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Notes to Accounts of Birla Cable Ltd.

Mar 31, 2015

1. NATURE OF OPERATIONS

The Company''s operations are predominantly classified into Wires and Cables comprising primarily Telecommunications Cables and other types of Wire and Cables.

2. LONG-TERM BORROWINGS

(a) Suppliers Credit and Term Loan from a bank are secured by way of hypothecation of movable fixed assets, both present and future, and first charge created by way of joint mortgage by deposit of title deeds of certain immovable properties of the Company and are further secured by hypothecation of inventories, cash and other current assets, book debts, outstanding moneys, receivables, claims, etc., both present and future. As a collateral security the term loan is also backed by a cross corporate guarantee of Vindhya Telelinks Limited, a joint venturer. The outstanding term loan of Rs.37.50 lacs is repayable in 3 equal quarterly instalments payable on 30.06.2015 and thereafter and carries interest 13.15% (rate as on the reporting date).

(b) Suppliers Credit (in foreign currency) is due for payment in two instalments in February, 2016 and April, 2016 and carries interest rate 1.84% - 2.11% (rate as on reporting date). The Company has an option on the due date, to convert the said Supplier''s Credit into Rupee Term Loan to be repaid in 17 quarterly instalments and accordingly the said Supplier''s Credit is classified under long-term borrowings.

(c) Loans from a body corporate are repayable in full on or after March 31, 2017 in one or more instalments and carries interest 10.50% (rate as on reporting date).

3. SHORT-TERM BORROWINGS

(a) Working capital loans/cash credit facilities from banks being working capital credit facilities, sanctioned by banks are renewable within twelve months from the date of sanction or immediately previous renewal, unless otherwise stated. The lender bank has a right to cancel the credit limits (either fully or partially) and, interalia, demand repayment in case of non-compliance of terms and conditions of sanctions or deterioration in the loan account in any manner.

(b) Working capital loans (both fund and non-fund based) from State Bank of India (SBI), State Bank of Patiala (SBP) and IDBI Bank Ltd. are secured by way of hypothecation of stock of inventories, cash and other current assets, book debts, outstanding moneys, receivables, claims, etc., both present and future, and are further secured by way of hypothecation of movable fixed assets, both present and future, and first charge created by way of joint mortgage by deposit of title deeds of certain immovable properties of the Company. As a collateral security, working capital loans are also backed by a cross corporate guarantee of Vindhya Telelinks Limited, a joint venturer.

4. Contingent Liabilities and Commitments (to the extent not provided for):

(a) Contingent Liabilities:

(i) Claims against the Company not acknowledged as debts Rs.0.32 lac (Rs.0.32 lac).

(ii) Disputed sales tax claim under appeal Rs. 108.58 lacs (Rs.108.58 lacs).

(iii) The Company has an ongoing process for collection and submission of the relevant declaration forms under the Sales Tax Act to the concerned authorities and the Company does not forsee any liability in this regard.

(iv) Bills of exchange under letter of credit discounted with a bank and outstanding at the end of the year Rs. 380.31 lacs (Rs. 2443.67 lacs).

(v) Cross corporate guarantee given in connection with loan/credit facilities aggregating to Rs. 86687.00 lacs (outstanding as on March 31, 2015 Rs. 37759.82 lacs) to a joint venturer and corporate guarantee of Rs. 3000.00 lacs given in connection with supply of Raw Material to a joint venturer [Refer Note No. 41(b)].

The future cash outflow in respect of items (i) to (ii) above is determinable only on receipt of the decisions/

judgements in the cases pending at various forums and authorities concerned.

(b) Commitments:

(i) Estimated amount of contracts remaining to be executed on Capital Account (Net of advances) and not provided for Rs. 1739.43 lacs (Rs. 142.74 lacs)

(ii) Derivatives related commitments are disclosed in Note No. 33.

5. The Company has filed a law suit against an overseas supplier and its Indian agent. The supplier in order to overreach the said law suit invoked alleged arbitration agreement which is subject matter of the suit filed by the Company, interalia, claiming recovery of an aggregate amount equivalent to Rs. 3544.13 lacs as at 31st March, 2015, as damages for the unsupplied goods for the period from October, 2002 to September, 2006. The Civil Court stayed the arbitration proceedings and the said stay order has been confirmed by the High Court of Madhya Pradesh at Jabalpur and also by the Hon''ble Supreme Court. An order of the High Court of Madhya Pradesh referring the parties to arbitration has also been stayed by the Hon''ble Supreme Court in the Special Leave Petitions filed by the Company, which are pending before the Hon''ble Supreme Court. Based on appraisal of the matter, the Company has been legally advised that the said claim against the Company is unsustainable and there is no likelihood of any liability arising against the Company.

6. In the opinion of the management, the decline in the market value of a quoted Non-Current Investment (trade) (carrying cost Rs.1404.04 lacs) by Rs. 981.56 lacs (Rs. 1116.67 lacs) at the year end is temporary, in view of the strategic long term nature of the investment and assets base/intrinsic worth of the investee company and hence, does not call for any provision thereagainst.

7. During the year, a fire accident occurred in the factory premises on October 27, 2014. The Company has lodged claim with the insurance company towards value of raw material damaged, replacement value of damaged equipments and expenses incurred on repairing of building. The surveyor has filed interim report with the insurance company pending settlement of final claim, the Company has received on account payment of Rs. 500.00 lacs from the insurer, subsequent to the end of financial year. The management is hopeful of settlement and recovery of remaining claim amount.

8. Disclosures in respect of Related Parties as defined in Accounting Standard (AS-18), with whom transactions were carried out in the ordinary course of business during the year are given below:

Venturers in respect of which the : Universal Cables Ltd. (UCL)

Company is a joint venture Vindhya Telelinks Ltd. (VTL)

Ericsson Cables AB, Sweden (ECA)

Enterprise over which a director is able to exercise significant influence : Shakun Polymers Ltd. (SPL)

Key Management Personnel : Mr. R. Sridharan, Manager & Chief Executive Officer

(i) Under the renewed technical collaboration agreement with Ericsson Cables AB, Sweden, no royalty or lumpsum fee is payable.

(ii) No amount has been provided as doubtful debt or advance/written off or written back in the year in respect of debts due from/to above related parties.

(iii) Transactions and balances relating to reimbursement of expenses to/from related parties have not been considered in the above disclosures.

(iv) All transactions with related parties as above have been entered into at arm''s length basis in the ordinary course of business.

9. The Company has taken certain warehouses/ office premises under operating lease agreements. The lease agreements generally have an escalation clause and are renewable or cancellable by mutual consent on mutually agreed terms. There are no restrictions imposed by lease agreements. The aggregate lease rental of Rs. 27.96 lacs (Rs. 2.64 lacs) are charged to the Statement of Profit and Loss.

In respect of an Office premise taken on operating lease by the Company, the Company had charged to the statement of Profit and Loss Rs. 23.95 lacs(Nil). (Net of rent recovered Rs. 20.95 lacs).

10. There is no impairment of assets during the year.

11. The Company has reclassified previous year''s figures to conform to current year''s classification. The figures in brackets are those in respect of the previous accounting year.


Mar 31, 2014

1. NATURE OF OPERATIONS

The Company''s operations are predominantly classified into Wires and Cables comprising primarily Telecommunications Cables and other types of Wire and Cables.

2. Contingent liabilities and Commitments (to the extent not provided for):

(a) Contingent liabilities

(i) Claims against the Company not acknowledged as debts Rs.0.32 lac (Rs.0.32 lac).

(ii) Sales tax matter under litigation Rs. 108.58 lacs (Rs.108.58 lacs).

(iii) The Company has an ongoing process for collection and submission of the relevant declaration forms to the concerned authorities and the Company does not forsee any liability in this regard.

(iv) Bills of exchange under letter of credit discounted with a bank and outstanding at the end of the year Rs. 2443.67 (Rs. Nil).

(v) Cross corporate guarantee given by the Company as a collateral security against working capital credit facilities aggregating to Rs.22950.00 lacs (outstanding as on March 31, 2014 Rs. 19716.69 lacs) sanctioned by a bank to Vindhya Telelinks Limited, a joint venturer.

The future cash outfl ow in respect of items (i) to (iv) above is determinable only on receipt of the decisions/ judgements in the cases pending at various forums and authorities concerned.

(b) Commitments:

(i) Estimated amount of contracts remaining to be executed on Capital Account (Net of advances) and not provided for Rs.142.74 lacs (Rs. 210.23 lacs)

(ii) Derivatives related commitments are disclosed in Note No. 33.

3. The Company has filed a law suit against an overseas supplier and its Indian agent. The supplier in order to overreach the said law suit invoked alleged arbitration agreement which is subject matter of the Suit filed by the Company, interalia, claiming recovery of an aggregate amount equivalent to Rs.3974.88 lacs as at 31st March, 2014, as damages for the unsupplied goods for the period from October, 2002 to September, 2006. The Civil Court stayed the Arbitration proceedings and the said stay order has been confirmed by the High Court of Madhya Pradesh at Jabalpur and also by the Hon''ble Supreme Court. An order of the High Court of Madhya Pradesh referring the parties to Arbitration has also been stayed by the Hon''ble Supreme Court in the Special Leave Petitions filed by the Company, which are pending before the Hon''ble Supreme Court. Based on appraisal of the matter, the Company has been legally advised that the said claim against the Company is unsustainable and there is no likelihood of any liability arising against the Company.

4. In the opinion of the management, the decline in the market value of a quoted Non-current Investment (trade) (carrying cost Rs.1404.04 lacs) by Rs.1116.67 lacs at the year end is temporary, in view of the strategic long term nature of the investment and assets base/intrinsic worth of the investee company and hence, does not call for any provision thereagainst.

5. The Provision for tax has been made as per MAT under section 115JB of the income Tax Act, 1961. The Company is entitled to avail credit under section 115JA (1A). Accordingly, MAT credit entitlement has been considered as an asset.

6. The Company has reclassified previous year''s figures to conform to current year''s classifi cation. The figures in brackets are those in respect of the previous accounting year.


Mar 31, 2013

1. NATURE OF OPERATIONS

The Company''s operations are predominantly classified into Wires and Cables comprising primarily Telecommunications Cables and other types of Wire and Cables.

(a) The buyer''s credit is secured by way of hypothecation of stock of Inventories, cash and other current assets, book debts, outstanding moneys, receivables, claims, etc., both present and future, and are further secured by way of hypothecation of moveable fixed assets, both present and future, and first charge created by way of joint mortgage by deposit of title deeds of certain immovable properties of the Company. The buyer''s credit is repayable in six half yearly instalments commencing from 6th December, 2010 and carries interest @ 2.75% (rate as on the reporting date).

(b) Sales tax loans are as per scheme of State Government and for administration of these loans, Madhya Pradesh State Industrial Development Corporation Limited (MPSIDC Ltd.) has been specified by the State Government as the Implementing Agency. As per the governing scheme for conversion of deferred sales tax into loan, the final sales tax loan liability subsists upto a period of ten years, commencing from the expiry of each financial year covered by the period of eligibility and is payable thereafter within 30 days in one instalment subject to compliance with the terms and conditions as specified in the scheme.

(a) Working capital loans/trade credits from banks being working capital credit facilities, sanctioned by a bank are generally renewable within twelve months from the date of sanction or immediately previous renewal, unless otherwise stated. The lender bank has a right to cancel the credit limits(either fully or partially) and, interalia, demand repayment in case of non-compliance of terms and conditions of sanctions or deterioration in the loan account in any manner.

(b) Working capital loans (both fund and non-fund based) are secured by way of hypothecation of stock of inventories, cash and other current assets, book debts, outstanding moneys, receivables, claims, etc., both present and future, and are further secured by way of hypothecation of moveable fixed assets, both present and future, and first charge created by way of joint mortgage by deposit of title deeds of certain immovable properties of the Company. As a collateral security, working capital loans are also backed by a cross corporate guarantee of Vindhya Telelinks Limited, a joint venturer.

2. Contingent liabilities and Commitments (to the extent not provided for) :

(a) Contingent liabilities

(i) Claims against the Company not acknowledged as debts Rs.0.32 lac (Rs.5.16 lacs).

(ii) Income tax matters under litigation Rs. Nil (Rs.5.47 lacs).

(iii) Sales tax matter under litigation Rs. 108.58 lacs (Rs. Nil).

(iv) The Company has an ongoing process for collection and submission of the relevant declaration forms to the concerned authorities and the Company does not forsee any liability in this regard.

(v) Bills of exchange under letter of credit discounted with a bank and outstanding at the end of the year Rs. Nil (Rs.59.37 lacs).

(vi) Cross corporate guarantee given by the Company as a collateral security against working capital credit facilities aggregating to Rs.17450.00 lacs (outstanding as on March 31, 2013 Rs.15616.49 lacs) sanctioned by a bank to Vindhya Telelinks Limited, a joint venturer.

The future cash outflow in respect of items (i) to (iv) above is determinable only on receipt of the decisions/ judgements in the cases pending at various forums and authorities concerned.

(b) Commitments:

(i) Estimated amount of contracts remaining to be executed on Capital Account (Net of advances) and not provided for Rs.210.23 lacs (Rs.0.55 lac)

(ii) Derivatives related commitments are disclosed in Note No. 32.

3. The Company has filed a law suit against an overseas supplier and its Indian agent. The supplier in order to overreach the said law suit invoked alleged arbitration agreement which is subject matter of the Suit filed by the Company, interalia, claiming recovery of an aggregate amount equivalent to Rs.3945.31 lacs as at 31st March, 2013, as damages for the unsupplied goods for the period from October, 2002 to September, 2006. The Civil Court stayed the Arbitration proceedings and the said stay order has been confirmed by the High Court of Madhya Pradesh at Jabalpur and also by the Hon''ble Supreme Court. An order of the High Court of Madhya Pradesh referring the parties to Arbitration has also been stayed by the Hon''ble Supreme Court in the Special Leave Petitions filed by the Company, which are pending before the Hon''ble Supreme Court. Based on appraisal of the matter, the Company has been legally advised that the said claim against the Company is unsustainable and there is no likelihood of any liability arising against the Company.

4. In the opinion of the management, the decline in the market value of a quoted Non-current Investment (trade) (carrying cost Rs.1404.04 lacs) by Rs.1060.74 lacs at the year end is temporary, in view of the strategic long term nature of the investment and assets base/intrinsic worth of the investee company and hence, does not call for any provision thereagainst.

5. As there is no taxable income for the year both under normal provisions as well as under Section 115JB (MAT) of the Income Tax Act,1961, no provision for taxation has been made.

6. Employee Benefits:

(a) The Company''s defined benefit plans include the approved funded gratuity scheme which is administered through Group Gratuity scheme with The Life Insurance Corporation of India and non-funded Pension Scheme (applicable only to certain categories of employees). Such defined benefits are provided for in the Statement of Profit and Loss based on valuations, as at the Balance Sheet date, made by independent actuaries. Disclosures for defined benefit plans based on actuarial reports as on March 31, 2013 are summarised below:

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. Information relating to experience adjustments to plan assets and liabilities as required under para 120(n)(ii) of the Accounting Standard (AS-15) (revised) on employee benefits is not available with the Company. The impact of the same is not material.

(b) Company''s contribution to defined contribution schemes such as Government administered Provident/Family Pension Fund and approved Superannuation Fund are charged to the Statement of Profit and Loss as incurred. The Company has no further obligations beyond its contributions. The Company has recognised the following contributions to Provident/Family Pension and Superannuation Funds as an expense and included in employee benefits expense in the Statement of Profit and Loss.

7. (a) The Company has only one reportable primary business segment. Hence, no separate segment wise information of revenue, results and capital employed is given. (b) The following table shows the distribution of Company''s Revenue from operations by geographical market, regardless of where the goods were produced:

* As the liability of gratuity and leave encashment is provided on an actuarial basis for the company as a whole, therefore amount not included above.

(i) Significant Related Party Transactions with venturers during the year 2012-13 have been disclosed in brackets under the appropriate nature of transaction head.

(ii) Under the renewed technical collaboration agreement with Ericsson Cables AB, Sweden, no royalty or lumpsum fee is payable.

(iii) No amount has been provided as doubtful debt or advance/written off or written back in the year in respect of debts due from/to above related parties.

(iv) Transactions relating to reimbursement of expenses to/from related parties have not been considered in the above disclosures.

(v) All transactions with related parties as above have been entered into at arm''s length basis in the ordinary course of business.

8. The Company has taken certain warehouses under operating lease agreements. The lease agreements generally have an escalation clause and are renewable or cancellable by mutual consent on mutually agreed terms. There are no restrictions imposed by lease agreements. The aggregate lease rental of Rs.2.48 lacs (Rs.3.30 lacs) are charged to the Statement of Profit and Loss.

9. The Company has reclassified previous year''s figures to conform to current year''s classification. The figures in brackets are those in respect of the previous accounting year.


Mar 31, 2011

(1) Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advance) Rs.8.02 lacs (Rs.335.58 lacs).

(2) Contingent liabilities not provided for:

(a) Claims against the Company, not acknowledged as debts Rs.5.16 lacs (Rs.2.23 lacs).

(b) Appeal preferred by the Income Tax Department against appellate decisions in favour of the Company, wherein should the ultimate decision be unfavourable to the Company, the liability/demand is estimated to be Rs.11.67 lacs (Rs.11.67 lacs).

The future cash flow on these accounts [(a) & (b) above] is determinable only on receipt of the decision/ judgements pending before the authorities.

(3) The Company has filed a law suit against an overseas supplier and its agent relating to the validity and existence of an alleged agreement before a competent court which is already seized of the said suit. An interim application was moved by the said supplier under the said law suit which was disposed off by the competent court as well as the first appellate court. Aggrieved by the order of the first appellate court, the said supplier as well as the Company preferred writ petitions before the High Court of Madhya Pradesh at Jabalpur which disposed off the writ petitions but the order of the High Court does not in any way reflect upon merits or otherwise of the claim of the overseas supplier for any recovery. The supplier in order to overreach the said law suit had initiated an arbitration interalia claiming recovery of value of the unsupplied goods for the period from October, 2002 to September, 2006 aggregating to Rs.6171.55 lacs (value as on March 31, 2011). Based on appraisal of the matter, the Company has been legally advised that the said claim against the Company is unsustainable and there is no likelihood of any liability arising against the Company.

(4) In the opinion of the management, the decline in the market value of a quoted long term investment (trade) (carrying cost Rs.1404.04 lacs) by Rs.584.56 lacs at the year end is temporary, in view of the strategic long term nature of the investment and asset base of the investee company and hence, does not call for any provision thereagainst.

(5) Employee Benefits:

(a) The company's defined benefit plans include the approved funded Gratuity scheme which is administered through Group Gratuity scheme with Life Insurance Corporation of India and non-funded schemes viz. Pension (applicable only to certain categories of employees). Such defined benefits are provided for in the Profit and Loss Account based on valuations, as at the Balance Sheet date, made by independent actuaries.

Note:

Information relating to experience adjustments to plan assets and liabilities as required by Para 120(n)(ii) of the Accounting Standard (AS-15) (revised) on employee Benefits is not available with the Company. The impact of the same is not material.

(6) (a) As the entire operations of the Company relate to a single business segment of "Wire & Cables", the disclosure requirement of Accounting Standard (AS-17) on "Segment Reporting" is not applicable.

(7) Disclosures in respect of related parties as defined in Accounting Standard (AS-18), with whom transactions were carried out in the ordinary course of business during the year are given below:

Associate Bodies Corporate (Associates) : Universal Cables Ltd. (UCL)

Vindhya Telelinks Ltd. (VTL)

Ericsson Cables AB, Sweden and its holding Companies (ECA)

Key Management Personnel : Mr. D.R. Bansal, Managing Director

Notes: (i) Significant Related Party Transactions with associates during the year 2010-11 have been disclosed in brackets under the appropriate Nature of Transaction head.

(ii) Under the renewed Technical Collaboration Agreement with Ericsson Cables AB, Sweden, no royalty or lumpsum fee is payable.

(iii) No amount has been provided as doubtful debt or advance/written off or written back in the year in respect of debts due from/to above related parties.

(iv) Transactions relating to reimbursement of expenses to/from related parties have not been considered in the above disclosures.

(v) Transactions with related parties are done at arm's length basis.

(8) (b) The Deferred Tax Assets amounting to Rs.335.30 lacs (Rs.366.30 lacs) in respect of carry forward unabsorbed depreciation has been recognised considering the possible reversal of deferred tax liabilities in future years.

(9) The Company has taken certain office premises under operating lease agreements. The lease agreements generally have an escalation clause and are not non-cancellable and are renewable by mutual consent on mutually agreed terms. There are no restrictions imposed by lease agreements. The aggregate lease rental of Rs.4.20 lacs (Rs.1.85 lacs) are charged to the Profit and Loss Account.

(10) There is no impairment of Assets during the year.

(11) Figures of previous year have been shown in brackets and regrouped/reclassified wherever necessary.


Mar 31, 2010

(1) Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advance) Rs. 335.58 lacs (Rs. 77.97 lacs).

(2) Contingent liabilities not provided for:

(a) Claims against the Company, not acknowledged as debts Rs. 2.23 lacs (Rs. 1.91 lacs).

(b) Appeal preferred by the Income Tax Department against appellate decisions in favour of the Company, wherein should the ultimate decision be unfavourable to the Company, the liability/demand is estimated to be Rs. 11.67 lacs (Rs. 11.67 lacs).

(c) Unredeemed Bank Guarantees Rs.1771.28 lacs (Rs. 2122.10 lacs).

(d) Unredeemed Bonds given to Customs/Central Excise Authorities Rs.1081.01 lacs (Rs. 968.51 lacs). There is, however, no default to date.

The future cash flow on these accounts [(a) & (b) above] is determinable only on receipt of the decision/judge- ments pending before the authorities.

(3) The Company has filed a Law Suit against a supplier and its agent relating to the validity and existence of an alleged Agreement before a competent Court which is already seized of the said Suit. The supplier in order to over reach the said Law Suit has initiated an arbitration claiming recovery of value of the unsupplied goods for the period from October, 2002 to September, 2006 aggregating to Rs.5514.52 lacs (value 31.03.2010) [Rs. 5919.97 lacs (value 31.03.2009)]. The said arbitration proceedings have been stayed by the Order of the competent Court. The Company has been legally advised that the said claim against the Company is unsustainable and there is no likelihood of any liability arising against the Company.

(4) Disclosure of Derivative Instruments and Unhedged Foreign Currency Exposure:

(5) In the opinion of the Management, the decline in the market value of quoted investments at the year end is temporary and hence does not call for any provision there against.

(6) Based on the information available with the Company, the balance due to Micro & Small Enterprises is Nil (Rs.0.29 lac). The provision for interest made is Nil (Rs.0.03 lac) on delayed payments as per provisions of Micro, Small & Medium Enterprises Development Act, 2006.

(7) Employee Benefits:

(a) Company’s contribution to defined contribution schemes such as Government administered Provident/ Family Pension Fund and approved Superannuation Fund are charged to the Profit and Loss Account as incurred as the Company has no further obligations beyond its contributions. The Company’s defined benefit plans include the approved funded Gratuity scheme which is administered through Group Gratuity scheme with Life Insurance Corporation of India and non-funded schemes viz. Pension (applicable only to certain categories of employees). Such defined benefits are provided for in the Profit and Loss Account based on valuations, as at the Balance Sheet date, made by independent actuaries.

(b) Contributions to Provident/Family Pension and Superannuation Funds is recognised as an expense and included in Personnel Cost (refer Schedule 18) in the Profit and Loss Account. Disclosures for defined benefit plans based on actuarial reports as on March 31, 2010 are summarised below.

(8) (a) As the entire operations of the Company relate to a single business segment of “Wire & Cables”, the disclosure requirement of Accounting Standard (AS-17) on “Segment Reporting” is not applicable.

(b) The following table shows the distribution of Company’s sales (net of excise duty) by geographical market, regardless of where the goods were produced.

(9) Disclosures in respect of related parties as defined in Accounting Standard (AS-18), with whom transactions were carried out in the ordinary course of business during the year are given below:

Associate Bodies Corporate (Associates) : Universal Cables Ltd. (UCL)

Vindhya Telelinks Ltd. (VTL)

Ericsson Cables AB, Sweden and its holding Companies (ECA) Key Management Personnel : Mr. D.R. Bansal, Managing Director

(10) (a) Pursuant to Accounting Standard (AS-22) “Accounting for Taxes on Income”, the Component and classification of deferred tax liability and deferred tax assets on account of timing differences are given below:

(b) The Deferred Tax Assets amounting to Rs.366.30 lacs (Rs. 371.19 lacs) in respect of carry forward unabsorbed depreciation has been recognised considering the possible reversal of deferred tax liabilities in future years.

(11) There is no impairment of Assets during the year.

(12) Figures of previous year have been shown in brackets and regrouped/reclassified wherever necessary.