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NOTES
1.
The subject matter of Auditors’ qualification
in the last Audited Financial Statements for the
year ended 31st March 2003 does not have any impact
on the current periods’ results.
2. In view of the One Time Settlements reached
with all the Financial Institutions, the Company
had taken credit in respect of waiver of interest
accrued on loans upto 31st March 2002 to the Profit
and Loss Account during the year ended 31 March
2003. However, in case any installment against
the settlement dues is not paid within the time
stipulated in settlement agreements, these lenders
have the right to restore the original liabilities.
3. The Draft Rehabilitation Scheme, as formulated
by the Operating Agency (IDBI) and consented to
by the lenders, has been submitted to the honorable
BIFR for approval.
4.
The Company, considering the low contribution,
has presently stopped production and sale of Polyester
Filament Yarn.
5. Unaudited Financial Results for the three months
period ended 30th June, 2003 as published by the
Company were subsequently subjected to limited
review by the Auditors and the variations observed
therein indicating net understatement of Profit
After Tax by Rs.48.91 lacs have been given effect
to in arriving at the Unaudited Financial Results
for the six months period ended 30th September,
2003.
6. In view of the fact that the Company had incurred
substantial losses from financial year 1998-99
to financial year 2001-02, in consonance with
the recognised accounting principles of prudence
and conservatism, the Company had not accounted
for the deferred tax assets (net of deferred tax
liabilities) of Rs. 1,211.55 lacs as at 31st March
2003. However in view of projected profitability
for the year, the Company has accounted for the
deferred tax liability (net of deferred tax assets)
for the period.
7. Investor's complaints received and disposed
of during the quarter under report: (N0s.)
- Complaints
pending at the beginning of the quarter: NIL
- Complaints
received during the quarter: 12
- Complaints
disposed of during the quarter: 12
- Complaints
lying unresolved at the end of the quarter:
NIL
8.
Previous year / half year / quarter figures have
been regrouped / recasted wherever necessary to
make them comparable.
9. The results for the quarter / half year ended
30th September 2003 have been subjected to limited
review by the Auditors and were taken on record
at the Board of Directors meeting held on 28th
October 2003.
For ESTER INDUSTRIES LIMITED
NEW DELHI (ARVIND SINGHANIA)
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