sejal architectural glass limited - Securities and Exchange Board of ...

the provision for deferred tax, timing differences due to depreciation adjustment only
have been considered.
Foreign currency assets and liabilities have not been restated for the purpose of these
interim financial statements as the respective adjustments are made only at the end of
the financial year.
(2) Segment Information - Activity wise and Geography wise
The management has identified that the company has activity wise Primary business segments
I.e. Manufacturing Activity and Retail Trading activity. The Trading segment primarily has
domestic revenue.
(3) In the opinion of the Board the current assets, Loans and advances are approximately
of the value stated and are realizable in the ordinary course of business and the provision for
all known liabilities is adequately made.
(4) All Insurance Claims, lodged by the Company are accounted for, unless the
management is uncertain about the acceptability of the same by the insurance authorities.
(5) A Survey U/S 133A of the Income Tax Act, 1961 was conducted in August 2007 at all the
premises of the Company as well as all the group concerns at their respective locations. The
Chairman Shri Amrut Gada declared an additional income of Rs.5.00 Crore to the Income Tax
Authorities on account of all the group concerns. He has however, confirmed to the Board of
Directors that the declaration of income has been made in his personal capacity to buy peace
of mind and that the resultant Income Tax Liability shall be borne by him in his individual
capacity and that the company has no liability in this behalf. A letter to this effect has also
been submitted to the Income Tax Department by him. The Board of Directors have taken due
note of the above.
(6) The previous year's figures have been regrouped and rearranged, wherever necessary.
(7) Contingent Liabilities:
Particulars 30.09.07
Counter Guarantees given by the Company against Guarantees
issued by State Bank of Patiala on behalf of the Company (net
51.15
off margin provided by the Company in the form of Fixed
Deposits with the Bank)
CST not charged in the Sales Invoices to a customer 46.8
Amount claimed by a customer towards damages for supply of
defective material.
NOTES ON ADJUSTMENTS FOR RESTATED FINANCIAL STATEMENTS
1. Deferred Tax Liability :
The Company adopted Accounting Standard 22 (AS 22) 'Accounting for taxes on Income' issued
by the Institute of Chartered Accountants of India in the year commencing 1st April, 2005 for
the first time. The AS 22 became mandatory w.e.f. 01.04.2002 and as such the accounts have
been restated giving necessary effect for the financial year commencing 1.4.2002.
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