| 1. Contingent Liability :
Particulars 2014 2013
Bank guarantee issued by company's
Bankers Rs.324.68 Lac Rs. 448.78 Lac
Income tax (A.Y. 2001-02) in appeal
at Mumbai 24.22 Lac Rs. 24.22 Lac
2. In the opinion of the Board, the Current Assets, Loans and advances
Debtors & Creditors have a value on realization in ordinary course of
business, at least equal to the amount at which they are stated in the
Balance Sheet. However no confirmation has been obtained on the same.
3. The Company has been advised that the computation of net profit for
the purpose of Directors remuneration under section 349 of the
Companies Act, 1956 need not be enumerated since no commission has been
paid to the Directors. Fixed monthly remuneration has been paid as per
Schedule XIII of the Companies Act, 1956 and as per resolution passed
by the Shareholders in their meeting.
4. In compliance with the requirement of the Accounting Standard on
valuation of Inventories issued by the Institute of Chartered
Accountant of India, Excise Duty payable amounting to Rs. 4093990/-
(Prev. Year 2851484/-) on Finished Goods as on 31st March, 2014 has
been included in the valuation of the said stocks. This has no impact
on profit for the year.
5. Amount due to small industries Rs. Nil as on 31.03.2014 out of
which amount outstanding for more than Rs. 1.00 lac and due for more
than 30 days is Rs. Nil.
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