1. Contingent Liabilities not provided for Rs. nil. (Previous year Rs.
2. The unsecured loans accepted including loans from the director or
companies in which director are interested are interest free as per
term of the agreement and therefore no interest has been provided for
against these loans.
3. Unsecured Loans also includes advances received from customers as
per agreement with these customers.
4. Balance of unsecured loans, sundry debtors, sundry creditors,
advances are subject to confirmation from respective parties.
5. According to management current assets, loans and advances are
recoverable at par in normal course of business at price stated in the
6 Advances received from parties and advances given to supplier have
not been shown separately, but they have been netted with debit and
credit balances of Sundry debtors and Sundry Creditors
7 Interest on term loan from IFCI & Bridge loan from PSIDC has been
provided on the amount of liabilities towards these institutions as per
BIFR order dt.13.3.2003 @ 12.5% as ordered by BIFR.
8. As per BIFR order company has got refund of Interest on working
capital limits from banks amounting to Rs 1.27 Lacs pertains prior to
9. Interest accrued to IFCI amounting to Rs. 150456989/- represent the
interest amount to be waived as per BIFR order dt. 13.3.2003, reversal
of which to the credit of profits loss account will be given after
completion of OTS payment to IFCI.
10 Out of Interest accrued to PSIDC, a sum of Rs 11620936/- represent
the interest amount to be waived as per BIFR order dt. 13.3.03 reversal
of which to tbe credit of profit & loss account will be given after
completion of payment to PSIDC .
11 The paid up Equity Share Capital of the company has to be reduced by
25% by reducing the face value of Share from Rs.10.00to Rs. 7.50 per
share as per BIFR order dated 13.3.2003, the effect of which has not
been given in the balance sheet.
12 No provision for taxation has been made due to brought forward
unabsorbed losses of the company.
13 FIXED ASSETS
Fixed assets installed and put to use have been certified by the
management & relied on by the auditors being a technical matter.
a) The installed capacity and the date of installation of machineries
is as per certificate given by the companys technical expert and
relied on by the auditors, being technical matter.
b) Capacities are expressed on the basis of triple shift working of the
factory for 330 working days.
c) The Vanaspati Industry has been delicensed by the New Industrial
Policy, 1991. Therefore, there is no licensed capacity applicable to
14. There were foreign exchange payment during the year.
15. Previous year figure have been regrouped/restated wherever
considered necessary to conform with currency year figures.