| 1. As on 31.03.2015, the timing difference has resulted in differed tax
liability/assets amounting to Rs. 271.85 Lakhs The breakup of deferred
tax assets/liabilities is as follows;
Differed Ta x Liability on account of timing difference in Depreciation
: Rs. 271.85 Laks Deferred Tax Asset on account of Section 43B of IT
Act : Rs. NIL
2. Balance with Central Excise Department includes unveiled Modvat
credit of Rs.102.32 lakhs of which there is no dispute . by the
Central Excise Department
3. Provision for Income Tax is not made, in view of set off available
from the Ferro Division of Sri VASAVI Industries Ltd, with whom ongoing
amalgamation proceedings are pending before the Hon'ble High Court of
A.P.
4. In the opinion of the management, the Current Assets, Loans and
Advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provision
for all known liabilities have been adequately made in the accounts.
5. Disclosure of Sundry Creditors under Current Liabilities is based on
the information available with the company regarding the status of the
suppliers as defined under the " Micro, Small and Medium Enterprises
Development Act'2006". Amount overdue on account of principal amount
together with interest as on 31st March'2015 to Micro, Small and Medium
Enterprises is Rs. Nil ( previous year Rs.Nil.)
6. Previous Year figures have been Re grouped and/or Reclassified where
ever necessary to make them comparable with those of Current Year.
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