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Notes to Accounts of Schrader Duncan Ltd.

Mar 31, 2015

1. Terms/ rights attached to Equity shares

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts, in proportion to their share holding. There is no restriction on distribution of dividend. However, same except interim dividend is subject to the approval of the shareholders in the Annual General Meeting.

2. Schrader Duncan Limited

Notes to the Financial Statements for the year ended 31st March, 2015 Significant Accounting policies and Notes to Accounts

3. Corporate Information

Schrader Duncan Limited is a manufacturer of tyre tube valves and accessories and fluid, power and automation products. The Company has its manufacturing unit situated in Ranjangaon (near Pune). The Company is a Public Limited Company and is listed on the Bombay Stock Exchange (BSE).

As at As at 31st March, 2015 31st March, 2014

Rs. Rs.

4. Contingent Liabilities:

(a) Guarantees given by the Bank on behalf of the Company. These are financial 3,853,483 4,754,898 and performance guarantees given to the customers, expiring on various

future dates.

(b) Claims against the Company with respect to Sales Tax Matters not 6,679,879 7,418,032 acknowledged as debts.

(c) Claims against the Company with respect to Excise and Service Tax Matters not acknowledged as 3,967,557 3,967,557 debts. Appeals filed by the Company with CESTAT, West Zone Bench, and Additional Commissioner of Central Excise Mumbai, is pending disposal.

14,500,919 16,140,487

There are no litigation against the company which can lead to possible potential liabilities.

5. Other Notes on Accounts

i. Tax Provision :

Based on evaluation of its tax provisions and considering the development and order received during the year, the company has reversed excess provision for tax relating to earlier years amounting to Rs.1,83,10,094 for AY 2007-08 and has accounted potential interest income on Income Tax Refund for the A.Y. 2004-05 & AY 2012-13 of Rs. 18,50,000/- & Rs. 5,70,000/- respectively, based on opinion received from Company's Tax Advisor.

ii. Sales Tax liability

During the year based on evaluation of the sales tax proceedings the company has written off Rs. 52,02,339/- for FY 2009-10 & Rs. 12,87,342/- for FY 2010-11 and the same has been charged under the head "Rates & Taxes", and accordingly figures for the current year are not comparable to the previous year to this extent.

iii. Provision for Doubtful debts

During the year, company has made provision for Doubtful debts of Rs. 79,34,503/- (which includes of single debtors amounting to Rs. 72,57,721/-) and accordingly figures for the current year are not comparable to the previous year to this extent.

iv. Depreciation

Effective April 1, 2014, pursuant to and in line with the requirements of Part C of Schedule II of the Companies Act, 2013 during the year ended March 31, 2015; the Company has reviewed its policy of providing for depreciation on its Tangible & Intangible fixed assets and also reassessed their useful lives. As a result the following changes with respect to provision for depreciation have been effected;

a) In respect of assets where remaining useful life as on April 1, 2014 is 'Nil', their carrying amounts after retaining the residual value, if any, aggregating to Rs 5,95,022/-, has been adjusted in the current year depreciation & amortisation and is charged to the Statement of Profit & Loss.

b) In respect of other assets, depreciation is provided under the Straight Line Method (SLM). Based on the revised useful life as per Schedule II of the Companies Act, 2013 / estimated useful life determined by the Management. Their carrying amount as at April 1, 2014 is depreciated over their useful lives. Pursuant to this, the depreciation for the year ended March 31, 2015 is higher by Rs 72,78,811/-.

v. Related Party Disclosures (As identified by the Management)

A) Relationships :

(a) Holding Company

Oriental Carbon and Chemicals Limited *

(b) Key Management Personnel:

Mr. Shantanu Parvati - Managing Director

* Oriental Carbon and Chemicals Limited and Cosmopolitan Investments Limited has given corporate Guarantees to B (State Bank of India) against all credit facilities.

vi. In the Opinion of the management and to the best of its knowledge and belief, the value on realization of current assets, loans, advances and payment of current liabilities and provisions in the ordinary course of business would not be less/ more, than the amount at which they are stated in the Balance sheet.

vii. Previous year figures have been regrouped/rearranged wherever necessary to conform to this year classification.


Mar 31, 2014

Corporate Information

Schrader Duncan Limited is a manufacturer of tyre tube valves and accessories and fluid, power and automation products. The Company has its manufacturing unit situated in Ranjangaon (near Pune). The Company is a Public Limited Company and is listed on the Bombay Stock Exchange (BSE).

(a) Terms/ rights attached to Equity shares

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of 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 the shareholders. There is no restriction on distribution of dividend. However, same except interim dividend is subject to the approval of the shareholders in the Annual General Meeting.

(b) There are no amounts due and outstanding to be credited to Investor Education and Protection Fund under section 205C of the Companies Act, 1956 as at the year end.

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

Note 1

Contingent Liabilities:

(a) Claims against the Company - 1,278,698 with respect to Income Tax Matters not acknowledged as debts. Appeals filed by the Company with the relevant authorities of Income Tax Department are pending disposal.

(b)Guarantees given by the Bank on 4,754,898 3,227,027 behalf of the Company. These are financial and performance guarantees given to the customers, expiring on various future dates.

(c)Claims against the Company 7,418,032 1,603,537 with respect to Sales Tax Matters not acknowledged as debts.

(d) Claims against the Company 3,967,557 2,147,830 with respect to Excise and Service Tax Matters not acknowledged as debts. Appeals filed by the Company with CESTAT, West Zone Bench, and Additional Commissioner of Central Excise Mumbai, is pending disposal.

16,140,487 8,257,092

Note 2

Surrender of Office premises

During the year, the company has entered into Deed of Surrender dated 24th March, 2014 for transfer of its office premises at WTC, Mumbai. The company has recognized profit on transfer of office premises amounting to Rs.26,990,582 as an exceptional item.

Note 3

Tax Provision :

Based on evaluation of its tax provisions, the company has reversed excess provision for tax relating to earlier years amounting to Rs. 877,704

Note 4

Sales Tax liability

a) During the year company has written back an amount of Rs. 31,95,499 for pending C form liabilities for the year 2006-07 as the same has been time barred.

b) During the year company has conducted an evaluation of its sales tax liabilities and has written back an amount of Rs. 41,75,509 for excess provision created in earlier years.

* The value of consumption of raw materials has been arrived at on the basis of Opening Stock plus Purchases less Closing Stock. The consumption, therefore, includes adjustments for raw materials written-off, shortage / excess etc.

Note 5

In the Opinion of the management and to the best of its knowledge and belief, the value on realization of current assets, loans, advances and payment of current liabilities and provisions in the ordinary course of business would not be less/ more, than the amount at which they are stated in the Balance sheet.

Note 6

Previous year figures have been regrouped/rearranged wherever necessary to conform to this year classification.


Mar 31, 2013

Note 1

Corporate Information

Schrader Duncan Limited is a manufacturer of tyre tube valves and accessories and pneumatic products. The Company has its manufacturing unit situated in Ranjangaon (near Pune). The Company is a Public Limited Company and is listed on the Bombay Stock Exchange (BSE).

Note 2

Scheme of Amalgamation

(a) A Scheme of Amalgamation of Associated Polymers Limited (APL) herein after (referred to as "Transferor company") and Schrader Duncan Limited (the Company or SDL) and their respective shareholders, under section 391 to 394 of the companies Act, 1956 ("the scheme") has been sanctioned by the Hon''ble Court of Judicature at Bombay (vide its order dated 18th April, 2013).

(b) The Scheme became effective on 17th May 2013 ("effective date") on filing of the certified copies of the Orders with the Registrar of companies. The Appointed date from which the Scheme is operative is 1st April 2012 (the "Appointed Date").

(c) APL was engaged in the business of processors of all kind of rubber whether natural and/or synthetic and/or reclaimed and/or PVC and/or Polyethylene and/or resins and/or celluloid and/or other substitutes thereof.

(d) Consequent to the Scheme becoming effective from the Appointed date, the entire business and undertaking of the transferor company including all assets, debts, liabilities, duties and obligations have, without further act, instrument or deed, but subject to the charges affecting the same as on the effective date, been transferred and vested in the company. On the scheme becoming effective, all Staff, workmen and employees of the transferor company in service on the effective date, are deemed to have become staff, workmen and employees of the company.

(e) During the period from the Appointed date to the effective date, the transferor company have been deemed to have carried out their respective business and activities for and on account of and in trust for the company. Accordingly, the revenue from operations and profit before tax of the transferor company for the year ended 31 March ''2013 are included in the financial statements.

(f) In terms of the Scheme, the company has accounted for the amalgamation based on the ''Pooling of Interest'' method as under:

(i) All the assets and liabilities recorded in the books of the transferor company have been recorded by the company at their respective book values; the amount of inter-company balances have been cancelled. (ii) APL being a wholly owned subsidiary of the company, no fresh shares are required to be issued and the Investments of

SDL in APL stands cancelled. (iii) The surplus arising between the aggregate values of assets of the transferor company acquired, net of the ggregate of the liabilities of the transferor companies, has been recorded as capital reserve of the Company based on the Court Order as under:

Note 3

Voluntary Retirement of Service

(i) During the year, the company has completed the process of shifting the manufacturing operations of Mahape to Ranjangoan for rationalisation and consolidation of its operations dated 9th January 2013 based on the Memorandum of settlement with the union of workmen employed at Mahape total liability of Rs. 10,496,600 (including the incremental settlement liability of Rs. 9,296,600) has been accounted during the year as exceptional item.

(ii) During the year, the company has also completed the process of shifting the manufacturing operations of its rubber mixing operations from MIDC Tarapur to Ranjangoan for rationalisation and consolidation of its processes dated 19th October, 2012 based on the settlement with the workers employed at MIDC, Tarapur total liability of Rs. 3,701,362 (including the incremental settlement liability of Rs. 3,291,954) has been accounted during the year as exceptional item.

Note 4 Sale of Land

During the year, the company has entered into an MOU dated 27th September, 2012 for transfer of its land at MIDC, Tarapur. The permission from MIDC for transfer of Land was received during the year. The company considers risks and rewards relating to the transaction to have been transferred and has accordingly recognized profit on transfer of land amounting to Rs. 44,775,921.

Note 5

Tax Provision :

Based on evaluation of its tax provisions, the company has reversed excess provision for tax relating to earlier years amounting to Rs. 18,617,713 and recognized MAT credit entitlement of Rs. 8,531,787 during the year.

Note 6

Sales Tax liability

During the year company has received Sales Tax Assessment order for the year 2005-06 and 2008-09. The company is still receiving some C forms and went into the Appeal. On Prudence basis of accounting, company has during the year provided Rs 7,661,648/- as potential sales tax liability for the four years consisting of 2005-06,2006-07,2007-08 and 2008-09. This amount has been debited to Rates and Taxes and shown as other current Liabilities.

Note 7

Disclosures under Accounting Standards 15

(A) Defined Contribution Plans

a. Provident fund

b. Superannuation fund

c. State defined contribution plans

- Employers'' Contribution to Employees'' State Insurance

- Employers'' Contribution to Employees'' Pension Scheme 1995

The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner and the superannuation fund is administered by the trustees of Schrader Duncan Limited. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits. These funds are recognised by the Income tax authorities.

Note 8

Related Party Disclosures (As identified by the Management)

A) Relationships:

(i) Holding Company

Oriental Carbon and Chemicals Limited *

(ii) Associate Company Cosmopolitan Investments Limited *

(iii) Erstwhile Subsidiary of the Company: ( merged with effect from 1st April, 2012) Associated Polymers Limited

(iv) Key Management Personnel:

Mr. Shantanu Parvati - Managing Director

* Oriental Carbon and chemicals Limited and Cosmopolitan Investments Limited has given corporate Guarantees to Bank (State Bank of India) against all credit facilities.

Note 9

Basic and Diluted Earnings per share :

The company reports basic and diluted earnngs per equity share in Accordance with AS-20, ''Earnings per share''. Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity share outstanding during the year. There is no diluted earning per share as there are no dilutive potential equity shares.

Note 10

In the Opinion of the management and to the best of its knowledge and belief, the value on realization of current assets, loans, advances and payment of current liabilities and provisions in the ordinary course of business would not be less/ more, than the amount at which they are stated in the Balancesheet.


Mar 31, 2012

1. General Information

Schrader Duncan Limited is a manufacturer of tyre tube valves and accessories and pneumatic products. The Company has two manufacturing units situated in Ranjangaon (near Pune) and Mahape (Navi Mumbai). The Company is a Public Limited Company and is listed on the Bombay Stock Exchange (BSE).

(a) Rights, preferences and restrictions attached to shares :

The Company has issued one class of equity shares having a face value of Rs. 10 per share. Each shareholder has right to vote in respect of such share, on every resolution placed before the Company and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Company. In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the Company after payments to secured and unsecured creditors, in proportion to their shareholding.

(b) Chage in Shareholding :

However, subsequent to the year end on April 01, 2012, Schrader Bridgeport International Inc, USA opted to exit the joint venture and sold their entire stake comprising 50% of the share capital to the Indian Promoter (Oriental Carbon and Chemicals Limited).

(a) Details of security for the Secured Short-term borrowings :

Cash Credit and Foreign Currency Demand Loan is secured by First hypothication charge on the company's entire current assets, present and future, First charge on Company's movable fixed assets at Mahape Plant, Extension of First charge on tangible Fixed assets at Ranjagaon, Pune. Further by Corporate Guarantees of (i) Tomkins Pic, London and (ii) Cosmopolitan Investments Ltd.

(a) There are no amounts due and outstanding to be credited to Investor Education and Protection Fund under section 205C of the Companies Act, 1956 as at the year end.

The above information regarding Micro and Small enterprises has been determined on the basis of information available with the Company.

Disclosures under Accounting Standards 15

(A) Defined Contribution Plans

a. Provident fund

b. Superannuation fund

c. State defined contribution plans

- Employers' Contribution to Employees' State Insurance

- Employers' Contribution to Employees' Pension Scheme 1995

The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner and the superannuation fund is administered by the trustees of Schrader Duncan Limited. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits. These funds are recognised by the Income tax authorities.

(D) The Liability for leave encashment and compensated balances as at year end is Rs. 2,096,742 (Previous Year Rs. 1,293,885).

* The value of consumption of raw materials has been arrived at on the basis of Opening Stock plus Purchases less Closing Stock. The consumption, therefore, includes adjustments for raw materials written-off, shortage /excess etc.

111. Notes:

a) The company is organised into two main business segments -

- Automotive products- comprising of tyre tube valves and accessories.

- Pneumatic products - comprising of pneumatic equipment and hydraulic products.

Segments have been identified and reported taking into account, the nature of products and services, the differing risks and returns, the organisation structure and the internal financial reporting systems.

b) The segment revenue in the geographical segments considered for disclosure are as follows:

- Revenue within India includes sales to customers located within India and earnings in India.

- Revenue outside India includes sales to customers located outside India and earnings outside India.

c) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

Note 2

Related Party Disclosures (As identified by the Management]

A) Relationships:

(i) Investing Companies

a. Schrader Bridgeport International, Inc.

b. Cosmopolitan Investments Limited @

(ii) Associate Companies /Affiliates

a. Tomkins Pic, London @

b. Gates India Pvt. Ltd.

c. Gates Corporation, USA

d. Gates Corporation, Germany

e. Schrader International - Brazil

f. Schrader S.A.S France

g. Schrader Engineering Product - China

h. Gates Unitta Asia Trading Company Pte Ltd. - Singapore

(iii) Subsidiary of the Company: Associated Polymers Limited

(iv) Key Management Personnel:

Mr. Shantanu Parvati - Managing Director

@ Tomkins Pic, London and Cosmopolitan Investments Limited has given corporate Guarantees to Bank (State Bank of India) against all credit facilities.

Note: Figures in italics represents previous year figures.

Note 3

Contingent Liabilities:

(a) Claims against the Company with respect to Income Tax Matters not acknowledged as debts is Rs. 6,874,536 (Previous Year: Rs. 13,312,357). Appeals filed by the Company with the relevant authorities of Income Tax Department are pending disposal.

(b) Guarantees given by the Bank on behalf of the Company are Rs. 3,843,211 (Previous Year: Rs. 3,786,119). These are financial and performance guarantees given to the customers, expiring on various future dates over the next 26 months.

(c) Claims against the Company with respect to Sales Tax Matters not acknowledged as debts is Rs. 3,323,124 (Previous Year: Rs. 3,323,124).

(d) Claims against the Company with respect to Excise and Service Tax Matters not acknowledged as debts is Rs. 2,590,790 (Previous Year: Rs. 2,590,790). Appeals filed by the Company with Customs, Excise and Service Tax Appellate Tribunal, West Zone Bench, and Commissioner of Central Excise (Appeals) Mumbai, is pending disposal.

Note 4

Capital and other commitments:

Outstanding commitments for capital expenditure (net of advance) Rs. 404,279 (Previous Year: Rs. 3,038,012).

Net Deferred Tax Liability (a-b) _

* on consideration of prudence the Company has accounted deferred tax asset only to the extent of liability.

Note 5

The Company had, on March 26, 2011, entered into an agreement for sale-cum-development of its land at Mulund Plant. During the current year, the Company has met all its obligations as a seller except for completing the administrative process for mutation for a small portion of land in its name. The Company is of the view that all significant risks and rewards in respect of the said land have been transferred to the buyer which has been adequately supported by a legal opinion and accordingly Profit on Sale of land amounting to Rs. 4,190.32 lacs has been recorded during the year ended March 31, 2012 and disclosed as exceptional item. Out of the total sales consideration, the Company is yet to receive an amount of Rs. 2,193.52 lacs and same has been disclosed in the financial statements as at March 31, 2012 under the head "Other Current Assets".

Note 6

The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification.The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2011

1. Duty Entitlement Pass Book (DEPB) Credit:

Dunng the year the Company has recognised DEPB credit aggregating Rs. 89,353 on post export basis (Previous Year: Rs. 322,511).

2. Outstanding commitments for capital expenditure (net of advance) Rs. 3,038,012 (Previous Year: Rs. 3,856,675).

3. The amount of foreign exchange difference in respect of exchange contracts to be recognised in the subsequent years Rs. 178,986 (Previous Year: Rs. 74,671).

4. Contingent Liabilities:

a) Claims against the Company with respect to Income Tax Matters not acknowledged as debts is Rs. 13,312,357 (Previous Year: Rs. 13,749,472). Appeals Hied by the Company with the relevant authorities of Income Tax Department are pending disposal.

b) Guarantees given by the Bank on behalf of the Company are Rs. 3,786,119 (Previous Year: Rs. 2,456,608). These are financial and performance guarantees given to the customers, expiring on various future dates over the next 26 months.

c) Claims against the Company with respect to Sales Tax Matters not acknowledged as debts is Rs. 3,323,124 (Previous Year : Rs. 3,323,124).

d) Claims against the Company with respect to Excise and Service Tax Matters not acknowledged as debts is Rs. 2,590,790 (Previous Year: Rs. 3,080,113). Appeals filed by the Company with Customs, Excise and Service Tax Appellate Tribunal, West Zone Bench, and Commissioner of Central Excise (Appeals) Mumbai, is pending disposal.

5. Taxation

(a) In view of loss for the year no provisions for taxation has been made in these financial statements.

(b) Deferred Tax:

6 Licenced capacity, Installed capacity, Production during the year and opening and closing stocks of goods produced is given in Annexure A.

7. Related Party Disclosure (As identified by the Management)

Related party disclosure as required by AS-18, "Related Party Disclosure", are given below:

A) Relationships:

(i) Investing Companies

a. Schrader Bridgeport International, Inc.

b. Cosmopolitan Investments Limited @

(ii) Associate Companies/Affiliates

a. Tomkins Pic, London @

b. Gates India Pvt. Ltd.

c. Gates Corporation, USA

d. Gates Corporation, Germany

e. Schrader International - Brazil

f. Schrader S.A.S France

g. Schrader Engineering Product - China

h. Gates Unitta Asia Trading Company Pte Ltd. - Singapore

(iii) Subsidiary of the Company:

Associated Polymers Limited

(iv) Key Management Personnel:

Mr Ravi Swaminathan - Managing Director

@ Tomkins Plc, London and Cosmopolitan Investments Limited has given corporate Guarantees to Bank (State Bank of India) against all credit facilities.

C) Remuneration paid to Key Management Personnel is disclosed in Note 7 (a) above.

8. The amount of excise duty disclosed as deduction from turnover is the total excise duty for the year except for the excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered, which has been disclosed as excise duty expenses in "Other Expenses" under Schedule 12 forming part of the Profit and Loss Account.

9. The Company has classified various employee benefits as under: (A) Defined Contribution Plans

a. Provident fund

b. Superannuation fund

c. State defined contribution plans

- Employers Contribution to Employees State Insurance

- Employers Contribution to Employees Pension Scheme 1995

The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner and the superannuation fund is administered by the trustees of Schrader Duncan Limited. Under the schemes, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits. These funds are recognised by the Income tax authorities.

(C) Disclosure as required under para 120(n);

Since the Company has adopted AS - 15 for the first time during the financial year ended March 31, 2008, hence the disclosure for gratuity figures as required by para 120(n) of AS -15 have not been presented for the financial year prior to 2007-2008.

(D) The Liability for leave encashment and compensated balances as at year end is Rs.1,293,885 (Previous Year Rs. 2,902,659).

10. Segment information for the year ended March 31, 2011

III. Notes:

a) The company is organised into two main business segments -

- Automotive products- comprising of tyre tube valves and accessories.

- Pneumatic products - comprising of pneumatic equipment and hydraulic products.

Segments have been identified and reported taking into account, the nature of products and services, the differing risks and returns, the organisation structure and the internal financial reporting systems.

b) The segment revenue in the geographical segments considered for disclosure are as follows:

- Revenue within India includes sales to customers located within India and earnings in India.

- Revenue outside India includes sales to customers located outside India and earnings outside India.

c) Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

11. The Company has entered into an irrevocable agreement for sale dated March 26, 2011 with Kalpataru Ltd. for sale of its front portion of land at Mulund plant at a consideration of Rs. 438,889,350. As per the agreement, the Company has received an advance of Rs. 160,000,000 which is disclosed under schedule 8 "Current Liabilities and Provisions". The Company is in the process of executing the deed of conveyance, transfer, sale and possession of the aforesaid land will be completed at a future date subject to relevant approval, permissions from the Government and other statutory bodies, as deemed necessary and on receipt of sale consideration.

12. Exceptional Items

(i) The Company has entered into agreement dated July 15, 2010, with the unionised category of workmen and staff employed in the plant at Mulund for Voluntary Retirement Compensation. Accordingly, the Company has incurred an expenses of Rs. 145,720,474 for VRS and other related expenses. The operations for Mulund plant have been ceased completely w.e.f July 31, 2010.

(ii) Exceptional expenses represents legal and professional fees incurred by the Company of Rs. 9,029,300 for sale of land of its land at Mulund plant.

(iii) Exceptional Income of Rs. 20,000,000 represents compensation received by the Company for sale of rear portion of land at Mulund which were on hold in accordance with the agreement for Development dated December 22, 2006.

13. Previous Years figures have been re-grouped/re-arranged, wherever necessary.


Mar 31, 2010

1 Duty Entitlement Pass Book (DEPB) Credit:

During the year the Company has recognised DEPB credit aggregating Rs.322,511 on post export basis (Previous Year: Rs.651,839).

2. Outstanding commitments for capita! expenditure (net of advance) Rs.3,856,675 (Previous Year: Rs. 123,068,744)

3. The amount of foreign exchange difference In respect of exchange contracts to be recognised In the subsequent years Rs. 74,671 (Previous Year: Rs.148,710).

4. Contingent Liabilities

a) Claims against the Company with respect to Income Tax Matters not acknowledged as debts Is Rs. 13,749,472(Previous Year: Rs. 1,584,649) .Appeals filed by the Company with the relevant authorities of Income Tax Department are pending disposal.

b) Guarantees given by the Bank on behalf of the Company are Rs. 2,456,608 (Previous Year: Rs. 1,723,399). These are financial and performance guarantees given to the customers, expiring on various future dates over the next 30 months.

c) Claims against the Company with respect to Sales Tax Matters not acknowledged as debts is Rs. 3,323,124 (Previous Year: Rs. 205,219).

d) Claims against the Company with respect to Excise and Service TAX Matters not acknowledged as debts is Rs.3,080,113 (Previous Year : Rs. 3,307,078). Appeals filed by the Company with Customs, Excise and Service Tax Appellate Tribunal, West Zone Bench, and Commissioner of Central Excise (Appeals) Mumbal, is pending disposal.

 
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