Mar 31, 2015
Note 1: ADDITIONAL NOTES TO FINANCIAL STATEMENT
1. Contingent Liabilities and commitments: Contingent Liabilities not
acknowledged as debts:
a) regarding excise duty on unbranded French fries Rs.0.59lacs
(previous Rs.0.59) Â Matters under appeal hence interest on such demand
not provided for.
b) regarding Income Tax approx. Rs. 129.84 lacs (Previous Year Rs.
129.84 Lacs)
2. The confirmation, reconciliation and adjustment of balances
pertaining to trade receivables and payables, loans and advances and
capital advances is an ongoing process. As regards the outstanding
trade receivables, loans and advances and capital advances, the
significant portion of these are independently verified and the company
is of the opinion that the same are fully recoverable and consequential
adjustments and provisioning, if any, are not likely to be material
given the naturead size of its operation.
3. In the absence of any possibility of taxable profits in the near
future, the company has not provided for Deferred Tax Asset as per
AS-22. The company is not recognizing deferred tax assets in respect of
huge unabsorbed depreciation and carried forward losses and other
deferred tax assets as there is no certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
4. The company had raised invoice claims on Lamb Weston Inc. amounting
to Rs.12.17 lacs during earlier years towards renting of cold storage,
testing charges, custom duty and freight charges which are outstanding
as at March 31,2015 . These amounts are recoverable in foreign currency
and are doubtful of recovery. Accordingly, provision for these amounts
had already been made in these accounts in 1997-98.
5. The company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Act. 2006. 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, 2015. The above information pertaining to micro and small
enterprises has been determined to the extent such parties have been
identified on the basis of the information available with the Company.
This has been relied upon by the auditors.
6. In respect of Accounting Standard 17 on "Segment Reporting", the
Company is a single segment Company dealing in fresh, frozen and canned
foods in accordance with the criteria for identification of reportable
segment specified in the said standard.
7. Interest on secured term loans (IDBI Bank and IFCI Ltd.) with the
secured lenders have not been provided for in the books of accounts as
the company had entered into negotiated settlement with the Secured
Lenders - Financial Institutions in 2009-10. The company made a payment
of Rs. 1 crore towards thesaid settlement in earlier years as part of
the settlement but defaulted in the payment of further installments.
Both of the secured lenders have revoked the negotiated settlement but
the company has approached them again for resettlement of the matter
and is hopeful of settlement in the near future. Current provision of
Interest of Rs. 28.99 crs. due to the secured lenders along with
Principal amount of Rs. 3.40 crs. as per Books of Accounts is more than
the settlement amount discussed with these lenders and in view of this,
there is no fresh provision of interest made for the year under review
in the Books of Accounts.
8. The company has entered into One Time Settlement with one of its
secured creditors- International Asset Reconstruction Company Pvt. Ltd.
(assigned byStandard Chartered Bank) for Rs.40 Lacs and has
completelysatisfied their charge. The interest on term loan provided
but not paid amountingto Rs.1.08 Crs has been written backand isshown
underthe head- Extra-Ordinary Items.
9. The net worth of the company is negative as at the Balance Sheet
date. However accounts of the company have been prepared on going
concern basis since the company is taking necessary steps for its
revival. In case the company is unable to continue as going concern in
future, the resultantadjustments,ifanyarepresentlynot ascertainable.
10. Liabilities recognized in the Balance Sheet as on 31st March, 2015
with respect to gratuity is Rs. 9.39 Lacs (Previous year Rs. 8.77 lacs)
and with respect to leave encashment/ entitlements Rs. 0.87 Lacs
(Previous Year Rs. 1.19 lacs) as per the Actuarial Valuation. The
following table set out the status of the Gratuity plan as required
under AS-15. Reconciliation of the opening and closing value of the
defined benefit obligation.
11. The cold store building had suffered damages due to earthquake in
March, 1999. The building requires major repairs in insulation and RCC
works has to be repaired and substantial insulation will have to be
re-done. The company had filed insurance claim with the National
Insurance Co. in 2001 which remains unsettled till date.
12. The Company suffered loss on account of deterioration of stocks
arising out of break down in Generating set and earthquake damages to
the cold store building. Company had filed insurance claim with
National Insurance Co. in 2001 for deterioration of stocks, machinery
break down, for generator set and cold store building which are all
pending till date.
13. The company has filed a case in Delhi High Court in 2004 for
losses on account of damages to the cold store, deterioration of
stocks, machinery breakdown. The case has been admitted and the
evidences are being taken up.
14. The company has been served with a statutory notice under section
13 (2) of Securitization and Reconstruction of the Financial assets and
Enforcement of Securities Interest Act, 2002, by IDBI Bank Ltd. in
2007.
15. The access to the factory is through the land owned by third
party. A case has been filed and admitted in the local courts of
Rudrapur in earlier year denying the access to the Factory through the
land under control of third Party.
16. Exceptional Items include interest of Rs.3.44 lacs u/s 7Q and
damages of Rs. 6.60 lacs u/s 14B levied on non deposit of Provident
fund for the period July, 2007 to December, 2010 under the Employees'
Provident Fund and Misc. Provisions Act, 1952.
17. Related Party Disclosure-As per AS 18, the disclosure of
transactions with the related partiesare given below:
a. List of Related Parties where control exists and related parties
with whom transactions have taken place and relationship: Sr.No. Name
of the Related Party Relationship
1. Mr.G.S.Sandhu- Key Management Personnel
2. Dr. Ram Pyare Singh Key Management Personnel
3. KiranSandhu Relative of Key Managerial Person
4. Suraiya Exports Pvt. Ltd. } Company in which Key
5. Tarai Farmlands Pvt. Ltd. } Managerial Person are Directors
b. Detailsoftransactionsduringtheyearwithrelatedparties:
Nature of transactions Key Managerial Personnels (KMP)
(Rs.In Lacs)
18.Previous year's figures have been regrouped/ reclassified where
vernecessary to correspond with the current year's classification/
disclosure.
Mar 31, 2014
1. SHARE CAPITAL
a) Terms/ rights attached to Equity Shares:
The Company has only one class of Equity Shares having a par value of
Rs. 10/- per share. Each holder of Equity share is entitled to one vote
per share. The dividends, if and when declared, is declared and paid In
Indian Rupees. The Board of Directors have neither declared nor
proposed any Dividend. In the event of Liquidation of the Company, the
Equity holders will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts, and in the
proportion to the number of Equity shares held by them.
2. Contingent Liabilities and commitments:
Contingent Liabilities not acknowledged as debts:
a) regarding excise duty on unbranded French fries Rs. 0.59lacs
(previous Rs.0.59) - Matters under appeal hence interest on such demand
not provided for.
b) regarding Income Tax approx. Rs. 129.84 lacs(Previous Year Rs.
129.84 Lacs)
3. The confirmation, reconciliation and adjustment of balances
pertaining to trade receivables and payables, loans and advances and
capital advances is an ongoing process. As regards the outstanding
trade receivables, loans and advances and capital advances, the
significant portion of these are independently verified and the company
is of the opinion that the same are fully recoverable and consequential
adjustments and provisioning, if any, are not likely to be material
given the nature ad size of its operation.
4. In the absence of any possibility of taxable profits in the near
future, the company has not provided for Deferred Tax Asset as per
AS-22. The company is not recognizing deferred tax assets in respect of
huge unabsorbed depreciation and carried forward losses and other
deferred tax assets as there is no certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
5. The company had raised invoice claims on Lamb Weston Inc. amounting
to Rs.12.17 lacs during earlier years towards renting of cold storage,
testing charges, custom duty and freight charges which are outstanding
as at March 31,2014 . These amounts are recoverable in foreign currency
and are doubtful of recovery. Accordingly, provision for these amounts
had already been made in these accounts in 1997-98.
6. The company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Act. 2006.
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, 2014.
The above information pertaining to micro and small enterprises has
been determined to the extent such parties have been identified on the
basis of the information available with the Company. This has been
relied upon by the auditors.
In respect of Accounting Standard 17 on "Segment Reporting", the
Company is a single segment Company dealing in fresh, frozen and canned
foods in accordance with the criteria for identification of reportable
segment specified in the said standard.
7. Interest on secured term loans with the secured lenders have not
been provided for in the books of accounts as the company had entered
into negotiated settlement with the Secured Lenders - Financial
Institutions in 2009-10. The company made a payment of Rs.2 crs.
towards the said settlement in subsequent years as part of the
settlement but defaulted in the payment of further installments. All of
the secured lenders have revoked the negotiated settlement but the
company has approached them again for resettlement of the matter and is
hopeful of settlement in the near future. Current provision of Interest
of Rs. 39.99 crs. due to the secured lenders along with Principal
amount of Rs. 4,65 crs. as per Books of Accounts is more than the
settlement amount d discussed with these lenders and i n view of this,
there is no fresh provision of interest made for the year under review
in the Books of Accounts.
8. The net worth of the company is negative as at the Balance Sheet
date. However accounts of the company have been prepared on going
concern basis since the company is taking necessary steps for its
revival. In case the company is unable to continue as going concern in
future, the resultant adjustments, if any are presently not
ascertainable.
9. Liabilities recognized in the Balance Sheet as on 31s: March, 2014
with respect to gratuity is Rs. 8.77 Lacs (Previous year Rs. 6.22 lacs)
and with respect to leave encashment/ entitlements Rs. 1.19 Lacs
(Previous Year Rs. 0.86 lacs) as per the Actuarial Valuation. The
following table set out the status of the Gratuity plan as required
under AS-15. Reconciliation of the opening and dosing value of the
defined benefit obligation- Gratuity Plan and Leave Encashment.
10. The cold store building had suffered damages due to earthquake in
March, 1999. The building requires major repairs in insulation and RCC
works has to be repaired and substantial Insulation will have to be
re-done, The company had filed insurance claim with the National
Insurance Co, in 2001 which remains unsettled till date.
11. The Company suffered loss on account of deterioration of stocks
arising out of break down in Generating set and earthquake damages to
the cold store building. Company had filed insurance claim with
National Insurance Co. in 2001 for deterioration of stocks, machinery
break down, for generator set and cold store building which are all
pending till date,
12. The company has filed a case in Delhi High Court in 2004 for
losses on account of damages to the cold store, deterioration of
stocks, machinery break down. The case has been admitted and the
evidences a re being take n up,
13. The company has been served with a statutory notice under section
13 (2| of Securitization and Reconstruction of the Financial assets and
Enforcement of Securities interest Act, 2002, by IDBI Bank Ltd. in
2007.
14. IFCI issued a Notice under section 13(2) of SARFAE5I Act,2002 on
06,07.2011 upon the Company, took over the possession of the secured
assets of the Company on 04.02,2012 under SARFAE5I Act and issued a
notice dtd. 7th February, 2012 u/s 13 (4) of the SARFAESI Act, 2002
having obtained consent from all secured lenders.
IFCI Ltd. has served a notice dtd 15th February, 2013 through their
advocates u/s 433 (e) and 434 of the Companies Act, 1956 for winding
upon the company.
15. The access to the factory is through the land owned by third party.
A case has been filed and admitted in the local courts of Rudrapur in
earlier year denying the access to the Factory through the land under
control of third Party.
16. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
Mar 31, 2013
1. Contingent Liabilities and commitments: Contingent Liabilities not
acknowledged as debts:
a) regarding excise duty on unbranded French fries Rs.0.59lacs
(previous Rs.0.59) - Matters under appeal hence interest on such demand
not provided for.
b) regarding Income Tax approx. Rs. 129.84 lacs (Previous Year Rs.
129.84 lacs)
2. Accounts of certain debtors and creditors'' balances are subject to
confirmation. But the management is of the opinion that there would not
be any material impact on the financial statements.
3. In the absence of any possibility of taxable profits in the near
future, the company has not provided for Deferred Tax Asset as per
AS-22. The company is not recognizing deferred tax assets in respect of
huge unabsorbed depreciation and carried forward losses and other
deferred tax assets as there is no certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
4. The company has raised invoice claims on Lamb Weston Inc. amounting
to Rs.12.17 lacs during earlier years towards renting of cold storage,
testing charges, custom duty and freight charges which are outstanding
as at March 31,2013 . These amounts are recoverable in foreign
currency and are doubtful of recovery. Accordingly, provision for these
amounts had already been made in these accounts in 1997-98.
5. The company has transferred the moneys lying in the Unclaimed
Application Money Refundable account amounting to Rs. 2.25 lacs to
Investor Education And Protection Fund during the year.
6. The company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Act. 2006. 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, 2013. The above information pertaining to micro and small
enterprises has been determined to the extent such parties have been
identified on the basis of the information available with the Company.
This has been relied upon by the auditors.
7. Prior year expenses include bonus of Rs. 0.68 lacs paid for the
year 2009-10 and has been shown along with Extra Ordinary Items.
8. In respect of Accounting Standard 17 on "Segment Reporting", the
Company is a single segment Company dealing in fresh, frozen and canned
foods in accordance with the criteria for identification of reportable
segment specified in the said standard.
9. Interest on secured term loans and working capital defaults with
the secured lenders have not been provided for in the books of accounts
as the company had entered into negotiated settlement with the Secured
Lenders - Financial Institutions in 2009-10. The company made a payment
of Rs.2 crs. towards the said settlement in subsequent years as part of
the settlement but defaulted in the payment of further installments.
All of the secured lenders have revoked the negotiated settlement but
the company has approached them again for resettlement of the matter
and is hopeful of settlement in the near future. Current provision of
Interest of Rs. 39.99 crs. due to the secured lenders along with
Principal amount of Rs. 4.65 crs. as per Books of Accounts is more than
the settlement amount discussed with these lenders and in view of this,
there is no fresh provision of interest made for the year under review
in the Books of Accounts.
10. The net worth of the company is negative as at the Balance Sheet
date. However accounts of the company have been prepared on going
concern basis since the company is taking necessary steps for its
revival. In case the company is unable to continue as going concern in
future, the resultant adjustments, if any are presently not
ascertainable.
11. Liabilities recognized in the Balance Sheet as on 31st March, 2013
with respect to gratuity is Rs. 6.22 Lacs (Previous year Rs. 6.75 lacs)
and with respect to leave encashment/ entitlements Rs. 0.86 Lacs
(Previous Year Rs. 0.90 lacs) as per the Actuarial Valuation. The
following table set out the status of the Gratuity plan as required
under AS-15. Reconciliation of the opening and closing value of the
defined benefit obligation- Gratuity Plan AND LEAVE ENCASHMENT
12. The cold store building had suffered damages due to earthquake in
March, 1999. The building requires major repairs in insulation and RCC
works has to be repaired and substantial insulation will have to be
re-done. The company had filed insurance claim with the National
Insurance Co. in 2001 which remains unsettled till date.
13. The Company suffered loss on account of deterioration of stocks
arising out of break down in Generating set and earthquake damages to
the cold store building. Company had filed insurance claim with
National Insurance Co. in 2001 for deterioration of stocks, machinery
break down, for generator set and cold store building which are all
pending till date.
14. The company has filed a case in Delhi High Court in 2004 for
losses on account of damages to the cold store, deterioration of
stocks, machinery break down. The case has been admitted and the
evidences are being taken up.
15. The company has been served with a statutory notice under section
13 (2) of Securitization and Reconstruction of the Financial assets and
Enforcement of Securities Interest Act, 2002, by IDBI Bank Ltd. in
2007.
16. IFCI issued a Notice under section 13(2) of SARFAESI Act,2002 on
06.07.2011 upon the Company, took over the possession of the secured
assets of the Company on 04.02.2012 under SARFAESI Act and issued a
notice dtd. 7th February, 2012 u/s 13 (4) of the SARFAESI Act, 2002
having obtained consent from all secured lenders. IFCI thereafter
invited Offers for sale of the Assets of the Company, published the
Public Notice dtd 24th February, 2012 in the newspapers. An Assets Sale
Committee was specifically constituted by IFCI for this purpose which
kept the Reserved Price for the assets at Rs. 9.27 crs. with the
Auction Date being 27th March, 2012. However, none of the parties
appeared for bidding and the auction failed. IFCI Ltd. again invited
the offers vide their Public Notice dtd 18th May, 2012 from the
Interested Parties for sale of the secured Assets of the company after
reducing the Reserved Price to Rs. 8 Crs. However, again the Auction
failed as none of the parties showed any interest. IFCI Ltd. has served
a notice dtd 15th February, 2013 through their advocates u/s 433 (e)
and 434 of the Companies Act, 1956 for winding up of the company.
17. The company settled a secured loan (working capital facilities) of
State Bank of Travancore of Rs. 190 lacs for Rs. 85 lacs as full and
final settlement of all claims of the Bank against the company and the
guarantors during the year. The company had paid Rs. 5 lacs in earlier
years for the settlement which was reflected as deposit with the Bank
in earlier vpxrs Thps^rnp feeA°.no longer payable along with
provision of Interest of Rs. 4,99,10,283/- payable on this working
capital facilities from State Bank of Travancore have been written
off on full and final settlement of the loan amount and shown as
Extra- ordinary Items in the Profit & Loss A/c. 20. The access to
the factory''is through the land owned by third party. A case has
been filed and admitted in the local courts of Rudrapur in earlier
year denying the access to the Factory through the land under
control of third Party.
Mar 31, 2011
1. Contingent Liabilities not provided for:
a) in respect of demands against the company not admitted as debts
regarding excise duty on unbranded French fries Rs.0.59lacs (previous
Rs.0.59)- Matters under appeal hence interest on such demand not
provided for.
b) in respect of demands against the company not admitted as debts
regarding sales taxapprox. Rs.0.39 lacs (previous period Rs.0.39 lacs)
c) In respect of demands against the company not admitted as debts
regarding Income Tax approx. Rs. 129.84 lacs (Previous Year Rs. 129.84
Lacs)
2. Accounts of certain debtors, loans and advances and creditors
balances are subject to confirmation. But the management is of the
opinion that there would not be any material impact on the financial
statements.
3. In the absence of any possibility of taxable profits in the near
future, the company has not provided for Deferred Tax Asset as per
AS-22. The company is not recognizing deferred tax assets in respect of
huge unabsorbed depreciation and carried forward losses and other
deferred tax assets as there is no certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
4. The company has raised invoice claims on Lamb Weston Inc. amounting
to Rs.12.17 lacs during earlier years towards renting of cold storage,
testing charges, custom duty and freight charges which are outstanding
as at March 31,2011. These amounts are recoverable in foreign currency
and are doubtful of recovery. Accordingly, provision for these amounts
had already been made in these accounts in 1997-98
5. The company has written to the Bankers to transfer the moneys lying
in the Unclaimed Application Money Refundable account to Investor
Education And Protection Fund. Currently, the amount has been disclosed
as Application money refundable under cash and bank balances and share
application money refundable under current liabilities.
7. The company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Act. 2006. 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, 2011. The above information pertaining to micro and
smallenterprises has been determined to the extent such parties have
been identified on the basis of the information available with the
Company. This has been relied upon by the auditors.
8. In respect of Accounting Standard 17 on "Segment Reporting", the
Company is a single segment Company dealing in fresh, frozen and canned
foods in accordance with the criteria for identification of reportable
segment specified in the said standard.
10. Interest on term loan and working capital defaults have not been
provided for in the books of accounts as the company has entered into
negotiated settlement with the Financial Institutions and Banks. IFCI
Ltd. and Standard Chartered Bank have revoked the negotiated settlement
during the year but the company is hopeful to resettle the matters in
the near future.
11. The net worth of the company is negative as at the Balance Sheet
date. However accounts of the company have been prepared on going
concern basis since the company is taking necessary steps for its
revival. In case the company is unable to continue as going concern in
future, the resultant adjustments, if any are presently not
ascertainable.
12. Liabilities recognized in the Balance Sheet as on 31st March, 2011
with respect to gratuity is Rs. 4.39 Lacs (Previous year Rs. 3.90 lacs)
and with respect to leave encashment/ entitlements Rs. 0.48 Lacs
(Previous Year Rs. 0.65 lacs). While calculating gratuity, assumption
has need made that discount rate and the salary escalation rate are 8%
and 5% respectively.
13. The cold store building had suffered damages due to earthquake in
March, 1999. The building requires major repairs in insulation and RCC
works has to be repaired and substantial insulation will have to be re-
done. The company had filed insurance claim with the National Insurance
Co. in 2001 which remains unsettled till date.
14. The Company suffered loss on account of deterioration of stocks
arising out of break down in Generating set and earthquake damages to
the cold store building. Company had filed insurance claim with
National Insurance Co. in 2001 for deterioration of stocks, machinery
break down, for generator set and cold store building which are all
pending till date.
15. The company has filed a case in Delhi High Court in 2004 (which is
pending for adjudication) for losses on account of damages to the cold
store, deterioration of stocks, machinery break down and consequential
losses on account of losses and damages suffered due to inaction of the
Insurance Authorities. The case has been admitted and the evidences are
being taken up.
16. The company has been served with a statutory notice under section
13 (2) of Securitization and Reconstruction of the Financial assets and
Enforcement of Securities Interest Act, 2002, by IDBI Bank Ltd. in
2007.
Mar 31, 2010
1. Contingent Liabilities not provided for:
a) in respect of demands against the company not admitted as debts
regarding excise duty on unbranded french fries Rs.0.59 lacs (previous
Rs. 0.59 lacs) - Matters under appeal hence interest on such demand |
not provided for.
b) in respect of demands against the company not admitted as debts
regarding sales tax approx. Rs.0.39 lacs (previous period Rs.0.39 lacs)
c) In respect of demands against the company not admitted as debts
regarding Income Tax approx. Rs. 129.84 lacs (Previous Year Rs. 129.84
Lacs)
2. Accounts of certain debtors, loans and advances and creditors
balances are subject to confirmation. But the management is of the
opinion that there would not be any material impact on the financial
statements.
3. In the absence of any possibility of taxable profits in the near
future, the company has not provided for Deferred Tax Asset as per AS-
22. The company is not recognizing deferred tax assets in respect of
huge unabsorbed dep reclation and carried forward losses and other
deferred tax assets as there is no certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised.
4. The company has raised invoice claims on Lamb Weston Inc. amounting
to Rs,12.17 lacs during earlier years towards renting of cold storage,
testing charges, custom duty and freight charges which are outstanding
as at March 31, 2010. These amounts are recoverable in foreign currency
and are doubtful of recovery. Accordingly, provision for these amounts
has been made in these accounts in earlier years.
5. The company has written to the Bankers to transfer the moneys lying
in the Unclaimed Application Money Refundable Account to Investor
Education And Protection Fund. Currently. The amount has been disclosed
as share application money refundable under cash and bank balances and
share application money refundable under current liabilities.
6. The company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Act. 2006. 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, 2010. The above information pertaining to micro and small
enterprises has been determined to the extent such parties have been
relied upon by the auditors.
7. In respect of Accounting Standard 17 on "Segment Reporting". The
company is a single segment Company dealing in fresh, frozen and canned
foods in accordance with the criteria for identification of reportable
segment specified in the said standard.
8. Interest of arount Rs. 6.09 Crores has not been provided for in
the books of accounts as the company has entered into negotiated
settlement with the Financial Institutions and Banks during the year
under review.
9. The net worth of the company is negative as at the Balance Sheet
date. However accounts of the company have been prepared on going
concern basis since the company is taking necessary steps for its
revival. In case the company is unable to continue as going concern in
future, the resultant adjustments, if any are presently not
ascertainable.
10. Liabilities recognized in the Balance Sheet as on 31st March. 2010
with respect to gratuity is Rs. 3.90 Lacs {Previous year NIL) and with
respect to leave encashment/entitlements Rs. 0.65 Lacs (Previous year
NIL). While calculating gratuity, assumption has need made that
discount rate and the salary escalation rate are 8% and 5%
respectively.
11. The cold store building had suffered damages due to earthquake in
March, 1999. The building requires major repairs in insulation and RCC
works has to be repaired and substantial insulation will have to be
re-done. The company had Filed insurance claim with the National
Insurance Co. which remains unsettled till date.
12. The Company suffered loss on account of deterioration of stocks
arising out of break down in Generating set and earthquake damages to
the cold store building . Company had filed Insurance claim with
National Insurance Co. for deterioration of stocks, machinery break
down, for generator set and cold store building which are all pending
till date.
13. The company has filed a case in Delhi High Court which is pending
for adjudication for losses on account of damages to the cold store,
deterioration of stocks, machinery break down and consequential losses
on account of losses and damages suffered due to inaction of the
Insurance Authorities. The case has been admitted and the evidences are
being taken up.
14. The company has been served with a statutory notice under section
13 (2) of Securitization and Reconstruction of the Financial assets and
Enforcement of Securities Interest Act. 2002, by IDBI Bank Ltd. in
earlier years.
15. Previous year figures have been re-grouped/reclassilied, wherever
necessary to conform to current year Presentation.