Mar 31, 2015
1) Contingent Liabilties and Commitments (to the extent not provided
for)
(i) Contingent Liabilties
(a) Claims against the Company not
acknowledged as debt - -
(b) Guarantees 126,441,959.50 117,909,090.00
(c) other money for which the
company is contingently liable
ÂDisputed demands in respect
of income tax etc 6,495,838.00 3,431,492.00
(interest thereon not ascertainable
at present)
Âamount of Letter of Credits for
which Bills are not accepted under LC 23,664,393.00 -
The Company donot expect any reimbursement in respect of the above
contingent liabilities.
The amount shown in (b) above represents bank guarantees given in the
normal course of the company operations and are not expected to result
in any loss to company on basis of beneficiary fulfilling its ordinary
commercial obligations.
The amount shown in (c) above represent the best possible estimates
arrived at on the basis of available information. Uncertainties and
possible reimbursements are dependent on the outcome of different legal
processes which have been invoked by the company or the claimants as
the case may be and therefore cannot be estimated accurately .The
company engages reputed professional advisor to protect its interests
and has been advised that it has strong legal positions against such
disputes.
2) the amount of dividends proposed to be distributed to Shareholders
for the period - -
Ârelated amount per share - -
The Company do not have any preference shareholders
3) In the opinion of the Board, all of the assets other than fixed
assets and non-current investments have a value on realization in the
ordinary course of business at least equal to the amount at which they
are stated
4) Disclosures pursuant to Accounting Standard-15 - "Employee
Benefits"
a) The Company has recognised '' 45,04,229.00 (Previous year ''
39,17,816.80) in the statement of profit and loss account on account of
Employers Contribution to Pension / Provident Fund under Defined
Contribution Plan
b) Details of Defined Benefit Plan
The provision for gratuity is made as per the Payment of Gratuity Act,
1972 is a defined benefit plan. The present value of obligation is
determined based on actuarial valuation using the projected Unit Credit
Method, which recognizes 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 recognized in the same manner as gratuity.
5) Disclosures pursuant to Accounting Standard (AS) - 17 "Segment
Reporting"
a) Primary Segment Reporting by Business Segment
Company''s primary business segments are
(i) Manufacture in Textiles - The textile business incorporates the
product group namely Dyeing & Processing of Knitted Fabrics and
Processing / Knitting of Yarn and Manufacture of Knitted Fabric which
mainly have similar risks and returns.
(li) Manufacturer of Construction & Engineering Division - The
Construction & Engingeering Division (C&E) business incorporates the
product group namely: Pre Fabricated Steel Building in CKD Condition,
Tabular Steel Poles, Structure and Super Structure for mining, Drop
Rods, Angles, Shapes and Section, which mainly have similar risks and
returns.
b) Secondary Segment Reporting (By Geographical Segments)
6) Disclosures pursuant to Accounting Standard (AS) - 28 "Impairment
of Assets"
The company has reviewed the possibility of impairment of the fixed
assets of company in term of the accounting standard AS - 28
"Impairment of assets" as at balance sheet date and is of the
opinion that no such provision for impairment is required.
7) Disclosures pursuant to Accounting Standard (AS) - 19 "Leases"
The company has taken various premises under cancelable operating
lease. All the lease arrangements are for a period of less than or
equal to 11 months. These lease Agreements are normally renewed on
expiry of the terms. Lease rental expenses for 2014-15 in respect of
above operating leases are Rs.6,46,815.00 (Previous year Rs.56,50,466.00)
8) Insurance Claims
During the year, the company accounted Rs.17,89,758.00 (Previous year Rs.
10,37,283.00) as claims receivable from insurance company towards the
expenditure incurred (in excess of deductibles) on damage repairs up to
31st March 2014 to a company''s assets
9) Rs.6,22,63,000.00 (Previous Year Nil) has been included in Gross
Revenue of 2014-15 for which material has been supplied to BSWC, for
which final bills are pending to be raised, but the collection for the
same has been realized.
10) Balances of Trade Receivable, Trade Payable & Advances are subject
to confirmation and consequential adjustment, if any.
11) The previous year''s figures have been reworked, rearranged and
reclassified wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year
12) Significant accounting policies and practices adopted by the
Company are disclosed in the statement annexed to these financial
statements as Annexure-1
Mar 31, 2014
1) Contingent Liabilities and Commitments (AS -29)
2013-14 2012-13
(a) Bank Guarantees issued by Bank 11,79,09,090.00 7,08,26.295.00
(b) Outstanding Letter of Credit 22,04,92,566.00 7,02,11,629.00
(c) The income tax assessment of
the company has been Completed up
to A.Y. 2011-12
(d) Disputed demand (Gross) in respect of:
Nature of Dues Assessment Demand Raised Forum where dispute is
Year pending
Income Tax 2005-06 Rs. 11,17,737/- The company has filed
u/s 143(3)/147 an appeal before ITAT,
New Delhi which is
pending till date.
Income Tax 2010-11 Rs. 17,14,901/- The company has filed
U/s 143(3) an appeal before
CIT(Appeal), Faridabad
which is pending till
date.
Income Tax 2011-12 Rs. 5,98,854/- The company has filed
u/s 143(3) an appeal before CIT
(Appeal), Faridabad
which is pending till
date
The amount shown in (a) above represents bank guarantees given in the
normal course of the company operations and are not expected to result
in any loss to company on basis of beneficiary fulfilling its ordinary
commercial obligations.
The amount shown in (c) & (d) above represent the best possible
estimates arrived at on the basis of available information.
Uncertainties and possible reimbursements are dependent on the outcome
of different legal processes which have been invoked by the company or
the claimants as the case may be and therefore cannot be estimated
accurately .The company engages reputed professional advisor to protect
its interests and has been advised that it has strong legal positions
against such disputes.
2) The company has reviewed the possibility of impairment of the fixed
assets of company in term of the accounting stand- ard AS -28
"Impairment of assets" as at balance sheet date and is of the opinion
that no such provision for impairment is required.
3) Balances of Trade Receivable, Trade Payable & Advances are subject
to confirmation and consequential adjustment, if any.
4) Remittance in Foreign Currency on Account of Dividend
The Board of Directors of company has not recommended any dividend for
the financial year 2013-14 due to economic recession and requirement of
more working capital as company is entering into Government projects,
final dividend of 5% (Rs. 0.50 per share) for the year ended 31.03.2013
was paid. No foreign remittance has been made on account of dividend
5) Operating Leases as per AS - 19
The company has taken various premises under cancelable operating
lease. These lease Agreements are normally re- newed on expiry of the
terms. Lease rental expenses for 2013-14 in respect of above operating
leases are Rs. 56,50,466.00 (previous year Rs.67,86,459.00)
6) Insurance Claims
During the year, the company accounted Rs. 10,37,283.00 (Previous year
Rs. 27,60,345.00) as claims receivable from insurance company towards
the expenditure incurred (in excess of deductibles) on damage repairs
up to 31st March 2014 to a company''s assets
7) The previous year''s figures have been reworked, rearranged and
reclassified wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year
Mar 31, 2013
1. As per Accounting Standard 18, the disclosures of transactions with
the related parties as defined in the Accounting Standard are given
below:
(i) List of related parties where control exists and related parties
with whom transactions have taken place and relationship:
List of Related Parties and their Relationship
a) Key Managerial Personnel
1. Sh. Sushil Gupta, CMD
2. Sh. Manish Gupta, Director - Whole time Director
3. Dr. Sandeep Gupta, JT. MD
b) Enterprise over which Key Managerial Personnel (KMP) or their
Relatives have significant influence
1. Richa Building Systems Limited
2. Richa Holdings Limited
3. Richa Infrastructure Limited
c) Relatives of Key Management Personnel - NIL
32. As per the Accounting Standard (AS) Â 17 "Segment Reporting" the
information is submitted as below :
a) Primary Segment Reporting by Business Segment
Company''s primary business segments are
(i) Manufacture in Textiles - The textile business incorporates the
product group namely: Dyeing & Processing of Knitted Fabrics and
Processing / Knitting of Yarn and Manufacture of Knitted Fabric which
mainly have similar risks and returns.
(ii) Manufacturer of Pre Engineering Buildings - The PEB business
incorporate the product group namely : Pre Fabricated Steel Building in
CKD Condition, Tabular Steel Poles, Structure and Super Structure for
mining, Drop Rods, Angles, Shapes and Section, which mainly have
similar risks and returns.
b) Secondary Segment Reporting (By Geographical Segments)
The following is the distribution of the Company''s consolidated sales
by geographical segment, regardless of where the goods were produced
2. Contingent Liabilities not provided in respect of:
(a) Claims against the company did not acknowledged
as debts NIL 1757.91
(b) Uncalled liability on shares partly paid. NIL NIL
(c) Arrears of fixed cumulative dividends NIL NIL
(d) Estimated amount of contracts remaining to be executed NIL 910.26
on capital account and not provided for
(e) Other money for which the company is contingently liable. NIL NIL
(f) Custom duty which may arise if obligation for exports not 306.03
405.25 fulfilled against import of raw material & machinery
(g) Bank Guarantees issued by Bank 708.26 600.97 (h) Outstanding Letter
of Credit 702.12 715.71
3) Balances of Trade Receivable, Trade Payable & Advances are subject
to confirmation and consequential adjustment, if any.
4) The company has settled & paid derivative losses with the ICICI
bank as Rs.6.75 crores.
5) Remittance in Foreign Currency on Account of Dividend
The Board of Directors of company has recommended payment of a final
dividend of 5 % (Rs. 0.50 per share) for the year ended 31st March
2013.During the financial year 2012-13, final dividend of 5% (Rs. 0.50
per share) for the year ended 31.03.2012 was paid. No foreign
remittance has been made on account of dividend
6) Operating Leases as per AS - 19
The company has taken various premises under cancelable operating
lease. These lease Agreements are normally renewed on expiry of the
terms. Lease rental expenses for 2012-13 in respect of above operating
leases are Rs. 67, 86,459.00/- (previous year Rs.59, 16,169.00)
7) Value of assets taken on lease, future obligations as per AS -19
Lease Rentals Payable
0 to 12 Month - Rs. 53, 38,764.00
12 to 60 Months - Rs. 16, 48,000.00
60 to above - NIL
8) Insurance Claims:
During the year, the company accounted Rs. 27.60 lac (Previous year Rs.
NIL/-) as claims receivable from insurance company towards the
expenditure incurred (in excess of deductibles) on damage repairs upto
31st March 2013 to a company''s assets
9) Obsoleted Machinery
Machinery worth Rs. 651.11 Lac is not used during the year under
consideration, as the same had become obsolete during the Financial
Year 2009-10, for which Chartered Engineer Certificate had also been
obtained & sold during the financial year.
10) Inventory as on 31.03.2013 includes Rs. 12,10,98,999.00/- declared
under income tax survey during the year.
11) The previous year''s figures have been reworked, rearranged and
reclassified wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year
Mar 31, 2012
1. The previous year's figures have been reworked, rearranged and
reclassified wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
2. The disclosures required under Accounting Standards 15 "Employee
Benefits" notified in the Companies (Accounting Standard) Rules 2006,
are given below:
Defined Benefit Plan
The provision for gratuity is made as per the Payment of Gratuity Act,
1972. The obligation for leave encashment is recognized on the basis of
amounts due for leaves outstanding to the credit of the employees at
end of the year.
3. As per Accounting Standard 18, the disclosures of transactions with
the related parties as defined in the Accounting Standard are given
below:
(i) List of related parties where control exists and with whom
transactions have taken place and relationship:
List of Related Parties and their Relationship
a) Key Managerial Personnel
1. Sh. Sushil Gupta, CMD
2. Sh. Manish Gupta, Director
3. Dr. Sandeep Gupta, JT. MD
b) Enterprise over which Key Managerial Personnel (KMP) or their
Relatives have significant influence
1. Richa Building Systems Limited
2. Richa Holdings Ltd.
c) Relatives of Key Management Personnel 1. NIL
4. As per the Accounting Standard (AS) - 17 "Segment Reporting" the
information is submitted as below :
a) Primary Segment Reporting by Business Segment Company's primary
business segments are
(i) Manufacture in Textiles - The textile business incorporates the
product group namely: Dyeing & Processing of Knitted Fabrics and
Processing / Knitting of Yarn and Manufacture of Knitted Fabric which
mainly have similar risks and returns.
(ii) Manufacturer of Pre Engineering Buildings - The PEB business
incorporate the product group namely : Pre Fabricated Steel Building in
CKD Condition, Tubular Steel Poles, Structure and Super Structure for
mining, Drop Rods, Angles, Shapes and Section, which mainly have
similar risks and returns.
5. Contingent Liabilities not provided in respect of:
(i) Claims against the company did not
acknowledged as debts*. 1757.91 1757.91
(ii) Uncalled liability on shares partly paid. NIL NIL
(iii) Arrears of fixed cumulative dividends. NIL NIL
(iv) Estimated amount of contracts remaining to
be executed 910.26 766.75
on capital account and not provided for
(v) Other money for which the company is
contingently liable. NIL NIL
(vi) Custom duty liability which may arise if
obligation for exports 405.25 425.57
not fulfilled against import of raw material
& machinery
(vii) Bank Guarantees issued by Bank 600.97 4.95
(viii) Outstanding Letter of Credit 739.50 202.63
*ICICI Bank has crystalized the liability under derivative transaction
during the year 2010-11. However, the matter is still subjudice.
Company has denied this liability on the basis of A.V. Rajwade & Co.
legal opinion and filed the case at Delhi High Court.
6. The current assets, loans and advances are stated at the value,
which in the opinion of the management is not less than the amount of
realization of such assets, loans and advances in the ordinary course
of business and provision for all known liabilities have been made
7. Sundry Debtors and Sundry Creditors are reconciled by the company.
However this is subject to our direct con- formation from the parties.
8. Financial and Derivative Instruments
(a) No Derivatives Contracts are out standing as on 31.03.2012
(Previous Year NIL)
(b) Foreign Currency exposures that are not hedged by derivatives
instruments or forward contracts as at 31st March 2012 amount to Rs.
NIL (Previous year NIL)
9. Remittance in Foreign Currency on Account of Dividend
The Board of Directors of Company has recommended payment of a final
dividend of 5 % (Rs. 0.50 per share) for the year ended 31st March
2012. During the financial year 2010-11, final dividend of 5 % (Rs.
0.50 per share) for the year ended 31.03.2012 was declared & disclosed.
No foreign remittance has been made on account of dividend.
10. Operating Leases:
The company has taken various premises under cancelable operating
lease. These lease agreements are normally renewed on expiry of their
terms.
Lease rental expenses for 2011-12 in respect of above operating leases
are Rs. 5916169.00/- (previous year Rs. 3825779/-)
11. Insurance Claims:
During the year, the company accounted Rs. NIL (Previous year Rs.
NIL/-) as claims receivable from insurance company towards the
expenditure incurred (in excess of deductibles) on damage repairs upto
31st March 2012 to a Company's assets
12. Machinery worth Rs. 651.11 Lac is not used during the year under
consideration, as the same had become obsolete during the Financial
Year 2009-10, for which Chartered Engineer Certificate had also been
obtained.
Mar 31, 2011
1. The previous year's figures have been reworked, rearranged and
reclassified wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year
2. As per Accounting Standard 18, the disclosures of transactions with
the related parties as defined in the Accounting Standard are given
below:
(i) List of related parties where control exists and with whom
transactions have taken place and relation- ship:
List of Related Parties and their Relationship
a) Key Managerial Personnel
1. Sh. Sushil Gupta, CMD
2. Sh. Manish Gupta, Director
3. Sh. Sandeep Gupta, JT. MD
b) Enterprise over which Key Managerial Personnel (KMP) or their
Relatives have significant influence
1. Richa Building Systems Limited
2. Richa Holdings Ltd.
c) Relatives of Key Management Personnel
1. NIL
3. As per the Accounting Standard (AS) Ã 17 "Segment Reporting" the
information is submitted as below :
a) Primary Segment Reporting by Business Segment
Company's primary business segments are
(i) Manufacture in Textiles - The textile business incorporates the
product group namely: Dyeing & Processing of Knitted Fabrics and
Processing / Knitting of Yarn and Manufacture of Knitted Fabric, which
mainly have similar risks and returns.
(ii) Manufacturer of Pre Engineering Buildings - The PEB business
incorporate the product group namely : Pre Fabricated Steel Building in
CKD Condition, Tubular Steel Poles, Structure and Super Structure for
mining, Drop Rods, Angles, Shapes and Section, which mainly have
similar risks and returns.
4 Contingent Liabilities not provided in respect of:
(Rs. in Lacs)
2010-11 2009-10
(i) Claims against the company
not acknowledged as debts*. 1757.91 NIL
(ii) Uncalled liability on
shares partly paid. NIL NIL
(iii) Arrears of fixed
cumulative dividends. NIL NIL
(iv) Estimated amount of
contracts remaining to be executed 766.75 404.97
on capital account and not
provided for
(v) Other money for which
the company is contingently liable. NIL NIL
(vi) Custom duty liability
which may arise if obligation
for exports 425.57 481.82
not fulfilled against import
of raw material & machinery
(vii) Bank Guarantees issued
by Bank 4.95 23.60
(viii) Outstanding Letter
of Credit 202.63 307.67
*Derivative losses crystalized
in the year 2010-11, for
which the company has derived
its liability but the ICICI
Bank has filed recovery suit
before DRT-III-Mumbai.
5 Commission paid to selling agents NIL NIL
(Not sole selling agents)
6 The current assets, loans and advances are stated at the value,
which in the opinion of the management is not less than the amount of
realization of such assets, loans and advances in the ordinary course
of business and provision for all known liabilities have been made
7 Sundry Debtors and Sundry Creditors are reconciled by the company.
However this is subject to our direct conformation from the parties.
8 Financial and Derivative Instruments
(a) No Derivative Contracts are out standing as on 31.03.2011 (Previous
Year Nominal Value of Derivative Contracts (Currency Swaps) entered
into by the Company and outstanding as on 31st March 2010 amount to Rs
3958.60 Lac maturing on 17-09-2011).
(b) Foreign Currency exposures that are not hedged by derivative
instruments or forward contracts as at 31st March 2011 amount to Rs.
NIL (Previous year NIL)
9. Remittance in Foreign Currency on Account of Dividend
The Board of Directors of Company has recommended payment of a final
dividend of 5 % (Rs. 0.50 per share) for the year ended 31st March
2011. During the financial year 2010-11, final dividend of 5 % (Rs.
0.50 per share) for the year ended 31.03.2011 was declared & disclosed.
No foreign remittance has been made on account of dividend.
10. Operating Leases:
The company has taken various premises under cancelable operating
lease. These lease agreements are normally renewed on expiry of their
terms.
Lease rental expenses for 2010-11 in respect of above operating leases
are Rs. 3825779/- (previous year Rs. 900587/-)
(ix) Value of assets taken on lease, future obligations
Lease Rentals Payabale
0 to 12 Month - Rs. 3898089.00
12 to 60 Months - Rs. 3342695.00
60 to above - NIL
11. Insurance Claims:
During the year, the company accounted Rs. NIL (Previous year Rs.
17,23,459.43/-) as claims receivable from insurance company towards the
expenditure incurred (in excess of deductibles) on damage repairs upto
31st March 2011 to a Company's assets
12. Machinery worth Rs. 651.11 Lac is not used during the year under
consideration, as the same had become obsolete during the Finance Year
2009-10, for which Chartered Engineer Certificate had also been
obtained.
Mar 31, 2010
1. The previous years figures have been reworked, rearranged and
reclassified wherever necessary. Amounts and other disclosures for the
preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year
2. The disclosures required under Accounting Standards 15 ÃEmployee
Benefitsà notified in the Companies (Accounting Standard) Rules 2006,
are given below:
Defined Benefit Plan
The provision for gratuity is made as per the Payment of Gratuity Act,
1972. The obligation for leave encashment is recognized on the basis of
amounts due for leaves outstanding to the credit of the employees at
end of the year. However no actuarial valuation as required in AS 15
has been done.
3. As per Accounting Standard 18, the disclosures of transactions with
the related parties as defined in the Accounting Standard are given
below:
(i) List of related parties where control exists and with whom
transactions have taken place and relation- ship:
List of Related Parties and their Relationship a) Key Managerial
Personnel
1. Sh. Sushil Gupta
2. Sh. Manish Gupta
3. Sh. Sandeep Gupta
b) Enterprise over which Key Managerial Personnel (KMP) or their
Relatives have significant influence
1. Richa Building Systems Limited
2. Richa Holdings Ltd.
3. Jewel Garments (P) Ltd.
c) Relatives of Key Management Personnel 1. Smt. Geeta Devi
4. As per the Accounting Standard (AS) Ã 17 "Segment Reporting" the
information is submitted as below :
a) Primary Segment Reporting by Business Segment
Companys primary business segments are
(i) Manufacture in Textiles - The textile business incorporates the
product group namely: Dyeing & Processing of Knitted Fabrics and
Processing / Knitting of Yarn and Manufacture of Knitted Fabric, which
mainly have similar risks and returns.
(ii) Manufacturer of Pre Engineering Buildings - The PEB business
incorporate the product group namely : Pre Fabricated Steel Building in
CKD Condition, Tubular Steel Poles, Structure and Super Structure for
mining, Drop Rods, Angles, Shapes and Section, which mainly have
similar risks and returns.
5 Contingent Liabilities not provided in respect of:
(Rs in Lacs)
2009-10 2008-09
(i) Claims against the company not
acknowledged as debts. NIL NIL
(ii) Uncalled liability on shares
partly paid. NIL NIL
(iii) Arrears of fixed cumulative dividends. NIL NIL
(iv) Estimated amount of contracts
remaining to be executed 404.97 324.86
on capital account and not provided for
(v) Other money for which the company is
contingently liable. NIL NIL
(vi) Custom duty liability which may arise if
obligation for exports 481.82 498.89
not fulfilled against import of raw
material & machinery
(vii) Bank Guarantees issued by Bank 23.60 20.60
(viii) Outstanding Letter of Credit 307.67 8.07
6 The current assets, loans and advances are stated at the value,
which in the opinion of the Management is not less than the amount of
realization of such assets, loans and advances in the ordinary course
of business and provision for all known liabilities have been made
7 Sundry Debtors and Sundry Creditors are reconciled by the company.
However this is subject to our direct conformation from the parties.
8 Financial and Derivative Instruments
(a) Nominal Value of Derivative Contracts (Currency Swaps) entered into
by the Company and outstanding as on 31st March 2010 amount to Rs
3958.60 Lac maturing on 17-09-2010. (Previous Year Rs 3958.60 Lac
maturing on 17.09.2010)
(b) Foreign Currency exposures that are not hedged by derivative
instruments or forward contracts as at 31st March 2010 amount to Rs.
NIL (Previous year NIL)
9. Remittance in Foreign Currency on Account of Dividend
The Board of Directors of Company has recommended payment of a final
dividend of 5 % (Rs. 0.50 per share) for the year ended 31st March
2010.During the financial year 2009 -10,as no dividend has been
distributed, hence no remittance in foreign currency has been made.
10. Operating Leases:
The company has taken various premises under cancelable operating
lease. These lease agreements are normally renewed on expiry of their
term.
Lease rental expenses for 2009-10 in respect of above operating leases
are Rs. 900587 (previous year Rs. 232200)
Value of assets taken on lease, future obligations
(FY 2010-11 Rs. (FY 2011-12 Rs. (FY 2012-13 Rs.
3642329.00) 3898089.00) 3342695.00)
11. Insurance Claims:
During the year, the company accounted Rs. 1723459.43 as claims
receivable from insurance companies towards the expenditure incurred
(in excess of deductibles) on damage repairs upto 31st March 2010 on
Companys assets
12. Old machinery, which has become non useable has been transferred
to obsolete machinery worth Rs. 1410.12 Lac, out of which Machines
worth Rs 759.01 Lac has been disposed off. Before making it obsolete,
Chartered Engineer Certificate to the effect has been taken along with
the discussions and opin- ions of the experts.