| Note 1 - Contingent Liabilities
1. Contingent Liabilities are not recognised but are disclosed in
financial statements. Provision involving substantial degree of
estimation in measurement is recognized when there is present
obligation as a result of past events and it is probable that there
will be an outflow of resources. Contingent liabilitieare not
recognized but are disclosed in the notes.
2. Contingent liabilities and commitments 2014 2013
(to the extent not provided for) Rs. Rs.
Contingent liabilities
(a) Claims against the Company not
acknowledged as debt (Excluding interest
claimed by the parties) 7,601,886 7,601,886
(b) Claims from Creditors/Stockiest whose
credit balance have been assigned to a
customer of the company 18,880,734 18,880,734
(c) Interest on VAT, as per Order of
Additional Commissioner of Sales Tax
for the Period April 2007 to March 2012
Challenged by company with BIFR 31,526,630 23,318,001
(d) Water Charges not acknowledged - 2,876,675
(e) Difference in Rate of VAT contested
before Maharashtra VAT Tribunal for
the period
Feb 2006 to January 2008 14,019,268 14,019,268
Interest for above period 11,080,125 - |