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Safety, HealthandEnvironment Serving the Society Directors’ Report Management Discussion andAnalysis Report on Corporate Governance
Financial Statements
1 Contingent liabilities not provided for in respect of:
(a) Disputed excise demands - matter under appeal
13.92
14.13
(b) Disputed customs demands - matter under appeal
11.99
12.03
(c) Disputed water charges - matter under appeal
61.96
59.26
Pursuant to the order passed by Honourable High Court of Gujarat, dated
November 17, 2008 and April 17, 2009 in case of disputed water charges, the
Company has created first charge over its certain land and buildings in favour of
Government of Gujarat.
(d) Claims against the Company not acknowledged as debts
11.52
10.79
(e) Income tax demands (including interest) - matter under appeal
18.72
18.66
(f) Sales tax - matter under appeal
1.31
1.29
(g) Guarantees given by the Company to banks and financial institutions on behalf of
the third parties
0.92
0.92
Note: Future cash outflows in respect of (a) to (f) above are determinable on receipt
of judgments | decisions pending with various forums | authorities.
2 Estimated amount of contracts remaining to be executed on capital accounts and not
provided for (net of advances)
2.30
4.73
3 Profit and Loss Account includes expenditure on Research and Development and Pilot
Plants as under:
Materials consumed
0.31
0.31
Other expenditure
8.94
8.57
4 Payments to auditors:
(a) Statutory auditors:
(i) As auditors
0.33
0.42
(ii) In other capacity:
For tax audit
0.06
0.06
For certificates
0.13
0.11
(iii) For expenses
0.02
0.02
0.54
0.61
(b) Cost auditors:
(i) As auditors
0.02
0.01
(ii) For expenses Rs 7,443 (Previous year Rs 7,817)
0.02
0.01
Schedule
forming part of the Consolidated accounts
(Rs crores)
SCHEDULE 16 NOTES FORMING PART OF THE CONSOLIDATED ACCOUNTS
2009-10 2008-09