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As at As at
Particulars 31.3.2000 31.3.1999
Rupees Rupees
NOTES FORMING PART OF ACCOUNT
1. Contingent Liabilities not provided for :
(a) On account of guarantee given by the Bank 69,50,056 48,94,925
(b) Claims not acknowledged as debts
by the company in respect of Not Not
claims by some ex-employee's.
(c) The company has received show
cause notice from Central Excise
Department. However, the Company
is legally advised that such demands
being time barred and not tenable,
provision for the same is not required
at this state, till disposal of the same
in appeal. 9,500 52,358
(d) In respect of Income Tax demands
raised by Income Tax Authorities for
earlier Assessment year for which the
company has preferred appeal. 13,446 1,35,349
(e) Demand for sales tax which is 6,30,200 Nil
disputed by the company and against
which appeal is preferred.
2. Under Windfarm Project the company has opted for Sales Tax deferment
benefit of Rs.58,40,087/- Balance of Sales Tax deferment is shown under
Unsecured Loans. Third instalment due for payment in 2000-2001 is
Rs.9,73,348/-.
3. In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated therein if realised in the
ordinary course of Business. Provisions for all known liabilities have
been made in the Accounts.
4. Doubtful sundry debtors over six months old amounting to
Rs.3,74,133/- are being persued by the company. In the opinion of the
management they are considered recoverable and hence, no provision is
considered at this stage.
5. As per the acturial valuation by L.I.C. of India the gratuity
liability as on 31-03-2000 comes to Rs.1,08,59,388/- whereas the
company's fund with L.I.C. of India is Rs.52,96,019/-. The company
intends to recover the shortfall of Rs.55,63,369/- by paying annual
premiums in future years.
6. Sundry creditors in schedule 11 to the accounts includes (i) Rs.
17,09,420/- due to Small Scale Industrial undertaking (iii)
Rs.70,87,277/- due to other creditors. The disclosure is based on the
information available with the company regarding the status of
suppliers under the "Industries (Development and Regulation) Act, 1951.
Names of Small Industrial undertakings to whom an amount of Rs. 1.00
lacs or more way payable and outstanding for more than 30 days are as
under :
Efficient Fastener Manufacture
Shethia Electronic Components
Ratlam Electro Magnetic Ltd.
Mahalaxmi Chemicals
Precision Industrial Products
7. Excise Duty payable on unsold stock of finished goods is
consistently accounted for on the clearance of goods from the factory.
The amount of excise duty payable on unsold stock of finished goods not
cleared from the factory as at 31.3.2000 is estimated at Rs.9,13,574/-
(P.Y.Rs.1,24,414/-). Non-provision of this liability will not affect
the loss for the year.
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