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Notes to Accounts of EL Forge Ltd.

Mar 31, 2015

01. Denomination

All the figures are rounded off to nearest Lakh

02. Re-Grouping of Amounts

Previous year's figures have been regrouped wherever necessary to confirm to current year classification/ grouping.

03. Accounting Period

The current year figures may not be comparable with the previous year figures, since the current year comprises of a period of 12 (Twelve) months (01-04-2014 to 31-03-2015) as against 9 (Nine) months of previous year (01-07-2013 to 31-03-2014).relating to previous year, to comply with the requirement of Companies Act, 2013.

04. Confirmation of Balance

The Company has sent letters for confirmation of Balance as at 31.03.2015 but only some of the parties have responded. In the opinion of the management the current assets and Loans and Advances will be recovered in full , in the normal course of business.

05. Miscellaneous Expenditure

Due to the Loss during the year, the company has not written off any deferred revenue expenditure and deferral interest during the year. (Previous year Rs..Nil) and same is to be amortized from profit over the expected period of future benefit.

06. Non-Provision for diminution in the value of Investments

The company has not provided for decline in the market value of investment made in the shares of companies as the management is of the opinion that the decline in long term investment is only temporary in nature.

07. Excise duty on the finished goods pending clearance.

Excise duty on closing stock of finished goods has been provided in the accounts and corresponding increase in closing stock valuation has been given effect to.

08. Due to MSME

The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/ payable to these parties during the year has shown Nil

09. Netting off Interest Income

Interest Expenses is shown after setting off interest receipts (Income) amounting to Rs. 12.36 Lakh (Previous year Rs.2.99 Lakh).

10. Non-Payment of Group Gratuity Fund

The Retirement Benefit Funds towards gratuity are administered by LIC under Group Gratuity Scheme. There is a short fall of the amounts provided by the Company to Gratuity Scheme

11. Non-Disclosure of the details under Employees Benefits, AS-15 (Revised)

(01) The Company has opened a Gratuity Scheme with Life Insurance Corporation of India (LIC), for settling any amount due on account of Gratuity. Under the aforesaid Scheme, the company has to contribute annual premium, based on the amount arrived by LIC. Due to continuous operating loss during the earlier years, the Company has not made the payment of Gratuity premium to Life Insurance Corporation of India (LIC). However, required provision on this account has been made in the books of account, in consistent with mercantile method of accounting followed by the company. The management is of the view that liability provided for in the books of account up to the year end is sufficient.

(02) An amount of Rs.207.29 Lakh (Previous year Rs.96.30 Lakh) has been outstanding in respect of the above fund as on 31.03.2015, as per the books of the company. Due to non-payment of annual premium on account of gratuity, the estimated return from the fund or scheme may not be ascertained or determined. Accordingly, no disclosure has been made, in terms of AS-15. The Company is taking sincere steps to make the payment of the amount due and is in the process of adopting AS-15 (Revised), any implications arising there from including the valuation of future liability on actual basis and determination of plan assets will be done in due course.

12. Penalty and Interest

As said earlier, due to operating loss, the company has not been in a position to pay the statutory dues, in time and further statutory dues are still outstanding. Non-payment or delayed payment of such due shall attract interest and penalty. The management is of the view that the amount could not be ascertained. The same has not been provided in the books of account. The same shall be accounted, as and when the payment is made.

13. Change in the method of Accounting

The company has changed the method of accounting of interest on bank borrowings from mercantile to cash basis. The interest on bank borrowings amounting to Rs. 1590.99 Lakh not provided during the year (Previous year Rs.1050.83 Lakh)

14. Pending Litigation.

Some suppliers have filed suit before the Honourable Madras High Court against on the company for recovery of their respective dues. The company has addressed these cases and worked out a schedule of repayment over the following four year term. In some of the cases, winding up petition has been filed before the Honourable Madras High Court and the company has filed the counter requesting repayment over the next few years. The company is hopeful of reaching an understanding with those suppliers. The list of such cases and the amount (Rs. in lakh) involved are given below

15. Investor Education & Protection Fund

(01) Whenever the company declares dividend, it transfers the amount equivalent to an earmarked account, meant for the same, by opening an account with a bank. An unpaid amount, if any, lying in the aforesaid amount shall be transferred to Investor Education & Protection Fund, by taking Demand Draft, from the Bank.

(02) In compliance of the above, the dividend amount, relating to Financial Year 2007-08, has been transferred to an account lying with a nationalized bank. An amount of Rs.3.74 Lakh, remaining unpaid, in that account. The company has taken steps to obtain demand draft to transfer the same to Investor Education & Protection Fund. Since the bank has not issued Demand Draft, the company is not in a position to transfer the same to Investor Education & Protection Fund.

16. Asset Reconstruction Company

(01) The company has borrowed money, both Long Term and Short Term, from a few banks, under consortium. The total outstanding with the banks as at 31st March, 2015 is Rs.13924.54 Lakh (Previous year Rs. 13924.54Lakh). During the current financial year, some of the Banks has assigned (Assignor) their debts to various Asset Reconstruction Companies (ARC's). Export Import Bank of India had assigned their debts to Edelweiss Asset Reconstruction Co. Limited during the previous year. During the current financial year, Union Bank of India assigned its debts to Edelweiss Asset Reconstruction Co. Ltd and State Bank of India assigned its entire debts to Asset Reconstruction Company (India) Ltd, (Arcil). The borrowing, form IDBI Bank, Axis Bank Ltd and Royal Bank of Scotland still remains with the respective banks.

(02) The current liabilities of long term debts were classified as current liabilities in the previous year. Now the current maturities of IDBI Bank and Axis Bank alone are shown under current liability.

(03) Due the assignment of debts by banks to the ARC's, the exact due date for the repayment of the Long term Loan (Included in the debts assigned by the Assignor) is not known, since finalization of the terms and conditions between the company and ARC is under process. Accordingly, during the current financial year, the entire amount of long term loan with Edelweiss Asset Reconstruction Company Limited and Asset Reconstruction Company (Inida) Limited are classified as Long Term Borrowing. This has resulted in changing a short term classification (as per the previous year) into a long term classification (During the Current Financial Year) by an amount of Rs. 1671.50 Lakh (Previous year Rs.Nil);

(04) Exact classification of the debts assigned shall be done, in the year of finalisation of the terms and conditions with the ARC.

17. Wholly Owned Subsidiary an Associate Company

(01) There has been a change in the shareholding pattern of Shakespeare Forgings Ltd, the wholly owned subsidiary in UK. Due to market and environmental requirements, additional funds infusement had become obligatory at Shakespeare Forgings Ltd. As our Company was not in a position to accommodate this, the wholly owned subsidiary raised the necessary funds by issuing fresh equity on 02.02.2015. Without additional funds Shakespeare Forgings Ltd would have been forced to curtail its operations in a major way, which might have led to additional financial burden for your Company.

(02) By issuing further shares, the shareholding of the Company in SFL has been reduced to 37.50% from 100% with effect from 02.02.2015. Accordingly, SFL has been become Associate Company and ceased to be a WOS.

(03) For the year under report, the Audited Financial Statements of SFL is not yet ready. The initial investment made by the Company has been continued to be carried without adjusting for any loss or gain, due to aforesaid change. The same shall be considered, based on the Audited Financial Statements of SFL.

(04) The Company does not have any other subsidiary or Joint venture or Associate Company, within the meaning of the Companies Act, 2013.

(05) Relying on the Notification No. G.S.R. 723(E) dated the 14th October, 2014, issued by Ministry Of Corporate Affairs, by amending Rule 6 of the Companies (Accounts) Rules, 2014, [exempting company which does not have a subsidiary or subsidiaries but has one or more associate companies or joint ventures or both, for the consolidation of financial statement in respect of associate companies or joint ventures or both, as the case may be, for the financial year 2014-15], your company has not prepared the Consolidated Financial Statements for the year under report "

18. Segment Reporting

(01) The Company has two business segment (1) Manufacture and sale of steel forgings.(2) Land and Development described as "Other Operating Income" (Amount in Rs. Lakh)

(02) The Company is engaged in the business of manufacturing of Auto Ancillary part (Manufacture and sale of steel forgings). It is one of the reportable segments, as per AS 17. As the exports are mainly to Developed Countries, geographical risk is not different from domestic market and hence no separate secondary segment disclosure is required, in respect of the aforesaid reportable segments.


Mar 31, 2014

1 DEPRECIATION

(a) Depreciation for the year on all Fixed assets of the company has been calculated on straight line method at the rates specified in schedule XIV of the Companies Act 1956 (Double shift rates for Plant & Machinery), on historical, book cost and has been charged to Profit & Loss Account.

(b) The depreciation amounting to Rs.Nil/- ( Previous Year Rs.Nil/- ) on account of difference between revalued cost and historical cost has also been provided at the rates specified in schedule XIV of the Companies Act 1956 and the same has been debited to

Revaluation of Fixed Assets Reserve account.

2 Sundry Debtors, Creditors, Loans & Advances

The Company has sent letters for confirmation of Balance as at 31.03.2014 but only some of the parties have responded. In the opinion of the management the current assets and Loans and Advances will be recovered in full in the normal course of business.

3 Miscellaneous Expenditure:-

Due to the Loss during the year the company has not Written off any deferred revenue expenditure during the year.(Previous year Rs.Nil) and same is to be amortized from profit over the expected period of future benefit.

4 The company has not provided for decline in the market value of investment made in t he shares of Companies as the management is of the opinion that the decline in long term investment is only temporary in nature.

5 Excise duty on closing stock of finished goods has been provided in the accounts and corresponding increase in closing stock valuation has been given effect to.

6 The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is nil.

7 Interest Expenses is shown net of interest receipts(Income) - Rs in thousands. 299/-(previous year Rs in thousands.567/-).

8 The Retirement Benefit Funds towards gratuity are administered by LIC under Group Gratuity Scheme. There is a short fall of the amounts provided by the Company to Gratuity Scheme.

Rs.in thousands Rs.in thousands

9. Contingent Liabilities & Commitments 31.03.2014 30.06.2013

(01) Claims against the company not acknowledged as debt;

(a) E.S.I under Appeal 208 208

(b) Demands raised by SIPCOT for the Leasehold 1301 1301

(c.) Demand from Income Tax 7560 7560

(d) Demand from Central Excise & service tax 4710 4603

(02) Guarantees given to ;

(a) Foreign Bank (for credit limits of subsidiary company) 18363 18363

(b) Bank against the loan taken by a company 65000 65000

(03) Other money for which the company is contingently liable

(a) For factoring (SBI Global Factors Ltd) Nil Nil

(04) Whether Commitments are classified as:

(a) Pending contracts (on Account of capital Assets) 10000 10000

(b) Uncalled liability on shares & other investments partly paid - -

(05) Air Freight under negotiation: 11149 33858

10. Non-Disclosure of the details under Employee s Benefits AS-15 (Revised)

The Company has operates through the at Gratuity Scheme with Life Insurance Corporation of India (LIC) for settling any amount due on account of Gratuity. Under the aforesaid Scheme the company has to contribute annual premium based on the amount arrived by LIC. Due to continuous operating loss during the earlier years the Company has not made the payment of Gratuity premium to Life Insurance Corporation of India (LIC). However required provision on this account has been made in the books of account in consistent with mercantile method of accounting followed by the company. The management is of the view that liability provided for in the books of account up to the year end is sufficient. An amount of Rs.in thousands 9629/- has been outstanding as on 31.03.2014 as per the books of the company. Due to non-payment of annual premium on account of gratuity, the estimated return from the fund or scheme may not be ascertained or determined. Accordingly, no disclosure has been made in terms of AS-15. The Company is taking sincere steps to make the payment of the amount due and is in the process of adopting AS-15 (Revised) any implications arising there from including the valuation of future liability on actuarial basis and determination of plan assets will be done in due course.

OTHER NOTES ON FINANCIAL STATEMENT 21. Penalty and Interest

As said earlier due to operatin g loss the company has not been in a position to pay the statutory dues, in time and further statutory dues are still outstanding. Non-payment or delayed payment of such due shall attract interest and penalty. The management is of the view that the amount could not be ascertained. The same has not been provided in the books of account. The same shall be accounted, as and when the payment is made.

11 The company has changed the method of accounting of interest on bank borrowings from mercantile to cash basis. The interest on bank borrowings amounting to Rs. 105083 thousands not provided during the Nine Months Period.

12 a) Previous year''s figures have been regrouped wherever necessary to conform to current year classification/grouping.

b) All the figures have been rounded off to the nearest thousands.

13 The Company has changed its financial year from 30th June to 31st March, due to this change the current accounting period comprises a period of 9(Nine) Months from 01.07.2013 to 31.03.2014 as against 12(Twelve) Months relating to the immediately preceding financial year (01.07.2013 to 31.03.2014). Accordingly, the current year figures may not be comparable with the previous year figures. This change has been made to bring the accounting year in line with provision of the companies act 2013.


Jun 30, 2013

01. Depreciation:

(a) Depreciation for the year, on ail Fixed assets of the company has been calculated on straight line method at the rates specified in Schedule XtV of the Companies Act, 1966,

(Double shift rates for Plant & Machinery), on historical book cost and has been charged to Profit & Loss Account.

(b) The depreciation amounting to Rs. Nil Thousands (Previous Period Rs.71 Thousands) on the difference between revalued cost and historical cost has also been provided at the rates specified in Schedule XIV of the Companies Act, 1956 and the same has been debited to Revaluation of Fixed Assets Reserve Account.

02. Sundry Debtors, Creditors, Loans and Advances:

The Company has sent Setters for Confirmation of Balance as on 30.06.2013, but only some of the parties have responded. In the opinion of the management the current assets and Loans and Advances will be recovered in full, in the normal course of business.

03. Miscellaneous Expenditure:

Due to the Loss during the Year the company has not written off any deferred revenue expense during the Year (Previous year Rs. Nil) and same is to be amortized from profit over the expected period of future benefit.

04. The company has not provided for decline in the market value of investment made in the shares of Companies as the management is of the opinion that the decline in long term investment is only temporary in nature.

05. Excise duty on closing stock of finished goods has been provided in the accounts and corresponding increase in closing stock valuation has been given effect to.

06. The Company has not received any memorandum {as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is nil,

07. Interest expenses is shown net of interest (income) receipts - Rs. 567 Thousands /-(previous year Rs.3299/-Thousands).

08. The Retirement Benefit Funds towards gratuity are administered by LIC under Group Gratuity

(Rs. in Thousands)

09. Contingent Liabilities & Commitments 30.06.2013 30,06.2012

(01) Claims against the company not acknowledged as debt;

(a) E.S.i under Appeal 208 208

(b) Demands raised by Sip COT for the Leasehold 1301 1301

(c) Demand from Income Tax 7560 7560

(d) Demand from Central Excise & service tax 4603 5504

(02) Guarantees given to;

(a) Foreign Bank (for credit limits of subsidiary 18363 18363 company)

(b) Bank against the loan taken by a Domestic 65000 65000 company

(03) Other money for which the company is contingently liable

(a) For factoring (SBI Global Factors Ltd) Nil 7592

(04) Whether Commitments are classified as:

(a) Pending contracts (on Account of capital Assets) 10000 10000

(b) Uncalled liability on shares & other investments partly paid

(05) Airfreight under negotiation 33858 -

10. Penalty and interest

As said earlier, due to huge operating loss, the company has not been in a position to pay the statutory dues, in time and further statutory dues are still! outstanding. Non-payment or delayed payment of such due sheaf attract interest and penalty. The management is of the view that the amount could not be ascertained. The same has not been provided in the books of account. The same shall be accounted, as and when the payment is made.

11. a) Previous year''s figures have been regrouped wherever necessary to conform to current year classification/grouping.

b) All the figures have been rounded off to the nearest thousands.


Jun 30, 2012

01. Depreciation:

(a) Depreciation for the year, on all Fixed assets of the company has been calculated on straight line method at the rates specified in Schedule XIV of the Companies Act, 1956.

(Double shift rates for Plant & Machinery), on historical book cost and has been charged to Profit & Loss Account.

(b) The depreciation amounting to Rs.71 Thousands (Previous year Rs.19 Thousands) on the difference between revalued cost and historical cost has also been provided at the rates specified in Schedule XIV of the Companies Act, 1956 and the same has been debited to Revaluation of Fixed Assets Reserve Account.

02. Sundry Debtors, Creditors, Loans and Advances:

The Company has sent letters for Confirmation of Balance as on 30.06.2012, but only some of the parties have responded. In the opinion of the management the current assets and Loans and Advances will be recovered in full, in the normal course of business.

03. Miscellaneous Expenditure:

Due to the Loss during the Year the company has not written off any deferred revenue expense during the Year (Previous year Rs. Nil) and same is to be amortised from profit over the expected period of future benefit.

04. The company has not provided for decline in the market value of investment made in the shares of Companies as the management is of the opinion that the decline in long term investment is only temporary in nature.

05. Excise duty on closing stock of finished goods has been provided in the accounts and corresponding increase in closing stock valuation has been given effect to.

06. The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is nil.

07. Interest is shown net of interest receipts - Rs. 3298 Thousands /-(previous year Rs.924/- Thousands).

08. The Retirement Benefit Funds towards gratuity are administered by LIC under Group Gratuity Scheme. There is a short fall of the amounts provided by the Company to Grautity Scheme.



(Rs. in Thousands)

09. Contingent Liabilities & Commitments 30.06.2012 30.06.2011

(01) Claims against the company not acknowledged as debt;

(a) E.S.I under Appeal 208 208

(b) Demands raised by SIPCOT for the Leasehold 1301 1301

(c) Demand from Income Tax 7560 7560

(d) Demand from Central Excise & service tax 5504 4424

(02) Guarantees given to;

(a) Forign Bank (for credit limits of subsidiary 18363 18363 company)

(b) Bank against the loan taken by a Domestic 65000 65000 company

(03) Other money for which the company is contingently liable



10. a) Previous year's figures have been regrouped wherever necessary to conform to current year classification/grouping.

b) All the figures have been rounded off to the nearest thousands.

11. Current Year figures comprise a period of 12(Twelve) Months as against the previous year comprising of 15(Fifteen) Months. Hence, the result of the Current year may not be comparable with that of the previous year.


Mar 31, 2010

I. Financial statements are prepared on historical cost and on accrual basis.

ii. Fixed Assets are stated at their original cost (Except those assets which have been revalued) including taxes, duties, freight and other incidental expenses related to acquisition and installation. Wherever MODVAT/CENVAT Credit has been availed, Excise element is excluded from original cost.

Depreciation on fixed assets is calculated on straight-line basis on historical cost, commensurate with Section 205 read with Schedule XIV of the Companies Act, 1956. (Double shift rates for Plant & Machinery). The depreciation on the difference between revalued cost and historical cost has also been provided at the rates specified in Schedule XIV of the Companies Act, 1956, and the same has been debited to Revaluation of Fixed Assets Reserve Account. Freehold land is not depreciated.

iii. Raw Material, Stores and Spares and work in progresses are valued at cost. Finished Goods are valued at cost or Net realisable value, whichever is lower as per Accounting Standard (AS2) issued by the Institute of Chartered Accountants of India.

iv. Investments are stated at Cost. Earnings from Investments has been taken into account as accrued or on declaration or receipt basis, wherever appropriate and the tax deducted at source thereon is treated as advance tax.

v. Normal Retirement Benefits as per contract of employment are provided in the books of account and payments are made to the Trustees of the Companys respective Funds on the basis of accrued liability, where appropriate.

vi. Research and Development: a) Revenue expenditure is charged to Profit & Loss Account of the year during which it is incurred, (b) Capital expenditure is shown as addition to fixed assets or where Capital assets have been taken on lease, the lease rentals will be amortised from profits over the useful economic life of the asset.

vii. Miscellaneous Expenditure: Miscellaneous Expenditure incurred is amortised from profits over the expected period of future benefit.

viii. All transactions in foreign currency are entered in the books of accounts at the rates prevailing on the date of transaction.

ix. Deferred Tax Assets / Liability shall be recognized, as required by Accounting Standard (AS-22), issued by Institute of Chartered Accountants of India. However deferred Tax Assets shall be recognized only where there is a virtual certainity supported by convincing evidence.

x. Use of Estimates:

The preparation of the financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements. Actual results could differ from those estimates.

Any revisions to financial estimates are recognised prospectively in the financial statements when revised xi Revenue Recognition:

Income is accounted on accrual basis.

4. Related Party Disclosures

Related party disclosures as required under Accounting Standard on "Related Party

Disclosures" (AS-18) issued by the Institute of Chartered Accountants of India are given

below:

a) Key Management Personnel

Mr. V.Srikanth, Chairman

Mr.K.V. Ramachandran, Vice Chairman & Managing Director.

Relative of Managerial Personal Relative(* *)

Mr. S.Venkatraman F/o Mr. V.Srikanth

Mrs. Chitra Venkatraman M/o.Mr.V.Srikanth

Mr. K.R.Srihari Son of Mr. K.V. Ramachandran

(**) Relative of Key Management Personnel with whom the Company had transactions

during the year.

Subsidiary:

5. Depreciation

a) Depreciation for the year on all assets of the company has been calculated on straight line method at the rates specified in Schedule XIV of the Companies Act, 1956 (Double shift rates for Plant & Machinery), on historical book cost and has been charged to Profit & Loss Account.

b) The depreciation amounting to Rs. 19 Thousands (Previous year Rs. 19 Thousands) on account of difference between revalued cost and historical cost has also been provided at the rates specified in Schedule XIV of the Companies Act, 1956 and the same has been debited to Revaluation of Reserve Account.

6. Sundry Debtors, Creditors, Loans and Advances

The Company has sent letters for Confirmation of Balance as on 31.03.2010, but only some of the parties have responded. In the opinion of the management the current assets and Loans and Advances will be recovered in full, in the normal course of business.

7. Miscellaneous Expenditure

Due to the Loss during the year the company has not written off any deferred revenue expense during the year (Previous year Rs. Nil) and same is to be amortised from profit over a period of Succeeding Ten Years.

8. The Company has made Corporate Debt Restructure (CDR) arrangements with Companys Banks/Financial Institutions, during the year under report. The CDR scheme takes retrospective effect from 01-01-2009. Among other benefits, The Company enjoys concessional rate of interest, in terms of the CDR Schemes. Under the CDR Scheme, the interest on Term Loans is also funded; hence it does not involve any outflow of resources. Under the terms of the CDR Scheme, the interest on Term Loans will be treated as optionally convert able cumulative preference capital. In view of the above, the management is of the opinion that interest is not an expense for the year under report. Accordingly, interest amounting to Rs. 5,50,11,053/- has not been charged; but treated as deferred Interest, grouped under Loans & Advances. The Management is of the opinion to write off the deferred interest proportionately to amount converted, from the financial year during which the options is exercised by the Lenders.

9. The company has not provided for decline in the market value of investment made in the shares of Companies as the management is of the opinion that the decline in long term investment is only temporary in nature.

10. Hire Purchase:

Out of the total liability Rs. 1767 thousands (Previous Year Rs. 2678 thousands), towards fixed assets purchased under HP, the amount due within One Year Amount to Rs. 1125 thousands (Previous Year Rs. 1396 thousands).

11. Contingent Liabilities (Rs. in Thousands)

AS AT AS AT

31.03.2010 31.03.2009

Rs. Rs.

a) Claims not accepted by the Company: 286 286 E.S.I, under appeal

b) Guaranty given by Bank (Foreign Bank) for subsidiary 18363 18363 company

c) Demands raised by SIPCOT for the Leasehold land at 1301 1301

Gummidipundi not accepted by the company. A writ appeal is pending in Madras High Court.

d) Sales Bill Factoring with SBI Global Factors Ltd. This facility is secured by a charge on receivables factored 7248 92538

e) Estimated amount of contracts remaining to be executed on

capital account and not provided for 10000 10000

f) Demand from Income Tax under appeal 6602 6602

g) Demand from Central Excise and Service Tax under appeal 7285 5170

h) Guarantee given to a bank against the loan taken by a 65000 65000 company

13. Excise duty on closing stock of finished goods has been provided in the accounts and corresponding increase in closing stock valuation has been given effect to.

20. The Company has not received any memorandum (as required to be filed by the Suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/ payable to these parties during the year is nil.

21. Interest is shown net of interest receipts - Rs.503 thousands (Previous year Rs.584 thousands) TDS on interest receipts - Rs.89 thousands (Previous year Rs.72 thousands).

22. a. Previous years figures have been regrouped wherever necessary to conform to current year classification / grouping.

b. All the figures have been rounded off to the nearest Thousands.



 
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