Home  »  Company  »  Alpine Hous.Dev.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Alpine Housing Development Corporation Ltd.

Mar 31, 2014

Particulars in respect of Long Term Borrowings are:

a. Working Capital Term Loan due to Syndicate Bank: Sleeper Division : Rs. 1,03,68,037/- (PY.Rs. 1,24,93,624/-):

i. Are secured by Unregistered Equitable Mortgage by deposit of title deeds of Industrial Property at Bellur Village in Kolar District.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Li mited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A. Rasheed and that of M/s Alpine Builders Private Limited have been provided.

iii Repayable in:

a. In 24 monthly Installments of Rs.2,50,000/- from April, 2014 to March, 2016; and

b. In 12 monthly Installments of Rs.2,91,000/- from April, 2016 to March, 2017.

iv Period of default is Seven Months.

v Amount of continuing default is Rs. Nil/-(Rs.3,34,000/-)

b. Working Capital Term Loan due to Syndicate Bank: For Alloys Division: Rs. 50,40,484/- (PY.Rs. 60,82,880/-)

i. Are secured by Unregistered Equitable Mortgage by deposit of title deeds of Industrial Property at Bellur Village in Kolar District.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders

Private Limited are provided.

iii. Repayable in:

a. In 24 monthly Installments of Rs.1,20,000/- from April, 2014 to March, 2016; and

b. In 12 monthly Installments of Rs.1,35,000/- from April, 2016 to March, 2017.

iv. Defaulted Nil

v. Amount of co ntinuing default is Rs. Nil (Rs.Nil)

c. Bank Guarantees Issued by Syndicate Bank: Rs,35,00,000/- (PY.Rs. 45,00,000/

i. Are secured by Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bellur Village in Kolar District and of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Director s viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided.

iii. Repayable On Demand

iv. No default

d. Term Loan due to India Bulls Financial Services Ltd.Rs,2,84,98,577/- (PY.Rs. 4,13,79,007/

i. Are secur ed by Equitable Mortgage of land bearing Sy.No.67/3, Sarakki gate, Kanakapura Main Road, Bangalore measuring in all to 1 Acre Nil Guntas belonging to the company.

ii. Repayable in equated monthly installments of Rs. 15,75,160/ - (inclusive of interest) dur ing the period ending 1 51 February, 2017.

iii. No default

e. Term Loan due to various Banks and NBFC Hypothecation of Machinery and Vehicles: Rs, 9,26,346/ - (PY.Rs. Nil)

i. Are secured by:

1. Magma Finance Corporation Ltd: Rs.9,26,346(P.Y.Nil) secured by hypothecation of Nissan Terrona Car;

ii Repayable in equated monthly installments.

ii No default.

iv. Classified as :-Short Term Borrowings Rs. 3,04,555 (P.Y.Rs.Nil)

f. Unsecured Loan due to Government of Karnataka: Deferred Sales Tax Liability: Rs,Nil (P YRs. 11,32,568/-

i. Repaid fully during the year.

Particulars in respect of Short Term Borrowings are:

a. Cash Credit Loan due to Syndicate Bank: For Sleeper and Alloys Divisions: Rs,1,93,64,144 /- (P.Y.Rs. 2,53,64,419/-):

i Are secured Hypothecation of Stock of Raw Materials, Stock-in- process, Finished Goods, tools, spares, other receivables of Sleeper and Alloys Divisions.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bellur Village in Kolar District and of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer a nd Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided iiL Credit Limit is payable on demand. iv. Amount of continuing default is Rs.Nil (Rs.Nil)

b. Cash Credit Loan due to State Bank of India: For Alpine VIVA Housing Project: Rs,Nil (P.Y.Rs. 20,33,76,355/ -):

i. Are secured by Equitable Mortgage of Developers share of 138 unsold Flats with 81,479 Sq.Ft. saleable built-up area in the land where the Alpine VIVA Housing Project is being developed, as pri mary security.

Equitable Mortgage of lands measuring in all to 2 Acres 20 Guntas in Sy.Nos.75/2 and 75/4 at Pannathur Village belonging to Mr.S,A,Kabeer, the Director and Promoter of the company and extension of the Equitable Mortgage of lands measuring in all to 15 acres in Sy.Nos.120/A, 120/B, 121/A and 121/B at Hoovinayakanahalli Village belonging to the company as collateral securities.

ii. Guaranteed by Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of Mr.S.M.Muneer Director of M/s Alpine Builders Private Limited.

c. Unsecured Loan due to Related Parties: Rs,18,1999,506/- (P.Y.Rs. 25,00,00,000/

i. Repayable on demand at short notice.

ii. Interest Free.

26. Contingent Liabilities:

Particulars of Contingent Liabilities:

a. Guarantees

Particulars As At 31.3.2014 As At 31.3.2013

i Liability towards the Guarantees issued by the Syndicate Bank to :

Indian Railways

Housing Project 35,00,000 35,00,000

Nil 10,00,000

b. Other monies to which the company is contingently liable:

Particulars As At 31.3.2014 As At 31.3.2013

i.Estimated amount of contracts remaining to be executed on capital account Nil Nil _ not provided for

iL Uncalled liability of shares and other investments which are partly paid Nil Nil

iii. Other Commitments NIL Nil

2. The company has paid Minimum Alternate Tax u/s 115JB of a sum of Rs. 5,00,64,362/- (P.Y.5,89,28,551/ -) which has been charged off as expense. The same is available for set off against the normal tax liability as may arise in future within the time specified there under.

3. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

(a) The Company''s claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the litigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.8.28 Millions (P.Y.7.80 Millions). The same will be accounted in the year of realization.

(b) As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.58,09,047/- (P.Y.Rs. 56,00,679/ -) which is not reflected in the books of the company to the extent of Rs.39,94,716/ -

(P.Y.Rs. 37,86,348/ -) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.2,08,368 (P.Y.2,08,368).The same will be accounted in the year of realization.

4. The Company has not been regular in remittance of certain statutory dues during the year and the amount due on that account for a period exceeding six months as at 31st March, 2014 is Rs. Nil (P.Y.Rs.Nil).

Associated Concerns:

a. M/s Alpine Builders (P) Ltd

b. M/s Jaz Exports & Engineering (P) Ltd.

c. M/s. Alpine Infotech Pvt Ltd

Relatives:

d. M/s. Alpine Education Foundation

e. M/s.Saukcon Infra Pvt Ltd

f. Mr. S,M.Muneer

g. Mrs.Rehana Par veen

h . Mrs.Anisa Banu

i. Mrs.Athiya Begum

j. Mrs.Sabiha Talath

k. Mr. S.M.Mohisin

Key Management Personnel

" a. Mr. S.A.KABEER Managing Director

b. Mr. S.A.RASHEED Director

5. Operating Cycles of various busi nesses carried on by the Company:

Nature of Business Operating Cycle

i.Property Development Seven Years

ii.Construction Contract Six Months

iii Railway Sleeper Manufacturing Three Years

iv. Other Manufacturing Six Months

6. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.


Mar 31, 2013

1. The company has paid Minimum Alternate Tax u/s 115JB of a sum of Rs.5,89,28,551/- (P.Y.5,68,29,270) which has been charged off as expense. The same is available for set off against the normal tax liability as may arise in future within the time specified there under.

2. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

(a) The Company''s claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the litigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.7.80 Millions (P.Y.7.32 Millions). The same will be accounted in the year of realization.

(b) As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.56,00,679/- (P.Y.Rs. 53,92,311/-) which is not reflected in the books of the company to the extent of Rs.37,86,348/- (P.Y.Rs. 35,77,980/-) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.2,08,368 (P.Y.2,08,368).The same will be accounted in the year of realization.

3. The Company has not been regular in remittance of certain statutory dues during the year and the amount due on that account for a period exceeding six months as at 31st March, 2013 is Rs. Nil (P.Y.Rs.17.18 Lakhs).

4. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.


Mar 31, 2012

1. Particulars in respect of Secured and Unsecured Loans:

a. Cash Credit Loan due to Syndicate Bank: For Sleeper and Alloys Divisions: Rs,25,427,207/- (P.Y.Rs. 25,066,965/-)

i Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper and Alloys Divisions.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bellur Village in Kolar District and of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

iii. Credit Limit is payable on demand.

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

b. Working Capital Term Loan due to Syndicate Bank: Sleeper Division: Rs. 13,977,692/- (P.Y.Rs. 14,000,000/-):

i. Are secured by Unregistered Equitable Mortgage by deposit of title deeds of Industrail Property at Bellur Village in Kolar District.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee oftwo ofthe Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s AlpineBuilders Private Limited have been provided.

iii Rep ayable in:

a. In 27 monthly Installments of Rs.1,67,000/- from January, 2012 to March, 2014;

b. In 24 monthly Installments of Rs.2,50,000/- from April, 2014 to March,2016; and

c. In 12 monthly Installments of Rs.2,91,000/- from April, 2016 to March, 2017.

iv Period of default is Two Months.

v. Amount of continuing default is Rs.311,692/-(Rs.Nil) which is subsequentlypaid

c. Working Capital Term Loan due to Syndicate Bank: For Alloys Division: Rs. 6,883,303/-

(P.Y.Rs. 7,964,204/-)

: i. Are secured by Unregistered Equitable Mortgage by depositof title deeds of Industrail Property at Bellur Village in Kolar District.

Hypothecation of Plant &Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee oftwo oftheDirectors viz., Mr.S.AKabeer and Mr.S.A.Rasheed and thatof M/s AlpineBuilders Private Limited are provided.

iii. Repayable in:

a. In 15 monthly Installments of Rs. 64,000/- fromJanuary, 2012to March,20 13;

b. In 36 monthly Installments of Rs.1,20,000/- from April, 2013 to March, 2016; and

c. In 12 monthly Installments of Rs.1,35,000/- from April, 2016 to March, 2017.

iv. Defaulted for Two Months

v. Amount of continuing defaultis Rs. 1,92,000/- (Rs.Nil) which is subsequently paid

d. Bank Guarantees Issued by Syndicate Bank: For Sleeper Division: Rs,11,645,000/- (P.Y.Rs. 15,000,000/-):

i. Are secured by Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by depositof title deeds of Land and Factory Building at Bellur Village in Kolar District and of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee oftwo ofthe Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided.

iii. Repayable On Demand

iv. No default

e. Cash Credit Loan due to State Bank of India: For Alpine Pyramid Housing Project: Rs,3,04,626,483/- (P.Y.Rs. 2,918,80459/-)

i. Are secured by Equitable Mortgage of Developers share of 174 unsold Flats with 81,479 Sq.Ft. of un-divided share of land and 260734 sq.ft saleable built up area to be constructed where the Alpine Pyramid Housing Project is being developed, as primary security.

Equitable Mortgage of lands measuring in all to 15 acres in Sy.Nos.120/A, 120/B, 121/A and 121/B at Hoovinayakanahalli Village belonging to the company as collateral security.

ii Guaranteed by Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of Mr.S.M.Muneer Director of M/s Alpine Builders Private Limited

iii. To be liquidated by September, 2012.

f. Cash Credit Loan due to State Bank of India: For Alpine VIVA Housing Project: Rs,1,79,838,167/- (P.Y.Rs. 64,294,411/-):

i. Are secured by Equitable Mortgage of Developers share of 138 unsold Flats with 69,326 Sq.Ft. of un-divided share of land and 2,42,640 sq.ft saleable built up area to be constructed where the Alpine VIVA Housing Project is being developed, as primary security.

Equitable Mortgage of lands measuring in all to 2 Acres 20 Guntas in Sy.Nos.75/2 and 75/4 at Pannathur Village belonging to Mr.S,A,Kabeer, the Director and Promoter of the company and extension of the Equitable Mortgage of lands measuring in all to 15 acres in Sy.Nos.120/A, 120/B, 121/A and 121/B at Hoovinayakanahalli Village belonging to the company as collateral securities.

ii. Guaranteed by Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of Mr.S.M.Muneer Director of M/s Alpine Builders Private Limited.

iii. To be liquidated within 18 months from the date of first disbursement of loan on 14.8.2010 i.e., before 13.12.2012.

g. Term Loan due to India Bulls Financial Services Ltd.,: Rs,50,953,868/- (P.Y.Rs. 54,965,071/-

i. Are secured by Equitable Mortgage of land bearing Sy.No.67/3, Sarakki gate, Kanakapura Main Road, Bangalore measuring in all to 1 Acre Nil Guntas belonging to the company.

ii.

iii. Repayable in equated monthly installments of Rs.15,75,160/- (inclusive of interest) during the period ending 1s February, 2017.

iv. Period of default is less than one Month. Amount continuing in default is Rs.347,003/-towards Principal which is subsequently paid.

h. Term Loan due to Tata Capital Ltd.,: Rs,Nil (P.Y.Rs. 876,255/-)

i. Are secured by First Charge by Equitable Mortgage of:

1. Residential Flat bearing No.C-GF-3, Municipal No.19/1, No.8, Alpine Arch, Langford Road, Langford Town, Bangalore 560025 belonging to Mr.S.A.Rasheed, a Director of the Company;

2. Residential Flat bearing No.GF-2, Municipal No.19/2, No.1, Alpine Arch, Langford Road, Langford Town, Bangalore 560025 belonging to Mrs.Athia Begum, wife of a Director of the Company;

3. Residential Flat bearing No.C-TF-2, Municipal No.19/10, No.1, Alpine Arch, Langford Road, Langford Town, Bangalore 560025 belonging to M/s jazz Exports & Engineering Private Ltd., where in some of the Directors of the company and their relatives are interested as Directors;

ii. Repayable before 10th November, 2010. Repaid in full during the year ended on 31st March, 2012.

I. Term Loan due to Yes Bank Ltd.,: Rs,Nil/- (P.Y.Rs. 1,064,204/-):

i. Are secured by First Charge by Equitable Mortgage of Residential Plots at Site No.59, 61, 62 , 63 , 64 & 65 at Boyalahalli, Jala Hobli, Bangalore belonging to Mr.S.A.Kabeer, a Director of the Company.

ii. Guaranteed by unconditional and irrevocable Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.SA.Rasheed and Mr.S.M.Mohsin, Director of the company.

iii. Repaid fully during the year ended on 31st March, 2012.

j. Term Loan due to various Banks and NBFC Hypothecation of Machinery and Vehicles: Rs,724,357/- (P.Y.Rs. 1,660,860/-)

i. Are secured by:

1. Development Credit Bank Ltd: Rs.175,302/- (P.Y.453,644/-- secured by hypothecation of L&T make Escavator;

2. Development Credit Bank Ltd: Rs.200,911/- (P.Y.236,156/-- secured by hypothecation ofL&T make Rock Breaker;

3. ICICI Bank Ltd: Rs.Nil/- (P.Y. 9,595/-- secured by hypothecation of ALTO Car;

4. ICICI Bank Ltd: Rs.310,013/- (P.Y.659,758/-- secured by hypothecation of SKODA Car;

5. Reliance Capital Ltd: Rs.38,131/- (P.Y.200,807/-- secured by hypothecation of Tavera Car;

6. Tata Capital Ltd: Rs.Nil/- (P.Y.100,901/- secured by hypothecation of Generator Set;

ii. Repayable in equated monthly installments.

iii No default.

iv. Classified as :-Short Term Borrowings Rs.7,24,357/-

k. Unsecured Loan due to Government of Karnataka: Deferred Sales Tax Liability: Rs,2,632,658/- (P.Y.Rs. 5,520,719/-)

i. Repayable fully during the year ended on 31st March, 2012. Period of default is Twelve Months.

ii. Amount in continuing default is Rs.2,632,658/- towards Principal. The Company is due to receive input credit available of Rs.70,28,227/- from department.

2. Contingent Liabilities:

1.Particulars of Contingent Liabilities:

a. Claims against the company not acknowledged as debt:

Particulars As At As At 31.3.2012 31.3.2011

i Overdue Charges demanded by Tata Capital Ltd. 807,227 Nil

3. The company has paid Minimum Alternate Tax u/s 115JB of a sum of Rs.56,829,270/- (P.Y.54,661,991) which has been charged off as expense. The same is available for set off against the normal tax liability as may arise in future within the time specified there under.

4. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

(a) The Company's claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the litigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.7.32 Millions (P.Y.6.84 Millions). The same will be accounted in the year of realization.

(b)As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.5,392,311/- (P.Y.Rs. 5,183,943/-) which is not reflected in the books of the company to the extent of Rs.3,577,980/- (P.Y.Rs. 3,369,612/-) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.208,368 (P.Y.208,368).The same will be accounted in the year of realization.

5. The Company has not been regular in remittance of certain statutory dues during the year and the amount due on that account for a period exceeding six months as at 31st March, 2012 is Rs. 17.18 Lakhs (P.Y.Rs.3.68 Lakhs).

6. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.


Mar 31, 2010

1. Working Capital Loans from Syndicate Bank are secured by:

(a) Cash Credit Loan for Sleeper Division and Alloys Division Rs,30,135,228/- (P.Y.Rs.32,901,705/-) is secured by Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables and of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bel lur Village in Kolar District; and

(b) Bank Guarantees issued for Rs.12,145,000/- (P.Y.Rs. 12,500,000/-) is secured by Hypothecation of Plant and Machinery of Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bellur Village in Kolar District.

2. Term Loan of Rs.14,320,451/- (P.Y.Rs. 35,917,781/-) due to Tata Capital Limited is secured by Equitable Mortgage of certain immovable Properties of Directors and by personal guarantee of two Directors of the Company

3. Cash Credit Loan from State Bank of India for Alpine Pyramid Project Rs.162,367,211/- (P.YRs.Nil) is secured by Equitable mortgage of u nsold flats and col lateral security of residential & Industrial converted land of the Company;

4. Term Loan of Rs.56,237,528/-(P.Y.Rs. 61,395,036/-) due to India Bui Is Financial Services Limited is secured by Equitable Mortgage of certain immovable Properties of the Company

5. Term Loan of Rs.1,893,269/- (P.Y 2,767,086/-) due to Yes Bank Ltd is secured by Equitable Mortgage of certain immovable Properties of Directors and by personal guarantee of three Directors of the Company

6. Vehicle and Machinery Hypothecation Loans of Rs.5,863,730/- (P.Y.Rs. 6,307,006/-) are secured by Hypothecation of Vehicles and Machinery acquired by the company out of loans so borrowed.

7. The sum of Rs.93,83,000/-(P.Y. Rs. 12,383,000/-) being the balance of unsecured loan due to Government of Karnataka represents the Sales Tax collected on the finished goods retained and adjusted by the company in terms of the Government order bearing NO.C1305PC96 dated 15.03.1996 as interest free loan which will be repayable in terms of the said order.

8. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

(a) The Companys claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the itigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.6.36 Mil lions (P.Y.5.88 Mil lions). The same will be accounted in the year of realization.

(b) As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.4,975,557 (P.Y.Rs. 4,767,207/-) which is not reflected in the books of the company to the extent of Rs.3,161,244 (P.Y.Rs. .2,952,876) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.208,368 (P.Y.208,368).The same will be accounted in the year of realization.

9. The Company has not been regular in remittance of certain statutory dues during the year towards the taxes deducted at sources and the taxes payable under the direct and indirect tax laws and the amount due on that account for a period exceeding six months as at 31st March, 2010isRs.4.516Millions

10. Loans and advances and Other Current Assets are unsecured but considered good for recovery its includes Rs27.500 (P.Y Nil) being the Refundable Deposit paid in terms of Joint Development Agreement with the company in which the directors of the company are interested as directors.

11. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.


Mar 31, 2000

1. The secured term loans due to Karnataka State Industrial Investment Development Corporation Ltd., is secured by the following security.

(A) Rs.320.00 Lakhs : (P.Y.Rs.320.00 Lakhs)

Mortgage / assignment of free hold rights by the owner in respect of 1 Acre and 39 Guntas of land as well as lease hold rights in respect of 3790 Sq.Mtrs.) by the company bearing Sy.No.1/ 1-A, 251 / 251 & New No. 251 / 1 to 251 / 8.

(B) Rs.180.00 Lakhs : (P.Y. Rs.180.00 Lakhs)

( i ) Equitable mortgage by deposit of title deeds of property bearing S.Y.No.10/1 Situated at Village Wadi (JN) Tq. Chittapur, Dist Gulbarga on which the factory is built.

( ii ) A First Charge satisfactory to the Corporation by way of hypothecation of all the movable fixed assets, i.e., machinery, machinery spares, accessories, tools, jigs, fixtures etc., situation at S.Y.No.10/1 situated at Village Wadi (JN) Tq.Chittapur, Dist Gulbarga.

(C) Subsidy loan of Rs.25.00 Lakhs (P.Y. Nil) is borrowed against the investment subsidy due from the Government and it also continue to enjoy the charges referred to in (b) supra.

2. Cash credit loan of Rs.81,84,076.39 (P.Y.Rs.49,71,288) due to Amanath Co-operative Bank Ltd, is secured by Equitable Mortgage by deposit of title deeds of a property.

3. Term loan of Rs.Nil (P.Y.Rs.4,44,700) and the overdraft of Rs.35,47,170 (P.Y.Rs.36,28,171) due to Syndicate Bank is secured by Equitable Mortgage by deposit of title deeds inrespect of a immovable property of the company.

4. Deferred credit of Rs.7,24,397 (P.Y.Rs.39,47,352) due to Industrial Development Bank of India and Rs.36,60,367 (P.Y.Rs.Nil) due to Karnataka State Finance Corporation are secured by hypothecation of Excavators for which the financial assistance is obtained.

5. The 0% convertible debentures of Rs.Nil (P.Y.Rs.42,10,000) included under unsecured loans were issued subject to the condition that each of such debenture be converted into 10 equity shares of Rs.10 - each at par as fully paid up on 1.4.1999 without any act on the part of the debenture holders.

6. In respect of Sale of Railway Sleeper

i) Sale are accounted at tendered price on despatch of RBI Railway Sleeper.

ii) Escalation in price are accounted on the basis of the index rates as at 31.3.99.

iii) The balance of the escalation will be accounted on availability of the latest applicable rates and as and when claims are made by the company.

iv) Central excise Duty recovered on sale of Railway sleepers is recognised as Income only to the extent of the modavat beneficial entitled to be retained by the company in terms of the contract subsisting with the Indian Railways.

7. The sum of Rs.11,43,143 being the unsecured loan due to the Government of Karnataka represents the Sales Tax collected on the finished goods retained and adjusted by the company in terms of the Government order bearing No.C1305PC96 dated 15.3.1996 as interest free loan which will be repayable in terms of the said order.

 
Subscribe now to get personal finance updates in your inbox!