Home  »  Company  »  CIL Nova Petrochemic  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of CIL Nova Petrochemicals Ltd.

Mar 31, 2015

1. Each Equity Shareholder is entitle to vote at the meeting shall unless a poll is demanded be decided on a show of hand and upon show of hands every member entitle to vote and present in person shall one vote, and upon a poll every member entitle to vote and persent in person or by proxy shall have one vote, for every share held by him.The Preference share holders shall not carry any right to vote on any matter except their rights are affected as provided under the provisions of Article of Association and Companies Act,1956.

2. In the event of liquidation of the Company, the Preference Share holders will be entitled to receive any of the remaining assets of the company prior to equity share holders, after the distribution of all other preferential amounts. The holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts and preference share capital in proportion to the number of equity shares held by the shareholders.

3. Under the scheme of demerger of Nova Petrochemicals Ltd, the company issued and allotted 2,70,00,000 equity shares amounting to Rs 13,50,00,000/- to the share holders of Nova Petrochemicals Ltd. in the ratio of one equity share of face value of Rs5 each fully paid up in the company for every one equity share of Rs10 each fully paid up held by the shareholders of Nova Petrochemicals Ltd in the year 2009-10.

4. In the absence of adequate distributable Profit, no provision is required to be made in respect of dividend on Non-Cumulative Redeemable Preference Shares.

5. The Company is entitled for set off of carried forward unabsorbed depreciation against the future income under the Income Tax Act. Further company is also eligible for MAT credit under Income Tax Act . In the absence of reasonable certainity in respect of future income and as a matter of prudence, the company is not recognising the deferred tax asset as provided in the Accounting Standard 22 issued by The Institute of Chartered Accountants of India.

Term Loans under Consortium finance are secured by first parri passu charge on the entire Fixed Assets (movable & immovable) of the company both present and future, second charge on entire Current Assets of the Company including consumable stores. Promoter's equity shares equivalent to 30% paid up capital is pledged and further the loan is guaranteed by personal guarantee of some of the Directors. Vehicle Loans are secured by Hypothecation of Vehicles.

Loan from related party and Intercorporate Loans are unsecured

Interest:

Term Loans carry an interest rate of 10.75% p.a payable on monthly basis.

Interest on Vehicle Loans are ranging between 9.57% to 15.21% payable on monthly basis.

Loan from related party and Intercorporate Loans are interest free Loans.

Working Capital loans are secured by first charge on Book Debt and Stocks, and further secured by personal guarantee of the Promoter Directors and corporate guarantee of the Promoter's Group Companies and also further secured by second charge on fixed asssts.

6. CONTINGENT LIABILITIES:

Particulars 2014-15 2013-14 Rs Rs

a) Letters of Credit Outstanding 9,897,169 12,167,795

b) Income Tax demands disputed in appeal 27,176,024 6,254,718 by the Company/ Income Tax Authorities (Against which the Company has paid amount of Rs 1,23,979/-(PY. Rs1, 242,729/-)

c) Excise Duty demands disputed in appeal 216,295,515 216,295,515 by the Company/ Excise Authorities (Against which the Company has paid amount of Rs 801,472 Rs (PY. Rs 801,472/-)

d) The Gujarat value Added tax disputed 1,469,152 1,469,152 demand in Appeal by company (Against which the Company has paid amount of '1,469,152/-(PY. '1,469,152/-)

e) Textile Cess Demands disputed pending 5,090,119 5,090,119 with Textiles Committee, Government of India, Ministry of Textiles.

f) Service Tax demand disputed in appeal by 2,342,101 2,342,101 the Company/Authority (Against which the Company has paid amount of Rs 1,006,091/- (PY. Rs 1,006,091/-)

g) Claims not acknowledged as debts by the 112,500 1,12,500 company

h) Show Cause Notices received from various 2,518,151 2,518,151 authorities

i) Bank Guarantee 256,179 524,990

j) Employees Demands pending before Labour Amount not Amount not Courts ascertainable ascertainable

k) In respect of restructured debts under Amount not Amount not CDR Mechanism, the banks will have right to recompense in respect of waivers / ascertainabl ascertainable sacrifice made by them under CDR Restructuring

7. Based on the principles for determination of segments given in Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has identified it's business segment as primary segment. "Others" represents income from Trading of Cloth and Polyester Chips. There is no reportable secondary segment as none of the conditions as laid down for determining the geographical segments are satisfied

8. Related Party Disclosures

a) Key Management Personnel

Sr. No. Name Designation

1 Mr. Jyotiprasad Chiripal Chairman

2 Mr. Vedprakash Chiripal Director

b) List of Other Related Parties with whom transactions have taken place during the year

Sr. No. Name

1 Chiripal Industries Ltd.

2 Chiripal PolyFilms Ltd.

3 Vishal Fabrics Pvt. Ltd.

4 Chiripal Charitable Trust

9. Impairment of Asset

During the year, the company has impaired it's all assets to the tune of Rs Nil (Previous Year Rs Nil)

10. Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs Nil (Previous Year Rs Nil) is capitalized by the company

11. The amount of Exchange Difference

Credited to Profit and Loss Account Rs 88,530/- (Previous Year Credited to Profit and Loss Account Rs 389,776/-)

12. Balance in Current Account with Scheduled Banks includes Rs Nil/- (Previous Year Rs Nil/-) in the unpaid dividend account with various banks.

13. The figures of the previous year have been regrouped and rearranged wherever considered necessary.


Mar 31, 2014

1.1 Each Equity Shareholder is entitle to vote at the meeting shall unless a poll is demanded be decided on a show of hand and upon show of hands every member entitle to vote and present in person shall one vote, and upon a poll every member entitle to vote and persent in person or by proxy shall have one vote, for every share held by him.The Preference share holders shall not carry any right to vote on any matter except their rights are affected as provided under the provisions of Article of Association and Companies Act,1956.

1.2 In the event of liquidation of the Company, the Preference Share holders will be entitled to receive any of the remaining assets of the company prior to equity share holders, after the distribution of all other preferential amounts. The holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts and preference share capital in proportion to the number of equity shares held by the shareholders.

1.3 Under the scheme of demerger of Nova Petrochemicals Ltd, the company issued and allotted 2,70,00,000 equity shares amounting to Rs.13,50,00,000/- to the share holders of Nova Petrochemicals Ltd. in the ratio of one equity share of face value of Rs.5 each fully paid up in the company for every one equity share of Rs.10 each fully paid up held by the shareholders of Nova Petrochemicals Ltd in the year 2009-10.

1.4 In the absence of adequate distributable Profit, no provision is required to be made in respect of dividend on Non-Cumulative Redeemable Preference Shares.

2.1 General reserve is created out of profit in accordance with Companies (Transfer of Profit to Reserve) Rule, 1975 and is distributable in accordance with Companies(Distribution of dividend out of Reserve) Rules 1975.

3 The Company is entitled for set off of carried forward unabsorbed depreciation against the future income under the Income Tax Act. Further company is also eligible for MAT credit under Income Tax Act . In the absence of reasonable certainity in respect of future income and as a matter of prudence, the company is not recognising the deferred tax asset as provided in the Accounting Standard 22 issued by The Institute of Chartered Accountants of India.

Security :

Term Loans under Consortium finance are secured by first parri passu charge on the entire Fixed Assets (movable & immovable) of the company both present and future, second charge on entire Current Assets of the Company including consumable stores. Promoter''s equity shares equivalent to 30% paid up capital is pledged and further the loan is guaranteed by personal guarantee of some of the Directors. Vehicle Loans are secured by Hypothecation of Vehicles.

Loan from related party and Intercorporate Loans are unsecured Interest:

Term Loans carry an interest rate of 10.75% p.a payable on monthly basis.

Interest on Vehicle Loans are ranging between 9.57% to 15.21% payable on monthly basis.

Loan from related party and Intercorporate Loans are interest free Loans.

4 CONTINGENT LIABILITIES:

Particulars 2013-14 2012-13 Rs. Rs.

a) Letters of Credit Outstanding 1,21,67,795 733,785

b) Income Tax demands disputed in appeal by the Company/ Income Tax Authorities 62,54,718 1,03,46,247 (Against which the Company has paid amount of Rs. 12,42,729/-)

c) Excise Duty demands disputed in appeal by the Company/ Excise Authorities 21,62,95,515 21,77,78,989 (Against which the Company has paid amount of Rs. 8,01,472/-)

d) The Gujarat value Added tax disputed demand in Appeal by company 14,69,152 14,69,152 (Against which the Company has paid amount of Rs.14,69,152/-)

e) Textile Cess Demands disputed pending with Textiles Committee, 50,90,119 50,90,119 Government of India, Ministry of Textiles.

f) Service Tax demand disputed in appeal by the Company/Authority 23,42,101 23,42,101 (Against which the Company has paid amount of Rs.10,06,091/-)

g) Claims not acknowledged as debts by the company 1,12,500 1,12,500

h) Show Cause Notices received from various authorities 25,18,151 25,18,151

i) Bank Guarantee 5,24,990 3,02,427

j) Employees Demands pending before Labour Courts Amount not Amount not ascertainable ascertainable

k) In respect of restructured debts under CDR Mechanism, the banks will have right Amount not Amount not to recompense in respect of waivers / sacrifice made by them under CDR Restructuring ascertainable ascertainable

5 Based on the principles for determination of segments given in Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has identified it''s business segment as primary segment. "Others" represents income from Trading of Cloth and Polyester Chips. There is no reportable secondary segment as none of the conditions as laid down for determining the geographical segments are satisfied

6 Related Party Disclosures

a) Key Management Personnel

Sr. No. Name Designation

1 Mr. Jyotiprasad Chiripal Chairman

2 Mr. Vedprakash Chiripal Director

b) List of Other Related Parties with whom transactions have taken place during the year

Sr. No. Name

1 Chiripal Industries Ltd.

2 Deepak Enterprise

3 Nandan Denim Ltd.

4 Shanti Exports Pvt. Ltd.

5 Vishal Fabrics Pvt. Ltd.

6 Shanti Polytechnic Foundation

7 Impairment of Asset

During the year, the company has impaired it''s all assets to the tune of Rs.Nil (Previous Year Rs.Nil)

8 Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (Previous Year Rs. Nil) is capitalized by the company

9 The amount of Exchange Difference

Credited to Profit and Loss Account Rs. 3,89,776/- (Previous Year Credited to Profit and Loss Account Rs. 4,53,570/-)

10 Balance in Current Account with Scheduled Banks includes Rs. Nil/- (Previous Year Rs. 1,58,987/-) in the unpaid dividend account with various banks.

11 The figures of the previous year have been regrouped and rearranged wherever considered necessary.

Note : Previous year''s figures have been shown in brackets.


Mar 31, 2013

1.1 Each Equity Shareholder is entitle to vote at the meeting shall unless a poll is demanded be decided on a show of hand and upon show of hands every member entitle to vote and present in person shall one vote, and upon a poll every member entitle to vote and present in person or by proxy shall have one vote, for every share held by him. The Preference share holders shall not carry any right to vote on any matter except their rights are affected as provided under the provisions of Article of Association and Companies Act,1956.

1.2 In the event of liquidation of the Company, the Preference Share holders will be entitled to receive any of the remaining assets of the company prior to equity share holders, after the distribution of all other preferential amounts. The holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts and preference share capital in proportion to the number of equity shares held by the shareholders.

1.3 Under the scheme of demerger of Nova Petrochemicals Ltd, the company issued and allotted 2,70,00,000 equity shares amounting to Rs.13,50,00,000/- to the share holders of Nova Petrochemicals Ltd. in the ratio of one equity share of face value of Rs.5 each fully paid up in the company for every one equity share of Rs.10 each fully paid up held by the shareholders of Nova Petrochemicals Ltd in the year 2009-10.

2.1 General reserve is created out of profit in accordance with Companies (Transfer of Profit to Reserve) Rule, 1975 and is distributable in accordance with Companies(Distribution of dividend out of Reserve) Rules 1975.

3 The Company is entitled for set off of carried forward unabsorbed depreciation against the future income under the Income Tax Act. Further company is also eligible for MAT credit under Income Tax Act . In the absence of reasonable certainty in respect of future income and as a matter of prudence, the company is not recognizing the deferred tax asset as provided in the Accounting Standard 22 issued by The Institute of Chartered Accountants of India.

Security :

Term Loans under Consortium finance are secured by first parri passu charge on the entire Fixed Assets of the company both present and future, second charge on entire Current Assets of the Company including consumable stores. Promoter''s equity shares equivalent to 30% paid up capital is pledged and further the loan is guaranteed by personal guarantee of some of the Directors.

Vehicle Loans are secured by Hypothecation of Vehicles.

Loan from related party and Interoperate Loans are unsecured Interest:

Term Loans carry an interest rate of 10.75% p.a payable on monthly basis.

Interest on Vehicle Loans are ranging between 12.01% to 15.21% payable on monthly basis.

Loan from related party and Interoperate Loans are interest free Loans.

@ There is no amount due to be transferred to Investor Education & Protection Fund.

Note: Trade Receivables are secured to the extent of Rs.32,09,388/- (Previous Year Rs.15,83,692/-)

The expected benefits are based on the same assumptions used to measure Group''s gratuity obligations as at 31st March, 2013. The Company is expected to contribute Rs.16,70,000/- to gratuity funds for the year ended 31st March,2014.

4 Based on the principles for determination of segments given in Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has identified it''s business segment as primary segment. "Others" represents income from Trading of Cloth and Polyester Chips. There is no reportable secondary segment as none of the conditions as laid down for determining the geographical segments are satisfied

Note : List of transaction, out of the transactions reported in the above table, where the transactions entered in to with single party exceed the 10% of the total related Party transactions of similar nature are as under :

5 Impairment of Asset

During the year, the company has impaired it''s all assets to the tune of Rs. Nil (Previous Year Rs.Nil)

6 Borrowing costs attributable to the acquisition or construction of Qualifying Assets amounting to Rs. Nil (Previous Year Rs. Nil) is capitalized by the company

7 The amount of Exchange Difference

Credited to Profit and Loss Account Rs. 4,53,570/- (Previous Year debited to Profit & Loss Account Rs. 7,04,451/-)

8 Balance in Current Account with Scheduled Banks includes Rs.1,58,987/- (Previous Year Rs. 3,34,555/-) in the unpaid dividend account with various banks.

9 Balances of Debtors, Creditors, Advances etc. are subject to confirmation and reconciliation wherever required.

10 In the opinion of the board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business.

11 The figures of the previous year have been regrouped and rearranged wherever considered necessary.

Note : Previous year''s figures have been shown in brackets.


Mar 31, 2012

1.1 Each Equity Shareholder is entitle to vote at the meeting shall unless a poll is demanded be decided on a show of hand and upon show of hands every member entitle to vote and present in person shall one vote, and upon a poll every member entitle to vote and persent in person or by proxy shall have one vote, for every share held by him.The Preference share holders shall not carry any right to vote on any matter except their rights are affected as provided under the provisions of Article of Association and Companies Act,1956.

1.2 In the event of liquidation of the Company, the Preference Share holders will be entitled to receive any of the remaining assets of the company prior to equity share holders, after the distribution of all other preferential amounts. The holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts and Preference share capital in proportion to the number of equity shares held by the shareholders.

1.3 Under the scheme of demerger of Nova Petrochemicals Ltd, the company issued and allotted 2,70,00,000 equity shares amounting to Rs13,50,00,000/- to the share holders of Nova Petrochemicals Ltd. in the ratio of one equity share of face value of Rs5 each fully paid up in the company for every one equity share of Rs10 each fully paid up held by the shareholders of Nova Petrochemicals Ltd in the year 2009-10.

1.4 Reconciliation of the number of Equity shares outstanding and the amount of share capital as at 31/03/2012 & 31/03/2011 is set out below.

1.5 In the absence of adequate distributable Profit, no provision is required to be made in respect of dividend on Non-Cumulative Redeemable Preference Shares.

2 The Company is entitled for set off of carried forward losses and unabsorbed depreciation against the future income under the Income Tax Act. However as a matter of prudence, the company is not recognising the deferred tax asset as provided in the Accounting Standard 22 issued by The Institute of Chartered Accountants of India.

Security :

Term Loans under Consortium finance are secured by first parri passu charge on the entire Fixed Assets of the company both present and future, second charge on entire Current Assets of the Company including consumable stores. PromoterRss equity shares equivalent to 30% paid up capital is pledged and further the loan is guaranteed by personal guarantee of some of the Directors.

Vehicle Loans are secured by Hypothication of Vehicles.

Loan from related party and Intercorporate Loan are unsecured

Interest:

Term Loans carry an interest rate of 10.75% p.a and Funded Interest Term Loan carries an interest rate of 9.75% p.a. payable on monthly basis.

Interest on Vehicle Loans are ranging between 12.01% to 14.07%

Loan from related party and Intercorporate Loan are interest free Loans.

Security :

Working Capital loans are secured by first charge on Book Debt and Stocks, and further secured by personal guarantee of the Promoter Directors and corporate guarantee of the PromoterRss Group Companies and also further secured by second charge on fixed asssts.

Trade payables

@ The Company has not received the required information from Suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said Act have not been made.

3 CONTINGENT LIABILITIES:

Particulars 2011-12 2010-11

Rs Rs

a) Letters of Credit Outstanding 12,82,826 20,07,50,908

b) Income Tax demands disputed in appeal by the Company/ Income Tax Authorities 1,10,21,902 2,77,37,838 (Against which the Company has paid amount of Rs 10,10,457/-)

c) Excise Duty demands disputed in appeal by the Company/ Excise Authorities 21,77,78,989 21,09,05,497 (Against which the Company has paid amount of Rs 2,79,00,736/-)

d) The Gujarat value Added tax disputed demand in Appeal by company 14,69,152 14,69,152 (Against which the Company has paid amount of Rs9,00,000/-)

e) Textile Cess Demands disputed pending with Textiles Committee, 50,90,119 50,90,119 Government of India, Ministry of Textiles.

f) Service Tax demand disputed in appeal by the Company/Authority 36,39,072 37,15,034 (Against which the Company has paid amount of Rs5,03,581)

g) Claims not acknowledged as debts by the company 1,12,500 1,12,500

h) Show Cause Notices received from various authorities 52,66,961 66,70,000

i) Bank Guarantee 3,02,427 Nil

j) Employees Demands pending before Labour Courts Amount not Amount not ascertainable ascertainable

4 Impairment of Asset

During the year, the company has impaired its assets to the tune of Rs Nil (Previous Year RsNil)

5 The amount of Exchange Difference

Debited to Profit and Loss Account Rs 7,04,451/- (Previous Year debited to Profit & Loss Account Rs 8,86,986/-)

6 Balance in Current Account with Scheduled Banks includes Rs 3,34,555/- (Previous Year Rs 560946/-) in the unpaid dividend account with various banks.

7 Balances of Debtors, Creditors, Advances etc. are subject to confirmation and reconciliation wherever required.

8 In the opinion of the board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business.

9 Previous yearRss figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year. 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 classification. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statement. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of Balance Sheet.

Note : Previous yearRss figures have been shown in brackets.


Mar 31, 2011

1. CONTINGENT LIABILITIES:

2010-2011 2009-2010 (Rs. in Lacs) (Rs. in Lacs)

a) Letters of Credit Outstanding 2007.51 1738.53

b) Income Tax demands disputed in appeal by the Company/ Income Tax Authorities 277.38 272.60 (Against which the Company has paid amount of Rs.22.48 Lacs)

c) Excise Duty demands disputed in appeal by the Company/ Excise Authorities 2109.05 2905.28 (Against which the Company has paid amount of Rs.281.67 Lacs)

d) The Gujarat Value Added Tax disputed demand in appeal by the Company 12.76 Nil

e) Textile Cess Demands disputed pending with Textiles Committee, 50.90 50.90 Government of India, Ministry of Textiles.

f) Service Tax demand disputed in appeal by the Company/Authority 10.82 33.48

g) Claims not acknowledged as debts by the company 1.13 1.13

h) Show Cause Notices received from various authorities 80.06 65.85

i) Employees Demands pending before Labour Courts Amount not Amount not ascertainable ascertainable

2. The Company has pending export obligation to be fulfilled during the specified period in lieu of items imported under concessional / nil rate of custom duty. The Liability towards custom duty payable and interest thereon in respect of unfulfilled export obligation as on 31st March 2011 is Rs.Nil (Previous Year Rs.694.75 Lacs).

3. Secured loans where repayments are stipulated include Rs.573.30 Lacs (Previous year Rs.499.02 Lacs) repayable within a period of one year.

4. Unsecured loans where repayments are stipulated include Rs. Nil (Previous year Rs. Nil) repayable within a period of one year.

5. Borrowing cost incurred during the year, which are attributable to the acquisition or construction of Qualifying Assets to the extent of Rs. Nil (Previous Year Rs. Nil) are capitalized by the company.

6. Maximum debit balance in Non Scheduled Bank during the year is Rs. 0.02 Lacs (Previous year Rs.0.02 Lacs).

7. Exceptional items consist of amount written back on account of restructuring / settlement of some of the loans and interest thereon Rs. Nil. ( Previous year Rs.127.31 Lacs)

8. Based on the principles for determination of segments given in Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company has identified it's business segment as primary segment. "Others" represents income from Trading of Cloth. There is no reportable secondary segment as none of the conditions as laid down for determining the geographical segments are satisfied.

Note: Since, there was only one reportable segment in the previous year, corresponding figures for the previous year are not given.

Note: List of transaction, out of the transactions reported in the above table, where the transactions entered in to with single party exceed the 10% of the total related Party transactions of similar nature are as under:

9. The Company is entitled for set off of carried forward losses and unabsorbed depreciation against the future income under the Income Tax Act. However as a matter of prudence, the company is not recognizing the deferred tax asset as provided in the Accounting Standard 22 issued by The Institute of Chartered Accountant of India.

10. Impairment of Asset

During the year, the company has impaired its assets to the tune of Rs. Nil (Previous Year Rs.Nil)

11. The amount of Exchange Difference

Debited to Profit and Loss Account Rs.8.87 Lacs (Previous Year Credited to Profit & Loss Account Rs.18.47 Lacs)

12. Based on the information available with the company and to the extent to which they could be identified as Small Scale and ancillary undertakings, sundry Creditors include Rs.10.77 Lacs (Previous year Rs. 64.98 Lacs) due to Small Scale and ancillary concerns.

13. Balance in Current Account with Scheduled Banks includes Rs. 5.61Lacs (Previous Year Rs.5.61 Lacs) in the unpaid dividend account with various banks.

14. The Company has not received information from vendor regarding their status under the Micro, Small & Medium Enterprise Development Act, 2006 and hence disclosure relating to amount unpaid as at year end together with interest paid/payable under this act has been not given.

15. Sundry Debtors are Secured to the extent of Rs.36.07 Lacs (Previous Year Rs.71.99 Lacs)

16. Information pursuant to provision of paragraphs 3 and 4 of part II of Schedule VI Companies Act, 1956. (As certified by Directors):

17. Balances of Debtors, Creditors, Advances etc. are subject to confirmation and reconciliation wherever required.

18. Figures of the previous year have been regrouped and/or rearranged wherever necessary.

19. In the opinion of the board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course - of business.

Note : Previous year's figures have been shown in brackets.

Notes:

(1) The above Cash Flow Statement has been prepared under the "Indirect Method" setout in Accounting Standard - 3 issued by the Institute of Chartered Accountants of India.

(2) Cash and Cash Equivalents at the end includes Rs.560946/- (Previous Year Rs.560946/-) in respect of un claimed dividend and Rs. 11259424/- (Previous Year Rs.12454353/-) in respect of Fixed Deposit Pledged with the Bank which are not available for use by the company.

Important Notes:

1) After registration, all the communication will be sent to your registered e-mail Id. However, you can anytime ask for physical copy of the document.

2) Shareholders are requested to keep company informed as and when there is any change in the e-mail address. Unless the email Id given hereunder is changed by you by sending another communication in writing, the company will continue to send the notices/documents to you on the above mentioned email ID.

 
Subscribe now to get personal finance updates in your inbox!