1. LEGAL STATUS:
The assessee is a Public Limited Company, formed vide Certificate of
Incorporation dated 27th July, 1993, assessed to Income Tax at Mumbai.
2. BUSINESS ACTIVITY :
The Assessee is into the business of Manufacturing of Barrels, During
the year & the Comp. has Installed a New Plant at Howrah. The
Commercial Production at the plant commenced from the month of February
2008.
CURRENT YEAR PREVIOUS YEAR
Rs. Rs.
3. Contingent liability not provided for
Bank Guarantees 2,44,98,209 54,12,549
4. In relation to Accounting Standard 22 Accounting for Taxes on
Income issued by The Institute of Chartered Accountants of India, the
Company has unabsorbed depreciation & accumulated losses in terms of
income tax & there is no virtual certainly supported by convincing
evidence as regards future profitability to wipe off the losses and
hence no effect on timing difference in the Acc. is given.
5. The Comp. has only one business segment & there is no
geographical Segment, hence reporting details prescribed in Accounting
Standard 17 segment reporting have not been provided in these financial
statement.
6. Secured loans include the interest due & payable within a year,
to I.D.B.I, on Acc. of, term loan stands at Rs. NIL [P.Y. Rs. NILs]
lacs & debenture stands at Rs. NIL [P.Y. Rs. NILs] lacs & to
G.S.F.C. Rs. NIL [P.Y. Rs. NILs] lacs & include the amount due and
payable within a year to banks against L/C & stand at Rs. 1511.79
[P.Y. Rs. 2105.50s] lacs.
7. THE COMPANY HAS NOT COMPLIED WITH THE PROVISIONS OF THE SECTION
295 and SECTION 372A OF THE COMPANIES ACT, 1956.
8. During the previous year the Comp. has written back the Interest
provision of Rs 480 lacs payable to banks on the basis of
Rehabilitation Scheme submitted to B.I.F.R. shown under Loans &
Advances as Receivable which are pending as on the date of balance
sheet.
9. During the year under consideration the Comp. has borrowed
130000 nos. shares from Vasparr Shelter Limited of Yashraj Containeurs
limited To be given to IDBI as a part of settlement.
10. The outstanding Balance of certain Banks, Debtors, Creditors,
Unsecured Loans & Loans and Advances are subject to confirmation &
reconciliation, if any.
11. In the opinion of board, Current Assets, Loans & Advances
have a value on realisation in the ordinary course of business at least
equal to the amount at which they are stated.
12. Previous Years figures have been regrouped/recast wherever
necessary.
13. Figures have been rounded off to the nearest rupee.
