SPEL Semiconductor

1.  Estimated value of contracts remaining to be executed on capital
 account and not provided for Rs. 7.60 lakhs (Previous year Rs.50.15
 lakhs)
 
 2.  Contingent Liabilities & Provisions
 
 a.    In respect of:
 
                                           Year ended        Year ended
                                         Mar 31, 2009      Mar 31, 2008
                                         Rs. in lakhs      Rs. in lakhs
 
 i.   Letters of Credit for Import
 Purchases                                     395.87            391.80
 ii.  Bank Guarantee given for Job work          0.10              0.12
 iii. Guarantees given to 
 Central Excise/ Banks on                      520.00            520.00
 behalf of other companies with corresponding
 counter guarantees from them.
 
 b.  Claims against the Company not acknowledged as debts - Rs.45.91
 iakhs (Previous year - Rs.43.90 lakhs).
 
 3. The company has opted for accounting the exchange difference arising
 on reporting of long term foreign currency monetary items in line with
 Companies (Accounting Standards) Amendment Rules 2009 on Accounting
 Standard 11 (AS-11) notified by Government of India on Mar 31, 2009 (GO
 No. GSR225(E) dated Mar 31, 2009). Accordingly the effect of exchange
 differences on FCNR and other foreign currency loans of the company is
 accounted by addition or deduction to the cost of the assets so far it
 relates to depreciable capital assets. Exchange difference recognized
 in the Profit & Loss Account up to last financial year ending Mar 31,
 2008 relating to said long term liabilities in foreign currency has
 been adjusted against opening revenue reserve as provided in the rules.
 As a result of this change in accounting for exchange difference an
 amount of Rs. 219.49 lakhs (Net of Tax) has been adjusted in the
 Reserve and Depreciation. In the current financial year exchange
 fluctuation of Rs. 1046.89 lakhs has been added to fixed asset.  The
 corresponding effect on the depreciation for the current year is Rs.
 97.78 lakhs.
 
 4. Other income of Rs. 222.27 lakhs (Previous year Rs.366.86 lakhs)
 represents exchange profit Rs 105.67 lakhs, interest from deposits
 Rs.40.28 lakhs (Tax deducted at source Rs.9.02 lakhs), scrap sales
 Rs.31.32 lakhs, lease rental income Rs.1.04 lakhs and Miscellaneous
 income of Rs. 43.96 lakhs.
 
 5. No Provision for Income Tax has been made in the current year
 considering the carried forward losses of the company. However, tax has
 been provided considering Minimum Alternate Tax as per the Income Tax
 Act. In pursuant to the provisions of Income Tax Act, MAT credit of Rs.
 108.20 lakhs has been for carry forward during this year for adjustment
 against the future tax payments.
 
 6. Forward Contract
 
 There are no outstanding forward contract as on Mar 31, 2009.
 
 7. Impairment of Assets has been considered as per AS28 & there is no
 impairment as on Mar 31, 2009.
 
 8.  Previous years figures have been regrouped wherever necessary.