1.1 Segment Reporting
Segment information is presented in the Consolidated Financial
Statements in terms of the Accounting Standard 17 - Segment Reporting.
1.2 The Company preferred an appeal against the demand raised by the
Commissioner of Customs, Tuticorin, in respect of a lease transaction.
The Customs Excise and Service Tax Appellate Tribunal (CESTAT) in its
Order, remanded the appeal to the adjudicating Commissioner for
Re quantifying the duty. The Commissioner of Customs, Tuticorin vide
order dated 19.12.2012, re-quantified the duty at Rs. 43.79 lakhs. The
company fled an appeal against the order and remitted the duty under
The Hon''ble High Court of Madras granted an interim stay against the
collection of penalty of Rs. 10 lakhs imposed by CESTAT.
The Special Director of Enforcement, New Delhi, imposed a penalty of Rs.
10 lakhs on the Company. The Company has preferred an appeal against
the penalty with the Appellate Tribunal for Foreign Exchange and
obtained a stay after remitting Rs. 2.50 lakhs as directed by the
Tribunal. Meanwhile the company has initiated arbitration proceedings
against the Lessee and has received an award in its favour.
2. Estimated amount of contracts remaining to be executed on capital
account Rs. 508.63 lakhs (net of advances of Rs. 346.56 lakhs)
(31.03.2013 Rs. 1949.34 lakhs, net of advances of Rs. 101.54 lakhs)
Investment in Partly paid-up Equity shares Rs. 1098.90 lakhs (31.03.2013
3. There are no amounts due to Small Scale Industries in terms of
The Micro, Small and Medium Enterprises Development Act, 2006.
4. Contingent liabilities in respect of (Rs. in lakhs)
To Banks on Cheques
discounted 6,97.09 16,46.19
of Credit 7,57.91 3,94.67
b) Claims against the
company not acknowledged
Service Tax 64,84.63 61,04.70
Others 16,37.83 14,13.47
5. Previous year''s figures have been regrouped /reclassified wherever
necessary to conform to the current year''s presentation.