| 1. No provision has been made in the accounts for gratuity and leave
encashment as the same are accounted for on cash basis.
2. Net Current Assets to the extent of Rs. 1,69,47,685/- are
outstanding for a period exceeding 3 years and hence the same are
provided as doubtful in the present Accounts. The break up of the same
is as under:
Sundry Debtors 3,20,04,538/-
Loans & Advances 27,49,825/-
Total (A) 3,47,54,363/-
Less : Sundry Creditors 1,65,39,053/-
Less : Other Liabilities 12,67,625/-
Total (B) 1,78,06,678/-
Doubtful Net Current Assets (A-B) 1,69,47,685/-
3.(a) The Company have written back a disputed liability of Punjab
National Bank Cash Credit A/C of Rs. 29,25,655/- (Principal) &, Rs.
7,61,094/- (interest) totaling to Rs. 36,86,749/- which according to
the management of the Company have been due to the excess interest
charged by the bank over and above the PLR. This Cash Credit liability
written back by the Company may arise in the event of non-acceptance of
the claim by the bank.
3.(b) The Current Year's interest is charged at PLR on the aforesaid
Cash Credit Account as no intimation/confirmation has been received
from the bank.
4. Contingent Liability not provided in respect of:
(i) Sales tax of Rs. 4,55,539/- (P.Y. 4,55,539) for the year 1991-92
against which the Company has preferred appeals.
(ii) Claim against the Company not acknowledged as debt Rs.86,49,356/-
(P.Y. Rs.1,52,933/-)
5. Estimated value of contracts remaining to be executed on Capital
Account and not provided for in the Accounts was Rs. NIL (P.Y. NIL).
6. In the opinion of the Board, provisions for all known liabilities
are adequate and not in excess of the amounts reasonably necessary. No
personal expenses have been charged to Revenue Account.
7. The balance of Creditors, Debtors and Loans and Advances are subject
to confirmations from the parties. Also, the balances of allotment
money due and rights issue money refundable are subject to
reconciliation, if any.
8. No amortisation of the leasehold land has been made as the same is
for 99 years and also the value is on increasing trend.
9. As per the information available with the Company, the break up of
sundry creditors as at 31st March, 2003 into Small Scale Industrial
(SSI) Undertaking and Non-SSI was as under and the same has been relied
upon by the auditors :
Sundry Creditors (Non-SSI) Rs.1,95,56,763/-
Sundry Creditors (SSI) Rs. 10,35,271/-
Total Rs. 2,05,92,034/-
Further, amounts due to SSI creditors exceeding Rs. 1 lac/which is
outstanding for more than 30 days were as under:
Name of the party Amount Rs.
Aerolite Ind. Corp. 1,40,502/-
Jay Flow Ind. 1,71,872/-
Premier Refrigeration Ltd. 3,24,860/-
Vats & Vessels 3,31,000/-
Total 9,68,234/-
10. The Company does not have a whole time Company Secretary as
required under Section 383A of the Companies Act, 1956.
11. Disclosure of additional information pursuant to the provisions of
Paragraphs 3,4C and 4D of the Part II of Scheduled VI to the Companies
Act, 1956 has been furnished to the extent applicable in Annexure-1.
13. The figures of previous year have been re-grouped, re-arranged
wherever necessary, so as to make them comparable with those of the
current year.
14. Disclosure of Segment Reporting (Accounting Standard 17):
The Company has only one segment for the year under consideration
namely trading in Chemicals and hence question of separate disclosure
of segment reporting does not arise.
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