4. In respect of Sundry Debtors relating to Export Sales, adjustments are pending against supplies and other liabilities etc. due to the buyers. Management is confident of recovering the balance after such adjustments pending approval of concerned regulatory authority. In respect of the same the Auditors are unable to express any opinion.
5. Certain banks have filed applications against the Company before the Debt Recovery Tribunal, Kolkata for recovery of their dues. The matters are pending and lying subjudiced.
6. No provision has been considered in respect of claim receivable amounting to Rs 63.06 lacs due from various banks on account of excess interest charged by them in earlier which are subject to confirmation and are in our opinion considered doubtful of recovery.
7. Sundry Debtors (over six months) include Rs 1025.28 lacs due from a customer based in UK in respect of consignment made to them for which suits have been filed by the company for recovery of the dues. The management has been legally advised that such dues will be fully recovered.
8. The settlement in respect of Sales claims & commissions provided during the year 2002-2003 for Rs 1674.44 lacs is still pending and the necessary adjustment for such claims & commissions will be made after final settlement and obtaining necessary approvals from the concerned regulatory authority.
9. Deferred Tax Assets (Net) as per Accounting Standard AS 22 regarding 'Accounting for Taxation' laid down by the Institute of Chartered Accountants of India (ICAI) has not been recognized in view of consistent losses and uncertainty of estimating future profit with reasonable certainty.
10. Non-ascertainment and provision liabilities, if any for the quarter in respect of the revised Accounting Standard 15 on 'Retirement Benefits'."
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