2. Contingent liabilities (Not provided for):- Amt. in Rs.
Current Year Previous Year
Outstanding bank guarantees 1.25 lacs 1.25 lacs
Letter of Credit 40.00 lacs 50.00 lacs
(iv) of significant accounting policies, In compliance with the Accounting Standard-6 issued by the institute of chartered Accountants of India the depreciation is recomputed from the date of commissioning of the plant and machinery. There is an additional charge of depreciation in respect of prior periods amounting to Rs.1,54,78,910/- Due to this change for the current year the charge of depreciation is higher by a sum of Rs. 35,19,967/-. Overall the accumulated depreciation would have been lower by a sum of Rs.1,89,98,878/- and the net block of plant and machinery would have been higher by this sum has the method of depreciation remained the same.
4. During the year there was major fire in the factory premises resulting in loss of raw material estimated at Rs. 2.00 Crore (app) The company has filed an insurance claim with the insurers however, no provision is made in respect of insurance claim receivable, as the claim is not settled till the date of finalisation of this Balance Sheet
5. In the opinion of the Board of directors and to their knowledge and belief the value on realisation of current assets and other loans and advances will not be less than the amount at which they are stated in the Balance Sheet.
6. Amount due to the Small Scale and Ancillary undertaking could not be identified from the available information.
7. Personal accounts are subject to confirmation/reconciliation
8. Previous year figures are regrouped/rearranged wherever considered necessary