|1 EXCEPTIONAL ITEM
The exceptional item of Rs. NIL (Previous year Rs. 2,84,40,454/-)
represents amount of charge towards sharing of cost saving benefits in
respect of Uttarakhand unit, as recovered by a major customer,
2 MAT CREDIT
During the year, Company has recognized MAT Credit of Rs. 3,96,91,788/-
(Previous year Rs. 9,14,38,334/-) and same is shown as adjustment from
the current tax amount in the statement of profit and loss.
3 SALES- IN- TRANSIT
The Products dispatched from the factory, which remained in transit in
respect of which the risk and reward have not been transferred till the
date of approval of financial statements amounts to Rs. 3,17,87,995/-
tRs. 3,14,36,815/-). With a view to reflect true and correct position
of revenue, the said amount is reduced from total sales of the year and
the stock value there of Rs, 2,37,60,321/- CRs. 2,27,30,187/-) is shown
under the head "Finished Goods" in Note 17 under the head "Inventories"
4 CONTINGENT LIABILITIES & COMMITMENTS
A. Contingent Liabilities:-
i) Guarantee given by the bank on behalf of the Company Rs. Nil (Rs.
ii) Guarantee given for ?1.40 million ( ?2.3 million) to iCICI Bank
Limited, U.K. for ultimate subsidiary's credit facilities Rs.
iii) Guarantee given for $ 0.65 million C$ 0.65 million ) to ICICI Bank
Limited, Singapore, for ultimate subsidiary's credit facilities Rs.
iv) Guarantee given for $ 5.995 million ($ 5.995 million) to Bank of
Baroda, New York, USA for ultimate subsidiary's credit facilities Rs.
32,75,66,800/-- (Rs. 30,82,62,900/-)
v) Warranty Claims raised by Customer but not acknowledged Rs.
1,53,11,238/- (Rs. 1,18,58,292/-).
i) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. 3,93,82,394/- (Rs. 3,54,79,767/-)
5 TRADE RECEIVABLES & PAYABLES
i) Trade payables' balances are under reconciliation process. Necessary
adjustments, if any, will be accounted when the same is reconciled. In
respect of Trade receivables and other debit/credit balances, balance
confirmations have not been obtained and therefore, are subject to
reconciliation and adjustment if any.
ii) In the opinion of the management, current and non-current assets
are recoverable in the normal course of business.
6 VALUE OF IMPORTED AND INDIGENEOUS RAW MATERIALS, COMPONENTS AND
STORES AND SPARES CONSUMED AND PRECENTAGE OF EACH TO TOTAL CONSUMPTION
The Consumption of Raw Materials & Components includes consumption of
Imported Components Rs. 66,79,30,377/- (Rs. 52,91,84,782/-) which is
31,08% [23.05%) in total consumption.
7. EMPLOYEE BENEFITS
Disclosure pursuant to AS - 15 (Revised! 'Employee Benefits'
i) Defined Contribution Plans
An amount of Rs 1,79,61,804/- (Rs. 1,55,34,984/-) (Provident Fund S.
ESIC) is recognized as an expense and included in Note 25 under the
head "Employee Benefits",
ii) Defined Benefit Plans
8 Research & Development
During the year, the Company has set up a separate Research &
Development Centre (R&D Centre) which is approved/recognized by the
Department of Scientific and Industrial Research, Ministry of Science
and Technology, Government of India. The new R&D Centre envisages
reduction in costs through value engineering and research with new
material and processes, development of new range of products, research
& development, innovation, upgradation & improvement in the existing
range of products on regular basis.
9 Figures in brackets represent previous year's figures.
10 Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /