Mar 31, 2011
1. Accounting Period
The period of accounts under review is of 12 months ended March 31, 2011
Long Term Investments are stated at cost. Provision for diminution in the value of long term investments is not charged in the profit and loss account to recognize such decline other than temporary in investment value.
3. Related Parties
As per the Accounting standards (AS 18) "Related Party Disclosure" as referred to in Accounting Standard Rules, the disclosure of transactions with the related parties as defined therein is given below:
4. Contingent Liability
The company has a pending case regarding dues to Axis Bank Limited at DRT, the amount payable to the bank is unascertainable at this point of time.
The company has received a show cause notice from the service tax department. The estimation of liability as per the notice received is Rs. 140 Lakhs and the Service Tax Liability of amounts to Rs.79 Lakhs.
5. Disclosures under Listing Agreement
As required by the amendment to Clause 32 of the listing agreement vide SEBI circular no. 2 / 2003 of 10thJanuary, 2003, the following disclosure has been made.
6. Management Assertions
-No amount is due to Small Scale Ancillary Industrial Undertakings.
- Debit and Credit balances are subject to confirmation or reconciliation.
Expenditure incurred on employees in receipt of remuneration of not less than Rs.24 lakhs per annum, where employed throughout the period or not less than Rs.2 lakh per month, where employed for a part of the period is NIL.
7. Additional Information pursuant to Part II of Schedule VI of the Companies Act, 1956:
The company had not undertaken any trading in goods in this year. Hence, providing quantitative particulars does not arise.
8. Figures have been rounded off to the nearest rupee.
9. Previous year figures have been regrouped / reclassified wherever considered necessary.