Manaksia

Rs. in Lacs
 
 
                               Balance as on         Balance as on
                                 31.03.2009            31.03.2008
 
 i) Estimated amount of contracts 
 remaining to be executed on 
 Capital Account and                                          
 not provided for (net of 
 advances                         3,906.00             1,762.34
 
 ii) Contingent Liabilities 
 not provided for in respect of:
 
 1) Guarantees in favour of 
 banks/institutions against 
 facilities granted to 
 subsidiaries                    13,434.17             3,535.68
 
 2)  Excise duty demands 
 under appeal                     2,533.21             2,237.40
  
 3)  Sales tax and Entry tax 
 demand under appeal.                90.45               136.70
 
 4)  Income tax demands under 
 appeal.                             73.53               100.56
 
 5) Excise duty liability on 
 goods exported pending submission 
 of proof of export.                  0.32                26.16
 
 6) Custom Duty                      27.29                46.42
 
 7)  Service Tax                      4.60                  -
 
 8)  Civil                            0.58                 0.58
 
 9)  Municipal Tax                  103.85               110.69
 
 10)  Demand by Haldia Development 
 Authority towards Land Premium     332.50                  -
 
 11) Stamp Duty for Registration 
 of Land                             49.45                  -
 
 iii) Sundry Creditors include Rs. 106.08 Lacs (Previous Year Rs. 185.73
 Lacs) towards Creditors for Capital Goods.
 
 iv) Advances recoverable in kind or for value to be received include
 advance for capital goods amounting to Rs. 356.89 Lacs (Previous Year
 Rs. 117.47 Lacs).
 
 v) Sundry Debtors, Advances, Balances with Director and Companies under
 the same management:
 
 viii) Excise duty on stocks represents differential excise duty on
 opening and closing stock of Finished Goods.
 
 ix) In line with the notification dated 31 st March, 2009 issued by the
 Ministry of Corporate Affairs, amending Accounting Standard (AS) 11 -
 Effects of Changes in Foreign Exchange Rates, the Company has chosen
 to exercise the option under paragraph 46 inserted in the standard by
 the notification.  Accordingly with retrospective effect from 1 st
 April, 2007 exchange differences on all long term monetary items are :
 
 i) to the extent such items are used for financing fixed assets, added
 to/subtracted from the cost of those fixed assets and depreciated over
 the balance useful life of the asset.  ii) in other cases accumulated
 in the Foreign Currency Monetary Item Translation Difference Account
 and amortised over the balance period of such long term monetary item
 but not beyond 31 st March, 2011.  Arising from the above the Company
 has:
 
 i) charged to the Profit and Loss Account Rs. 303.38 Lacs.
 
 ii) carried forward Rs. 606.75 Lacs in the Foreign Currency Monetary
 Item Translation Difference Account being the amount remaining to be
 amortised as at 31st March, 2009.  x) Exceptional items Rs. 1126.04
 lacs represents short term exchange fluctuation loss after adjusting
 loss of Rs. 1455.53 lacs with exchange fluctuation reserve.  
 
 xi) Financial and Derivative Instruments :-
 
 a) Derivative contracts entered into by the company and outstanding as
 on 31st March 2009
 
 1) For hedging Interest rate related risk - (LIBOR Hedging) USD 5.00
 Million (Previous Year USD 6.50 Million)
 
 2) For hedging commodity related risks - Forward contract (Net) USD
 60.00 Million (Previous Year USD 29.00 Million)
 
 b) Foreign currency loan that are not hedged USD 14.30 Million
 (Previous Year USD 14.50 Million)
 
 xii) Information pursuant to the provisions of the Paragraph 3, 4C, and
 4D of Part II of Schedule VI to the Companies Act, 1956.
 
 xv) Outstanding dues of micro enterprises and small enterprises
 
 The Company has not received information from vendors regarding their
 status under the Micro, Small and Medium Enterprises Development Act,
 2006 and hence disclosure relating to amounts unpaid as at the year end
 together with interest paid / payable under this Act have not been
 given.
 
 xvii) The Company has raised Rs. 24800.00 Lacs by issue of shares in
 public issue during previous year and utilised the proceeds of the
 issue as stated in the letter of offer.
 
 xx) Corresponding comparative figures for the previous year have been
 regrouped and readjusted wherever considered necessary.