| 1. I) Terms Loans including current maturities are secured by charge on
mortgage of movable / immovable of the assets at Plot No.104/105, GIDC
Ankleshwar. They are also secured by hypothecation charge on properties
and also guaranteed by some Directors.
II) Bank of Baroda has sanctioned moratorium period for repayment of
all Term Loanss, WCDL & FITL Loan upto 31/3/2014, is now change due to
NPA status of all the accounts.
Capital Loans are secured by hypothecation of inventories, book debts,
etc. The working capital loans are further
2. secured by
second charge on immovable fixed assets and hypothecation of movable
assets as well as guaranteed by some of the Directors.
3. The company has not received information from creditors regarding
their status under the Micro, Small and Medium Enterprises Development
hence disclosure relating to amount unpaid at the end of the year under
this act has not been given. There were no claims for interest on
delayed payments.
4. * Includes TDS, Provident Fund, ESIC, Central Excise Duty, Central
Sales Tax payable, Auditors Remuneration, etc
5. I) The Gross Block of Fixed Assets includes Rs. 310.42 lakhs
(Previous year Rs. 310.42 lakhs) on account of revaluation of assets
carried out in the year 2004-05. Consequent to the said revaluation
there is an additional charge of depreciation ofRs. 2.91 lakhs
(Previous year Rs.7.81 lakhs ) and an equivalent amount has been
withdrawn from Revaluation Reserve and credited to the Profit and Loss
Acocunt. This has no impact on profit for the year.
II) The Company does not have any Leased Assets and Intangible Assets
III) Deprication on assets at foundry unit and wind power project has
been considered @ 40% and @ 70% respectively of the company law
prescribd amount on account of their use and capacity utilization
during the year under review.
6. The previous years figures have been reworked, regrouped,
rearranged and reclassified wherever necessary to confirm to the
current year presentation and rounded off to the nearest rupee.
7. letters of debit and credit balances are not received by the
Company. Balance due to or due by various parties are therefore,
subject to adjustment on receipt of confirmation letters.
8. In the opinion of Board of Directors the current assets, loans and
advances are approximatelyof the value stated if realized in the
ordinary course of business. The provisions for all known liabilities
are adequate.
9. Contingent Liabilities:
a) Claims of ex-employees of the company for reinstatement in service
with back wages. The amount in respect of which is unascertainable.
b) Disputed Demand of Rs. 9.59 lakhs of Gujarat Electricity Board in
respect of Wind Farm Project (Refund of wheeling charges) against which
the Company had preferred a Special Civil Application in the High Court
of Gujarat, Ahmedabad.
c) Guarantee/Letter of Credit given by Bank on behalf of the Company to
Railways, Govt.Undertaking and other parties for Rs. 199.00 lakhs
(Previous year Rs. 125.00 lakhs)
10. The income tax assessment under the Income-tax Act, 1961 is
completed upto the Assessment year 2011-12. Refund due and pending for
Asst.Years for 2006-07, Asst.Year 2007-08 & Asst.Year 2009-10
11. Estimated amount of contracts yet to be executed on capital amount
and not provided for Rs. 75/- lakhs (Previous year Rs. 75/- lakhs)
12. All the operations of the Company are considered as a single
business segment. Further, there is no significant Export Sales during
the year under review. As such all the activities are considered as a
single business/ geographical segment for the purpose of Accounting
Standard-17 issued by the Institute of Chartered Accountants of India.
13. The company is having Unclaimed Dividend Account with Axis Bank
Ltd, Ankleshwar. The entire dividend has been transferred in this
account
14. and register under section 15(1) of Sick Industrial Companies
(Special Provisions) Act, 1985 (SICA Act) for the revival scheme of the
company duely registered by Hon'ble BIFR vide there letter No.
3(V-4)/BC/2013 dated 10-02-2014, as case no. 7/2014.
15. As informed to us by the management that the banker (Bank of
Baroda) has take over the symbolic possassion of the units of the
company vide their letter dated 13-05-2014 after servicing notice U/S
13(2) of the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 54 of 2002 (SARFAESI Act). The
bank has also approched to the Debt Recovery Tribunal (DRT) and get
injection order restraining the company and guarantors for transfer of
hypothecated, mortgage and uncharged immovable properties.
16. As informed to us by the management that one of the supplier has
made an application for winding up of the company with high court of
Gujarat.
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