| Contingent Liabilities and commitments (to the extent not provided for)
SI. Name of the Nature of Amount Period to
No. Statue Dispute (Rs.) it relates
a) Assam General Assessment 63816/- AY 1999-00
Sales Tax Act'93 dues
b) Commissioner Service Tax 1,23,71,352 01.10.2004 to
of Service Tax 31.03.2007
c) Commissioner Service Tax 2,43,52,206/- 23.08.2007 to
of Service Tax 31.03.2010
d) The Commissioner Income Tax 35,52,860/- AY 2010-2011
of Income Tax
SI. Name of the Forum where
No. Statue case is pending
a) Assam General Commissioner
Sales Tax Act'93 of Taxes
b) Commissioner CESTAT &
of Service Tax Calcutta High Court
c) Commissioner CESTAT
of Service Tax
d) The Commissioner Appeal
of Income Tax
e) With respect to case filed by M/S Fab Leathers Ltd. in Supreme Court
amount is not ascertainable.
2. There are outstanding guarantees given on behalf of the Company by
Banks amounting to 13,79,58,192/- (2012-2013 Rs 24,79,09,065/-) .The
bank guarantees are secured by way of lien against FDR's amounting to
Rs 2,29,10,000/-.
4. Directors Remuneration : Company has paid remuneration to Directors
from April 2013 to March 2014.Total amount paid is Rs 84 lacs ( Mr.
P.N.Dadina Rs 30.00 lacs, Mr N K Dadina Rs 27.00 Lacs, Ms V K Dadina Rs
27.00 lacs) (Previous Year Rs 84 lacs)
5. Property at 30, Shakespeare Sarani, Kolkata has been sold in
2009.The same property was released as per Hon'ble Calcutta High Court
& Bombay High Court orders dated 16.3.2009 & dated 7.5.2009
respectively. However M/S Fab Leathers Ltd. has gone to Supreme Court
claiming transfer of ownership of the said property & case is pending
in Supreme Court. Our opinion is not qualified in respect of this
matter.
7. There are no reportable segments requiring segment reporting as per
Accounting Standard-17
b) Post Employment Defined Benefit Plans i) Gratuity (Funded)
The Company provides for gratuity, a defined benefit retirement plan
covering eligible employees. A: per the scheme, the Gratuity Trust fund
managed by the Trust, make payment to vested employee: on retirement,
death, incapacitation or termination of employment, of an amount based
on the re spective employee's eligible salary for specified number of
days (ranging from fifteen days to on< month) depending upon the tenure
of service subject to a maximum limit of twenty months salary Vesting
occurs upon completion of five years of service. Liabilities with
regard to the Gratuity plan an determined by actuarial valuation, based
upon which, the Company makes contribution to the Gratu ity funds.
a) There has been no change/ movements in number of shares outstanding
at the beginning and at the end of the reporting period.
b) The company has only one class of issued shares i.e Ordinary Shares
having par value of Rs. 10/- per share. Each holder of Ordinary Share
is entitled to One vote per share and equal right for dividend. The
dividend proposed by the Board of Directors is subject to the approval
of shareholders in ensuing Annual General Meeting, except in case of
interim dividend. In the event of liquidation, the ordinary
shareholders are eligible to receive the remaining assets of the
Company after payment of all preferential amounts, in proportion to
their Shareholding.
c) The Company does not have any Holding Company/ ultimate Holding
Company .
d) Details of Shareholders holding more than 5% Shares in the Company.
e) No Ordinary Shares have been reserved for issue under option and
contracts/ commitments for the sale of shares/ disinvestment as at the
Balance Sheet date
f) No Shares has been alloted or bought back by the company during the
period of 5 years preceeding the date at which the Balance Sheet is
prepared
g) No Securities convertible into Equity/ Prefrence Shares issued by
the company during the year.
h) No calls are unpaid by any Director or Officer of the company during
the year.
Note 2.16a a) Out of the above deposits Rs. 229.10 lacs is the margin
money against Bank Guarantee.
b) It includes Rs.1.24 crores given as collateral security to Bank
against short-term bank loan.
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