1 Previous year''s figures have been regrouped, re-arranged, re-casted
wherever necessary to make them comparable with those of the current
2 Surplus of Rs 14.79 Lacs (Previous year ofRs 1,12.29 Lacs) & deficits
of Rs 0.08 Lacs (Previous year surplus ofRs 1.82 Lacs) being the impact
of foreign exchange fluctuation has been included in the Turnover and
Purchase of Stores, Spares & Machinery respectively.
3 There are no Micro and Small Enterprise, to whom company owes dues,
which are outstanding for more than 45 days as at 31st March, 2012.
This information as required to be disclosed under the Micro, Small and
Medium Enterprise Development Act (MSMED Act), 2006 has been determined
to the extent such parties have been indentified on the basis of
information available with the company.
4 Operating Lease:
As Lessee : Lease rental of Rs1,22.48 lacs (Previous year ,53.13 Lacs)
charged to revenue for right to use leasehold assets like gas based
power generating equipments & waste heat recovery equipment. The
agreement was executed for a period of 260 weeks which was terminated
during the year.
5(b) In respect of liability of leave encashment up to 31.12.2011 the
company has obtained actuarial valuation and has provided forRs33.42
Lacs in the books.
6 In respect of appeal filed by the company in Income Tax appellate
tribunal regarding the treatment of receipt of Capital Compensation of
Rs12,53.00 lacs which the company has claimed as exempt has been decided
in favour of the Revenue treating the receipt as “Business Income”.
However, the company has already paid the entire tax ofRs 3,84.00 lacs
in respective year. The company has preferred appeal in Gujarat High
Court against the impugned order ofthe ITAT. The company has been
legally advised that it has a good case in appeal and hence no
provision thereof has been made in the accounts.
7 In terms of Accounting Standard 28 - Impairment of Assets issued by
ICAI, the management has reviewed its fixed Assets and arrived at the
conclusion that Impairment loss which is difference between the
carrying amount and recoverable value of Assets, was not material and
hence no provision is required to be made.
8 The Sales Tax Assessments of the company are completed up to
accounting year 2007-2008.
9 Disclosure in respect of related parties pursuant to Accounting
A. List of Related parties:
1) Parties where Control Exists : —
2) Other parties with whom company entered into transactions during the
i) Joint Ventures : —
ii) Associates : SCIL Capital India Ltd.
3) Key Management Personnel and Enterprises having common Key
Management Pers::r,no! or their Relatives
Key Management Personnel:
Mr. Viren C. Mirani - Managing Director
Enterprises having common Key Management Personnel and/or their
1) KVS Software Pvt. Ltd.
2) Khimji Visram & Sons (Guj) Pvt. Ltd.
3) Olive Finance & Investment P. Ltd.
4) Khimji Visram & Sons (Partnership Firm)
5) Khimji Visram & Sons (Commission Dept) (Partnership Firm)
6) Khimji Visram & Company. (Partnership Firm)
7) S.E. International
8) K.V. Logistics Pvt. Ltd.
9) K.V. Cotton Ginning & Pressing Co. Pvt. Ltd.
Relatives of Key Management Personnel:
Mr. NayanC. Mirani, Brotherof Mr. VirenC. Mirani
10. The company has entered into forward exchange contracts / options
which are not intended for trading or speculative purposes, but for
hedge purposes to establish the amount of reporting currency required
or available at the settlement date of certain payables and