| Provision for doubtful debts:
Periodically, the Company evaluates all customer dues to the Company
for collectability. The need for provisions is assessed based on
various factors including collect ability of specific dues, risk
perceptions of the industry in which the customer operates, general
economic factors, which could affect the customer's ability to settle.
The Company pursues the recovery of the dues, in part or full.
The Company has granted its associate M/s. Mono Acriglass Industries
Limited, advance and loans amounting to Rs. 219.48 lacs. M/s Mono
Acriglass Inds. Ltd has accumulated losses in excess of its share
capital. It has become a sick Company as per the Sick Industrial
Companies (Special Provision) Act. 1985. The Board of Industrial &
Financial Reconstruction vide their order dated 6-2-2007 has declared
the company sick. M/s.GSFC successfully preferred an appeal with the
AAIFR. The Company has filed an appeal against the above order with the
AAIFR. The advance of Rs. 219,48 lakhs is considered good and
recoverable by the management. It is not possible to comment on the
recovery of this loan.
Schedules 1
A Amounts in the financial statements are presented in nearest rupee
The previous period figures have been regrouped / reclassified, wherever
necessary to conform to the current period presentation.
Disclosures required under Section 22 of the Micro, Small and Medium
Enterprises Development Act. 2006:
The company has not received any intimation from the suppliers
regarding Status under the Micro, Small and Medium Enterprises
Development Act, 2006 and Thereof no such disclosure under the said Act
is considered necessary.
Segment Reporting
As company's activity falls within a single segment viz. Mud logging,
the disclosure requirements of accounting Standard 17 "Segment
Reporting", is issued by the Institute of Chartered Accountants of
India is not applicable.
Contingent Liabilities not provided in respect of the guarantees issued
by the Bank on behalf of the Company to the customers and Government
authorities. Rs 4805138
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