| 1. The Company did not have any employee drawing remuneration of Rs.
60,00,000/- p.a. or Rs.5,00,000/- per month if employed for a part of
the year.
2. Leave Encashment is accounted for on Cash Basis as and when paid.
3. Contingent Liabilities: Current Year Nil and Previous years Rs.
16.22 Lacs (Income tax demand for A.Y 2009-10)
4. Expenditure in Foreign Currency - for import of Raw Material
US $ 39382659.92 (equivalent in Rs. 2327078938.00)
Euro 15411.90 (equivalent in Rs.1334405.00)
5. Quantitative & other information pursuant to requirement of
Paragraph 3, 4C & 4D of Part -II of Schedule VI of the Companies Act,
1956.
6. Some of the Balances in Sundry Debtors, Sundry Creditors, Advances
and Deposits are subject to confirmation, reconciliations, adjustments,
if any, which in the opinion of the Management will not be significant.
The confirmations of Debtors are subject to verification.
The Company had filed case under Section 138 of the Negotiable
Instruments Act, 1881 in the Metropolitan Court at Mumbai against 2
parties namely M/s. K. J. International for Rs. 55,27,353/- and M/s S.
D. L. Steel Private Limited for Rs. 1,06,55,770/- for recovery of
amount outstanding along with interest etc. The Management is of the
opinion that the amount outstanding will be recovered as the matter is
being pursued in the Court and adequate steps are being taken.
7. In the opinion of Board, the Current Assets, Loans and Advances are
approximately of, if realized, in the ordinary course of business. The
provision for all known liabilities is adequate and not in excess of
the amount reasonably necessary.
8. Employee Benefits
As per Accounting Standard -15 "Employee Benefits" the disclosure of
employee benefits is given below:
i) Defined Contribution Plans: The amounts of contribution to Provident
Fund recognized as expenses during the year is Rs. /- (Previous Year Rs
190338/-).
ii) Defined benefits plans for gratuity
The following table sets out the status of the Gratuity plan for the
year ended 31st March, 2014 as required under AS 15 (Revised)
9. Since the windmill power generation segment is not significant as
defined in AS-17 , the Company is considered to be a single segment
company-engaged in one business segment namely reprocessed plastic
granules , hence segment wise reporting as required under AS-17 issued
by ICAI is not applicable.
10. The Company has not received any intimation from "Suppliers"
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid as at the year end together with interest paid/ payable
as required under the said Act have not been given.
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