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Notes to Accounts of IVP Ltd.

Mar 31, 2015

Terms/Rights attached to Equity Shares

The Company has only one class of Equity shares having a par value of Rs 10 per share. Each holder of the Equity shares is entitled to one vote per share. The Company declares and pays dividend proposed by the Board of Directors subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the current year, the dividend amount of Rs. 2/- per share is proposed.

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

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (2013 - 14 Rs. 15,350,000)

3. Contingent Liabilities not provided for in respect of disputed demands:

Particulars 2014 - 15 2013 - 14 Rupees Rupees

1. * Claims against the Company not acknowledged as Debts 112,716,357 98,983,380

2. Bank Guarantee issued by the Company 4,005,356 2,225,479

3. Government Authorities for VAT, Service tax and Excise matters 9,511,403 13,206,764

* Including Rs. 100,709,508 (previous year Rs. 86,976,531) in respect of charging rent on market value of property by Mumbai Port Trust, which is in variance with the order passed by the Hon'ble Supreme Court in 2004. The Company has filed a writ petition in the Hon'ble High Court at Mumbai challenging the method of charging rent on market value basis by Mumbai Port Trust.

4. Cost of material consumed include write - down of inventories to its net realizable value Rs. 789,938 (2013 - 14 Rs.824,253).

This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. Other Liabilities include a non committed amount of Rs. 120,000,000 (2013 - 14: Rs 120,000,000) received from a party interested to purchase company's property

6. Information on Segment Reporting as per Accounting Standard 17 Primary Segments - Business Segments

During the year the Company was engaged in the business of manufacturing of Foundry Chemicals, which is the only reportable segment as per Accounting Standard 17.

The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:

(a) Amounts receivable in foreign currency on account of export of goods USD 130,573 (2013 - 14: USD 68,726) and on account of services Euro Nil (2013 - 14: Euro 12,031)

(b) Amounts payable in foreign currency on account of import of goods USD 53,714 (2013 - 14 USD 9,743)

7. Employee benefits:

Effective April 1,2007 the Company has adopted revised Accounting Standard 15 'Employee Benefits' Pursuant to the adoption, no adjustment was required to be made to general reserve as there is no impact of revised AS - 15

Defined Contribution Plan:

Contribution to defined contribution plan, recognized in the statement of profit and loss under 'Payment to and provision for employees', in Note No. 23 for the year are as under

8. Disclosure on leases as per Accounting Standard - 19 on "Accounting for Leases":

The Company has entered into agreement in the nature of lease or Leave and License agreement with different lessors / licensors for the purpose of operating its factories and offices. These agreements are generally in the nature of operating lease or leave and license and renewable or cancelable at the option of lessees or lessors. In the view of above there are no disclosures required as per the Accounting Standard 19 issued by The Institute of Chartered Accountants of India.

9. No provision for impairment of assets of the company is required, as in the opinion of the management, realizable value of all the assets and their net present value of estimated future cash flows expected to arise from the assets taken as a whole will realize at least the value at which they appear in the books of accounts in aggregate, as required by Accounting Standard 28 on 'Impairment of Assets' issued by the Institute of Chartered Accountants of India.

10. The Company has sanctioned limit of Rs 20 crores 40 lakhs (FY 2013 - 2014 Rs. 20 crores 40 lakhs) as Cash Credits, Letter of Credits, Bank Guarantees etc., by banks, which are secured by pari - passu charge over whole of Current Assets. The Company has availed such credit facility by way of Secured Loans during the year and there is no outstanding in respect of Cash Credit Facility at the end of the current year and at the end of the previous year.

11. The company has incurred expenditure of Rs. 1,809,468 (2013 - 14: Rs. 1,779,259) on improving product quality, import substitution, process modification, fuel consumption, raw material cost optimization, etc. which has been certified by the management.

12. Debtors, Creditors and Bank Balances of inoperative accounts of the company are subject to confirmation and subsequent reconciliations, if any.

13. The previous year's figures, wherever necessary have been regrouped, reclassified and recast to confirm with this year's classification.


Mar 31, 2014

1. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.15,350,000 (2012-13: Rs. 2,260,042)

2. Contingent Liabilities not provided for in respect of disputed demands:

2013-14 2012-13 Particulars Rupees Rupees

1. Claims against the Company not acknowledged as Debts 2,396,000 2,396,000

2. Bank Guarantee with Parties 2,225,479 20,000,000

3. Bank Guarantee for Customs Duty / Octroi -- 771,670

4. Sales Tax [VAT of various states and CST] 4,435,078 4,435,078

5. Excise / Service Tax 8,720,024 9,637,191

6. Mumbai Agricultural Produce marketing Committee (APMC) 1,797,879 1,797,879

7. Electricity Charges 195,829 195,829

8. Mumbai Port Trust * 86,976,531 73,771,739

9. Infrastructure Damage Charges 7,617,141 7,617,141

10. Duty on Export obligation pending against Advance Licence 51,662 --

* The Company has filed a writ petition in the Hon''ble High Court at Mumbai challenging the charging of rent on market value of property as also not renewing the lease up to year 2024 which is violative of the order passed by the Hon''ble Supreme Court on January 13, 2004 and the same has been admitted on January 24, 2012 which is pending for disposal.

3. The charge to the statement of profit and loss consequent to the write-down inventories to its net realizable is Rs. 8,24,253 (2012-13 Rs. 349,207).

4. Other Liabilities include a non committed amount of Rs. 120,000,000 (2012-13: Rs 120,000,000) received from a party interested to purchase company''s property.

5. Information on Segment Reporting as per Accounting Standard 17 Primary Segments - Business Segments

During the year the Company was engaged in the business of manufacturing of Foundry Chemicals, which is the only reportable segment as per Accounting Standard 17.

6. Employee benefits:

Effective April 1, 2007 the Company has adopted revised Accounting Standard 15 ''Employee Benefits'' Pursuant to the adoption, no adjustment was required to be made to general reserve as there is no impact of revised AS -15

7. Disclosure on leases as per Accounting Standard – 19 on "Accounting for Leases":

The Company has entered into agreement in the nature of lease or Leave and License agreement with different lessors / licensors for the purpose of operating its factories and branch offices. These agreements are generally in the nature of operating lease or leave and license and renewable or cancelable at the option of lessees or lessors. In the view of above there are no disclosures required as per the Accounting Standard 19 issued by the Institute of Chartered Accountants of India.

8. No provision for impairment of assets of the company is required, as in the opinion of the management, realizable value of all the assets and their net present value of estimated future cash flows expected to arise from the assets taken as a whole will realize at least the value at which they appear in the books of accounts in aggregate, as required by Accounting Standard 28 on ''Impairment of Assets'' issued by the Institute of Chartered Accountants of India.

9. The Company has been sanctioned a limit of Rs 20 crores 40 lakhs (FY 2012-2013 Rs. 20 crores) as Cash Credits, Letter of Credits, Bank Guarantees etc., by consortium of banks, which are secured by pari - passu charge over whole of Current Assets. The Company has availed such credit facility by way of Secured Loans during the year and there is no outstanding in respect of Cash Credit Facility at the end of the year.

10. Exceptional Item in FY 2012-2013 represents compensation paid to workers on closure of Foundry Chemicals factory at Golmuri, Jamshedpur.

11. The company has incurred expenditure of Rs. 1,779,259 (2012-13: Rs. 1,909,054) on improving product quality, import substitution, process modification, fuel consumption, raw material cost optimization, etc. which has been certified by the management.

12. Debtors, Creditors and Bank Balances of inoperative accounts of the company are subject to confirmation and subsequent reconciliations, if any.

13. The previous year''s figures, wherever necessary have been regrouped, reclassified and recast to confirm with this year classification.


Mar 31, 2013

1. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 2,260,042 (2011-12: Rs. 533,157)

2. Contingent Liabilities not provided for in respect of disputed demands :

2012-13 2011-12

Particulars Rupees Rupees

1. Claims against the Company not acknowledged as Debts 2,396,000 2,661,000

2. Bank Guarantee with Parties 20,000,000 25,118,991

3. Bank Guarantee for Customs Duty / Octroi 771,670 771,670

4. Sales Tax [VAT of various states and CST] {(includes bank Guarantee 4,435,078 5,158,862 Rs.45,317 (Rs.45,317)}

5. Excise / Service Tax 9,637,191 10,337,191

6. Mumbai Agricultural Produce marketing Committee (APMC) 1,797,879 1,797,879

7. Electricity Charges 195,829 195,829

8. Mumbai Port Trust * 73,771,739 61,074,812

9. Infrastructure Damage Charge 7,617,141

* The Company has filed a writ petition in the Hon''ble High Court at Mumbai Challenging the charging of rent on Market value of property as also not renewing the lease up to year 2024 which is vocative of the order passed by the Hon''ble Supreme Court on January 13, 2004 and the same has been admitted on January 24, 2012 which is pending for disposal.

Note: Figures in Brackets indicate corresponding figures for previous year.

3. The charge to the statement of profit and loss consequent to the write-down inventories to its net realizable is Rs.349,207 (2011-12 Rs.273,748).

4. Other Liabilities include a non committed amount of Rs. 120,000,000 (2011-12: Rs 120,000,000) received from a party interested to purchase company''s property

5. Information on Segment Reporting as per Accounting Standard 17 Primary Segments - Business Segments

During the year the Company was engaged in the business of manufacturing of Foundry Chemicals, which is the only reportable segment as per Accounting Standard 17.

The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:

(a) Amounts receivable in foreign currency on account of export of goods USD 74,006 (2011-12: USD 55,008)

(b) Amounts payable in foreign currency on account of import of goods USD 20,044 (2011-12: 206,809)

6. Employee benefits :

Effective April 1, 2007 the Company has adopted revised Accounting Standard 15 ''Employee Benefits'' Pursuant to the adoption, no adjustment was required to be made to general reserve as there is no impact of revised AS -15

7. Disclosure on leases as per Accounting Standard - 19 on "Accounting for Leases":

The Company has entered into agreement in the nature of lease or Leave and License agreement with different lessors / licensors for the purpose of operating its factories and branch offices. These agreements are generally in the nature of operating lease or leave and license and renewable or cancelable at the option of lessees or lessors. In the view of above there are no disclosures required as per the Accounting Standard 19 issued by the Institute of Chartered Accountants of India.

8. No provision for impairment of assets of the company is required,as in the opinion of the management, realizable value of all the assets and their net present value of estimated future cash flows expected to arise from the assets taken as a whole will realize at least the value at which they appear in the books of accounts in aggregate, as required by Accounting Standard 28 on ''Impairment of Assets'' issued by the Institute of Chartered Accountants of India.

9. The Company has been sanctioned a limit of Rs20 Crores (FY 2011-2012: 20Crores) as Cash Credits, Letter of Credits etc., by consortium of banks, which are secured by pari - passu charge over whole of Current Assets and during the year the Company has availed such credit facility by way of Secured Loans.

10. Exceptional Item represents compensation paid to workers on closure of Foundry Chemicals factory at Golmuri, Jamshedpur.

11. The company has incurred expenditure of Rs.1,909,054 (2011-12: Rs.1.683,951) on improving product quality, import substitution, process modification, fuel consumption, raw material cost optimization, etc. which has been certified by the management.

12. Debtors, Creditors and Bank Balances of inoperative accounts of the company are subject to confirmation and subsequent reconciliations, if any.

13. The previous year''s figures, wherever necessary have been regrouped, reclassified and recasted to confirm with this years classification.


Mar 31, 2012

1. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 533,157 (2010-11-RS.4,160,915)

2. Contingent Liabilities not provided for in respect of disputed demands :

2011-12 2010-11

Particulars Amount Amount Rs. Rs.

1. Claims against the Company not acknowledged as Debts 2,661,000 2,661,000

2. Bank Guarantee with Parties 25,118,991 25,035,000

3. Bank Guarantee for Customs Duty / Octroi 771,670 721,670

4. Pollution Board Bank Guarantee Nil 100,000

5. Sales Tax [VAT of various states and CST] {(includes bank Guarantee 5,158,862 110,037,228 Rs.45,317/- (Rs.350,000)}

6. Excise / Service Tax 10,337,191 9,637,191

7. Mumbai Agricultural Produce marketing Committee (APMC) 1,797,879 1,797,879

8. Electricity Charges 195,829 195,829

9. Mumbai Port Trust * 61,074,812 49,090,078

* The Company has filed a writ petition in the Hon'ble High Court at Mumbai challenging the charging of rent on market value of property as also not renewing the lease up to year 2024 which is volatile of the order passed by the Hon'ble Supreme Court on January 13, 2004. The Writ Petition has been admitted on January 24, 2012 and is pending for disposal.

Note: Figures in Brackets indicate corresponding figures for previous year.

3. The charge to the profit and loss account consequent to the write-down inventories to its net realizable is Rs.273,748/- (Previous year Rs. Nil).

4. Other Liabilities include a non committed amount of Rs. 120,000,000/- (Previous year Rs. 105,000,000/-) received from a party interested to purchase company's property

Note: The Company had granted loan of Rs.500,000 (maximum outstanding during the year Rs.500,000) [FY 2010-2011 NIL] to the Whole Time Director Mr. M S I Lakdawala, the said loan has been repaid during the year.

5. Derivative Instruments :

The following are outstanding Forward Exchange Contracts entered into by the company

2011-12 2010-11

USD 653,560 USD 230,775 (Buy) (Buy)

The yearend foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below

(a) Amounts receivable in foreign currency on account of export of goods USD 55,008 (Previous year USD 4,932)

(b) Amounts payable in foreign currency on account of import of goods - Nil (*) (Previous Year Nil) (*) [Import Purchases of USD 206,809 relating to March 31, 2012 has been hedged by a derivative instrument on April 3, 2012],

6. Employee benefits :

Effective April 1, 2007 the Company has adopted revised Accounting Standard 15 'Employee Benefits' Pursuant to the adoption, no adjustment was required to be made to general reserve as there is no impact of revised AS -15

7. Disclosure on leases as per Accounting Standard - 19 on "Accounting for Leases :

The Company has entered into agreement in the nature of lease or Leave and License agreement with different lessors / licensors for the purpose of operating its factories and branch offices. These agreements are generally in the nature of operating lease or leave and license and renewable or cancellable at the option of lessees or lessors. In the view of above there are no disclosures required as per the Accounting Standard 19 issued by the Institute of Chartered Accountants of India.

8. No provision for impairment of assets of the company is required, as in the opinion of the management, realizable value of all the assets and their net present value of estimated future cash flows expected to arise from the assets taken as a whole will realize at least the value at which they appear in the books of accounts in aggregate, as required by Accounting Standard 28 on 'Impairment of Assets' issued by the Institute of Chartered Accountants of India.

9. The Company has been sanctioned a limit of Rs. 20 Crores (FY 2010-2011 10Crores) as Cash Credits, Letter of Credits etc., by consortium of banks, which are secured by pari - passu charge over whole of Current Assets. The Company has availed such credit facility by way of Secured Loans during the year and there is no outstanding in respect of Cash Credits at the year end.

10. The company has incurred expenditure of Rs. 16,83,951 (2010-11 Rs. 15,56,165/-) on improving product quality, import substitution, process modification, fuel consumption, raw material cost optimization, etc. which has been certified by the management.

11. Debtors, Creditors and Bank Balances of inoperative accounts of the company are subject to confirmation and subsequent reconciliations, if any.

12. The previous year's figures, wherever necessary have been regrouped, reclassified and recast to confirm with this years classification.


Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.4,160,915 (2009-2010 Rs. 4,336,362).

2. (a) During the year the Company has entered into Memorandum of Settlement in respect of payment of Rs.32,500,013 to temporary workers of Reay Road factory, as a result of which all pending litigation has been withdrawn. The terms of consent have been filed with The Industrial Tribunal, Mumbai and the same has been confirmed vide Order dated 06.05.10.

(b) The Previous year's figure represents settlement amount in respect of permanent workers at Reay Road factory and the Court has disposed of the appeal in terms of consent filed with Honorable High Court, Mumbai, which has been confirmed vide Order dated 06.05.10.

3. No provision for Impairment of assets of the company is required as in the opinion of the management, realisable value of all the assets and the present value of estimated future cash flows expected to arise from the assets taken as a whole will realise atleast the value at which they appear in the books of accounts in aggregate, as required by Accounting Standard 28 on "Impairment of Assets" issued by The Institute of Chartered Accountants of India.

4. Contingent liabilities not provided for in respect of disputed demands :

2010-2011 2009-2010 Rupees Rupees

(a) Sales tax [includes Bank guarantee Rs.350,000 (Nil)] 110,037,228 118,099,429

(b) Excise/ServiceTax[includes Bank guarantee Nil (Rs.700,000)] 9,637,191 10,375,349

(c) Bank guarantee for Customs duty/Octroi 721,670 671,670

(d) Mumbai Agricultural Produce Marketing Committee (APMC) 1,797,879 1,797,879

(e) Electricity charges 195,829 195,829

(f) Pollution Board Bank guarantee 100,000 25,000

(g) Mumbai Port Trust 49,090,078 37,566,299

(h) Claims against the company not acknowledged as debts 2,661,000 2,661,000

(i) Bank Guarantee with parties 25,035,000 -

Figures in Brackets indicate corresponding figures for previous year.

5. The company has incurred expenditure of Rs.1,556,165 (2009-10 Rs.1,745,108) on improving product quality, import substitution, process modification, fuel consumption, raw material cost optimisation, etc. which has been certified by the management.

6. The charge to the profit and loss account consequent to the write-down of inventories to its net realisable value is Nil (2009-2010 Rs.799,754).

7. Other Liabilities includes a non committed amount of Rs.105,000,000 received from a party interested to purchase company's property.

8. Information on Segment Reporting as per Accounting Standard 17: Primary Segments - Business Segments

During the year the Company was engaged in the Business of manufacturing of Foundry Chemicals, which is the only reportable segment as per Accounting Standard 17.

9. Employee benefits :

Effective April 1, 2007 the Company has adopted revised Accounting Standard 15 'Employee Benefits'. Pursuant to the adoption, no adjustment was required to be made to general reserve as there is no impact of revised AS-15.

10. Disclosure on leases as per Accounting Standard - 19 on "Accounting for Leases":

The Company has entered into agreement in the nature of lease or Leave and License agreement with different lessors / licensors for the purpose of operating its factories and Branch offices. These agreements are generally in the nature of operating lease or leave and license and renewable or cancelable at the option of lessees or lessors. In the view of above there are no disclosures required as per the Accounting Standard 19 issued by the Institute of Chartered Accountants of India.

11. Debtors and Creditors of the company are subject to confirmation and subsequent reconciliation, if any.

12. Figures for the previous year have been recast/ regrouped wherever necessary.


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.43,36,362 (2008-2009 Rs. 634,306).

2. The company has a limit of Rs. 2 crores (2008-2009 Rs. 8 crores) for cash credits and letter of credit etc. from banks which are secured by hypothecation of whole of the current assets. The Company has availed such credit facility by way of Secured Loans during the year and there is no outstanding in respect of cash credit facility.

3. The Division Bench of Mumbai High Court, by its interim order passed on December 16, 2009 had continued to grant stay of operation of the award of the Industrial Tribunal dated July 19, 2007 rejecting the Companys application for closure of Reay Road factory. However, the Division Bench directed, in the interim order, to pay last drawn wages from the date of admission of appeal, as also to deposit in court 20% of back wages due to the workmen from the date of refusal of permission for closure till the date of admission of appeal. Further, the compliance of the order of the Division Bench of Honorable Mumbai High Court had been kept in abeyance pending the outcome of discussion already initiated for an out-of-court settlement. Accordingly, the memorandum of settlement between the Company and the permanent workers has been entered into on May 06, 2010. Considering this is a significant event after the Balance Sheet date which gave rise to an obligation to make the payment of Rs. 71,508,409 has resulted into an impact on the financial position of the company and as such the necessary provisions have been made in the Books of Accounts. However, the Company and the Workers Union have jointly filed Consent Terms before the Honorable Mumbai High Court on May 6, 2010 in terms of which all pending litigation will stand withdrawn. Final Court order is awaited.

4. A certain number of Temporary Workers employed by Companys Reay Road factory had filed complaints before the Labour Court / Tribunal in Mumbai alleging that they were entitled to permanency in the employment of the Company as also payment of wages at the rate applicable to the Permanent Workers. This matter has been pending in litigation as at the Balance Sheet date i.e. March 31, 2010. However, the Union representing the concerned workers which is a party in the litigation approached the Company subsequent to the balance sheet date for an out of court settlement of the litigation and accordingly Memorandum of Settlement was signed between the parties on May 6, 2010 and filed before the court on the same date and payment of Rs.3,25,00,013 has been made in terms of the settlement, in terms of which all pending litigation will stand withdrawn. Final Court order is awaited.

The obligation for this post Balance Sheet event has been considered by the Company as not existing on the Balance Sheet date and hence no provision is made in the books as on March 31, 2010.

5. (i) No provision for Impairment of assets of the discontinued business of Reay Road unit has been made, as in the opinion of the management, assets of Reay Road unit taken as a whole will realise atleast the value at which they appear in the books of accounts in aggregate.

(ii) No provision for Impairment of assets of the company other than discontinued operation is required as in the opinion of the management, realisable value of all the assets and the present value of estimated future cash flows expected to arise from the assets taken as a whole will realise atleast the value at which they appear in the books of accounts in aggregate, as required by Accounting Standard 28 on "Impairment of Assets" issued by The Institute of Chartered Accountants of India

6. The Company has proposed to declare dividend of Rs 1,03,26,263, (being 10% on the paid up Share Capital of the Company) on which Corporate Dividend Tax is Rs 17,54,948 for the Financial Year ended on March 31, 2010. However, in view of current year loss, the company has proposed to declare the dividend out of the opening balance of Profit & Loss appropriation account of Rs 84,95,668/- and the balance of Rs 35,85,543/- out of the amount withdrawn from accumulated General Reserve transferred to Profit & Loss Appropriation Account in accordance with Companies (Declaration of Dividend Out of Reserves) Rules, 1975.

7. Contingent liabilities not provided for in respect of disputed demands :

2009-2010 2008-2009 Rupees Rupees

(a) Sales tax 118,099,429 119,147,736

(c) Excise duty / Service tax 10,375,349 8,758,182

(d) Customs duty 671,670 671,670

(e) Mumbai Agricultural Produce Marketing Committee (APMC) 1,797,879 1,797,879

(f) Electricity / Water charges / Pollution Board 220,829 919,378

(g) Mumbai Port Trust 37,566,299 26,384,292

(h) Claims against the company not acknowledged as debts 2,661,000 2,661,000

8. The company has incurred expenditure of Rs. 1,745,108 on improving product quality, import substitution, process modification, fuel consumption, raw material cost optimization, etc. which has been certified by the management.

9. The charge to the profit and loss account consequent to the write-down of inventories to its net realisable value is Rs. 799,754 ( 2008-2009 Nil).

10. No provision for taxation is made in view of brought forward business losses and unabsorbed depreciation of earlier years & in view of current year loss.

11. Information on Segment Reporting as per Accounting Standard 17: Primary Segments - Business Segments

During the year the Company was engaged in the Business of manufacturing of Foundry Chemicals, which is the only reportable segment as per Accounting Standard 17.

12. Employee benefits :

Effective April 1, 2007 the Company has adopted revised Accounting Standard 15 Employee Benefits. Pursuant to the adoption, no adjustment was required to be made to general reserve as there is no impact of revised AS-15.

13. Disclosure on leases as per Accounting Standard 19 on "Accounting for Leases":

The Company has entered into agreement in the nature of lease or Leave and License agreement with different lessors / licensors for the purpose of operating its factories and Branch offices. These agreements are generally in the nature of operating lease or leave and license and renewable or cancelable at the option of lessees or lessors. In the view of above there are no disclosures required as per the Accounting Standard 19 issued by the Institute of Chartered Accountants of India.

14. Debtors and Creditors of the company are subject to confirmation and subsequent reconciliation, if any.

15. Figures for the previous year have been recast/ regrouped wherever necessary.

 
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