF FUNDS

Share Capital Reserves & Surplus Loan Funds

1 2 13

-

-

GRAND TOTAL

-

-

APPLICATION OF FUNDS Fixed Assets Gross Block Less : Accumlated Depreciation Net Block Investments Current assets, Loans & Advances Interest accrued on Investments Stores & Spare parts Loose Tools Inventories Work In Progress Sundry Debtors Cash & Bank Balances Deposits Loans & Advances 11 3 -

7 4 6 5

-

-

(A)

-

-

LESS : CURRENT LIABLITIES & PROVISIONS Current Liablities Sundry Creditors Acceptances Advances Recieved Investor Education and Protection Fund Interest Accrued but not due Provisions Porposed Dividend For Taxation For Losses in Subsidary Companies For Contingencies For Providend Fund Scheme Other Provisions (B) NET CURRENT ASSETS (A)-(B) 9 -

14

MISCELLANEOUS EXPENDITURE Preliminary Expenses -

Commission / Brokerage in Underwriting of Shares Discount on Issue of Shares / Debentures Interest on Capital during Construction U/S 208 Other Capital Expenses

-

-

GRAND TOTAL As per our Report of even date Annexed For Raj & Subramanian Chartered Accountants

-

Partner Place : Chennai Date : Director Director

Profit & Loss account for the year ended 31-3-07 PARTICULARS ( A ) INCOME Sales Other Income Total A ( B ) EXPENDITURE Cost of Goods Sold Production Overheads Administration & Selling Expenses Depreciation & Amortisation Finance & Interest Charges Total B Net Profit / ( Loss ) Before Tax ( A ) - ( B ) Provision for Taxation Provision for FBT Net Profit available for Appropriation Less : Transfer to Reserves For Repayment of Share Capital For Repayment of Loans For Other Reserves Add : Reserves Written Back Share Capital Repayment Reserve Loan Repayment Reserve Other Reserves Profits Carried to Balance Sheet 7 9 8 3 10 SCH 31-3-07 31-3-06

As per our Report of even date Annexed For Raj & Subramanian Chartered Accountants

Partner Place : Chennai Date : Director Director

SCHEDULES FORMING PART OF BALANCE SHEET

Particulars SCH : 1 : SHARE CAPITAL Authorised Capital 250000 Equity Shares of Rs 10/- each Less : 200000 un issued Equity shares of Rs 10/- each Issued Capital 50000 Equity Shares of Rs 10/- each Less : 5000 shares Unsubscribed Subscribed Capital 45000 Equity Shares of Rs 10/- each Less : Uncalled to Extent of Rs 8/ each Called up Capital 45000 Equity Shares of Rs 2/- each Less : Calls Un paid Add : Share Forfieted Paid Up Capital

31-3-07

31-3-06

-

-

-

-

-

-

-

-

-

-

SCH : 2 : RESERVES AND SURPLUS Profit and Loss account Opening balance (+) Net Profit For the current year (-) Proposed Dividends (-) Interim Dividends Capital Redemption Reserve Opening Balance (+) Current Year Transfer (-) Written Back in Current Year Closing Balance Share Premium Account Opening Balance Add : Share premium credited on Share issue Less : Premium Utilised for various reasons Premium on Redemption of Debentures For Issuing Bonus Shares For Adjusting with P&L Debit Balance -

-

-

Loan Redemption Reserves Opening Balance (+) Current Year Transfer (-) Written Back in Current Year Closing Balance General Reserves Opening Balance (+) Current Year Transfer (-) Written Back in Current Year (-) Proposed Dividends (-) Interim Dividends Closing Balance Other Reserves SCH : 5 : LOANS & ADVANCES: -

Advances Directors Current Account Rent Advance Salary Advance To Subsidary Companies To Partnership firms in which company or its subsidary is a partner Bills of Exchange Balances with Customs & Port Trust Deposits Sales Tax Deposit Other Deposits -

SCH : 6 : CASH & BANK BALANCES : Cash In hand Bank Balance In XYZ Bank - Current Account (Maximum Outstandig during the year is Rs xxx) In XYZ Bank - Call Accounts (Maximum Outstandig during the year is Rs xxx) SCH : 9 : SUNDRY CREDITORS Creditors for Expenses Audit Fees Payable Directors Remuneration Rent Payable Salaries Payable Other Creditors Mr X Mr Y Mr z SCH : 11 : INVESTMENTS Investments in Government Securities Security 1 Security 2 Investments in Shares Fully paid up Shares In Fully paid Equity Shares (Current Market Value of Rs XXX) In Fully paid Preference Shares (Current Market Value of Rs XXX) Partly Paid up Shares In Partly paid Equity Shares (Current Market Value of Rs XXX) In Partly paid Preference Shares (Current Market Value of Rs XXX) Investments in Debenture and Bonds 15% Debentures of XYZ Ltd 13 % Bonds of ABC Ltd Investments in Immovable Property Property at xxx Property at ABC Investment in Partnership Firms IN Capital of ABC Ltd IN Capital of XYZ Ltd Balance of Un utilised money Advanced for Acquiring Security SCH : 13 : LOAN FUNDS Secured Loans (Inclusive of Interest thereon) 13 % Debentures Redeemable at Rs 105/- on 31-8-08 secured by xxxx Bank Loans secured by xxx Loans From Directors secured by xxx Loans from Subsidary Companies secured by xxx Loans Gaurenteed by Mr X , the Director Un Secured Loans (Inclusive of Interest thereon) Fixed Deposits -

Loans and Advances from Subsidary Companies Short Term Loans & Advances from Banks Tamil Nadu Mercantile Bank Current Account State Bank Of India - Cash Credit Account Other Loans and Advances

-

-

-

-

SCH : 14 : INVESTOR EDUCATION AND PROTECTION FUND On Unpaid Dividend On Application Money received and refund not collected On Unpaid Matured Deposits On Interest on the above On Unpaid Matured Debentures On Interest on the above SCH : 4 : SUNDRY DEBTORS A B C Others Debts due from Directors / Officers Debts due from M/s XYZ where Mr A the director is partner Debts due from XYZ (P) Ltd where Mr A is the director Debts due from Companies With Same management u/s 370 Other Debts -

Debtors less than 6 months Debtors more than 6 months Less : Provisions

Debts Considered good with security Debts Considered good without Security Debts considered Doubtful / bad

The Maximum Amount due by directors during the year are as follows 1. Mr A 2. Mr B -

SCHEDULES FORMING PART OF PROFIT & LOSS A/C Particulars 31-3-07 31-3-06

SCH : 7 :COST OF GOODS SOLD : Opening Stock ADD : Purchases Cold Storage Chemicals Consumption of Raw Materials Dry Ice Packing Materials Freight Charges Transportation Charges -

LESS : Closing Stock

-

-

SCH : 8 : ADMINISTRATIVE & SELLING EXPENSES : Advertisement Annual Gifts Auditos Remuneration Auditors Fees towards Audit Auditors Fees towards Consultation Auditors Fees towards Expenses reimbursement Bad Debts Bonus Business Promotion Expenses Clearing & Forwarding Commission To Sole Selling Agents To Other Selling Agents To Manging Agents other than Directors To Others Compensation and Damages paid On Account of Law Suits Other Voluntary Compensation paid Computer Repairs & Maintenance Contribution to Providend Fund Conveyance Deferred Revenue Expenditure W/o Discount on Sales Directors Remuneration Fixed Remuneration Commission to Managers as a Percent of profits -

-

-

-

-

Donation Electricity Charges Entertainment Expenses Export Freight Incentives Insurance Interest On Company's Debenture / Loan To Managing Director / Managing Agents / Director / Seceretary To Others Legal Fees Loading Charges Market Survey Expenses Medical Reimbursement Misc Expenses Monitoring Fees Office Maintenance Office Welfare Packing Materials Postage & Telegrams Preliminary Expenses Written Off Processing Charges Printing & Stationery Quotation Charges R & D Expenses Rates & Taxes Income Tax in India Other Indian Taxes (Please Specify the names) Taxes paid other than in India

-

-

-

-

-

-

Taxes on Excess or Abnormal Profit as notified by Central Govt. Registration Fees Rent Repairs & Maintenance Retainer Fees Salaries Security Charges Service Charges Staff Welfare Expenses Storing Charges Subscription Telephone Charges Tour Expenses Travelling Expenses Tsunami Relief Fund Uniform Vehicle Maintenance

-

-

SCH : 9 : PRODUCTION OVERHEADS Consumption of Raw Materials Consumption of Stores & Spares Power & Fuel Labour Expenses Factory Rent SCH : 10 : OTHER INCOME Income From Investments From Trade Investments From Non Trade Investments Dividend income From Subsidary Companies Dividend income From Other Companies Profit on Sale of Investments Loss on Sale of Investments Other Income -

NOTES TO PROFIT AND LOSS ACCOUNT 1. Managerial Remuneration The Remuneration paid / payable to the various Managers and Directors U/S 198 of the Indian Companies Act PAID TO Mr. X (Managing Director) Mr. Y(Managing Agent) Mr. Z (Seceretary & Treasurer) Total Other Remunerations Pensions Provisions Gratuity Provisions Payments from Providend fund in excess of own Subscription Interest on the above

2. Perquisites NATURE OF PERQUSITE

Total 3. Value of Imports during the year at CIF Value are as follows RAW MATERIALS Product 1 Product 2 Product 3 Total SPARES AND STORES Product 1 Product 2 Product 3

Total CAPITAL GOODS Product 1 Product 2 Product 3 Total 4. The following expenditure were incurred in Foreigh currency during the year Expenditure Royalty Know How acquisition Professional fees & Consultation fees Interest Other Expenses Total 5. Amount Remitted in Foreign Currency during the year are as follows 6. The Following earnings were received in foreign currency during the year Date Export of Goods (FOB) Value Royalty Know How Professional & Consultation Fees Interest and Dividend Other Income Total 7. Dividend Details Dividends Proposed to be Paid during the year Less : TDS Deductable on the above Net Dividend Payable during the succeeding year Net Dividends Paid during the year TDS on the Above Total dividends Paid during the year Particulars

8. Profits U/S 349 and Calculation of Commission to Managing Agents

PARTICULARS

Net Profit Earned During the year Add : Income Tax Provided Super Tax Payable if Included in other Indian Taxes in Schedule Directors Remuneration Voluntary Damages paid otherwise than by way of Legal liablity Less : Excess of Expenditure over income in computation of profits under this section of previous year(s) Other Profits of Capital Nature considered in P&L Account due to accounting policy Profits U/S 349 of Companies Act

REMUNERATION DETAILS

Maximum Remenuration To Managing Agents other than Directors being an employee Ceiling on a Director on Per Head Basis for WHOLE TIME DIRECTORS / MD Ceiling on a Director on Over - all Basis for WHOLE TIME DIRECTORS / MD Ceiling on DIRECTORS OTHER THAN WTD's / MD's If the company contains WTD / MD If the company does not contain WTD / MD Other Commission based on Net profits (Sec 349 is compulsory) To Mr X To Mr Y

NOTES TO BALANCE SHEET Sl No Contingent Liablities

1 2 3 4 5

Claims against the company not acknowledged as Debts Uncalled Liablity on shares Partly paid up Arrears of Fixed Cumulative Dividends Estimated Amount of Contract remaining to be executed of capital Nature and Not Provided for Other Contingent Liablities

AMOUNT -

-

PROVIDED TO -

VALUE THEREOF -

CIF VALUE CIF VALUE -

CIF VALUE -

Amount -

Currency -

-

-

-

Amount in Foreign Currency -

Amount recorded in Books -

-

AMOUNT

AMOUNT

-

-

-

-

-

-

ACTUAL AMOUNT

MAXIMUM CEILING

-

-

-

-

-

NA NA

-

VICTORIA FRESH SEAFOODS ( P ) LTD 3, 3RD FLOOR, GOKUL ARCADE NO 2, SP ROAD, CHENNAI - 20

Calculation of FBT for the Assessment Year 2007-2008 Amount (In Rs)

Particulars Food & Beverages other than those provided in office & Through non transferrable paid vouchers Conference expenses other than conference fees Hotel , Boarding & Lodging facilities Telephone expenses Travelling expenses Staff Welfare Conveyance Entertainment Expenses Vehicle Maintenance and Depreciation thereof Sales promotion expenses other than for free samples Fringe benefit Fringe benefit value is 20% on above

-

Free or Concessional Ticket to Employee Contribution by Employer to Approved Super Annution Fund which exceeds Rs 100000 per employee Fringe benefit Fringe benefit value is 100% on above Gifts Scholarships Club and similar facilities Pooja expenses Expenses liable for 50 % FBT FBT value on above Aggregate of Fringe benefit value Fringe benefit tax @33.66% on above Add : Interest U/s 115 WJ (3) (Note 1) Total FBT payable Less : Advance FBT FBT payable

-

Note 1 Advance tax shall be paid as under :

Quarter Ended

Fringe Benefit

Fringe benefit Value

Fringe benefit Tax

30-6-06 30-9-06 31-12-06 31-3-07 Total

Interest Calculation U/s 115 WJ (3) Quarter Ended Advance tax payable Total -

-

-

Advance tax paid -

Shortfall

Delay in months -

Interest @1% -

30-6-06 30-9-06 31-12-06 31-3-07

Quarter wise FBT break up for the Financial year 2006 - 2007

Particulars Free or Concessional Ticket to Employee Contribution by Employer to Approved Super Annution Fund which exceeds Rs 100000 per employee Expenses Liable for 100 % FBT FBT on above @ 33.66 % Food & Beverages other than those provided in office & Through non transferrable paid vouchers Conference expenses other than conference fees Hotel , Boarding & Lodging facilities Telephone expenses Travelling expenses Staff Welfare Conveyance Entertainment Expenses Vehicle Maintenance and Depreciation thereof Sales promotion expenses other than for free samples Expenses liable for 20 % FBT FBT value on above FBT on the above @ 33.66% Gifts Scholarships Club and similar facilities Pooja expenses Expenses liable for 50 % FBT FBT value on above FBT on the above @ 33.66% Total FBT Value for Quarter Total Fringe benefits for quarter

Q1 -

Q2 -

Q3 -

Q4 -

Total -

-

-

-

-

-

QUANTITATIVE DETAILS FOR THE YEAR 1-4-06 TO 31-3-07 CAPACITY DETAILS FOR THE YEAR PARTICULARS PRODUCT 1 (In Units) Licenced Capacity under xxxx Act Installed Capacity Actual Production PRODUCT 2 (In Units) PRODUCT 3 (In Units) -

SALES DURING THE YEAR CURRENT YEAR PARTICULARS QUANTITY ( IN UNITS) TOTAL AMOUNT PREVIOUS YEAR QUANTITY ( IN UNITS) AMOUNT

Product 1 Product 2

-

-

RAW MATERIALS CONSUMED DURING THE YEAR (TOTAL) CURRENT YEAR PARTICULARS QUANTITY ( IN UNITS) AMOUNT PREVIOUS YEAR QUANTITY ( IN UNITS) AMOUNT

OPENING STOCK Product 1 Product 2 TOTAL (A) PURCHASES DURING THE YEAR Product 1 Product 2 TOTAL (B) TOTAL (C) (A+B) LESS : CLOSING STOCK Product 1 Product 2 TOTAL (D) RAW MATERIALS CONSUMED DURING THE YEAR ( C ) - ( D ) -

RAW MATERIALS CONSUMED DURING THE YEAR (IMPORTED) CURRENT YEAR PARTICULARS PREVIOUS YEAR

CURRENT YEAR PARTICULARS QUANTITY ( IN UNITS) AMOUNT

PREVIOUS YEAR QUANTITY ( IN UNITS) AMOUNT

OPENING STOCK Product 1 Product 2 TOTAL (A) IMPORTS DURING THE YEAR Product 1 Product 2 TOTAL (B) TOTAL (C) (A+B) LESS : CLOSING STOCK Product 1 Product 2 TOTAL (D) IMPORTED RAW MATERIALS CONSUMED DURING THE YEAR ( C ) - ( D ) PERCENTAGE OF IMPORTED RAW MATERIAL CONSUMPTION TO TOTAL CONSUMPTION -

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

STORES CONSUMED DURING THE YEAR ( TOTAL ) CURRENT YEAR PARTICULARS QUANTITY ( IN UNITS) AMOUNT PREVIOUS YEAR QUANTITY ( IN UNITS) AMOUNT

OPENING STOCK Product 1 Product 2 TOTAL (A) PURCHASES DURING THE YEAR Product 1 Product 2 TOTAL (B) TOTAL (C) (A+B) LESS : CLOSING STOCK Product 1 Product 2 TOTAL (D) STORES CONSUMED DURING THE YEAR ( C ) - ( D ) -

STORES CONSUMED DURING THE YEAR ( IMPORTED)

CURRENT YEAR PARTICULARS QUANTITY ( IN UNITS) AMOUNT

PREVIOUS YEAR QUANTITY ( IN UNITS) AMOUNT

OPENING STOCK Product 1 Product 2 TOTAL (A) PURCHASES DURING THE YEAR Product 1 Product 2 TOTAL (B) TOTAL (C) (A+B) LESS : CLOSING STOCK Product 1 Product 2 TOTAL (D) IMPORTED STORES CONSUMED DURING THE YEAR ( C ) - ( D ) PERCENTAGE OF IMPORTED SPARES CONSUMPTION TO TOTAL CONSUMPTION -

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

GOODS PRODUCED DURING THE YEAR CURRENT YEAR PARTICULARS QUANTITY ( IN UNITS) AMOUNT PREVIOUS YEAR QUANTITY ( IN UNITS) AMOUNT

Product 1 Product 2 Product 3 TOTAL

-

-

ANNEXURE TO FORM 3CD : FIXED ASSETS As per Income Tax Act

Particulars Goodwill Land Buildings Leaseholds Railway Sidings Plant & Machinery Furniture & Fittings Property Development Patents & Trade marks Livestock Vehicles Total

Opening WDV As on 1-4-06 -

Additions Above 180 days Below 180 days -

Deletions -

Total -

% of Depreciation 25 25 20 25 10 10 10 10 60 10 25

Depreciation -

Closing WDV as on 31-3-07 -

SCHEDULE 3 : FIXED ASSETS DEPRECIATION AS PER COMPANIES ACT Gross Block Particulars as on 1-4-06 Accumlated Depreciation Net Block As on 1-4-06 Additions Due to Increase in Forex Liablity Other Additions Deletions Due to Decrease in Forex Liablity Other Deletions Total % of Depreciation / Amortisation Current year Depreciation / Amortisation Gross Block as on 31-3-07 Accumlated Depreciation / Amortisation Net Block As on 1-4-06

Goodwill Land Buildings Leaseholds Railway Sidings Plant & Machinery Furniture & Fittings Property Development Patents & Trade marks Livestock Vehicles Total

-

-

-

-

-

DEPRECIATION CALCULATOR (As per Companies Act 1956) 2007INSTRUCTIONS

* The appropriate Depreciaton rate should be keyed-in in the Rate Rows * * Just copy the formulae to extend to other assets and key in the months put to u * Key in the amount of purchase of the asset corresponding to month of purchas * Opening balance should be keyed-in in the "April " row * * Dont delete any cells containing formulae *Assets Months April / Opening Balance May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total Rate (In points) Asset 1 12 11 10 9 8 7 6 5 4 3 2 1 Asset 2 12 11 10 9 8 7 6 5 4 3 2 1 Asset 3 12 11 10 9 8 7 6 5 4 3 2 1 Asset 4 -

Amount

-

-

-

-

nies Act 1956)

in the Rate Rows * the months put to use * to month of purchases * pril " row * lae *Asset 5 12 11 10 9 8 7 6 5 4 3 2 1 12 11 10 9 8 7 6 5 4 3 2 1 Asset 6 12 11 10 9 8 7 6 5 4 3 2 1 Asset 7 12 11 10 9 8 7 6 5 4 3 2 1 Asset 8 12 11 10 9 8 7 6 5 4 3 2 1 Asset 9 12 11 10 9 8 7 6 5 4 3 2 1 Asset 10 12 11 10 9 8 7 6 5 4 3 2 1

-

-

-

-

-

-

Asset 11 12 11 10 9 8 7 6 5 4 3 2 1

-

Tax calculator for A.Yr 07-08 (Others)ParticularsIncome from Salary . Income from HP . Income from Bus&Proff . Capital gain Income from Other sources . Gross Total Income Chapter VI A. 80 C 80 D 80 G 80 GGA Total Income Total Tax Payable Interest 234 A,B,C Total Tax Payable on above Surcharge Total Tax Payable E.Cess. Net tax payable Use goal Seek to find out income for a given amount of tax , VI A deduction

Amount-

Tax calculator for A.Yr 07-08 (Women)ParticularsIncome from Salary . Income from HP . Income from Bus&Proff . Capital gain Income from Other sources . Gross Total Income Chapter VI A. 80 C 80 CC 80 G 80 GGA Total Income Total Tax Payable Interest 234 A,B,C Total Tax Payable Surcharge Total Tax Payable E.Cess. Net tax payable

Amount-

Tax calculator for A.Yr 07-08 (Sr Citizens)ParticularsIncome from Salary . Income from HP . Income from Bus&Proff . Capital gain Income from Other sources . Gross Total Income Chapter VI A. 80 C 80 CC 80 G 80 GGA Total Income Total Tax Payable Interest 234 A,B,C Total Tax Payable Surcharge Total Tax Payable E.Cess. Net tax payable

Amount-

-

FORM NO. 3CA [See rule 6G(1)(a)] Audit report under section 44AB of the Income - tax Act, 1961, in a case where the accounts of the business or profession of a person have been audited under any other law *I / we report that the statutory audit of M/s. _________________ ( Name & Address of the Asseessee with PAN No. ) was conducted by *me / us / M/s. ____________________________________________________in pursuance of the provisions of the___________________________Act, and*I/we annex hereto a copy of *my / our / their audit report date _______________________along with a copy of each of :(a) the audited *profit and loss account / income and expenditure account for the year ended on 31st March,______________________ (b) the audited balance sheet as at 31st March, _____; and (c) documents declared by the said Act to be part of, or annexed to, the *profit and loss account / income and expenditure account and balance sheet. 2. The Statement of particulars required to be furnished under section 44AB is annexed here - with in Form No. 3CD. 3. In *my / our opinion and to the best of *my / our information and according to explanations given to *me / us, the particulars given in the said Form No.3 CD and annexure thereto are true and correct.

Place Date

: PANAJI GOA : ______________

FORM NO. 3CB [SEE RULE 6G(1)(b)] Audit report under section 44AB of the Income - tax Act 1961, in the case of a person referred to in clause (b) of sub - rule (1) of rule 6G

1. *I / we have examined the balance sheet as on 31st March, ____, and the *profit and loss account / income and expenditure account for the year ended on that date, attached herewith, of ______________________________( Name ), _______________(Address), ____________(PAN No.). 2. *I / we certify that the Balance Sheet and the *profit and loss / income and expenditure account are in agreement with the books of account maintained at the head office at _____________ and ** ___________ branched 3. (a) *I / we report the following observations / comments / discrepancies / inconsistencies; if any:

(b) Subject to above A. *I / we have obtained all the information and explanations which, to the best of *my / our knowledge and belief, were necessary for the purpose of the audit. B. In *my / our opinion, proper books of account have been kept by the head office and branches of the assessee so far as appears from*my / our examination of the books. C. In *my / our opinion and to the best of *my / our information and according to the explanations given to *me / us, the said accounts, read with notes thereon, if any, give a true and fair view :(i) In the case of the balance sheet, of the state of the affairs of the assessee as at 31st March, ,and (ii) In the case of the *profit and loss account / income and expenditure account, of the *profit / loss or *surplus / deficit of the assessee for the year ended on that date. 4. The statement of particulars required to be furnished under section 44AB is annexed herewith in Form No.3CD and annexure thereto.

5. In *my/our opinion and to the best of *my / our information and according to explanations given to *me / us, the particulars given in the said Form No.3 CD are true and correct.

Place Date

: PANAJI GOA : ___________

Notes : 1. *Delete whichever is not applicable. 2. **mention the total number of branches. 3. ***This report has to be signed by (I) a Chartered Accountant within the meaning of the Charted Accountants Act, 1949 (38 of 1949);or (ii) Any person who, in relation to any State, is, by virtue of the provisions of sub - section (2) of section 226 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an auditor of companies registered in that State. 4. The person, who signs this audit report, shall indicate reference of his memebership number / certificate of prctice number / authority under which he is entitled to sign this report..

FORM NO.3CD [See rule 6G(2)] Statement of particulars required to be furnished under Section 44AB of the Income tax Act, 1961PART A 1 2 3 4 5 6 Name of the assessee Address Permanent Account Number Status Previous Year ended Assessment year : : : : : : 31 st March 2007 2006-07 PART - B 7. (a) If firm or Association of Persons, indicate names of partners / members and their profit sharing ratios. If there is any change in the partners/members or their profit sharing ratios since the last date of preceding year, the particulars of such change. Nature of business or profession (if more than one business or profession is carried on during the previous year, nature of every business or profession) If there is any change in the nature of Business or profession, the particulars of such change. Whether books of account are prescribed under section 44AA. If yes, list of books so prescribed. Books of account maintained (In case books of account are maintained in a computer system, mention the books of account generated by such computer system). List of books of account examined. Whether the profit and loss account includes any profits and gains assessable on presumptive basis, if yes, indicate the amount and the relevant section (44AD, 44AE, 44B, 44BB, 44BBA, 44BBB or any other relevant section). : Not Applicable

(b)

:

Not Applicable

8. (a)

:

(b)

:

As reported to us there is no change in the nature of business as compared to last year.

9. (a)

:

No

(b)

:

Sale and Purchase Register, Cash and Bank book, Ledger, General Ledger and Journal Ledger (All Computerised) and Vouchers

(c) 10

:

Same as above

:

Not Applicable

34 / 43

11(a) (b)

Method of accounting employed in the previous year. Wherter there has been any change in the method of accounting employed vis--vis the method employed in the immediately preceding previous year. If answer to (b) above is in the affirmative, give details of such change, and the effect thereof on the profit or loss. Details of deviation, if any, in the method of accounting employed in the previous year from accounitng standards prescribed under section 145 and the effect thereof on the profit or loss. Method of valuation of closing employed in the previous year. stock

:

Mercantile basis of accounting.

:

As reported to us there is no change as compared to last year.

(c)

:

NA

(d)

:

Nil

12.(a) (b)

:

Cost

Details of deviation, if any, from the method of valuation prescribed under section 145A, and the effect thereof on the profit or loss. Give the following particulars of the capital asset converted into stock-in-trade:a) Description of capital asset, b) Date of acquisition; c) Cost of acquisition; d) Amount at which the asset is converted into stock-in-trade.,

:

Nil

12A.

:

Nil

13 (a) (b)

Amounts not credited to the profit and loss account, being the items falling within the scope of section 28; The Performa credits, drawbacks, words refund of duty of customs or excise or service tax, or refund of sales tax or value added tax, where such credits, drawbacks or refunds are admitted due by the authorities concerned. escalation claims accepted during the previous year; any other item of income; capital receipt, if any.

: : Nil

:

Nil

(c) (d) (e)

: : :

Nil Nil Nil

35 / 43

14

Particulars of depreciation allowable as per the Income-tax act, 1961 in respect of each asset or block of assets, as the case may be, in the following form :Description of asset / block of assets. Rate of depreciation. Actual cost or written down value, as the case may be. Additions / deductions during the year with dates; in the case of any addition of an asset, date put to use; including adjustments on account of Modified Value Added Tax credit claimed and allowed under the Central Excise rules, 1944, in respect of assets acquired on or after 1st March 1994. Change in rate of exchange of currency, and Subsidy or grant or reimbursement, by whatever name called. Depreciation allowable. Written down value at the end of the year. Amount admissible under sections:-(a)33AB (b)33ABA (c)33AC(wherever applicable) (d)35 (e)35ABB (f)35AC (g) 35CCA (h)35CCB (i)35D (j)35DD (k)35DDA (l)35E debited to the profit and loss account (showing the amount debited and deduction allowable under each section separately ); not debited to the profit and loss account. Any sum paid to an employee as bonus or commision for services rendered, where such sum was otherwise payable to him as profits or dividend.[Section 36(1)(ii)] Any sum received from employees towards contributions to any provident fund or superannuation fund or any other fund mentioned in section 2(24)(x); and due date for payment and the actual date of payment to the concerned authorities under section 36(1)(va).

:

(a) (b) (c)

: : :

:

(i)

:

(ii) (iii) (e) (f) 15

: : : :

:

(a)

:

(b) 16.(a)

:

:

(b)

:

36 / 43

As per annexure

(d)

17 (a) (b) (c)

Amounts debited to the profit and loss account being :expenditure of capital nature; expenditure of personal nature; expenditure on advertisement in any souvenir, brochure, tract, pamphlet or the like, published by a political party; expenditure incurred at clubs, as entrance fees and subscriptions; as cost for club services and facilities used; expendutre by way of penalty or fine for violation of any law for the time being in force; any other penalty or fine; expenditure incureed for any purpose which is an offence or which is prohibited by law; amounts inadmissible under section 40(a); interest, salary, bonus, commision or remuneration inadmissible under section 40(b) / 40(ba) and computation therof; a) whether a certificate has been obtained from the assessee regarding payments relating to any expenditure covered under section 40A(3) that the payments were made by account payee cheques drawn on a bank or account payee bank draft, as the case may be, [Yes/No] b) amount inadmissible under section 40A(3) read with rule 6DD [with break-up of inadmissible amounts];

: : : : : : :

(d) (i) (ii) (e) (I)

: : : : :

(ii) (iii)

(f) (g)

(h)

Yes

:

Nil. However wherever amounts are paid by cheque/DD, it is not possible for us to verify that the amount has been paid by Account Payee Cheque/ DD, because necessary evidence are not in the possession of the assessee. Nil

(i) (j)

provision for payment of gratuity not allowbale under section 40A(7); Any sum paid by the assessee as an employer not allowable under section 40A(9); particulars of any liability of a contingent nature.

:

:

Nil

(k)

:

Nil

37 / 43

(l) amount of deduction inadmissible in terms of section 14A in respect of the expenditure incurred in relation to income which does not form part of the total income, (m) di 18 19 20 21 amount inadmissible under the proviso to section 36(1)(iii).; Particulars of payments made to persons specified under section 40A(2)(b). Amounts deemed to be profits and gains under section 33AB or 33ABA or 33AC. Any Amount of profit chargeable to tax under section 41 and computation thereof. *i) In respect of any sum referred to in clause (a), (b),(c),(d), (e) or (f) of section 43B, the liability for which;Pre-existed on the first day of the previous year but was not allowed in the assessment of any preceding previous year and was Paid during the previous year ; Not paid during the previous year (ii) *** * state whether sales tax, customs duty, excise duty or any other indirect tax, levy, cess, impost, tec., is passed through the profit and loss account. Was incurred in the previous year and was Paid on or before the due date for furnishing the return of income of the previous year under section 139(1); Not paid on or before the aforesaid date. Note: The information given under 21 (B) is only upto the date of singning this report. 22.(a) Amount of the Modified Value Added Tax credit availed of or utilise during the previous year and its treament in the profit & loss account and treatment of outstanding Modified Value Added Tax credits in the accounts. : : : Nil

Nil

:

(A)

:

(a) (b)

: :

(B) (a)

:

:

(b)

:

:

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(b)

Particulars of income or expenditure of prior period credited or debited to the profit & loss account. Details of any amount borrowed on hundi or any amount due thereon (including interest on the amount borrowed) repaid, othewise than through an account payee cheque [Section 69 D]. Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the pervious year :name, address and permanent account number (if available with the assessee) of the lender or depositor; amount of loan or deposit taken or accepted. Whether the loan or deposit was squared up during the previous year; iv) Maximum amount outstanding in the account at any time during the year. (These particulars need not be given in the case of a Govt. Company , a banking company or a corporation established by a Central, State or Provincial Act)

:

23

:

24.(a)

:

(i)

:

(ii) (iii) (iv)

: :

:

(b)

Particulars of each repayment of loan or deposit in an amount exceedng the limit specified in section 269 T made during the pervious year; Name , address and permanent account number (if available with the assessee.) of the payee;

:

(i)

:

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(ii) (iii)

Amount of repayment; Maximum amount outstanding in the account at any time during the pervious year ; Whether thr repayment was made otherwise than by account payee cheque or accont payee bank draft. Whether a certificate has been obtained from the assessee regarding taking or accepting loan or deposit, or repayment of the same through an account payee cheque or an account payee bank draft. [Yes/No] The particulars (i) to (iv) at (b) and the Certificate at (c) above need not be given in the case of a repayment of any loan or deposit taken or accepted from Government, Government company, banking company or a corporation established by a Central, State or Provincial Act,

: :

(iv)

:

( c)

25. a)

Details of brought forward loss or depreciation allowance in the following manner, to the extent avaliable ;

:

Sl. No. Assessment Year Nature of loss / allowance (in rupees) Amount as returned (in rupees) Amount as assesed (give refrence to relevant order) Remarks

Nil (b) b. Whether a change in shareholding of the company has taken place in the previous year due to which the losses incurred prior to the previous year cannot be allowed to be carried forward in terms of section 79.; Section-wise details of deductions, if any, admissible under Chapter VIA. Whether the assessee has complied with the provisions of Chapter XVII-B regarding deduction of tax at source and regarding the payment thereof to the credit of the Central Government. [Yes/No]

:

26 27.(a)

:

:

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(b)

If the provisions of Chapter XVII-B have not been complied with, please give the following details*, namely:-

: Amount

(i) (ii) (iii) (iv)

Tax deductible and not deducted at all Shortfall on account of lesser deduction than required to be deducted Tax deducted late Tax deducted but not paid to the credit of the Central Government * Please give the details of cases covered in (i) to (iv) above.

28 (A) In the case of a trading concern, give quantitative details of principal items of goods traded : (i) (ii) Opening Stock Purchases during the previous year Sales during the previous year Closing Stock Shortage / excess, if any (B) In the case of a manufactruing concern,give quantitative details of the principal items of raw materials, finished products and by products. Raw Materials Opening Stock Purchases during the previous year Consumption during the previous year Sales during the previous year Closing Stock *yield of finished products * percentage of yield *shortage / excess, if any Finished products / By-products Opening Stock Purchases during the previous year Quantity manufactured during the previous year Sales during the previous year Closing Stock

: : : : : :

:

(a) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (b) (i) (ii) (iii) (iv) (v)

: : : : : : : : : : : : : : :

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(vi)

Shortage / excess, if any * Information may be given to the extent available

:

29

In the case of a domestic company, details of tax on distributed profits under section 115 O in the following form: total amount of distributed profits total tax paid theron dates of payment with amounts Whether any cost audit was carried out, if yes, enclose a copy of the report of such audit [See section 139(9)] Whether any audit was conducted under the Central Excise Act, 1944, if yes, enclose a copy of the report of such audit. Report the following major ratios: Gross profit / Turnover Net profit / Turnover Stock - in - trade / Turnover Material consumed / Finished goods produced

: : : : :

(a) (b) (c) 30

31

: : : :

32 (a) (b) (c) (d)

Place : Date :

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ANNEXURE PART A 1 2 3 4 5 6 Name of the assessee: Address: Permanent Account Number: Status: Previous year ended: Assessement year

PART B Nature of business or profession in respect of every business carried on during the previous year

CODE

Sr. No. Parameters 1 Paid up share capital/capital of partner/proprietor 2 Share application money/Current Account of Partner or Proprietor 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Reserve and surplus/Profit and Loss Account Secured loans Unsecured loans Current liabilities and provisions Total of Balance Sheet Gross turnover/gross receipts Gross profit Commission received Commission paid Interest received Interest paid Depreciation as per books of accounts Net Profit (or loss) before tax as per Profit and Loss Account Taxes on incomepaid/provided for in the books

Current year

Previous year

PLACE: PANAJI GOA DATE Note: Please enter the relevent code pertaining to the main area of your business activity.