|
Notes: |
| 1. The Company
continues to adopt same accounting policies in respect of matters
referred by the Auditors of the Company in their report for the year
ended March 31, 2003, which are as follows: |
| a) Liability for
leave encashment to employees is accounted for on cash basis. |
b) Gratuity
liability is accounted for to the extent of premium paid to LIC,
which together with future payments would be sufficient to meet the
liability as and when it arises (excluding the gratuityliability of
contract labour at Newai, the amount whereof has not been
determined.)The effect of the above non compliance upto March 2003
was Rs 1281.99 lacs. Since the above issues are not quantified at
quarterly intervals, the impact of the same cannot be given for the
current quarter / half year ended Sept. 30, 2003. |
| c) No provision has
been considered necessary in respect of certain doubtful debts,
claims and advances aggregating to Rs.274.36 Lacs, as the Company is
hopeful of recovering these amounts. |
| d) The Company has
invested an amount of Rs.1694.79 lacs in the share capital of a
listed company. The market value of the above investment as at 30th
Sept., 2003 is Rs. 935.13 lacs .In the opinion of the management,
the above investment being a long term strategic investment and also
decline in the market value being temporary in nature, no provision
there against is required to be made in the accounts. |
| e) The Company has
invested a total amount of Rs. 690.00 lacs in the share capital of
an unlisted company. Further, a loan of Rs. 1348.62 lacs is also due
from this unlisted company. As per the latest available audited
financial statements of this company, its accumulated losses exceed
its paid up capital. However, in view of the projected improved
operations of the Company and having regard to the long-term
involvement of the Company in this company, no provision is
considered necessary on this account. |
| f ) No provision has
been considered for claim/counter claim under conciliation
proceedings, as the impact thereof is not ascertainable. |
| 2. Due to change in
the accounting policy with respect to valuation of inventories for
the year ended 31st March 2003, the results for the quarter / half
year ended 30th Sept. 2002 has been recast. |
| 3. In term of
transitional provision of Accounting Standard 26 on Intangible
Assets, the Carrying amount of Deferred Revenue Expenditure which
did not meet the definition of an " Intangible Assets "aggregating
to Rs. 1473.56 lacs as on 1st April 2003 was adjusted against the
opening balance of revenue reserve during quarter ended on June 30,
2003. As per the recent clarification on the Accounting standard by
the Institute of Chartered Accountants of India, The carrying amount
of such deferred Revenue Expenditure has been reinstated during the
Quarter ended sept.'2003 and amortized as per accounting policy
followed by the Company upto March 31 , 2003, Accordingly,Rs.241.98
(including Rs.120.99 For the Quarter ended June 30 ,2003 ) has been
charged off to revenue during the Quarter ended Sept.,30 ,2003. |
| 4. The Company did
not have any unresolved investor complaints as at the beginning/end
of the quarter. During the quarter, the Company has not received any
complaints. |
| 5. Figures have been
regrouped / rearranged wherever necessary. |
| 6. The above results
for the Quarter / Half year ended Sept.' 30, 2003,which have been
subjected to a" Limited Review” by auditors of the Company and taken
on record by the Board of Directors of the Company at the meeting
held on 27th Oct.' 2003 |
Place: New Delhi
Date: 27.10.03 |
