Mar 31, 2016
Out of the above-
i) 5069745 Equity shares of Rs. 10/- each are issued as fully paid up to Financial Institutions/ Bank against simple Interest dues as on 31st March 2003 as per restructuring package approved by CDR Cell of RBI.
ii) 459474 Equity shares of Rs. 10/- each are issued as fully paid up on Net present value (NPV) basis on account of 1% reduction in the rate of interest payable in future to Financial Institution/Bank, in terms of re-workout package approved by CDR Cell of RBI.
1. a) In the opinion of the Company, the Current Assets,
Loans and Advances are approximately of the value stated, if realized in the ordinary course of business and all known liabilities have been accounted for.
b) Debit and Credit balances of Trade Receivable and Trade Payable are subject to confirmation and Reconciliation of Accounts.
2. Contingent Liabilities & commitments:
i. Contingent Liabilities:
a) Guarantees given by the bankers to various authorities & vendors on behalf of the Company Rs 153.70 Lacs (Rs. 210.00 Lacs).
b) Disputed Sales-tax liabilities not provided for against which Company has filed appeal Rs. 8.10 Lacs (Rs. 23.71 lacs)
c) Disputed Excise Liability not provided for against which the Company has filed an appeal with the appropriate authority Rs. Nil (Rs. 85.45 lacs)
d) Disputed Electricity Liability not provided for against which the Company has filed an appeal with the appropriate authority Rs. 113.94 lacs (Rs. 113.94 lacs)
e) Claims against the company not acknowledged as debt - Rs. 493.23 Lacs (Nil).
ii. Commitments:
a) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advance) Rs. NIL (Rs. 287.78 Lacs)
3. The Gross Block of Fixed Assets includes Rs. 225.81 lacs (Rs. 225.81 lacs) on account of revaluation of Fixed Assets carried out in the past, except Land, Factory Building and the Main Production Plant and Machinery, which are revalued, all other Fixed Assets continue to appear at cost.
4. FINANCIALAND DERIVATIVE INSTRUMENTS
a) Derivatives contracts entered into by the Company and outstanding as on 31st March 2016.
Nominal amounts of derivative contracts entered in the form of Forward Exports Cover by the Company and outstanding as on 31st March 2016 amounts to Rs. 1985.67 Lacs (Rs. 1542.19 Lacs).
b) Foreign currency contracts in the form of Forward Imports cover, that are not hedged by derivative instruments as on 31st March 2016 amounting to Rs. Nil (Rs. Nil).
5. The Company has adopted AS-15 (revised) "Employee Benefits" notified by the Company''s Accounting Standard Rules, 2006. The Company has calculated the various benefits provided to employees as under:
6. The Company has not prepared consolidated financial statements due to unavailability of the financial statements of its joint venture with GK Company Limited, South Korea, for the year under review. However this non inclusion will not have any material impact on financial statements of the Company.
7. The company''s net worth during the year is positive; hence in the opinion of the management, the provision of Sick Industrial Companies (Special Provision) Act, 1985 (SICA) is not applicable to the company.
8. Earning per Share (EPS) computed in accordance with Accounting Standard-20 "Earning per share"
Due to inadequacy of profits, remuneration paid to the Managing Director, Executive Director and whole time Director is within the minimum remuneration as prescribed under schedule V of the Companies Act, 2013.
9. (I) Disclosure of related parties (as identified by Management)
Names of the related parties with whom transactions were carried out during the year and description of relationship as required by AS - 18 "Related Parties Disclosure".
a. Related parties -
i) Associates:
GRL International Ltd.
ii) Joint Ventures:
GK Co. Limited, South Korea
iv) Key Management Personnel:
Mr. Vinod Poddar
Mr. Rahul Poddar Mr. Umesh Lathi
v) Relatives of Key Management Personnel:
Mrs. Sunita Poddar
10. The Company has reckoned the Minimum Alternate Tax (MAT) of Rs. 3.50 Lacs (Rs. 6.71 Lacs) and has taken MAT Credit entitlement of the similar amount which may be set off against tax liability in accordance with section 115JB of the Income Tax Act 1961. Provision for Income Tax is determined on the basis of taxable income after set off of unabsorbed losses/ depreciation as per the Income Tax Act 1961.
11. Disclosures required under the Micro, Small & Medium Development Act, 2006
i) Delayed payments due as at the end of each accounting year on account of Principal - Rs. 96.98 and Interest due thereon - Rs. NIL
ii) Total interest paid on all delayed payments during the year under the provisions of the Act - Rs. NIL
iii) Interest due on principal amounts paid beyond the due date during the year but without the interest amounts under this Act - Rs, NIL
iv) Interest accrued but not due- Rs, NIL
v) Total Interest due but not paid - Rs. NIL
12. Leases - Operating Leases.
i) The Company has taken various residential / commercial premises under cancellable operating leases. These agreements are normally renewed on expiry.
ii) The rental expenses recognized in Statement of Profit and Loss for operating lease taken after 1st April, 2001.
13. The Previous year figures have been regrouped / rearranged whenever necessary to make them comparable with the current year figures.
14. Figures in brackets in these notes are in respect of the previous year.
Mar 31, 2015
1. a) In the opinion of the Company, the Current Assets,
Loans and Advances are approximately of the value stated, if realized
in the ordinary course of business and all known liabilities have been
accounted for.
b) Debit and Credit balances of Trade Receivable and Trade Payable are
subject to confirmation and Reconciliation of Accounts.
2. Contingent Liabilities& commitments:
i. Contingent Liabilities:
a) Guarantees given by the bankers to various authorities& vendors on
behalf of the Company Rs 210 Lacs (Rs.359.00 Lacs).
b) Disputed Sales-tax liabilities not provided for against which
Company has filed appeal Rs.23.71 lacs (Rs. 10.24 lacs)
c) Disputed Excise Liability not provided for against which the Company
has filed an appeal with the appropriate authority Rs. 85.45 lacs (Rs.
85.45 lacs)
d) Disputed Electricity Liability not provided for against which the
Company has filed an appeal with the appropriate authority Rs.113.94
lacs (Rs. 113.94 lacs)
ii. Commitments:
a) Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advance) Rs.287.78 Lacs (Rs.27.16
Lacs)
3. The Gross Block of Fixed Assets includes Rs.225.81 lacs (Rs.225.81
lacs) on account of revaluation of Fixed Assets carried out in the
past, except Land, Factory Building and the Main Production Plant and
Machinery which are revalued, all other Fixed Assets continue to appear
at cost.
4. FINANCIAL AND DERIVATIVE INSTRUMENTS
a) Derivatives contracts entered into by the Company and outstanding as
on 31st March 2015.
Normal amounts of derivative contract entered into by the Company and
outstanding as on 31st March amounts to Rs. 1542.19 Lacs (Rs. 1765.17
Lacs) in the form of Forward Exports Cover.
b) Foreign currency contracts in the form of Forward Imports cover,
that are not hedged by derivative instruments as on 31st March 2015
amounting to Rs. Nil (Rs. Nil).
5. The Company has adopted AS-15 (revised) "Employee Benefits"
notified by the Company's Accounting Standard Rules, 2006 The Company
has calculated the various benefits provided to employees as under:
Defined Contribution Plans:
During the year the Company has recognized the following amounts in the
Profit and Loss account-
(Rs.in lacs)
Employer's Contribution to Superannuation Fund 7.50
(7.89)
Employer's Contribution to Provident Fund 230.85
(229.59)
Defined Benefit Plans:
Gratuity
Leave Encashment
In accordance with Accounting Standard 15 (revised 2005), an actuarial
valuation was carried out in respect of the aforesaid defined benefit
plans based on the following assumptions.
6. The company's net worth during the year is positive; hence in the
opinion of the management, the provision of Sick Industrial Companies
(Special Provision) Act, 1985 (SICA)is not applicable to the company.
7. Earning per Share (EPS) computed in accordance with Accounting
Standard-20 "Earning per share"
Due to inadequacy of profits, remuneration paid to the Managing
Director, Executive Director and whole time Director is within the
minimum remuneration as prescribed under schedule XIII of the
Companies Act, 1956.
8. (I) Disclosure of related parties (as identified by Management)
Names of the related parties with whom transactions were carried out
during the year and description of relationship as
requiredbyAS-18"Related Parties Disclosure".
a. Related parties -
i) Associates:
GRL International Ltd.
ii) Subsidiaries Company:
GRL BV, The Netherlands
iii)Joint Ventures:
GK Co. Limited, South Korea
iv) Key Management Personnel:
Mr. Vinod Poddar
Mr. Rahul Poddar
Mr.Umesh Lathi
v) Relatives of Key Management Personnel:
Ms. Sunita Poddar
9. Exceptional item for the year is on account of write off of
investment in and loan / Trade receivable outstanding amounting to Rs.
46.78 Lacs of wholly owned overseas subsidiary in voluntarily winding
up.
10. The Company has reckoned the Minimum Alternate Tax (MAT) of Rs. 6.71
Lacs (Rs.2.41 Lacs) and has taken MAT Credit entitlement of the similar
amount which may be set off against tax liability in accordance with
section 115JBofthe Income Tax Act 1961. Provision for Income Tax is
determined on the basis of taxable income after set off of unabsorbed
losses/ depreciation as per the Income Tax Act 1961.
11. As there is no subsidiary company as on date, consolidated
accounts have not been prepared in view of amended rule6 of The
Companies (Accounts) Rules, 2014.
12. The Previous year figures have been regrouped/ rearranged whenever
necessary to make them comparable with the current year figures.
49. Figures in brackets in these notes are in respect of the previous
year.
Mar 31, 2014
1. Contingent Liabilities & commitments:
i. Contingent Liabilities:
a) Guarantees given by the bankers to various authorities & vendors on
behalf of the Company Rs. 359.00 Lacs (Rs. 203.72 Lacs).
b) Disputed Sales-tax liabilities not provided for against which
Company has filed appeal Rs. 10.24 lacs (Rs. 10.24 lacs)
c) Disputed Excise Liability not provided for against which the Company
has filed an appeal with the appropriate authority Rs. 85.45 lacs (Rs.
85.45 lacs)
d) Disputed Electricity Liability not provided for against which the
Company has filed an appeal with the appropriate authority Rs. 113.94
lacs (Rs. 113.94 lacs)
e) Disputed Entry Tax liability not provided for against which the
Company has filed an appeal with the appropriate authority Rs. 71.04 lacs
(Rs. 71.04 lacs).
ii. Commitments:
a) Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advance) Rs. 27.16 Lacs (Rs. 269.82
Lacs)
2. The Gross Block of Fixed Assets includes Rs. 225.81 lacs (Rs. 225.81
lacs) on account of revaluation of Fixed Assets carried out in the
past, except Land, Factory Building and the Main Production Plant and
Machinery, which are revalued, all other Fixed Assets continue to
appear at cost.
3. FINANCIAL AND DERIVATIVE INSTRUMENTS
a) Derivatives contracts entered into by the Company and outstanding as
on 31st March, 2014.
Normal amounts of derivative contract entered into by the Company and
outstanding as on 31st March amounts to Rs. 1765.17 Lacs(Rs. 630.84 Lacs)
in the form of Forward Exports Cover.
b) Foreign currency contracts in the form of Forward Imports cover,
that are not hedged by derivative instruments as on 31st March, 2014
amounting to Rs. Nil (Rs. Nil).
4. The Company has adopted AS-15 (revised) "Employee Benefits"
notified by the Company''s Accounting Standard Rules, 2006. The Company
has calculated the various benefits provided to employees as under:
Defined Contribution Plans:
During the year the Company has recognized the following amounts in the
Profit and Loss account:- (Rs. in lacs) Employer''s Contribution to
Superannuation Fund 7.89 (6.42) Employer''s Contribution to Provident
Fund 229.59 (180.06)
5. The Company has reckoned the Minimum Alternate Tax (MAT) of Rs. 2.41
Lacs (Rs. 27.07 Lacs) and has taken MAT Credit entitlement of the similar
amount which may be set off against tax liability in accordance with
section 115JB of the Income Tax Act 1961. Provision for Income Tax is
determined on the basis of taxable income after set off of unabsorbed
losses/ depreciation as per the Income Tax Act 1961.
6. The Previous year figures have been regrouped/rearranged whenever
necessary to make them comparable with the current year figures.
7. Figures in brackets in these notes are in respect of the previous
year.
Mar 31, 2013
1. In the opinion of the Company, the Current Assets, Loans and
Advances are approximately of the value stated, if realized in the
ordinary course of business and all known liabilities have been
accounted for.
2. Contingent Liabilities & commitments: i. Contingent Liabilities:
a) Guarantees given by the bankers to various authorities & vendors on
behalf of the Company Rs.203.72 Lacs (Rs.63.63 Lacs).
b) Disputed Sales-tax liabilities not provided for against which
Company has filed appeal Rs.10.24 lacs(Rs. 10.24 lacs)
c) Disputed Excise Liability not provided for against which the Company
has filed an appeal with the appropriate authority Rs.85.45 lacs (Rs.85.45
lacs)
d) Disputed Electricity Liability not provided for against which the
Company has filed an appeal with the appropriate authority Rs.113.94 lacs
(Rs.113.94 lacs)
e) Disputed Entry Tax liability not provided for against which the
Company has filed an appeal with the appropriate authority Rs.71.04 lacs
(Rs.46.23 lacs).
ii. Commitments:
a) Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advance) Rs.269.82 Lacs (Rs.138.59
Lacs)
3. The Gross Block of Fixed Assets includes Rs.225.81 lacs (Rs.225.81
lacs) on account of revaluation of Fixed Assets carried out in the
past, except Land, Factory Building and the Main Production Plant and
Machinery, which are revalued, all other Fixed Assets continue to
appear at cost.
4. The Company has adopted AS-15 (revised) "Employee
Benefits" notified by the Company''s Accounting Standard Rules, 2006.
The Company has calculated the various benefits provided to employees
as under:
5. The company''s net worth during the year is positive; hence in the
opinion of the management, the provision of Sick Industrial Companies
(Special Provision) Act, 1985 (SICA) is not applicable to the company.
6. (I) Disclosure of related parties (as identified by Management)
Names of the related parties with whom transactions were carried out
during the year and description of relationship as required by AS - 18
"Related Parties Disclosure".
a. Related parties -
i) Associates:
Bal Krishna Industries Ltd
GRL International Ltd.
Siyaram Silk Mills Ltd.
Bee tee Textile Industries Ltd.
S.P. Finance & Trading Ltd. ii) Subsidiaries Company:
GRL BV, The Netherlands iii) Joint Ventures:
GK Company Ltd., South Korea iv) Key Management Personnel:
Shri Vinod Poddar
Shri Rahul Poddar
Shri Umesh Lathi
v) Relatives of Key Management Personnel:
Mrs. Shefali Poddar
7. The Company has reckoned the Minimum Alternate Tax (MAT) of Rs.
27.07 Lacs for the year ended 31st March 2013 and has taken MAT Credit
entitlement of the similar amount which may be set off against tax
liability in accordance with section 115JB of the Income Tax Act 1961.
Provision for Income Tax is determined on the basis of taxable income
after set off of unabsorbed losses/ depreciation as per the Income Tax
Act 1961.
8. The Previous year figures have been regrouped/rearranged whenever
necessary to make them comparable with the current year figures.
9. Figures in brackets in these notes are in respect of the previous
year.
Mar 31, 2012
I) 5069745 Equity shares of Rs 10/- each are issued as fully paid up to
Financial Institutions/ Bank against simple Interest dues as on 31st
March 2003 as per restructuring package approved by CDR Cell of RBI.
ii) 459474 Equity shares of Rs 10/- each are issued as fully paid up on
Net present value (NPV) basis on account of 1% reduction in the rate of
interest payable in future to Financial Institution/Bank, in terms of
re-workout package approved by CDR Cell of RBL
NOTES:
1) Term Loans from Banks/Financial Institutions are secured by way of
first charge on parri-passu basis on Company's movable and immovable
assets both present and future subject to prior charge on inventories
and Book debts in favour of Company's Bankers.
2) Vehicles loans are secured by hypothecation of vehicles acquired out
of proceeds of the loans.
3) Term Loans from Banks and Financial Institutions as shown above are
personally guaranteed by the Managing Director.
4) In the opinion of the Company, the Current Assets, Loans and
Advances are approximately of the value stated, if realized in the
ordinary course of business and all known liabilities have been
accounted for.
5) Contingent Liabilities & commitments:
i. Contingent Liabilities:
a) Guarantees given by the bankers to various authorities & vendors on
behalf of the Company Rs 63.63 Lacs (Rs 67.63 Lacs).
b) Disputed Sales-tax liabilities not provided for against which
Company has filed appeal Rs 10.24 lacs (Rs 10.78 iacs).
c) Disputed Excise Liability not provided for against which the Company
has filed an appeal with the appropriate authority Rs 83.99 lacs (Rs
83.99 lacs).
d) Disputed Electricity Liability not provided for against which the
Company has filed an appeal with the appropriate authority Rs 113.94
lacs (Rs 145.96 lacs).
e) Custom duty liability on capital goods which may arise if obligation
for export is not fulfilled Rs Nil lacs (Rs 18.12 Lacs).
ii. Commitments:
Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advance) f 138.59 Lacs (Rs 188.82
Lacs).
6) The Management has reviewed the position of deferred tax Assets
since last year considering the uncertainty of future profitability and
in current year the part of deferred tax Assets has been created as the
Management is of the view that it will be recouped from subsequent year
profits.
7). The Gross Block of Fixed Assets includes Rs 225.81 lacs (Rs 225.81
lacs) on account of revaluation of Fixed Assets carried out in the
past, except Land, Factory Building and the Main Production Plant and
Machinery, which are revalued, all other Fixed Assets continue to
appear at cost.
8) The Company has adopted AS-15 (revised) "Employee Benefits"
notified by the Company's Accounting Standard Ruies, 2006. The
Company has calculated the various benefits provided to employees as
under:
9) The Company's net worth during the year is positive; hence in the
opinion of the management, the provision of Sick Industrial Companies
(Special Provision) Act, 1985 (SICA) is not applicable to the company.
10) Amount remitted in Foreign Currency on account of Dividend.
11) During the year company has not made Provision for Income Tax as
there is no taxable income under Income Tax Act 1961
12) The Previous year/period figures have been regrouped to be in
conformity with the revised Schedule VI of the Companies Act 1956.
13) Figures in brackets in these notes are in respect of the previous
year.
Mar 31, 2011
1. In the opinion of the Company, the Current Assets, Loans and
Advances are approximately of the value stated, if realised in the
ordinary course of business and all known liabilities have been
accounted for.
2. Contingent Liabilities in respect of:
a) Guarantees given by the bankers to various authorities & vendors on
behalf of the Company Rs. 67.63 Lacs (Rs.172.95 Lacs).
b) Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advance) Rs.188.82 Lacs (Rs. 78.39
Lacs )
c) Disputed Sales-tax liabilities not provided for against which
Company has filed appeal Rs.10.78 lacs (Rs.10.19 lacs)
d) Disputed Excise Liability not provided for against which the Company
has filed an appeal with the appropriate authority
. 83.99 lacs (Rs. 83.99 lacs)
e) Disputed Electricity Liability not provided for against which the
Company has filed an appeal with the appropriate authority Rs.145.96
lacs (Rs. 145.96 lacs)
f) Custom duty liability on capital goods which may arise if obligation
for export is not fulfilled Rs.18.12 lacs (Rs. Nil.).
(The contingent liabilities in respect of Bank Guarantees and other
matters arising in the ordinary course of business from which it is
anticipated that no material liabilities will arise.)
3. The Gross Block of Fixed Assets includes Rs.225.81 lacs (Rs. 225.81
lacs) on account of revaluation of Fixed Assets carried out in the
past, except Land, Factory Building and the Main Production Plant and
Machinery, which are revalued, all other Fixed Assets continue to
appear at cost.
4. The Company has adopted AS-15 (revised) "Employee Benefits"
notified by the Companys Accounting Standard Rules, 2006. The Company
has calculated the various benefits provided to employees as under:
Defined Benefit Plans
Gratuity
Leave Encashment
In accordance with Accounting Standard 15 (revised 2005), an actuarial
valuation was carried out in respect of the aforesaid defined benefit
plans based on the following assumptions.
Discount Rate (per annum)
Rate of increase
in compensation level
Expected rate of return on planned assets
5. The deferred tax assets (net) for the current year has not been
recognized keeping in view the consideration of prudence in accordance
with the Accounting Standard 22 "Accounting for Taxes on Income" issued
by the Institute of Chartered Accountants of India. Company will
reassess the unrecognized deferred tax assets/ liability in subsequent
period having regards to the future developments.
6. Segment reporting:
The Company is mainly engaged in the business of Rubber Products
consisting of all types of Tyres and Tubes. These, in the context of
Accounting Standard - 17 on "Segment Reporting" issued by the institute
of Chartered Accountants of India, are considered as single primary
segment.
The Company caters mainly to the needs of the Domestic Market. The
export turn over is not significant in the context of the total turn
over. As such there are no reportable geographical segments.
7. The companys net worth during the year is positive; hence in the
opinion of the management, the provision of Sick Industrial Companies
(Special Provision) Act, 1985 (SICA) is not applicable to the company.
Due to inadequacy of profits, remuneration paid to the Managing
Director and whole time Director is within the minimum remuneration as
prescribed under schedule XIII of the Companies Act, 1956.
Computation of Profit under section 349 of the Companies Act, 1956 is
not given since no commission is payable to the Managing Director.
11. (I) Disclosure of related parties (as identified by Management)
Names of the related parties with whom transactions were carried out
during the year and description of relationship as required by AS - 18
"Related Parties Disclosure".
a. Related parties -
i) Associates:
Balkrishna Industries Ltd
GRL International Limited
Siyaram Silk Mills Ltd.
Sanchna trading & finance Ltd.
Beetee Textile Industries Ltd.
S.P. Finance & trading Ltd.
ii) Key Management Personnel:
Shri Vinod Poddar
Shri Umesh Lathi
iii) Relatives of1 Key Management Personnel:
Mrs. Shefali Poddar
13. During the year company has not made Provision for Income Tax as
there is no taxable income under Income Tax Act 1961.
14. Previous year figures have been regrouped /reclassified wherever
necessary.
Mar 31, 2010
1. In the opinion of the Company, the Current Assets, Loans and
Advances are approximately of the value stated, if realised in the
ordinary course of business and all known liabilities have been
accounted for.
2. Contingent Liabilities in respect of:
a) Guarantees given by the bankers to various authorities & vendors on
behalf of the Company Rs172.95 Lacs (Rs. 119.63 Lacs).
b) Estimated amount of contracts remaining to be executed on Capital
Account and not provided for (net of advance) Rs.78.39 Lacs (Rs. 83.55
Lacs )
c) Disputed Sales-tax liabilities not provided for against which
Company has filed appeal Rs.10.79 lacs(Rs. 10.19 lacs)
d) Disputed Excise Liability not provided for against which the Company
has filed an appeal with the appropriate authority Rs.83.99 lacs
(Rs.83.99 lacs)
e) Disputed Electricity Liability not provided for against which the
Company has filed an appeal with the appropriate authority Rs.145.96
lacs (Rs. 145.96 lacs)
(The contingent liabilities in respect of Bank Guarantees and other
matters arising in the ordinary course of Business from which it is
anticipated that no material liabilities will arise.)
3. The Gross Block of Fixed Assets includes Rs. 225.81 lacs (Rs.
225.81 lacs) on account of revaluation of Fixed Assets carried out in
the past, except Land, Factory Building and the Main Production Plant
and Machinery, which are revalued, all other Fixed Assets continue to
appear at cost.
4 "Accounting for Taxes on Income" issued by the Institute of
Chartered Accountants of India. Company will reassess the unrecognized
deferred tax assets/ liability in subsequent period having regards to
the future developments.
5. Segment reporting:
The Company is mainly engaged in the business of Rubber Products
consisting of all types of Tyres and Tubes. These, in the context of
Accounting Standard - 17 on "Segment Reporting" issued by the Institute
of Chartered Accountants of India, are considered as single primary
segment.
The Company caters mainly to the needs of the Domestic Market. The
export turn over is not significant in the context of the total turn
over. As such there are no reportable geographical segments.
6. As per the provision of Section 23 of Sick industrial Companies
(Special Provision) Act, 1985 (SICA) and as approved by the
Shareholders at Extra Ordinary General Meeting held on 26-12-2002, the
Company has reported to the concerned authority the fact of erosion of
its net worth by more than 50%. However the company continues to
prepare its Accounts on going concern basis.
7. (I) Disclosure of related parties (as identified by Management)
Names of the related parties with whom transactions were carried out
during the year and description of relationship as required by AS - 18
"Related Parties Disclosure".
Related parties -
i) Associates:
Balkrishna Industries Ltd
GRL International Limited
Siyaram Silk Mills Ltd.
Sanchana Trading & Finance Ltd.
ii) Key Management Personnel:
Shri Vinod Poddar
Shri Umesh Lathi
iii) Relatives of Key Management Personnel:
Shri Rahul V. Poddar
8. During the year company has not made Provision for Income Tax as
there is no taxable income under Income Tax Act 1961
9. Previous year figures have been regrouped /reclassified wherever
necessary.
10. Figures in brackets in these notes are in respect of the previous
year.