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Notes to Accounts of Andhra Sugars Ltd.

Mar 31, 2015

1. Loans and Advances include an amount of Rs.15.00 Crores (Rupees Fifteen Crores only) being the amount given as an Inter Corporate Advance u/s 186 of the Companies Act 2013, to The Andhra Petrochemi- cals, an associate of the company, on the following terms and conditions.

a) Amount of Advance : Rs.1500.00 Lakhs

b) Date of Advance : Rs.1000.00 Lakhs on 03.04.2014.

Rs. 500.00 Lakhs on 23.09.2014.

c) Interest Rate : 13.00% p.a

d) Security : Unsecured

e) Purpose of Advance : To meet Temporary Requirement of Funds.

f) Tenor : Repayable on or before 31.03.2016.

2. In the opinion of the management, all the amounts stated under sundry debtors and loans and advances are Recoverable at the values at which they are stated.

3. Disclosures on payments and dues to "suppliers" as defined in Micro, Small and Medium enterprises Development Act, 2006 ("The Act").

Note: For the purpose of the above details of the status of the supplier's under the Act has been determined, to the extent of and based on information furnished by the respective parties, and has accordingly, been relied upon by the company and its auditors.

4. Loans and Advances in the nature of loans given to subsidiary Hindustan Allied Chemicals Limited as per clause 32 of the listing agreement is Rs. Nil as on 31.3.2015. (Maximum balance outstanding during the year is Rs. 0.94 Lakhs ). The investment in the Equity shares of the company is Nos. 328760.

5. Closing stock units of Wind farm at Ramagiri and power generation unit at Taduvai as per the books of the company and as confirmed by the APGENCO is subject to reconciliation, to the extent of Rs.11.83 lakhs due to certain matters pending before Honourable High Court of Andhra Pradesh.

6. The Ministry of Corporate Affairs,Government of India, vide General Circular Nos. 2 and 3 dated 8th February, 2011 and 21st February, 2011 respectively has granted a general exemption from compliance with Section 212 of the Companies Act,1956, subject to fulfillment of conditions stipulated in the Circular. The Company has satisfied the conditions stipulated in the Circular and hence is entiled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

7. GENERAL:

Figures have been rounded off to the nearest thousand. Previous year figures have been regrouped wherever necessary. Figures in Brackets are for previous year.


Mar 31, 2014

1. Exceptional item in 2012-13 represents Liability of the Company towards Fuel Surcharge Adjustment Charge payable to Eastern Power Distribution Company of Andhra Pradesh Ltd., for the years 2010-11 and 2011- 12 as per the orders of APERC.

2. In the opinion of the management, all the amounts stated under sundry debtors and loans and advances are recoverable at the values at which they are stated.

3. Disclosures on payments and dues to "suppliers" as defined in Micro, Small and Medium enterprises Development Act, 2006 ("The Act").

4. Loans and Advances in the nature of loans given to subsidiary Hindustan Allied Chemicals Limited as per Clause 32 of the Listing Agreement is Rs. Nil as on 31.3.2014. (Maximum balance outstanding during the year is Rs. 0.64 Lakhs ). The investment in the Equity Shares of the company is Nos. 328760.

5. Closing stock units of Wind farm at Ramagiri and power generation unit at Taduvai as per the books of the Company and as confirmed by the APGENCO is subject to reconciliation, to the extent of Rs.11.83 lakhs due to certain matters pending before the Honourable High Court of Andhra Pradesh.

PARTICULARS DISCLOSED PURSUANT TO "ACCOUNTING STANDARD -18 RELATED PARTY DISCLOSURES"

(A) LIST OF RELATED PARTIES:

1) Subsidiary Companies:

(a) JOCIL LIMITED

(b) The Andhra Farm Chemicals Corporation Limited

(c) Hindustan Allied Chemicals Limited

2) Key Management Personnel (KMP) :

Wholetime Directors

Dr. B.B.Ramaiah

Sri Pendyala Narendranath Chowdary

Sri Mullapudi Narendranath

Sri Mullapudi Thimmaraja

Sri Pendyala Achuta Ramayya

Sri P.S.R.V.K.Ranga Rao

3) Relatives of Key Management Personnel

Sri B.V.V.S.Ramesh Kumar Son of Dr.B.B.Ramaiah

Smt. Pendyala Jhansi Jayalakshmi Wife of Sri P.Narendranath Chowdary

Sri Pendyala Venkata Krishna Rao Brother of Sri P.Narendranath Chowdary

Smt. Sri Balusu Ranganayaki alias Radhika Sister of Sri P.Narendranath Chowdary

Smt. Ethirajulu Ramalakshmi Sister of Sri P.Narendranath Chowdary

Smt. Jujjavarapu Usha Rani Sister of Sri P.Narendranath Chowdary

Smt. Maddipoti Kamala Devi Sister of Sri P.Narendranath Chowdary

Smt. Mullapudi Satyanarayanamma Sister of Sri P.Narendranath Chowdary

Smt. Nutakki Ananthalakshmi Sister of Sri P.Narendranath Chowdary

Kum. Pendyala Ananthalakshmi Satyavathi Devi Daughter of Sri P.Narendranath Chowdary

Smt. Jayaraman Ananthalakshmi Sister of Sri M.Narendranath

Smt. Kosaraju Ramalakshmi Sister of Sri M.Narendranath

Smt. Nidadavolu Venkata Ramanamma Sister of Sri M.Narendranath

Smt. Yelamarthy Narayanamma Sister of Sri M.Narendranath

Smt. Mullapudi Narayanamma Wife of Sri M.Narendranath

Sri Mullapudi Vikram Prasad Son of Sri M.Narendranath

Smt. Gaddipati Anuradha Daughter of Sri M.Narendranath

Smt. Goli Jayashree Daughter of Sri M.Narendranath

Smt. Mullapudi Renuka Wife of Sri M.Thimmaraja

Sri Mullapudi Mrutyumjaya Prasad Son of Sri M.Thimmaraja

Smt. Goli Devi Daughter of Sri M.Thimmaraja

Smt. Pendyala Sesha Shailaja Wife of Sri P.Achuta Ramayya

Smt. Pendyala Divya Atchamamba Daughter of Sri P.Achuta Ramayya

Smt. Pendyala Shruthi Rajeshwari Daughter of Sri P.Achuta Ramayya

Smt. Pendyala Sujatha Mother of Sri P.S.R.V.K.Ranga Rao

Smt. Pendyala Usha Lakshmi Wife of Sri P.S.R.V.K.Ranga Rao

Kum. Pendyala Meghana Sri Sai Sujatha Daughter of Sri P.S.R.V.K.Ranga Rao

Chy. Pendyala Prithvi Sri Narendra Rayudu Son of Sri P.S.R.V.K.Ranga Rao

4) Enterprises in which Key Management Personnel and/or their relatives have significant influence

Andhra Pradesh Gas Power Corporation Limited

Jaya Industries

Jayalakshmi Chemical Enterprises Pvt. Limited

Jayalakshmi Estates

Jayalakshmi Estates Limited

Jayalakshmi Fertilisers

Jayalakshmi Plastics and Chemicals

Ramaiah & Co.

Royal Printing Works

Mullapudi Venkatarayudu Eye Centre

Mullapudi Kamala Devi Cardiovascular Centre

Sree Akkamamba Textiles Limited

Sree Mullapudi Thimma Raju Memorial Library & Cultural Centre

Sree Mullapudi Venkataramanamma Memorial Hospital

Sree Rangaraya Estates

Sree Sarvaraya Sugars Limited

Sree Satyanarayana Spinning Mills Limited

Sree Pendyala Venkata Krishna Rangaraya Memorial Trust

Sree Harischandra Prasad Investment & Finance Company Limited

Sree Mullapudi Venkatarayudu Memorial Educational Trust

Sree Mullapudi Venkataraya Memorial Polytechnic

Sree Mullapudi Venkatarayudu Memorial Medical Trust

Sugarfield Constructions Pvt. Limited

The Mullapudi Investment & Finance Company Pvt. Limited

Thimmaraja Investment & Finance Company Pvt. Limited

Vibhas Polymers Pvt. Limited

5) Associate Company :

The Andhra Petrochemicals Limited

6.The Ministry of Corporate Affairs,Government of India, vide General Circular Nos. 2 and 3 dated 8th Febru- ary, 2011 and 21st February, 2011 respectively has granted a general exemption from compliance with Sec- tion 212 of the Companies Act,1956, subject to fulfillment of conditions stipulated in the Circular. The Com- pany has satisfied the conditions stipulated in the Circular and hence is entiled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

7.GENERAL:

Figures have been rounded off to the nearest thousand. Previous year figures have been regrouped wherever necessary. Figures in Brackets are for previous year.

JOCIL LIMITED

1. The Andhra Sugars Limited held 48,86,500 Equity Shares of Rs.10/- each fully paid-up out of the total paid-up shares of 88,81,150 amounting to Rs. 8,88,11,500/-.

2. The subsidiary company earned a profit of Rs.11,32,53,257/- for the year ended 31st March, 2014 and no part of this was dealt with in the holding company''s Accounts.

THE ANDHRA FARM CHEMICALS CORPORATION LIMITED

1. The Andhra Sugars Limited held 3,45,700 Equity Shares of Rs.10/- each fully paid-up out of the total subscribed shares of 4,50,000.

2. The subsidiary company incurred a loss of Rs.54,88,106/- for the year ended 31st March, 2014 and no part of this was dealt with in the holding company''s Accounts.

HINDUSTAN ALLIED CHEMICALS LIMITED

1. The Andhra Sugars Limited held 3,28,760 Equity Shares of Rs.2.50 ps per share called and paid- up out of the total subscribed shares of 4,25,012 of Rs.10/- each.

2. The subsidiary company earned a profit of Rs.4,96,804/- for the year ended 31st March, 2014 and no part of this was dealt with in the holding company''s Accounts.

Since the accounting year of the subsidiary companies coincide with that of the holding company, furnishing of information relating to material changes of subsidiary companies, does not arise.


Mar 31, 2013

Note -1

1. Other monies for which the Company is contingently liable :

(a) Guarantees issued by the Company for obligations

arising out of events occurred at the Balance Sheet date 1894.28 1563.04

(b) On letter of Credit opened with banker for purchase of Material 1333.13 4417.47

(c) Under the provisions of "The Levy Sugar Price Equalisation Fund Act, 1976" the excess amount collected over the notified levy sale price pursuant to the interim stay granted by the Courts vests in the fund. In a writ petition No: 1534/76 filed by the Company against these provisions, the High Court of Andhra Pradesh has held that provisions of the said Act are not applicable to the excess collections made prior to 15-6-1972, against which the Union Government filed a civil appeal No: 274/79 before the Supreme Court, which is pending.

While admitting the appeal, the Supreme Court granted stay of operation of Judgment of A.P. High Court in W.P.No: 1534/76 and directed the Company to furnish a Bank Guarantee for Rs.9.60 lakhs being the difference in levy Sugar price for the Sugar Season 1969-70. The Bank Guarantee was furnished on 7-12-1979 in favour of Registrar, High Court of Andhra Pradesh. Interest, if any, payable under the said Act, estimated at Rs. 64.39 lakhs (Rs 62.66 lakhs) has not been provided for in the accounts pending final legal decision in the matter. However, an amount of Rs.66.80 lakhs was appropriated during the financial year 2008-09 by Govt India, New Delhi, against payment of buffer stock subsidy dues, which was protested by the company.

Note - 2

2. Exceptional items represents Liability of the Company towards Fuel Surcharge Adjustment Charge payable to Eastern Power Distribution Company of Andhra Pradesh Ltd., for the years 2010-11 and 2011-12 as per the orders of APERC.

Note - 3

3. In the opinion of the management, all the amounts stated under sundry debtors and loans and advances are Recoverable at the values at which they are stated.

4. Loans and Advances in the nature of loans given to subsidiary Hindustan Allied Chemicals Limited as per clause 32 of the listing agreement is Rs.Nil (0.46 Lakhs) as on 31.3.2013. (Maximum balance outstanding during the year is Rs. 0.82 Lakhs ). The investment in the Equity Shares of the company is Nos. 328760.

Note - 5

5. Closing stock units of Wind farm at Ramagiri and power generation unit at Taduvai as per the books of the Company and as confirmed by the APGENCO is subject to reconciliation, to the extent of Rs.11.83 lakhs due to certain matters pending before Honourable High Court of Andhra Pradesh.

6. PARTICULARS DISCLOSED PURSUANT TO "ACCOUNTING STANDARD -18 RELATED PARTY DISCLOSURES"

(A) LIST OF RELATED PARTIES:

1) Subsidiary Companies:

(a) JOCIL LIMITED

(b) The Andhra Farm Chemicals Corpn. Ltd.

(c) Hindustan Allied Chemicals Ltd.

2) Key Management Personnel (KMP) :

Wholetime Directors

Dr. B.B.Ramaiah

Sri P.Narendranath Chowdary

Sri M.Narendranath

Sri M.Thimmaraja

Sri P.Achuta Ramayya

Sri P.S.R.V.K.Ranga Rao

3) Relatives of Key Management Personnel

Sri B.V.V.S.Ramesh Kumar

Smt. Pendyala Jhansi Jayalakshmi

Sri Pendyala Venkata Krishna Rao

Smt. Sri Balusu Ranganayaki

Smt. Ethirajulu Rama Lakshmi

Smt. Jagarlamudi Akkamamba

Smt. Jujjavarapu Usha Rani

Smt. Maddipoti Kamala Devi

Smt. Mullapudi Satyanarayanamma

Smt. Nutakki Anantha Lakshmi

Kum. Pendyala Anantha Lakshmi Satyavathi Devi

Smt. Jayaraman Anantha Lakshmi

Smt. Kosaraju Rama Lakshmi

Smt. Nidadavolu Venkataramanamma

Smt. Yalamarthi Narayanamma

Smt. Mullapudi Narayanamma

Sri Mullapudi Vikram Prasad

Smt. Gaddipati Anuradha

Smt. Goli Jayashree

Smt. Mullapudi Renuka

Sri Mullapudi Mrutyumjaya Prasad

Smt. Goli Devi

Smt. Pendyala Sesha Shailaja

Son of Dr.B.B.Ramaiah

Wife of Sri P.Narendranath Chowdary

Brother of Sri P.Narendranath Chowdary

Sister of Sri P.Narendranath Chowdary

Sister of Sri P.Narendranath Chowdary

Sister of Sri P.Narendranath Chowdary

Sister of Sri P.Narendranath Chowdary

Sister of Sri P.Narendranath Chowdary

Sister of Sri P.Narendranath Chowdary

Sister of Sri P.Narendranath Chowdary

Daughter of Sri P.Narendranath Chowdary

Sister of Sri M.Narendranath

Sister of Sri M.Narendranath

Sister of Sri M.Narendranath

Sister of Sri M.Narendranath

Wife of Sri M.Narendranath

Son of Sri M.Narendranath

Daughter of Sri M.Narendranath

Daughter of Sri M.Narendranath

Wife of Sri M.Thimmaraja

Son of Sri M.Thimmaraja

Daughter of Sri M.Thimmaraja

Wife of Sri P.Achuta Ramayya

Smt. Pendyala Divya Atchamamba

Kum. Pendyala Sruthi Rajeswari

Smt. Pendyala Sujatha

Smt. Pendyala Usha Lakshmi

Kum. Pendyala Meghana Sri Sai Sujatha

Chy. Pendyala Pridvi Sri Narendrarayudu

Daughter of Sri P.Achuta Ramayya Daughter of Sri P.Achuta Ramayya Mother of Sri P.S.R.V.K.Ranga Rao Wife of Sri P.S.R.V.K.Ranga Rao Daughter of Sri P.S.R.V.K.Ranga Rao Son of Sri P.S.R.V.K.Ranga Rao

4) Enterprises in which Key Management Personnel and/or their relatives have significant influence

Andhra Pradesh Gas Power Corporation Limited

J J Finance

J L Finance

Jaya Agro Chemicals

Jaya Finance

Jaya Industries

Jayalakshmi Chemical Enterprises Pvt. Limited

Jayalakshmi Estates

Jayalakshmi Estates Limited

Jayalakshmi Fertilisers

Jayalakshmi Finance

Jayalakshmi Plastics and Chemicals

Ramaiah & Co.,

Royal Printing Works

Sree Akkamamba Textiles Limited

Sree Mullapudi Kamala Devi Cardio Vascular Centre

Sree Mullapudi Thimmaraju Memorial Library and Cultural Centre

Sree Mullapudi Venkataramanamma Memorial Hospital

Sree Rangaraya Estates

Sree Sarvaraya Sugars Limited

Sree Satyanarayana Spinning Mills Limited

Sri Pendyala Venkata Krishna Rao Memorial Trust

Sugarfield Constructions Pvt. Limited

Sree Harischandra Prasad Investment & Finance Company Limited

Sree Mullapudi Venkatarayudu Memorial Education Trust

Sree Mullapudi Venkataraya Memorial Polytechnic

Sree Mullapudi Venkatarayudu Memorial Medical Trust

The Mullapudi Investment & Finance Company Pvt. Limited

Thimmaraja Investment & Finance Company Pvt. Limited

Vibhas Polymers Pvt. Limited

5) Associate Company :

The Andhra Petrochemicals Limited

7.The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February, 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act,1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entiled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

8.GENERAL:

Figures have been rounded off to the nearest thousand. Previous year figures have been regrouped wherever necessary. Figures in Brackets are for previous year.


Mar 31, 2012

Note - 1

1. "Sundry Creditors" includes Rs.7.53 lakhs received from State Trading Corporation (STC) towards damages for breach of Contract pursuant to the orders of the Appellate Authorities/ Arbitrators. Since, further Appeals preferred by the S.T.C. Before the higher appellate authorities are pending, the said amount is not recognised as revenue in the year of receipt, pending disposal of final appeal.

Note - 2

2. In the opinion of the management, all the amounts stated under sundry debtors and loans and advances are recoverable at the values at which they are stated.

Note - 3

3. Disclosures on payments and dues to "suppliers" as defined in Micro, Small and Medium enterprises Development Act, 2006 ("The Act"). 31.03.2012

1. Amount remaining unpaid, beyond the appointed / agreed date at the end of the year. Rs.in Lakhs

(a) Principal amount of bills to be paid 0

(b) Interest due thereon 0

4. (a) Payments made to suppliers, during the year, but beyond appointed / agreed by 140.02 Interest thereon in terms of Sec. 16 of the Act 0.14

(b) Interest paid along with such payments during the year

(c) Interest due and payable at the end of the year, on such payments made during the year 0.14

5. Amount of interest, for the year, u/s. 16 of the Act, including that accrued and remaining unpaid, at the end of the year 0.14

6. Total amount of interest, u/s. 16 of the Act, including that arising in earlier years, accrued and remaining unpaid at the end of the year 0.14

Note: For the purpose of the above details of the status of the supplier's under the Act has been determined, to the extent of and based on information furnished by the respective parties, and has accordingly, been relied upon by the Company and its auditors.

Note - 4

7. Loans and Advances in the nature of loans given to subsidiary Hindustan Allied Chemicals Limited as per clause 32 of the listing agreement is Rs.0.46 lakhs as on 31.3.2012. (Maximum balance outstanding during the year is Rs. 11.02 lakhs ). The investment in the Equity Shares of the Company is Nos. 328760.

Note - 5

8. Closing stock units of Wind farm at Ramagiri and power generation unit at Taduvai as per the books of the Company and as confirmed by the APGENCO is subject to reconciliation, to the extent of Rs.11.83 lakhs due to certain matters pending before Honourable High Court of Andhra Pradesh.


Mar 31, 2011

(A) Under the provisions of "The Levy Sugar Price Equalisation Fund Act, 1976" the excess amount collected over the notified levy sale price pursuant to the interim stay granted by the Courts vests in the fund. In a writ petition No: 1534/76 filed by the Company against these provisions, the High Court of Andhra Pradesh has held that provisions of the said Act are not applicable to the excess collections made prior to 15-6-1972, against which the Union Government filed a civil appeal No: 274/79 before the Supreme Court, which is pending.

While admitting the appeal, the Supreme Court granted stay of operation of Judgment of A.P. High Court in W.P.No: 1534/76 and directed the Company to furnish a Bank Guarantee for Rs.9.60 lakhs being the difference in levy Sugar price for the Sugar Season 1969-70. The Bank Guarantee was furnished on 7-12-1979 in favour of Registrar, High Court of Andhra Pradesh. Interest, if any, payable under the said Act, estimated at Rs.62.66 lakhs (Rs.60.93 lakhs) has not been provided for in the accounts pending final legal decision in the matter. However, an amount of Rs.66.80 lakhs was appropriated during the Financial Year 2008-2009 by Govt India, New Delhi, against payment of buffer stock subsidy dues, which was protested by the company.

1. "Sundry Creditors" includes Rs.7.53 lakhs received from State Trading Corporation (STC) towards damages for breach of Contract pursuant to the orders of the Appellate Authorities/ Arbitrators. Since further Appeals preferred by the S.T.C. before the higher Appellate Authorities are pending, the said amount is not recognised as revenue in the year of receipt, pending disposal of final appeal.

2. In the opinion of the management, all the amounts stated under sundry debtors and loans and advances are recoverable at the values at which they are stated.

3. Balances in some of the customers accounts are subject to confirmation by and reconciliation with the said parties.

4. Disclosures on payments and dues to "suppliers" as defined in Micro, Small and Medium enterprises Development Act, 2006 ("The Act").

Note: For the purpose of the above details of the status of the suppliers under the Act has been determined, to the extent of and based on information furnished by the respective parties, and has accordingly, been relied upon by the Company and its auditors.

5. Loans and Advances in the nature of loans given to subsidiary Hindustan Allied Chemicals Limited as per Clause 32 of the Listing Agreement is Rs.NIL as on 31.3.2011. (Maximum balance outstanding during the year is Rs.3.68 lakhs). The investment in the Equity Shares of the Company is Nos. 328760.

6. Closing stock units of Wind farm at Ramgiri and power generation unit at Taduvai as per the books of the Company and as confirmed by the AP Genco is subject to reconciliation, to the extent of Rs.11.83 lakhs due to certain matters pending before Honorable High Court of Andhra Pradesh.

Note: The above figures include Excise Duty recovered

Note: Where one class of goods is used in the manufacture of another, consumption of raw-materials and sales have been arrived at after deducting inter unit transfers. Excise Duty, if any, is adjusted in Schedule No.18.

1 The above licensed capacities are as registered with the concerned authorities, wherever necessary, consequent to delicencing of the respective products.

2 Production of Electrical energy is net after deductions towards wheeling and banking charges.

3 The installed capacities are as certified by the Managing Director.

7. GENERAL:

Figures have been rounded off to the nearest thousand. Previous year figures have been regrouped wherever necessary. Figures in brackets are for previous year.

Statement Pursuant to Section 212 of the Companies Act, 1956. JOCIL LIMITED

1. The Andhra Sugars Limited held 24,43,250 Equity Shares of Rs.10/- each fully paid-up out of the total paid-up shares of 44,40,575 amounting to Rs.4,44,05,750/-.

2. The Subsidiary Company earned a profit of Rs.28,45,33,470/- for the year ended 31st March, 2011 and no part of this dealt with in the Holding Company's Accounts.

THE ANDHRA FARM CHEMICALS CORPORATION LIMITED

1. The Andhra Sugars Limited held 3,45,700 Equity Shares of Rs.10/- each fully paid-up out of the total subscribed shares of 4,50,000.

2. The Subsidiary Company incurred a loss of Rs.47,63,288/- for the year ended 31st March, 2011 and no part of this dealt with in the Holding Company's Accounts.

HINDUSTAN ALLIED CHEMICALS LIMITED

1. The Andhra Sugars Limited held 3,28,760 Equity Shares of Rs.2.50 ps per share called and paid- up out of the total subscribed shares of 4,25,012 of Rs.10/- each.

2. The Subsidiary Company earned a profit of Rs.62,96,167/- for the year ended 31st March, 2011 and no part of this dealt with in the Holding Company's Accounts.

Since the accounting year of the Subsidiary Companies, coincide with that of the Holding Company, furnishing of information relating to material changes of Subsidiary Companies, does not arise.


Mar 31, 2010

1. Under the provisions of "The Levy Sugar Price Equalisation Fund Act, 1976" the excess amount collected over the notified levy sale price pursuant to the interim stay granted by the Courts vests in the fund. In a writ petition No: 1534/76 filed by the Company against these provisions, the High Court of Andhra Pradesh has held that provisions of the said Act are not applicable to the excess collections made prior to 15-6-1972, against which the Union Government filed a civil appeal No: 274/79 before the Supreme Court, which is pending.

While admitting the appeal, the Supreme Court granted stay of operation of Judgement of A.P. High Court in W.P.No: 1534/76 and directed the Company to furnish a Bank Guarantee for Rs.9.60 lakhs being the difference in levy Sugar price for the Sugar Season 1969-70. The Bank Guarantee was furnished on 7-12-1979 in favour of Registrar, High Court of Andhra Pradesh. Interest, if any, payable under the said Act, estimated at Rs. 60.93 lakhs (Rs 59.20 lakhs) has not been provided for in the accounts pending final legal decision in the matter. However, an amount of Rs.66.80 lakhs was appropriated during the Financial year 2008-2009 by Govt India, New Delhi, against payment of buffer stock subsidy dues, which was protested by the company.

2. "Sundry Creditors" includes Rs.7.53 lakhs received from State Trading Corporation (STC) towards damages for breach of Contract pursuant to the orders of the Appellate Authorities/ Arbitrators. Since, further Appeals preferred by the S.T.C. Before the higher appellate authorities are pending, the said amount is not recognised as revenue in the year of receipt, pending disposal of final appeal.

3. In the opinion of the management, all the amounts stated under sundry debtors and loans and advances are recoverable at the values at which they are stated.

4. Balances in some of the customers accounts are subject to confirmation by and reconciliation with the said parties.

Note: For the purpose of the above details of the status of the suppliers under the Act has been deter- mined, to the extent of and based on information furnished by the respective parties, and has accordingly, been relied upon by the Company and its auditors.

5. Loans and Advances in the nature of loans given to subsidiary Hindustan Allied Chemicals Limited as per clause 32 of the listing agreement is Rs.0.91 lakhs as on 31.3.2010. (Maximum balance outstanding during the year is Rs.0.91 lakhs). The investment in the Equity Shares of the company is Nos. 328760.

6. Closing stock units of Wind farm at Ramagiri and power generation unit at Taduvai as per the books of the company and as confirmed by the AP Genco is subject to reconciliation, to the extent of Rs.11.83 lakhs due to certain matters pending before Honourable High Court of Andhra Pradesh.

Note: Where one class of goods is used in the manufacture of another, consumption of raw-materials and sales have been arrived at after deducting inter unit transfers. Excise Duty, if any, is adjusted in Schedule No.18.

7. GENERAL:

Figures have been rounded off to the nearest thousand. Previous year figures have been regrouped wherever necessary. Figures in brackets are for previous year.

 
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