| NOTES
1.
With reference to qualification 1(a) in the audit
report for the year ended 31st March 2002, the
Rehabilitation Proposal as per the directions
of Hon'ble BIFR has been submitted to the Operating
Agency IDBI and based on that the OA has submitted
the Draft Rehabilitation Scheme to the Hon'ble
BIFR for their approval.
2.
Since the Settlement with IDBI has been reached,
the issue of difference in the amount due of Rs.
503.73 lacs (qualification 1 (b) in the audit
report for the year ended 31st March 2002) has
been resolved.
3.
In view of the fact that the Company has incurred
substantial losses from financial year 1998-99
to financial year 2001-02 (total accumulated losses
as at 30th June, 2003 stand at Rs. 5573.77 lacs),
in consonance with the recognised accounting principles
of prudence and conservatism, the Company has
not accounted for the deferred tax assets (net
of deferred tax liabilities) of Rs. 442.52 lacs
as at 30th June, 2003 (Rs.2349.18 lacs as at 31st
March, 2002), in terms of Accounting Standard
22 - Accounting for Taxes on Income issued by
The Institute of Chartered Accountants of India.
4. Investors' complaints received and disposed
of during the quarter under report : (Nos.)
Complainsts pending at the beginning of the quarter
: 1
Complaints received during the quarter : 3
Complainsts disposed of during the quarter : 4
Complaints lying unresolved at the end of the
quarter : NIL
4. The above results have been taken on record
by the Board of Directors at their meeting held
on 30th July 2003.
For ESTER INDUSTRIES LIMITED
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