| 1. Rights, preferences and restrictions attached to the shares
* Equity Shares have at par value of Rs.10/- per share. Each holder of
equity share is entitled to one vote per- share.
* 'A' Ordinary Equity Shares have at par value of Rs 10/- per share.
These shares have differential voting rights viz. 1 vote forevery 10
shares held excluding fractions, if any.
2. Intrest free Sales Tax deferral / loan is availed from the
Government of Maharashtra in accordance with the 1988 Package Scheme of
Incentives. The said deferral / loan is repayable in 8 annual
installment starting from 30th June 2010 without any interest and
penalty in term of sanctioned Scheme of "BIFR".
3. Contingent Liabilities not provided for:
Current Period Previous Year
a) Disputed Income Tax Demand 310,205,682 1,290,375,240
b) Sales Tax Demand 16,942,118 -
c) Other Matters 782,500 782,500
4. The closing stock is as per the inventory taken, valued and
certified by the management.
5. In the opinion of the management, the current assets, loans and
advances have the values on realization in the ordinary course of
business at least equal to the amounts at which they are stated in the
balance sheet except the trade receivables and loans and advances which
falls under management's policy for bad and doubtful debts as taken in
the previous years.
6. Debit and Credit balances are subject to confirmation and
reconciliation.
7. There are no dues to Micro, Small & Medium Enterprises as at Balance
Sheet date and no interest has been paid to any such parties. This is
based on the information on such parties having been identified on the
basis of information available with the Company and relied upon by the
auditors.
8. The Company has made provision for gratuity for the year under
review as certified by M/s. VHV Finance & Consultancy Services.
9. Related Parties Disclosures i) Relationships:
(a) Subsidiary Companies:
* I. A. & I. C. Pvt. Limited (IAIC)
* Shah Pratap Industries Pvt. Limited (SPIL)
* Glassworks Trading Pvt. Limited (GTPL)
(b) Key Management Personnel: (KMP)
Shri. Rajendra G. Parikh (RGP)
10. The Company operates in one segment i.e. crystal, glass and allied
products hence no separate disclosure of segment-wise information has
been made as per Accounting Standards (AS-17) Segment Reporting issued
by the Institute of Chartered Accountants of India
11. Board for Industrial and Financial Reconstruction (BIFR) has
sanctioned the Rehabilitation Scheme of the company in terms of Section
19 (3) read with Section 18 (4) of SICA having scheme period 2008-2017.
12. The Company had filed a Miscellaneous Application (MA) with Hon'ble
BIFR for implementation of clauses under Hon'ble BIFR sanctioned scheme
by Directorate of Income Tax DIT(R). Hon'ble BIFR vide its order dated
21.10.2013 directed DIT(R) interalia not to take any coercive measures
of recovery of any demands during scheme period, which is valid upto
2017 against the company / guarantors / promoters.
13. The Company has made an application with The Government of
Maharashtra on 07.10.2014 under B.R.U Act for renewal of "Relief
Undertaking" status.
14. Respective e-forms with ROC are pending due to pending litigation
of non-implementation of Hon'ble BIFR orders by Ministry of Corporate
Affairs & Others.
15. Provision for Unrealizable Debts and Sundry balances has made to
present true and fair view of the Management and as per the policy
adopted by the Management of the company in the previous years.
16. At present Long-term Investments in shares of M/s Jagati
Publications Ltd stand in the name of subsidiaries viz. M/s I.A & I.C
Pvt Ltd & M/s Shah Pratap Industries Pvt Ltd and the same are in the
custody of government authorities. Both the parties have agreed for
completing the necessary procedure on release of shares lying with the
authorities.
17. Provision for diminution in value of Long-term Investments is made
as there is a decline, other than temporary, in the value of
investments and the carrying amount is reduced to recognize the
decline. The resultant investments are carried at Book Value or Face
Value whichever is applicable.
18. Hon'ble BIFR has given order to The New India Assurance Co Ltd to
settle the insurance claim filed by the Company due to fire at Chemical
Waste Recycling Plant at Vijaygad, Tal. Wada. Further, the Company had
filed a petition in Hon'ble Bombay High Court against the insurance
company. Hon'ble High Court vide its order dated 3rd February, 2014
granted Decree in favour of the Company. The Insurance Company has
deposited the entire decreed amount of Rs. 7.38 Crs in court and
preferred an appeal against the said order.
19. During the year, the management based on the opinion of experts,
reviewed the position of contingent liability relating to income tax
demands and as a matter of prudence has recognized tax demands
amounting to Rs 89.30 Crs., pending the ongoing appellate proceedings
reaching the finality. The management will periodically review the
position based on subsequent appellate proceedings and are hopeful of
substantial reliefs there from. With the review as on 31st March, 2015
the position of contingent liability stands as stated above in Pt No. 1
above.
20. Extra-ordinary items of Rs. 478.62 Lacs (Net) represents sundry
receivables from various parties, which in the opinion of the
management are uncertain of recovery amounting to Rs 510.17 Lacs, which
have been written-off during the year. Management will pursue its
efforts to realize those dues and recognize realization if any during
the relevant financial year. Further, it also includes sundry dues
payable to certain companies amounting to Rs 31.55 Lacs have been
written-back.
21. For the Financial Year 2014-15, the Company has changed its Year
ending to 31st March, 2015 to align its Financial Year as per the
provisions of the Companies Act, 2013. Accordingly figures for the
Current Period are for 9 months as against 12 months during the
previous year.
22. The previous year figures have been regrouped/classified wherever
considered necessary.
The accompanying notes are an integral part of the financial statements
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