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1. Contingent liabilities not provided for in respect of
(Rs. In lacs)
Particulars As at As at
31st March, 2010 31st March, 2009
A Bank Guarantees not due -- 55.26
B Provident Fund demand 550.00 --
C Income Tax demand 1221.00 --
D Central Excise 1192.00 --
E Labour Liability 149.00 --
F Disputed Interest (including Penal
interest) due to Banks 151.35 151.35
G Sales tax & others 66.00 --
F Disputed Claims of forex Lossess 822.98 1308.83
2. Due to NPA status of the Term Loan and Working Capital Term Loan
the concern Banks have not charged interest on their respective
accounts for the financial year. The company has not made interest
provision for financial year 2009-2010.
3 Sundry Balances written back are net of Sundry Balances written off
amounting to Rs 30,829/-. (Previous Year Rs.7,93,195/-)
4 In view of business losses during the year and after taking into
consideration the benefits admissible under the provisions of the
Income Tax Act, 1961, no provision for Income Tax has been considered
necessary. The company has, however, made a provision of Rs. Nil
(Previous Year Rs 1,95,000/-) towards Fringe Benefit Tax.
5 Sales include Sales made in Domestic Tariff Area amounting to Rs.
8,94,88,306/- (Previous Year Rs. 22,21,91,822/-).
6. Other Current Assets (Refer Schedule 6) include subsidy receivable
under Technology Upgradation Funds Scheme of Rs. 35,25,685/- (Previous
Year Rs. 1,02,72,154).
7. The Company is in process of assessing the impairment in Fixed
Assets if any, as required by AS-28 on "Impairment of Assets" issued by
the Institute of Chartered Accountants of India.
8. The Company, time to time, holds financial derivatives instruments
primarily for hedging purposes. In pursuance of the announcement dated
29th March, 2008, of the ICAI, the Company has decided to account for
losses on derivative transactions, on net basis, after considering
effects of underlying exposures / commitments / obligations.
9. In the opinion of the Board, and to the best of their knowledge
and belief, the realizable amount of Current Assets and Loans &
Advances in the ordinary course of business would not be less than the
amount at which they are stated in the Balance Sheet. The provision for
all known and determined liabilities is adequate and not in excess of
the amount reasonably required.
10. The outstanding balances in respect of sundry debtors, sundry
creditors, loans and advances, banks and loans from financial
institutions are subject to confirmation and reconciliation, if any.
11. Managerial Remuneration :
Salary to the Chairman and Managing Director Rs. Nil (Previous Year Rs
3,00,000).
12. Details of dues to Micro, Small and Medium Enterprises as per
MSMED Act, 2006:
There are no outstanding to parties covered under the Micro, small and
Medium Enterprises as per MSMED Act, 2006. This information has been
determined to the extent such parties have been identified on the basis
of information available with the company.
13. Future obligation of the company for assets taken on all leases
entered into before 1st April, 2001 is Rs. 50,66,667/-. (P.Y.
66,66,667) after appropriation of lease rentals of Rs 16,00,000/-
during the year.
14. The Company is in process of appointing a qualified Company
Secretary.
15. In view of losses incurred and considering the provisions of AS 22
the management is of opinion that it is not necessary in the current
year to provide for Deferred Tax Assets/ Liabilities, which will be
considered at appropriate time.
16 Additional Information pursuant to paragraph 3, 4C and 4D of part II
of Schedule VI of the Companies Act, 1956.
17. Figures of previous year have been regrouped/ reclassified
wherever necessary.
18. Figures have been rounded off to nearest Rupee.
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