Year : 2010-11 - CCL
Year : 2010-11 - CCL
Year : 2010-11 - CCL
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ANNUAL REPORT <strong>2010</strong>-<strong>11</strong> ________________________________________________________<br />
The matter of shortage of coal stock is under investigation by the Vigilance Department.<br />
6.4 A provision of 210.00 lakh was made in the year 2006-07 pending investigation of shortage/<br />
difference in the closing stock of raw coal as on 31.03.07 in between the Kathara colliery and<br />
Kathara washery. The said provision has been retained as on 31.03.20<strong>11</strong> which is considered<br />
necessary.<br />
7. SUNDRY DEBTORS<br />
7.1 A provision of 6628.05 lakh (previous year 12348.83 lakh) has been made during the year<br />
against disputed dues on the basis of fair estimate. The total provision of 52030.00 lakh (after<br />
utilizing against Bad Debt written off 3802.41 lakh and withdrawal of excess provision made<br />
earlier periods for 368.64 lakh) as on 31.03.20<strong>11</strong> is considered adequate.<br />
7.2 Sundry debtors balances are subject to confirmation by the parties.<br />
8. LOANS & ADVANCES AND OTHER CURRENT ASSETS<br />
8.1 Sundry Debtors, Advances, Stores in Transit and Claims Receivable include some old items<br />
pending reconciliation/ review and adjustments to appropriate accounts.<br />
8.2 Provision of <strong>11</strong>4.44 lakh has been withdrawn during the year as claim for refund of professional<br />
tax has been lodged with Hazaribagh Mines Board for refund of the same. Total provision of<br />
5368.15 lakh (after write back of the excess provision of <strong>11</strong>4.44 lakh which had been made<br />
in earlier years) up to 31.03.<strong>11</strong> is considered adequate (Refer Sch-K, L & M).<br />
9. CURRENT LIABILITIES & PROVISIONS<br />
9.1 By virtue of enactment of Cess and Other Taxes on Minerals (Validation) Act, 1992, the Company,<br />
in 1992-93, raised supplementary bills on customers up to 4th April, 1991 for 10033.04 lakh on<br />
account of cess and sales tax thereon. The said amount has been included in statutory dues<br />
payable for cess and sales tax under the head "Current liabilities and Provisions" (Sch-N) with<br />
corresponding Debit in "Claims Receivable-Cess" (Sch-M).<br />
9.2 There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which<br />
are outstanding for more than 45 days as at 31.03.20<strong>11</strong>. This information as required to be<br />
disclosed under the MS & MED Act, 2006 has been determined to the extent such parties have<br />
been identified on the basis of information available with the Company.<br />
9.3 Sundry creditors, other current liabilities includes some old items pending reconciliation and<br />
review and adjustments to appropriate accounts.<br />
10. PROFIT AND LOSS ACCOUNT<br />
10.1 The liability towards Incremental Gratuity for the year amounting to 5456.96 lakh (previous<br />
year <strong>11</strong>731.64 lakh) has been provided on actuarial basis.<br />
10.2 An amount of 3756.81 lakh has been provided in the accounts during the year towards leave<br />
encashment & HPL (Previous year 739.22 lakh) making a total provision of 24217.92 lakh.<br />
(Previous year 20461.<strong>11</strong> lakh) on the basis of actuarial valuation.<br />
10.3 Apex charges amounting to 2620.67 Lakh (previous year 2601.15 lakh) levied by the<br />
Holding Company @ 5 per tonne of coal produced towards rendering various services like<br />
procurement, marketing, Corporate Service etc. based on agreement entered into, have been<br />
accounted for.<br />
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