1. Corresponding figures of the previous year have been regrouped and
reclassified to make them comparable with current years figure
2. The Directorate General of Central Excise - Investigation (DGCE-I)
during the course of survey on 05.01.2007, debited an amount of Rs.
25.00 Lacs in RG23 Part II without raising any demand for excise and
therefore the same is shown under the head Loans and Advances -
Schedule I. In the opinion of the Board of Directors of the Companies
no provision is required to be made in respect of such Excise liability
as the said liability is not crystallised as on the date of Balance
3. Contingent liability not provided for :
Bank Guarantees of Rs. 5,00,000/- (Previous Year Rs. 5,00,000/-) issued
by Bankers of the Company.
Depreciation for the year is provided on straight-line method in the
manner and at the rates (single shift) prescribed in Schedule XIV to
the Companies Act, 1956, as amended.
4. Sales Tax assessments are completed up to the accounting year
2004-05 and additional liability if any, on this account is recognised
on completion of the assessment.
5. Letters seeking confirmation of balances outstanding from banks,
debtors, creditors and others are not being issued. Accordingly
balances as on 31st March, 2010 as appearing in books of account have
been recognised and are subject to reconciliation / adjustments, if
any, when the accounts of the concerned parties are reconciled and
settled. The management does not expect any material difference
affecting the currrent years financial statements.
6. Old outstanding balances in Sundry Debtors account have been
considered good and recoverable unless otherwise specified. The process
of recoveries / adjustments, to appropriate accounts is being pursued
and hence considered good and recoverable.
7. In the opinion of Board, Current Assets and Loans and Advances are
at values stated in the Balance Sheet, if realisable in the ordinary
course of business.
8. As required by the notification No. GSR 129 (E) dated 22nd
February 99, issued by the Government of India, Ministry of Law,
Justice and Company Affairs, while the Company is ensuring payment to
Small Scale Undertakings within reasonable time; the dues to such
parties remain to be specifically identified.
9. The company has not regularly deposited statutory payments like
Provident Fund, Income tax in current financial year 2009-2010 and
certain payments are still outstanding as on 31st March, 2010.
10. Related party disclosures, as required in terms of Accounting
Standards 18 are given below.
1. Relationslip (Related Party Relationships are as identified by the
company and relied up on by the Auditiors)
a) Enterprise in which relative of Managing Director of Baroda
Extrusion Ltd. is a director and able to exercise significant
b) Key Management Personnel -- Mr. Parasmal B. Kanugo
2. Transactions Carried out with related parties referred to above :
Directors Remuneration : Rs. 7,80,000/-