Note : 1
(a) Term loans from two scheduled banks against pari pasu charges on
equitable mortgage of existing and proposed plant & machinery factory
land, building and all other fixed assets of the company and
hypothecation of all movable assets of the company. In addition, first
charge on companys land, head office building situated at kolkata, and
at Sodpur, West Bengal and at Bhurkunda, Jharkhand and personal
guarantee of a director and three corporate guarantors.
(b) No instalment payment against principal amount and interest have
been made during the year.
Note 2 Disclosure under Accounting Standard-15 (Revised) on "Employee
Benefits"
A. Defined Contribution Plan
The Company's Contribution to Provident Fund have been provided up to
September"2011 but no Deposit has been made to the P.F Authority.
Employees Contribution up to November'2011 has been provided and
deposit of Rs 4,75,968/- for the period from April'2010 to Feb'2011
have been made.
B. Defined benefit Plan
The Company has a defined benefit gratuity plan. Payment of gratuity
for every Employee have been vested on a Trust which follows Payment of
Gratuity Act, 1972. The Company has revised the gratuity scheme with
LICI effective from 1 st April, 2008 and opted a new scheme (Cash
accumulation scheme). The policy has not been renewed and no provision
for gratuity have been made.
Note 3 The company is required to replace the original bank guarantees
amounting to Rs.267.70 lacs (issued by The Bank of Tokyo Mitsubishi
Ltd. In favor of customs and Central Excise Authorities) by substitute
Bank Guarantees from the Company's own banker within 27.02.2011 but the
same has not yet been done.
Note 4 Foreign Currency Transaction
No foreign currency transaction have been effected during the year.
Note 5 Contingent Liabilities not provided for in respect of
(a) Disputes of excise duty leviable on the special packing and
forwarding charges for earlier years, which has been remanded back by
CEGAT, Delhi for further examination of records, setting aside the
earlier order of the Central Excise Department (Amount
un-ascertainable).
(b) Income Tax disputes on exchange fluctuation losses considered on
foreign loans for the A. Y. 1989-90 to 1992-93 before Hon'ble Kolkata
High Court have been decided in favour of the company and have been
remanded to department for ascertaining the relief.
(c) The Company has filed an appeal before Employees Provident Fund
Appellate Tribunal, New Delhi against the demand for penal damage of
Rs. 214.68 lakhs (net of deposit of Rs.25 lakhs) vide order dated
30.06.2008 issued by Regional Provident Commissioner, Jharkhand.
(d) Appeal file before WBST Tribunal against Sales Tax demand of
Rs.26.01 lakhs have been remanded to department for examination.
(e) Several money Suits are pending before different courts of law for
recovery of dues of customers, suppliers and employees etc.
Note 6 Amount outstanding to small scale, micro and medium scale
business entities are not ascertainable and therefore can not be
quantified in the absence of proper identification of parties fall in
under the above categories.
Note 7 Balance confirmation for advances, debtors and deposits have
not been received. However they are considered fully recoverable except
as provided for in the accounts.
Note 8 Through out the year factory was closed. Production and other
activities of factory were suspended. Both the furnaces were cooled
down.
Note 9 Figures of the previous year have been regrouped/rearranged to
conform with Revised Schedule VI of the Company's Act, 1956.
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