Note No. 1: CONTINGENT LIABILITIES (Rs. In lacs)
As at 31.03.14 As at 31.03.13
Claims against the company not
acknowledged as debts:
I) Income-Tax demands against which
the department has gone on appeal. 285.56 285.56
II) Sales-tax demands against which
company has gone on appeal. 152.04 152.04
A Sum of Rs. 119.33 lacs has already
been paid/ adjusted against this
liability
III) Excise demand against which
Central Excise Department has gone
on appeal before Hon'ble High Court,
Andhra Pradesh
A sum of Rs.9.00 lacs has already
been paid / adjusted against this
liability. 157.58 -
IV) Guarantees issued and outstanding 1512.00 4245.00
Note No. 2: LEGAL CASES
Dues with Banks / Institutions have been settled in OTS during the year
and all the legal cases initiated by the Creditors against the Company
have been withdrawn and as on date there are no legal proceedings
pending against the Company.
Note No. 3: CASE BEFORE BOARD FOR INDUSTRIAL AND FINANCE
RECONSTRUCTION (BIFR)
The Hon'ble Board for Industrial and Financial Reconstruction (BIFR)
has declared the Company as Sick Industrial undertaking in terms of Sec
3 (1 )(o) of the Sick Industrial Companies (Special Provisions) Act,
1985 at it's hearing held on 12th February, 2007 and IFCI was appointed
as Operating Agency (OA) under section 17(3) of the Act with directions
to prepare a revival scheme for the Company.
The AIFR has directed the Company to submit DRS to the Operating Agency
and the Company had submitted DRS to Operating Agency and the case is
pending before BIFR.
Note No. 4: In view of the brought forward unabsorbed losses, there
is no liability as per Income tax Act, 1961.
Note No. 5: In respect of loan availed from M/s. Prayag Enterprises
Private Limited, the Company is in the process of creation of charge on
land and buildings situated at Nellore, as required by Companies Act,
1956, by way of security.
Note No. 6: The Company has settled all the dues to Banks /
Institutions under One Time Settlement (OTS) entered with them and as a
result, a sum of Rs. 4,71,69,432/- has been transferred to Capital
Reserve due to remission in the Principle portion of the liability.
Note No. 7: The IMFL Distillery unit at Jeedimetla, Hyderabad is
being revived. In that connection a sum of Rs. 20,01,48,000/- has been
paid to the Government of Andhra Pradesh towards arrears of annual
license fee.
Note No. 8: The Steel Division at Nellore has been closed down. Out
of the Steel Ingots and Billets on hand, 50.96 M.T have been sold
during the year and the balance quantity of 30.19 M.T remained as raw
material stock on hand at the year end.
Note No. 9: The Company has not received any intimation from
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006 and hence disclosure requirements in
this regard as per Schedule-VI of the Companies Act, 1956 could not be
provided.
However, we have not provided any interest for delay in payment as per
contractual terms, if any, for the enterprises covered under the above
act.
Note No. 10: In the absence of operational profits during the year,
the Company has not proposed dividend on Preference Share Capital.
Since these shares are cumulative, the dividend accumulated up to the
current year isRs. 4,73,26,712 (Previous year-Rs. 3,70,76,712).
Note No. 11: The balances of Sundry Debtors, Creditors, and Loans and
Advances are subject to Confirmations.
Note No. 12: Previous year's figures have been regrouped / re
classified wherever necessary to correspond with the current year's
classification / disclosure.
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