| 1 Terms/Rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value
Rs.10/- per Share. Each Holder of Equity Shares is entitled to one vote
per Share. The Company decalres and pays dividends in Indian Rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the Shareholders in the ensuring Annual General Meeting.
During the year ended 31st March, 2015, the amount of per Share
Dividend recognized as distribution to Equity Sharehold- ers was Rs.
Nil (31 March 2014 : Rs. Nil)
2 Company has discontinued manufacturing operations inspite of that
accounts have been prepared on Going Concern Basis.
3 No provision for diminution in value of investments has been made
in respect of investments in equity shares of TECIL of Rs.166,56,076
eventhough the losses of TECIL has exceeded its net worth, as TECIL has
substantial investment in immovable properties.
4 For the Assessment Year 2003-04 the Income - Tax Department has
raised a demand of Rs. 31,77,291/- on completion of assessment for the
said year. As per the I T A T Order dated 14th June, 2013, The above
case is pending before CIT(Appeal). Also an appeal has been filed by
the company for penalty of Rs. 60,47,659/- imposed by the Department
for the same year which is pending before the said Authority, for which
no provision has been made in the account.
5 Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales
Tax Act, 1956 have been completed up to 2001-02 and additional demand
and penalty amounting to Rs.18,05,093/- has been raised by the
Department, against which the Company has filed appeals, and the
necessary stay has been obtained by the Company. Hence, no provision
required to be made in the accounts.
6 The Company has received Notice from Sale Tax Department for
payment of BST Rs. 9,57,787/- and CST Rs. 1,99,542/- for Financial Year
1989-1990 and 1990-1991. No provision in the accounts has been made for
the above as Company is in process of filling an appeal against the
order in Hon'ble High Court.
7 Non-Current Liabilities include deferred interest free Sales Tax
from SICOM Rs. 11,96,976/- and have since become overdue. The Company
has not provided any interest on this amount.
8 RELATED PARTY DISCLOSURE :
A) List of Related Parties :
a. Associates M/s. Citric India Ltd.
b. Enterprise owned or significantly influenced by key management
personnel or their relatives.
1 M/s. Citric India Ltd.
2 M/s. Tecil Chemical And Hydro Power Ltd.
Note: Related Party Relationships have been identified by the
management and relied upon by the auditors.
9 In view of discontinuance of manufacturing operations and
uncertainty in set off of carried forward losses against future
profits, the Company has not recognised the deferred tax assets and
liabilities as per Accounting Standard AS-22 issued by the Institute of
Chartered Accountants of India.
10 Previous year's figures have been regrouped wherever necessary.
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