Professional Documents
Culture Documents
No: ITTA/09/090/13
To,
All Members of the Association and
Special Invitees.
Dear Sirs,
The 3rd Annual General Meeting (AGM) of Indian Technical Textile Association (ITTA) will
be held on Friday, the 27th September, 2013 at 11-00 AM in the Boundary Hall, First Floor,
Mumbai Cricket Association (MCA) Club, Bandra Kurla Complex, Bandra (East), Mumbai400051. The AGM will be followed by lunch at the same premises.
We request you to kindly make a note of the date and attend the AGM, positively.
We are enclosing the following, pertaining to the Annual General Meeting
1. Notice of the Third Annual General Meeting
2. Annual Report together with Accounts for the year 2012-2013
Thanking you,
Yours Faithfully,
T. V. Bhavadas
Administrative Officer
Encl: as above
Notice is hereby given that the 3rd Annual General Meeting of the members of Indian
Technical Textile Association will be held on the Friday, the 27th September 2013 at 11-00
AM, in the Boundary Hall, First Floor, Mumbai Cricket Association (MCA) Club, Bandra
(East), Mumbai-51to transact the following business.
1. To receive, consider and adopt the Directors Report and the Audited Balance sheet
and Income and Expenditure account for the period from 1st April 2012 to 31st
March,2013, together with the report of the Auditors thereon.
2. To appoint Messrs. R.A. Sheth & Associates, Chartered Accountants, as Auditors to
hold office from the conclusion of this meeting till the conclusion of the next Annual
General Meeting and to fix their remuneration.
3. To announce the new Board of Directors.
By ORDER OF DIRECTORS
T V BHAVADAS
Administrative Officer
Place: Mumbai
Dated: 6th September, 2013
BOARD OF DIRECTORS
CHAIRMAN
VICE-CHAIRMAN
FINANCE DIRECTOR
Shri V. Kannan
HON SECRETARY
DIRECTORS
EXECUTIVE DIRECTOR
BANKERS
AUDITORS
REGISTERED OFFICE
(v)
Shri. Bhushan Khairnar, Asst. Director, was specifically recruited for about two
months during December 2013 Feb 2013 in order to take-up the works
pertaining to Vibrant Gujarat Global Trade Expo-2013 and the Seminar organized
at New Delhi on Use and Advantages of Geo Synthetics in Road construction.
2nd AGM of ITTA
The 2nd Annual General Meeting (AGM) of the Indian Technical Textile Association
(ITTA) was held on 27th September 2012 at MayFair Banquet hall, Mumbai. The
AGM was graced by the presence of Chief Guest, Shri A B Joshi, Textile
Commissioner, Mumbai. Mr. Dilip Jiwrajka, CMD, Alok Industries Ltd was the Guest
of Honour. Shri Mohan Kavrie, Director, ITTA, extended a warm welcome to the
Guests as well as to all members and invitees who were present. Shri A B Joshi, in his
key note address stated that ITTA is coming out of hibernation and wished the
association will play a larger and vibrant role in the industry and instill further
confidence. Shri Jiwrajka, in his address complemented the TUF scheme for the
healthy textile sector of India. He wished ITTA would provide the much needed boost
to the Indian T T industry.
profils Ltd., BKS Textiles Ltd, Jill Mill Nonwovens etc. has booths in the ITTA pavilion
for Tech.Textiles.
30% discount on the stall rentals for technical textile units was given by Gujarat state
government and 20% discount provided by Ministry of Textiles, Govt. of India under
TMTT. The pavilion attracted thousands of visitors and a large number of one 2 one
meetings between the buyers and sellers were facilitated by ITTA. E D, ITTA attended
the inaugural ceremony of the EXPO on 8th January 2013.
Shri Sujit Gulati, JS, MOT, Shri. A B Joshi, Textile Commissioner, Dr. Subroto Gupta,
Jute Commissioner, Sr. officials of Dept. of Mines, Disaster Management dept. of Gujarat
state, Health and waste Mgmt. officials of Ahmedabad Municipal corporation, social
welfare dept. of Govt. of Karnataka, Indian Oil Corporation, Reliance industries Ltd,
educational & Research institutions, officials of trade depts. of foreign embassies and a
large number of buyers/ traders/users of Technical textile products in small, medium and
large industrial sectors and prospective entrepreneurs visited the pavilion.
3) Seminar on Advantages and Usages of Geo synthetics in Road Construction At
New Delhi.
A seminar on Usage and advantages of Geosynthetics in Road construction was
organized by Indian Technical Textile Association (ITTA) jointly with Ministry of Textile
(MOT) and in collaboration with Ministry of Road Transport and Highways (MORTH) &
National Highway Authority of India (NHAI) in New Delhi on 5 th - 6th February, 2013.
The seminar was co-sponsored /supported by prominent technical textile units. The venue
of the seminar was Silver Oak Hall, India Habitat Centre, New Delhi. The Table top
display by 15 indigenous manufacturers was also organized concurrently to showcase the
indigenous availability of range of products to the concerned agencies and also to provide
an opportunity to the indigenous manufacturers to display their capability and capacity in
terms of product range. Dr J N singh, Member (Finance) National Highway Authority of
India was the Chief Guest.
The seminar attracted participation of about 200 persons comprising of top officials of
the user industry viz. MORTH, NHAI, BRO, NRRDA, Central Road Research Institute
(CRRI), IRC, Delhi Municipal Corporation (DMC), IGS, NHBF and Contractors /
Consultants / Concessionaires including big players like L&T, Louis Berger, Balfour
Beatty, SNC Lavalin, Unihorn etc., top officials of manufacturers, Centers of Excellence,
Academician etc. Shri Sujit Gulati, J S MoT, Shri. A B Joshi, Textile Commissioner, Dr. J
N Singh, Member, NHAI, Shri. C Kandaswamy ,DG, Road, MoRTH, Shri Sharad Y
Mhaiskar, Dean, NMIMS and Shri. P I Bongirwar, Advisor (L&T) and a host of
prominent experts from MoRTH,NHAI and private sector actively participated in the
seminar as Chair persons of sessions, resource persons etc. The seminar was widely
acclaimed by the participants as one of the best in the subject.
4) Release of Hand Book on Geo synthetic case studies of ITTA Members
6
During the above seminar, a handbook on Geo synthetic case studies of ITTA
Members was released. This handbook is a compilation of 75 successful case studies
of application of Geo Synthetics by ITTA members, along with their corporate
profile. This will be of much use to the concessionaiers, contractors, users etc.
5) Role of ITTA in the scheme of Promotion and usage of geo textiles and agro textiles
in North Eastern Region (NER) by Ministry of Textiles, New Delhi.
Ministry of Textiles initiated a scheme for promotion and usage of geo textiles and agro
textiles in North Eastern Region (NER). ED, ITTA, as a member of the delegation of
Ministry of Textiles participated in the programme organized by the Ministry at Guahati
(Assam), Itanagar (Arunachal Pradesh) and Aizwal (Mizoram). The program is aimed at
explaining/sensitizing the Government officials and other stake holders, the features of
the scheme and the advantages of using Geotextiles in the north eastern states. Three
members of ITTA, viz. Reliance Industries Ltd, CTM Tech Textiles Ltd and Strata Geo
Systems Pvt. Ltd made presentations on the geo/agro textile products.
6) Technotex 2013 at New Delhi.
Ministry of Textiles jointly with FICCI and supported by ITTA, organized Technotex 2013 from 17th to 19th January, 2013 at Pragati Maidan at New Delhi which was the
second international conference-cum-exhibition to promote the Indian Technical Textile
sector. ITTA had a stall in the pavilion. Chairman, Executive Director, Honrary
Secretary of ITTA as well as a number of ITTA members visited the Expo, attended the
seminar organized along with the Expo. A number of ITTA member units like Reliance,
SRF, Supreme Group, Nobel Hygiene, Ellies Engineering, KTechnical Textiles, Skaps
India Ltd., NTC, BCH, Madhuram Fabrics, , Pasupati Polytex pvt. Ltd, COEs like
BTRA, ATIRA, SITRA, DKTE had stalls in the Expo. ITTA had a stall in the exhibition
and disseminated information on ITTA and technical textiles to about 300 visitors.
7) ITTA committee on Geo synthetic education.
One of the major reasons for limited application of Geo Synthetics in India is due to the
lack of awareness of the scope of the applications as well as lack of knowledge and
confidence in design techniques. This could be attributed to non-inclusion of this
important aspect of civil engineering during the formative years of a civil engineers
education. As a result, when confronted with the problem, the decision-making engineer
often shies away from appropriate use of geosynthetics as a greyarea, although one can
incur huge saving on capex and / or life cycle costs, besides saving in time. Sometimes,
the application is wrongly applied with discouraging or disastrous results. In view of the
above, the ITTA Committee on Geosynthetics Education has been formed with the
objective of drawing up an appropriate syllabus for inclusion, both at the Bachelor level
in general civil engineering as well as at the Masters level where geotechnical
engineering is the major. This has the support of Ministry of Textiles. The committee
consists of eminent persons from academic/ research institutions, industry, consultancy
organizations etc.
As on date, the committee held seven meetings and the report is to be submitted to the
Ministry by 31st August 2013.
8) ED, ITTA and a number of ITTA members attended the launch function/curtain raiser
which was organized for the introduction of Technotex 2013 to the industry and other
stakeholders on 10th September, 2012 at Mumbai. Smt. Panabaaka Lakshmi, Honble
Union Minister of State for Textiles inaugurated the function. Shri Sujit Gulati, Joint
Secretary, Ministry of Textiles, Shri A B Joshi, Textile Commissioner, was also present in
the function.
ITTA E-Bulletin.
ITTA has been publishing E-Bulletin with effect from September 2012. The Bulletin,
inter-alia, provides important international/national news on various aspects of technical
textile industry, developments in technology & processes, ITTA activities, Trade Fairs,
governments policy changes in regard to exim policy, fiscal policy etc. The publication is
well received by the industry.
Technology upgradation Fund Scheme (TUFS).
ITTA took up the issues of non release of interest incentive/ capital subsidy under TUFS
raised by some of ITTA members with Ministry of Textiles and office of the Textile
Commissioner, Mumbai. Major grievances of the units are closure of the portal of Textile
Commissioners office facilitating on line registration of units under RTUFS, non
availability of interest incentive/ capital subsidy, coverage of units in the blackout period,
to remove the sectoral caps under TUFS etc.
.
Support to other agencies.
1) ITTA is a supporting organization of IFAI EXPO Americas held at Boston
during November 7-9, 2012. ITTA had been allotted a complementary booth in
the Expo. ITTA members were provided with lowest registration packages and
discounted trade show passes. The Expo promoted ITTA as a supporting
organization on the IFAI Expo Americas Website.
2) IITA supported VASTRA 2012, an International Textile & Apparel Fair held
during 22-25 November
2012 at Jaipur, jointly organized by RIICO, FICCI,
Govt. of Rajasthan and Ministry of Textile, Govt. of India. The
Supporting
Organisation will be given a complimentary 9 sq. meters of Indoor space in the
Exhibition. Special
Discount of 5 % on Stall Rentals of VASTRA 2012 is
extended to the ITTA members (over and above 10 % Early Bird Discount valid
till 30 September 2012).
Proposals for Union Budget: 2013-14.
ITTA has prepared the budget proposal for the year 2013-14 based on the suggestions
received from its members and sent to Ministry of Finance, Ministry of Textiles and
office of the Textile Commissioner. Administrative officer, ITTA attended the meeting
convened by office of the Textile Commissioner, Mumbai on 20 th November 2012 to
discuss the budget proposals for the year 2013-14.
Tax Research Unit (TRU) of Dept. of Revenue, Ministry of Finance, Govt. of India has
invited ITTA for a discussion on the budget proposals submitted to Ministry of Finance.
Directors/members of ITTA, viz. Dr. P K C Bose of Saertex India Pvt. Ltd, Mr. Kamal
Johari of Noble Hygiene, Mr. D. Pulikeshi of SRF Ltd, Mr. Nitin R. Bhojani of B&V
Agro Irrigation Co, Mr. Ashish Dubey of P&G and a representative of Venus Safety &
Health attended the meeting and made suggestions on fiscal issues pertaining to technical
textile industry for consideration in the budget.
Other important activities.
1) Visit to Development Institute, MSME.
ED and AO of ITTA visited Development Institute (DI), Medium, Small and Micro
enterprises, Govt. of India, Saki Naka, Mumbai and had detailed discussion with
Mr..G.M.Ambhore, Director of the institute and his officers to understand the
promotional schemes in operation by Ministry of MSME to small scale units and the
possibilities of coverage of technical textile units under such schemes.
2) Visit by Italian Delegation.
A delegation from Italy comprising of Mr. Simone Cesari, International Relations,
Camera di Commercio Prato, Dr. Alfredo Belli, Textile and Environmental Advisor,
Kairos S.r.l. alongwith Shri.Aman Joshi, India Representative, Indo Italian Chamber
of Commerce visited ITTA office for discussion with ITTA members. The objective of
the visit was to explore possibility of co-operation between two nations in setting up
manufacturing units through joint ventures, financial collaboration, supply of
machinery, tie-up for marketing in India as well as Indian products in Italy etc. ED,
ITTA and five members of ITTA interacted with the delegation.
3) Matchmaking event with German Companies.
ITTA supported Match Making event which was commissioned by Federal Ministry
of Economics & Technology (BMWi), AHP International GmBh & Co. KG, Germany
jointly with WB Management Consulting on 4th March 2012 at Amber
Hall, Courtyard Marriott, Andheri Kurla Road, Andheri East, Mumbai. Four German
companies participated in the event.
BURGUNDY at Hotel Novotel Juhu, Mumbai. Asst. Director, ITTA made a power
point presentation highlighting the activities of ITTA and also the present scenario of
technical textile industry.
5) Support to Indo- French Seminar.
ITTA supported the Indo-French seminar on Textiles & Technical Textiles Machinery:
French Technology and Services for the Indian Textile and Technical Textile Industry
held on 19th March 2013 at Delhi and 22nd March 2013 at Surat. In the seminar held in
New Delhi, Shir. Amit Agarwal, Honrary Secretary of ITTA made a presentation on
Activities of ITTA. Similarly the presentation was made in the seminar held in Surat
by Shri. Pancholi, Regional office, ITTA, Surat.
ED, ITTA attended the following meetings held on 29th November 2012 at Ministry
of Textiles, New Delhi.
a) The sixth meeting of the Empowered Committee constituted under
Technology Mission on Technical Textiles (TMTT) under the Chairpersonship
of Smt. Anita Agnihotri, AS & FA, MOT. The meeting, inter-alia, reviewed the
performance of TMTT, approval of contract research proposals, finalization
of guidelines on IPR, approval of modifications in guidelines of business start
up intervention, additional location for the establishment of incubation centre
for COE Nonwoven, relaxation in purchase guidelines for books / journal /
periodicals for COEs.
b) The second meeting of the Steering Committee on TECHNOTEX 2013 under
the Chairmanship of Shri. Sujit Gulati, Jt. Secretary, MOT mainly to assess the
progress of organizing the event.
c) The first meeting of Monitoring Committee for Standards on technical textiles
under the Chairmanship of Shri Sujit Gulati, Joint Secretary, Ministry of
Textiles. The committee reviewed the progress of standards formulation by all
standards committees at COEs, overall status of standards on technical textiles
at BIS, outsourcing of experts for formulation of standards by BIS.
2) Chairman, ITTA attended the second meeting of committee for approval of Non
DPR items of COEs under TMTT was held on 27 th November 2012 under the
chairmanship of Shri.A.B.Joshi, Textile Commissioner.
3) The coordination meeting under the chairmanship of Shri Sujit Gulati, Jt.
Secretary, and Ministry of Textiles was convened by office of the TxC on
16.02.2013 at Mumbai wherein Textile Commissioner was also present. The
main objective of the meeting between ITTA, SRTEPC and TEXPROCIL was
for discussing the formation of Technical Textile Development and Export
Promotion Council (TTDEPC). Mr. Mohan Kavrie, Chairman, Mrs. Shashi
10
Singh, Executive Director, Mr. Amity Agarwal, Honrary Secretary, Mr. Kamal
Kumar Johari, Director, Mr. Raj Pathak, Director, Mr. Mahesh Kudav
Member, ITTA and officers of ITTA attended the same.
4) Mr. Mohan Kavrie, Chairman; Mrs. Shashi Singh, Executive Director; Mr. Amit
Agarwal, Honrary Secretary and officers of ITTA attended the meeting of the
Evaluation and Approval Committee of Technology Mission on Technical
Textiles (TMTT) held under the Chairmanship of Shri Sujit Gulati, Joint
Secretary, Ministry of Textiles and in the presence of Textile Commissioner on
16.02.2013 in the Office of the Textile Commissioner, Mumbai,.
5) Shri V. Kannan, Finance Director, Mr. D S Narayana, Joint Director, and
Mr.T.V.Bhavadas, Administrative Officer of ITTA attended the meeting of
Appraisal and Review Committee of TMTT held under the Chairmanship of
Textile Commissioner held on 08.03.2013 at 11.00 a.m in the Conference Hall
of Office of the Textile Commissioner, Mumbai to discuss the report of M/s
ICRA Management Consulting Services Limited.
6) The Ministry of Textiles has constituted a committee for evaluation of consultants
to undertake an appraisal & review of Technology Mission on Technical Textiles
(TMTT). ITTA is a member of this committee. The meetings of the committee
convened periodically were attended by ED, Hon Secretary and Administrative
Officer of ITTA.
Grants received by ITTA.
ITTA has received a grant of Rs.13,09,400/ during the year from Ministry of Textiles
for the work done for VGGTS-2013 (Rs.9,09,400) and Seminar on Usages and
advantages of Geosynthetics in Road constructions held at New Delhi (Rs.4,00,000).
ITTA also received about Rs. 6.00 lakh from state Govt. of Gujarat, ie, 10% of the
rental of the area booked for the successful execution of the technical textile pavilion
in the VGGTS-2013.
Accounts
As per the audited accounts of ITTA, there is a surplus of Rs.3,03.600/ which has
been carried forward to the balance sheet.
Auditors
Members are requested to appoint Auditor for the current year and to fix their
remuneration.
ON BEHALF OF THE BOARD OF DIRECTORS
Sd/
Shri Mohan Kavrie,
11
Mumbai: Dated,2013
INDEPENDENT AUDITORS REPORT
Chairman.
(b) in the case of the Statement of Profit and Loss, of the profit for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
7. The Companies (Auditors Report) Order, 2003 and the Companies (Auditors Report)
(Amendment) Order, 2004, issued by the Central Government in terms of Section 227(4A)
of the Companies Act, 1956, is not applicable to the Association as it is licensed to operate
under Section 25 of the Companies Act, 1956.
8. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which, to the best of our
knowledge and belief were necessary for the purpose of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the
Association so far as appears from our examination of those books;
(c) The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in
agreement with the books of account;
(d) In our opinion, the Balance Sheet and Statement of Profit and Loss dealt with by this
Report comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Act;
(e) The Company has not received any representations from the Directors of the
Company with respect to clause (g) of sub-section (1) of Section 274 of the
Companies Act, 1956. Hence we are not in a position to comment whether any of the
Directors of the Company is, as at 31st March 2013, prima-facie disqualified from
being appointed as a director in terms of the said clause;
For R. A. SHETH & ASSOCIATES
Chartered Accountants
Firm Registration No.113270W
Sd/SALONI R. SHETH
Partner
Membership No. F 046460
Mumbai:
13
31.03.2013
Rs.
31.03.2012
Rs.
(in hundreds)
(in hundreds)
47700
37500
8050
5014
55750
42514
156
3800
2360
3956
2360
Current Liabilities
Trade Payables
141
84
1285
500
1426
584
61132
45458
Total
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
3732
4966
1436
4966
1436
52034
41522
10
400
2500
52434
44022
Non-Current Assets
Long Term Loans and Advances
Current Assets
Cash and Cash Equivalents
Short Term Loans and Advances
14
Total
The notes form an integral part of these financial
statements.
61132
45458
Chartered Accountants
Firm Registration No. 113270W
Sd/Mohan Kavrie
Sd/-
Chairman
(Saloni R Sheth)
Partner
Membership No. F 046460
Sd/V. Kannan
Finance Director
Mumbai
Sd/-
Dated :
15
Sd/T.V.Bhavadas
Admn. Officer
16
Note
2012-13
Rs.
(in hundreds)
2011-12
Rs.
(in hundreds)
REVENUE
Revenue from Operations
Other Income
Total Revenue
11
12
25844
48439
74283
10325
7217
17542
EXPENSES
Employee Benefits Expense
Finance Costs
Other Expenses
Depreciation
Total Expenses
13
14
15
7
8764
30
60295
562
69651
39
12833
12872
4632
-
4670
-
1440
156
1596
1550
1550
3036
3120
Profit/(Loss) before
Extraordinary and
Exceptional
Exceptional Items
Profit/(Loss) before Tax
Tax Expense
Current Tax
Deferred Tax
Profit/(Loss) for the year from Continuing
Operations
Earnings per Equity Share
Basic and Diluted
Not Applicable
Not Applicable
Sd/(Saloni R Sheth)
Partner
Membership No. F 046460
Sd/V. Kannan
Finance Director
Mumbai
Dated :
Sd/T.V.Bhavadas
Admn.Officer
31.03.2012
Rs.
(in
hundreds)
37500
30600
Total
5200
5000
47700
1900
5000
37500
Total
5014
3036
8050
1894
3120
5014
Total
156
156
Total
3800
3800
2360
2360
Total
141
141
318
318
The Association has confirmed that it does not owe any sum to any micro enterprises and small
enterprises
as prescribed under the Micro, Small and Medium Enterprises Development Act, 2006.
18
1240
10
35
1285
Total
500
500
DEPRECIATION
As at
During As At
01-04the
31-032012
year
2013
NET BLOCK
As at
As at
31-03- 31-032013
2012
Furniture and
Fixtures
2610
2610
242
242
2368
Computers
1352
1352
294
294
1058
Office
Equipments
332
332
26
26
306
Total
Previous Year
4294
-
4294
-
562
-
562
-
3732
-
19
31.03.2013
R.
(in hundreds)
NOTE 8 - LONG TERM LOANS AND ADVANCES
(Unsecured, considered good)
Advance Tax and Tax Deducted at Source
Security Deposit to BTRA
Service Tax paid in Excess
31.03.2012
R.
(in hundreds)
Total
3991
975
4966
1397
39
1436
Total
11675
40333
26
52034
1909
39437
176
41522
400
400
500
2000
2500
12750
13094
25844
8325
2000
10325
3658
7450
35473
308
3138
4079
-
20
1550
48439
7217
8685
79
8764
30
30
39
39
3514
2689
3000
1754
3048
330
690
975
412
566
3
1380
308
498
84
185
269
84
55
139
74
108
393
0
3069
162
117
114
44163
11
90
67
60295
22
89
107
689
79
230
288
3143
538
12833
21
(a)
(b)
(c)
NOTE 17 Provision for taxation has been made as per the provisions of the Income-tax Act,
1961.
22
2011-12
Rupees
Rupees
(Amounts
in
Rs.
hundreds)
i)
ii)
iii)
NIL
NIL
NIL
NIL
NIL
137
NIL
280
Miscellaneous
NIL
NIL
NOTE 19 In the opinion of the Board, Loans and Advances are approximately of the value
stated if realised in the ordinary course of business. There are no contingent liabilities other
than those stated hereabove. No personal expenses have been debited to revenue.
Method of Accounting:
The Association follows the mercantile system of accounting except where specified
otherwise.
2.
Fixed Assets:
Fixed Assets are capitalised at cost inclusive of incidental expenses.
3.
Depreciation:
23
Depreciation is provided as per the reducing balance method at the rates and in the
manner as specified in Schedule XIV to the Companies Act, 1956.
4.
Lease:
The Companys leasing arrangement is in respect of its operating lease for office
premises. The lease rental payable is charged to revenue as Licence Fees.
5.
Retirement Benefits:
Gratuity on retirement/resignation and leave encashment of employees are accounted
on cash basis, since the number of employees does not warrant an actuarial valuation.
6.
Grants-in-Aid:
Grants-in-Aid received relating to capital expenditure have been reduced from the
cost of the respective fixed assets.
Grants-in-Aid received relating to revenue expenditure have been accounted in the
Statement of Profit and Loss in the year in which the expenditure related thereto has
been incurred.
7.
Taxation:
Income Tax expense comprises deferred tax charge or credit. The deferred tax asset
and deferred tax liability is calculated by applying the tax rate and the tax laws that
have been enacted or substantially enacted by the Balance Sheet date. Deferred tax
assets arising mainly on account of brought forward losses or unabsorbed
depreciation under the tax laws, are recognized, only if there is a virtual certainty of
its realization supported by convincing evidence. Deferred tax assets on account of
other timing differences are recognized only to the extent there is a reasonable
certainty of its realization. At each Balance Sheet date, the carrying amount of
deferred tax assets are reviewed to reassure realization.
Signatures to Notes 1 to 20
(Saloni R Sheth)
Partner
Membership No. F 046460
T. V. Bhavadas
*************
25