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Notes to Accounts of Sunshield Chemicals Ltd.

Mar 31, 2015

1 Corporate information

Sunshield Chemicals Limited ('the Company') was incorporated in India on 19th November 1986. The Company is engaged in manufacture and sell of Speciality Chemicals in domestic and international markets.

Note 2 Additional information to the financial statements

Note 2.1 Contingent Liabilities and commitments to the extent not provided for in respect of:

Particulars As at 31 March 2015 As at 31 March 2014 Rs. In Lacs Rs. In Lacs

(i) Contingent Liabilities:

Claims against the Company not acknowledged as debt:

(a) Income Tax matters

Demand notices issued by Income Tax Dept. for which the Company has preferred appeal 130.52 128.16

(b) Sales Tax Matters

Demand notices issued by Sales Tax Dept. for which the Company has preferred appeal 1,244.09 1,283.86

Note: Future ultimate outflow of resources embodying economic benefits in respect of matters stated under 27.1 (i) above is uncertain as it depends on the final outcome of judgments / decisions on the matters involved.

(ii) Capital Commitments

The estimated amount in respect of the contracts remaining to be executed on capital account (net of capital advances) and not

provided for Tangible Assets 133.00 337.03

Related Party Disclosures in accordance with the Accounting Standard 18 - "Related Party Disclosures" are given below:

(a) Parties where Control exists:

(i) Ultimate Holding Company:

Solvay S.A.

(ii) Holding Company:

Rhodia Amines Chemicals Pte Limited (holds 62.36% of the equity share capital in the Company)

(b) Names of the related parties with whom the Company had transactions during the year:

(i) Fellow Subsidiaries:

Solvay (China) Co. Ltd.

Solvay Specialty Chemicals Asia Pacific Pte. Ltd.

Rhodia Operations S.A.S.

Solvay Asia Pacific Co. Ltd.

Solvay Chemicals Korea Co. Ltd.

Solvay Specialties India Pvt. Ltd.

Solvay (Zhenjiang) Chemicals Co. Ltd.

Rhodia Specialty Chemicals India Limited Solvay (Zhangjiagang) Specialty Chemicals Co. Ltd.

Solvay Finance Ireland

Note : The above have been identified on the basis of the information available with the Company.

(ii) Key Management Personnel:

Mr. Shrirang R. Belgaonkar, Wholetime Director

Note 2.2

Details of Employee Benefits as required by the Accounting Standard 15 "Employee Benefits" are as follows:

1 Defined contribution plan:

The Company makes Provident Fund contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.20.87 Lacs (Year ended 31 March, 2014 Rs.17.92 Lacs) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

2 Defined Benefit Plan (Funded)

(a) Ageneral description ofthe Employees Benefit Plan:

The Company has an obligation towards gratuity, a funded defined benefit retirement plan covering eligible employees.

The plan provides for lumpsum payment to vested employees at retirement, death while in employment or on termination of the employment. Gratuity is calculated in accordance with the provisions ofthe Payment of Gratuity Act, 1972. Vesting occurs upon the completion of five years of service.

3 The expected rate of return on the plan assets is based on the average longterm rate of return expected on investments of the fund during the estimated term of the obligations. The actual return on plan asset is Rs. 6.54 lacs [previous year Rs.6.32 lacs]

4 The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

The assumption of the future salary increases, considered in acturial valuation, takes into account the inflation, seniority, promotions and other relevant factors.

Excise duty paid and collected from customers is shown separately and deducted from the Gross sales in the Statement of Profit and Loss.

Excise duty appearing under other expenses (Note 26) represents the difference between the excise duty included in the closing stock and that in the opening stock of manufactured finished goods Rs. 76.74 lacs (previous year Rs.56.77 lacs)

Note 3.1 Foreign Currency Exposures:

(a) Hedged Exposures

There are no forward exchange contracts outstanding as at 31st March 2015 and as at 31st March 2014.

During the year, pursuanttothe notification of Schedule II to the Companies Act, 2013 with effect from April 1,2014, the Company revised the estimated useful life of its assets as mentioned in note 2.6. Further, assets individually costing Rs. 5,000/-or less that were depreciated fully in the year of purchase are now depreciated based on the useful life considered by the Company for the respective category of assets.

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be nil as on April 1, 2014, and has adjusted an amount of Rs.22.44 lacs (net of deferred tax ofRs. 10.03 lacs) against the opening surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

The depreciation expense in the Statement of Profit and Loss for the year is higher by Rs.79.23 lacs consequent to the change in the useful life of the assets.

Note 4.1

Capital work in progress includes interest Capitalised of Rs.39.31 lacs (previous year Rs.4.24).

Note 5.1

In an earlier year, the Company surrendered tenancy rights in exchange of the office premise in the building at Dadar, Mumbai and accounted Rs. 427.50 lacs, as an asset with corresponding credit to the Capital Reserve, being the fair market value of the asset acquired as per the valuation report of a surveyor/valuer. The Company intend to sale the aforesaid premise in the near future.

Note 6.1

The plant operations with respect to Ethylene Oxide (EO) based products which contributes significant portion of the Company's current production was shut down for planned maintenance and upgrading of capacity from 15th December 2014 to 28th March 2015.

Note 6.2

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2014

1. Contingent Liabilities

(a) Indemnity / Guarantees:

Rs. In Lacs

As at As at Particulars March 31, 2014 March 31, 2013

Indemnity / Counter Guarantees issued for Bank Guarantee and Letter of Credit issued 155.27 279.47

TOTAL 155.27 279.47

(b) Other money for which the Company is contingently liable:

Demand notices issued by Income Tax Dept. for which the Company has preferred appeal 128.16* 125.67

Demand notices issued by Sales Tax Dept. for which the Company has preferred appeal 1283.86 –

TOTAL 1412.02 125.67

* Out of the above, Company has already deposited Rs. 97.85 lacs with the income tax authorities.

2. Commitments

Estimated amount of contracts remaining to be executed on capital account (net of advances already made) and not provided for is Rs. 337.03 Lacs (Previous Year: Rs. 47.99 Lacs).

5. Other Disclosures

1. Disclosure pursuant to Accounting Standard - 15 ''Employee benefits''

(Also refer Note No.1.22 - Statement of profit and Loss) (a) General Description

(i) Contribution to Provident Fund (Defined Contribution)

The Company''s provident fund scheme (including pension fund scheme for eligible employees) is a Defined contribution plan. The expenses charged to the Statement of profit and Loss under the head Contribution to Provident Fund is Rs. 19.50 lacs (PY Rs. 18.46 lacs).

(ii) Gratuity (Defined benefit plan)

The Company has a Defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of service. The Company during the year provided Rs. 16.23 lacs (PY: Rs. 26.75 lacs) towards gratuity based on actuarial certifcate.

(iii) Leave salary (short term compensated absences)

The leave salary is payable at the basic salary DA for maximum of 90 days privilege leave outstanding at the year-end based on 26 working days which shall be en-cashed as per the rules framed by the Company. The Company during the year provided Rs. 12.38 lacs (PY: Rs. 7.87 lacs) towards leave salary.

3. Segment Reporting

The Company is operating in a single primary business segment of Specialty Chemicals. All the business activities of the Company are conducted from locations in India. Therefore all the revenue and net assets are attributed to Indian operations. Accordingly, no additional disclosure for secondary segment reporting on the basis of geographical operations has been made in the financial statements.

4. Basis of preparation

The Accounts of Sunshield Chemicals Limited ("the Company") have been prepared to comply with the Accounting Standard 17, "Segment Reporting" prescribed by Companies (Accounting Standard) Rules 2006 issued by the Central Government in exercise of the power conferred under sub-section (1) (a) of Section 642 and the relevant provisions of the Companies Act, 1956 (the ''Act''). The Accounts have been prepared under historical cost convention on accrual basis. The accounting policies have been consistently applied by the Company unless otherwise stated.

5. Prior period comparatives

Previous year''s figures are regrouped / reclassified to make it comparable with current year''s figures.


Mar 31, 2013

1. Nature of Operations

Sunshield Chemicals Limited (‘the Company'') was incorporated in India on 19th November 1986 to carry on the business of Specialty Chemicals.

2. Contingent Liabilities

(a) Indemnity / Guarantees:

Rs. In Lacs

As at As at Particulars March 31, 2013 March 31, 2012

Indemnity / Counter Guarantees issued for Bank Guarantee and Letter of Credit issued 279.47 272.70

TOTAL 279.47 272.70

(b) Other money for which the Company is contingently liable:

Demand notices issued by Income Tax Dept. for which the Company has preferred appeal 125.67 125.67

TOTAL 125.67* 125.67*

* Out of the above, Company has already deposited Rs. 66.78 lacs with the tax authorities.

3. Commitments

Estimated amount of contracts remaining to be executed on capital account (net of advances already made) and not provided for is Rs.47.99 Lacs (Previous Year: Rs. 89.78 Lacs).

4. Other Disclosures

1. Disclosure pursuant to Accounting Standard – 15 ‘Employee Benefts''

(Also refer Note No.1.22 – Statement of Proft and Loss)

(a) General Description

(i) Contribution to Provident Fund (Defned Contribution)

The Company''s provident fund scheme (including pension fund scheme for eligible employees) is a defned contribution plan. The expenses charged to the Statement of Proft and Loss under the head Contribution to Provident Fund is Rs.18.46 lacs (PY Rs.15.18 lacs).

(ii) Gratuity (Defned beneft plan)

The Company has a defned beneft gratuity plan. Every employee who has completed fve years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of service. The Company during the year provided Rs.26.75 lacs (PY: Rs. 6.10 lacs) towards gratuity based on actuarial certifcate.

(iii) Leave salary (short term compensated absences)

The leave salary is payable at the basic salary DA for maximum of 90 days privilege leave outstanding at the year-end based on 26 working days which shall be en-cashed as per the rules framed by the Company. The Company during the year provided Rs. 7.87 lacs (PY: Rs.24.58 lacs) towards leave salary.

5. Segment Reporting

The Company is operating in a single primary business segment of Specialty Chemicals. All the business activities of the Company are conducted from locations in India. Therefore all the revenue and net assets are attributed to Indian operations. Accordingly, no additional disclosure for secondary segment reporting on the basis of geographical operations has been made in the fnancial statements.

6. Basis of preparation

The Accounts of Sunshield Chemicals Limited ("the Company") have been prepared to comply with the Accounting Standard 17, "Segment Reporting" prescribed by Companies (Accounting Standard) Rules 2006 issued by the Central Government in exercise of the power conferred under sub-section (1) (a) of Section 642 and the relevant provisions of the Companies Act, 1956 (the ‘Act''). The Accounts have been prepared under historical cost convention on accrual basis. The accounting policies have been consistently applied by the Company unless otherwise stated.

7. Prior period comparatives

Previous year''s fgures are regrouped / reclassifed to make it comparable with current year''s fgures.


Mar 31, 2012

I) Pari passu first charge in the form of equitable mortgage created on the Company's land and building of its Rasal, Wave plant together with hypothecation of movable assets situated at the said plant and second pari passu charge by way of hypothecation of the Company's movable assets including plant and machinery, stocks, book debts, etc. situated at the said plant.

ii) The aggregate amount of Term Loan includes FCNR(B) loan which has been carved out of Term Loan No.ll & III. As per MCA notification dt.29-12-2011 the FCNR(B) liability restated consequent to exchange rate differences by net amount of 7 22.21 lacs only.

iii) Bank of Baroda, one of the bankers from the consortium of banks has an exclusive charge of 7 6 crore on the fixed assets of the company.

iv) Secured against Hypothecation of vehicle.

Continuing default as on Balance Sheet date with respect to term loans and deferred payment liabilities as above and repayment as to principle and interest thereto is given below:

1. Period of default Not Applicable

2. Amount NIL

Sub-notes:

1) Interest free unsecured loans (converted from Sales Tax Deferral Incentive Scheme of Maharashtra State) outstanding as on 31 st March, 2012 stand at Rs. 197.56 Lacs(P.Y. 7 225.02 Lacs).The present value of the aforesaid loans in accordance with the Notification dt. 16-11-2002 of the Maharashtra Government stands at Rs. 168.43 Lacs as under Previous Year 7187.42 Lacs):

2) With respect to Sales Tax Deferral prior to 01 -04-2004 (refer Significant Accounting Policies Note No.2 I (ii), provision has been made for the year ended 31st March 2012 for the incremental present value-tit 7 8.47 Lacs(P.Y7 10.62 Lacs) and is appearing in the Note No. 1.2 C of Reserves & Surplus.

Sub-notes:

Short Term Loans for the working capita! facilities from the Company's bankers are secured by way of a pari passu first charge in the form of Joint Deed of Hypothecation of the Company's Stocks and Book Debts and a pari passu second charge by way of equitable mortgage created on the Company's Land and Building at its Rasal, Wave plant, together with hypothecation of movable assets situated at the said plant.

Continuing Default as on Balance Sheet date in repayment of loans and interest with respect of short term Bank Borrowings:

1. Period of default Not Applicable

2. Amount Nil

Sub-notes:

Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to dues to Micro, Small and Medium enterprises. Based on the information available with the Company, there are no parties who have been identified as micro, small and medium enterprises based on the confirmations circulated and responses received by the management.

Sub-note:

As per Companies (Acceptance of Deposits) Rules 1975, the Company has deposited a sum of Rs. 16.50 Lacs in the specfied mode of investment within the stipulated time.

Sub-notes:

In view of accumulated depreciation, no liability for income tax arises except for MAT liability. Accordingly the Company has provided 718 Lacs towards MAT liability on book profits for the year ended 31st March, 2012 under the Income Tax Act, 1961 (RY.751.60 Lacs).

Sub-notes:

I) The Company received possession of the Office Premises at Dadar, Mumbai 400028 in the first quarter of the year. The Company has reclassified ft as an investment instead of fixed asset Accordingly It is disclosed under Investment

ii) In August 2011, the Company swapped a part of Long term INR loan availed for Capex with FCNR loan. Based on MCA notification dated 29th December 2011, the Company has opted for capitalization of a sum of 178.80 lakhs being exchange rate differences for the reinstated liability of foreign currency loan for Capex, as on March, 2012. Accordingly, the said sum of Rs. 78.80 lakhs has been capitalised and reflected in other adjustment as above. Mad this revision as per the said notification not been carried out by the Company, the profit before taxation and the Block of Plant & Machinery upto 31 st March,2012 would have been lower by Rs. 78.80 lakhs.

Sub-notes:

The Company received possession of the Office Premises at Dadar during the year. The Company has treated it as an investment.

Sub-notes:

The estimated amount of Excise Duty and Education Cess liability on finished goods lying at the factory as on 31st March,2012 is estimated at Rs. 22.63 lacs (Previous year Rs. 12.55 lacs) and included in the valuation of Finished Goods inventory

Sub-notes:

Pursuant to Accounting Standard interpretation (ASI) 14 (Revised) "Disclosure of Revenue from Sales Transaction" issued by the Institute of Chartered Accountants of India, excise duty expense relatable to sales is reduced from Gross Sales and the balance amount relating to the difference between the closing stock and opening stock of finished goods is disclosed separately as part of Cost of Material Consumed in Note No. 1.20. The same has no impact on profits of the Company.

1. Nature of Operations

Sunshield Chemicals Limited (the Company') was incorporated in India on 19th November 1986 to carry on the business of Specialty Chemicals.

2. Disclosure pursuant to Accounting Standard -15 'Employee Benefits'

{Also refer Note No.1.22 - Statement of Profit and Loss)

(a) General Description

Contribution to Provident Fund (Defined Contribution)

The Company's provident fund scheme (including pension fund scheme for eligible employees) is a defined contribution plan. The expenses charged to the Statement of Profit and Loss under the head Contribution to Provident Fund is Rs. 15.18 lacs (PY Rs. 13.85 lacs). //Gratuity (Defined benefit plan)

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is eligible for a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of service. The Company during the year provided Rs. 6.10 lacs (PY: Rs. 4.43 lacs) towards gratuity.

iii. Leave salary (short term compensated absences)

The leave salary is payable on the basis of Basic Salary Dearness Allowance for maximum period of 90 days of privilege leave outstanding at the year-end based on 26 working days which can be en-cashed as per the rules framed by the Company. During the year, the Company provided Rs. 24.58 lacs (PY: 7 19.86 lacs) towards leave salary.

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

3. Segment Reporting

The Company is operating in a single primary business segment of Speciality Chemicals. An the business activities of the Company are conducted from locations in India. Therefore all the revenue and net assets are attributed to Indian operations. Accordingly, no additional disclosure for secondary segment reporting on the basis of geographical operations has been made in the financial statements.

4. Basis of preparation

The Accounts of Sunshield Chemicals Limited ("the Company") have been prepared to comply with the Accounting Standard 17, "Segment Reporting''prescribed by Companies (Accounting Standard) Rules 2006 issued by the Central Government in exercise of the power conferred under sub-section (1) (a) of Section 642 and the relevant provisions of the Companies Act, 1956 (the 'Act'). The Accounts have been prepared under historical cost convention on accrual basis. The accounting policies have been consistently applied by the Company unless otherwise stated.

5. Prior period comparatives

Previous year's figures are presented as per the Revised Schedule VI to make comparables with current year.


Mar 31, 2010

1. Previous years figures have been regrouped wherever necessary to make them comparable with those of the current year.

2. The Issued and Paid-up Capital of the Company includes 1,38,600 Equity Shares of Rs.10/- each, issued by way of capitalization of Reserves in 1991.

3. Capital Reserve includes, :

a) Special Capital Incentive Grants received under Sales Tax Deferral Schemes: Rs. 26.06 lacs.

b) Value of Ownership Right in office premises (under construction) as valued by a Chartered Engineer & Valuer: Rs. 427.50 Lacs.

Fixed Assets include intangible asset, being the value of the ownership right in the office premises situated at Janki Niwas, N. Road, Dadar, Mumbai, which are presently under construction and which are receivable by the Company in lieu of the erstwhile office premises of the company in which the Company held tenancy rights. The said tenanted premises were taken up for development by a Developer in the year ended March 31, 2007 and in terms of the agreement between the Company and the Developer, the Company is to receive constructed ownership office premises as alternate accommodation, in lieu of the tenanted premises. The value of such right has been determined in accordance with a valuation report issued by an authorized Chartered Engineer and Valuer and has been accounted in the books of accounts by creating Capital Reserve Account of an equivalent amount.

4. a) Long Term Loans from Companys bankers are secured by way of a pari passu First charge in the form of equitable mortgage created on the Companys Land and Building of its Rasal Plant together with hypothecation of movable assets situated at the said plant and second pari passu charge by way of hypothecation of the Companys movable assets, stocks, book debts, etc. situated at the said plant.

b) Short Term Loans for the working capital facilities from the Companys bankers are secured by way of a pari passu first charge in the form of Joint Deed of Hypothecation of the Companys Stocks and Book Debts and a pari passu second charge by way of equitable mortgage created on the Companys Land and Building at its Rasal plant, together with hypothecation of movable assets including plant and machinery situated at the said plant.

5. The Company has obtained Bills Factoring Facility from M/s. Global Trade Finance Ltd., a Registered Non Banking Finance Company against bills raised on domestic and export customers approved by them.

6. Amounts repayable out of Long Term Loans (Secured & Unsecured), within one year (April 2010 to March 2011) are Rs. 364.94 Lacs (previous year, Rs. 608.55 Lacs).

7. The Management has reviewed the element of impairment of its fixed assets and no impairment has been identified.

8. (A) Interest free unsecured loans (converted from Sales Tax Deferral Incentive Scheme of Maharashtra State)

outstanding as on 31st March, 2010 stand at Rs.4.58 crores (P.Y. Rs.7.19 crores). The present value of the aforesaid loans in accordance with the Notification dt. 16-11-2002 of the Maharashtra Government stands at Rs. 4.00 crores (P.Y. Rs. 6.51 crores).

(B) With respect to Sales Tax Deferral prior to 01-04-2004 (refer Significant Accounting Policies 19 I) 3 i) of Schedule 19), provision has been made for the year ended 31st March 2010, for the incremental present value of Rs.0.11 crores (P.Y. Rs. 0.27 crores) and is appearing in the Profit and Loss Appropriation Account.

(C) In respect of these unsecured loans, a sum of Rs. 4.27 crores (P.Y. Rs. 3.92 crores) was due for repayment as at 31s1 March, 2010. In response to a request made to the Sales Tax Authorities for reshedulement of overdue loan installments, the Company has been sanctioned a revised Schedule of payments by the concerned authorities and in accordance with the revised Schedule, the Company has repaid Rs. 2.62 crores during the year 2009-10 (P. YRs. 86.89 lacs).

9. Pursuant to Accounting Standard interpretation (ASI) 14 (Revised) "Disclosure of Revenue from Sales Transaction" issued by the Institute of Chartered Accountants of India, excise duty expense relatable to sales is reduced from Gross Sales and the balance amount relating to the difference between the closing stock and opening stock of finished goods is disclosed separately as part of Materials Consumed in Schedule 13. The same has no impact on profits of the Company. The estimated amount of Excise Duty and Education Cess liability on finished goods lying at the factory as on 31s1 March,2010 is estimated at Rs 10,59,074/- (Previous year Rs. 7,65,308/-) and included in the valuation of Finished Goods inventory.

10.The Company has received confirmations from the following suppliers regarding their status under Micro / Medium / Small-scale enterprises Development Act, 2006. Amounts outstanding for more than 30 days to these units.

a) Upra Chem Pvt. Ltd. b) Taneja Plastics Pvt. Ltd. c) Indo Amines Ltd.

11. In view of carried forward losses and accumulated depreciation, no liability for income tax arises except for MAT liability. Accordingly the Company has provided Rs.33.25 lacs towards MAT liability on book profits for the year ended 31st March, 2010 under section 145A of the Income Tax Act, 1961. There was no MAT liability in the previous year. Earlier Years Company had provided for Fringe Benefit Tax of Rs.7.64 lacs. The same has been netted out along with current years provision of Rs.33.25 lacs from the advance payment of income tax.

12. The Company operates in a single primary business segment of Speciality Chemicals.

13. Related party Disclosures (Accounting Standard 18 (AS-18))

a. Key Management personnel: i) Shri Amit C. Choksey, Chairman ii) Shri Satish M. Kelkar, Vice Chairman iii) Shri Shreerang R. Belgaonkar, Wholetime Director

b. Individuals having control and significant influence over the company and relatives of such individual

Managerial remuneration of the Whole-time Director does not include:

a. provision for Leave encashment as the amount is not separately ascertainable in the actuarial valuation thereof.

b. provision for Gratuity as the amount is not separately ascertainable from the premium paid to LIC Group Gratuity Scheme.

14. a) The Company has made an application under relevant provisions of the Companies Act, 1956 to the Central Government for approval of the appointment of Shri Satish M. Kelkar as Managing Director and payment of remuneration to him for the period from April 1, 2007 to March 31, 2012. The said application is pending with the Central Government.

b) The Company has made an application to the Central Government u/s. 309, 310,297 and other applicable provisions of the Companies Act, 1956 for approval of the appointment of Shri Satish M. Kelkar as Advisor and payment of Retainer ship Fees to him for the period of three year from October 1, 2007 to September 30,2010. The said application is pending with the Central Government.

15. Computation of Earnings/ (Loss) Per Share as per Accounting Standard 20

16. As per Accounting Standard No. 22 on "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India, the Company is certain of absorbing deferred assets and accordingly it has passed relevant entry of Rs1,41,79,994 /- towards provision of Deferred Tax Asset for the year ended on 31-03-2010 as follows:

 
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