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Notes to Accounts of Crimson Metal Engineering Company Ltd.

Mar 31, 2014

Amount in Rs. PARTICULARS As at 31 st March 2014 2013

1 CONTINGENT LIABILITIES

(i) On account of pending appeals of Central Excise 38,051,782 38,051,782

a) Job work incorrect adoption of value vide ref:V/73/15/61/2004-CXADJ/8/02/05 for Rs.20226475/-

b) Wrong availment of Cenvat credit vide ref.V/73/15/100/2005-CX ADJ/25/01/06 for Rs.16506601/- c) Removal of waste & scrap without payment of duty vide ref: V/Ch.73/15/55/2006-CX ADJ/29/01/09 for Rs.1318706/-

(ii) Non Filing of ER-6 Return for the Year 2012-13 - - V/Ch.73/15/27/2013 CX.Adj dt.14/08/13

(iii) Electricity tax on electricity bill Pondy Rs.13.10 lacs 1,310,000 1,310,000

(iv) LC Outstanding as on 31.03.14 34,983,123



2 GENERAL

a) Balance in Sundry Debtors/ Creditors and advances are subject to confirmation

b) Previous Year''s Figures have been re-arranged and re-grouped wherever necessary.

c) Tax deducted at source from the payment to contractors, Professional charges, Comission, intrest and Salaries have been deposited.

d) In view of insufficient information from the suppliers regarding their status as SSI units the amount due to small scale Industrial Undertakings cannot be ascertained.


Mar 31, 2013

1.a) CRIMSON METAL ENGINEARING COMPANY LIMITED

is a Public Limited company. The company incorporated under companies'' act 1956 vides RC number L27105TN1985PLCO11566 issued by Register of companies (ROC) Tamilnadu. Its share is listed on stock exchanges in India. The Company is engaged in the manufacturing and selling of Black Pipe (ERW Pipe & G I Pipe) The factory is situated in Peptic Industrial Estate, Sedarapet Pondicherry - 605111.

b) The financial statements have been prepared in accordance with generally accepted accounting in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards as notified by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial Statements have been prepared under the historical cost convention on an accrual basis except in case of Land (freehold and leasehold).

Amount in Rs.

PARTICULARS As at 31 st March

2013 2012

2 CONTINGENT LIABILITIES

(i) On account of pending appeals of Central Excise 38,051,782 38,051,782

a) Job work incorrect adoption of value vide ref:V/73/15/61/2004-CXADJ/8/02/05 for Rs.20226475/-

b) Wrong a ailment of Cenvat credit vide

ref.V/73/15/100/2005-CX ADJ/25/01/06 for Rs.16506601/-

c) Removal of waste & scrap without payment of duty vide ref: V/Ch.73/15/55/2006-CX ADJ/29/01/09 for Rs.1318706/-

(ii) Demand of Interest on Sales tax from 1992-93 to 2005-06 - - has been paid under Samadhan Scheme

(iii) Electricity tax on electricity bill Pondy Rs.13.10 lacs 1,310,000 1,310,000

 
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