1. Contingent Liabilities :
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil ( Pre. Year Rs. Nil)
b) Outstanding guarantee furnished by Company''s bankers Rs. 738.71 lacs
(Pre. Year Rs. 708.44 lacs).
c) Claim against the Company not acknowledged as debt : Rs. NIL
d) Uncalled Liabilities : Rs. NIL
e) Corporate Guarantee given : USD 650 Lacs.
2. The proceeds of GDR issue made by the Company amounting to USD
24,250,000/- deposited in Euram Bank, Austria are fraudulently adjusted
by the Bank against the third party borrowing.
The Company has raised dispute against this illegal act of the Bank and
has simultaneously made efforts to settle the issue.
In case of failure in such efforts, the said amount of USD 24,250,000/-
would become doubtful.
3. The plant of Indo Korean Petrochem Ltd. (IKPL) the Company''s
subsidiary located at South Korea was closed for refurbishing since
February 2013. Subsequent to refurbishing, the complete change of
scenario in the Korean market has made it difficult to operate the
plant. In the event of long closure of the plant, investment in IKPL
worth Rs.103.79 Cr and Nakoda Holding Mauritius Ltd. Rs.4.67 Cr would
4. Salary and wages 726.15/- Lacs- (Pre. year 684.42/- Lacs) includes
remuneration paid to Directors 84 Lacs (Pre. year 84 Lacs)
5. The balances of debtors, creditors, deposits, loans & advances are
subject to confirmation.
6. Sundry Debtors and advances include Rs. NIL due from concern in
which directors of the company are directors or the members or partners
in case of firm
7. Small Scale industries to whom the company owes a sum which is
outstanding for more than 30 days are Rs. NIL
8. Previous year''s figures have been regrouped and/or recast wherever
necessary and made them comparable with the current year''s figure.