Notes:
1) The company adopts Cenvat inclusive method of accounting
and therefore, excise duty is accounted as expenditure net
of Cenvat benefits. Accordingly, net sales figure has been
derived by deducting from gross sales value the amount of
such Excise Duty.
2) The Company continues to adopt the same accounting policies
in respect of the matters referred to by the Auditors of
the Company, in their report for the year ended 31st March
2002, which are as follows: -
a) Leave liability in respect of employees is accounted
for to the extent of actual encashment. b) Gratuity liability
is accounted for to the extent of actual payments, which
together with future payments would be sufficient to meet
the liability as and when it arises. c) Future monthly payments
to employees under Voluntary Early Retirement Schemes are
accounted for as and when paid. d) Cenvat element is included
in valuation of inventories in view of the requirement of
Section 145A of the Income Tax Act, 1961. e) No provision
has been considered necessary in respect of certain doubtful
debts, claims and advances, as the Company is hopeful of
recovering these amounts.
ii) The combined effect of the above accounting policies
would result into an increase in losses upto the period
ended 31.03.2003 by Rs.3281 lacs (Net of deferred tax) and
for the quarter ended 30th September 2003 by Rs.49 lacs
(Net of deferred tax).3) In view of Accounting Standard
22 on “Accounting for taxes on income”, deferred tax asset
of Rs.997 lacs has been considered for the quarter ending
30.09.2003. The management, based on profitability projections,
is reasonably certain of claiming the above tax benefit
in future years.
4) Prior period figures have been re-grouped/rearranged,
wherever necessary.
5) During the quarter the Company has invested Rs 16
lacs (US$ 35000) in the share capital of its wholly owned
subsidiary, which has recently been incorporated in Delaware,
USA.
6) Number of Investor complaints :
i) Pending at the beginning of this quarter – 2
ii) Received during the quarter – 68
iii) Disposed off during the quarter – 70
iv) Lying unresolved at the end of the quarter – 0
7) The above results have been taken on record at the
meeting of the Board of Directors of the Company held on
28th October, 2003.
8) The quarterly results have been reviewed by the auditors
as required under clause 41 of the Listing Agreement
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