1. Estimated amount of contracts remaining to be executed on capital account paid and not provided as on 31st December, 2012 Rs. Nil (net of advances). (Previous year Rs. 76.24 Lacs).
2. Contingent Liabilities not provided for:
(Rs in Lakhs) Sr. items 01.07.2011- 01.04.2010- No 31.12.2012 30.06.2011
Madras High Court 303.73 303.73
Demand Notice' for TDS, ITO, Mumbai. 154.4 151.69
(Rs in Lakhs) Sr Items 01.07.2011- 01.04.2010- No 31.12.2012 30.06.2011
Service Tax demand on Goods Transport Agency during the Year. 6.37 6.37
Service tax credit denial on outward freight and canteen services Commissioner Appeals 76.63 43.46
CESTAT 16.76 16.76
(iii) Central Excise: Claims against the company on various issues pending Commissioner Appeals 66.56 66.56
CESTAT 93.44 93.44
High Court 185.36 185.36
Excise - Non payment of Excise Duty 163 Nil
Supreme Court 121 121
(v) Irrigation Department- Government of Maharashtra High Court 2835 Nil
(vi) Pending Export obligations under Advance Licences 1768.38 274.45
Penalty 50 Nil
(vii) Labour Matters 10.86 9.72
ommissioner Appeal: PBS wrong import of PVC ' 5 Nil Import of PBS without MOEF permission DR1 53 Nil
(x) Labour Settlement 27.7 6 Nil
(xii) Others 202.74 Nil
3. There are Micro, Small and Medium Enterprises, as defined in the Micro Small Medium Enterprises Development Act, 2006 to whom the company owes dues on account of principal amount together with interest.
The above information regarding Micro Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company. This has been relied upon by the auditors. i) TGI Packaging Limited 9.10 Lacs
ii) Aruna Chaleswara Industries 5.45 Lacs
4. Discontinuing Operations
(i) The company has entered into Memorandum of Understanding (MOU) dated 19th December, 2012 for sale of its asset at Manali Chennai - Land, Factory, Building, Plant and Machinery, Office Equipment, FurYiiture and Fixture and Inventory on an "As is where is" basis for an aggregating consideration of Rs. 355 Crores. The MOU is subject to all the necessary and required approvals. Effect of the above MOU has been given in these Accounts.
(ii) The Company was operating only in single Product - Polyester Products which has been discontinued
(iii) Amounts of revenue and expenses in respect of the ordinary activities attributable to the discontinuing operation during the current financial reporting period are Rs. 3866.50 Lacs
(iv) Carrying amount of Rs 36522.38 Lakhs Liabilities to be settled as on 31.12.12.
(v) Allocation of Sale Proceeds to Land, Inventory and Other Fixed Assets
(vi) The Company has Sold its inventory consisting of Raw Material, Semi Finished Goods, Finished Goods, Stores and Spares as per above MOU as per details given below.
5. Interest received on Margin Money placed for Working Capital and other interest income aggregating to Rs. 107.22 Lakhs (Previous Year 64.77 lakhs) has been netted off against the Interest expenses incurred on Working Capital and Term Loan.
6. The Sundry Debtors, Sundry Creditors, Loans, Advances, deposits and other current liabilities are subject to confirmation and consequent reconciliation.
7. The Company operates in one segment i.e Polyesters Products.
8. Figures of the Previous Year have been regrouped and reclassified wherever necessary to confirm to the Current Year Classification.
9. These accounts being for the period of 18 months hence the previous year figure are not comparable with Current Period.
10. This being the first year of Revised Schedule VI hence previous year's figures are realigned in revised Schedule VI format.