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1. CONTINGENT LIABILITIES:
(Amt. in Rs.)
Particulars 31-Mar-15 31-Mar-14
i) Claims against the Company not
acknowledgement as debts
a) Income tax matters disputed in appeal 103,283,133 103,283,133
b) Sales tax matter disputed in appeal 188,426,315 184,826,315
In all the above matters, the Company is
hopeful of succeeding and as such does
not expect any significant liabilITy to
crystallize.
ii) Bank guarantee
a) Guarantee issued to various government 1,995,166 12,800,900
departments and the Company is hope
full to meet ITs obligations.
b) Corporate guarantee given on behalf of 305,000,000 305,000,000
others covered by indemnITy under
taking form Today's Petrotech LimITed.
In all the above guarantee and corporate guarantee the Company is
hopeful that there will be no default and as such does not expect any
significant liabilITy to crystallize.
2. EMPLOYEE BENEFITS PLANS:
Disclosure as required by Accounting Standard 15
LiabilITy In respect of gratuITy and leave encashment are accounted on
payment basis which is not in conformITy wITh Accounting Standard
(AS)15 (Revised 2005) on Employee BenefITs as issued by the InstITute
of Chartered Accountant of India, which requires that gratuITy and
Leave Encashment LiabilITies be accounted for on accrual and actuarial
basis.
3. RELATED PARTY INFORMATION:
Related party information as required by AS 18 is given below:
Relationships:
Sr. Nature of Relationship Name of Related Parties
No.
1) Subsidiary Company Today's Stationery Mart LimITed
Today's Infrastructure and
Construction LimITed
Today's Petrotech LimITed
Today's Fluid Technologies LimITed
2) Key Management Personnel Shri Rajesh Kumar Drolia
Shri Ronald Netto
3) Associate Companies / Firms Jaidurga Engineering Company
Tirupati Tips Industries
4) Relatives of Key Management Smt. AnITa Drolia
Personnel
Rajesh Kumar Drolia (HUF)
Smt. AkrITi Gupta
4. The net worth of the Company is fully eroded as on 31/03/2011 and
the Company has filed reference wITh the Board of Industrial and
Financial Restriction (BIFR) under the section 15 of the sick
Industrial Companies (Special provisions) Act, 1985 (SICA). The Company
has been declared as sick Company wIThin the meaning of section 3(o) of
SICA Act, 1985 vide order of Honorable BIFR dated 24/01/2014. The
Company is in the process of preparing and filing a draft
rehabilITation scheme wITh BIFR. On approval and implementation of the
said scheme the net worth of the Company is expected to turn posITive
hence the Company is treated as a going concern, So no adjustments are
required to the carrying value of assets and liabilITies.
5. Some of the sundry debtors, sundry credITors and loans & advances
are subject to confirmation and reconciliation. Consequential
adjustment thereof, if any, will be given effect into the books of
accounts in the year of such adjustment.
6. In the opinion of the Board, the Current Assets, Loans & Advances
are approximately of the value stated and are realizable in the
ordinary course of business except for those which are considered
doubtful & provided for. The provision for all known liabilITies is
adequate.
7. As the Company is registered wITh BIFR, all proceedings in DRT and
winding up cases & other suITs for recovery of money has been stayed,
except in the DRT proceeding instITuted by RBS at New Delhi, where the
Honorable Tribunal has taken a different view based on a Delhi High
Court judgement.
8. Provision for interest on loans taken from banks, financial
instITutions has been provided as per earlier years. However, in
respect of banks where settlement has been arrived no interest has been
provided.
9. Since 01.01.2009 the Company has not paid any term loan
installments & also interest on term loan & working capITal loans . The
Company has approached the banks & financial InstITution for a
settlement. The unpaid interest provision of earlier years has been
regrouped under the head other current liabilITies.
10. A portion of accumulated deferred tax assets of earlier years has
been wrITten off as the management thought that looking to the current
business operation IT is not possible to reverse deferred tax assets in
near future.
11. Pursuant to notification of Schedule II to The Companies Act,
2013, the Company has assessed the useful life of fixed assets and the
depreciation for the year has been provided on the basis of the useful
lives w.e.f from April 01,2014. This change has resulted in a higher
depreciation of Rs. 21.29 Lacs.
12. Previous year figure have been regrouped / reclassified to confirm
wITh current year presentation, whenever considered necessary.
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