a) Contingent Liability:
i) Excise Duty Rs. Nil(P.Y. 75,0007-) for which appeal is pending.
ii) Letter of Credit Rs.NiKPY8,80,404/-) and Letter of Guarantee
Rs.Nil(P.Y 88,46,858/-). iii) Service Tax liability of Rs. Nil (P.Y.
Rs. 57,29,279/-) against which appeal is pending iv) Sales Tax
liability of Rs. Nil (P.Y. Rs.7,47,201 /-) against which appeal is
pending v) Income Tax Liabilities for A.Y. 2009-10 Rs.2,15,817/- (P.Y.
AY 2008-09 of Rs. 71,17,100/-) Against which appeal is pending.
b) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs.Nil (P.Y. Nil).
c) Sundry Debtors, Sundry Creditors & advances are subject to
confirmation by die respective parties. Neces- sary Adjustments in
account will be made in the year in which discrepancy, if any, may be
i) Sundry Loan & Advances and other assets are, in die opinion of
management stated at die amount realizable hi me ordinary course of
business and provision for all known and determined liabilities are
adequate and not in excess of die amounts reasonably required.
d) The Company has during me year in accordance widi Accounting
Standard AS-22 Accounting for Taxes on Income issued by the Institute
of Chartered Accountants of India, recognized in die profit & Loss
account a difference of Rs. 4,11,27,958/- between net, deferred tax
liabilities of Rs.21,53,087/- as on 31st March 2012 and on die deferred
tax liabilities of Rs.4,32,81,045/- as on 31st March 2011.
e) The Company has made provision for gratuity on estimate basis which
is not in accordance with Accounting Standard 15 Retirement Benefits.
As per AS 15, Gratuity should have been provided on the basis of
f) The Company has sold its manufacturing unit at Panoli to M/s
Huntsman Performance Products (India) Pvt. Ltd, on 1 st April, 2011 as
per the Hon. High Court order dated 11 th March 2011 and hence the
Company has discontinued its operation since then.
g) Previous year figures have been regrouped/ reclassified wherever
h) Since the Company is dealing in one segment, No separate Segment
reporting is given.