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25. Contingent liabilities and Commitment (to the extent not provided for):
(Rs. in lacs)
2022-23 2021-22
i) Bank Guarantee 592.50 392.50 However against the same fixed deposit of Rs. 296.25 Lakhs (P.Y 196.25 Lakhs) given as margin.
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ii) The Co. has not acknowledged the Income Tax demand of Rs.7.92 Lacs for the Asst Year 1998-99
Since re-verification before CIT (Appeals) as per ITAT Order is still pending. However the whole amount has been adjusted by the department.
iii) The Co. has not acknowledged the Income Tax demand of Rs.6.70 lacs for the Asst Year 2017-18
Since re-verification before CIT (Appeals) as per ITAT Order is still pending. However the whole amount has been adjusted by the department.
iv) Capital Commitments: Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs 291.36 Lacs (Previous Year Rs 291.36 Lacs) against which advances paid Rs 175.00 Lacs (Previous Year Rs 175.00 Lacs)
26. Liabilities in respect of Gratuity and leave encashment are being accounted for on payment basis, which is not in conformity with AS-15 on Employees Benefits as notified by the companies (Accounting Standards) Rules, 2006 which required that Gratuity and Leave Encashment liabilities should be accountant for on accrual basis.
29. Disclosures as required under the Micro Small and Medium Enterprise Development Act, 2006.
This Information and that given in Note 7 - Trade Payables regarding Micro and Small Enterprise has been determined to the extent such parties have been identified on the basis of information available with the company.
30. Balances of Loans & Advances, Debtors & Creditors are subject to confirmation & reconciliation.
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