As at 31st
March,2011 As at 31st
March,2010
1 Contingent Liabilities Not Provided For:
A) Counter Guarantee Given By The Company
To Banks For Guarantees Given By them. 311,985 311,985
B) Demand For Sales Tax And Entry Tax
Which Are Contested By The Company. 68,336,805 68,336,805
C) Demand For Income Tax Under Appeal. 635,439 635,439
D) Demand for Excise/Custom Duty under
appeal 3,140,167 3,140,167
E> Demand from ESI authorities which has
been protested by the company. 13,242,753 13,242,753
F) Award issued by the Hon''ble High Court of Chhattisgarh/Labour court
under Industrial dispute Act which has contested by the company.
2,960,000 2,960,000
G) Compensation Claim by one service provider contested by the company.
23,900 23,900
2 In response to BIFR direction to IDBI Bank (OA)to examine Draft
Rehabilitation Scheme submitted by the company by way of convening a
joint meeting participated by all concerned agencies, IDBI Bank during
discussion on the scheme during relevant joint meeting asked for
revision of the scheme. In terms of fteir suggestion revised draft of
the schme of rehab9itatk>n is in process.
3 Information pursuant to AS-17 issued by ICAI.
The company at present operate in one segment only file SWD). This rules
out the cause of furnishing segment report under section AS-17, is not
called for.
4 Related party disclosure in terms of AS-18 issued by ICAI:
1 There is no enterprise where control exists for the purpose of
disclosure under above standard.
2 Other related parties in transaction with the company.
a) Key management personnel:
Shri Sunil Khetawat - Whole time Director, Shri Sandeep Khetawat -
Whole time Director
c) List of enterprises where key management personnel or their relatives
hold the office of a Key Management personnel: Mfe. Kumi Agra
Industries Limited, BWL Industries (P) Limited, Sulabh Sales (P) Ltd.,
Bhavin Polyplast (P) Ltd.
d) Entitities under significant influence of KMPs H. P. Khetawat (HUF)
5 Information pursuant to AS-22 :
In absence of virtual certainty of future profit to realise deferred
tax assets accrued till date on account of unabsorbed loss &
depreciation, no deferred tax asset has been recognised as a measure of
prudence as laid down under 19 of AS-22. This also contributed to
ignoring AS-22 in its totality.
6 Impairment of Fixed Assets:
Test of impairment undertaken by SWD in the past revealing recoverable
value of the CGU under Net selling price method significantly higher
than if s carrying cost no impairment provision -is. called for in this
respect
7 Information pursuant to AS-19:
The lease rental charged to revenue amounted to Rs.600007-, (previous
Year Rs.600007-) for the year ended 31st March, 2011 against vehicle
taken on operational lease.
8. Debt recoverable includes Rs.10920/- (previous year Rs.723407-)
being due from BWL Industries (P) Ltd, a company sharing Directors in
common with the company.
9. In terms of direction of Hon''ble BIFR and resolution to the effect
by Asset sales Committee possession of the remaining assets (Land &
Building with structures) of OFCD ;i.e. the unit under discontinued
operation have been transferred to a third party towards sale of these
assets, the deed of sale has been executed on April 7th,2011. Such
events subsequent to the date of Balance Sheets laid to Capital Gain of
Rs.71.70 lacs has not being accounted for herein. Proceeds of
consideration money(amounting to Rs.352.51 lacs appearing in Balance in
Fixed Deposit in No Lien Account)has been accounted for as liability in
Schedule''-''.
10. The workforce of the company is meager 10 including 2 Nos
wholetime Directors Who are waiving their substantial remuneration.
Gratuity liability paid as per the advice of LIC amounting to Rs.
70,000/- only. Liability on account of Leave salary amounting to mere
Rs.23000/- Per Annum. Ascertainment of liability as laid down under
AS-15(Revised) involves considerable cost which is difficult for this
closed unit to with stand. ln view of this the company has accounted for
these liabilities as per accounting policy No,(A)(g)of Schedule (P) It
may be mentioned herein that under any circumstances existing Book
liability towards leave salary is bound to be higher than actuarial
computation.
11. Disposal of fixed assets of OFCD (subsequent to the date of the
Balance sheet but prior to finalisation of this account) at a price
which is higher than written down Value of corresponding assets prior
to providing for impairment on loss thereon establishes recoverable
value (Under Net Selling price method) of these assets to be above
Carrying cost of such entire Book Provision against Impairment loss
provided in the past has been written back.
This being an extra ordinary Kern added to profit of the year by
Rs.10877678/-. 17 Additional Information As Required Under Part-ll Of
The Schedule-Vi of The Companies Act 1-956 A) Quantitative And Other
Information As Required To Be Furnished As Under:
1) Licensed Capacity : a) 24,460 Mt of Various Types Of Steel Wires
(Various Sizes Of Mild Steel Wires, Low Carbon
Wires, High Carbon Wires, Stainless Steel Wires, Coated And Uncoated,
Plain And Strand As Per Letter Of Intent Issued By The Central
Government - Previous Year 24,460 Mt).
b) 50000 Nos. Tension Set Galvanised Tension Bar (previous year Rs.
50000 Nos.) 50000 Sets suspension set demountable pully Article of
Aluminum (Previous year 50000 Sets) 1200 Nos. Parts of Tower and mast
structures for transmission (previous year 1200 Nos.)
2) Installed Capacity: SIA Registration No.2018/SIA/INO/2008
dtd.03.07.2008 issued by ministry of commerce of Industry.
Installed Capacity: a) 24,000 Mt (Previous Year 24,000 Mt)
b) 10000 Nos. Tension Set Galvanised Tension Bar (previous year 10000
Nos.) 10000 Sets Suspension Set Demountable Pully Article of Aluminum
(Previous year 10000 Nos.)
12 Figure for The Previous Year Have Been Regrouped And Rearranged
Wherever Necessary.
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