| 1. a) Based on information available with the Company regarding the
status of suppliers as defined under the Micro,Small Medium Enterprises
Development Act 2006 and relied upon by the auditors, there were no
delays in payment and no amounts overdue and remaining unpaid to Micro,
Small and Medium Enterprises on account of principal and as at the end
of the year
b) Liability for purchases are subject to confirmation from the
parties.
2. The period of service of all employees of the company being less
than the statutory minimum required to be served for eligibility to
gratuity, no provision is made in the accounts for the same
3. Depreciation has been calculated on the fixed assets of the company
as per schedule XIV of the Companies Act, 1956 on the following basis.
a) Assets acquired on or before 31.03.1990 Written Down Value Method
b) Assets acquired on or after 01.04.1990 Straight Line Method Cycles
depreciated at9.5(SLM )higher than the rate specified in schedule XIV:
4. Contingent Liabilities and commitments:
Contigent liabilities Nil Nil
Income tax demand for the assessment
year 2011-12 disputed in appeal 12348110 Nil
Commitments:
The estimated amount of contracts remaining to
be executed on capital account and not provided Nil Nil
for on capital account and not provided for
5. The company suspended manufacturing operation on 14th November
2003.
6. A sum Rs 67,78,682/- was recovered during the year 2010-2011
towards the decree awarded by the sub court,Thalassery in CP (ARB) No 8
of 2005 on 21-07-2007.The appeal by KSEB disputing the award before the
High Court of Kerala is pending orders.The amount released is an
incohate payment and is kept under sundry creditors.
7. The Chairman cum Managing Director was re appointed for two years
with effect from 9th August 2012.
No remuneration is payable to the Manging Director as per the terms of
appointment.
8. No provision is made for taxation for the current year in view of
unabsorbed depriciation of earlir years.
9. Figures for the previous year have been regrouped wherever necessory
to conform to this year's classification and the figures given in
brackets for item No.5 (a) & (b) represent previous year's figures'
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