Out of the above-
i) 5069745 Equity shares of Rs. 10/- each are issued as fully paid up to Financial Institutions/ Bank against simple Interest dues as on 31st March 2003 as per restructuring package approved by CDR Cell of RBI.
ii) 459474 Equity shares of Rs. 10/- each are issued as fully paid up on Net present value (NPV) basis on account of 1% reduction in the rate of interest payable in future to Financial Institution/Bank, in terms of re-workout package approved by CDR Cell of RBI.
1. a) In the opinion of the Company, the Current Assets,
Loans and Advances are approximately of the value stated, if realized in the ordinary course of business and all known liabilities have been accounted for.
b) Debit and Credit balances of Trade Receivable and Trade Payable are subject to confirmation and Reconciliation of Accounts.
2. Contingent Liabilities & commitments:
i. Contingent Liabilities:
a) Guarantees given by the bankers to various authorities & vendors on behalf of the Company Rs 153.70 Lacs (Rs. 210.00 Lacs).
b) Disputed Sales-tax liabilities not provided for against which Company has filed appeal Rs. 8.10 Lacs (Rs. 23.71 lacs)
c) Disputed Excise Liability not provided for against which the Company has filed an appeal with the appropriate authority Rs. Nil (Rs. 85.45 lacs)
d) Disputed Electricity Liability not provided for against which the Company has filed an appeal with the appropriate authority Rs. 113.94 lacs (Rs. 113.94 lacs)
e) Claims against the company not acknowledged as debt - Rs. 493.23 Lacs (Nil).
ii. Commitments:
a) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advance) Rs. NIL (Rs. 287.78 Lacs)
3. The Gross Block of Fixed Assets includes Rs. 225.81 lacs (Rs. 225.81 lacs) on account of revaluation of Fixed Assets carried out in the past, except Land, Factory Building and the Main Production Plant and Machinery, which are revalued, all other Fixed Assets continue to appear at cost.
4. FINANCIALAND DERIVATIVE INSTRUMENTS
a) Derivatives contracts entered into by the Company and outstanding as on 31st March 2016.
Nominal amounts of derivative contracts entered in the form of Forward Exports Cover by the Company and outstanding as on 31st March 2016 amounts to Rs. 1985.67 Lacs (Rs. 1542.19 Lacs).
b) Foreign currency contracts in the form of Forward Imports cover, that are not hedged by derivative instruments as on 31st March 2016 amounting to Rs. Nil (Rs. Nil).
5. The Company has adopted AS-15 (revised) "Employee Benefits" notified by the Company's Accounting Standard Rules, 2006. The Company has calculated the various benefits provided to employees as under:
6. The Company has not prepared consolidated financial statements due to unavailability of the financial statements of its joint venture with GK Company Limited, South Korea, for the year under review. However this non inclusion will not have any material impact on financial statements of the Company.
7. The company's net worth during the year is positive; hence in the opinion of the management, the provision of Sick Industrial Companies (Special Provision) Act, 1985 (SICA) is not applicable to the company.
8. Earning per Share (EPS) computed in accordance with Accounting Standard-20 "Earning per share"
Due to inadequacy of profits, remuneration paid to the Managing Director, Executive Director and whole time Director is within the minimum remuneration as prescribed under schedule V of the Companies Act, 2013.
9. (I) Disclosure of related parties (as identified by Management)
Names of the related parties with whom transactions were carried out during the year and description of relationship as required by AS - 18 "Related Parties Disclosure".
a. Related parties -
i) Associates:
GRL International Ltd.
ii) Joint Ventures:
GK Co. Limited, South Korea
iv) Key Management Personnel:
Mr. Vinod Poddar
Mr. Rahul Poddar Mr. Umesh Lathi
v) Relatives of Key Management Personnel:
Mrs. Sunita Poddar
10. The Company has reckoned the Minimum Alternate Tax (MAT) of Rs. 3.50 Lacs (Rs. 6.71 Lacs) and has taken MAT Credit entitlement of the similar amount which may be set off against tax liability in accordance with section 115JB of the Income Tax Act 1961. Provision for Income Tax is determined on the basis of taxable income after set off of unabsorbed losses/ depreciation as per the Income Tax Act 1961.
11. Disclosures required under the Micro, Small & Medium Development Act, 2006
i) Delayed payments due as at the end of each accounting year on account of Principal - Rs. 96.98 and Interest due thereon - Rs. NIL
ii) Total interest paid on all delayed payments during the year under the provisions of the Act - Rs. NIL
iii) Interest due on principal amounts paid beyond the due date during the year but without the interest amounts under this Act - Rs, NIL
iv) Interest accrued but not due- Rs, NIL
v) Total Interest due but not paid - Rs. NIL
12. Leases - Operating Leases.
i) The Company has taken various residential / commercial premises under cancellable operating leases. These agreements are normally renewed on expiry.
ii) The rental expenses recognized in Statement of Profit and Loss for operating lease taken after 1st April, 2001.
13. The Previous year figures have been regrouped / rearranged whenever necessary to make them comparable with the current year figures.
14. Figures in brackets in these notes are in respect of the previous year.
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