| 1. CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF :-
Particulars 31st March 31st March
2015 2014
a) Guarantees given by banks 5,26,309 5,26,309
b) Amount uncalled on partly paid shares 10,000 10,000
c) Sales tax matters under dispute. 95,527 95,527
d) Excise Matter under dispute - 93,836
e) Income tax matters under appeal:
i. decided in favour of the Company but 14,40,213 14,40,213
disputed by the
income tax authorities.
ii. contested by the Company 26,19,254 26,19,254
f) Claims against Company not acknowledged
as debts.
Provident Fund 14,57,244 14,57,244
Termination/Retirement Benefits 4,42,277 4,20,095
Others 16,48,658 16,49,658
2. Balances in trade payable and receivable, advances and deposits are
subject to confirmation and reconciliation. Adjustments, if any, will
be made on completion of this process.
3. The Company has claimed set-off of brought forward losses and
unabsorbed depreciation relating to assessment years when it was
engaged in manufacturing of batteries. The Income tax department has
disallowed the set off of brought forward losses on ground the Company
has sold the business to 'Exide Industries Ltd.' in A.Y 98-99. The
department's appeal up to A.Y 06-07 has been dismissed by High court.
For A.Y 07-08, Hon'ble ITAT has given order against Company for which
the Company has filed an appeal before Hon'ble Bombay High Court. In
subsequent years up to A.Y 11-12 the department has denied set off of
brought forward losses and unabsorbed depreciation on the same ground.
The Company has filed appeals before CIT(A) and Hon'ble ITAT against
the orders passed. Pending appeals before Hon'ble High court and these
appellate authorities the Company continues to claim set off of the
brought forward losses and unabsorbed depreciation in the return of
income in the current year. However out of prudence, provision is made
for the tax payable amounting to Rs.0.31 crores (previous year Rs. 0.25
crores).
4. The Company has revised depreciation rates on fixed assets
effective 1st April 2014 in accordance with requirements of schedule II
of Companies Act 2013 ("the Act"). The remaining useful life has been
revised by adopting standard useful life as per New Companies Act,
2013. The carrying amount as on April 1,2014 is depreciated over the
revised remaining useful life. As a result of these changes:
(a) The depreciation charge for year ended 31st March, 2015 is higher
by Rs.33178 respectively.
(b) There is a debit to retained earnings of Rs. 13,578 for the assets
whose remaining life on April 1, 2014 is reduced to NIL in accordance
with revised life as considered by management.
5. In the absence of virtual uncertainty of sufficient future taxable
income, the Company has not recognized deferred tax asset on unabsorbed
depreciation and carry forward losses under Income Tax Laws.
6. The Company operates in a single business segment viz. trading and
sales are Domestic and all the assets and liabilities are located in
India.
7. The Company does not have employees exceeding 20 in number. Hence
the provisions of Gratuity Act, 1972, Employees Provident Fund and
Miscellaneous Provision Act, 1952 and Employees State Insurance Act,
1948 are not applicable to the Company.
8. In the absence of necessary documents on Company's record, the
information required under Section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006 Act is not furnished by the Company.
9. Previous year's figures are re-grouped and re-arranged wherever
necessary.
a There is no change during the year in opening number of shares
issued, subscribed and paid up
b In FY 2010-11, there were 1,03,42,250 Equity shares of Rs.0.50 each
which were consolidated into 51,71,125 Equity shares of Re.1.00 each.
c Terms/ Rights attached to Equity shares
The Company has only one class of Equity shares with par value of
Re.1/- per share. Each holder of Equity shares is entitled to one vote
per share.
d Details of Shareholders holding more than 5% Shares
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