1. SECURED LOAN
a. All the fixed assets of the Company excluding the fixed and current
assets of Wind Mills Division are charged to Banks who are providing
working capital of the company.
2. UNSECURED LOAN
The unsecured loans are interest free
3. The Company has filed a writ through the Association of SEZ Owners
and Units, Chennai challenging the applicability of retrospective
amendment to the Income Tax Act levying Minimum Alternate Tax on
Profits earned by SEZ units. The writ has been admitted by the High
court of Madras and decision is awaited. Hence, the company has not
provided for Minimum Alternate Tax on SEZ profits.
* This relates to Steel division of erstwhile company since amalgamated
with your company.
Confirmation of Balance for Sundry Debtors & Sundry Creditors were
obtained except for a few. However Advances are subject to
Previous year''s figures have been regrouped / recast wherever
necessary Note 29:
Figures have been rounded off to the nearest rupee
1. The above Cash Flow statement has been prepared under the ''indirect
method'' specified in Accounting Standard AS-3 on ''Cash Flow Statements
issued by ICAI.
2. Previous year''s figures have been regrouped / recast wherever
3. Figures have been rounded off to the nearest rupee.