| 1. Contingent Liabilities and commitments (to the extent not provide
for)
Contingent Liabilities
Outstanding Bank guarantee 28,77,785 28,77,785
Appeal pending before The CIT(Appeals) 14,48,450 9,27,000
Appeal pending before AP High Court against 90,47,169 46,37,400
PF Demand
Case filed by Labour before Jnt. Cimmissioner 47,80,207
of labour
1,81,53,611 84,42,185
2. Related Party Transaction
Disclosures as required by Accounting Standard-18 "Related Party
Disclosure" issued by the Institute of
Chartered Accountants of India are as under:-
Relationship:
A. Key Management Personnel
a. Mr. Ashok Kumar Agarwal, Executive Chairman
b. Mr. R.C. Biswas, Director
B. Companies under the same management
a. Sarvesh Refractories Limited
b. Sree Metaliks Limited
c. Rourkela Minerals Co. Pvt. Limited
3. Disclosure:
Gratuity is calculated on the basis of number of completed years of
services as on balance sheet date
The other benefits are recognised on payment basis
The company has made without obtaining acturial valuation. Insurance
Policy will be taken for Gratutity liability
4. Segment reporting :
Since the company has only one segment i.e Refractories ,the segment
reporting as per AS 17 issued by ICAI is not applicable
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