| 1. Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
Tax Act, 1961.
2. There is no payment due to small scale industries.
e. Sales Tax Department has raised a demand (including interest) of
Rs.49,14,000 (Rupees Forty Nine Lacs Fourteen Thousand Only) in respect
of Sales Tax exemption granted to the Company for the years 1996-97,
1997- 98 and 1998-99. No provision for the said liability is made in
the books of accounts and the Company has preferred an Appeal against
the said Order which is pending. The Company has made an Application to
the Government of Gujarat for granting reliefs as per directions of
Hon'ble BIFR.which is pending before High Power Committee of Government
of Gujarat.
3. Deferred tax Assets/ Liabilities has been provided in a accordance
with the Accounting Standard-22 - "Accounting for taxes on income"
issued by the ICAI applicable with effect from 1st April 2001.The
Deferred tax Assets/(Liabilitiies) as on 31st March, 2015 amounting to
153.43 Lacs is the tax on the difference between the book depreciation
and tax depreciation.
4. Current Assets, Loans & Advances are approximately of the value
stated, if realized in the ordinary course of business.
5. The figures of the previous year are regrouped /rearranged whenever
necessary to correspond with current year figure.
6. 1..AS-18 Related Party Disclosure: Nil
Other parties with whom the company has entered into transaction during
the year.
i) Associates where key management personnel and their relatives have
significant influence;- Nil
ii) Key Management Personnel: a. Narayan Ghumatkar - Managing Director
iii) Relative of Key Management Personnel:- Nil
7. a Value of Imports of CIF basis in 2014-2015 2013-2014
respect of:
Capital Goods Nil Nil
Stores & Spares Nil Nil
b Expenditure in Foreign Currency
on Account Of:
Interest in rupee on foreign Currency Nil Nil
Loans payable
c . F.O.B. Value of Exports Nil Nil.
8. Contingent Liabilities and Commitments (to the extent not provided
for) :
(Rs.in Lacs)
Particular As at 31st As at 31st
March 2015 March 2014
(i) Contingent Liabilities :
(a) Claims against the company
not acknowledge as debt
(b) Guarantees
(i) Bank Guarantee
(ii) Corporate Guarantee Given :
(c ) Other money for which the 12895.00 12895.00
company is contingently liable :
550.00 550.00 | 