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Notes to Accounts of Kisan Mouldings Ltd.

Mar 31, 2016

1. The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per Share.

2. Information of shareholders having holding more than 5% of Shares in the Company.

Details of shareholders having holding more than 5% of Shares in the Company.

3. Bonus shares /Buy back /shares for consideration other than cash issued during Past Year 66.86 lacs equity share were alloted as fully paid up without payment being effected in cash under the scheme of amalgamation in the F.Y. 2012-13 reporting date.

Apart from above on April 16, 2016, the Company allotted 11,38,000 Equity Shares on Preferential basis to the Promoters and Promoter Group of the Company in compliance with the provisions of the SEBI (ICDR) Regulations, 2011 due to which the issued, subscribed and Paid up Capital of the Company stands increased from Rs.2032.51 to Rs.2146.30 lakhs.

-Dividend Right Relinquished by the Promoter and Promoters group of the Company in Annual General Meeting held dated on September 27, 2015.

**In accordance with the Companies Act, 2013, the Company has computed depreciation with reference to the useful life of respective assets as specified in Schedule II of the Act and re-assessed by the Company based on internal and external technical evaluation. Consequently depreciation for the year ended on March 31, 2015 is higher by Rs.239.52 lacs and same charged to retained earning, while depreciation calculated with reference to useful life of the respective assets in the current Financial year has been given effect in the above driven Profit /(Loss) during the F.Y 15-16.

4. Additional Information to Secured Long Term Borrowings

The long term portion of term loans are shown under long term borrowings and the current maturities of the long term borrowings are shown under other Current Liabilities as per disclosure requirements of the Revised Schedule VI.

5. Details Relating to Term Loans

6. Rupee Term Loans and Working Capital Term Loans including funded interest on the same, other than ICICI Bank Housing Loan. Details Terms of repayment

A. Secured by way of :-

7. First charge on pari-passu basis on entire fixed assets (Excluding fixed assets acquired by Housing Loan from ICICI Bank) both present and future of the Company.

8. Second charge on pari-passu basis on current assets of the Company.

9. Personal Guarantee of Mr. Vijay J. Aggarwal- Chairman, Mr. Ashok J.Aggarwal- Joint Managing Director, Mr. Sanjeev A. Aggarwal -Joint Managing Director , Mr Ramesh J. Aggarwal and Mr Satish J. Aggarwal.

10. Pledge of 84,24,177 Lakhs equity shares held by the following directors/associates/their relatives of the Company on pari-passu basis with woking capital bankers.

* The original sanction Term Loan outstanding as on 31/12/2014 is considered for the Corporate Debts restructuring with revised term and condition.

** Term Loan is not part of the Corporate Debts Restructuring Scheme.

***The ICICI Bank Original Sanction Loan in Foreign Currency which outstanding $4.48 million dated on 21.04.15 has been considered for conversion into the India Rupees under the corporate debts restructuring scheme and cover under the same term on first and second charges creation on pari passu basis on entire fixed and current assets of the Company with other Consortium members of Bank.

11. Office Loan for Office Premises -ICICI Bank

A) Secured by way of hypothecation of specific office premises relates to ICICI Housing Loan

B) Details Terms of repayment

12. Rupees Term Loan- NBFC

A) Secured by way of;

13. First charges on the mortgage of property situated at Gala-K-1 & Gala -K-3, K Wing, Tex center, 26A, Chandivali Road, Off. Saki Vihar road Andheri - East, Mumbai having appprox market value of Rs.2.5 Cr. which is standing in the name of the Reliance Industrial Product a Partnership which directors of Kisan Mouldings Ltd and their relative are partners.

14. Second charge on pari-passu basis on fixed assets of the Company to the extent of Rs. 6.00Cr.

15. Personal Guarantee of Mr. Vijay J. Aggarwal - Chairman, Mr. Ashok J.Aggarwal- Joint Managing Director, Mr. Sanjeev A. Aggarwal - Joint Managing Director. and erstwhile director of Mr. Ramesh J. Aggarwal and Mr. Satish J. Aggarwal.

B) Details Terms of repayment

16. Details Terms of repayment of Vehicle Loans

A) Secured by way of hypothecation of specific vehicle relates to vehicle loans

17 DEFERRED TAX LIABILITY

Deferred Tax Liabilities for the Period ended March, 2016 has been Provided on the Provisional Tax Computation of the year.

Note The above Schedule Includes the fixed assets added due to merged entity of "Roha & Silvassa Unit" and their assets which still are in the name of erstwhile companies name by "M/s Kisan Irrigations Ltd/ Bhagirath Agro Plast Ltd /Kisan Extrusions Ltd", Procedure to change its name in the "Kisan Mouldings Ltd" has been commenced.

Note In accordance with the Companies Act, 2013, the Company has computed depreciation with reference to the useful life of respective assets as specified in Schedule II of the Act and re-assessed by the Company based on internal and external technical evaluation. Consequently depreciation for the year ended on March 31, 2015 is higher by Rs. 239.52 lacs and same charged to retained earning, while depreciation calculated with reference to useful life of the respective assets in the current Financial year has been given effect during the Financial year Profit/(Loss) 2015-16.

18 The Above shares 3488 Number of Shares are held in the erstwhile name of the Company Gaurav Agro Plast Pvt Ltd, Kisan Mouldings Kisan Extrusion Pvt Ltd, Bhagirath Agro Plast Ltd & Kisan irrigations Ltd which is merged with the Kisan Mouldings Ltd.

19. Out of the 22453 Number of Shares 2453 Shares are held in the erstwhile name of Company Bhagirath Agro Plast Ltd and Kisan Irrigations Ltd which merged with the Kisan Mouldings Ltd.

20. The classification of trade receivable between 6 month period have been taken according to the Company''s standards policy of the due date i.e. 90 days for the Micro Irrigations and for rest of products 45 days from the date of invoice.


Mar 31, 2015

1A. Previous year's figures has been regrouped or recast wherever considered necessary to make them comparable with current year's figures.

2.1 Additional Information to Secured Long Term Borrowings

The long term portion of term loans are shown under long term borrowings and the current maturities of the long term borrowings are shown under other Current Liabilities as per disclosure requirements of the Revised Schedule VI

2.2 Restructuring of Credit Facilities

In the month of the March 2015, consortium member banks of the company have accorded sanction to the restructuring proposal Consisting of deferral of term liabilities for two [2] year,part conversion of working capital limit into Working Capital Term Loan, sanction of funded interest term loan and working capital term loan, for fifteen month W.E.F 1st January, 2015 and sanction a fresh rupees term loan to pay back External Commercial Borrowing of 4.48 millions USD $ and due to repayment of External Commercial Borrowing after the date of balance sheet foreign currency exchange fluctuation[Loss] amounting to Rs. 83.32 lacs have been charged to revenue in accordance with "AS-4 of ICAI

2.3 Details Relating to Term Loans

2.3.1 Rupee Term Loans

Details Terms of repayment

A. Secured by way of :-

1. First charge on pari-passu basis on entire fixed assets (excluding fixed assets acquired by external commercial borrowing (ECB) term loan from ICICI Bank and Office Premises acquired by Housing Loan from ICICI bank) both present and future of the Company.

2. Second charge on pari-passu basis on current assets of the Company.

3. Personal Guarantee of Mr. Vijay J. Aggarwal- Chairman, Mr. Ashok J. Aggarwal- Joint Managing Director, Mr. Sanjeev A. Aggarwal- Joint Managing Director, Mr Ramesh J Aggarwal and Mr Satish J. Aggarwal.

4. Pledge of 7.15 Lakh equity shares held by the following directors/associates/their relatives of the company on pari-passu basis with working capital bankers.

2.3.2 Foreign Currency Term Loan- ICICI Bank

A) Secured by way of;

1. First charges on all fixed assets financed from using ICICI Bank ECB Term Loan.

2. Second charge on pari-passu basis on current assets of the Company

3. Personal Guarantee of Mr. Vijay J. Aggarwal- Chairman, Mr. Ashok J.Aggarwal- Joint Managing Director, Mr. Sanjeev A. Aggarwal - Joint Managing Director and Mr Satish J. Aggarwal.

2.4.1 Rupees Term Loan- NBFC

A) Secured by way of;

1. First charges on the mortgage of property situated at Gala-K-1 & Gala -K-3, K Wings, Tex center, 26A, Chandiwali Road, Off. Saki vihar raod, Andheri - East, Mumbai having approx market value of Rs. 2.5 Cr. which is standing in the name of the Reliance Industrial product,a partnership in which Director of Kisan Mouldings Ltd and their relatives are partners.

2. Second charge on pari-passu basis on fixed assets of the Company to the extent of Rs.6.00Cr.

3. Personal Guarantee of Mr. Vijay J. Aggarwal-Chairman, Mr. Ashok J. Aggarwal-Joint Managing Director, Mr. Sanjeev A. Aggarwal- Joint Managing Director and Mr Satish J. Aggarwal.

3.1. Working Capital Loans

A. Secured by way of

1. First charge on pari-passu basis by way of hypothecation entire current assets of the Company.

2. Second charge on pari-passu basis over entire Fixed Assets of the Company.

3. Personal Guarantee of Mr. Vijay J. Aggarwal - Chairman, Mr. Ashok J. Aggarwa l- Joint Managing Director, Mr. Sanjeev A. Aggarwal - Joint Managing Director, Mr. Ramesh J. Aggarwal and Mr. Satish J. Aggarwal.

4. Pledge of 7.15 Lakh equity shares held by the following directors/associates/their relatives persons of the company on pari-passu basis with term loan lenders.

4.1.1 The above 3,488 number of shares are held in the earstwhile name of the Companies i.e. Gaurav Agro Plast Pvt Ltd ,Kisan Extrusion Pvt Ltd Bhagirath Agro Plast Ltd & Kisan irrigations Ltd, Procedure to change its name with Kisan Mouldings Ltd has been commenced.

4.1.2 Out of 22,453 number of Shares, 2,453 Shares are held in the earstwhile name of Companies Bhagirath Agro Plast Ltd and Kisan Irrigations Ltd, Procedure to change its name with Kisan Mouldings Ltd has been commenced.

5.1 The classification of trade receivable between ><6 month period have been taken according to the Company's standards policy of the due date i.e. 90 days for the Micro Irrigations and for rest of products 45 days from the date of invoice.


Mar 31, 2014

1 CONTINGENT LIABILITIES AND COMMITMENTS (in Lacs)

Year Ended, Year Ended,

Particulars 31st March, 2014 31st March, 2013

Contingent Liabilities Guarantees

Guarantees given by Banks and Financial In- stitutions agains Export obligation to Custom 581.13 575.46

Authorities Commitments

Demand from Central Excise under appeal 1701.80 1880.65

Sales Tax Demand under appeal 1177.02 979.68

Income tax 14.46 29.45


Mar 31, 2013

1 A. Roha & Silvassa Undertakings

The Roha & Silvassa Undertakings which was de-merged from a group company i.e. Kisan Irrigations & Infrastructure Ltd (Formerly known as Kisan Irrigations Ltd) and merged with the company "Kisan Mouldings Ltd" vide merger scheme filed with the Hon,ble Mumbai High Court and as approved vide its order dated 11th July,2012. The same is now stated as "Roha & Silvassa Undertakings"

1B. Previous year''s figures has been regrouped or recast wherever considered necessary to make them comparable with current year''s figures.

1C. The company is in the process of appointing a full time Company Secretary by the provision of section 383A of the Companies act, 1956. In the absence of the company secretary, these financial statements have not been authenticated by a whole time company secretary as required under section 215A of the companies act, 1956.

2.1 The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per Share. The Company declares & pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

2.2 During the year ended March 31, 2013, the company has recognised Rs. 0.50 (Previous Year Rs. 0.60) per share dividend as proposed for distribution to equity shareholders which is subject to approval of Shareholedrs in the ensuing Annual General Meeting.

2.3 Information of shareholders having holding more than 5% of Shares in the company

There are no shareholders having holding more than 5% of Shares in the Company

2.4 Bonus shares /Buy back /shares for consideration other than cash issued during past year

There is no issue of the bonus shares /buy back of own shares issued during previous five financial year from the reporting date.


Mar 31, 2012

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

1.2 - During the year ended March 31,2012, the company has recognised Rs.0.60 (P.Y Rs.1.00) per share dividend as proposed for distribution to equity shareholders which is subject to approval of shareholders in Annual General Meeting.

1.3 - Bonus shares /Buy back/shares for consideration other than cash issued during past year

There is no issue of the bonus shares /buy back of own shares/ shares issued for consideration without payment being received in cash during previous five financial year from the reporting date

2.1 - Additional Information to Secured Long Term Borrowings

The long Term portion of term loans are shown under long term borrowings and the current maturities of the long term borrowings are shown under other current liabilities as per disclosure requirements of the Revised Schedule VI.

2.2 - Details Relating to Term Loans

2.2.1 - Rupee Loans A) Secured by way of

1. First charge on parri-passu basis on entire fixed assets (excluding all fixed assets financed from using ICICI Bank ECB Term Loan and Housing Loan) both present and future of the company.

2. Second charge on parri-passu basis on current assets of the company.

3. Personal Guarantee of Mr. Ramesh J. Aggarwal - Chairman, Mr. Vijay J. Aggarwal - Vice Chairman & Whole Time Director, Mr. Ashok J. Aggarwal - Vice Chairman, Mr. Satish J. Aggarwal - Managing Director and Mr. Sanjeev A. Aggarwal - Joint Managing Director.

4. Pledge of 7.15 Lakh equity shares held by the following persons of the company on parri-passu basis with Woking capital lenders.

2.2.2 - Foreign Currency Term Loan- IOCI Bank A) Secured by way of;

1. First charges on all fixed assests financed from using ICICI Bank ECB Term Loan.

2. Second charge on parri-passu basis on current assets of the company.

3. Personal Guarantee of Mr. Vijay J. Aggarwal - Vice Chairman & Whole Time Director, Mr. Ashok J. Aggarwal - Vice Chairman, Mr. Satish J. Aggarwal - Managing Director and Mr. Sanjeev A. Aggarwal - Joint Managing Director.

A Treatment of Foreign Exchange Fluctuation

The Company has capitalised Rs. 441.90 lacs of foreign currency loss on external commercial borrowing in term of amendments made in Companies (accounting standards rules) 2009 as per revised accounting standard-11 "Accounting for foreign exchange".

4.1 - Working Capital Loans A. Secured By way of

1. First Pari passu charge by way of hypothecation of the company's entire current assets of the company.

2. Second charge on parri-passu basis over entire fixed assets of the company.

3. Personal Guarantee of Mr. Ramesh J. Aggarwal - Chairman, Mr. Vijay J. Aggarwal - Vice Chairman & Whole Time Director, Mr. Ashok J. Aggarwal - Vice Chairman, Mr. Satish J. Aggarwal - Managing Director and Mr. Sanjeev A. Aggarwal - Joint Managing Director.

5.1 - The classification of debtors between ><6 month period have been taken according to the company's standards policy of the due date i.e. 45 days from the date of Invoice.

5.2 - Sundry Debtors exceeding Six month includes Rs.138.83 (P.YRs. 157.85) as doubtful. The Efforts for recovery are under process and hence no Provision has been made in the books of accounts.

6.1 - Fixed Deposits Classification between ><12 month period have been taken from the reporting date (i.e. 01.04.2012 ) to its maturities mentioned on the Fixed deposits receipts

6.2 - Some bank accounts are still in the name of erstwhile M/ Gaurav Agro - Plast Ltd merged with the company w.e.f. 01-04-2005.

7.1 - The Sales of Manufactured goods includes the related party sales made to our associate Concern Kisan Irrigations Limited Rs. 74.44 Lacs (P.Y. Rs. 105.33 Lacs) net of taxes.

8.1 - The Purchase includes related party purchase made from our associates concern Kisan Irrigations Limited amounting of Rs.1511.98 Lacs (P.Y. Rs.1942.81 Lacs)

9. CONTINGENT LIABILITIES AND COMMITMENTS (Rs. in Lacs)

(I) Contingent Liabilities

(a) Guarantees

(i) Guarantees given by Banks and Financial 94.34 68.05

Institutions against Export obligation to Custom Authorities

(II) Commitments

(i) Demand from central Excise under appeal 1090.74 576.86

(ii) Sales Tax Demand under appeal 59.57 275.14

(iii) Income tax 29.44 89.09

10. The Financial results of the Roha & Silvassa undertaking (as merging entity & demerging from Kisan Irrigations Limited) as approved by the shareholders in the meeting held on 27th January, 2012 is not included in above results due to matter pending before hon'ble Mumbai high Court.

11. These Financial Statement are not authenticated by a whole time company secretary as required by section 383Aof the Company act, 1956.

12. Debtors and staff loan and advance are subject to confirmation and reconcilation, if any.


Mar 31, 2011

1 Contingent Liabilities

a) Guarantees given by the banks on behalf of the company Rs. 68.05 Lacs (Previous year Rs. 60.05 Lacs).

b) Demand from Central Excise under appeal Rs. 576. 86 Lacs. (Previous year Rs.121.87 Lacs)

c) Sales tax Demand under appeal Rs. 275.14 Lacs (Previous Year Rs.266.99 Lacs)

2.2 Geographical Segment

The Geographical Segmentation is not relevant.

3 RELATED PARTY DISCLOSURES

(a) Associates/Joint Ventures:

Kisan Irrigations Limited

Polson Investment & Finance Pvt. Ltd

Zitura Investment & Finance Pvt. Ltd.

Reliance Industrial Products Spread Fintrade Limited

Classic Creations Impex Pvt. Ltd.

Softline Securities Private Limited

Leeward Investment & Finance Pvt. Ltd.

Vijay Steel Traders

Kisan Distributors Jay Ambe Enterprises

Lotus Space Pvt. Ltd.

Jaisal Finance Private Limited

Ess Ess Bathroom Products Pvt Ltd

(b) Key Management Personnel:

Shri Ramesh J. Aggarwal

Shri Vijay J. Aggarwal

Shri Ashok J. Aggarwal

Shri Sanjeev A. Aggarwal

Shri Satish J. Aggarwal

Shri Suresh .K. Purohit

(c) Relatives of Key Management Personnel:

Smt. Santosh Aggarwal

Nitin S. Gupta

Note: Related parties are as identified by the company and relied upon by the Auditors.

4 Secured Loans

Term Loans:

Term loans under consortium from Punjab National Bank, Union Bank of India, The Shamrao Vithal Co-operative Bank Ltd and IDBI Bank Ltd. are secured by way of first charge on parri-passu basis on entire fixed assets both present and future of the Company subject to prior charges created/to be created in favour of Bankers for working capital borrowings and are further collaterally secured by way of second charge on parri-passu basis on current assets of the Company and personal Guarantee of five directors of the company.

During the year, the Company has taken a new foreign currency term loan of amount Rs. 33.41 Crores (US $ 7.45 Million) from ICICI Bank Limited for new project at Banglore and Phulera.

Further, Term loan is collaterally secured by way of pledge of equity shares of the company held in the name of promoters.

Working Capital Loans:

Working capital loans under consortium from Punjab National Bank, Union Bank of India, The Shamrao Vithal Co-operative Bank Ltd, IDBI Bank, Barclays Bank & ICICI Bank Limited are secured by way of first charge on parri-passu basis over entire current assets of the Company and further collaterally secured by way of second charge on parri-passu basis on the entire fixed assets of the Company and personal Guarantee of five directors of the company.

Other Loans:

Vehicle Loans from banks are secured by hypothecation of specific vehicle.

5 Outstanding Balances

5.1 Sundry Debtors exceeding six months includes Rs.157.85 Lacs (Previous Year Rs. 100.47Lacs) as doubtful. The efforts for recovery are under process and hence no provision has been made in the books of accounts of the company.

5.2 Advance recoverable in cash or in kind includes Rs.1.54 Lacs (Previous Year Rs. 5.31 Lacs) the recovery of which is doubtful. The recovery procedures are under process and hence no provision has been made in the books of accounts.

5.3 In the opinion of the Board of Directors, the current assets, loans and advances have a value unless otherwise stated, on realisation at least equal to the amount at which they are stated in the Balance Sheet.

5.4 Three current accounts which are non operativewith Public Sector Bank are subject to confirmations.

6 Immovable assets, fixed deposits with banks and some bank accounts are still in the name of erstwhile M/s Gaurav Agro - Plast Ltd merged with the company w.e.f.01-04-2005.

7 During the year the company has paid Rs. 320.33 Lacs as Central Sales Tax Including applicable interest for the year 2005-2006 to 2009-2010 (for current year Rs. 77.87 Lacs and for previous year figures Rs. 242.46 Lacs shown in Extraordinary Items) due to difference of interpretation with department in the matter of Branch Transfer under the Central Sales Tax Act.

8 These are standalone results of the Company awaiting of approval Merger of "Roha & Silvassa Undertaking "of Kisan Irrigations Limited into Kisan Mouldings Limited in accordance with the Board Resolution dated 12th February, 2011.

9 In pursuance to Accounting Standard -28 issued by the Institute of Chartered Accountants of India, the company has assessed no impairment of assets as on 31st March, 2011, hence no provision has been made in the books of accounts.

10 In the absence of information with the company regarding the status of the supplier as defined under the "Micro Small and Medium Enterprises Development Act, 2006" the details if any, the provision or payment of interest and related disclosure under the said Act has not been disclosed.

11 The Company is in the process of appointing a full time company secretary by the provision of section 383A of the companies Act 1956. In the absence of the company secretary, these financial statements have not been authenticated by a whole time company secretary u/s 215 of the companies Act 1956.

12 Previous year's figures have been regrouped wherever considered necessary to make them comparable with current year's figures.


Mar 31, 2010

1. Contingent Liabilities

a. Guarantees given by the banks on behalf of the company Rs. 60.05 Lacs (Previous year Rs. 60.75 Lacs).

b. Demand from Central Excise under appeal Rs. 121.87 Lacs. (Previous year Rs.121.87 Lacs).

c. Sales tax Demand under appeal Rs. 266.99 Lacs (Previous Year Rs.266.99 Lacs).

Notes:

1. The revenue and results amount given above are directly identifiable to respective segments and common services incurred at the corporate level are not directly identifiable to respective segments have been shown as "Other Unallocable".

2. The other information given above are directly identifiable to respective segments and information for corporate services for head office and investments have been shown as "Others Un-allocable".

3. Geographical Segment

The Geographical Segmentation is not relevant.

4. RELATED PARTY DISCLOSURES

a. Associates/Joint Ventures:

Kisan Irrigations Limited

Poison Investment & Finance Private Limited

Zitura Investment & Finance Private Limited

Reliance Industrial Products

Vijay Steel Traders

Kisan Distributors

Jay Ambe Enterprises

Lotus Space Private Limited

Ess Ess Bathroom Products Private Limited

b. Key Management Personnel:

Shri Ramesh J. Aggarwal Shri Vijay J. Aggarwal Shri Ashok J. Aggarwal Shri Kunal R. Aggarwal Shri Sanjeev A. Aggarwal Shri Satish J. Aggarwal Shri Suresh K. Purohit Note: Related parties are as identified by the Company and relied upon by the Auditors.

5. Secured Loans

Term Loans:

Term loans under consortium from Punjab National Bank, Union Bank of India, the Shamrao Vithal Co-operative Bank Ltd and IDBI Bank Ltd. are secured by way of first charge on parri-passu basis on entire fixed assets both present and future of the Company subject to prior charges created/to be created in favour of Bankers for working capital borrowings and are further collaterally secured by way of second charge on parri-passu basis on current assets of the Company and personal Guarantee of five directors of the company.

Term loan from PNB is further collaterally secured by way of pledge of equity shares of the company held in the name of promoters.

Working Capital Loans:

Working capital loans under consortium from Punjab National Bank, Union Bank of India, The Shamrao Vithal Co-operative Bank Ltd and IDBI Bank are secured by way of first charge on parri-passu basis ovesr entire current assets of the Company and further collaterally secured by way of second charge on parri-passu basis on the entire fixed assets of the Company and personal Guarantee of five Directors of the Company.

Other Loans:

Vehicle Loans from banks are secured by hypothecation of specific vehicle.

6. Out Standing Balances

6.1 Sundry Debtors exceeding six months includes Rs.100.47 Lacs (Previous Year Rs. 94.91 Lacs) as doubtful. The efforts for recovery are under process and hence no provision has been made in the books of accounts of the Company.

6.2 Advance recoverable in cash or in kind includes Rs.5.31 Lacs (Previous Year Rs. 14.87 Lacs) the recovery of which is doubtful. The recovery procedures are under process and hence no provision has been made in the books of accounts.

6.3 In the opinion of the Board of Directors, the Current Assets, Loans and Advances have a value unless otherwise stated, on realisation at least equal to the amount at which they are stated in the Balance Sheet.

6.4 Three current accounts with Public Sector Bank are subject to confirmations, which are non operative.

7. Immovable assets, fixed deposits with banks and some bank accounts are still in the name of erstwhile M/s Gaurav Agro - Plast Ltd merged with the company w.e.f.01-04-2005.

8. Other Income includes loss of Rs 84.23 Lacs due to fire occurred at Indore Depot, for which necessary claim is yet to be lodged with insurance Company.

9. Quantitative information pursuant to paragraph 3, 4 and 4D of Part II of Schedule VI to the Companies Act, 1956. I. Goods Manufactured:

* Installed capacity is as certified by the Management and relied on by the Auditors without verification, being a technical matter.

# Includes Products Processed bv Third Parties.

10. In pursuance to Accounting Standard-28 issued by the Institute of Chartered Accountants of India, the Company has assessed no impairment of assets as on 31st March, 2010, hence no provision has been made in the books of accounts.

11. In the absence of information with the Company regarding the status of the supplier as defined under the "Micro Small and Medium Enterprises Development Act, 2006" the details if any, the provision or payment of interest and related disclosure under the said Act has not been disclosed.

12. The Company is in the process of appointing a full time Company Secretary by the provision of section 383A of the Companies Act 1956. In the absence of the Company Secretary, these financial statements have not been authenticated by a whole time company secretary u/s 215 of the Companies Act, 1956.

13. Previous years figures have been regrouped wherever considered necessary to make them comparable with current years figures.

Signature to Schedules 1 to 22 annexed to and forming part of the Accounts.

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