| 1. Contingent labilities and Commitments made by the company
1. Estimated amount of contracts remaining to be executed on capital
account paid and not provided as on 31st December, 2012 Rs. Nil (net of
advances). (Previous year Rs. 76.24 Lacs).
2. Contingent Liabilities not provided for:
(Rs in Lakhs)
Sr. items 01.07.2011- 01.04.2010-
No 31.12.2012 30.06.2011
(i) Regarding Income tax on account
of disputes raised by the Income
tax department under the Income
tax, Act 1961. Supreme Court 238.22 238.22
Madras High Court 303.73 303.73
Demand Notice' for TDS, ITO, Mumbai. 154.4 151.69
(ii) Service Tax and Penalty demanded on
technology transfer agreement. CESTAT 485 485
(Rs in Lakhs)
Sr Items 01.07.2011- 01.04.2010-
No 31.12.2012 30.06.2011
Service Tax demand on Goods
Transport Agency during the Year. 6.37 6.37
Service tax credit denial on outward
freight and canteen services
Commissioner Appeals 76.63 43.46
CESTAT 16.76 16.76
(iii) Central Excise: Claims against the
company on various issues pending
Commissioner Appeals 66.56 66.56
CESTAT 93.44 93.44
High Court 185.36 185.36
Deputy Commissioner of Central
Excise - Non payment of Excise Duty 163 Nil
(iv) Central Excise: Method of calculation
of duty under notification 2/95&
other valuation issues.
Supreme Court 121 121
(v) Irrigation Department- Government
of Maharashtra High Court 2835 Nil
(vi) Pending Export obligations under
Advance Licences 1768.38 274.45
Penalty 50 Nil
(vii) Labour Matters 10.86 9.72
(vii) Customs
ommissioner Appeal: PBS wrong
import of PVC ' 5 Nil
Import of PBS without MOEF
permission DR1 53 Nil
(x) Labour Settlement 27.7 6 Nil
(xi)' Guarantees given by the company 500.00 3300.00
(xii) Others 202.74 Nil
b) Claims against the Company not acknowledged as debts Rs. Nil
Previous year (Rs.54.87 Lacs).
3. There are Micro, Small and Medium Enterprises, as defined in the
Micro Small Medium Enterprises Development Act, 2006 to whom the
company owes dues on account of principal amount together with
interest.
The above information regarding Micro Small and Medium Enterprises has
been determined to the extent such parties have been identified on the
basis of information available with the company. This has been relied
upon by the auditors. i) TGI Packaging Limited 9.10 Lacs
ii) Aruna Chaleswara Industries 5.45 Lacs
4. Discontinuing Operations
(i) The company has entered into Memorandum of Understanding (MOU)
dated 19th December, 2012 for sale of its asset at Manali Chennai -
Land, Factory, Building, Plant and Machinery, Office Equipment,
FurYiiture and Fixture and Inventory on an "As is where is" basis for
an aggregating consideration of Rs. 355 Crores. The MOU is subject to
all the necessary and required approvals. Effect of the above MOU has
been given in these Accounts.
(ii) The Company was operating only in single Product - Polyester
Products which has been discontinued
(iii) Amounts of revenue and expenses in respect of the ordinary
activities attributable to the discontinuing operation during the
current financial reporting period are Rs. 3866.50 Lacs
(iv) Carrying amount of Rs 36522.38 Lakhs Liabilities to be settled as
on 31.12.12.
(v) Allocation of Sale Proceeds to Land, Inventory and Other Fixed
Assets
(vi) The Company has Sold its inventory consisting of Raw Material,
Semi Finished Goods, Finished Goods, Stores and Spares as per above MOU
as per details given below.
5. Interest received on Margin Money placed for Working Capital and
other interest income aggregating to Rs. 107.22 Lakhs (Previous Year
64.77 lakhs) has been netted off against the Interest expenses incurred
on Working Capital and Term Loan.
6. The Sundry Debtors, Sundry Creditors, Loans, Advances, deposits
and other current liabilities are subject to confirmation and
consequent reconciliation.
7. The Company operates in one segment i.e Polyesters Products.
8. Figures of the Previous Year have been regrouped and reclassified
wherever necessary to confirm to the Current Year Classification.
9. These accounts being for the period of 18 months hence the
previous year figure are not comparable with Current Period.
10. This being the first year of Revised Schedule VI hence previous
year's figures are realigned in revised Schedule VI format.
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