BOMBAY WIRE ROPERS LIMITED
ANNUAL REPORT 2007-2008
MANAGEMENT DISCUSSION AND ANALYSIS
Rs. in Lakhs
Deficit for the year (31.65) (48.20)
Add: Previous Years deficit (822.95) (774.75)
Balance deficit in the Profit & Loss A/c. (854.60) (822.95)
Less: General Reserve 67.40 67.40
Balance deficit carried forward (787.20) (755.55)
YEAR ENDED REVIEW:
As informed last year the company has permanently and irrevocably closed
down its wire rope unit situated at Kolshet Road, Thane after complying
with the procedures required under the relevant laws laid down for the
purpose. The aforesaid closure has been challenged by some workmen who have
filed a reference which remains pending for consideration before the
Industrial Court. However the Company, has been advised that the closure of
factory is legally complete.
The Company has during the year commenced the activity of manufacturing
The Company had, alongwith Warden Synplast (P) Ltd., entered into an
agreement with a developer for grant development rights in the land owned
by the Company. The aforesaid they agreement has been terminated by the
Company on certain grounds and the dispute has been referred to arbitration
as per the order of Honble Bombay High Court in suit filed by the
developer for specific performance of the contract. The arbitration process
has commenced but not been completed till date. As the possession of the
property remains with the Company and WS and no development whatsoever has
commenced thereon, the part amount received from the developer continues!to
be shown under Current Liabilities 8, Provisions and the land and
building(s) thereon also continue to be included under Fixed Assets
having regard to para 11 of Accounting Standard (AS)-9 under which revenue
cannot be recognised until significant risks and rewards of ownership has
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