Professional Documents
Culture Documents
Comments of C & AG ........................................................................................................................ 24 Significant Accounting Policies .......................................................................................................... 25 Balance Sheet ........................................................................................................................... 28
Profit & Loss Account ........................................................................................................................ 29 Schedules and Notes Forming Part of the Accounts ......................................................................... 30 Cash Flow Statement ........................................................................................................................ 50 Additional Information as required under Part IV of Schedules VI to the Companies Act, 1956 ......................................................................... 51
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BOARD OF DIRECTORS
Shri G. K. Pillai Shri A. V. Kamat Shri Harbhajan Singh Shri Ashok Gupta Shri P. Ganeshan Shri S. G. Sridhar Shri K. H. Suresh Chairman, (w.e.f. 28-12-2010) Managing Director I/c (w.e.f. 01-01-2011) Chairman (upto 27/12/2010) Director Special Director (BIFR) (w.e.f. 8-12-2010) Special Director (BIFR) (upto 15-9-2010) Director (w.e.f. 05-5-2011) Director (Technology) (upto 12-8-2011)
AUDITORS
M/s. A. Raghavendra Rao & Associates Chartered Accountants Bangalore
BANKERS
UCO Bank Punjab National Bank Andhra Bank State Bank of Travancore
REGISTERED OFFICE
HMT BHAVAN 59, Bellary Road Bangalore 560 032
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PERFORMANCE HIGHLIGHTS
2010-11 2009-10 2008-09 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 OPERATING STATISTICS Sales Other Income Materials Employee Costs Other Costs Depreciation Earning Before Interest Interest Earnings /(Loss) Before Tax Taxation Net Earnings FINANCIAL POSITION Net Fixed Assets Current Assets Current Liabilities & Provisions Working Capital Capital Employed Investments Miscellaneous Expenditure Borrowings Net Worth OTHER STATISTICS Capital Expenditure Internal Resources Generated Working Capital Turnover Ratio Current Ratio Return on Capital (%) Employees (Nos) Per capita Sales 988 -8321 -3 1 -1 3652 5.72 2893 -3792 -15.69 0.95 -2.17 3808 5.50 3809 -3152 4.57 1.16 -3.80 3826 5.24 710 -3662 2.14 1.45 -3.95 4188 6.33 625 -14553 2.06 1.43 -0.42 4236 6.06 25 -141 -4.16 0.81 0.07 4386 5.52 46 -6818 -39.10 0.98 -0.26 4531 5.15 72 -11325 -6.61 0.89 -0.18 4714 4.20 316 -9578 -18.59 0.96 -0.80 4604 5.00 226 -6401 3.21 1.37 -1.76 5054 5.23 9382 21672 29570 -7898 1484 4 12675 -11191 9432 25521 26857 -1336 8096 6 9983 -1887 7375 31448 27059 4389 11764 8 9073 2691 4132 40179 27797 12382 16514 643 10740 5773 3038 41236 28771 12465 15503 250 7448 8056 2842 24614 30441 -5827 -2985 13747 56024 -59008 3488 24882 25479 -597 2891 1 16577 64574 -61682 4005 24233 27233 -3000 1005 1 18834 57565 -56559 4530 26287 27524 -1237 3293 1 21653 50764 -47470 4900 30271 22050 8221 13121 19832 48552 -35432 20902 1442 7108 15248 5506 985 -8529 777 -9306 -9306 20962 2346 7602 12410 4942 788 -3,841 739 -4580 -4580 20060 3125 8125 13754 5435 565 -3907 -250 -3657 60 -3717 26521 2012 9001 15901 6704 388 -4380 -387 -3993 57 -4050 25661 6779 9445 25793 6428 425 -11491 3434 -14925 53 -14978 24218 16253 10488 17960 7051 515 5577 6180 -603 53 -656 23343 5686 10539 13627 6957 562 -1424 5956 -7380 -7380 19821 1477 7600 12939 6284 583 -6291 5617 -11908 -11908 22998 2264 7997 13208 6677 627 -5558 4647 -10205 -10205 26409 2892 8962 13614 6476 664 -3017 4048 -7065 -7065
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Your Directors have pleasure in presenting the Twelfth Annual Report of your Company for the financial year 201011 containing Annual accounts together with the Auditors report and the comments by the Comptroller and Auditor General of India. PERFORMANCE Your Company achieved Sales turnover of `190.90 Cr. during the year 2010-11 which is marginally lower as compared to `193.86 Cr. achieved during the previous year. The production performance was lower for the year under review, at `177.43 Cr. as against `194.19 Cr. achieved during the previous year. The Order Booking during 201011 was significantly higher at `239.71 Cr. as against `177.80 Cr. in the previous year. The Directors of the Company expressed its concern that the performance of the Company requires to be accelerated so as to achieve the breakeven levels in the Financial year 2011-12. FINANCIAL HIGHLIGHTS The operations of your Company resulted in a Net loss of `93.06 Cr. as compared to the Loss of `45.80 Cr. registered in the previous year, the details of which are as follows: (` in Lakhs )
Current Earnings Year 2010-2011 Previous Year 2009-2010
DIVIDEND In view of the losses incurred during the year, your Directors are unable to recommend any Dividend on the Paid up Equity Share Capital and Preference Share Capital of the Company for the Financial year under review. SHARE CAPITAL The Authorized capital of your Company stood at `800 Cr. divided in to Equity Share Capital for `355 Cr. and Preference Share Capital for `445 Cr. The Issued, Subscribed and Paid up Share Capital of your Company stood at `719,59,91,370/- consisting of 27,65,99,137 Equity Shares of `10/ each and 4,43,00,000 Preference Shares of `100/ - each which is entirely held by HMT Limited, the Holding Company. The Networth of the Company is negative at ` (-) 11191 Lakhs at the end of the year due to accumulated losses. Your Company was to repay `443 Cr. to the Government of India through M/s HMT Limited against redemption of Preference Share Capital by 31st March, 2011 out of sale of identified surplus asset, in line with the revival plan sanctioned by GOI and the rehabilitation scheme sanctioned by the BIFR. The redemption of Preference Share Capital could not take place as the Lands, though vested with the Company vide the Scheme of Arrangement of Government of India in the year 2001, the mutuation in respect of the same has not been recorded in the name of the Company in the revenue records and continue to be in the name of HMT Limited, the Holding Company. The sale of surplus lands of the Company for the purposes of redemption of Preference Share capital is being included in the revival plans of the Holding Company and would be taken up after the approval and sanction of the same by the GoI. The Honble Bench of the BIFR has also been intimated about the status in this regard. Your Company has also requested the Government for extension of period of redemption of Preference Shares upto 31st December 2011. IMPLEMENTATION OF BIFR ORDER Your Company being a Sick Industrial Company registered with Board for Industrial and Financial Reconstruction (BIFR) is in the midst of implementation of the Rehabilitation Scheme sanctioned by BIFR.
Production Sales Sale value of Production Added Value Gross Profit before Interest & Taxes Interest Net Profit/(Loss) before DRE Def. Revenue Expenditure/VRS Income from NPA Sale Net Profit/ (loss) after tax
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The Company has approached the Institutions / Companies and Banks from whom the reliefs and concessions, as sanctioned by BIFR, are to be claimed. While the reliefs are under consideration by some of the Parties, the consortium of Banks have appealed to AAIFR against the BIFR Order which is being contested by the Company. However, the appeal of Central Organization for Modernization of Workshop (COFMOW) and the State Govt. of Haryana had been dismissed by AAIFR. Thereafter COFMOW has approached Committee of Disputes and State Government of Haryana has filed a Writ Petition in the High Court of Punjab and Haryana, which is being contested by the Company. All post merger activities related to Praga Tools Limited merger with your Company has been completed substantially. MARKET SCENARIO AND FUTURE OUTLOOK Indias industrial output grew at its fastest pace year-onyear during 2010-11 signaling a strong recovery in manufacturing sector. The manufacturing sector which constitutes around 80% of industrial output expanded by 18.5% to set the pace of growth. The Index for Industrial Production (IIP) during the year 2010-11 has grown by 7.8% over previous year. Manufacturing Sector, Capital Goods sector and Consumer Durables sector were the major contributors for the growth in IIP during the period. The manufacturing sector grew by 8.1 % during the year 201011, the Capital Goods sector has grown by 9.3% and Consumer Durables grew by 20.9% over previous year. This growth has helped the Machine Tool industry to improve its performance during 2010-11. The Auto & Auto parts industry which is the major consumer of machine tools has recorded a growth rate of 26% over 2009-10. Other user segments of Machine tool industry have also done well during 2010-11. This has triggered good demand for Machine tools. The consumption of machine tools for the year 2010-11 is `9029 Cr., a growth of 41% over previous year. Countrys production for the year 2010-11 is `2416 Cr., a jump of 46% over previous year. The orders booked for machine tools in the country as per IMTMA for the year 2010-11 has witnessed a growth of 57% over corresponding period 200910 to `3064 Cr., The consumption of machine tools is estimated to be around `11000 Cr during the year 2011-12 considering cumulative
annual growth rate (CAGR) of 20%. About 30% of countrys machine tool consumption is addressed by domestic machine tool manufacturers and the rest is catered by imports. The countrys production is expected to be around `3000 Cr. during 2011-12. There is a huge business of approx. `9000 Cr available for the domestic machine tool manufacturers for increasing their production capacities to address the demand for machine tools in the country. Major manufacturers especially in sectors such as auto & auto ancillary, defence, power, industrial machinery and industrial intermediates have already indicated their investment plans for the year 2011-12. The Company is looking forward to achieve the performance level of `340 Cr. AUDITORS M/s A. Raghavendra Rao & Associates, Chartered Accountants, were appointed as Statutory Auditors of the Company for the year 2010-11 by the Comptroller & Auditor General of India and separate Branch Auditors were also appointed for each of the Unit/Divisions of the Company. Replies to the observations/qualifications made by the Statutory Auditors on the Accounts and on the Comments by the Comptroller and Auditor General of India on the Accounts are given separately. INFORMATION REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO Particulars with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under the Companys (Disclosure of particulars in the Report of Board of Directors) Rules, 1998 are annexed to this Report. PERSONNEL The total employee strength of the Company as on 31.3.2011 was 3652. During the Financial Year 2010-11, 373 employees have separated and 217 joined the services of the Company. The details of different categories of personnel in position as on 31.3.2011 are given hereunder: Scheduled Castes Schedule Tribes Other Backward Class Ex-service men Person with Disabilities (PWD) 690 187 929 26 55
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Information in accordance with Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules,1975, as amended is NIL for the year 2010-11. EMPLOYEE RELATIONS Harmonious and cordial Industrial relations prevailed during the year. VIGILANCE ACTIVITIES The Vigilance Cell is functioning and keeping watch on the overall vigilance activities of the Company. The Vigilance Officers of each of the Units are carrying out surprise checks and inspections in various Departments. Transparency in various areas of Company operations helps to achieve vigilance objectives. IMPLEMENTATION OF OFFICIAL LANGUAGE The Company continued its thrust for implementation of Official Language in the Company as per the directions and guidelines of the Government. The Official Language Implementation Committee has been constituted in all the Units of the Company as well as Corporate Office, Bangalore for monitoring the Implementation of Official Language Act, Rules, Policy etc., which meets at regular intervals at every quarter. Various Hindi programmes like Hindi workshop and pakwada were conducted at the Corporate and the Unit level in order to increase the usages of Hindi as Official Language. CORPORATE GOVERNANCE Your Company is committed to maintaining the highest standards of Corporate Governance. As your Company is a Government Company, appointment of Directors as well as fixing of remuneration for Directors are decided by Govt. of India. With a view to strengthening the Corporate Governance framework, the Department of Public Enterprises, GOI has made the Guidelines on Corporate Governance for Central Public Sector Enterprises mandatory from the year 2010-11. Your Company has initiated appropriate action for compliance of the same. A report on the Corporate Governance is annexed as part of this report along with the Compliance Certificate from the Auditors. A Report on Management Discussion & Analysis and a declaration by the Chairman for having
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obtained affirmation of compliance of the Code of Conduct by the Board Members and Senior Management for the year ended March 31, 2011 is also appended to this Report. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to Sub-Section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that: I. In the preparation of the Annual Accounts, the applicable accounting standards have been followed and there has been no material departures from accounting standards; The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit/(loss) of the Company for that period; The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; The Directors have prepared the annual accounts on a going concern basis.
II.
III
IV
DIRECTORS The Board for Industrial and Financial Reconstruction (BIFR) vide Order F.No.16(4)/G-72/2009/BIFR/SD DT.15.09.2010 has withdrawn the nomination of Shri P. Ganesan, Special Director (BIFR) from the Board of the Company with immediate effect and further vide Order F.No. 16(4)/G-73/ 2010/BIFR/SD dated 8th December 2010, nominated Shri Ashok Gupta as Special Director (BIFR) on the Board of the Company with immediate effect under Section 16(4) of the Sick Industrial Companies ( Special Provisions) Act, 1985. The Ministry of Heavy Industries and Public Enterprises, Department of Heavy Industry, New Delhi vide Presidential Order No.F.No.5-1(3)/2009- P.E. X dt. 28th December 2010 has appointed Shri G.K. Pillai, Chairman and Managing Director of Heavy Engineering Corporation of India Limited, Ranchi as Part-Time Chairman of the Company with immediate effect till the date of his retirement ( i.e. 31.12. 2011) or until further orders vice Shri A.V. Kamat. In
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accordance with section 260 of the Companies Act, 1956 and Article 77 & 83 of the Articles of Association of the Company, Shri G.K. Pillai shall hold directorship upto the 12th Annual General Meeting of the Company and is eligible for appointment as Director at the meeting. The Ministry of Heavy Industries and Public Enterprises, Department of Heavy Industry, New Delhi vide Presidential Order No.F.No.5-1(4)/2009- P.E. X (Pt.) dt. 29th December 2010 and Order No. F.No.5-1(4)/2009-P.E.X (Pt.) dt. 28th July 2011 has also assigned Additional Charge of the post of Managing Director of the Company to Shri G.K. Pillai, Part Time Chairman of the Company w.e.f 01.01.2011 for a period of three months and w.e.f. 01.04.2011 for a period of six months respectively or till a regular incumbent joins the Post or until further orders, whichever is earliest, consequent upon superannuation of Shri V. Hemachandra Babu, Managing Director of the Company. The Ministry of Heavy Industries and Public Enterprises, Department of Heavy Industry, New Delhi vide Presidential Order No.F.No.5(10)/2011- P.E. X dt. 5th May 2011 has appointed Shri S.G. Sridhar, Director (Operations), HMT Limited as Part-Time Director of the Company with immediate effect until further orders. In accordance with section 260 of the Companies Act, 1956 and Article 77 & 83 of the Articles of Association of the Company, Shri S.G. Sridhar shall hold directorship upto the 12th Annual General Meeting of the Company and is eligible for appointment as Director at the meeting. Shri K. H. Suresh, Director (Technology) ceased to be Director of the Company w.e.f.. 12-08-2011 consequent upon his resignation. The Board of Directors recorded appreciation of the valuable contributions made by Shri A.V. Kamat,
Shri V. Hemachandra Babu, Shri K. H. Suresh and Shri P. Ganesan during their respective tenure on the Board of the Company. In terms of provisions of Section 256 of the Companies act, 1956 and article 85 of the Articles of Association of the Company, Shri Harbhajan Singh, Director, retires by rotation at the ensuing Annual General Meeting and is eligible for reappointment. ACKNOWLEDGEMENTS The Directors are thankful to HMT Limited, the Holding Company, its Subsidiaries, various Departments and Ministries in the Government of India, particularly the Department of Heavy Industry, Ministry of Heavy Industries and Public Enterprises, Ministry of Corporate Affairs, Comptroller & Auditor General of India, Principal DirectorCommercial Audit, Statutory and Branch Auditors, Director General Supplies & Disposals, Director General, Ordnance Factories, various State Governments, Suppliers and Dealers, the Consortium of Banks lead by UCO Bank and valued customers of the Company both in India and abroad for their continued co-operation and patronage. The Directors also wish to sincerely appreciate the contributions made by the employees at all levels in the operations during the year, despite the difficult situation faced by the Company. For and on behalf of the Board of Directors
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ADDENDUM TO DIRECTORS REPORT FOR THE YEAR 2010-11 IN RESPECT OF OBSERVATIONS MADE BY THE STATUTORY AUDITORS ON THE ACCOUNTS OF HMT MACHINE TOOLS LIMITED FOR THE YEAR ENDED 31ST MARCH 2011
Sl. No. 4. Statutory Auditors Observation Accounting Standard-9 (Revenue Recognition), where the company is, in case of FOR Destination Contracts, recognizing its revenue on sales when "LR/GR obtained and endorsed in favour of customer" though the significant risk and rewards is not transferred to buyer. Consequently, the Sales which are in Transit as on March 31, 2011 and whose ownership is still lying with the Company are recognized as sales for the financial year 2010-11. This has resulted in overstatement of sales by `376.24 lakhs and understatement of loss by `27.41 lakhs. Companys Reply The Company Accounting Policy is in line with AS-9 and has been followed consistently in the past. There is no deviation in the accountal of sales as far as the significant risks and ownership of goods stands transferred to the buyer based on the physical despatch and GC note has been made in the name of customer. Moreover, as per the terms and conditions of contract, the machine should not be despatched/delivered without getting the same inspected and issue of inspection notes by the Quality Assurance Officer nominated in the contract. Accordingly the customer has inspected and accepted the machine and given clearance for despatch of machines before 31st March 2011. In view of the above, this has not resulted in overstatement of sale by `376.24 lakhs and understatement of loss by `27.41lakhs. 6. a) Non-confirmation of debtors, creditors and advances, the consequential effect on the financial statements is not ascertainable. We draw attention to note no 9 of schedule 10 "Sanctioned Rehabilitation Scheme from BIFR" regarding non recognizing of various sanctions, waivers and exemptions from various government agencies and banks as the stakeholders filed an appeal before Appellate Authority for Industrial and Financial Reconstruction against the order of Board for Industrial & Financial Reconstruction. Proper disclosure has been made vide point No. 14 under schedule No.10 forming part of Annual Accounts for the year 2010-11. Efforts are being made to get the confirmations from the concerned parties. The BIFR has sanctioned Rehabilitation Package for the company envisaging various sanctions, waivers and exemptions from Central/State Government agencies and Banks. However, an appeal by certain stakeholders against the BIFR, pending confirmation from the respective stakeholders and the statutory formalities which are to be complied with, no recognition has been given for the reliefs, concessions and exemptions in the accounts for the period ended 31.03.2011. Therefore necessary disclosure has been made to this effect under notes to the accounts. The fact that Fixed Assets include immovable properties, vested under the Scheme of arrangement approved by the Govt. of India for which mutation of title deed is yet to be done in the revenue record, fresh Lease Deed in respect of Lease Hold Lands pending and conversion of Revenue land for industrial use at Machine Tools Unit Ajmer, pending finalization of rates by the Govt. of Rajasthan have been disclosed vide point no. 2, 4.1 & 4.3 in the Fixed Asset Schedule forming part of accounts. The fact of non-possession of 39 acres of land by the Company in respect of Praga Tools Division, Hyderabad have been adequately disclosed in the fixed assets
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6. b)
6. c)
We draw attention to Schedule 3 "Fixed Assets", Note 2, 4.1 and 4.3 where the titles or lease deed of land is not in the name of the Company and Note no. 4.4 where a portion of land admeasuring approximately 39 acres is not in possession of the company, the value of such land included in Fixed Assets is not
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Sl. No.
Statutory Auditors Observation ascertained. Loss, on account of these lands. Could not be ascertained.
Companys Reply schedule forming part of accounts vide Point No. 4.4. The matter is being pursued with the concerned authority for settlement. The company has submitted proposal to the Govt. of India, Department of Heavy Industries for waiver of Guarantee fee amounting to `98.41 lakhs in respect of Praga Tools Division, and accordingly the same has not been provided in the books. Further, as per BIFR order vide case No.504/98 dated 3rd May, 2007 in respect of Praga Tools Division, the penal damages of `349.58 lakhs towards Family Pension contribution is to be waived off by the PF Authorities and accordingly the same has not been provided in the Books. However, the necessary disclosure has been made to the above effect in the notes forming part of annual accounts of the company vide point No.13.2 &13.3. As such there is no understatement of loss of `447.99 lakhs.
6. d)
We draw attention to Schedule 10, Note no.13.2 "No provision towards Government Counter Guarantee Fee" of `98.41 lakhs on the guarantee extended by the Govt. of India to State Bank of Hyderabad on behalf of company and Note no. 13.3 "No provision towards penal interest on un paid contributions under Employees Family Pension Scheme" of `349.58 lakhs in respect of Praga Tools Division. Consequently loss has been understated by `447.99 lakhs during the year.
6. e)
"No provision is made by Bangalore Branch (MBX), Ajmeer Branch and Hyderabad Branch (MTH) for the liability, if any, towards the interest payable under Micro, Small and Medium Enterprise Development Act, 2006 in the absence of confirmation from the vendor. The impact on non-provision of such interest on the financial result cannot be quantified. We draw attention to Schedule 10, Note no 11.2 "Amount withheld towards liquidated damages and interest on advances claimed/if claimed on delayed supplies". As per the information and explanation provided, these are with held by buyers due to delay in supply in accordance with agreement with the parties. This resulted in overstatement of sundry debtors and understatement of loss by `516.6 lakhs and an amount of `104.67 lakhs being interest on advances with held by a customer has not been included, which resulted in overstatement of Sundry Debtors and understatement of loss by `104.67 lakhs. In respect of Pinjore Branch, provident fund dues aggregating `605.84 lakhs, not having remitted to the authorities and the consequent noncompliance with the provisions of sub section (4) of Section 418 of the Companies Act, 1956 and provision not having been ascertained and
To the extent of information available with the Company, provision has been made towards the interest payable under Micro, Small and Medium Enterprises Development Act, 2006. However, necessary disclosure has been made vide point No.13.1 a) (i) ,(ii) & b) under notes forming part of Annual Accounts of the company for the year 2010-11. The non-provisioning of LD's outstanding less than 3 years and debtors less than 5 is in line with the uniform accounting practice consistently being followed in the Company, in compliance to internal accounting guidelines of the Company vide letter No. GGM (F) dated 07.06.2004. As such, there is no overstatement of Sundry Debtors and understatement of loss to the extent of `621.27 lakhs.
6. f)
6. g)
The Provident Fund Trust has been formed and governed by Board of Trustees of the Unit/Company under the provisions of Employees Provident Fund and Misc. Act, 1952. As the Unit/Company is facing acute financial crunch due to lower level of turnover, there is an outstanding payment of PF dues. However, the loss suffered by the
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Statutory Auditors Observation made in respect of penalty and damages arising out of non-remittance of Provident Fund dues to the authorities and the consequent effect on the account not being ascertainable.
Companys Reply PF Trust consequent to delay in remittance of PF dues has been made good by the Unit/Company by providing 12.5% interest on such belated payments. As per the MOU with the Holding company, equivalent land value will be transferred to HMT Machine Tools Limited. As such there is no understatement of prior period income and overstatement of cumulative loss by `36.55 Crores.
6. h)
During the year 2002-03 and 2003-04, vide Memorandum of Understanding between the Company and HMT Limited, the holding company, the land admeasuring 26.952 acres belonging to the company was sold by HMT Limited and profit on sale amounting to `36.55 Crores has not been accounted by the company resulting in understatement of prior period income by `36.55 Crores and overstatement of cumulative loss by `36.55 Crores. After considering understatement of Loss, as referred in Paragraph4, paragraph 6(d) and 6(f), the aggregate loss for the year has been understated by `1096.67 lakhs. Prior Period income, as referred in para 6(h), has been understated by `3655 lakhs and Accumulated losses has been overstated by `2558 lakhs.
6. i)
Necessary provisions have been made wherever required and as such, there is no understatement of loss for the year. As per the MOU with the Holding company, equivalent land value will be transferred to HMT Machine Tools Limited. As such there is no understatement of prior period income and overstatement of cumulative loss by `36.55 Crores.
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