“1” Contingent Liabilities and Commitments
i) Guarantees given by the Company’s bankers and counter guaranteed by the Company-Rs. 24.47 lakhs (Previous Year Rs.24.47 lakhs)
ii) Claims against the Company /disputed liabilities not acknowledged as debts as under :
a) Disputed Sales Tax demands in respect of financial years 2007-08 and 2008-09 under Gujarat Value Added Tax Act, 2003 Rs. 11.69 lakhs (Previous Year Rs. 11.69 lakhs) Amount deposited under protest by the Company against disputed Sales Tax demands.- Rs.11.69 lakh (Previous Year Rs.11.69 lakhs).
b) Disputed Central Excise Duty in frespect financial years 2001-02 and 2002-03- Rs.5.25 lakhs (Previous Year Rs. 5.25 lakh) Amount deposited under protest by the Company against disputed Central Excise Duty - Rs. 5.25 lakh (Previous Year Rs. 5.25 lakh)
c) Other Parties’ claims against Company-Rs. 4.61 lakh (Previous Year Rs.4.61Lakh)
iii) Cumulative Dividends on Preference Shares - Rs. Nil (Previous Year Rs. 0.69 lakh) .
“2” Board of Directors approved the Annual Accounts on May 30th, 2016. In terms of the Special Resolution passed at the Annual General Meeting held on July 29th, 2015, Company filed petition before the Honorable High Court, Bombay to adjust the Debit balance of Profit & Loss Account against Capital Reserve and Securities Premium Reserve and the same has been allowed. Accordingly necessary effect has been given in the Schedule “Reserves and Surplus”. As per approval of the shareholders, Stock Exchanges and the Honourable High Court, effect of the above order was to be given in the Annual Accounts for the Financial Year 2015-16. As this order was received subsequent to the approval of the Annual Accounts by the Board of Directors on May 30th, 2016 so, the effect has been given by making the necessary amendments and re-groupings in the Schedule of “Reserves and Surplus”. There has been no change in the net effect in the Reserves and Surplus, Proft & Loss Account, Assets & Liabilities of the Company in the accounts approved on May 30th, 2016. The amended Accounts were approved by Board of Directors along with the Directors Report and Auditors Report thereon at the meeting held on August 11th, 2016.
“3” Figures of the previous year have been regrouped/recast wherever necessary.
| 