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Notes to Accounts of Black Rose Industries Ltd.

Mar 31, 2015

1 Leases (AS-19)

(a) The company has given part of its lease hold factory building on operating lease basis for a period of 5 years. The lease agreement is of non-cancellable in nature and renewable at the end of the expiry period at the option of both the lessor and the lessee, and there are no exceptional/restrictive covenants in the lease agreements. There is no contingent rent.

2 Impairment of Assets (AS-28)

Based on exercise of impairment of assets undertaken by the management in due cognizance of paragraphs 5 to 13 of AS 28.The Company has concluded that no impaired loss is required to be booked.

3 Contingent Liabilities

Contingent liabilities not provided for in respect of :- (i) Bank Guarantee given to Government authorities Rs. 15,000/- (P.Y. Rs. 15,000/-)

(ii) Central Sales Tax liability of Rs. 6,030,980/- (P.Y. Rs. 2,140,665/-) as per MVAT Audit completed in the current financial year, as the said liability is on account of non receipt of 'C' forms from various payable customers and the company is awaiting the receipt of said forms. The liabilities if any will be accounted in the books of account in the year in which the final liability is determined.

(iii) Disputed Income Tax demands of Rs. 231,686/- (P.Y. Rs. 231,686/-) for which company has gone in appeal. The management is of the opinion that the said demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

4 Capitalisation of Expenditure

The company has capitalised the following revenue expenses by debiting to statement of Profit and loss and transferring the same to capital work-in-progress (CWIP) account for its project at Jhagadia, Gujarat. Consequently, expenses disclosed under the respective notes are net of amounts capitalised by the company.

During the previous year, project at Jhagadia was completed and consequently all pre-operative expenses lying under capital work-in-progress were apportioned to the assets created upon completion of project.

5 The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act has not been given.

6 In the Opinion of the Board of Directors, the Current Assets, Loans and Advances are realisable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

7 The balances of debtors, creditors and deposits are subject to confirmation and reconciliation.

8 (i) Figures of the previous year have been re-grouped and re-classified wherever necessary to correspond with the figures of the current year.

(ii) Figures have been rounded off to the nearest rupee.


Mar 31, 2014

1 a) Terms/Rights attached to equity shares

The company has only one class of equity share having a par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share and dividend per share on pari passu basis. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors except interim dividend is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2014, the amount of per share dividend recognised as distributions to equity shareholders was Rs. Nil (31st March, 2013 Rs. Nil).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be proportion to the number of equity shares held by the shareholders.

Note : 2 (a)

Secured Loan:

Vehicle Loan

(i) From ICICI Bank Ltd.

Nature of security

Secured by hypothecation of vehicles Rate of Interest

The rate of interest is 11.08% p.a. ( P.Y. 11.08% p.a.)

Terms of Repayment

Equated monthly installment of Rs. 45,260/- commencing from 1st October, 2012 and ending on 1st April, 2015. From Kotak Mahindra Bank Ltd.

Nature of security

Secured by hypothecation of vehicles Rate of Interest

The rate of interest is 10.27 % p.a.

Terms of Repayment

Equated monthly installment of Rs. 19,360/- commencing from 10th August, 2013 and ending on 10th June, 2016.

From Bank of Baroda Nature of security

a) Hypothecation of stock & book debts of the company.

b) Hypothication of goods purchased/imported under L.C.

c) Composite hypothecation agreement of Stocks and Book Debts, Plant and Machinery of the company, both present & future as well as other fixed assets of the company.

Rate of Interest

The rate of interest is p.a. 12.70 % p.a.

Terms of Repayment

Repayable in 84 months as under:

FY 2015 - 12 monthly installaments of Rs. 10.00 Lacs

FY 2016 - 12 monthly installaments of Rs. 13.33 Lacs

FY 2017 - 12 monthly installaments of Rs. 16.67 Lacs

FY 2018 - 12 monthly installaments of Rs. 29.33 Lacs

FY 2019 - 12 monthly installaments of Rs. 29.33 Lacs

FY 2020 - 12 monthly installaments of Rs. 29.33 Lacs

FY 2021 - 12 monthly installaments of Rs. 28.51 Lacs

(ii) Loan from other party

From Tata Capital Financial Services Limited

Nature of security

a) First & exclusive Charge by way of hypothecation of the Windmills along with its accessories etc. installed at Tiwri, Location No. 38, Village - Indroka, Dist : Jodhpur, Rajashthan and Location No. 311, Samana Site, Village Paddaval, Taluka - Upleta, Dist : Rajkot, Gujarat - 360 007 by mortgage of the land.

b) First & exclusive charge by way of hypothecation on all trade receivables.

c) Unconditional and irrevocable personal guarantee of a Executive Director, Mr. Anup Jatia.

Rate of Interest

The rate of interest is p.a. 14.75% p.a. (P.Y. 14.75% p.a.)

Terms of Repayment

Equated monthly installment of Rs. 560,738/- commencing from 10th October, 2010 and ending on 10th September, 2016

Nature of security

Hypothecation of stocks and book debts of the company, present and future, and pledge of office premises and corporate guarantee of Black Rose Trading Pvt. Ltd.

The above charges rank pari passu for all intents and purposes.

Rate of Interest

Effective cost for the above loans are in the range of 12.50% p.a. to 14.00% p.a. (P.Y. 13 % p.a. to 14.25% p.a.)

(b) Provision for leave salary has been made on actuarial valuation as per the requirement of Revised Accounting Standard 15.

(c) The above actuarial valuation does not include gratuity and leave salary payable to Executive Director, Mr. Anup Jatia.

3 Notes :

1. The above Related Party relationships are given by the management and relied upon by the auditor.

2. Figures of previous year are given in brackets.

4 Leases (AS-19)

(a) The company has given part of its lease hold factory building on operating lease basis for a period of 5 years. The lease agreement is of non-cancellable in nature and renewable at the end of the expiry period at the option of both the lessor and the lessee, and there are no exceptional/ restrictive convenants in the lease agreements. There is no contingent rent.

(b) Particulars of Asset given on lease

5 Impairment of Assets ( AS-28)

Based on exercise of impairment of assets undertaken by the management in due cognisance of paragraphs 5 to 13 of AS 28. The Company has concluded that no impaired loss is required to be booked.

6 Contingent Liabilities

Contingent liabilities not provided for in respect of :

(i) Bank Guarantee given to Government authorities Rs. 15,000/- (P.Y. Rs. 15,000/-)

(ii) Central Sales Tax liability of Rs. 936,172/- (P.Y. Rs. 2,677,976/-) as per MVAT Audit completed in the current financial year, as the said liability is on account of non receipt of ''C'' forms from various payable customers and the company is awaiting the receipt of said forms. The liabilities if any will be accounted in the books of account in the year in which the final liability is determined.

(iii) Disputed Income Tax demands of Rs. 231,686/- (Previous Year Rs. 231,686/-) for which company has gone in appeal. The management is of the opinion that the said demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

7 Capitalisation of Expenditure

The company has capitalised the following revenue expenses by debiting to statement of profit and loss and transferring the same to capital work-in-progress (CWIP) account for its project at Jhagadia, Gujarat. Consequently, expenses disclosed under the respective notes are net of amounts capitalised by the company.

During the year, project at Jhagadia was completed and consequently all pre-operative expenses lying under capital work-in-progress were apportioned to the assets created upon completion of project.

8 The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act has not been given.

9 The amount of Deferred Premium/Discount on Foreign Exchange Forward Contract to be recognised in statement of Profit & Loss in the subsequent year is Rs. 573,506/- (Previous Year Rs. 549,393/-)

10 In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

11 The balances of debtors, creditors and deposits are subject to confirmation and reconcilation.

12 (i) Figures of the previous year have been re-grouped and re-classified wherever necessary to correspond with the figures of the current year.

(ii) Figures have been rounded off to the nearest rupee.


Mar 31, 2013

Note: 1 (a) Secured Loan:

Vehicle Loan

(i) From ICICI Bank Ltd. (P.Y - HDFC Bank Ltd)

Nature of security

Secured by hypothecation of vehicles

Rate of Interest

The rate of interest is 11.08% p.a. ( P.Y. 9.87% p.a.)

Terms of Repayment

Equated monthly installment of Rs. 45,260/- commencing from 1 st October, 2012 and ending on 1 st April, 2015. (ii) Loan from other party

From Tata Capital Financial Services Limited.

Nature of security

a) First & exclusive Charge by way of hypothecation of the Windmills along with its accessories etc. installed at Tiwri, Location No. 38, Village - Indroka, Dist: Jodhpur, Rajashthan and Location No. 311, Samana Site, Village Paddaval, Taluka - Upleta, Dist: Rajkot, Gujarat - 360 007 by mortgage of the Land.

b) First & exclusive charge by way of hypothecation on all trade receivables.

c) Unconditional and irrevocable personal guarantee of a Executive Director, Mr. Anup Jatia. Rate of Interest

The rate of interest is 14.75% p.a. ( P.Y. 13.25% p.a. to 14.75% p.a.)

Terms of Repayment

Equated monthly installment of Rs. 560,738/- commencing from 10th October, 2010 and ending on 10th September, 2016

2. Leases (AS-19)

(a) The company has given part of its lease hold factory building on operating lease basis for a period of 5 years. The lease agreement is of non-cancellable in nature and renewable at the end of the expiry period at the option of both the lessor and the lessee, and there are no exceptional/ restrictive convenants in the lease agreements.There is no contingent rent.

(b) Particulars of Asset given on lease:

Note : The figures given above are for whole of the asset as per books of account and not for the part area of the asset given on lease.

(c) The lease rental recognised income in the statement of profit and loss during the current financial year is Rs. 732,000/-

(d) Future minimum rentals receivable under non-cancellable operating leases are as follows:

3. (a) The Provision for current tax of Rs. 12,020,000/- has been made as per the provisions of Income Tax Act,1961. However, after availing credit for MAT of Rs. 6,003,235/-already paid, the actual liability towards tax will be Rs. 6,016,765/-

(b) During the year the company has, in accordance with Accounting Standard-22 w.r.t Accounting for Credit available in respect of Minimum Alternate Tax paid under section 115JB of the Income Tax Act,1961, made provision for Income tax after taking available MAT credit of Rs. 6,003,235/- paid u/s 115JB of the Income tax Act, 1961 in the earlier years and accordingly the availed amount had been deducted from openingn MAT Credit Entitlement of Rs. 8,362,380/- appearing as an asset under the head other long term loans and advances (Note No: 13)

4. Impairment of Assets ( AS-28)

Based on exercise of impairment of assets undertaken by the management in due cognisance of paragraphs 5 to 13 of AS 28.The Company has concluded that no impaired loss is required to be booked.

5. Contingent Liabilities

Contingent liabilities not provided for in respect of :-

(i) Custom duty demand of Rs. 1,488,943/- for which the company has preferred appeal

( P.Y. Rs. 1,488,943/-).

(ii) Bank Guarantee given to Government authorities Rs. 15,000/- (P.Y. Rs. 15,000/-)

(iii) Central Sales Tax liability of Rs. 2,677,976/- (P.Y. Rs. 849,750/-) as per MVAT Audit completed in the current financial year, as the said liability is on account of non receipt of ''C forms from various payable customers and the company is awaiting the receipt of said forms. The liabilities if any will be accounted in the books of account in the year in which the final liability is determined.

(iv) Disputed Income Tax demands of Rs. 231,686/- (Previous Year Rs. Nil) for which company has gone in appeal. The management is of the opinion that the said demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

6. Capitalisation of Expenditure

During the year, the company has capitalised the following revenue expenses by debiting to statement of profit and loss and transferring the same to capital work-in-progress (CWIP) account for its on going project at Jhagadia, Gujarat. Consequently, expenses disclosed under the respective notes are net of amounts capitalised by the company.

7. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclousers, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act has not been given.

8. The amount of Deferred Premium/Discount on Foreign Exchange Forward Contract to be recognised in statement of Profit & Loss in the subsequent year is Rs. 549,393/- (Previous Year Rs. 668,269/-)

9. The balances of debtors, creditors and deposits are subject to confirmation and reconcilation.

10. (i) Figures of the previous year have been re-grouped and re-classified wherever necessary to correspond with the figures of the current year.

(ii) Figures have been rounded off to the nearest rupee.


Mar 31, 2012

A) Terms/Rights attached to equity shares

The company has only one class of equity share having a par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share and dividend per share on pari passu basis. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors except interim dividend is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be proportion to the number of equity shares held by the shareholders.

Note: 1 (a)

Secured Loan

Vehicle Loan

(i) From HDFC Bank Limited Nature of security

Secured by hypothecation of vehicles Rate of Interest

The rate of interest is 9.87% p.a. (P.Y. 9.87% p.a.)

Terms of Repayment

Equated monthly installment of Rs. 16,929/- commencing from 8th October, 2009 and ending on 7th September, 2012.

(ii) Loan from other party

From Tata Capital Financial Services Limited.

Nature of security

a) First & exclusive Charge by way of hypothecation of the Windmills along with its accessories etc. installed at Tiwri, Location No. 38, Village - Indroka, Dist- Jodhpur, Rajashthan and Location No. 311, SamanaSite, Village Paddaval, Taluka - Upleta, Dist - Rajkot, Gujrat- 360 007 by mortgage of the land.

b) First & exclusive charge by way of hypothecation on all trade receivables.

c) Unconditional and irrevocable personal guarantee of a Executive Director, Mr.Anup Jatia.

Rate of Interest

The rate of interest varies from 13.25% p.a. to 14.75% p.a. (P.Y. 12.25% p.a. to 13.25% p.a.)

Terms of Repayment

Equated monthly installment of Rs. 560,738/- commencing from 10th October, 2010 and ending on 10th September, 2016

Nature of security

Hypothecation of stocks and book debts of the company, present and future, and pledge of office premises and corporate guarantee of Black Rose Trading Private Limited. The above charges rank pari passu for all intents and purposes.

Rate of Interest

The rate of interest for above loan is 12.25% to 14.45 % (P. Y. 11 % to 13%)

2 Leases (AS-19)

(a) The company has given part of its lease hold factory building on operating lease basis for a period of 5 years. The lease agreement is of non-cancellable in nature and renewable at the end of the expiry period at the option of both the lessor and the lessee, and there are no exceptional/restrictive covenants in the lease agreements. There is no contingent rent.

Note : The figures given above are for whole of the asset as per books of account and not for the part area of the asset given on lease.

(c) The lease rental recognized income in the statement of profit and loss during the current financial year is Rs. 732,000/-

(d) Future minimum rentals receivable under non-cancellable operating leases are as follows:

Note No. 3(a)

Pursuant to the issue of bonus equity shares during the current year, the earnings per share (EPS) for the previous year has been adjusted as per para 22 of the Accounting Standard - 20, Earning per Share as under:

(a) In Numerator the amount is taken as profit for the previous year.

(b) In Denominator the weighted average No. of equity shares outstanding at the end of the previous year has been adjusted by increasing the No. of equity shares by the No. of bonus shares issued as if the event had occurred at the beginning of the earliest period reported.

4 (a) During the year the company has in accordance with Guidance Note No. 22 on Accounting for Credit available in respect of Minimum Alternate Tax paid under section 115JB. The Income of the Income Tax Act, 1961 issued by the Institute of Chartered Accountants of India, has accounted for MAT Credit Entitlement available in respect of earlier years of Rs. 7,065,91 It- on revision of computation of tax by crediting to the statement of Profit and Loss and adding to MAT Credit Entitlement pearing as an asset under the head other long term loans and advances ( Note No. : 13)

(b) During the year the company has in accordance with Guidance Note No. 22 on Accounting for Credit available in respect of Minimum Alternate Tax paid under section 115JB of the Income Tax Act,1961 issued by the Institute of Chartered Accountants of India has made provision for Income- Tax after taking available MAT credit of Rs. 973,223/- paid u/s 115JB of the Income tax Act, 1961 in the earlier years and accordingly the availed amount had been deducted from openingn MAT Credit Entitlement of X 8,362,380/- appearing as an asset under the head other long term loans and advances (Note No. 13)

5 Based on exercise of impairment of assets undertaken by the management in due cognizance of paragraphs 5 to 13 of AS 28. The Company has concluded that no impaired loss is required to be booked.

6 Contingent liabilities not provided for in respect of :

(i) Custom duty demand of X 1,488,943/- for which the company has preferred appeal ( P.Y. Rs. 1,488,943/-)

(ii) Income Tax demand relating to Assessment year 2005-06 for which the company has preferred appeal with the higher authorities C.Y. Nil (P.Y. 1308,436/-)

(iii) Bank Guarantee given to Government authorities Rs. 15,000/- (P.Y. 1 15,000/-)

(iv) Central Sales Tax liability of Rs. 849,750/- in respect of financial year 2010-11 as per MVAT Audit completed in the current financial year, as the said liability is on account of non receipt of 'C' forms from various payable customers and the company is awaiting the receipt of said forms. The liabilities if any will be accounted in the books of account in the year in which the final liability is determined.

7 The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act has not been given.

b) Particulars of unheeded foreign currency exposure as at the balance sheet date Particulars

Trade Payable (US$) Rs. 129,032,647/- (31st March, 2011: Rs. 136,546,825/-)

Secured Trade Credit (US$) t 40,764,852/- (31st March, 2011:) 9,009,869/-)

Trade receivable (US$) Rs. 1,548,126/- (31st March, 2011: Rs. - NIL)

8 The amount of Deferred Premium/Discount on Foreign Exchange Forward Contract to be recognized in Statement of Profit & Loss in the subsequent year is Rs. 668,269/- (Previous Year - Rs. 20,882/-)

9 The balances of debtors, creditors and deposits are subject to confirmation and reconciliation.

10 Previous year figures

Till the year ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31st March, 2012 the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification. Except accounting for dividend on investments in subsidiaries, the adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.


Mar 31, 2011

1. Contingent liabilities not provided for in respect of :-

(a) Custom duty demand of Rs.1,488,943/- for which the company has preferred appeal (Previous Year Rs. 1,488,943/-)

(b) Income Tax demand of Rs.308,436/- relating to Assessment Year 2005-06 for which the company has preferred appeal with the higher authorities. (Previous Year Rs.308,436/-)

(c) Bank Guarantee given to Government authorities - Rs. 15,000/- (Previous Year - Rs. 15,000/-)

(d) Capital commitment not provided for (net of advances) Rs. 13,457,500/- (25,000,000 Yen) (P.Y. Nil) (1 Yen = Rs 0.5383).

(e) Uncalled amount of Rs Nil ( P.Y.Rs 25/-) per preference share in respect of 60,000 partly paid up non-cumulative redeemable preference shares of Yarntex Exports Ltd.

2. The balances of debtors, creditors and deposits are subject to confirmation and reconciliation.

3. In the opinion of the Board of Directors, the Current Assets, Loans and Advances have a value realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet and adequate provision for all known liabilities of the Company has been made.

4. Based on exercise of impairment of assets undertaken by the management in due cognizance of paragraphs 5 to 13 of AS 28 issued by the ICAI, the Company has concluded that no impaired loss is required to be booked.

5. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act has not been given.

6. The amount of Deferred Premium/Discount on Foreign Exchange Forward Contract to be recognized in Profit & Loss Account in the subsequent year is Rs. 20,882 (Previous Year - Rs.67,368/-)

7. (a) The gratuity charged to the profit and loss account for the year includes provision as per theactuarial valuation as per the requirement of Revised Accounting Standard 15 issued by the Institute of Chartered Accountants of India as well as payment made for the year towards gratuity. The actuarial valuation is done at the year end using Projected Cost Unit method and it covers all regular employees.

8. Disclosure of Related Party Transactions (AS - 18) (As certified by the Management)

(a) Information about related parties:

SR. NO PARTICULARS NAME OF RELATED PARTY

1 Key Management Personnel Executive Director Shri Anup Jatia

2 Enterprises owned or significantly Black Rose Trading Pvt. Ltd. influenced by any management Tozai Safety Pvt. Ltd. personnel or their relatives. Tozai Enterprises Pvt. Ltd. Accent Industries Ltd. Fukui Accent Trading (India) Pvt. Ltd.

9. During the year the Company, in accordance with Guidance note No. 22 on Accounting for Credit available in respect of Minimum Alternative Tax under The Income-Tax Act, 1961 issued by the Institute of Chartered Accountants Of India, has made provision for Income-tax after taking available MAT credit of Rs.1,109,314/- paid u/s 115JB of the Income-tax Act, 1961 in the earlier years and accordingly the availed amount has been deducted from opening MAT credit entitlement of Rs.3,379,000/- as an asset under the head Loans & Advances.

10. (i) Figures of the previous year have been re-grouped and re-classified wherever necessary to correspond with the figures of the current year.

(ii) Figures have been rounded off to the nearest rupee.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of :-

(a) Custom duty demand of Rs1,488,943/-for which the company has preferred appeal (Previous Year Rs. 1,488,943/-)

(b) Income Tax demand of Rs 308,436/- relating to Assessment Year 2005-06 for which the company has preferred appeal with the higher authorities. (Previous Year Rs. 308,436/-)

(c) Bank Guarantee given to Government authorities-Rs. 15,000/-(Previous Year- Rs.15, 000/-)

(d) Uncalled amount of Rs.25/- per preference share in respect of 60,000 partly paid up non- cumulative redeemable preference shares of Yarntex Exports Ltd.

2. The balances of debtors, creditors end deposits are subject to confirmation and reconciliation.

3. In the opinion of the Board of Directors, the Current Assets, Loans and Advances have a value realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet and adequate provision for all known liabilities of the Company has been made.

4. Based en exercise of impairment of assets undertaken by the management in due cognizance of paragraphs 5 to 13 of AS 28 issued by the ICAI, the Company has concluded that no impaired loss is required to be booked.

5. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act has not been given.

6. The amount of Deferred Premium on Foreign Exchange Forward Contract to be recognized in Profit & Loss Account in the subsequent year is Rs. 67,368/- ( Previous Year-Rs 219,925/- )

7. (a) The gratuity charged to the profit and loss account for the year includes provision as per the actuarial valuation as per the requirement of Revised Accounting Standard 15 issued by the Institute of Chartered Accountants of India as well as payment made for the year towards gratuity. The actuarial valuation is done at the year end using Projected Cost Unit method and it covers all regular employees.

(b) Provision for leave salary has been made on actuarial valuation as per the requirement of Revised Accounting Standard 15 issued by the Institute of Chartered Accountants of India.

 
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