Mar 31, 2014
Note:
I) The Term Loans from Assets Reconstruction Co of (India) Ltd, is
secured by way of:
(A) Primary Securities : The Term Loans from ARCIL are secured by
first pari-passu mortgage of all immovable properties, save and except
assets charged to IDBI earlier, and is further secured by way of
hypothecation of all movable properties (save and except the book
debts) of the company subject to prior charges created in favour of
Company''s Bankers on inventory of the Company to secure the borrowing
for working capital.
(B) Personal Guarantees : The term loan from bank is further secured
by personal guarantee of Managing Director and ExChairman.
II) The Term Loans from Export Import Bank of India, is secured by way
of:
(A) Primary Securities : Hypothecation of all the present and future
movable fixed assets except book debts and stock and is further
secured by first pari passu mortgage of all the immovable assets of
company save and except assets charged to IDBI earlier.
(B) Personal Guarantees : The term loan from bank is further secured
by personal guarantee of Managing Director and ExChairman.
1 Derivative contracts entered into by the Company and outstanding
as on the date of Balance sheet.
a) Hedging Commitments outstanding - Rs. Nil (Previous Year Nil)
b) Foreign currency exposures that are not hedged by derivative
instruments - Rs. Nil (Previous Year Nil)
2 Earnings/Expenditure in Foreign Exchange : Rs. Nil (Previous Year
-Nil)
3 Details of government grants - NIL (Previous Year -Nil)
4 Borrowing Costs capitalised during the year : Rs. Nil (Previous
Year -Nil)
5 Contingent liabilities and commitments (to the extent not
provided for)
Contingent liabilities (Rs. In Lacs)
31.03.14 31.03.13
(a) Interest to secured Lenders 5314.96 4991.97
(b) Claim not acknowledged as debts 0.00 0.00
(c) Provision for accrued gratuity liability made, pending actuarial
valuation and - - accounting policy followed.
There is no reasonable / virtual certainty supported by convincing
evidence that sufficient future income will be available against the
net deferred tax assets. In consideration of prudence, the company has
not considered the net deferred tax Assets in the Books of Accounts.
6 As per the information''s available with the Company in response
to the enquires from all existing suppliers with whom Company deals,
none of the suppliers are registered with the micro, small & medium
enterprises Development Act, 2006.
7 Sales Tax, Purchase Tax and Income Tax Assessment are pending at
various stages. Provision of Taxes in the opinion of management is
sufficient
8 No Provision for taxation has been considered necessary in view
of Carry forward losses, and unabsorbed depreciation and other
allowances under the Income Tax Act.
9 Vehicles in the block of Fixed Assets are in the name of
Director, as the finances have been arranged by them. These vehicles
are in the possession of the Company. The amount of installments
outstanding for payment to financing agencies as on the date of
Balance Sheet is Rs.Nil (Previous Year Rs. Nil) Lacs.
10 Computation of Net Profit in accordance with Section 349 of the
Companies Act, 1956 has not been given, as commission by way of
percentage of Profit is not payable for the year to any of the
director of the Company.
11 Balances of some of the sundry Debtors, Creditors, Loans &
advances are taken as per Books of Account and are subject to
confirmation from respective parties. However, in the opinion of the
management these accounts will fetch the amount as stated in the books
of accounts on realization in the ordinary course of business.
12 Secured Lenders viz, Asset Reconstruction Company (India)
Limited (ARCIL) and Export Import Bank of India took the possession of
the Secured Assets of the company under section 13 (4) of
Securitization And Reconstruction of Financial Assets And Enforcement
of Security Interest Act, 2002 ( SARFAESI Act ) on 11th July, 2007
against their dues and appointed the Company as Custodian of the
Secured Assets and permitted to continue the Business activities on a
payment of Rs 25,000 per month towards royalty charges till 31st
March, 2011. Thereafter, they have withdrawn the custodian ship. They
have also filed petition for winding up of the company before the
hon''ble High Court of M.P. , which is pending for admission.
The Commercial Tax Department also took action for recovery of their
dues by way of attachment of Fixed Assets under the Provisions of M.P.
Land Revenue Code , 1959. Hence, Consequential fate of Secured fixed
assets taken over by the secured lenders is not ascertainable.
Therefore , any adjustment on account of possession of the assets is
also not ascertainable in the circumstances as on 31st March, 2014. In
view of the possession of Secured assets have been taken by Secured
Lenders, the estimated amount of interest for the year amounting to
Rs.322.98 Lacs (Previous Year 322.98 Lacs) has also not been provided
in books of accounts of the Company. Total estimated amount of
Interest not provided for as on the date of Balance Sheet is
Rs.5314.96. ( Previous Year. 4991.98) Lacs.
13 As the accumulated losses of the Company had exceeded its entire
net worth in earlier years, the Company had been declared a Sick
Industrial Company within the meaning of Clause (O) of sub section 1
of section 3 of the Sick Industrial Companies (Special Provisions)
Act, 1985 (SICA) vide order of BIFR dated 17th May, 2006. Pursuant to
the action taken by secured Lenders under section 13(4) of the
SARFAESI Act, 2002 the BIFR, vide its order dated 26th November, 2007
has abated the reference filed by the Company under SICA. As the
Company has concluded one time settlement with working capital bankers
and IDBI and is pursuing settlement discussions with remaining Secured
Lenders and is keen to revive its operations, the accounts of the
Company have been prepared on going concern basis. In case the Company
is unable to continue as a going concern in future, the resultant
adjustments, if any, are presently not ascertainable.
14 As the company is not having possession of the assets of the
company, no physical verification of the assets of the plant could be
carried out. The management of the company is of the opinion that
there is an impairment of the assets of this plant, however, such loss
has not been estimated or determined and, therefore, no provision for
loss on account of impairment of assets has been made in the accounts.
To this extent, the company has not complied with the Accounting
Standard 28, Impairment of Assets.
15 Previous year''s figures have been regrouped/reclassified
wherever necessary to correspond with the current year''s
classification/ disclosure.
Mar 31, 2011
1. Secured Loans:
a. The Term Loans from ARCIL are secured by first pari-passu mortgage
of all immovable properties, save and except assets charged to IDBI
earlier, and is further secured by way of hypothecation of all movable
properties (save and except the book debts) of the company subject to
prior charges created in favour of Company's Bankers on inventory of
the Company to secure the borrowing for working capital.
b. The Term Loan from Export Import Bank of India is secured by way of
Hypothecation of all the present and future movable fixed assets except
book debts and stock and is further secured by first pari passu
mortgage of all the immovable assets of company save and except assets
charged to IDBI earlier.
c. Working Capital Borrowings from Export Import Bank of India
represents the amount of foreign Usance bills discounted by the Bank.
d. All the above loans are further secured by personal guarantees of
Managing Director and Ex-Chairman.
2. Secured Lenders viz, Asset Reconstruction Company (India) Limited
(ARCIL) and Export Import Bank of India took the possession of the
Secured Assets of the company under section 13 (4) of Securitization
And Reconstruction of Financial Assets And Enforcement of Security
Interest Act, 2002 ( SARFAESI Act) on 11th July, 2007 against their dues
and appointed the Company as Custodian of the Secured Assets and
permitted to continue the Business activities on a payment of Rs 25,000
per month towards royalty charges till 31st March, 2011. Thereafter,
they have withdrawn the custodian ship. They have also filed petition
for winding up of the company before the hon'ble High Court of M.P.,
which is pending for admission.
The Commercial Tax Department also took action for recovery of their
dues by way of attachment of Fixed Assets under the Provisions of M.P.
Land Revenue Code, 1959.
Hence, Consequential fate of Secured fixed assets taken over by the
secured lenders is not ascertainable. Therefore , any adjustment on
account of possession of the assets is also not ascertainable in the
circumstances as on 31 st March, 2011.
3. As the accumulated losses of the Company had exceeded its entire net
worth in earlier years, the Company had been declared a Sick Industrial
Company within the meaning of Clause (O) of sub section 1 of section 3
of the Sick Industrial Companies (Special Provisions) Act, 1985 (SfCA)
vide order of BIFR dated 17th May, 2006. Pursuant to the action taken by
secured Lenders under section 13(4) of the SARFAESI Act, 2002 the BIFR,
vide its order dated 26th November, 2007 has abated the reference filed
by the Company under SICA.
As the Company has concluded one time settlement with working capital
bankers and IDBI and is pursuing settlement discussions with remaining
Secured Lenders and is keen to revive its operations, the accounts of
the Company have been prepared on going concern basis. In case the
Company is unable to continue as a going concern in future, the
resultant adjustments, if any, are presently not ascertainable.
4. In view of One-time settlement achieved by the Company and its
ongoing discussions with other lenders, the estimated amount of the
interest for the year amounting to Rs. 322.98 Lacs (Prev. Yr. 322.98
Lacs) has not been provided in books of accounts of the Company. Total
amount of Interest not provided for as on the date of Balance Sheet is
Rs. 4346.03 (Prev. Yr. 4023.05 Lacs).
5. As per the Information's available with the Company in response to
the enquiries from all existing suppliers with whom Company deals, none
of the suppliers are registered with the Micro, Small & Medium
Enterprises Development Act, 2006.
6. Balances of some of the Sundry Debtors, Creditors, Loans & advances
are taken as per Books of Account and are subject to confirmation from
respective parties. However, in the opinion of the management these
accounts will fetch the amount as stated in the books of accounts on
realization in the ordinary course of business.
7. Sales Tax, Purchase Tax and Income Tax Assessment are pending at
various stages. Provision of Taxes in the opinion of management is
sufficient.
8. No Provision for taxation has been considered necessary in view of
Carry forward losses, and unabsorbed depreciation and other allowances
under the Income Tax Act.
9. Vehicles in the block of Fixed Assets are in the name of Directors,
as the finances have been arranged by them.
These vehicles are in the possession of the Company. The amount of
installments outstanding for payment to financing agencies as on the
date of Balance Sheet is Rs. 0.72 (2.16) Lacs.
10. Excise duty drawback receivable related with Exports of previous
years, earlier denied by the Custom authorities, now have been allowed
by the Hon'ble CESTAT, New Delhi and therefore have been shown as
Income underthe head 'Other Income'
11. Bad debts and irrecoverable debit balances written off during the
year is Rs. 6.76 Lacs (Prev.Yr. NIL) which were shown as receivables in
earlier years now determined and adjusted.
12. Prior Period items represent amount ascertained and accounted for
During the Year on the basis of various assessments completed during the
Year and other settlements related with earlier years.
13. Related Party Disclosures:
A. List of related Parties: Shri Pramod Somani (relationship: Managing
Director)
B. Transactions with related parties NIL
14. Traveling and Conveyance includes Directors Traveling-Inland Rs.
5,57,607 (Prev.Yr. 2,28,483), Foreign Traveling Directors Rs. Nil
(Prev. Yr. Nil) and Foreign Traveling-others Rs. Nil (Pre.Yr.Nil).
15. Segment Information : The Company is operating in Single segment.
16. The Computation of net Profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as Commission by way of
percentage of Profit is not payable for the year to any of the
Directors of the Company.
17. In the opinion of the directors the assets had recoverable value as
compared to their carrying Cost, and therefore no provision is
considered necessary.
18. Figures have been rounded off to the nearest rupee.
19. Previous year figures have been regrouped / rearranged, wherever
necessary.
20. Figures and remarks in the brackets pertains to the previous year,
unless other wise specified.
There is no reasonable / virtual certainty supported by convincing
evidence that sufficient future income will be available against the
net deferred tax assets. In consideration of prudence, the company has
not considered the net deferred tax Assets in the Books of Accounts.
21. In the opinion of the Board the current assets, loans & advances
have a value on realisation in the ordinary course of business, at
least equal to the amounts at which these are stated and that the
provisions for all the known liabilities has been adequately made and
not in excess of the amount reasonably necessary and there is no
Contingent liability other than listed below.
a) Interest to Secured Lenders Rs. 43.46 Crores. ( Prev.Yr. Rs. 40.23
Crores)
b) Provision for accrued gratuity liability made , pending actuarial
valuation and accounting policy followed.
c) Claim not acknowledged as debts Rs. 15 Lacs. (Prev.Yr. 3.50 Lacs)
21. Schedules referred to herein are under the same signature and form
an integral part of the Accounts.
Mar 31, 2009
1. Secured Loans:
a. The Term Loans from ARCIL are secured by first pari-passu mortgage
of all immovable properties, save and except assets charged to IDBI
earlier, and is further secured by way of hypothecation of all movable
properties (save and except the book debts) of the company subject to
prior charges created In favour of Companys Bankers on inventory of
the Company to secure the borrowing for working capital.
b. The Term Loan from Export Import Bank of India is secured by way of
Hypothecation of all the present and future movable fixed assets except
book debts and stock and is further secured by first pari passu
mortgage of all the immovable assets of company save and except assets
charged to IDBI earlier.
c. Working Capital Borrowings from Export Import Bank of India
represents the amount of foreign Usance-bills discounted by the Bank.
d. All the above loans are further secured by personal guarantees of
Managing Director and Ex-Chairman.
2. Secured Lenders viz, Asset Reconstruction Company (India) Limited
(ARCIL) and Export Import Bank of India had taken the possession of the
Secured Assets of the company under section 13 (4) of Securitization
And Reconstruction of Financial Assets And Enforcement of Security
Interest Act, 2002 (SARFAESI Act) on 11th July, 2007 against their dues
and appointed the Company as Custodian of the Secured Assets and
permitted to continue the Business activities on a payment of Rs 25,000
per month towards royalty charges.
The Commercial Tax Department also took action for recovery of their
dues by way of attachment of Fixed Assets under the Provisions of M.P.
Land Revenue Code, 1959.
Both of the above, ARCIL and Commercial tax Department issued Public
Notices for sale of the Properties by Public Auction. No Sale of the
assets has been taken place due to the stay order issued by the Honble
High Court of Madhya Pradesh, in response to the petition filed by the
Commercial Tax Department against auction notice issued by ARCIL..
3. As the accumulated losses of the Company had exceeded its entire
net worth in earlieryears, the Company had been declared a Sick
Industrial Company within the meaning of Clause (O) of sub section 1 of
section 3 of the Sick Industrial Companies (Special Provisions) Act,
1985 (SICA) vide order of BIFR dated 17th May, 2006. Pursuant to the
action taken by secured Lenders under section 13(4) of the SARFAESI
Act, 2002 the BIFR, vide its order dated 26th November, 2007 has abated
the reference filed by the Company under SICA.
As the Company has concluded one time settlement with working capital
bankers and IDBI and is pursuing settlement discussions with remaining
Secured Lenders and is keen to revive its operations, the accounts of
the Company have been prepared on going concern basis. In case the
Company is unable to continue as a going concern in future, the
resultant adjustments, if any, are presently not ascertainable.
4. In view of One-time settlement achieved by the Company and its
ongoing discussions with other lenders, the estimated amount of the
interest for the year amounting to Rs. 322.98 Lacs ( Prev. Yr. 322.98
Lacs) has not been provided in books of accounts of the Company. Total
amount of Interest not provided for as on the date of Balance Sheet is
Rs. 3700.07 (Prev. Yr. 3377.09 Lacs).
5. As per the Informations available with the Company in response to
the enquiries from all existing suppliers with whom Company deals, none
of the suppliers are registered with the micro, small & medium
Enterprises Development Act, 2006.
6. Payment to Auditors (including Service Tax):
7. Balances of some of the Sundry Debtors, Creditors, Loans & advances
are taken as per Books of Account and are subject to confirmation from
respective parties. However, in the opinion of the management these
accounts will fetch the amount as stated in the books of accounts on
realization in the ordinary course of business.
8. Sales Tax, Purchase Tax and Income Tax Assessment are pending at
various stages. Provision of Taxes in the opinion of management is
sufficient.
9. No Provision for taxation has been considered necessary in view of
Carry forward losses, and unabsorbed depreciation and other allowances
under the IncomeTax Act.
10. Vehicles in the block of Fixed Assets are in the name of Director,
as the finances have been arranged by them. These vehicles are in the
possession of the Company. The amount of installments outstanding for
payment to financing agencies as on the date of Balance Sheet is Rs.
3.59 (5.95) Lacs.
11. In respect of disputed levy of Excise duty of Rs. 80.73 Lacs, the
matter is under consideration of The Commissioner, Central Excise &
Custom, Indore. In view of similar case decided in favour of the
Company, the directors are of the opinion, that no provision is
required in this respect.
12. Bad debts and irrecoverable debit balances written off during the
year is Rs. 11,08,644 (Prev. Yr.2,00,77,968) which were shown as
receivables in earlier years now determined and adjusted.
13. Prior Period items represent Liability ascertained and accounted
for during the Year on the basis of various assessments completed
during the Year and other expenses related with earlier year.
14. Related Party Disclosures:
A. List of related Parties: Shri Pramod Somani (relationship: Managing
Director)
B. Transactions with related parties NIL
15. Traveling and Conveyance includes Directors Traveling-Inland Rs.
3,73,571 (Prev.Yr. 2,37,919), Foreign traveling Directors Rs. Nil
(Prev. Yr.8,06,751) andForeign Traveling-others Rs.Nil(Pre.Yr.Nil).
16. Segment Information.The Company is operating in Single segment.
17. The Computation of net Profit in accordance with section 349 of
the Companies Act, 1956 has not been given, as Commission by way of
percentage of Profit is not payable for the year to any of the
Directors of the Company.
18. In the opinion of the directors the assets had recoverable value
as compared to their carrying Cost, and therefore no provision is
considered necessary. During the year the Company could not utilize the
installed capacity fullyforwantof working Capital.
19. Figures have been rounded off to the nearest rupee.
20. Previous year figures have been regrouped / rearranged, wherever
necessary.
22. Figures and remarks in the brackets pertains to the previous year,
unless otherwise specified.
There is no reasonable / virtual certainty supported by convincing
evidence that sufficient future income will be available against the
net deferred tax assets. In consideration of prudence, the company has
not considered the net deferred tax Assets In the Books of Accounts.
24. I n the opinion of the Board the current assets, loans & advances
have a value on realization in the ordinary course of business, at
least equal to the amounts at which these are stated and that the
provisions for all the known liabilities has been adequately made and
not in excess of the amount reasonably necessary and there is no
Contingent liability other than listed below.
a) Central Excise Duty of Rs 80.73 Lacs against which the Company has
filed an appeal and the matter is pending with the Commissioner,
Central Excise & Custom, Indore.
b) Income Tax of Rs. 5.40 Lacs, Rs. 6.60 Lacs for the Ass. Year 1991 -
92,1993-94 respectively, against which the appeals are pending with
Honble Appellate Authority CIT, Indore.
c) CommercialTax of Rs. 130.38 Lacs & EntryTaxof Rs.35.03Lacs for the
Year 2003-04, against which the revision are pending with Honble Addl.
Commissioner CommercialTax (Revision), Indore.
d) Liquidated damages and interest of Rs 9.06 Lacs , levied by
Provident Fund Department, against which the Company has filed an
appeal and the matter is pending before Honble Provident Fund
Appellate Tribunal.
e) Claims not acknowledged as Debts is Rs. 7.5 Lacs, e) Interest to
Secured Lenders Rs. 37.00 Crores.
25. Schedules referred to herein are under the same signature and form
an integral part of the Accounts.
26. Information pursuant to para 3,4 C&4D of part 11 of Schedule VI to
the Companies Act, 1956.
(a) Licenced Capacity: 260 (260 (Looms
(b) Installed Capacity: 244 (244) looms
Mar 31, 2008
1. Secured Loans:
a. Working Capital Borrowings/Loans from banks (except EXIM Bank) were
secured by hypothecation of inventories and book debts and Second
charge on the fixed assets of the company by way of equitable mortgage
and further secured by equitable mortgage of Personal Properties of the
Ex-Chairman and Managing Director as collateral Securities. These Loans
have been settled during the Year. Consequently, the Charges and
securities held by the banks and personal guarantees of Directors have
been released.
b. Loan from IDBI was under Equipment Finance Scheme and secured by
First and exclusive charge on specified assets acquired under the
Scheme. The same has been settled during the year. And the charges on
specified assets and Personal Guarantee of Directors have been
released.
c. The Term Loans from ARCIL are secured by first pari-passu mortgage
of all immovable properties, save and except assets charged to IDBI
earlier, and is further secured by way of hypothecation of all movable
properties (save and except the book debts) of the company subject to
prior charges created In favour of CompanyÃs Bankers on inventory of
the Company to secure the borrowing for working capital.
d. The Term Loan from Export Import Bank of India is secured by way of
Hypothecation of all the present and future movable fixed assets except
book debts and stock and is further secured by first pari passu
mortgage of all the immovable assets of company save and except assets
charged to IDBI earlier.
e. Working Capital Borrowings from Export Import Bank of India
represents the amount of foreign Usance bills discounted by the Bank.
f. All the above loans are further secured by personal guarantees of
Managing Director and Ex-Chairman.
2. Secured Lenders viz, Asset Reconstruction Company (India) Limited
(ARCIL) and Export Import Bank of India had taken the possession of the
Secured Assets of the company under section 13 (4) of Securitization
And Reconstruction of Financial Assets And Enforcement of Security
Interest Act, 2002 ( SARFAESI Act ) on 11th July, 2007 against their
dues and appointed the Company as Custodian of the Secured Assets and
permitted to continue the Business activities on a payment of Rs 25000
per month towards royalty charges.
The Commercial Tax Department had taken action for recovery of their
dues by way of attachment of Fixed Assets under the Provisions of M.P.
Land Revenue Code , 1959.
Both the above, ARCIL and Commercial tax Department issued Public
Notices for sale of the Properties by Public Auction. Consequent to an
order of the HonÃble High Court of Madhya Pradesh, auction of the
Property, till further decision, in response to the petition filed by
the Commercial Tax Department against auction notice issued by ARCIL,
was stayed. No sale of the asset has taken place.
3. As the accumulated losses of the Company had exceeded its entire
net worth in earlier years, the Company had been declared a Sick
Industrial Company within the meaning of Clause (O) of sub section 1 of
section 3 of the Sick Industrial Companies ( Special Provisions) Act,
1985 (SICA) vide order of BIFR dated 17th May, 2006. Pursuant to the
action taken by secured Lenders under section 13(4) of the SARFAESI
Act, 2002 the BIFR, vide its order dated 26th November, 2007 has abated
the reference filed by the Company under SICA.
As the Company has concluded one time settlement with working capital
bankers and IDBI and is pursuing settlement discussions with remaining
Secured Lenders and is keen to revive its operations, the accounts of
the Company have been prepared on going concern basis. In case the
Company is unable to continue as a going concern in future, the
resultant adjustments, if any, are presently not ascertainable.
4. In view of One-time settlement achieved by the Company and its
ongoing discussions with other lenders, the estimated amount of the
interest for the year amounting to Rs. 322.98 Lacs ( Prev. Yr. 322.98
Lacs) has not been provided in books of accounts of the Company. Total
amount of Interest not provided for as on the date of Balance Sheet is
Rs. 33,77,09,241 ( Prev. Yr. 30,54,11,624).
5. As per the InformationÃs available with the Company in response to
the enquiries from all existing suppliers with whom Company deals, none
of the suppliers are registered with the micro, small & medium
Enterprises Development Act, 2006.
6. Balances of some of the Sundry Debtors, Creditors, Loans & advances
are taken as per Books of Account and are subject to confirmation from
respective parties.
7. Sales Tax, Purchase Tax and Income Tax Assessment are pending at
various stages. Provision of Taxes in the opinion of management is
sufficient.
8. No Provision for taxation has been considered necessary in view of
Carry forward losses, and unabsorbed depreciation and other allowances
under the Income Tax Act.
9. Two vehicles in the block of Fixed Assets are in the name of
Directors, as the finances have been arranged by them. These vehicles
are in the possession of the Company and these would be transferred in
the name of the company on the satisfaction of financial obligation.
The amount of installments outstanding for payment to financing
agencies as on the date of Balance Sheet is Rs. 5.95 (8.89) Lacs.
10. Income on Settlement of Secured Loans & Reversal of Interest
represent, remission/ waiver of Principal by working Capital Bankers ,
Waiver of Interest on Working Capital Borrowings , Reversal of Interest
on Term Loans and waiver of Interest on Term Loans.
11. In respect of disputed levy of Excise duty of Rs. 80.73 Lacs, the
matter is under consideration of CESTAT, Delhi. In view of similar case
decided in favor of the Company, the directors are of the opinion, that
no provision is required in this respect.
12. Bad debts and irrecoverable debit balances written off during the
year is Rs. 2,00,77,968 (Prev. Yr.2,77,35,677) which were shown as
receivables in earlier years now determined and adjusted.
13. Prior Period items represent Liability ascertained and accounted
for during the Year on the basis of various assessments completed
during the Year and other expenses related with earlier year.
14. Related Party Disclosures: A. List of related Parties: Shri
Pramod Somani (relationship: Managing Director)
15. Traveling and Conveyance includes Directors Traveling-Inland Rs.
2,37,919 (Prev. Yr. 1,90,861), Foreign traveling à Directors Rs.
8,06,751 ( Prev. Yr. 7,10,246) and Foreign Traveling -others Rs. Nil (
Pre. Yr. 49,550).
16. Segment Information: The Company is operating in Single segment.
17. The Computation of net Profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as Commission by way of
percentage of Profit is not payable for the year to any of the
Directors of the Company.
18 In the opinion of the directors the assets had recoverable value as
compared to their carrying Cost. and therefore no provision is
considered necessary. During the year the Company could not utilize the
installed capacity fully for want of working Capital.
19. Figures have been rounded off to the nearest rupee.
20. Previous year figures have been regrouped / rearranged, wherever
necessary.
21. Figures and remarks in the brackets pertains to the previous year,
unless other wise specified.
22. In the opinion of the Board the current assets, loans & advances
have a value on realization in the ordinary course of business, at
least equal to the amounts at which these are stated and that the
provisions for all the known liabilities has been adequately made and
not in excess of the amount reasonably necessary and there is no
Contingent liability other than listed below.
a) Central Excise Duty of Rs 80.73 Lacks against which the Company has
filed an appeal and the matter is pending with HonÃble CESTAT.
b) Income Tax of Rs. 5.40 Lacs, Rs. 6.60 Lacs & Rs. 19.69 Lacs for the
Ass. Year 1991-92, 1993-94 & 2003- 04 respectively, against which the
appeals are pending with HonÃble Appellate Authority CIT, Indore.
c) Liquidated damages and interest of Rs 9.06 Lacs , levied by
Provident Fund Department, against which the Company has filed an
appeal and the matter is pending before HonÃble Provident Fund
Appellate Tribunal.
d) Claims not acknowledged as Debts is Rs. 12.24 lacs. e) Interest to
Secured Lenders Rs. 33.77 Crores.
23. Schedules referred to herein are under the same signature and form
an integral part of the Accounts.
24. Information pursuant to para 3 ,4 C & 4D of part II of Schedule VI
to the Companies Act, 1956.
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