1. Estimated amount of contracts remaining to be executed on Capital
Account and not provided for Rs.5,15,100/-(Previous year
2. Contingent liabilities not provided for
(i) Bills discounted Rs.93,51,083/-(Previous year Rs. 99,76,741/-)
(ii) The Oil and Natural Gas Commission (ONGC) has demanded interest of
Rs. 16,74,48,222/- in respect of its claim for additional price for
gas supplied to the Company from 1979 to 1990 (Previous year Rs.6,98,57,137/- ). Since the Courts have not
made any order for
interest, the Company has not made any provision for this amount.
(iii) Claims towards transportation charges on Gas disputed by Company
Rs. 4,86,491/- (Previous year Rs. 4,86,491/-)
(iv) In respect of disputed demands by the Income Tax Department Rs.
1,66,56,198/- (Previous year Rs. 1,66,50,791/-).
(v) In respect of disputed Excise duty demands Rs. 3,99,334/- (Previous
year Rs. 27,51,295/-)
(vi) In respect of disputed demands by Sales Tax Department Rs.
6,33,903/- (Previous Year Rs. NIL/-).
(vii) Other disputed demand Rs. 11,42,956/- (Previous Year - NIL)
3. Agreement with the Employees' Union of Photopaper Division has
expired on 31.03.1997 & at Vadodara Division on 31.08.1998. The
liability, if any, arising on account of the new agreement with respect
to each division will be accounted in the year of settlement.
4 (i) Excise duty in respect of goods manufactured by the Company is
accounted at the time of removal of goods from the factory for sale
and/or Captive Consumption. Such Excise duty liability as at 31st March 1999, is estimated at Rs.8,59,047/-
(Previous year Rs.3,80,186/-). This accounting policy has no impact on the Profit for the year.
(ii) Import duty payable on goods lying in Customs Bonded Warehouse
will, as per the Company's practice be charged in the year of clearance
of goods. Such liability as on 31st March, 1999 is estimated at
Rs.1,12,48,308/- (Previous year Rs. 36,13,271/ -). This accounting
policy has no impact on the Profit for the year.
5. Based on valuation reports of the approved valuers, the following
assets had been revalued as on 1st January, 1985 on the basis of assessment of their depreciated replacement
value, on that date, as
shown below :
Gross Depreciation Depreciation Amount written
Amount provided for 1998-99 up (net of
written upto 31.03.98 depreciation)
up on as on 31.03.99
Rs. Rs. Rs. Rs.
Land 3,14,45,381 NIL NIL 3,14,45,381
Buildings 2,15,80,288 66,12,339 4,99,044 1,44,68,905
5,30,25,669 66,12,339 4,99,044 4,59,14,286
Depreciation on enhanced value of buildings amounting to Rs. 4,99,044/-
has been provided on the basis of rates determined with reference to
their remaining useful life. The amount of depreciation has been adjusted by way of transfer from
Revaluation Reserve Account to Profit
and Loss Account.
6. (i) Loans and Advances include loans due from a Director of the
Company Rs.29,81,666/-;(Previous year Rs.31,00,000/-) on account of
House Building Loan for employees in terms of clarification issued by
Department of Company Affairs, vide Press Note No. 3/37/93-CL.V dated
20.08.1993. The Company is also legally advised that the aforesaid
loan under an existing scheme for housing loan as applicable to Senior
Executives of the Company will not attract restrictive provisions of
Companies Act, 1956, Maximum amount due at any time during the year Rs.
31,00,000/- (Previous year Rs. 31,00,000/-).
7. (a) Sundry Creditors include Rs. 14,53,693/- due to small scale
industrial undertakings. Small Scale industrial undertakings to whom
the Company owes a sum exceeding Rs. 1,00,000/- and is outstandings for
more than 30 days as on 31st March, 1999 are
Maksteel Wire Healds Pvt.Ltd., Ratnaani Timber Mart,
Super Timber Co., Vishnu Timber Mart, Micron Plators,
BBC Box Corporation.
(b) The above information has been compiled in respect of parties to
the extent to which they could be identified as small scale industrial
undertaking on the basis of information available with the Company.
8. Remuneration of Managing Director
Salary 5,40,000 2,35,000
Contribution to Provident Fund & Superannuation
fund 1,45,800 58,420
Medical Expenses 5,500 6,073
Other Perquisites 112,948 48,972
9. In view of inadequacy of profits, Managing Director is not entitled to any commission and as such
computation of profits in terms of
Section 349 of the Companies Acts, 1956 is not considered necessary and hence is not given.