Mar 31, 2015
1. Contingent Liabilities not provided for in respect of:
a) Guarantees given to banks against Credit Facilities availed by an
associate Company of Rs. 2,65,12,00,000.(Previous period Rs. Nil).
b) Entry Tax demands of Rs. 5,76,968 (Previous Period 7 5,76,968) against
which amount deposited Rs. 1,66)000 (Previous Period Rs. 1,66,000).
c) The Assistant Commissioner of Central Excise, Bhopal ("ACCE")
issued following two show cause notices to the Company in relation to
availment and utilization of CENVAT Credit amounts under rule 14 of
CENVAT Credit Rules, 2004 read with section 11A of Central Excise Act,
1944 and the Company has raised the objection before ACCE.
d) Regional Provident Fund Commissioner, Gwalior has lodged the case
under section 7Aof the "Employees' Provident Fund and Miscellaneous
Provisions Act, 1952", ("PF Act") for the recovery against
provident fund amount from April, 2008 to December, 2010 and passed an
order under section 8F of PF Act vide order
no.EPF/MP/SRO/GWL/ENFORCEMENT/8F dated December 04,2013, for recovery
of Rs. 2,157,618 (Previous Period Rs. 2,157,618). The Company has disputed
the amount and filed an Appeal before Provident Fund Tribunal, New
Delhi against which the PF Commissioner has recovered Rs. 1,074,351
(Previous Period Rs. 1,074,351) from the Company's bank account.
2. The Company has given corporate guarantees to Banks on behalf of
Wearit Global Limited, an associate company for the various credit
facilities availed by them during the year. However, the Corporate
Guarantee limit as sanctioned by the shareholders has exceeded by Rs.
15,12,00,000 and the Company is taking necessary steps to ratify the
same in ensuing Annual General Meeting of the shareholders.
3. Capital Reserve - others of Rs. 17,93,09,492 represents remission of
liability on account of Principal by the Secured Creditors.
4. Sales is net of return of Rs. 15,51,961 (Previous PeriodRs. Nil).
5. Certain Trade Receivables, Trade Payables, Other Current
Liabilities, Claim Receivables are subject to confirmation by the
parties and include some old items pending reconciliation and
adjustment to appropriate accounts. However, letter for balance
confirmation were used during the year but confirmations are yet to be
received.
6. The Company has adopted Schedule II of The Companies Act, 2013, for
providing depreciation from 1st April, 2014. According to paragraph 3
of part 3 of Schedule II the useful life of assets shall not ordinarily
be different from the useful life specified in Part C of the schedule
provided that where a Company adopts a useful life different from what
is specified in Part C of the schedule, the financial statements shall
disclose such difference and provide justification in this behalf duly
supported by technical advise. The Company has adopted different useful
life from what is specified in Part C of the schedule. M/S Mahesh
Agrawal and Associates, a government approved chartered engineer
certified the remaining useful life as on 01/04/2014 regarding the
assets of the Company.
Re-estimation of useful life of fixed assets resulted in adjustment of
Rs. 3,26,159 in opening balance of retained earnings accounted in
accordance with the change in useful life of assets. Due to change in
the method of providing depreciation as per schedule II of the
Companies Act, 2013, depreciation provided during the year is lower by
Rs. 84,27,506 having consequential impact on the profit for the year.
7. Provision for Employee Benefits:
Accounting Standard-15 ("AS-15") on "Employees Benefits" requires
an enterprise to recognize its obligation and employee benefits cost
under defined benefit plans such as gratuity and compensated absences,
based on an actuarial valuation. The obligation and employee benefits
cost are to be reflected in the Balance Sheet and the Statement of
Profit and Loss, respectively.
Gratuity:
As regards Gratuity, the Company is under "The Employee Group
Gratuity Scheme" of the LIC for meeting its obligation under post
employment benefits and the Company has no obligation to pay benefits
to the employee and insurer has the sole responsibility for paying the
post employment benefits.
As per LIC's renewal intimation, the Company has contributed a sum of
Rs. 2,19,930. In accordance with the provisions of AS-15 on "Employee
Benefits", the contribution so made is charged to the Statement of
Profit and Loss.
Leave Encashment:
As per Actuarial Valuation as on March 31,2015 and recognized in the
financial statements in respect of Employee Benefit Schemes:
8. The Company is primarily engaged in the business of manufacturing
and selling of yarn and is managed organizationally as a single unit.
Accordingly, the Company is a single business segment company, which as
per Accounting Standard -17 is considered the only reportable business
segment. The geographical segmentation is not relevant, as the Company
did not have any overseas operations during the year.
9. Disclosure in respect of related parties as defined in Accounting
Standard 18 are given below:-
A. Key Managerial Personnel and Relatives
a. Mr. Manish Kumar, Director
b. Mr. Vilas Agarwal, Whole time Director
c. Mr. Balesh Kumar Bagree, Chief Financial Officer
d. Mrs. Nidhi Binani, Company Secretary ,
B. Associates
a. Wearit Global Limited
b. Ritspin Synthetics Limited
c. Dhanterash Sale Private Limited
10. The timing difference relating mainly to depreciation and
unabsorbed losses result in net deferred tax credit as per Accounting
Standard 22 "Accounting for Taxes on Income". As a prudent measure
the net deferred tax assets relating to the above have not been
recognised in the Financial Statements.
11. 100% of indigenous Raw Materials and Stores & Spare parts consumed
during the year
12. The figures of the current year are for twelve months hence, not
comparable with the previous period figures of six months. However, the
previous period figures, wherever necessary, have been regrouped,
reclassified and recasted.
Mar 31, 2014
1. Contingent Liabilities and Commitments Not Provided For:
a) Income tax demands disputed in Appeals Rs. 3,717,890 (Rs. 3,717,890)
against which amount deposited Rs. 3,717,890 (Rs. 3,717,890).
b) Entry Tax demands for FY (1997- 98) disputed in Appeals Rs. 576,968 (
576,968 ) against which amount deposited Rs. 166,000 (Rs. 166,000) in 2001
and 2003.
c) The Assistant Commissioner of Central Excise, Bhopal ("ACCE") issued
following two show cause noties to the Company in relation to availment
and utilization of CENVAT Credit amounts under rule 14 of CENVAT Credit
Rules, 2004 read with section 11A of Central Excise Act, 1944 and the
Company has raised the objection before ACCE.
Amount Disputed Amount Deposited
76,028N NIL
71,534 NIL
d) Regional Provident Fund Commissioner, Gwalior has lodge the lodge
the case under section 7A of the "Employees'' Provident Fund and
Miscellaneous Provisions Act, 1952." (''PF Act") for the recovery
against fund amount from April, 2008 to December, 2010 and passed an
order under section 8F of PF Act vide order no. EPF/MP/SRO/GWL/
ENFORCEMENT/ 8F dated December 04, 2013 for recovery of Rs.2,157,618 ( Rs.
Nil). The Company has disputed the amount and filed an appeal before
Provident Fund Tribunal. New Delhi Against which the PF Commissioner
has recovered Rs. 1,074,351 (Rs. Nil) from the Company''s bank account.
2. The Company and the secured lenders have mutually agreed to arrive
at consensus in respect of settlement of all the claims by the secured
lenders on the Company. The Lenders and Company has agreed to determine
the liability, in this respect, with the cut-off date of September 30,
2012. In pursuance to the scheme of "One Time Settlement (OTS)" the
secured lenders agreed to settle the total outstanding (principal and
interest thereon) as on September 30, 2012 for an amount of Rs. 4000 Lac
payable on deferred manner as per details below;
The amount of principal as considered above is adjusting the value of
assets at the unit situation at Bigrod. (Refer Note 23)
The amount payable under the OTS Scheme has been determined in a
consolidated manner in pursuance to the Corporate Debt Restructuring
(CDR) Scheme. The amount paid / payable under the OTS scheme to the
consortium of Secured Lender and the amount of waiver is recognized in
the manner proportionate to the outstanding of the lenders. The
eligible amount of waiver pertaining to the amount paid during the
period is being proportionately recognized in these financial
statements in the following manner;
-The waiver of principal on the Term Loan of Rs. 44.83 Lac is considered
to be ''capital receipt'' and hence is being credit to the ''Capital
Reserve.'' The interest waiver on term loan of Rs. 35.13 Lac is credited
to Statement of Profit & Loss under the head ''Other Income'';
-The waiver of principal of Rs. 14.51 Lac and interest Rs. 3.36 Lac on
working capital loan are credited to Statement of Profit & Loss under
the head ''Other Income''.
The Company has paid an amount of Rs.114.57 Lac (after adjusting Interest
receivable of Rs. 33.58 Lac) includes an interest of Rs. 48.59 Lac on
delayed payment on November 23, 2013. The Company has also paid
interest of Rs. 12.46 Lac (Rs. 9.90 Lac on December 03, 2013 and Rs. 2.56 Lac
on December 05, 2013) to ARCIL on payment of upfront amount of Rs. 100
Lac.
3. In terms of the order of Hon''ble High Court of Indore dated March
31,2008, the operation at the production unit of the Company situated
at Birgod, Madhya Pradesh was discontinued. During the previous period,
as per the said order and in manner referred therein, the fixed assets
amounting to Rs. 3,401,389 (Rs. 19,451,407 in 2011-2012) was disposed-off
for settling the Workmen Compensation Term Loan Liability with Bank of
India.
Further, during the previous period the secured lenders invoked the
provision of the SARFAESI Act, 2002 and took over the possession
(including right to transfer by way of lease, assignment or sale) of
fixed assets being Land & Building valuing Rs. 50,266,490 situated at
survey No. 134 to 140 and 142 at Village Birgod, Tehsil - Sonkutch,
Dist - Dewas, Madhya Pradesh in lieu of their outstanding term
liability.
4. Finance Cost of Rs. 795,593 is shown after net-off ofwaiver of
principal amount ofworking capital loan of Rs. 1,451,101 and waiver of
interest of Rs. 3,849,091 on term loan and working capital loan, in
pursuance of OTS Scheme has been determined in a consolidated manner in
pursuance to the Corporate Debt Restructuring (CDR) Scheme which would
have been shown under "Other Income" in the financial statements.
5. Provision for Gratuity and Leave Encashment
Accounting Standard-15 ("AS-15") on "Employees Benefits" [AS-15
(Revised)] requires an enterprise to recognize its obligation and
employee benefits cost under defined benefit plans such as gratuity and
compensated absences, based on an actuarial valuation. The obligation
and employee benefits cost are to be reflected in the Balance Sheet and
Statement of Profit and Loss, respectively.
As regards Gratuity, the Company is under the Employee Group Gratuity
Scheme of the Life Insurance Corporation of India ("LIC") and as
per LIC''s renewal intimation, the Company has contributed a sum of Rs.
1,037,547. However, since the Company does not have a certificate
either from "LIC" or any other source to the effect that the
contribution so made has been worked out by a qualified actuary in
accordance with the provisions of AS-15 (Revised), the funds available
with LIC is adequate to meet the Company"
In accordance with the provisions of AS-15 (Revised), the contribution
so made is charged to the Statement of Profit and Loss, based on
calculations made by the Company, itself, which in not verified by any
independent authority and the fund available with LIC is adequate to
meet the Company''s Gratuity liability as on the date of the Balance
Sheet.
As regards Compensated Absences, the Company has determined the
liability for the leave at the credit of its employees on the basis of
their current salaries and made a provision for such a liability.
Accordingly, a provision of Rs. 508,952 (Rs. 1,738,402) has been made
during the financial period ended March 31,2014 and the accumulated
balance as on March 31,2014 is Rs. 2,017,766 (Rs. 1,724,822) on the
aforesaid basis (without an actuarial valuation) in respect of the
aggregate leave at the credit of its employees. The Company does not
have a certificate from an independent actuary to the effect that the
provision so made has been worked out is accurate in accordance with
the provisions of AS-15 (Revised), the provision so made is charged to
the Statement of Profit and Loss. Accordingly, in respect of liability
for leave at the credit of employees, the Company is not in a position
to determine its liability and charged the same to Statement of Profit
and Loss in conformity of AS- 15 (Revised).
In the absence of availability of the detailed information for
determining the liabilities for Gratuity and Compensated Absences in
terms of AS-15 (Revised), the disclosures regarding reconciliation of
obligation, fair value of plan assets, actuarial assumptions, etc. as
required in terms of AS-15 (Revised) have also not been made.
6. The Company''s operation relates only to Synthetic Blended Yarn and
thus has only one reportable segment under Accounting Standard-17 on
"Segment Reporting".
7. Information on related party transactions as per Accounting
Standard-18 on "Related Party Disclosures"
8. In terms of Para 17 of Accounting Standard-22 (AS-22) on
"Accounting for Taxes on Income" read with Accounting Standard
Interpretation 9 (ASI 9) issued there under, in absence of virtual
certainty the Company has not recognized Deferred Tax Assets in respect
of carry forward losses Rs. 356,461,827 including unabsorbed depreciation
Rs. 272,701,849 and in terms of Para 15, the Company has not recognized
Deferred Tax Assets in respect of other items in absence of reasonable
certainty.
9. No provision for taxation is made in view of brought forward
business losses and unabsorbed depreciation of earlier years under
normal computation of income and also no Minimum Alternate Tax
liability recorded on account of book losses and book depreciation of
earlier years based on the book profit computed under section 115JB of
Income Tax Act, 1961, furnished by the company.
10 For the purpose of ascertaining impairment of assets as per
Accounting Standard-28 "Impairment ofAssets", the entire business
operation of the Company have been considered as a cash generation unit
(CGU) and the recoverable amount of the CGU is determined on the basis
of its value in use. Cash flow for 8 years have been taken in to
account to assess value in use of the business operation. On the basis
of comparing the value in use so arrived at with the carrying value of
the entire CGU, no instance of impairment arises.
In the absence of any information as to which suppliers are Micro,
Small & Medium Enterprises as required under Micro, Small and Medium
Enterprises Development Act, 2006, the liability, if any, of Principal
and Interest which would be payable to Micro, Small and Medium
Enterprises cannot be ascertained. However, the Company has not
received any claims in respect thereof.
11. The figures of the current period are of six months and are not
comparable with the previous period figures. However, the previous
period figures, wherever necessary, have been regrouped, reclassified
and recast to confirm with this period''s classification. The figures in
brackets are in respect of previous period.
Sep 30, 2013
1. Contingent Liabilities and Commitments Not Provided For:
a) Estimated amount of contracts remaining to be executed on capital
account of Rs. 2,103,731 (Rs. 2,103,731) advances paid Rs.2,63,736(
Rs.2,63,736).
b) Income tax demands disputed in Appeals T 3,717,890 (Rs. 6,350,331)
against which amount deposited Rs.3,717,890(Rs.6,350,331).
c) Entry Tax demands for FY (1997- 98) disputed in Appeals Rs. 576,968 (Rs.
576,968 ) against which amount deposited Rs. 166,000 (Rs. 166,000) in 2001
and 2003.
d) Central Excise Duty demands disputed in Appeals Rs. 76,026 (Rs. 171,151)
against which amount deposited Rs. Nil (Rs. Nil).
2. The Company and the secured lenders have mutually agreed to arrive
at consensus in respect of settlement of all the claims by the secured
lenders on the Company. The Lenders and Company has agreed to determine
the liability, in this respect, with the cut-off date of September
30,2012. In pursuance to the scheme of "One Time Settlement (Of S)" the
secured lenders agreed to settle the total outstanding (principal and
interest thereon) as on September 30,2012 for an amount of Rs. 40 Crore
payable on deferred manner as per details below;
The Amount of principal as considered above is after adjusting the
value of assets at the unit situation at Birgod. (Refere Note no.24)
The amount payable under the OTS Scheme has been determined in a
consolidated manner in pursuance to the Corporate Debt Restructuring
(CDR) Scheme. The amount paid / payable under the OTS scheme to the
consortium of Secured Lender and the amount of waiver is recognized in
the manner proportionate to the outstanding of the lenders. The
eligible amount of waiver pertaining to the amount already paid during
the year is being proportionately recognized in this financial
statement in the following manner;
The waiver of principal on the Term Loan of Rs.1748.27 Lac is considered
to be ''capital receipt'' and hence is being credit to the ''Capital
Reserve.'' The interest waiveron term loan of Rs.1369.98 Lac is credit to
Profit & Loss Account under the head ''Other Income'';
The waiver of principal (Rs. 565.93 Lac) and interest (Rs.131.16 Lac) on
working capital loan are credit to Profit & Loss Account underthe head
''Other Income''.
The waiver proportionate to the balance amount payable as of September
30,2013 will be recognised in the similar manner as and when such
amount is being paid by the Company. The residue amount of T100 Lac is
subject to reconciliation and adjustment of amount paid on other heads
/ adhoc basis. The Company is assured to obtain final clearance of its
liability under OTS, dully paid, in due course of time.
3. In terms of the order of Hon''ble High Court of Indore dated March
31,2008, the Operation at the production unit of the Company situated
at Birgod, Madhya Pradesh was discontinued. During the period as per
the said order and in manner referred therein, the fixed assets
amounting to Rs. 34,01,389/- (previous year Rs.. 1,94,51,407/-) was
disposed-off for settling the Workmen Compensation Term Loan Liability
with Bank of India.
Further, during the period the secured lenders invoked the provision of
the SARFAESI Act, 2002 and took over the possession (including right to
transfer by way of leave assignment are sale) of fixed assets being
Land & Building valuing Rs..5,02,66,490/-situated at survey No. 134 to
140 and 142 at Village Birgod, Tehsil - Sonkutch, Dist-Dewas, M.P. in
lieu of their outstanding term liability.
4. Provision for Gratuity and Leave Encashment
Accounting Standard-15 ("AS-15") on "Employees Benefits" [AS-15
(Revised)] requires .an enterprise to recognize its obligation and
employee benefits cost under defined benefit plans such as gratuity and
compensated absences, based on an actuarial valuation. The obligation
and employee benefits cost are to be reflected in the Balance Sheet and
Statement of Profit and Loss, respectively.
As regards Gratuity, the Company is under the Employee Group Gratuity
Scheme of the Life Insurance Corporation of India ("LIC") and as per
LIC''s renewal intimation, the Company has contributed a sum of Rs.
30,02,725 fRs. 20,00,000 on 12.12.2012, Rs. 9,27,725 on 13.12.2012 and Rs.
75,000 on 13.12.2012) and made provision for Rs. 15,60,000. However,
since the Company does not have a certificate either from "LIC" are any
other source to the effect that the contribution so made has been
worked out by a qualified actury in accordance with the provisions
AS-15 (Revised), the funds available with LIC is adicated to meet
Company.
In accordance with the provisions of AS-15 (Revised), the contribution
so made is charged to the Statement of Profit and Loss, based on
calculations made by the Company, itself which in nof verified by any
independent authority and the fund available with LIC is adequate to
meet the Company''s Gratuity liability as on the date of the Balance
Sheet.
As regards Compensated Absences, the Company has determined the
liability for the leave at the credit of its employees on the basis of
their current salaries and made a provision for such a liability.
Accordingly, a provision of X 2,45,102 has been made during the period
ended September 30, 2013 and the accumulated balance as on September
30, 2013 is T 17,24,822 on the aforesaid basis (without an actuarial
valuation) in respect of the aggregate leave at the credit of its
employees. The Company does not have a certificate from an independent
actuary to the effect that the provision so made has been worked out is
accurate in accordance with the provisions of AS-15 (Revised), the
provision so made is charged to the Statement of Profit and Loss.
Accordingly, in respect of liability for leave at the credit of
employees. The Company is not in a position to determine its liability
and charge the same the Profit and Loss Account in conformity of AS-15
(Revised).
In the absence of availability of the detailed information for
determining the liabilities for Gratuity and Compensated Absences in
terms of AS-15 (Revised), the disclosures regarding reconciliation of
obligation, fair value of plan assets, actuarial assumptions, etc. as
required in terms of AS-15 (Revised) have also not been made. 26. The
Company''s operation relates only to Synthetic Blended Yarn and thus has
only one reportable segment under Accounting Standard-17 on "Segment
Reporting".
5. In terms of Para 17 of Accounting Standard-22 (AS-22) on
"Accounting for Taxes on Income" read with Accounting Standard
Interpretation 9 (ASI9) issued there under, in absence of virtual
certainty the Company has not recognized Deferred Tax Assets in respect
of carry forward losses Rs. 3561461,827 including unabsorbed depreciation
Rs. 272,701,849 and also in terms of Para 15, the Company has not
recognized Deferred Tax Assets in respect of other items in absence of
reasonable certainty.
6. For the purpose of ascertaining impairment of assets as per
Accounting Standard-28 "Impairment of Assets", the entire business
operation of the Company have been considered as a cash generation unit
(CGU) and the recoverable amount of the CGU is determined on the basis
of its value in use. Cash flow for 8 years have been taken in to
account to assess value in use of the business operation. On the basis
of comparing the value in use so arrived at with the carrying value of
the entire CGU, no instance of impairment arises.
Mar 31, 2012
1. Contingent Liabilities Not Provided For;
a) Estimated amount of contracts remaining to be executed on capital
account of Rs. 21.03,731 (Rs. 42,85,579) advances paid X 2,63,736 (Rs.
3,80,920).
b) Income tax demands disputed in Appeals Rs. 63,50,331 {Rs. 75,23,958)
against which amount deposited Rs. 63,50,331 (Rs. 75,23,958).
c) Entry Tax demands for FY (1997-98) disputed in Appeals Rs. 5,76,968 (Rs.
5,76,968 ) against which amount deposited Rs. 1,66,000 (Rs. 1,66,000) in
2001 and 2003.
d) Central Excise Duty demands disputed in Appeals Rs. 1,71,151 (Rs.
1,71,151) against which amount deposited Rs. Nil (Rs. Nil).
2 a) In compliance with the CDR scheme, the Promoters of the Company
has brought Rs. 1 Crore as advance which is deposited in an Escrow
Account. This amount shall be allowed to be refunded by the Company to
the Promoter in case a strategic investor is inducted resulting in
change in the present management. b) Considering the future market
potential of Polyester Viscose blended textile barring any unforeseen
circumstances, the management is confident that after implementation of
the CDR scheme, the Company would be able to generate sufficient
returns to make its net worth positive in future. In view of the order
of the Hon'ble High Court of Judicature, Indore bench allowing the
closure of Birgod Unit and thereby settling the labour disputes
relating to the closure of the said unit and payment of labour dues and
transfer of Spindles alongwith balancing machinery from Birgod unit to
Pillukhedi unit. The Company is of the view that the Going Concern
Assumption is still in existence. Accordingly, the accounts of the
Company are prepared on Going Concern basis.
3. Corporate Debt Restructuring Scheme:
a) As per the Approved Restructuring Scheme, the interest on Term Loans
and Working Capital Term Loans is payable at the rate of 9 % p.a.
payable monthly. The scheme has funded the interest on these loans from
April 1, 2004 to June 30, 2006. These loans were repayable, as per the
proportion specified in the scheme, in 24 quarterly installments
commencing from December 15, 2006.
b) As per Schedule of repayment of the loan a sum of Rs. 7,87,79,485 (Rs.
7,87,79,485) was payable during the current year out of which Rs.
3,58,10,995 (Rs. 3,58,10,995) was payable to banks other than ARCIL. Out
of the above loans payable to banks other than ARCIL during the current
year has paid X Nil (Rs. Nil) and remaining amount of Rs. 3,58,10,995 (Rs.
3,58,10,995) is still unpaid. Out of the outstanding dues of loan
payable to banks other than ARCIL as on April 1, 2011 of Rs. 11,54,43,971
is still unpaid. Further, the interest which became payable to banks
other than ARCIL for the current year was Rs. 2,60,84,253 (Rs.
2,94,27,583). The outstanding interest dues as on April 1,2011 ofRs.
8,19,08,994 is still unpaid.
As regards payment to ARCIL, loan of Rs. 4,29,68,490 (Rs. 4,29,68,490) and
interest of Rs. 3,49,66,366 (Rs. 3,24,54,793) was payable during the
current year and the outstanding dues of loan and interest as on April
1, 2011 was Rs. 15,84,58,865 and Rs. 13,73,32,411 respectively.
c) in the event of default for compliance of the Restructuring Scheme,
the lenders have the right to convert 100% of the debt into equity, at
par, during the tenure of the assistances on default.
4. Production of one of the units of the Company at Birgod was
discontinued on October 10, 2003 due to Industrial relation problem.
The Hon'ble High Court of Judicature, Indore bench vide its order dated
March 31, 2008 has allowed the closure of the Birgod unit and directed
the Company to pay workmen compensation in terms of Section 25(0) of
the Industrial Dispute Act, 1947. The Company has taken a loan from
Bank of India and has paid the said dues as per the instructions of the
Hon'ble High Court, Judicature, Indore Bench and accordingly the Birgod
Unit has been closed down.
Out of the total net block of assets of Rs. 12,67,26,930 held at Birgod
unit, the Company has transferred assets of Rs. 5,30,01,477 to its
Pillukhedi unit and assets worth Rs. 6,06,167 will be transferred to
Pillukhedi unit.
As per the decision Asset Sale Committee of lenders, the surplus assets
worth Rs. 1,94,51,407 of Birgod unit have been disposed off through
e-auction by MSTC Ltd. During the year and balance assets worth Rs.
5,36,67,879 are held for disposal and no depreciation has been claimed
on the same.
5. Provision for Gratuity and Leave Encashment;
Accounting Standard-15 ("AS-15") on "Employees Benefits" [AS-15
(Revised)] requires an enterprise to recognize its obligation and
employee benefits cost under defined benefit plans such as gratuity and
compensated absences, based on an actuarial valuation. The obligation
and employee benefits cost are to be reflected in the Balance Sheet and
Profit and Loss Account, respectively.
As regards Gratuity, the Company is under the Employee Group Gratuity
Scheme of the Life Insurance Corporation of India ("LIC") and as per
LIC's renewal intimation, the Company has contributed a sum of Rs.
25,71,545. However, since the Company does not have a certificate
either from "LIC" or any other source to the effect that the
contribution so made has been worked out by a qualified actuary in
accordance with the provisions of AS-15 (Revised), the contribution so
made is charged to the Profit and Loss Account. However, as per the
calculations made by the Company, the funds available with LIC is
adequate to meet the Company's Gratuity liability as on the date of the
Balance Sheet.
As regards Compensated Absences, the Company has determined the
liability for the leave at the credit of its employees on the basis of
their current salaries and made a provision for such a liability.
Accordingly, a provision of Rs. 7,21,679 has been made during the year
and the accumulated balance as on March 31, 2012 is 7 12,74,283 on the
aforesaid basis (without an actuarial valuation) in respect of the
aggregate leave at the credit of its employees. However, since the
Company does not have a certificate from an independent actuary to the
effect that the provision so made has been worked . out by a qualified
actuary in accordance with the provisions of AS-15 (Revised), the
provision so made is charged to the Profit and Loss Account.
Accordingly, in respect of liability for leave at the credit of
employees, the Company is not in a position to determine its liability
and charge the same to the Profit & Loss Account in conformity of AS
-15 (Revised).
In the absence of availability of the detailed information for
determining the liabilities for Gratuity and Compensated Absences in
terms of AS-15 (Revised), the disclosures regarding reconciliation of
obligation, fair value of plan assets, actuarial assumptions, etc. as
required in terms of AS-15 (Revised) have also not been made.
6. The Company's operation relate only to Synthetic Blended Yarn and
thus has only one reportable segment under Accounting Standard-17 on
"Segment Reporting".
7. In terms of Para 17 of Accounting Standard-22 (AS-22) on
"Accounting for Taxes on Income" read with Accounting Standard
Interpretation 9 (ASI 9) issued there under, in absence of virtual
certainty the Company has not recognized Deferred Tax Assets in respect
of carry forward losses Rs. 36,38,07,661 including unabsorbed
depreciation Rs. 26,43,36,749 and in terms of Para 15, the Company has
not recognized Deferred Tax Assets in respect of other items in absence
of reasonable certainty.
8. No provision for taxation is made in view of brought forward
business losses and unabsorbed depreciation of earlier years & in view
of current year loss.
9. For the purpose of ascertaining impairment of assets as per
Accounting Standard-28 "Impairment of Assets", the entire business
operation of the Company have been considered as a cash generation unit
(CGU) and the recoverable amount of the CGU is determined on the basis
of its value in use. In view of the pending implementation of
restructuring scheme, as approved under CDR, involving proper balancing
of Machines, it is expected that CGU shall take longer period to
generate regular future economic benefits. Thereby cash flows for 8
years have been taken in to account to assess value in use of the
business operation. On the basis of comparing the value in use so
arrived at, with the carrying value of the entire CGU, it was noticed
that there is no impairment in CGU.
Further, Company has carried out the valuation of surplus assets of
Birgod Unit, and as per the valuation report, the Net Realizable Value
(NRV) of the assets is more than the carrying amount of the assets. On
the basis of the above valuation report, management is of the view that
NRV of the assets of Birgod unit will be more than the carrying amount
of such assets.
10. Unpaid amounts overdue for more than thirty days to Micro, Small
and Medium Enterprise Suppliers on account of principal together with
interest is Rs. Nil (Previous year Rs. Nil). This disclosure is on the
basis of the information available with the Company regarding the
status of the suppliers as defined under The Micro, Small and Medium
Enterprises Development Act, 2006.
11. The previous year's figures, wherever necessary, have been
regrouped, reclassified and recast to confirm with this years
classification.
Mar 31, 2011
1. Contingent Liabilities Not Provided For :
a) Estimated amount of contracts remaining to be executed on capital
account of Rs. 42,85,579 advances paid Rs. 3,80,920 (Rs. Nil).
b) Income tax demands disputed in Appeals Rs. 75,23,958 (Rs.
2,08,46,361) against which amount deposited Rs. 75,23,958 (Rs.
1,71,28,471).
c) Entry Tax demands disputed in Appeals Rs. 5,76,968 (Rs. 5,76,968 )
against which amount deposited Rs. 1,66,000 (Rs. 1,66,000) .
d) Central Excise Duty demands disputed in Appeals Rs. 1,71,151 (Rs.
3,63,039) against which amount deposited Rs. Nil (Rs. 1,91,888).
2. a) In compliance with the CDR scheme, the Promoters of the Company
has brought Rs. 1 Crore as advance which is deposited in an Escrow
Account. This amount shall be allowed to be refunded by the Company to
the Promoter in case a strategic investor is inducted resulting in
change in the present management. b) Considering the future market
potential of Polyester Viscose blended textile barring any unforeseen
circumstances, the management is confident that after implementation of
the revised CDR scheme, the Company would be able to generate
sufficient returns to make its net worth positive in future. In view
of the order of the Hon'ble High Court of Judicature, Indore bench
allowing the closure of Birgod Unit and thereby settling the labour
disputes relating to the closure of the said unit and payment of labour
dues the Company is of the view that the Going Concern Assumption is
still in existence. Accordingly, the accounts of the Company are
prepared on Going Concern basis.
3. Corporate Debt Restructuring Scheme:
a) As per the Approved Restructuring Scheme, the interest on Term Loans
and Working Capital Term Loans is payable at the rate of 9 % p.a.
payable monthly. The scheme has funded the interest on these loans from
April 1, 2004 to June 30, 2006. These loans were repayable, as per the
proportion specified in the scheme, in 24 quarterly installments
commencing from December 15, 2006.
b) As desired by Lenders the Company has submitted revised
Restructuring Scheme on April 24, 2010 with a request for funding of
Interest on Working Capital from April, 2010 to December, 2010 and
Interest on Term loan of Rs. 15 Crores from April, 2010 to March, 2012
and repayment of Term Loans of Rs. 15 Crores and Interest on Loans will
start from 2012-13.
c) As per Schedule of repayment of the loan a sum of Rs. 7,87,79,485
(Rs. 6,95,11,312) was payable during the current year out of which Rs.
3,58,10,995 (Rs. 3,15,97,936) was payable to banks other than ARCIL.
Out of the above loans payable to banks other than ARCIL during the
current year has paid Rs. Nil (Rs. Nil.) and remaining amount of Rs.
3,58,10,995 (Rs. 3,15,97,936) is still unpaid. The Company out of the
outstanding dues of loan payable to banks other than ARCIL as on April
1, 2010 of Rs. 6,87,32,963, is still unpaid. Further, the interest
which became payable to banks other than ARCIL for the current year was
Rs. 2,94,27,583 (Rs. 2,92,11,197) . The Company out of the outstanding
interest dues as on April 1, 2010 of Rs. 5,24,81,411 is still unpaid.
As regards payment to ARCIL, loan of Rs. 4,29,68,490 (Rs. 3,79,13,376)
and interest of Rs. 3,24,54,793 (Rs. 3,06,71,225) was payable during
the current year and the outstanding dues of loan and interest as on
April 1, 2010 was Rs. 13,38,90,374 and Rs. 10,48,77,618 respectively.
During the year 18,40,000 equity share of Rs. 10/-issued at par
amounting to Rs. 1,84,00,000 to Asset Reconstruction Company (India)
Limited, Mumbai against conversion of part term loan into equity, as
per the additional condition No.V-L of CDR sanction letter dated
06/01/2005.
d) In the event of default for compliance of the Restructuring Scheme,
the lenders have the right to convert 100% of the debt into equity, at
par, during the tenure of the assistances on default.
4. Production of one of the units of the Company at Birgod was
discontinued on October 10, 2003 due to Industrial relation problem.
The Hon'ble High Court of Judicature, Indore bench vide its order dated
March 31, 2008 has allowed the closure of the Birgod unit and directed
the Company to pay workmen compensation in terms of Section 25(O) of
the Industrial Dispute Act, 1947. The Company has taken a loan from
Bank of India and has paid the said dues as per the instructions of the
Hon'ble High Court, Judicature, Indore Bench and accordingly the Birgod
Unit has been closed down.
Out of the total net block of assets of Rs. 12,67,26,930 held at Birgod
unit, the Company has transferred assets of Rs. 5,03,11,353 to its
Pillukhedi unit and assets worth Rs. 18,32,579 will be transferred to
Pillukhedi unit and balance assets worth Rs. 7,45,82,998 are held for
disposal and no depreciation has been claimed on the same . Further as
per the Valuation Report obtained by the Company from an independent
valuer, the Net Realizable Value(NRV) of the assets held for disposal
is higher then their carrying amount and hence such assets are shown at
their carrying amount in the Balance Sheet.
5. Provision for Gratuity and Leave Encashment
Accounting Standard-15 ("AS-15") on "Employees Benefits" [AS-15
(Revised)] requires an enterprise to recognize its obligation and
employee benefits cost under defined benefit plans such as gratuity and
compensated absences, based on an actuarial valuation. The obligation
and employee benefits cost are to be reflected in the Balance Sheet and
Profit and Loss Account, respectively.
As regards Gratuity, the Company is under the Employee Group Gratuity
Scheme of the Life Insurance Corporation of India ("LIC") and as per
LIC's renewal intimation, the Company has contributed a sum of Rs.
31,34,025. However, since the Company does not have a certificate
either from "LIC" or any other source to the effect that the
contribution so made has been worked out by a qualified actuary in
accordance with the provisions of AS-15 (Revised), the contribution so
made is charged to the Profit and Loss Account. However, as per the
calculations made by the Company, the funds available with LIC is
adequate to meet the Company's Gratuity liability as on the date of the
Balance Sheet.
As regards Compensated Absences, the Company has determined the
liability for the leave at the credit of its employees on the basis of
their current salaries and made a provision for such a liability.
Accordingly, a provision of Rs. 7,14,862 has been made during the year
and the accumulated balance as on March 31, 2011 is Rs. 13,41,306 on
the aforesaid basis (without an actuarial valuation) in respect of the
aggregate leave at the credit of its employees. However, since the
Company does not have a certificate from an independent actuary to the
effect that the provision so made has been worked out by a qualified
actuary in accordance with the provisions of AS-15 (Revised), the
provision so made is charged to the Profit and Loss Account.
Accordingly, in respect of liability for leave at the credit of
employees, the Company is not in a position to determine its liability
and charge the same to the Profit & Loss Account in conformity of AS -
15 (Revised).
In the absence of availability of the detailed information for
determining the liabilities for Gratuity and Compensated Absences in
terms of AS-15 (Revised), the disclosures regarding reconciliation of
obligation, fair value of plan assets, actuarial assumptions, etc. as
required in terms of AS-15 (Revised) have also not been made.
6. The Company's operation relate only to Synthetic Blended Yarn and
thus has only one reportable segment under Accounting Standard-17 on
"Segment Reporting".
7. In terms of Para 17 of Accounting Standard-22 (AS-22) on
"Accounting for Taxes on Income" read with Accounting Standard
Interpretation 9 (ASI 9) issued there under, in absence of virtual
certainty the Company has not recognized Deferred Tax Assets in respect
of carry forward losses Rs. 6,38,62,771 including unabsorbed
depreciation Rs. 24,74,01,065 and in terms of Para 15, the Company has
not recognized Deferred Tax Assets in respect of other items in absence
of reasonable certainty.
8. No provision for taxation is made in view of brought forward
business losses and unabsorbed depreciation of earlier years & in view
of current year loss.
9. For the purpose of ascertaining impairment of assets as per
Accounting Standard-28 "Impairment of Assets", the entire business
operation of the Company have been considered as a cash generation unit
(CGU) and the recoverable amount of the CGU is determined on the basis
of its value in use. In view of the pending implementation of revised
restructuring scheme, as approved under CDR, involving proper balancing
of Machines, it is expected that CGU shall take longer period to
generate regular future economic benefits. Thereby cash flows for 8
years have been taken in to account to assess value in use of the
business operation. On the basis of comparing the value in use so
arrived at, with the carrying value of the entire CGU, it was noticed
that there is no impairment in CGU.
Further, Company has carried out the valuation of surplus assets of
Birgod Unit, and as per the valuation report, the Net Realizable Value
(NRV) of the assets is more than the carrying amount of the assets. On
the basis of the above valuation report, management is of the view that
NRV of the assets of Birgod unit will be more than the carrying amount
of such assets.
10. The Company has not provided for management fees amounting to Rs.
22,00,000 payable to Bank of India for disbursement of loan taken by
the company for paying labour dues, as in the view of the management
the same is payable out of sale proceeds of balance assets of the
company at Birgod unit remaining after reallocation of assets from
Birgod unit to Pillukhedi Unit.
11. Unpaid amounts overdue for more than thirty days to Micro, Small
and Medium Enterprise Suppliers on account of principal together with
interest is Rs. Nil (Rs. Nil). This disclosure is on the basis of the
information available with the Company regarding the status of the
suppliers as defined under The Micro, Small and Medium Enterprises
Development Act, 2006.
12. Advances recoverable in cash or in kind or for value to be
received shown under Schedule 6(d) includes a sum of Rs. 6,16,941 (Rs.
48,36,158) in respect of interest receivable on sale from customers
which are outstanding for more than six months etc., and a sum of Rs.
88,28,694 (Rs. 1,76,43,113) as Income Tax paid in advance after net of
provision for Income Tax.
13. Other interest shown under Schedule 12 is net of interest income
amounting to Rs. 52,21,351 (Rs. 22,83,545).
14. A sum of Rs. 79,29,559 (Rs. 49,05,231) has been deducted from
consumption of raw materials on account of receivable amount of export
benefits, under the Duty Entitlement Pass Book (DEPB) scheme of the
Government of India, framed under the provisions of EXIM Policy. Such
benefits have been quantified, based on entitlements, and on the basis
of applications for the issue of DEPB - post shipment basis, at the
rates as notified from time to time and the extent to which the Company
perceives to import, duty free goods for use in its manufacture process
or face value of saleable entitlements, to offset the cost of materials
used for the manufacture of such exported goods.
15. The previous year's figures, wherever necessary, have been
regrouped, reclassified and recast to confirm with this years
classification.
16. The figures in brackets are in respect of previous year.
Mar 31, 2010
1. Contingent Liabilities Not Provided For:
a) Income tax demands disputed in Appeals Rs. 2,08,46,361 (Rs.
1,71,28,471) against which amount deposited - Rs. 1,71,28,471 (Rs.
1,71,28,471).
b) Entry Tax demands disputed in Appeals Rs. 5,76,968 (Rs. -8,33,157 )
against which amount deposited Rs. 1,66,000 (Rs. 2,78,462).
c) Central Excise Duty demands disputed in Appeals Rs. 3,63,039 (Rs.
7,31,333) against which amount deposited Rs. 1,91,888 (Rs. 5,60,182).
2. a) In compliance with the scheme, the Promoters of the Company has
brought Rs. 1 Crore as advance against the issue of
equity shares which is deposited in an Escrow Account. This amount
shall be allowed to be refunded by the Company to the Promoter in case
a strategic investor is inducted resulting in change in the present
management. b) Considering the future market potential of Polyester
Viscose blended textile barring any unforeseen circumstances, the
management is confident that after implementation of the revised CDR
scheme, the Company would be able to generate sufficient returns to
make its net worth positive in future. In view of the order of the
Honble High Court of Judicature, Indore bench allowing the closure of
Birgod Unit and thereby settling the labour disputes relating to the
closure of the said unit and payment of labour dues the Company is of
the view that the Going Concern Assumption is still in existence.
Accordingly, the accounts of the Company are prepared on Going Concern
basis.
3. Corporate Debt Restructuring Scheme:
a) As per the Approved Restructuring Scheme, the interest on Term Loans
and Working Capital Term Loans is payable at the rate of 9 % p.a.
payable monthly. The scheme has funded the interest on these loans from
April 1, 2004 to June 30, 2006. These loans were repayable, as per the
proportion specified in the scheme, in 24 quarterly installments
commencing from December 15, 2006.
b) As desired by Lenders the Company has submitted revised
Restructuring Scheme on April 24,2010 with a request for funding of
Interest on Working Capital from April, 2010 to December, 2010 and
Interest on Term loan of Rs. 15 Crores from April, 2010 to March, 2012
and repayment of Term Loans of Rs. 15 Crores and Interest on Loans will
start from 2012-13.
c) As per Schedule of repayment of the loan a sum of Rs 6,95,11,312 (Rs
6,95,11,312) was payable during the current year out of which Rs
3,15,97,936 (Rs 3,15,97,936) was payable to banks other than ARCIL. Out
of the above loans payable to banks other than ARCIL, the company
during the current year has paid Rs. Nil (Rs Nil.) and remaining amount
of Rs 3,15,97,936 (Rs.3,15,97,936) is still unpaid. The Company out of
the outstanding dues of loan payable to banks other than ARCIL as on
April 1, 2009 of Rs.3,71,35.032, is still unpaid. Further, the interest
which became payable to banks other than ARCIL for the current year was
Rs. 2,92,11,197 (Rs. 2,79,15,532). The entire outstanding interest of
Rs. 1,98,56,100 due as on April 1,2009 is still unpaid.
4. Production of one of the units of the Company at Birgod was
discontinued on October 10,2003 due to Industrial relation problem.
The Honble High Court of Judicature, Indore bench vide its order dated
March 31,2008 has allowed the closure of the Birgod unit and directed
the Company to pay workmen compensation in terms of Section 25(0) of
the Industrial Dispute Act, 1947. The Company has taken a loan from
Bank of India and has paid the said dues as per the instructions of the
Honble High Court, Judicature, Indore Bench and accordingly the Birgod
Unit has been closed down.
Out of the total net block of assets of Rs. 12,67,26,930 held at Birgod
unit, the Company has transferred assets of Rs. 3,31,63,675 to its
Pillukhedi unit and assets worth Rs. 1,89,80,257 will be transferred to
Pillukhedi unit and balance assets worth Rs.7,45,82,998 are held for
disposal and no depreciation has been claimed on the same . Further as
per the Valuation Report obtained by the Company from an independent
valuer, the Net Realizable Value(NRV) of the assets held for disposal
is higher then their carrying amount and hence such assets are shown at
their carrying amount in the Balance Sheet. Further, during the year
Company has merged balance of Birgod Unit with continuing unit and
Company has stopped maintaining unit wise accounts after the closure of
the Birgod Unit.
5. Provision for Gratuity and Leave Encashment
Accounting Standard-15 ("AS-15") on "Employees Benefits" [AS-15
(Revised)] requires an enterprise to recognize its obligation and
employee benefits cost under defined benefit plans such as gratuity and
compensated absences, based on an actuarial valuation. The obligation
and employee benefits cost are to be reflected in the Balance Sheet and
Profit and Loss Account, respectively.
As regards Gratuity, the Company is under the Employee Group Gratuity
Scheme of the Life Insurance Corporation of India ("LIC") and as per
LICs renewal intimation, the Company has contributed a sum of
Rs.37,90,824. However, since the Company does not have a certificate
either from "LIC" or any other source to the effect that the
contribution so made has been worked out by a qualified actuary in
accordance with the provisions of AS-15 (Revised), the contribution so
made is charged to the Profit and Loss Account. However, as per the
calculations made by the Company, the funds available with LIC is
adequate to meet the Companys Gratuity liability as on the date of the
Balance Sheet.
As regards Compensated Absences, the Company has determined the
liability for the leave at the credit of its employees on the basis of
their current salaries and made a provision for such a liability.
Accordingly, a provision of Rs. 13,78,850 has been made at the year end
on the aforesaid basis (without an actuarial valuation) in respect of
the aggregate leave at the credit of its employees. However, since the
Company does not have a certificate from an independent actuary to the
effect that the provision so made has been worked out by a qualified
actuary in accordance with the provisions of AS-15 (Revised), the
provision so made is charged to the Profit and Loss Account.
Accordingly, in respect of liability for leave at the credit of
employees, the Company is not in a position to determine its liability
and charge the same to the Profit & Loss Account in conformity of AS
-15 (Revised). In the absence of availability of the detailed
information for determining the liabilities for Gratuity and
Compensated Absences in terms of AS-15 (Revised), the disclosures
regarding reconciliation of obligation, fair value of plan assets,
actuarial assumptions, etc. as required in terms of AS-15 (Revised)
have also not been made.
6. The Companys operation relate only to Synthetic Blended Yarn and
thus has only one reportable segment under Accounting Standard-17 on
"Segment Reporting".
* The approved Corporate Debt Restructuring Scheme has a conversion
clause allowing conversion of 100% of debt (including overdue amounts)
into equity, at par, during the tenure of assistances on default. The
Company has made request for modification / relief in the existing CDR
scheme and has resubmitted the new Restructuring Scheme. Hence in view
of Management, Diluted Earnings Per Share is not to be considered.
And in terms of Para 15, the Company has not recognized Deferred Tax
Assets in respect of other items in absence of reasonable certainty.
7. For the purpose of ascertaining impairment of assets as per
Accounting Standard-28 "Impairment of Assets", the entire business
operation of the Company have been considered as a cash generation unit
(CGU) and the recoverable amount of the CGU is determined on the basis
of its value in use. In view of the pending implementation of revised
restructuring scheme, as approved under CDR, involving proper balancing
of Machines, it is expected that CGU shall take longer period to
generate regular future economic benefits. Thereby cash flows for 8
years have been taken in to account to assess value in use of the
business operation. On the basis of comparing the value in use so
arrived at, with the carrying value of the entire CGU, it was noticed
that there is no impairment in CGU.
Further, Company has carried out the valuation of surplus assets of
Birgod Unit, and as per the valuation report, the Net Realizable Value
(NRV) of the assets is more than the carrying amount of the assets. On
the basis of the above valuation report, management is of the view that
NRV of the assets of Pillukhedi unit will be more than the carrying
amount of such assets.
8. The Company has not provided for management fees amounting to
Rs.22,00,000 payable to Bank of India for disbursement of loan taken by
the company for paying labour dues, as in the view of the management
the same is payable out of sale proceeds of balance assets of the
company at Birgod unit remaining after reallocation of assets from
Birgod unit to Pillukhedi Unit.
9. Unpaid amounts overdue for more than thirty days to Micro, Small
and Medium Enterprise suppliers on account of principal together with
interest is Rs. Nil (Previous year Rs. Nil). This disclosure is on the
basis of the information available with the Company regarding the
status of the suppliers as defined under The Micro, Small and Medium
Enterprises Development Act, 2006.
10. Advances recoverable in cash or in kind or for value to be
received shown under Schedule 6(d) includes a sum of Rs. 48,36,158 (Rs.
49,46,836) in respect of interest receivable on sale from customers
which are outstanding for more than six months etc., and a sum of Rs.
1,76,43,113 (Rs 1,73,80,651) as Income Tax paid in advance after net of
provision for Income Tax. Out of the above information in respect of
interest receivable, an amounting of Rs. 45,77,635 (Rs. 45,77,635) is
outstanding from S. Kumars Nationwide since August, 2006, of which the
Management is confident of realization an subsequently the Company has
received Rs. 20,00,000 from the said amount outstanding from S. Kumars
Nationwide.
11. Other interest shown under Schedule 12 is net of interest
income:amounting to Rs. 22,83,545 (Rs 27,75,569).
12. A sum of Rs. 49,05,231 (Rs 10,49,411) has been deducted from
consumption of raw materials on account of receivable amount of export
benefits, under the Duty Entitlement Pass Book (DEPB) scheme of the
Government of India, framed under the provisions of EXIM Policy. Such
benefits have been quantified, based on entitlements, and on the basis
of applications for the issue of DEPB - post shipment basis, at the
rates as notified from time to time and the extent to which the Company
perceives to import, duty free goods for use in its manufacture process
or face value of saleable entitlements, to offset the cost of materials
used for the manufacture of such exported goods.
13. The Company has re-appointed Mr. S L Moondhra as Senior Executive
Director with effect from March 01,2010. According to the provision of
section 269 read with Schedule XIII of Companies Act, 1956. The Company
has made an application to the Central Government for approval of the
appointment and remuneration of Mr. S L Moondhra and said approval is
awaited.
14. The previous years figures, wherever necessary, have been
regrouped, reclassified and recast to confirm with this years
classification.
15. The figures in brackets are in respect of previous year.