Fiberweb [Indias] Ltd.

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'Notes to Accounts' Fiberweb [Indias] Ltd.

1. The Comp. has availed non funding facilities from its bankers. In this connection Rs.61,12,509/- [previous year Rs.32,82,358/-s] are kept with banks as lien/margin money against letter of credit opened by the bankers & guarantees issued by them. Contingent liability for bills discounted with Dena Bank amounted to Rs.50,48,226/- [since realized fullys].

2. The Comp. has stated its long term investments in shares at cost. However, the investment of Comp. in shares of Bharat Pipes & Fittings Ltd., worth Rs. 32,74,982/- has not been quoted the said Bharat Pipes and Fittings Limited is in the possession of liquidator.

3. Regarding leased assets taken from Canara Bank, Bangalore, the matter is pending before the Bangalore City Court against the Arbitrators Award. In view of this no provision is made fro lease rent in the accounts.

4. The Corporation Bank has filed suit in Bombay High Court against Company for recovery of their dues. A receiver has been appointed for stock and Debtors of Vapi factory & the court receiver has taken charge of stock and Debtors of Vapi factory. No adjustment is made in the accounts for dues of Corporation Bank, Stock & debtors of Vapi unit which will be adjusted mutually when realized.

5. 16% 200000 Non convertible debenture of face value of Rs. 100/- each privately placed with Bank of India Mutual Fund was due for redemption on 19.03.1998. A sum of Rs. 10,00,000/- is payable as redemption premium for which no provision has been made in the accounts, since the Debenture holders have filed suit against company and receiver has been appointed for Companys Factory at Vapi which was closed unit. On sale of Land and Building & Plant and Machineries the final adjustments will be made in accounts.

6. Debtors & Creditors balances are subject to confirmations from the parties.

7. The Comp. has not ascertained liability towards payment of gratuity & hence no provision has been made in accounts.

8. Depreciation is provided on assets only for period for which assets have been used for production activities.

9. In the opinion of Board of Directors the Current Assets, Loans & Advances except those shown as doubtful have a value on realization in the ordinary course of business at least equal to the amount at which items are stated in the Balance Sheet.

10. The Comp. operates in a single segment namely 'Polymer Processing'. Hence segment wise reporting as defined in AS 17 of ICAI is not applicable.

11. The Comp. has approached UTI for reschedulement of NCD and unsecured loan which is under active consideration the effect of the will be given on the finalization of terms with UTI. However interest upto 31.12.99 is provide as per their claim before DRT Orally in principle they agreed to waive further interest.

12. During the year, the Comp. has accounted fro deferred tax in accordance with the AS-22 'Accounting for Taxes on Income' issued by the council of Institute of Chartered Accountants of India Deferred Tax Liability of Rs. 1266.36 Lacs as at the beginning of year has been adjusted against general reserve & Deferred Tax Assets accruing during the year aggregating to the same amount has been recognized in the Current Assets Loans and Advances Account.

13. Modvat credit of Excise duty taken on purchase of Raw Materials is not included in the value of inventory of raw material. Also value of inventory of finished goods doesn't include excise duty payable on manufacture. This has no effect on the profit of Company.

14. Figures of previous year have been regrouped / rearranged/reclassified wherever necessary.

15. Investment in equity shares of Kaissan Plasto limited is w/off because Co. is not in operation.






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