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Notes to Accounts of Symphony Ltd.

Mar 31, 2016

1. Corporate Information

Symphony Limited, a premier air cooling company was established in the year 1988. The company is in the field of residential, commercial and industrial air cooling both in the domestic and international markets.

2. Employee Benefits

The Present value of gratuity obligations 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.

3. Leave encashment

As per the policy followed by the company, all the leaves are enjoyable in the period itself. Therefore there is no liability of leave encashment existing at the end of the period. Accordingly no provision is made for leave encashment.

4. There are no Micro and Small Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at 31st March,2016. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. The Company''s products viz. Air Coolers carry one year warranty from date of purchase by its end users. The product warranty expense has been calculated based on past historical data of warranty cost incurred by Company.

6. In view of the provision of Companies Act 2013, the company has changed its accounting year to March ending instead of June ending as earlier. Accordingly current accounting year is of nine months ended on March 31, 2016 ("current period") and therefore the figures for the current period are not comparable with figures for the year ended June 30, 2015 (''previous year'') presented in the Statement of Profit and Loss, Cash Flow Statement and related notes. Previous year''s figures have been regrouped / reclassified wherever necessary, to confirm to the classification of the current period.

7. As per the provisions of the Companies Act 2013, the minimum amount to be spent towards expenditure for Corporate Social Responsibility (CSR) is H253.17 lacs, against which no amount has been spent during the period.

8. Disclosure under Regulation 34(3) of the Listing Agreement Amount of loans and advances in nature of loans outstanding from subsidiaries as at March 31, 2016:


Jun 30, 2015

(1) Nature of Business

Symphony Limited, a premier air cooling company was established in the year 1988. The company is in the field of residential, commercial and industrial air cooling both in the domestic and international markets.

2

SUBSIDIARIES

Following are the subsidiaries and step down subsidiaries of the Company

(i) Symphony Aircoolers Inc, USA (Subsidiary)

(ii) Sylvan Holdings Pte. Ltd., Singapore (Subsidiary)

(iii) IMPCO S DE RL DE CV, Mexico (Subsidiary of Subsidiary)

(iv) Symphony USA INC., USA (Subsidiary of Subsidiary)

3

LEASES

The company does not have any uncancellable lease.

4

EMPLOYEE BENEFITS

The Present value of gratuity obligations 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.

5

LEAVE ENCASHMENT

As per the policy followed by the company, all the leaves are enjoyable in the financial year itself. Therefore there is no liability of leave encashment existing at the end of the year. Accordingly no provision is made for leave encashment.

6

There are no Micro and Small Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at 30th June,2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

7

In the opinion of the board, Current Assets, Loans and Advances are approximately, stated at the value, if realised in ordinary course of business. Provisions for all known liabilities are provided for in full and the same are adequate and not in excess of the amount considered as reasonably necessary.

8

The Company's products viz. Air Coolers carry one year warranty from date of purchase by its end users. The product warranty expense has been calculated based on past historical data of warranty cost incurred by Company.

9

Previous year figures have been rearranged/ regrouped wherever necessary to make them comparable with the figures of the current year.


Jun 30, 2014

(Rs.in Lac)

Particulars 2013-14 2012-13

Note 1 CONTINGENT LIABILITIES

a) Claims against the Company not acknowledged as debt. 13.34 11.91

b) Demand on account of sales tax assessment raised against the 0.86 4,429.67 Company for the various years but the same is not acknowledged as debt hence, not provided for. Appeals are pending

c) Income Tax matters not acknowledged as debts 37.95 78.15

d] Demand under disputed central excise matter, Appeals are being 132.10 341.50 filed.

e) Estimated amount of contracts remaining to be executed on 295.85 85.02 capital account and not provided for

Income Tax

The Income- Tax assessments of the Company have been completed up to Assessment Year 2010-11. The Company has filed appeal against the demand of Rs.37.95 Lac raised for Assessment Year 2010-11. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

Note 2

(a) Primary Segment:

The Company has identified two primary segment namely Home Appliances and Corporate Funds so as to know financial efficiency of core business i.e. Home Appliances and Corporate Funds Segment which consists of surplus investments.

Note 3 SUBSIDIARIES

Following are the subsidiaries and step down subsidiaries of the Company

(i) Symphony Aircoolers Inc, USA (Subsidiary)

(ii) Sylvan Holdings Pte. Ltd., Singapore (Subsidiary)

(iii) IMPCO S DE RL DE CV, Mexico (Subsidiary of Subsidiary)

(iv) Symphony USA INC., USA (Subsidiary of Subsidiary)

Note 4 FASFS

The Company has operating lease for various premises which are renewable on a periodic basis and cancellable at its option. Rental expenses for operating lease are charged to Statement of Profit and Loss for the year Rs.146.75 Lac (Previous year Rs.86.07 Lac).

Note 5 EMPLOYEE BENEFITS

The Present value of gratuity obligations 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

Note 6 LEAVE ENCASHMENT

As per the policy followed by the Company, all the leaves are enjoyable in the financial year itself. Therefore there is no liability of leave encashment existing at the end of the year. Accordingly no provision is made for leave encashment.

Note 7

There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 30th June,2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

Note 8

In the opinion of the board, Current Assets, Loans and Advances are approximately, stated at the value, if realised in ordinary course of business. Provisions for all known liabilities are provided for in full and the same are adequate and not in excess of the amount considered as reasonably necessary.

Note 9

Previous year figures have been rearranged/ regrouped wherever necessary to make them comparable with the figures of the current year


Jun 30, 2013

(Rs.in Lacs)

Particulars 2012-13 2011-12

Note 1 Contingent Liabilities

a) Claims against the company not acknowledged as debt. 11.91 11.05

b) Demand on account of sales tax assessment raised against the 4,429.67 2,252.90 company for the various years but the same is not acknowledged as debt hence, not provided for. Appeals are pending.

c) Income Tax matters not acknowledged as debts 78.15 78.15

d) Demand under disputed central excise matter, Appeals are being 341.50 356.50 filed.

e) Bank Guarantee 5.50

f) Estimated amount of contracts remaining to be executed on capital 85.02 4.54 account and not provided for Sales Tax

The Contingent Liability towards sales tax is Rs.4,429.67 lacs (previous year Rs.2,252.90 lacs). During the year the Hon''ble Gujarat VAT Tribunal vide its order dt. January 10, 2013 upheld Sales tax liability and interest thereon, although penalty has been quashed. Considering interest liability up to June 30, 2013; the total demand would be Rs.4,425 lacs for the years, 1993-94, 1994-95, 1995-96, 1997-98 and 1999-2000.

The Rectification Application filed by the company against the said order dt. January 10, 2013 has been admitted and the same is pending before the said Tribunal. This disputed demand is on account of Sales Tax department, Gujarat, treating branch transfer and sales outside Gujarat as local sales, for lack of F and C forms. These forms were destroyed along with other records as they were kept in basement storage, which was flooded during the heavy rain of 20 inches on July 13, 2000 in Ahmedabad. This demand is despite the company having paid sales tax in respective states on such branch transfers and sales out of Gujarat. The Government of Gujarat has issued a circular dt. October 18, 2005 to the Commissioner of Sales Tax to grant relief for records destroyed in the floods on July 13, 2000. Hon''ble Commissioner of Sales Tax has granted administrative relief in the past in cases of such calamities. As advised by legal counsel, considering the merits of the case, no provision is required to be made in the books of accounts. The company''s VAT/Sales tax assessments in the state of Gujarat are completed up to the year 2008-09. There is no other pending demand for any year in Gujarat state except above.

Income Tax

The Income-Tax assessments of the Company have been completed up to Assessment Year 2009-10. The Company has filed appeal against the demand of Rs.78.15 lacs raised for Assessment Year 2009-10. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

Note 2 Subsidiaries

Following are the subsidiaries and step down subsidiaris of the Company

(i) Symphony Aircoolers Inc, USA (Subsidiary)

(ii) Sylvan Holdings Pte. Ltd., Singapore (Subsidiary)

(iii) IMPCO S DE RL DE CV, Mexico (Subsidiary of Subsidiary)

(iv) Symphony USA INC., USA (Subsidiary of Subsidiary)

Note 3 Leases

The company has operating lease for various premises which are renewable on a periodic basis and cancellable at its option. Rental expenses for operating lease are charged to Statement of Profit and Loss for the year Rs.86.07 Lacs (Previous year Rs.230.31 Lacs).

Note 4 Leave encashment

As per the policy followed by the company, all the leaves are enjoyable in the financial year itself. Therefore there is no liability of leave encashment existing at the end of the year. Accordingly no provision is made for leave encashment.

Note 5

There are no Micro and Small Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at 30th June,2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act,2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

Note 6

In the opinion of the board, Current Assets, Loans and Advances are approximately, stated at the value, if realised in ordinary course of business. Provisions for all known liabilities are provided for in full and the same are adequate and not in excess of the amount considered as reasonably necessary.

Note 7

Company gives one year warranty on certain components of its products. The expenses on the warranty as and when incurred are charged to the Statement of Profit and Loss.

Note 8

Previous year figures have been rearranged/ regrouped wherever necessary to make them comparable with the figures of the current year.


Jun 30, 2012

The Company has only one class of shares referred to as equity shares having a par value of Rs. 2/-. Every holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends 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.

During the year ended June 30, 2012, the amount of dividend per share recognised as distribution to equity shareholders was Rs. 5.50. The total dividend appropriation proposed for the year ended June 30, 2012 amounted to Rs. 2,235.91 lacs including dividend distribution tax of Rs. 312.09 lacs.

*As approved in the last annual general meeting held on November 30, 2011, the company has subdivided (split) the equity shares each of Rs. 10/-(Rs. Ten only), fully paid up into 5 equity shares each of Rs. 2/- (Rs. Two only) fully paid up, with effect from February,18,2012. Hence, the number of shares disclosed above are computed for the current year and recomputed for the previous year based on the revised face value of Rs. 2/- each.

Cash and Bank balances as of June 30, 2012 include restricted cash and bank balances of Rs. 966.84 lacs (Previous year Rs. 186.02 lacs). The restrictions are primarily on account of cash and bank balances held as margin money deposits against guarantees.

The deposits maintained by the Company with banks comprise of time deposits, which can be withdrawn by the Company at any point without prior notice or penalty on the principal.

As approved in the last annual general meeting held on November 30, 2011, the company has subdivided (split) the equity shares each of Rs. 10/-(Rs. Ten only), fully paid up into 5 equity shares each of Rs. 2/-(Rs. Two only), fully paid up, with effect from February, 18, 2012. Hence, the basic and diluted EPS and number of shares disclosed above are computed for the current year and recomputed for the previous year, based on the revised face value of Rs. 2/- each.

(1) The revised Schedule VI as notified under the Companies Act, 1956, has become applicable to the Company for presentation of its financial statements for the year ended June 30, 2012. Requirements of the revised Schedule VI has significantly modified the presentation and disclosures which have been complied with in these financial statements. Previous year figures have been reclassified in accordance with requirements of the current year.

(2) Contingent Liabilities (Rs.in Lacs)

2011-12 2010-11

a) Claims against the company not acknowledged as debt. 11.05 11.05

b) Demand on account of sales tax assessment raised against the company for various years but the same is not acknowledged as debt hence, not provided for. Appeals are pending. 2,252.90 2,254.10

c) Income Tax matters not acknowledged as debts. 78.15 -

d) Demand under disputed central excise matter, Appeals are being filed. 356.50 242.50

e) Estimated amount of contracts remaining to be executed on capital account and not provided for. 4.54 -

Sales Tax

The Contingent Liability towards sales tax is Rs. 2,252.90 lacs (previous year Rs. 2,254.10 lacs). The amount of Rs. 2,246.57 lacs (out of Rs. 2,252.90 lacs) is demand by Sales Tax department, Gujarat for the years, 1993-94, 1994-95, 1995-96, 1997-98 and 1999-2000. This is on account of Sales Tax department, Gujarat, treating branch transfer and sales outside Gujarat as local sales, for lack of F and C forms. These forms have been completely destroyed alongwith other records as they were kept in basement storage, which was flooded during the heavy rains of 20" on July 13, 2000 in Ahmedabad. This demand is despite the company having paid sales tax in respective states on such branch transfers and sales out of Gujarat. The Government of Gujarat has issued a letter dated 18.10.2005 to the Commissioner of Sales Tax to grant relief for records destroyed in this instance. Hon'ble Commissioner of Sales Tax has granted administrative relief in the past in cases of such calamities. The matter is now pending before the Appellate authority. As advised by legal counsel, considering the merits of the case, no provision is required to be made in the books of accounts.

The company's VAT/Sales tax assessments in the State of Gujarat are completed up to the year 2007-08. There is no other demand pending for any year in Gujarat state except above.

Income Tax

Income- Tax assessments of the Company have been completed up to Assessment Year 2009-10. The Company has filed appeal against the demand of Rs. 78.15 lacs raised for Assessment Year 2009-10. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly, no provision has been made.

(3) Subsidiaries

Following are subsidiaries and step down subsidiaries of the Company:

i) Symphony Aircoolers Inc, USA (Subsidiary)

ii) Sylvan Holdings Pte. Ltd., Singapore (Subsidiary)

iii) IMPCO S DE RL DE CV, Mexico (Subsidiary of Subsidiary)

iv) Symphony USA Inc., USA (known as Impco Aircooler Inc, Prior to 12-04-2012) (Subsidiary of Subsidiary)

The company does not have any financial lease. The lease term is renewable at mutual agreement of both the parties. There is no escalation clause in the lease agreement. There are no restrictions imposed by the lease agreement. There are no sub leases.

(4) Employee Benefits

The Present value of gratuity and leave encashment obligations 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.

(5) Leave encashment

As per policy followed by the Company, all the Leaves are enjoyable in the financial year itself. Therefore, there is no liability of leave encashment existing at the end of the year. Accordingly, no provision is made for leave encashment.

(6) There are no Micro and Small Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at 30th June, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

(7) In the opinion of the board, Current Assets, Loans and Advances are approximately, stated at the value, if realised in ordinary course of business. Provisions for all known liabilities are provided for in full and the same are adequate and not in excess of the amount considered as reasonably necessary

(8) As the company's business model is such that the excise duty payable by the company is negligible, it is not shown separately.

(9) Company gives one year's warranty on certain components of its products. The expenses on the warranty as and when incurred are charged to the Statement of Profit and Loss.

(10) Previous year figures have been rearranged/ regrouped wherever necessary to make them comparable with the figures of the current year.


Jun 30, 2010

(1) Contingent Liabilities (RS IN Lacs)

PARTICULARS 2009-10 2008-09

a) Claims against the company not acknowledged as debt. 11.18 11.18

b) Demand on account of sales tax assessment raised against the company for the various years but the same is not acknowledged as debt hence, not provided for Appeals are pending. 5.33 23.43

(2) Employee Benefits

The Present value of gratuity and leave encashment obligations 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.

(3)Leave encashment

As per the policy followed by the company there is no vesting benefit of leave encashment at the end of the year. Therefore there is no liability of leave encashment existing at the end of the year. Accordingly no provision is made for leave encashment.

(4)There are no Micro and Small Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at 30th June,2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

(5) In the opinion of the board, Current Assets, Loans and Advances are approximately , stated at the value, if realised in ordinary course of business. Provisions for all known liabilities are provided for in full and the same are adequate and not in excess of the amount considered as reasonably necessary.

(6) Previous year figures have been rearranged/ regrouped wherever necessary to make them comparable with the figures of the current year.


Jun 30, 2009

(1) Contingent Liabilities (Rs. In Lacs)

Sr. No. Particulars 2008-09 2007-08

a) Claims against the company not acknowledged as debt. 11.18 11.15

b) Income-tax Department had raised demand for A.Y. 2002-03, Company had filed appeal against the said disputed demand and penalty which has been now adjudged in favour of the company (see note below). - 1209.42

c) Demand on account of sales tax assessment raised against the company for the various years but the same is not acknowledged as debt hence, not provided for. * Appeals are filed against the same and appellate authority has set aside the impugned orders and remanded back the matters for which matter is under progress (see note below). 23.43 2270.46

Income Tax

At the beginning of the year under review, the contingent liabilities for income tax demand of Rs.306.45 lacs (A.Y. 2002-03) and the penalty u/s 271 (1 )(c) of the Income Tax Act for A.Y. 2002-03, amounting to Rs.902.97 Lacs were shown and appeals for both the demands were pending before the Income Tax Tribunal. During the year, the appeal for income tax demand of Rs.306.45 lacs (A.Y. 2002-03) and appeal for penalty u/s 271(1)(c) of the Income Tax Act for (A.Y. 2002-03) for Rs.902.97 Lacs was disposed off and decided in favor of the company by the Honble Income Tax Appellate Tribunal. Hence, both the disputed demands have been reduced from the contingent liabilities for income tax. Further the Honble BIFR, in its sanctioned scheme has also directed to the Directorate General of Income Tax to grant various relief & concessions to the company, which inter alia contain the aforesaid demands for disputed tax and penalty.

The above said Income tax Tribunal order was also applicable for A.Y. 2003-04 which nullified the demand of Rs.28.64 Lacs for which Company had made provision in 2007-08 and now same demand has been reversed against disputed demand of Income Tax of Rs.28.64 Lacs for the year A.Y. 2003-04

Sales Tax

The Contingent Liabilities for the year under review towards Sales Tax are Rs.23.43 Lacs,(Previous year Rs.2270.46 Lacs). The disputed Sales Tax demand of Rs. 2246.57 Lacs (on account of demand of tax Rs. 912.85 lacs, penalty of Rs.676.47 lacs and interest of Rs.657.25 lacs) was raised by the Sales Tax Department of Gujarat. The Sales Tax Department of Gujarat had carried out assessments for the F.Y.93-94 to F.Y.95-96, F.Y.97-98 and F.Y.99-2000 (5 years) and raised a total demand of Rs. 2246.57 Lacs in respect of Central Sales Tax mainly for want of "C" forms and "F" forms. All the books of accounts and other relevant records including declarations, "C" Forms, "F" Forms etc. were completely destroyed due to heavy rain fall in the Ahmedabad city & Gujarat on 13th July, 2000. The view of Assistant Commissioner of Sales tax is not tenable as the Honorable Commissioner of Sales tax has granted administrative relief in the past in cases of such natural or manmade or accidental calamities like fire or flood etc. The Finance Secretary of the State of Gujarat has also issued a letter dated 18.10.2005 to the Commissioner of Sales Tax on considering other available information like F.I.R., Panchnama, Fire Brigade Certificate, Survey Report of District Collector, Affidavit etc. in case of above flood as proof of damage, to complete such assessment u/s 41(2) of the Act by accepting return filed by the assesses. Assessment orders for the aforesaid five years raising total demand of Rs.2246.57 Lacs were passed prior to issue of letter dated 18.10.2005 of Finance Secretary, State of Gujarat. The Honble VAT Tribunal has set aside the impugned orders and remanded back the matter to the Department to consider the matter on the merit in line with the relief available under the letter dated 18.10.2005 from the Finance Department, Gujarat Government addressed to the Commissioner of Sales Tax. The matter is under progress.

Further the Honble BIFR, in its sanctioned scheme has also directed the Government of Gujarat to grant relief to the company to complete the pending assessments by accepting the returns filed by the company and without raising further demand. In view of the direction in the letter dated 18.10.2005 of the Finance Department, Gujarat, Order of Gujarat VAT Tribunal and Order of Honble BIFR and as legally advised, neither provision nor contingent liability is required to be made / shown for disputed demand aggregating to Rs.2246.57 Lacs. Further during the year, the Gujarat Sales Tax Department has raised demand for the year 2005-06 for Rs. 8.60 lacs against which appeal preferred by the company is pending. As legally advised, no provision is required to be made for disputed demand aggregating to Rs.8.60 Lacs.

During the year under review, Demand of Rs.23.89 Lacs for Cuttuck Branch, (Orissa) have been quashed and a fresh assessment demand was reduced by Rs.22.80 Lacs and against balance amount of Rs.1.09 Lacs company has preferred an Appeal. During the year, there is a fresh demand of Rs. 13.74 Lacs for various matters for which no provision has been made.

(2) Bad Debts Recovered

As was explained in the Annual Reports of 2000-01 and 2001-02, the Company had been dealing with various Regional Distributors since 1989. Over the years the said distributors had accumulated losses and hence their outstanding payable to the company kept on mounting. Finally in 2001-02, after taking experts opinion, the company decided to write-off the amount totaling to Rs.2579.90 Lacs which the distributors were unable to pay.

However, since the said distributors had an established distribution network without which the company would have been unable to carry on its business, the company had to continue business with them, although on renewed terms of strictly no credit. Over the last five years, in the process, the company has gradually established its own distribution network and these distributors have also started making profits. Now, the company has appointed its own employees throughout the country and set up its own marketing and service network and has stopped dealing through the regional distributors. In response to continued efforts by the company to recover past dues, the distributors have approached the company to settle their outstanding dues (which the company had written-off) in an amicable manner. The matter was referred to an arbitrator and the appointed arbitrator was an Ex. Justice of Gujarat High Court and Ex. Chairman of MRTP Commission. The arbitration award was passed on 27th April, 2009. As per the award the Company was to recover sizeable amount of the disputed dues from Regional Distributors and accordingly has recovered Rs. 1976.70 Lacs and the same has been shown as the Income for the year under review and Income Tax liability has been provided for.

Segment Capital Employed

Assets used in the companys business and liabilities contracted have not been identified to any of the reportable segments, as they are used interchangeably between segments, the company believes that it is currently not practicable to provide segment disclosures relating to Capital employed.

(3) Subsidiaries

Following are the subsidiaries of the Company

(i) Symphony Aircoolers lnc,USA

(ii) Sylvan Holdings Pte Ltd., Singapore

(11) The company has operating lease from various premises which are renewable on a periodic basis and cancellable at its option. Rental expenses for operating lease are charged to Profit and Loss Account for the year Rs. 27.05 Lacs (Previous year Rs. 19.52 Lacs).

Not later than one year Rs. 27.05 Lacs (Previous year Rs. 19.52 Lacs).

Not later than five year Rs. Nil (Previous year Rs. Nil).

The company does not have any financial lease.

(4) Leave encashment

As per the policy followed by the company there is no vesting benefit of leave encashment at the end of the year. Therefore there is no liability of leave encashment existing at the end of the year. Accordingly no provision is made for leave encashment.

(5) The Company has not provided excise duty of Rs 0.23 lacs (Previous year Rs 3.55 lacs) on Finished goods lying in the Bonded Store room at the Factory. However, this transaction has no impact on the result for the year.

(6) The amount overdue to the suppliers covered under Micro,Small and Medium Enterprises Development Act,2006 could not be ascertained in view of insuffcient information from suppliers regarding their status.

(7) In the opinion of the board, Current Assets, Loans and Advances are approximately , stated at the value, if realised in ordinary course of business. Provisions for all known liabilities are provided for in full and the same are adequate and not in excess of the amount considered as reasonably necessary.

(8) Previous year figures have been rearranged/ regrouped wherever necessary to make them comparable with the figures of the current year.

 
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