Mar 31, 2015
1. Estimaated amount of contracts remaining to be executed on capital
account and not provided Rs. Nil. (Previous year Rs.Nil)
The demands at (b) and (c) above are payable with interest in case
upheld against the Company.
The Company is contingently liable for excise duty of Rs.45,993,252/-,
which demands were set aside by Central Excise and Service Tax
Appellate Tribunal and appeals in respect whereof filed by Excise
Department are pending before jurisdictional High Courts.
2. The Company's writ petitions before the High Court of Bombay
disputing the Customs duty liability and applicable rate of customs
duty on imported raw materials (for own consumption as well as sale on
high seas basis) is pending disposal. Against this disputed liability
the Company has furnished to the Customs Authority bank guarantee
totaling Rs.1,957,376/- (previous year Rs.1,957,376/-). In respect of
imported raw material sold on high seas basis there are advances
received by the Company of Rs.1,033,628/- (Previous Year
Rs.1,033,628/-) from the constituents towards the likely custom duty
liability.
3. Registration of the Company with Board for Industrial and
Financial Reconstruction(BIFR):
The Company was declared a sick industrial undertaking in terms of
Section 3(1)(0) of the Sick Industrial Companies (Special Provisions)
Act, 1985.
The Company had submitted a Draft Rehabilitation Scheme to Hon'ble BIFR
through its Operating Agency IFCI Ltd. and is providing the required
information and clarification.
The Company continues its manufacturing operations, and the accounts
are prepared on going concern basis.
4. Borrowings from Banks and Term Lenders:
1. Restructuring by Standard Chartered Bank (SCB):
The Company's proposal for restructuring of borrowings was approved by
SCB (member of consortium of lenders) in 2002. The liability of SCB in
accordance with the aforesaid sanction was recognized in books of
account of the Company. The Company has been amortizing borrowings in
accordance with restructuring scheme as sanctioned by SCB. During the
year the restructured liability has been repaid.
2. Working capital borrowings from Dena Bank (DB):
The Company had completed payment of one time settlement amount to Dena
Bank except affect of release of a bank guarantee issued by Dena Bank
on behalf of the Company for Rs.751,257/- (Rs.751,257/-) has yet to be
given by the said Bank. The Company will give effect to the settlement
on completion of consequential formalities by Dena Bank and release of
charge over assets of the Company held by Dena Bank.
3. Acquisition of debts by Itz Online Payments Limited (IOPL):
IOPL acting as Strategic Investor in the revival and rehabilitation
plan of the Company, settled and took over debt held by Central Bank of
India (CBI) and purchased from Federal Bank Limited (FBL) the
non-convertible debentures held by FBL.
5. The Company is holding Preference Shares of Indo Wind Energy Ltd.,
and is entitled to redemption proceeds thereof and dividend with
certain additional amounts alongwith upto date interest. The Company
has not accounted income in respect of its aforesaid amounts and
claims.
The Company is initiating recovery measures and will account income
accrued on the Preference Shares in the year of receipt.
6. As per Accounting Standard 15 "Employee benefitsÂ, the disclosures
as defined in the Accounting Standard are given below: Defined
Contribution Plans
Contribution to Defined Contribution Plans, recognised as expense for
the year is as under :
Defined Benefit Plan
The employee's gratuity fund scheme managed by a Trust (Life Insurance
Corporation of India for part of the organization) is a defined benefit
plan. The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit seperately to build up the final
obligation. The obligation for leave encashment is recognised in the
same manner as gratuity.
7. The entire operation of the Company relates to only one segment
viz. Thermoware Products. Hence as per AS(17) issued by ICAI, there is
only one reportable segment.
8. The Company has not yet identified the total amount due to micro,
small and medium scale enterprises.
9. The Basic Earning per share of the Company is Rs. 0.91 as defined
in Accounting Standard 20 issued by ICAI.
10. The Company does not have any deferred tax liability as envisaged
in Accounting standard 22 issued by the ICAI.
11. Sundry Creditors and Sundry Debtors are subject to confirmation by
the respective parties.
12. Figures of the previous year have been regrouped and reclassified
wherever necessary.
13. The amounts in the Balance Sheet & Statement of Profit & Loss are
rounded off to the nearest rupee.
Mar 31, 2014
1. Estimated amount of contracts remaining to be executed on capital
account and not provided Rs. Nil. (Previous year Rs.Nil)
2. Contingent Liability in respect of: ASAT31ST ASAT31ST
MARCH.2014 MARCH.2013
RUPEES IN LACS RUPEES IN LACS
(a) Guarantee issued by Banks in
favour of 25.16 25.16
various Central & State Government
Department and Local Bodies.
(b) Demands under Excise Act, 2.83 2.83
disputed in appeal.
(c) Demands under Income Tax Act, 247.27 260.40
disputed in appeal.
The demands at (b) and (c) above are payable with interest in case
upheld against the Company.
The Company is contingently liable for excise duty of Rs.45,993,252/-,
which demands were set aside by Central Excise and Service Tax
Appellate Tribunal and appeals in respect whereof filed by Excise
Department are pending before jurisdictional High Courts.
3. The Company''s writ petitions before the High Court of Bombay
disputing the Customs duty liability and applicable rate of customs
duty on imported raw materials (for own consumption as well as sale on
high seas basis) is pending disposal. Against this disputed liability
the Company has furnished to the Customs Authority bank guarantee
totaling Rs. 1,957,376/- (previous year Rs. 1,957,376/-). In respect of
imported raw material sold on high seas basis Vr - Â ; re advances
received by the Company of Rs. 1,033,628/- (Previous Year Rs.
1,033.628/-) from the constituents towards th<-> < custom duty
liability.
4. Extraordinary Items:
Extraordinary Items consists of following:
Excess of Provision Written Back (Net) Rs. 61,773,977/-
The lease in respect of wind mills was terminated by the lessor, and
income was carried by the Company from sale of electricity
thereafter. The Company on discovering certain facts during the year,
has since reversed excessive debit and credit side provisions made in
its books of account in earlier years, and considers the net amount of
Rs.2,399,167/- recoverable from the Guarantor of the transaction, which
will be accounted in the year of recovery thereof.
5. Registration of the Company with Board for Industrial and
Financial Reconstruction(BIFR):
The Company was declared a sick industrial undertaking in terms of
Section 3(1 )(0) of the Sick Industrial Companies (Special Provisions)
Act, 1985.
The Company had submitted a Draft Rehabilitation Scheme to Hon''ble BIFR
through its Operating Agency IFCI Ltd and is providing the required
information and clarification.
The Company continues its manufacturing operations, and the accounts
are prepared on going concern basis.
6. Borrowings from Banks and Term Lenders:
1. Restructuring by Standard Chartered Bank (SCB):
The Company''s proposal for restructuring of borrowings was approved by
SCB (member of consortium of lenders) in 2002. The liability of SCB in
accordance - h the aforesaid sanction was recognized in books of
account of the Company. The Company is amortizing borrowings ;ii
accordance with restructuring scheme as sanctioned by SCB.
2. Recall of working capital facilities by Dena Bank (DB):
The Company has completed payment of one time settlement amount to Dena
Bank. The Company will give effect to the settlement on completion of
consequential formalities by Dena Bank and release of charge over
assets of the Company held by Dena Bank.
3. Assignment of Debts by Central Bank of India (CBI) to ltz Online
Payments Limited (IOPL):
IOPL acting as Strategic Investor in the revival and rehabilitation
plan of the Company, settled and took over debt held by CBI.
Accordingly, borrowings of the Company from CBI now stand towards IOPL.
4. Transfer of Non-Convertible Debentures by The Federal Bank Limited
(FBL) to Itz Online Payments Limited (IOPL):
IOPL, the Strategic Investor investing in the revival and
rehabilitation plan of the Company, purchased from FBL the non-
convertible debentures held by FBL, which have since been transferred
in the name of IOPL following due process.
7. The Company is holding Preference Shares of Indo Wind Energy Ltd.,
and is entitled to redemption proceeds thereof and dividend with
certain additional amounts alongwith upto date interest. The Company
has not accounted income in respect of its aforesaid amounts and
claims.
The Company is initiating recovery measures and will account income
accrued on the Preference Shares in the yearof receipt.
8. As per Accounting Standard 15 "Employee benefits", the disclosures
as defined in the Accounting Standard are given below:
Defined Contribution Plans
Contribution to Defined Contribution Plans, recognised as expense for
the year is as under: Particulars 2013-14 2012-13
Employer''s Contribution to Provident Fund 218,333 189,145
Employer''s Contribution to Pension Fund 218,926 182,961
Defined Benefit Plan
The employee''s gratuity fund scheme managed by a Trust (Life Insurance
Corporation of India for part of the organization) is a defined benefit
plan. The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit seperately to build up the final
obligation. The obligation for leave encashment is recognised in the
same manner as gratuity.
9. RELATED PARTY DISCLOSURE AS PER (AS-18) ISSUED BY ICAI:-
(a) List of Related Parties with whom transactions have taken place and
Relationships: Sr. No. Name of the Related Party Relationship
1. Shri Chiranjiv I. Vaghani Key Management Personnel
2. Shri Madhup B. Vaghani  Do Â
3. ShriDinesh I. Vaghani Relatives of Directors
4. ShriNilesh I.Vaghani ÂDoÂ
10. The Company has not yet identified the total amount due to micro,
small and medium scale enterprises.
11. The Basic Earning per share of the Company is Rs.4.05 as defined
in Accounting Standard 20 issued by ICAI.
12. The Company does not have any deferred tax liability as envisaged
inAccounting standard 22 issued by the ICAI.
13. Sundry Creditors and Sundry Debtors are subject to confirmation by
the respective parties.
14. Figures of the previous year have been regrouped and reclassified
wherever necessary.
15. The amounts in the Balance Sheet & Statement of Profit & Loss are
rounded off to the nearest rupee.
Mar 31, 2013
1. Estimated amount of contracts remaining to be executed on capital
account and not provided Rs. Nil. (Previous year Rs.Nil)
2. The Company''s writ petitions before the High Court of Bombay
disputing the Customs duty liability and applicable rate of customs
duty on imported raw materials (for own consumption as well as sale on
high seas basis) is pending disposal. Against this disputed liability
the Company has furnished to the Customs Authority bank guarantee
totaling Rs. 19,57,376/- (previous year Rs.19,57,376/-). In respect of
imported raw material sold on high seas basis there are advance
recoveries made by the Company of Rs. 10,33,628/- (Previous Year Rs.
10,33,628/-) from the constituents towards the likely custom duty
liability.
3. Extraordinary Items:
Extraordinary Items consists of following:
Waiver of Principal-Interest on OTS with IFCIL Rs. 421,820,549/-
During F.Y. 2009-10, the Company had entered into One Time Settlement
(OTS) with IFCIL. In terms thereof the OTS amount of Rs.290 Lacs as
full and final settlement of total outstanding dues towards Corporate
Loan and outstanding interest was payable in instalments upto December,
2011. The Company had accordingly fully repaid the amount during
F.Y.2011-12. However, IFCIL has acknowledged the same by issuing no
dues certificate in the current year. In terms of the OTS, the Company
has given effect of the waiver allowed by IFCIL in the accounts on
obtaining the no dues certificate and the write back on such waiver is
accounted as income from Extra Ordinary item which amounts to
Rs.421,820,549/-.
4. Registration of the Company with Board for Industrial and
Financial Reconstruction(BIFR):
The Company was declared a sick industrial undertaking in terms of
Section 3(1 )(0) of the Sick Industrial Companies (Special Provisions)
Act, 1985.
The Company has submitted a Draft Rehabilitation Scheme to Hon''ble BIFR
through its Operating Agency IFCI Ltd. on 22nd Feb, 2013.
The Company continues its manufacturing operations, and the accounts
are prepared on going concern basis.
5. Borrowings from Banks and Term Lenders:
1. Restructuring by Standard Chartered Bank (SCB):
The Company''s proposal for restructuring of borrowings was approved by
SCB (member of consortium of lenders) in 2002. The liability of SCB in
accordance with the aforesaid sanction was recognized in books of
account of the Company. The Company is amortizing borrowings in
accordance with restructuring scheme as sanctioned by SCB.
2. Recall of working capital facilities by Dena Bank (DB):
The Company has completed payment of one time settlement amount to Dena
Bank. The Company will give effect to the settlement on completion pf
consequential formalities by Dena Bank and release of charge over
assets of the Company held by Dena Bank.
3. Assignment of Debts by Central Bank of India (CBI) to Itz Online
Payments Limited (IOPL):
IOPL acting as Strategic Investor in the revival and rehabilitation
plan of the Company, settled and took over debt held by CBI.
Accordingly, borrowings of the Company from CBI is now stated towards
IOPL.
4. Transfer of Non-Convertible Debentures by The Federal Bank Limited
(FBL) to Itz Online Payments Limited (IOPL):
IOPL, the Strategic Investor investing in the revival and
rehabilitation plan of the Company, purchased from FBL the non-
convertible debentures held by FBL.
The amount in terms of debentures is now owed by the Company to IOPL.
The Company is taking steps to amend terms of Debentures to enable
their transferability in favour of IOPL.
6. The entire operation of the Company relates to only one segment
viz. Thermoware Products. Hence as per AS(17) issued by ICAI, there is
only one reportable segment.
7. The Company has not yet identified the total amount due to micro,
small and medium scale enterprises.
8. The Basic Earning per share of the Company is Rs. 32.22 as defined
in Accounting Standard 20 issued by ICAI.
9. The Company does not have any deferred tax liability as envisaged
inAccountingstandard22issuedbythelCAI.
10. Sundry Creditors and Sundry Debtors are subject to confirmation by
the respective parties.
11. Figures of the previous year have been regrouped and reclassified
wherever necessary.
12. The amounts in the Balance Sheet & Statement of Profit & Loss are
rounded off to the nearest rupee.
Mar 31, 2012
1. Estimated amount of contracts remaining to be executed on capital
account and not provided Rs. Nil. (Previous year Rs.Nil)
2. Contingent Liability in respect of: ASAT31ST ASAT31ST
MARCH,2012 MARCH,2011
RUPEES IN RUPEES IN
LACS LACS
(a) Guarantee issued by Banks in
favour of various Central & State
Government
Department and Local Bodies. 25.16 24.06
(b) Demands under Excise Act,
disputed in appeal. NIL 635.89
(c) Demands under Income Tax Act,
disputed in appeal. 89.96 89.96
The demands at (c) above are payable with interest in case upheld
against the Company.
The Company is contingently liable for excise duty of Rs.4,59,93,252/-,
which demands were set aside by Central Excise and Service
TaxAppellateTribunal and appeals in respect whereof are pending before
jurisdictional High Courts.
3. The Company's writ petitions before the High Court of Bombay
disputing the Customs duty liability and applicable rate of customs
duty on imported raw materials (for own consumption as well as sale on
high seas basis) is pending disposal. Against this disputed liability
the Company has furnished to the Customs Authority bank guarantee
totaling Rs. 19,57,376/- (previous year Rs. 19,57,376/-). In respect of
imported raw material sold on high seas basis there are advance
recoveries made by the Company of Rs. 10,33,628/- (Previous Year Rs.
10,33,628/-) from the constituents towards the likely custom duty
liability.
(a) During the year the Company entered into One Time Settlement (OTS)
with GIC on 12th August, 2011. In terms thereof the OTS amount of Rs.45
Lacs as full and final settlement of total outstanding dues towards
Short Term Loan and outstanding interest was payable in three equal
monthly instalments. The Company has accordingly paid the amount and
GIC has acknowledged the same by issuing no dues certificate. In terms
of the OTS, the Company has given effect of the waiver allowed by GIC
in the accounts and the write back on such waiver is accounted as
income from Extra Ordinary item which amounts to Rs.218,093,107/-.
4. Registration of the Company with Board for Industrial and
Financial Reconstruction(BIFR):
The Company was declared a sick industrial undertaking in terms of
Section 3(1 )(0) of the Sick Industrial Companies (Special Provisions)
Act, 1985.
The Company has submitted a Draft Rehabilitation Scheme to IFCI Ltd.,
the Operating Agency, for their review and onward submission to the
Hon'ble BIFR.
The Company continues its manufacturing operations, and the accounts
are prepared on going concern basis.
5. Borrowings from Banks and Term Lenders:
1. Restructuring by Standard Chartered Bank (SCB):
The Company's proposal for restructuring of borrowings was approved
by SCB (member of consortium of lenders) in 2002. The liability of SCB
in accordance with the aforesaid sanction was recognized in books of
account of the Company. The Company is amortizing borrowings in
accordance with restructuring scheme as sanctioned by SCB.
2. Recall of working capital facilities by Dena Bank (DB):
The Company has completed payment of one time settlement amount to Dena
Bank . The Company will give effect to the settlement on completion of
consequential formalities by Dena Bank and release of charge over
assets of the Company held by Dena Bank.
3. Assignment of Debts by Central Bank of India (CBI) to Itz Online
Payments Limited (IOPL):
IOPL acting as Strategic Investor in the revival and rehabilitation
plan of the Company, settled and took over debt held by CBI.
Accordingly, borrowings of the Company from CBI is now stated towards
IOPL.
4. Settlement of dues of IFCt Limited (IFCIL):
The Company has completed payment of one time settlement amount to
IFCIL. The Company will give effect to the settlement on completion of
consequential formalities by IFCIL and release of charge over assets of
the Company held by IFCIL.
5. Recovery Application of The Federal Bank Limited (FBL):
Pursuant to non payment by the Company of the amount payable on
redemption of non-convertible debentures, FBL has filed an application
for recovery before the Debt Recovery Tribunal situated at Chennai. The
DRT passed an order dated 31st December, 2002 for issue of a Recovery
Certificate for a total sum of Rs. 2,86,79,344/- alongwith interest.
The Company is in negotiations with FBLfor settlement of the
outstanding dues.
Pending settlement discussions with FBL, the Company has accounted for
interest liability as per contracted rate of interest.
Defined Benefit Plan
The employee's gratuity fund scheme managed by a Trust (Life
Insurance Corporation of India for part of the organization) is a
defined benefit plan. The present value of obligation is determined
based on actuarial valuation using the Projected Unit Credit Method,
which recognises each period of service as giving rise to additional
unit of employee benefit entitlement and measures each unit separately
to build up the final obligation. The obligation for leave encashment
is recognised in the same manner as gratuity.
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
The above information is certified by the actuary.
The expected rate of return on plan assets is determined considering
several applicable factors, mainly the composition of plan assets held,
assessed risks, historical results of return on plan assets and the
Company's policy for plan assets management.
6. The entire operation of the Company relates to only one segment
viz. Thermoware Products. Hence as perAS(17) issued by ICAI, there is
only one reportable segment.
7. The Company has not yet identified the total amount due to micro,
small and medium scale enterprises.
8. The Basic Earning per share of the Company is Rs. 4.17 as defined
in Accounting Standard 20 issued by ICAI.
9. The Company does not have any deferred tax liability as envisaged
in Accounting standard 22 issued by the ICAI.
10. Sundry Creditors and Sundry Debtors are subject to confirmation by
the respective parties.
11. Figures of the previous year have been regrouped and reclassified
wherever necessary.
12. The amounts in the Balance Sheet & Statement of Profit & Loss are
rounded off to the nearest rupee.
Mar 31, 2010
1. Estimated amount of contracts remaining to be executed on capital
account and not provided Rs. Nil. (Previous year Rs.Nii)
2. Contingent Liability in respect of: AS AT 31 ST AS AT 31ST
MARCH,2010 MARCH,2009
RUPEES IN LACS RUPEES IN LACS
(a) Guarantee issued by Banks in favour
of various Central & State Government
Department and Local Bodies. 24.06 24.06
(b) Demands under Excise Act,
disputed in appeal. 605.92 558.44
The demands at (b) above are payable with interest and penalty wherever
applicable.
3. In the earlier year various writ petitions had been filed in the
High Court of Bombay disputing the Customs duty liability and rate of
customs duty on imported raw materials (for own consumption as well as
sale on high seas basis). The Company has furnished to the Customs
Authority bank guarantee totaling Rs.19,57,376/- (previous year Rs.
19,57,376/-) against this disputed liability. In respect of imported
raw material sold on high seas basis there are advance recoveries of
Rs. 10,33,628/- (Previous Year Rs. 10,33,628/-) from the constituents
towards the likely custom duty liability.
4. Leased Assets: Assets taken on lease:
Interest, penalty and damages claimed by the lessor shall be considered
in the year of award by the arbitrator.
Assets given on lease:
The lease period having expired during the F.Y. 2001-02, the Company
has since initiated steps to recover possession of assets but has still
not been able to take possession of the same.
5. Registration of the Company with Board for Industrial and Financial
Reconstruction(BIFR):
The Company was declared a sick industrial undertaking in terms of
Section 3(1 )(0) of the Sick Industrial Companies (special provisions)
Act, 1985.
The Industrial Development Bank of India Limited (IDBIL) was appointed
as the Operating Agency to prepare a Techno Economic Viability Study
and Revival Scheme forthe Company.
In the hearing held on 18th June, 2009, the Honble Board has appointed
IFCIL as the Operating Agency in place of IDBIL.
The Company has submitted a Draft Rehabilitation Scheme with the
Operating Agency, for onward submission to the Honble BIFR. The same
is under the consideration of the Operating Agency.
The Company continues its manufacturing operations, and the accounts
are prepared on going concern basis.
6. Borrowings from Banks and Term Lenders:
Restructuring by Standard Chartered Bank (SCB):
The Companys proposal for restructuring of borrowings was approved by
SCB (member of consortium of lenders) in 2002. The liability of SCB in
accordance with the aforesaid sanction was accounted. The Company is
amortizing borrowings in accordance with restructuring scheme as
sanctioned by SCB.
Recall of working capital facilities by Dena Bank (DB), State Bank of
Saurashtra (SBS) and Central Bank of India (CBI):
The Companys proposal for restructuring of working capital facilities
was rejected by DB, SBS and CBI (Banks) (all members of consortium of
lenders), and the aforesaid facilities were recalled by the Banks
followed up by recovery applications filed by them before the Debt
Recovery Tribunal situated at Mumbai (DRT). By an interim order of
November 2002 the DRT has restrained the Company from disposing its
assets, except dealing with its stocks in its ordinary course of
business. Aggrieved against a part of the aforesaid order of the
Honble DRT, the banks had preferred an appeal before the Debts
Recovery Appellate Tribunal (DRAT) against the aforesaid order of DRT.
In view of reference of sickness of the company registered by the
Honble BIFR as stated in Para 5 above, the Company had filed an
application before DRAT for stay of further proceedings in the matter,
and the same was allowed by DRAT.
During the Financial Year 2008-09 the Company had entered into One Time
Settlement (OTS) with Dena Bank on 29.12.2008. In terms thereof the OTS
amounts is payable in 12 interest free quarterly installments, to be
completed by December, 2011. The Company will give effect to the waiver
allowed by Dena bank on complete discharge of OTS and release of charge
over assets of the Company held by Dena Bank, as failure to discharge
the OTS installments by the Company in accordance with stipulations
thereof will result in revocation of OTS by Dena Bank and restoration
of liability payable by the Company pre OTS. The company has started to
repay the dues as per the terms of the OTS agreed with Dena Bank.
The Company had completed payment of dues of OTS with State Bank of
Saurashtra (SBS) and the effect of the waiver has since been accounted.
The Company is in negotiations with Central Bank of India for a One
Time Settlement (OTS) of the outstanding dues and is hopeful of
arriving at a settlement in the near future.
Term Loan from Industrial Development Bank of India Limited (IDBIL):
The Company had entered into One Time Settlement (OTS) with SASF,
assignee of debt recoverable by IDBIL from the Company. In terms
thereof the Company was required to pay OTS amounts towards principal
and interest by November 2009.The Company has during the year completed
payment of dues of OTS. However, as the release of charge over its
assets is not fully discharged by IDBIL and final letter for no dues is
pending from IDBIL, the Company has thought it prudent to give the
effect of the waiver allowed by SASF on complete release of charge and
final letterfor no dues from IDBIL.
Recovery Application of The Federal Bank Limited (FBL):
Pursuant to non payment by the Company of the amount payable on
redemption of non-convertible debentures, FBL has filed an application
for recovery before the Debt Recovery Tribunal situated at Chennai. The
DRT passed an order dated 31st December, 2002 for issue of a Recovery
Certificate for a total sum of Rs.2,86,79,344/- and simple interest at
11 % till realization of the amount as per the Recovery Certificate.
The Company has obtained stay of proceedings from DRAT, in view of
registration of Companys reference before the Honorable BIFR.
Settlement of dues of IFCI Limited (IFCIL) and Central Bank of India
(CBI):
During the year the Company had entered into One Time Settlement (OTS)
with IFCIL on 16* December 2009. In terms thereof the OTS amount is
payable in 8 interest free quarterly installments by December 2011. The
Company will give effect to the waiver allowed by IFCIL on complete
discharge of OTS and release of charge over assets of the Company held
by IFCIL, as failure to discharge the OTS installments by the Company
in accordance with stipulations thereof will result in revocation of
OTS by IFCIL and restoration of liability payable by the Company pre
OTS. The company is regular in repayment of the due installments as per
the terms of the OTS agreed with IFCIL
The Company has proposed a one time settlement plan to CBI, and is in
negotiations for the same. It is hopeful of arriving at a settlement in
the nearfuture.
Pending settlement discussions with Central Bank of India, the Company
has accounted for interest liability as per the contracted rate of
interest.
7. The Company does not have any deferred tax liability as envisaged
in Accounting standard 22 issued by the ICAI.
8. The Basic Earning per share of the company is Rs.(23.91) as defined
in Accounting Standard 20 issued by ICAI.
9. The entire operation of the company relates to only one segment
viz. Thermoware Products. Hence as per AS(17) issued by ICAI, there is
only one reportable segment.
10. RELATED PARTY DISCLOSURE AS PER(AS-18) ISSUED BYICAI:-
(a) List of Related Parties with whom transactions have taken place and
Relationships: Sr. No. Name of the Related Party Relationship
1. Shri Chiranjiv Vaghani Key Management Personnel
2. Shri Madhup B. Vaghani
3. Vaghani Holdings Key Management Personnel /
Relatives of Directors are Co-owners of the AOP and controlling major
share in AOP and have a significant Influence.
11. The Company has not yet identified the total amount due to small
scale industrial undertakings.
12. Sundry Creditors and Sundry Debtors are subject to confirmation by
the respective parties.
13. Figures of the previous year have been regrouped and reclassified
wherever necessary.
14. The amounts in the Balance Sheet & Profit & Loss Account are
rounded off to the nearest rupee.
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