| 1. Contingent liabilities not provided for :
As at As at
31.03.2015 31.03.2014
(Rs in Lakhs) (Rs in Lakhs)
a. Guarantees issued by the bankers on
behalf of the company and
counterguaranteed by the company NIL NIL
d. Sales Tax demands disputed on appeal 6.84 31.44
2. Fixed Assets include certain items of Plant & machinery and
Equipments given for job contracts to concerns in which Directors are
interested under an agreement and installed at their works for
Company's jobs.
3. Expenses incurred aggregating to Rs.1,06,39,404/- on Project/
Program for Switched Reluctance Drives (Financial by Technology
Development Board) inclusive of Rs.65,60,586/- representing patterns &
dies lying with concerns (in which Directors are interested) for job
works is reflected under Capital Work in Progress.
A sum of Rs.34,60,857/- being revenue expenses on the same project are
Reflected under Miscellaneous Expenditure for being written off in
future accounting periods when the product development is expected to
be completed and the product is sold/used. A sum of Rs. 8,67,626/-
being expenditure incurred on development of HKW Eddy current Clutch
Gear unit for new Diesel Locomotive being developed by DLW under
program partly Assisted by DSIR has been capitalized pending completion
of the project.
4. No decline is anticipated in the realizable value of long term
investment in shares of Eddy Automobiles Ltd having regard to the
current value of the assets of the said company.
5. Employee Benefits ( Disclosure as per AS-15)
a) Leave encashment has not been provided in accounts and will be
accounted when it is paid.
b) Gratuity has not been provided in accounts and will be accounted
when it is paid.
Charged to Profit and Loss account based on contribution:
Employers contribution to PF Rs.26,967/- Employers contribution to ESI
Rs.16,632/-
6. Sundry Debtors, Creditors, Loans and advances, certain bank
accounts (inoperative)are Subject to confirmation/reconciliation and
include balances carried forward from prior Years, which in the opinion
of the management are expected to be realizable/payable in full.
7. Loans and advances include Rs. 23,09,748/- is due from firms in
which Directors are interested as Proprietors/partners on account of
advances from manufacture of Dies and patterns for DLW Project.
8. There are no amounts due for more than 30 days in respect of
identified Medium, Small & Micro units as per information available
with the Company about the status of such units.
9. Quantum of Excise Duty included in closing stock of finished goods
in the current year is Rs. 2,24,920(Rs.2,85,218)
10. No interst has been provided during the year on the loan taken
from Eddy Automobiles (India) Limited.
11. Figures in the brackets represent figures for the previous year,
previous year's figures have been regrouped wherever necessary to suit
current year's layout
12. Related Party Disclosures Key Management Personnel
Mr. M. D. Jos Managing Director
Relatives of Key Management personnel:
Mrs. Reetha Jos Non Executive Director
Other related parties:
1. Eddy Automobiles(india) Ltd
2. BakeIite Products allied Industries
3.Industrial Electronics
4.GPR Castings
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