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Notes to Accounts of Natural Capsules Ltd.

Mar 31, 2015

1. As per the Special Resolution passed in the Extra Ordinary General Meeting held during the year 2013-14,4,40,000 Warrants are allotted with an option to covert them in to Equity Shares within 18 months from the date of allottment of warrants at a price of Rs.36/- per share. The amount received during the year 2013-14 against share warrants represents 25% of the value of approved conversion price. lf the option of conversion is not excercised 25% of the value approved for conversion price is to be forfeited. During the year Option was excercised for 2,20,000 Warrants at a price of Rs.36/- per share and shares were allotted.

2.Long-term loans from State Bank of India are secured by first and joint equitable mortgage on pari-passu basis on Land, Building, Plant & Machinery/ equipments, furniture & Computers situated at Attibele Industrial Area, Bangalore & at Pondichery and collateral security of entire stocks of raw materials, semi-finished goods and finished goods, book debts, receivable, other current assets etc. Long-term loans obtained from State Bank of India are secured by land and building situated at Pondicherry and hypothecation of plant and Machinery/equipments/furniture & computers. In addition collateral securities consist of second charge on fixed assets by shares of NCL held by M/s.Nandi Synthetic Pvt Ltd to the tune of Rs.36.70 and extension of charge on current asset.

3 Term Loan repayable within a year is Rs. 60 Lacs(Previous Year Rs.134 Lacs)

4. The Secured term Loans from banks are repayable over a period of 2 to 3 years.

5. There are no continuing default in repayment of loans and interest.

6. Working Capital loan from State Bank of India is secured by hypothecation of stock of raw materials; work in process, finished goods, book debts, bills and other movable assets of the company.

7. All the secured loans are further secured by the personal guarantees of promoter directors.

Note : 8

Note (i) - Related Party Disclosures:

A) Name of the related party and nature of relationship where control exists:

Name of Related Party Nature of Relationship

M/s Mundra Enterprises Sushil L Mundra, Director having Substantial interest in Natural

Capsules Ltd. is Propreitor of Ms Mundra Enterprises

M/s. Balugghat Technologies Ltd Ravi Sethia is a Director of Balugghat Technology Ltd. Ravi Sethia is Son-in -law of Mr. Satyanarayana Mundra having Substantial interest in Natural Capsules Ltd.

M/s.Minakshi Enamels Deepak kabra is a Proprietor of Ms Minakshi Enamels and Brother of Jyothi Mundra, Dirctor

Mr. Sunil Mundra Key Management Personnel

Mr. Laxminarayana Mundra Key Management Personnel

Mr. Satyanarayana Mundra Key Management Personnel

NOTE (ii) - Earning per Share

(a) The amount used as the numerator in calculating basic and diluted earnings per share is the net profit after tax for the year disclosed in the Profit and Loss Account.

(b) The weighted average number of equity shares used as the denominator in calculating both basic and diluted earnings pershareis 50,52,837

NOTE (iii) - Contingent Liability:

Particulars For the year ended on For the year ended on 31st March, 2015 31st March, 2014 Rs. Rs.

Income Tax matters 426,000 426,000

Service Tax matters 4,712,055 -

Total 5,138,055 426,000

NOTE (iv) -

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.15/-Lacs. (31st March 2014-Rs4/20- Lacs).

NOTE (v) -

The company has not made provision for Excise liability on goods manufactured but not cleared, as these are accounted on clearance of goods.

This practice has no impact on profit.Excise Duty payable on removal of goods outstanding as on 31st March 2015 to the tune of Rs. 17.64 Lacs

NOTE (vi) -

As per the Industrial policy of Government of lndia,the activity of the company does not require any licensing.

NOTE (vii) - The previous years figures have been regrouped/restated wherever necessary to conform with current years classification.


Mar 31, 2014

NOTE 1a:

Notes:-

1 Long-term loans from State Bank of India are secured by first and joint equitable mortgage on pari-passu basis on Land, Building, Plant & Machinery / equipments, furniture & Computers situated at Attibele Industrial Area, Bangalore & at Pondichery and collateral security of entire stocks of raw materials, semi-finished goods and finished goods, book debts, receivable, other current assets etc. Long-term loans obtained from State Bank of India are secured by land and building situated at Pondicherry and hypothecation of plant and Machinery/equipments/furniture & computers. In addition collateral securities consist of second charge on fixed assets by shares of NCL held by M/s.Nandi Synthetic Pvt Ltd to the tune of Rs.36.70 and extension of charge on current asset.

2) Term Loan repayable within a year is Rs. 134 Lacs(Previous Year Rs.334 Lacs)

3).The Secured term Loans from banks are repayable over a period of 2 to 3 years.

4) There are no continuing default in repayment of loans and interest.

5). Working Capital loan from State Bank of India is secured by hypothecation of stock of raw materials; work in process, finished goods, book debts, bills and other movable assets of the company.

NOTE 2:

(a). In the absence of necessary information with the Company relating to the registration status of the Suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

(b) The total outstanding due to Small Scale Industrial undertakings is Rs. 0.00 lakhs (Previous Year 0.43 lakhs) and the same is due to M/s Benaka Mudran and M/s Trisiris industries.

NOTE 3:

(i). Segment Information:

(a) The companies operation are basically identified into two segments namely Capsules and Formulations

(b) The accounting principles consistently used in the preparation ofthe financial statements are also consistently applied to record Income and expenditure in individual segments.

(c) Income and direct expenses in relation to segments is categorized based on items that are individually identifiable to that segment, while the remainder of the cost are categorized equally among the segments. Certain expenses such as Depreciation, R&D Expenses, Finance cost, which form a significant component of the total cost are not specifically allocable to specific segments as the same is used interchangeably.

(d) Fixed assets used in the company''s business or liabilities contracted have not been identified to any ofthe reportable segments since the same are used interchangeably between the segments.

(e) All the inter segment transfers are made at cost price.

NOTE 4: - Earning per Share

(a) The amount used as the numerator in calculating basic and diluted earnings per share is the net profit after tax for the year disclosed in the Profit and Loss Account.

(b) The weighted average number of equity shares used as the denominator in calculating both basic and diluted earnings per share is 50,22,700

NOTE 5: - Contingent Liability:

As at As at Particulars 31st March, 2014 31st March, 2013 Rs. Rs.

Income Tax matters 426,000 426,000

Sales Tax matters - -

Excise Duty - -

Service Tax Claims

Labour matters

Guarantees

Claims against the company not acknowledged as debts

Other matters for which money is contingently payable

Total 426,000 552,000

NOTE 6 -

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.4.20/- Lacs. (31st March 2013-Rs 99.75/-Lacs).

NOTE 7 -

The company has not made provision for Excise liability on goods manufactured but not cleared, as these are accounted on clearance of goods.

This practice has no impact on profit. Excise Duty payable on removal of goods outstanding as on 31st March 2014 to the tune of Rs. 15.22 Lacs

Note 8 - Fraud

A fake cheque no:324649 with forged signature was presented at Vellore branch of State Bank of India on 25-03-2014 and an amount of Rs.9,23,580/- was transferred from companies account to an unknown account at Union Bank of India, Vellore,Tamilanadu.The transaction was noticed by the company and an immediate effort was made and the account to which the amount was transferred was frozen and correspondence with all the concerned is on to get company''s amount back.Company''s banker,SBI,Commercial branch,Bangalore,have confirmed that an amount of Rs.8,97,000/- is available in the frozen account.In view of above, a net loss of Rs.26,580/- is likely to be incurred by the company.

NOTE 9 -

The previous years figures have been regrouped/restated wherever necessary to conform with current years classification In terms of our report attached.


Mar 31, 2013

NOTE 1a - Research and Development expenditure debited to the Profit and Loss Account aggregating Rs.73,84,506/- (31st March, 2012 Rs70,96,629/-) has been incurred by the company and disclosed under appropriate account heads.

The figures have been regrouped as required for the year 2011 -12 and 2012-13.

NOTE 2:

(i). Segment Information:

(a) The companies operation are basically identified into two segments namely Capsules and Formulations

(b) The accounting principles consistently used in the preparation of the financial statements are also consistently applied to record Income and expenditure in individual segments.

(c) Income and direct expenses in relation to segments is categorized based on items that are individually identifiable to that segment, while the remainder of the cost are categorized equally among the segments. Certain expenses such as Depreciation, R&D Expenses, Finance cost, which form a significant component of the total cost are not specifically allocable to specific segments as the same is used interchangeably.

(d) Fixed assets used in the company''s business or liabilities contracted have not been identified to any of the reportable segments since the same are used interchangeably between the segments.

(e) All the inter segment transfers are made at cost price.

NOTE 3 -

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.99.75/-Lacs. (31 st March 2012-Rs127.42/-Lacs). NOTE (vi) - Research & Development Expenditure

I.The capital Expediture in relation to fixed assets has been capitalised and depreciation is provided at applicable rates.

2.The amount spent on Capital Expenditure which are capitalised have been identified and certified by the Management.

3.The details of Expenditures are given bellow

NOTE4-

The company has not made provision for Excise liability on goods manufactured but not cleared, as these are accounted on clearance of goods.

This practice has no impact on profit. Excise Duty payable on removal of goods outstanding as on 31st March 2012 to the tune of Rs.9.91 Lacs

NOTE 5 -

As per the Industrial policy of Government of India,the activity of the company does not require any licensing.


Mar 31, 2012

Notes:-

1 .Long-term loans from State Bank of India are secured by first and joint equitable mortgage on pari-passu basis on Land, Building, Plant & Machinery / equipments, furniture & Computers situated at Attibele Industrial Area, Bangalore & at Pondichery and collateral security of entire stocks of raw materials, semi-finished goods and finished goods, book debts, receivable, other current assets etc. Long-term loans obtained from State Bank of India are secured by land and building situated at Pondicherry and hypothecation of plant and Machinery/equipments/furniture & computers. In addition collateral securities consist of second charge on fixed assets by shares of NCL held by M/s.Nandi Synthetic Pvt Ltd to the tune of Rs.36.70 and extension of charge on current asset.

2 Term Loan repayable within a year is Rs.272 Lacs(Previous Year Rs. 184 Lacs)

3. The Secured term Loans from banks are repayable over a period of 2 to 3 years.

4 There are no continuing default in repayment of loans and interest should be specified in each case.

5 Working Capital loan from State Bank of India is secured by hypothecation of stock of raw materials; work in process, finished goods, book debts, bills and other movable assets of the company.

6 All the secured loans are further secured by the personal guarantees of promoter directors.

(A) The disclosure required under Accounting Standards 15 "Employ Benefits" notified in the Companies (Accounting Standards) Rules 2006 are as given bellow Defined Contribution Plan:

The company has applied for exemption of its Provident Fund under section 17 of Employers Provident Fund and Miscellaneous Provisions Act 1952.Conditions for grant of exemptions stipulates that employer shall make good deficiency, if any, in the interest rate declared by trust vis-a-vis statutory rate.

(B) Defined Benefit Plan

The Employees Gratuity Fund Scheme managed by Life Insurance Corporation of India is a Defined Benefit Plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

ii) The Defined Benefit Plans comprise of Gratuity

Gratuity is a benefit to an employee based on 15/20/25/30 days (depending on the grade/ category of employee and the completed years of service) last drawn salary for each completed year of service. The plan is funded.

(H) In respect of Funded Benefits with respect to gratuity and superannuation, the fair value of Plan assets represents the amounts invested through "Insurer Managed Funds"

NOTE:

(a) In the absence of necessary information with the Company relating to the registration status of the Suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

(b) The total outstanding due to Small Scale Industrial undertakings is Rs. 0.80 lakhs (Previous Year 0.64 lakhs) and the same is due to M/s Benaka Mudran and M/s Trisiris industries.

Note:

a) The Company had opted for the Sales tax deferment scheme under their expansion program. The sales tax deferment to an extent of Rs.231 lakhs was sanctioned to the company vide FAVC no. SIAC/JKA/STD(E)/NCL/AIA/98-99 dated: 30.03.1999. The company opted for availing deferment of sales tax under this scheme from 01.04.2001 & upto 28.02.2007. The total amount of sales tax & VAT retained by the company under this scheme is Rs. 1,47,92,247/-. The above amount has to be paid in 20 equal quarterly installments. The company has paid 16 quarterly installments during the last year amounting to Rs.1, 18, 33,808 for the above deferred amount. During the year, balance due amount of Rs.29,58,439/- has been cleared to the above said deferment scheme to the department. The company has paid total 20 quarterly installments over the year amounting to Rs. 1,47,92,247 out of the above deferred amount.

a) Lease payments recognised in the profit and loss account for the year Rs.3,24,000/- (31st March, 2011 Rs.3,24,000) NOTE 24d - Research and Development expenditure debited to the Profit and Loss Account aggregating Rs.70,96,629/- (31st March, 2011 Rs.42,88,986/-) has been disclosed under R&D Expenses for the year. Corresponding figures for the previous year has been regrouped and reflected.

NOTE 1:

(i). Segment Information:

(a) The companies operation are basically identified into two segments namely Capsules and Formulations

(b) The accounting principles consistently used in the preparation of the financial statements are also consistently applied to record Income and expenditure in individual segments.

(c) Income and direct expenses in relation to segments is categorized based on items that are individually identifiable to that segment, whiler the remainder of the cost are categorized equally among the segments. Certain expenses such as Depreciation, R&D Expenses, Finance cost, which form a significant component of the total cost are not specifically allocable to specific segments as the same is used interchangeably.

(d) Fixed assets used in the company's business or liabilities contracted have not been identified to any of the reportable segments since the same are used interchangeably between the segments.

e) All the inter segment transfers are made at cost price.

Note:

Capital Employed by the Company for its different segment is interchangable and hence Capital Employed for segment reporting has not been made.

NOTE (i) - Earning per Share

(a) The amount used as the numerator in calculating basic and diluted earnings per share is the net profit after tax for the year disclosed in the Profit and Loss Account.

(b) The weighted average number of equity shares used as the denominator in calculating both basic and diluted earnings per share is 45,02,700

NOTE (ii) - Contingent Liability:

As at As at Particulars 31st March, 2012 31st March, 2011 RS. RS.

Income Tax matters 426,000 426,000

Sales Tax matters - -

Excise Duty 126,000 126,000

Service Tax Claims - -

Labour matters - -

Guarantees - -

Claims against the company not acknowledged as debts - -

Other matters for which money is contingently payable - -

Total 552,000 552,000

NOTE (iii)-

a) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs.127.42/-Lacs. (31st March 2011-Rs 85/-Lacs).

NOTE (iv) - Research & Development Expenditure

1 .The capital Expenditure in relation to fixed assets has been capitalised and depreciation is provided at applicable rates.

2.The amount spent on Capital Expenditure which are capitalised have Been identified and certified by the Management.

NOTE (v) -

The company has not made provision for Excise liability on goods manufactured but not cleared, as these are accounted on clearance of goods.

This practice has no impact on profit. Excise Duty payable on removal of goods outstanding as on 31st March 2012 to the tune of Rs.9.97 Lacs

NOTE (vi) -

As per the Industrial policy of Government of India. the activity of the company does not require any licensing.

NOTE (vii) - The previous years figures have been regrouped/restated wherever necessary to conform with current years classification.


Mar 31, 2011

1. The total Borrowing cost transferred to Capital Work in Progress during the period is Rs. 22.97 Lakhs (PY: Rs. 94.78) which would be capitalized.

2. Segment Reporting:

(a) The company's operations are basically identified into two segments namely Capsules and Formulations.

(b) The accounting principles consistently used in the preparation of the financial statements are also consistently applied to record Income and expenditure in individual segments.

(c) Income and direct expenses in relation to segments is categorized based on items that are individually identifiable to that segment, while the remainders of the cost are categorized equally among the segments. Certain expenses such as Depreciation, R&D Expenses, Finance cost, which form a significant component of the total cost, are not specifically allocable to specific segments as the same is used interchangeably.

(d) Fixed assets used in the company's business or liabilities contracted have not been identified to any of the reportable segments since the same are used interchangeably between the segments.

(e) All the inter segment transfers are made at cost price.

3. Related Party Disclosures:

(a) List of Related parties M/s. Mundra Enterprises

(b) Key Management personnel Mr. Sunil Mundra, Mr. Laxminarayana Moondra & Mr. Sathyanarayana Mundra

4. Leases :

Accounting for Lease has been made in accordance with the Accounting Standard 19 on "Lease" issued by the Institute of Chartered Accountants of India. Following are the details of lease transactions for the year.

5. Earnings per Share:

In determining earning per share, the company considers the net profit after tax and includes the post-tax effect of any extra ordinary item. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the period.

6. Taxation:

The net deferred tax liability as at 31st March 2010 comprises;

7. Long-term loans from State Bank of India are secured by first and joint equitable mortgage on pari-passu basis on Land, Building, Plant & Machinery / equipments, furniture & Computers situated at Attibele Industrial Area, Bangalore & at Pondichery and collateral security of entire stocks of raw materials, semi-finished goods and finished goods, book debts, receivable, other current assets etc. Long-term loans obtained from State Bank of India are secured by land and building situated at Pondicherry and hypothecation of plant and Machinery/equipments/furniture & computers. In addition collateral securities consist of second charge on fixed assets by shares of NCL held by M/s.Nandi Synthetic Pvt Ltd to the tune of Rs.36.70 and extension of charge on current asset. Further the Company has provided the Security of its Immovable Properties comprising of Land & Building (Built/to be Built) situated at Plot No. 7/A2, KIAQB Industrial Area, Attibele, Bangalore measuring an extent of 8165 Sq. Mtrs to cover the credit facilities to the extent of Rs. 1230.00 Lakhs by way of first charge.

(a) Working Capital loan including Packing Credit Loan from State Bank of India is secured by hypothecation of stock of raw materials; work in process, finished goods, book debts, bills and other movable assets of the company.

(b) All the secured loans are further secured by the personal guarantees of promoter directors.

(c) The Company had opted for the Sales tax deferment scheme under their expansion program. The sales tax deferment to an extent of Rs.231 lakhs was sanctioned to the company vide FAVC no. SIAC/JKA/STD(E)/NCL/AIA/98-99 dated: 30.03.1999. The company opted for availing deferment of sales tax under this scheme from 01.04.2001 & upto 28.02.2007. The total amount of sales tax & VAT retained by the company under this scheme is Rs. 1, 47, 92,247/-. The above amount has to be paid in 20 equal quarterly installments. The company has paid 16 quarterly installments during the year amounting to Rs. 1,18,33,808 out of the above deferred amount.

(d) Term loan repayable within one year Rs. 78.50 lakhs (Previous year Rs 100.00 lakhs). Installments overdue towards Principal Rs. NIL (previous year Rs. nil) and Interest overdue is Rs. Nil (Previous year Nil).

8. The total outstanding due to Small Scale Industrial undertakings is Rs. 0.64 lakhs (Previous Year 0.80 lakhs) and the same is due to M/s Benaka Mudran and M/sTrisiris industries.

9. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances paid) - Rs. 85.00 lakhs (Previous year- Rs. 248.56 lakhs) Contingent liabilities not provided for:

- Disputed Income tax demand - Rs. 9.12 lakhs (Previous year-9.12 lakhs).

- Disputed Central Excise claims - Rs. 1.26 lacs (Previous Year -1.26 lacs). -Disputed Service tax Claim Rs. Nil (Previous year 4.72 lacs)

- Counter Guarantees against guarantees given by bankers Rs. NIL (Previous year Rs. NIL)

10 .Claims against the Company not acknowledged as debts - NIL (Previous year - NIL).

11. The company has not made provision for Excise liability on goods manufactured but not cleared, as these are accounted on clearance of goods. This practice has no impact on profit. Excise duty payable on removal of goods outstanding as on 31" March 31-03-2011 to the tune of Rs. 2.65 lakhs.

12. As per the Industrial Policy of the Government of India, the activity of the Company does not require any licensing.

13. The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below:

Defined Contribution Plan

Contribution to Defined Contribution Plan, recognized are charged off for the year are as under:

The Company has applied for exemption of its Provident Fund under Section 17 of Employer's Provident Fund and Miscellaneous Provisions Act, 1952. Conditions for grant of exemptions stipulate that employer shall make good deficiency, if any, in the interest rate declared by trust vis-a-vis statutory rate.

Defined Benefit Plan

The employee's gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Gratuity (Funded)

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(C) CIF value of Imports Rs.51.37 lakhs(Machinery & spare parts-Rs. 49.97/Excipients Rs 1.40 lakhs) (Previous year 31.03 lacs)

(D) FOB value of Exports - Rs. 615.17 lakhs (Previous year - Rs. 507.90lakhs).

(E) Expenditure in foreign currency - Rs. 16.95 Lakhs (Previous year Rs. 8.87 lakhs).

(F) Earnings in foreign currency Rs. 563.68 lakhs (Previous year- Rs.444.53 lakhs)

16. In the absence of necessary information with the Company relating to the registration status of the suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

17. Figures for the previous year have been regrouped and rearranged wherever necessary to conform to the current year figures.


Mar 31, 2010

1. The total Borrowing cost transferred to Capital Work in Progress during the period is Rs. 94.78 Lacs (PY: Rs. 15.72) which would be capitalized.

2. Segment Reporting:

(a) The companys operations are basically identified into two segments namely Capsules and Formulations.

(b) The accounting principles consistently used in the preparation of the financial statements are also consistently applied to record Income and expenditure in individual segments.

(c) Income and direct expenses in relation to segments is categorized based on items that are individually identifiable to that segment, while the remainder of the cost are categorized equally among the segments. Certain expenses such as Depreciation, R&D Expenses, Finance cost, which form a significant component of the total cost are not specifically allocable to specific segments as the same is used interchangeably.

(d) Fixed assets used in the companys business or liabilities contracted have not been identified to any of the reportable segments since the same are used interchangeably between the segments.

3. Long-term loans from State Bank of India are secured by first and joint equitable mortgage on pari-passu basis on Land, Building, Plant & Machinery / equipments, furniture & Computers situated at Attibele Industrial Area, Bangalore & at Pondichery and collateral security of entire stocks of raw materials, semi-finished goods and finished goods, book debts, receivable, other current assets etc. Long-term loans obtained from State Bank of India are secured by land and building situated at Pondicherry and hypothecation of plant and Machinery/equipments/furniture & computers. In addition collateral securities consist of second charge on fixed assets by shares of NCL held by M/s.Nandi Synthetic Pvt Ltd to the tune of Rs.36.70 and extension of charge on current asset. Further the Company has provided the Security of its Immovable Properties comprising of Land & Building (Built/to be Built) situated at Plot No. 7/A2, KIADB Industrial Area, Attibele, Bangalore measuring an extent of 8165 Sq. Mtrs to cover the credit facilities to the extent of Rs. 1230.00 Lakhs by way of first charge.

(a) Working Capital loan including Packing Credit Loan from State Bank of India is secured by hypothecation of stock of raw materials; work in process, finished goods, book debts, bills and other movable assets of the company.

(b) All the secured loans are further secured by the personal guarantees of promoter directors.

(c) The Company had opted for the Sales tax deferment scheme under their expansion program. The sales tax deferment to an extent of Rs.231 lakhs was sanctioned to the company vide FAVC no. SIAC/JKA/STD(E)/NCL/AIA/98-99 dated: 30.03.1999. The company opted for availing deferment of sales tax under this scheme from 01.04.2001 & upto 28.02.2007. The total amount of sales tax & VAT retained by the company under this scheme is Rs. 1,47,92,247/-. The above amount has to be paid in 20 equal quarterly installments. The company has paid 12 quarterly installments up to 31.3.2010 amounting to Rs. 88,75,356/- out of the above deferred amount.

(d) Term loan repayable within one year Rs. 100.00 lakhs (Previous year Rs 90.0 lakhs). Installments overdue towards principal Rs. NIL(previousyear Rs. nil) and Interest overdue is Rs. Nil (Previous year Nil).

4. The total outstanding due to Small Scale Industrial undertakings is Rs. 0.80 lakhs (Previous Year 0.87 lakhs) and the same is due to M/s Benaka Mudran and M/s Trisiris Enterprises.

5. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances paid) - Rs. 248.56 lakhs (Previous year- Rs. 186.32 lakhs)

Contingent liabilities not provided for:

- Disputed Income tax demand - Rs. 9.12 lakhs (Previous year -9.12 lakhs).

- Disputed Central Excise claims - Rs. 1.26 lacs (Previous Year -1.26 lacs).

- Disputed Service Tax Claim - Rs. 4.72 lacs (Previous Year- NIL).

- Counter Guarantees against guarantees given by bankers Rs. NIL (Previous year Rs. NIL)

6. Claims against the Company not acknowledged as debts - NIL (Previous year - NIL).

7. The company has not made provision for Excise liability on goods manufactured but not cleared, as these are accounted on clearance of goods. This practice has no impact on profit. Excise duty payable on removal of goods outstanding as on 31st March 31-03-2010 to the tuneofRs. 4.56 lakhs.

8. As per the Industrial Policy of the Government of India, the activity of the Company does not require any licensing.

 
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