| 1. In accordance with the accounting policy followed by the Company,
the estimated liability as at 31st March 2000 amounting to
Rs. 0.01 lacs (Previous year Rs. 1.96 lacs) for excise duty in respect
of closing stock of goods manufactured in bonded house has not been
provided for in the accounts and hence not included in the valuation
of inventory. This accounting treatment has no impact on the Profit &
Loss of the current financial year.
2. Contingent liabilities (Not provided for):- Amt. in Rs.
Current Year Previous Year
Outstanding bank guarantees 1.25 lacs 1.25 lacs
Letter of Credit 40.00 lacs 50.00 lacs
3. In view of She technological advancement in paper Industry/status
of Plant & Machinery of the Company and other commercial
considerations. In respect of plant and machinery the method of
depreciation has now been changed from straight line method to written
down value method at the rates and in the manner specified under
schedule XIV (as amended to She Companies Act, 1956 in accordance with
note no 1.
(iv) of significant accounting policies, In compliance with the
Accounting Standard-6 issued by the institute of chartered Accountants
of India the depreciation is recomputed from the date of commissioning
of the plant and machinery. There is an additional charge of
depreciation in respect of prior periods amounting to
Rs.1,54,78,910/- Due to this change for the current year the charge
of depreciation is higher by a sum of Rs. 35,19,967/-. Overall the
accumulated depreciation would have been lower by a sum of
Rs.1,89,98,878/- and the net block of plant and machinery would
have been higher by this sum has the method of
depreciation remained the same.
4. During the year there was major fire in the factory premises
resulting in loss of raw material estimated at Rs. 2.00 Crore (app)
The company has filed an insurance claim with the insurers however, no
provision is made in respect of insurance claim receivable, as the
claim is not settled till the date of finalisation of this Balance
Sheet
5. In the opinion of the Board of directors and to their knowledge and
belief the value on realisation of current assets and other loans and
advances will not be less than the amount at which they are stated in
the Balance Sheet.
6. Amount due to the Small Scale and Ancillary undertaking could not
be identified from the available information.
7. Personal accounts are subject to confirmation/reconciliation
8. Previous year figures are regrouped/rearranged wherever considered
necessary
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