Super Forgings & Steels Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

1. CONTINGENT LIABILITIES

a) Income Tax demands totalling Rs. 99.70 lacs (for Financial Years 1991-92 Rs. 24.91 lacs, for 1993-94 Rs. 16.84 lacs & for 1999-00 Rs. 57.95 lacs) against which the Company has preferred appeals. (Previous year Rs. 99.70 lacs)

b) Sales Tax demands of Rs. 1,14.67 lacs (Rs. 87.72 lacs for CST & Rs. 25.96 lacs for WBST for 4 quarter ending 31.03.2001 and Rs. 0.99 lacs for CST for the year 2010-11 against which the Company has preferred appeal. (Previous year Rs.113.68 lacs).

2. No depreciation has been provided for on Fixed Assets of Dankuni Unit from the year 2006-07 to 2013-14 amounting to Rs. 547.83 lacs including Rs. 33.80 lacs for the year 2013-14 due to closure of the unit for the last 12 years. Had this been provided the loss for the year would have been increased by Rs. 33.80 lacs, with consequent effect on WDV of the assets concerned. The Securities and Exchange Board of India has asked for clarification in this respect and instructed the Company to reply to the Institute Of Chartered Accountants of India. The Company duly clarified the reasons for non provision vide letter dated 17/5/2014 to ICAI., New Delhi.

3. No provision has been made for liability towards accrued leave and the amount has not been ascertained. Gratuity liability has been provided for as per Management estimate.

4. No Interest has been provided on Secured Loan from Canara Bank & S.B.B.J as in earlier years as both the accounts were declared "NPA" and the Company is expecting some relief on finalization of rehabilitation scheme. The total amount of said interest up to 31st March, 2014 was Rs.5535,13 lacs for Canara Bank and Rs.761,48 lacs for S.B.B.J which includes Rs.1071,12 lacs for Canara Bank and Rs.94,56 lacs for S.B.B.J for the year 31.03.2014. Had the same been provided the loss would have been further increased by Rs.1165,68 lacs.

5. The Company has entered into negotiated settlement with M/s.Life Insurance Corporation of India for NCD of Rs.300.00 lacs and Rs.175.00 lacs of Unsecured Loan at their Principal value to be repaid over a period of 5 (five) years with interest of 12.5% on reducing balancing method. The Company is regular in payment of its obligation.

Similarly the Company has entered into negotiated settlement with SASF (IDBI) for Term Loan of Rs.450.00 lacs at their Principal value to be repaid over a period of 5 (five) years with interest of 12.5% on reducing balancing method. The Company is regular in payment of its obligation.

6. M/s. Alchemist Asset Reconstruction Company Limited, a securitisation and asset reconstruction company, vide its letter dated March 31,2012 intimated that it has acquired the debts held by SUUTI & UTIMF, being 18% SRNCDs of the aggregate nominal value of Rs.6,00 crore. By virtue of section of SARFAESI Act,2002 it has stepped into the shoes of UTI, and its total claim with respect to the said secured debt is Rs.57,16,38,314/-as on 31.03.2010 and the same is liable to be discharged by the Company in terms of the Loan Agreements executed with respect to the said secured debt. UTI Asset Management Company Limited , vide its letter dated July 23,2012, has also intimated that it has executed an Assignment Agreement dated March 30,2012 for assignment of 18% SRNCDs of the aggregate nominal value of Rs.6,00 crore held by the Administrator of the Specified Undertaking of the Unit Trust of India & UTI Trustee Company Private Limited, the trustee company of the UTI Mutual Fund, in favour of M/s. Alchemist Asset Reconstruction Company Limited. The Company is regularly paying them as per terms of agreement.

7. The Government of West Bengal has extended to the Company the incentive of Sales Tax Deferred Scheme pursuant to which the Sales Tax attributable to the Sales effected out of the Production from the newly set-up unit at Manoharpur, Dankuni is allowed to be deferred (interest free) for a period of 7 years commencing from Accounting year 1995-96 till 2001- 02 and is payable from accounting year 2003-2004. The amount due upto 31.03.2014 was Rs. 409.74 lacs (Previous Year 409.74 lacs) which has not been paid yet.

8. INFORMATION ABOUT BUSINESS SEGMENT:

As the Company is engaged in only segment viz. "iron and steel products" there are no reportable segments as per Accounting Standard (AS 17).

9. There is no deferred tax liability for the year. Deferred tax asset arising on account of brought forward Losses and Unabsorbed depreciation has not been created as there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such Deferred Tax Assets would be realized.

10. The Company has been declared sick by the Hon''ble Board for Industrial and Financial Reconstruction (BIFR) at their meeting held on 24th September, 2004. The Company was asked to submit its rehabilitation scheme and IDBI is the Operating Agency for the same. The Rehabilitation scheme since submitted to IDBI was duly approved by Operating Agency i.e IDBI. But in the proceedings dated 23rd April''2013 before the Hon''ble Board, the Operating Agency was directed to submit fully tied up scheme for the approval of the Board. Accordingly, the company with the help of the Operating Agency is in the process of finalizing fully tied up scheme after consultation with the secured lenders.

11. In view of the present structure of the Company which has become sick and under Hon''ble BIFR and the main production unit at Dankuni is closed for the last 12 years, the necessary data for determination of figure for "Impairment of Assets" as required by AS-28 is not possible, although the Company is under process of determining the same in future.

The Securities and Exchange Board of India has asked for clarification in this respect and instructed the Company to reply to the Institute Of Chartered Accountants of India. The Company duly clarified the reasons for the same vide latter dated 17/5/2014 to ICAI., New Delhi.

12. Previous year''s figures have been rearranged and regrouped wherever applicable.

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Mar 31, 2013

1. CONTINGENT LIABILITIES

a) Income Tax demands totalling Rs. 99.70 lacs (for Financial Years 1991-92 Rs. 24.91 lacs, for 1993-94 Rs. 16.84 lacs & for 1999-2000 Rs. 57.95 lacs) against which the Company has preferred appeals. (Previous year Rs. 99.70 lacs)

b) Sales Tax demands of Rs. 113.68 lacs (Rs. 87.72 lacs for CST & Rs. 25.96 lacs for WBST for 4 quarters ending 31.03.2001 against which the Company has preferred appeal. (Previous year Rs. 113.68 lacs).

c) A portion of office rent payable to M/s. Banshidhar Badridas Modi has not been provided since 2001-02 amounting to Rs. 3.24 lacs due to legal litigation.

2. No depreciation has been provided for on Fixed Assets of Dankuni Unit from the year 2006-07 to 2012-13 amounting to Rs. 514.03 lacs including Rs. 38.84 lacs for the year 2012-13 due to closure of the unit for the last 11 years. Had this been provided the loss for the year would have been increased by Rs. 38.84 lacs, with consequent effect on WDV of the assets concerned.

3. No provision has been made for liability towards accrued leave and the amount has not been ascertained. Gratuity liability has been provided for as per Management estimate.

4. No Interest has been provided on Secured Loan from Canara Bank & S.B.B.J as in earlier years as both the accounts were declared "NPA" and the Company is expecting some relief on finalization of rehabilitation scheme. The total amount of said interest up to 31st March, 2013 was Rs. 4464.01 lacs for Canara Bank and Rs. 666.92 lacs for S.B.B.J which includes Rs. 814.36 lacs for Canara Bank and Rs. 87.42 lacs for S.B.B.J for the year 31.03.2013. Had the same been provided the loss would have been further increased by Rs. 901.78 lacs.

5. No interest has been provided on NCD with Life Insurance Corporation of India, of Rs. 300.00 lacs in the book as in previous year, pending disposal of package by Hon''ble BIFR. Had the interest been provided at simple rate of 8% as in earlier years, the loss of the Company would have been further incresed by Rs. 24.00 lacs with consequent effect on NCD with LIC.

As per decision of the Board, no interest has been provided on Term Loan from IDBI pending disposal of package by Hon''ble BIFR. Had the simple interest rate of 8% been charged as in earlier year, the loss for the year would have been further increased by Rs. 36.00 lacs with consequent effect on Term Loan.

6. M/s. Alchemist Asset Reconstruction Company Limited, a securitisation and asset reconstruction company, vide its letter dated March 31, 2012 intimated that it has acquired the debts held by SUUTI & UTI MF, being 18% SRNCDs of the aggregate nominal value of Rs. 6.00 crore. By virtue of section of SARFAESI Act, 2002 it has stepped into the shoes of UTI, and its total claim with respect to the said secured debt is Rs. 57,16,38,314/- as on 31.03.2010 and the same is liable to be discharged by the Company in terms of the Loan Agreements executed with respect to the said secured debt. UTI Asset Management Company Limited, vide its letter dated July 23, 2012, has also intimated that it has executed an Assignment Agreement dated March 30, 2012 for assignment of 18% SRNCDs of the aggregate nominal value of Rs. 6.00 crore held by the Administrator of the Specified Undertaking of the Unit Trust of India & UTI Trustee Company Private Limited, the trustee company of the UTI Mutual Fund, in favour of M/s. Alchemist Asset Reconstruction Company Limited.

7. The Government of West Bengal has extended to the Company the incentive of Sales Tax Deferred Scheme pursuant to which the Sales Tax attributable to the Sales effected out of the Production from the newly set-up unit at Manoharpur, Dankuni is allowed to be deferred (interest free) for a period of 7 years commencing from Accounting year 1995-96 till 2001-02 and is payable from accounting year 2003-2004. The amount due upto 31.03.2013 was Rs. 409.74 lacs (Previous Year 409.74 lacs) which has not been paid yet.

8. INFORMATION ABOUT BUSINESS SEGMENT :

As the Company is engaged in only segment viz. "iron and steel products" there are no reportable segments as per Accounting Standard (AS 17).

9. There is no deferred tax liability for the year. Deferred tax asset arising on account of brought forward Losses and Unabsorbed depreciation has not been created as there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such Deferred Tax Assets would be realized.

10. The Company has been declared sick by the Hon''ble Board for Industrial and Financial Reconstruction (BIFR) at their meeting held on 24th September, 2004. The Company was asked to submit its rehabilitation scheme and IDBI is the Operating Agency for the same. The Rehabilitation scheme since submitted to IDBI was duly approved by Operating Agency i.e IDBI. But in the proceedings dated 23rd April''2013 before the Hon''ble Board,the Operating Agency was directed to submit fully tied up scheme for the approval of the Board. Accordingly, the company with the help of the Operating Agency is in the process of finalizing fully tied up scheme after consultation with the secured lenders.

11. In view of the present structure of the Company which has become sick and under Hon''ble BIFR and the main production unit at Dankuni is closed for the last 11 years, the necessary data for determination of figure for "Impairment of Assets" as required by AS-28 is not possible, although the Company is under process of determining the same in future.

12. Previous year''s figures have been rearranged and regrouped wherever applicable.

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Mar 31, 2012

A) In respect of Income Tax demands totalling Rs. 99.70 lacs (for Financial Years 1991-92 Rs. 24.91 lacs, for 1993-94 Rs. 16.84 lacs & for 1999-00 Rs. 57.95 lacs) against which the Company has preferred appeals. (Previous year Rs. 99.70 lacs)

b) In respect of Sales Tax demands of Rs. 113.68 lacs (Rs. 87.72 lacs for CST & Rs. 25.96 lacs for WBST for 4 quarter ending 31.03.2001 against which the Company has preferred appeal. (Previous year Rs. 113.68 lacs).

c) A portion of office rent payable to M/s. Banshidhar Badridas Modi has not been provided since 2001-02 amounting to Rs. 3.24 lacs due to legal litigation.

1. No depreciation has been provided for on Fixed Assets of Dankuni Unit from the year 2006-07 to 2011-12 amounting to Rs. 475.19 lacs including Rs. 45.68 lacs for the 2011-12 due to closer of the unit for the last 10 years. Had this been provided the loss for the year would have been reduced by Rs. 45.68 lacs, with consequent effect on WDV of the assets concerned.

2. No provision has been made for liability towards accrued leave and the amount has not been ascertained. Gratuity liability has been provided for as per Management estimate.

3. No Interest has been provided on Secured Loan from Canara Bank & S.B.B.J as in earlier years as both the accounts were declared “NPA" and the Company is expecting some relief on finalization of rehabilitation scheme. The total amount of said interest up to 31st March, 2012 was Rs. 3649.65 lacs for Canara Bank and Rs. 579.50 lacs for S.B.B.J which includes Rs. 709.01 lacs for Canara Bank and Rs. 80.71 lacs for S.B.B.J for the year 31.03.2012. Had the same been provided the loss would have been further increased by Rs. 789.72 lacs.

4. No interest has been provided on NCD with Life Insurance Corporation of India , of Rs. 300 lacs in the book as in previous year, pending disposal of package by Hon'ble BIFR. Had the interest been provided at simple rate of 8% as in earlier years, the loss of the Company would have been further increased by Rs. 24.00 lacs with consequent effect on NCD with LIC.

As per decision of the Board, no interest has been provided on Term Loan from IDBI pending disposal of package by Hon'ble BIFR. Had the simple interest rate of 8% been charged as in earlier year, the loss for the year would have been further increased by Rs. 36.00 lacs with consequent effect on Term Loan.

5. M/s. Alchemist Asset Reconstruction Company Limited, a securitisation and asset reconstruction company, vide its letter dated March 31,2012 intimated that it has acquired the debts held by SUUTI & UTI MF, being 18% SRNCDs of the aggregate nominal value of Rs. 6.00 crore. By virtue of section of SARFAESI Act, 2002 it has stepped into the shoes of UTI, and its total claim with respect to the said secured debt is Rs. 57,16,38,314/- as on 31.03.2010 and the same is liable to be discharged by the Company in terms of the Loan Agreements executed with respect to the said secured debt. UTI Asset Management Company Limited , vide its letter dated July 23,2012, has also intimated that it has executed an Assignment Agreement dated March 30, 2012 for assignment of 18% SRNCDs of the aggregate nominal value of Rs. 6.00 crore held by the Administrator of the Specified Undertaking of the Unit Trust of India & UTI Trustee Company Private Limited, the trustee company of the UTI Mutual Fund, in favour of M/s. Alchemist Asset Reconstruction Company Limited.

6. In the absence of information from creditors as to their status, the amounts due to SSI units for more than 30 days is not readily ascertainable, and hence such information has not been furnished. However, the Company has initiated procedures to obtain the relevant details.

7. The Government of West Bengal has extended to the Company the incentive of Sales Tax Deferred Scheme pursuant to which the Sales Tax attributable to the Sales effected out of the Production from the newly set-up unit at Manoharpur, Dankuni is allowed to be deferred (interest free) for a period of 7 years commencing from Accounting year 1995-96 till 2001 -02 and is payable from accounting year 2003-2004. The amount due upto 31.03.2012 was Rs. 409.74 lacs (Previous Year 409.74 lacs) which has not been paid yet.

8. INFORMATION ABOUT BUSINESS SEGMENT :

As the Company is engaged in only segment viz. “iron and steel products” there are no reportable segments as per Accounting Standard (AS 17).

9. There is no deferred tax liability for the year. Deferred tax asset arising on account of brought forward Losses and Unabsorbed depreciation has not been created as there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such Deferred Tax Assets would be realized.

10. The Company has been declared sick by the Hon'ble Board for Industrial and Financial Reconstruction (BIFR) at their meeting held on 24th September, 2004. The Company has been asked to submit its rehabilitation scheme and IDBI has been appointed as the Operating Agency for the same. The Rehabilitation scheme since submitted to IDBI is finally approved by Operating Agency i.e. IDBI. The same has been submitted with BIFR for the final approval.

11. In view of the present structure of the Company which has become sick and under Hon'ble BIFR and the main production unit at Dankuni is closed for the last 10 years, the necessary data for determination of figure for “ Impairment of Assets” as required by AS-28 is not possible, although the Company is under process of determining the same in future.

12. Previous year's figures have been rearranged and regrouped

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Mar 31, 2011

1. CONTINGENT LIABILITIES

a) In respect of Income Tax demands totalling Rs. 99.70 lakhs (for Financial Years 1991-92 Rs. 24.91 lakhs, for 1993-94 Rs. 16.84 lakhs & for 1999-00 Rs. 57.95 lakhs) against which the Company has preferred appeals. (Previous year Rs. 99.70 lakhs)

b) In respect of Sales Tax demands of Rs. 113.68 lakhs (Rs. 87.72 lakhs for CST & Rs. 25.96 lakhs for WBST for 4 quarter ending 31.03.2001 against which the Company has preferred appeal. (Previous year Rs. 113.68 lakhs).

c) The guarantee given by the Company for loan taken by a company from a bank stands discharged in view of settlement with the bank and said company in respect of the total payment in terms of the said settlement.

d) A portion of office rent payable to M/s. Banshidhar Badridas Modi has not been provided since 2001-02 amounting to Rs.3,24 lacs due to legal litigation.

2. No depreciation has been provided for on Fixed Assets of Dankuni Unit from the year 2006-07 to 2010-11 amounting to Rs. 429.51 lacs including Rs. 53.42 lacs for the 2010-11 due to closer of the unit for the last 9 years. Had this been provided the profit for the year would have been reduced by Rs. 53.42 lacs , with consequent effect on WDV of the assets concerned.

3. No provision has been made for liability towards accrued leave and the amount has not been ascertained. Gratuity liability has been provided for as per Management estimate.

4. No Interest has been provided on Secured Loan from Canara Bank & S.B.B.J as in earlier years as both the accounts were declared "NPA" and the Company is expecting some relief on finalization of rehabilitation scheme. The total amount of said interest up to 31st March, 2011 was Rs. 2940.64 lacs for Canara Bank and Rs. 498.79 lacs for S.B.B.J which includes Rs. 576.58 lacs for Canara Bank and Rs. 74.52 lacs for S.B.B.J for the year 31.03.2011. Had the same been provided the profit would have been further reduced by Rs. 651.10 lacs.

5. During the year 2009-10, the Company had been able to get approved One time settlement in respect of redemption of Non Convertible Debentures with Unit Trust of India and Army Group Insurance Fund. In case of UTI, out of Rs. 600 lakhs, Rs. 400 lacs was settled in 2009-10 and balance amount of Rs. 200 lacs has been settled in 2010-11 at an agreed amount of Rs. 120 lacs including interest. Balance in the Accrued interest account amounting to Rs. 475.60 lacs as per books of the Company has been waived. Necessary adjustments for surplus / deficit have been made in the accounts.

In case of NCD with AGIF, waiver interest gain which pertains to 2010-11 has been accounted for in the financial year 2010-11. NCD with Life Insurance Corporation of India , of Rs. 300 lacs is yet to be settled and no interest has been provided in the book as in previous year, pending disposal of package by Hon'ble BIFR. Had the interest been provided at simple rate of 8% as in earlier years, the profit of the Company would have been decreased by Rs. 24.00 lacs with consequent effect on NCD with LIC.

As per decision of the Board, no interest has been provided on Term Loan from IDBI pending disposal of package by Hon'ble BIFR. Had the simple interest rate of 8% been charged as in earlier year, the profit for the year would have been decreased by Rs. 38.00 lakhs with consequent effect on Term Loan.

6. In the absence of information from creditors as to their status, the amounts due to SSI units for more than 30 days is not readily ascertainable, and hence such information has not been furnished. However, the Company has initiated procedures to obtain the relevant details.

7. The Government of West Bengal has extended to the Company the incentive of Sales Tax Deferred Scheme pursuant to which the Sales Tax attributable to the Sales effected out of the Production from the newly set-up unit at Manoharpur, Dankuni is allowed to be deferred (interest free) for a period of 7 years commencing from Accounting year 1995-96 till 2001-02 and is payable from accounting year 2003-2004. The amount due upto 31.03.2011 was Rs. 409.74 lakhs (Previous Year 409.74 lakhs) which has not been paid yet.

8. Share Capital includes Rs. 24,00,000/- being value of 2,40,000 Equity Shares of Rs. 10/- each issued as Bonus Shares on capitalization of General Reserve in the year 1991.

9. Earning in foreign currency in connection with exports dues as on 31st March, 2011 the Euro value of which was 34122 and the corresponding rupee value was 20,85 lacs. The same balance was realised in April 2011 at an inflated value of Rs. 21,68 lakhs.

10. Debtors, Creditors, Advances and Deposits are subject to confirmation.

11. There is no deferred tax liability for the year. Deferred tax asset arising on account of brought forward Losses and Unabsorbed depreciation has not been created as there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such Deferred Tax Assets would be realized.

12. The Company has been declared sick by the Board for Industrial and Financial Reconstruction (BIFR) at their meeting held on 24th September, 2004. The Company has been asked to submit its rehabilitation scheme and IDBI has been appointed as the Operating Agency for the same. The Rehabilitation scheme since submitted to IDBI is finally approved by Operating Agency i.e. IDBI. The same has been submitted with BIFR for the final approval.

13. Pursuant to requirements of Accounting Standard - 18, the information regarding transactions with related parties, as defined in the said standard, is not been given in view of the fact that such transactions are not material looking into the size of business of the Company.

14. In view of the present structure of the Company which has become sick and under Hon'ble BIFR and the main production unit at Dankuni is closed for the last 10 years, the necessary data for determination of figure for "Impairment of Assets" as required by AS-28 is not possible, although the Company is under process of determining the same in future.

15. Previous year's figures have been rearranged and regrouped wherever applicable.

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Mar 31, 2010

1. CONTINGENT LIABILITIES

a) In respect of Income Tax demands totalling Rs. 99.70 lakhs (for Financial Years 1991-92 Rs. 24.91 lakhs, for 1993-94 Rs. 16.84 lakhs & for 1999-00 Rs. 57.95 lakhs) against which the Company has preferred appeals. (Previous year Rs. 99.70 lakhs)

b) In respect of Sales Tax demands of Rs. 113.68 lakhs (Rs. 87.72 lakhs for CST & Rs. 25.96 lakhs for WBST for 4 quarter ending 31.03.2001 against which the Company has preferred appeal. (Previous year Rs. 113.68 lakhs).

c) The guarantee given by the Company for loan taken by a company from a bank stands discharged in view of settlement with the bank and said company in respect of the total payment in terms of the said settlement.

2. No depreciation has been provided for on Fixed Assets of Dankuni Unit from the year 2006-07 to 2009-10 amounting to Rs. 376.09 lakhs including Rs. 71.50 lakhs for the 2009-10 due to closer of the unit for the last 8 years. Had this been provided the profit for the year would have been reduced by Rs. 71.50 lakhs, with consequent effect on WDV of the assets concerned.

3. No provision has been made for liability towards accrued leave and the amount has not been ascertained. Gratuity liability has been provided for as per Management estimate.

4. No Interest has been provided on Secured Loan from Canara Bank & S.B.B.J as in earlier years as both the accounts were declared "NPA" and the Company is expecting some relief on finalization of rehabilitation scheme. The total amount of said interest up to 31 st March, 2010 was Rs. 2364.06 lakhs for Canara Bank and Rs. 424.27 lakhs for S.B.B. J which includes Rs. 548.93 lakhs for Canara Bank and Rs. 68.80 lakhs for S.B.B.J for the year 31.03.2010. Had the same been provided the profit would have been further reduced by Rs. 617.73 lakhs.

5. During the year 2009-10, the Company has been able to get approved One time settlement in respect of redemption of Non Convertible Debentures as under:

a) Unit Trust of India :-

The principal amount of Rs. 400 lakhs has been settled at Rs. 240 lakhs out of which a sum of Rs. 40 lakhs has been paid during the year in terms of compromise settlement. Accrued interest amounting to Rs. 951.19 lakhs as per the books of the Company has been waived. Necessary adjustments for surplus / deficit have been made in the accounts in accordance with Accounting Standard.

b) Army Group Insurance Fund :-

The NCD with AGIF (Rs. 100 lakh) was also settled waiving the full interest till date. The final installment payment was made in July, 2010 and waiver interest gain has been accounted for in the financial year 2009-10 & 2010-11.

c) Life Insurance Corporation of India :-

The NCD with LIC (Rs. 300 lakhs) is yet to be settled and no interest has been provided in the book as in previous year, pending disposal of package by Honble BIFR. Had the interest been provided at simple rate of 8% as in earlier years, the profit of the Company would have been decreased by Rs. 24.00 lakh with consequent effect on NCD with LIC.

As per decision of the Board, no interest has been provided on Term Loan from IDBI pending disposal of package by Honble BIFR. Had the simple interest rate of 8% been charged as in earlier year, the profit for the year would have been decreased by Rs. 38.00 lakhs with consequent effect on Term Loan.

6. In the absence of information from creditors as to their status, the amounts due to SSI units for more than 30 days is not readily ascertainable, and hence such information has not been furnished. However, the Company has initiated procedures to obtain the relevant details.

7. The Government of West Bengal has extended to the Company the incentive of Sales Tax Deferred Scheme pursuant to which the Sales Tax attributable to the Sales effected out of the Production from the newly set-up unit at Manoharpur, Dankuni is allowed to be deferred (interest free) for a period of 7 years commencing from Accounting year 1995-96 till 2001-02 and is payable from accounting year 2003-2004. The amount due upto 31.03.2010 was Rs. 409.74 lakhs (Previous Year 409.74 lakhs) which has not been paid yet.

8. Share Capital includes Rs. 24,00,000/- being value of 2,40,000 Equity Shares of Rs. 10/- each issued as Bonus Shares on capitalization of General Reserve in the year 1991.

9. There is no deferred tax liability for the year. Deferred tax asset arising on account of brought forward Losses and Unabsorbed depreciation has not been created as there is no virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such Deferred Tax Assets would be realized.

10. The Company has been declared sick by the Board for Industrial and Financial Reconstruction (BIFR) at their meeting held on 24th September, 2004. The Company has been asked to submit its rehabilitation scheme and IDBI has been appointed as the Operating Agency for the same. The Rehabilitation scheme since submitted to IDBI is finally approved by Operating Agency i.e. IDBI. The same has been submitted with BIFR for the final approval.

11. Pursuant to requirements of Accounting Standard - 18, the information regarding transactions with related parties, as defined in the said standard, is not been given in view of the fact that such transactions are not material looking into the size of business of the Company.

12. In view of the present structure of the Company which has become sick and under Honble BIFR and the main production unit at Dankuni is closed for the last 10 years, the necessary data for determination of figure for "Impairment of Assets* as required by AS-28 is not possible, although the Company is under process of determining the same in future.

13. Previous years figures have been rearranged and regrouped wherever applicable.