Mar 31, 2013
I. Contingent Liabilities not provided for:
a) Bank guarantees given for Rs.137.47 (Previous Year Rs. 37.33)
b) Estimated Amount of Contracts remaining to be executed on capital
account and not provided for Rs.25.00 (Previous Year Rs.809.74)
c) Claims against the Company not acknowledged as debts: Rs. 31.56
(Previous Year Rs. 31.56) d) Arrears of fixed cumulative Dividend
is Rs 98.68 (Previous Year Rs. 23.86)
II. Pursuant to sanctioning of a Debt Restructuring package in terms
of CDR LOA , the company has entered into a Master Restructuring
Agreement (MRA) with all bankers during the FY 2011-12. In terms of the
MRA, the Bankers have restructured and rescheduled the existing term
loans and other facilities and their terms of repayment. Further the
company was also sanctioned fresh term loans, which were fully drawn
and utilized towards the completion of the expansion project. The
breakup of such loans and the particulars of the terms and conditions
of payment of interest and repayment of loans are given in Note No. 4.
III. During the year the company completed its expansion project and
commenced production from the expanded project. The date of
commencement was 31/03/2013. Accordingly the expenditure incurred on
the project upto that date Rs.27,575.22, including pre-operative
expenditure and interest during construction period, had been
capitalized and included in fixed assets under appropriate heads. The
preoperative expenditure Rs.530.92 relatable to the project incurred
upto the date and the Interest on the loans borrowed for expansion
attributable to the period upto the date had been allocated to various
fixed assets on pro- rata basis. The depreciation has been provided
accordingly.
IV. REVALUATION AND ACCOUNTING OF MINERAL DEPOSITS AND RIGHTS:
The management had revalued and accounted the value in respect of
mineral deposits and mining rights, during the earlier financial year,
based on an estimate of the mineral quantities by M/s. C.C.Geo
Engineering Consultants (P) Ltd. and of the realizable value by M/s.
G.S.Sekhar, Chartered Accountants. According to the accounting policy
adopted in this regard, during that year, the amount so revalued and
included in the Fixed Assets is Rs.10,725.59 on account of Mineral
Deposits and Rs.2,933.41 on account of Mining Rights totaling to
Rs.13,659.00 During the year an amount of Rs.728.32 (previous year
Rs.728.32) has been provided as depreciation and an amount equal to
such depreciation has been with drawn from the Mineral Capitalization
Reserve.
V. SEGMENT REPORTING:
In terms of the Accounting Standard 17 relating to "Segment
Reporting" , the company operated only in Cement business segments
during the year and operates only in one geographical segment viz.
India. Considering the source and nature of risks and returns the
business segment will be the primary segment for this purpose and there
are no secondary segments. Consequently, in view of the management
based on control purposes, there are no reportable secondary segments
in terms of the AS and hence the requirements there-under are not
applicable to the company for the year.
VI. RELATED PARTY TRANSACTIONS:
The Company has no related parties other than the key management
personnel and relatives of such personnel in terms of Accounting
Standard 18, in respect of the related party disclosure. The company
paid remuneration to the Chairman, Managing Director, and Whole time
Director among the key management personnel of Rs.24.00 each (Previous
Year of Rs. 24.00 each) respectively. The company has no related party
transactions with the relatives of key management personnel. In
addition, the Company has paid Rs.2.00 (Previous Year Rs.1.44) as
Directors Sitting fee to all the Directors.
VII. DEFERRED TAXATION:
Deferred Tax Liability included in the Balance Sheet comprises the
following:
VIII. HOUSING SUBSIDY:
The Company has received a sum of Rs.10.75 from Government of India
during earlier years for the purpose of constructing 50 tenements for
housing to its personnel in its Limestone Mines. The Company has
entered into an agreement with Government of India for a period of 20
years.
IX. The company has not received the required information from the
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with interest
paid/payable as required under the said Act have not been made.
X. REALIZATION OF ASSETS:
The Board is of the opinion that the Assets other than Fixed Assets
have a value on realization in the ordinary course of business at least
to the amount at which they are stated.
XI. Consumption of Raw Materials and value of Inventories includes
Royalty and other levies paid to Government to the extent of Rs. 293.38
(previous year Rs. 233.57).
XII. Previous Year figures have been regrouped wherever necessary to
conform to the groupings adopted in these accounts.
XIII. The amounts except the Share data and quantitative information
have been rounded off to the nearest Lakh rupees and fraction thereof
up to two decimals.
Mar 31, 2012
1) The Term Loans from banks, of Rs.17,326.41 lakhs, out of which
Rs.14,430.17 Lakhs carries an interest rate @ 13.25% (Part of the
interest @ 9% per annum till 31-03-2013 and @ 10% per annum during
01-04- 2013 to 31-03-2016 would be paid on due dates on cash basis and
the balance of 4.25% per annum up to 31-03-2013 and 3.25% per annum of
interest from 01-04-2013 to 31-03-2016 will be capitalized into equity
shares in case of ICICI Bank and United Bank of India and other lenders
CRPS (Zero Coupon) will be allocated and be redeemable after 2020) and
the loan is repayable in 31 structured quarterly installments
commencing from 30-09-2012 to 31-03-2020 with moratorium of two years
from 01-07-2010 to 30-06-2012 and balance of Rs. 2,896.24 Lakhs carries
an interest rate of @ 13.25% (Part of the interest @ 10% per annum
during 01-04-2011 to 31-03-2016 would be paid on due dates on cash
basis and the balance of 3.25% per annum up to 31-03-2016 will be
capitalized into CRPS (Zero Coupon) will be allocated and be redeemable
after 2020) and the loan is repayable in 28 structured quarterly
installments commencing from 30.06.2013 to 31-03-2020 with a moratorium
from the date of disbursement to 31-03- 2013.
All the aforementioned term loans are secured by equitable mortgage by
deposit of title deeds by creating First Pari-Passu charge on immovable
properties and second Pari-Passu charge by hypothecation of all current
assets both present and future subject to First Pari-Passu charge on
current assets infavour of companies bankers for working capital and
also guaranteed by Promoter Directors in their individual capacities
and also by pledge of 1,27,01,781 shares belonging to promoters as
additional security.
I. Contingent Liabilities not provided for:
a) Bank guarantees given for Rs.37.33 (Previous Year Rs. 50.70)
b) Estimated Amount of Contracts remaining to be executed on capital
account and not provided for Rs.809.74 (Previous Year Rs.3,456.00)
c) Claims against the Company not acknowledged as debts: Rs. 31.56
(Previous Year Rs. 31.56)
d) Arrears of fixed cumulative Dividend is Rs23.86 (Previous Year Rs.
NIL)
II. Pursuant to sanctioning of a Debt Restructuring package in terms
of CDR LOA during the previous year, the company has entered into a
Master Restructuring Agreement (MRA) with all bankers during the
current year. In terms of the MRA, the Bankers have restructured and
rescheduled the existing term loans and other facilities and their
terms of repayment. Further the company has also been sanctioned fresh
term loans, a major portion of which has been released, to complete the
expansion project. The breakup of such loans and the particulars of the
term and conditions of payment of interest and repayment of loans are
given in Note No. 4.
III. REVALUATION AND ACCOUNTING OF MINERAL DEPOSITS AND RIGHTS:
The management had revalued and accounted the value in respect of
mineral deposits and mining rights, during the earlier financial year,
based on an estimate of the mineral quantities by M/s. C.C.Geo
Engineering Consultants (P) Ltd. and of the realizable value by M/s.
G.S.Sekhar, Chartered Accountants. According to the accounting policy
adopted in this regard, during that year, the amount so revalued and
included in the Fixed Assets is Rs. 10,725.59 on account of Mineral
Deposits and Rs. 2,933.41 on account of Mining Rights totaling to Rs.
13,659.00 During the year an amount of Rs.728.32 (previous year
Rs.728.32) has been provided as depreciation and an amount equal to
such depreciation has been with drawn from the Mineral Capitalization
Reserve.
IV. SEGMENT REPORTING:
In terms of the Accounting Standard 17 relating to "Segment
Reporting", the company operated only in Cement business segments
during the year and operates only in one geographical segment viz.
India. Considering the source and nature of risks and returns the
business segment will be the primary segment for this purpose and there
are no secondary segments. Consequently, in view of the management
based on control purposes, there are no reportable secondary segments
in terms of the AS and hence the requirements there-under are not
applicable to the company for the year.
V. RELATED PARTY TRANSACTIONS:
The Company has no related parties other than the key management
personnel and relatives of such personnel in terms of Accounting
Standard 18, in respect of the related party disclosure. The company
paid remuneration to the Chairman, Managing Director and Whole time
Director among the key management personnel of Rs. 24.00 each (Previous
Year of Rs. 122.88 each) respectively. The company has no related party
transactions with the relatives of key management personnel. In
addition, the Company has paid Rs. 1.44 (Previous Year Rs.0.84) as
Directors Sitting fee to all the Independent Directors.
VI. HOUSING SUBSIDY:
The Company has received a sum of Rs. 10.75 from Government of India
during earlier years for the purpose of constructing 50 tenements for
housing to its personnel in its Limestone Mines. The Company has
entered into an agreement with Government of India for a period of 20
years.
VII. The company has not received the required information from the
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with interest
paid/payable as required under the said Act have not been made.
VIII. REALIZATION OF ASSETS:
The Board is of the opinion that the Assets other than Fixed Assets
have a value on realization in the ordinary course of business at least
to the amount at which they are stated.
IX. The following table set out the status of the gratuity plan as
required under AS 15 (Revised).
X. Previous Year figures have been regrouped as per New Revised
Schedule VI to conform to the groupings adopted in these accounts.
XI. The amounts except the Share data and quantitative information
have been rounded off to the nearest Lakh rupees and fraction thereof
up to two decimals.
Mar 31, 2011
(Rs in ''000)
1. Contingent Liabilities not provided for:
(a) Bank guarantees given for Rs.5,069.97 (Previous Year Rs. 6,431.05)
(b) Estimated Amount of Contracts remaining to be executed on capital
account and not provided for Rs.3,45,600.00 (previous year
Rs.3,00,000.00)
(c) Claims against the Company not acknowledged as debts: Rs. 3,155.66
(Previous Year Rs. 3,155.66)
2. SECURED LOANS:
a) The Term loans in respect of Cement business from Axis Bank Limited,
ICICI Bank Ltd, State Bank of Hyderabad, United Bank of India and
Karnataka Bank Ltd are secured by equitable mortgage by deposit of
title deeds by creating first charge on immovable properties and second
charge by hypothecation of all current assets both present and future,
subject to prior charge on current assets in favour of Company''s
Bankers for Working Capital and also Guaranteed by Promoter Directors,
in their individual capacities.
b) Cash Credit from the Axis Bank Limited, Corporation Bank and
Karnataka Bank Ltd is secured by hypothecation of Raw Materials,
Consumable Stores, Work-in-Process, Finished Goods and Book Debts etc.
and is guaranteed by Promoters in their personal capacity and is
further secured by way of second charge on fixed assets.
c) Deferred liabilities include the assets acquired under Hire purchase
system are Secured by Hypothecation of those assets.
3. During the year the company has been sanctioned a Debt
Restructuring Package by the CDR EG Cell vide their letter dated
28/03/2011. In terms thereof the company and the lending bankers had to
enter into a Master Restructuring Agreement which is under progress.
Further, in terms thereof, the company has been sanctioned a fresh term
loan by majority of the bankers and the bankers had agreed to
restructure the existing loans and facilities, for funding of interest
from a cut-off date and upto 31st December, 2011, and rescheduling of
loans. Further the promoters have to bring in additional share capital
as their margin and have brought in a part thereof, which has been
shown under share application money. Pending completion of all
formalities as envisaged under the scheme like entering into MRA etc,
the company has accounted in this balance sheet, the interest payable,
i.e. Funded Interest Term Loan (FITL), for the period between the
cut-off date and the balance sheet date of Rs.1,43,942.39, as Capital
Work in Progress to the extent of Rs.97,616.21 and as a charge off to
Profit & Loss a/c. to the extent of the balance amount. These amounts
are however subject to reconciliation and confirmation by the bankers.
The same will be reviewed and necessary entries would be passed once
all the formalities in terms of the scheme are completed.
4. REVALUATION AND ACCOUNTING OF MINERAL DEPOSITS AND RIGHTS:
The management had revalued and accounted the value in respect of
mineral deposits and mining rights, during the earlier financial year,
based on an estimate of the mineral quantities by M/s. C.C. Geo
Engineering Consultants (P) Ltd. and of the realizable value by M/s.
G.S. Sekhar, Chartered Accountants. According to the accounting policy
adopted in this regard, during that year, the amount so revalued and
included in the Fixed Assets is Rs.1072558.92 on account of Mineral
Deposits and Rs. 293341.10 on account of Mining Rights totaling to
Rs.1365900.00. During the year an amount of Rs. 72832.38 (previous year
Rs. 72832.38) has been provided as depreciation and an amount equal to
such depreciation has been with drawn from the Mineral Capitalization
Reserve.
5. SEGMENT REPORTING:
In terms of the Accounting Standard 17 relating to "Segment ReportingÂ,
the company operated only in Cement business segments during the year
and operates only in one geographical segment viz. India. Considering
the source and nature of risks and returns the business segment will be
the primary segment for this purpose and there are no secondary
segments. Consequently, in view of the management based on control
purposes, there are no reportable secondary segments in terms of the AS
and hence the requirements there- under are not applicable to the
company for the year.
6. RELATED PARTY TRANSACTIONS:
The Company has no related parties other than the key management
personnel and relatives of such personnel in terms of Accounting
Standard 18, in respect of the related party disclosure. The company
paid remuneration to the Chairman, Managing Director, and Whole time
Director among the key management personnel. The particulars of such
remuneration are furnished in the Note No. 14(c) hereunder. The company
has no related party transactions with the relatives of key management
personnel. In addition, the Company has paid Rs. 84.00 (Previous Year
Rs.138.00 as Directors Sitting fee to all the Directors.
7 CONVERTIBLE WARRANTS:
During an earlier year, the company under a scheme had issued a total
of 20,00,000 Convertible Warrants of Rs.10/- each at a premium of
Rs.230/- per warrant, by passing necessary resolutions, convertible
into an equal number of equity shares of Rs.10/- each at a premium of
Rs.230/- each, within a period of 18 months from the date of allotment
of Warrants. The promoters were required to bring in 10% of the amount
as application money, which had been brought in during such earlier
year, and the balance amount within the specified period. However they
have not brought in the balance amount in terms thereof and the company
forfeited the 10% amount brought in as application money. The amount so
forfeited has been accounted as Capital Reserve in the balance sheet.
8 HOUSING SUBSIDY:
The Company has received a sum of Rs.10.75 from Government of India
during earlier years for the purpose of constructing 50 tenements for
housing to its personnel in its Limestone Mines. The Company has
entered into an agreement with Government of India for a period of 20
years.
9. The company has not received the required information from the
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with interest
paid/payable as required under the said Act have not been made.
10. CURRENT ASSETS & LOANS AND ADVANCES:
The Board is of the opinion that the Current Assets & Loans and
Advances have a value on realization in the Ordinary Course of Business
at least to the amount at which they are stated
11. The following table set out the status of the gratuity plan as
required under AS 15 (Revised).
Reconciliation of opening and closing balances of the deferred benefit
obligation:
12. PROFIT & LOSS ACCOUNT :
a) The company is not liable for income tax under regular provisions of
the Act as well as in terms of sec.115JB of the act in view of current
year losses and allowances.
b) Consumption of Raw Materials and value of Inventories includes
Royalty and other levies paid to Government to the extent of
Rs.23356.615 (previous year Rs.12733.84).
c) Particulars of Remuneration paid/provided to the, Chairman, Managing
Director and Whole Time Director:
The Central Government has accorded its approval for the above
remuneration in terms of the relevant provisions of the Companies Act,
1956
However the remuneration for a part of the year has been paid as agreed
by the promoters in terms of the above referred restructuring package.
(13) Figures indicated in brackets relates to previous year.
14. Previous year figures have been regrouped wherever necessary to
conform to the groupings adopted in these accounts.
15. The amounts except the Share data and quantitative information
have been rounded off to the nearest thousand rupees and fraction
thereof up to two decimals.
Mar 31, 2010
(Rsin000)
1. Contingent Liabilities not provided for:
(a) Bank guarantees given for Rs.6431.05 (Previous Year Rs. 6301.75).
(b) Estimated Amount of Contracts remaining to be executed on capital
account and not provided for Rs. 300000.00, (previous year
Rs.246390.00)
(c) Claims against the Company not acknowledged as debts: Rs. 3155.66
(Previous Year Rs. 5137.45)
2. SECURED LOANS:
a) The Term loans in respect of Cement business from Axis Bank Limited,
ICICI Bank Ltd, State Bank of Hyderabad, United Bank of India and
Karnataka Bank Ltd are secured by equitable mortgage by deposit of
title deeds by creating first charge on immovable properties and second
charge by hypothecation of all current assets both present and future,
subject to prior charge on current assets in favour of Companys
Bankers for Working Capital and also Guaranteed by Promoter Directors,
in their individual capacities.
b) Cash Credit from the Axis Bank Limited, Corporation Bank and
Karnataka Bank Ltd is secured by hypothecation of Raw Materials,
Consumable Stores, Work-in-Process, Finished Goods and Book Debts etc.
and is guaranteed by Promoters in their personal capacity and is
further secured by way of second charge on fixed assets.
c) Deferred liabilities include the assets acquired under Hire purchase
system are Secured by Hypothecation of those assets.
3. REVALUATION AND ACCOUNTING OF MINERAL DEPOSITS AND RIGHTS:
The management had revalued and accounted the value in respect of
mineral deposits and mining rights, during the earlier financial year,
based on an estimate of the mineral quantities by M/s. C.C.Geo
Engineering Consultants (P) Ltd. and of the realizable value by M/s.
G.S.Sekhar, Chartered Accountants. According to the accounting policy
adopted in this regard, during that year, the amount so revalued and
included in the Fixed Assets is Rs. 1072558.92 on account of Mineral
Deposits and Rs.293341.10 on account of Mining Rights totaling to Rs.
1365900.00. During the year an amount of Rs.72832.38 (previous year
Rs.72832.38) has been provided as depreciation and an amount equal to
such depreciation has been with drawn from the Mineral Capitalization
Reserve.
5. RELATED PARTY TRANSACTIONS:
The Company has no related parties other than the key management
personnel and relatives of such personnel in terms of Accounting
Standard 18, in respect of the related party disclosure. The company
paid remuneration to the Chairman, Managing Director, and Whole time
Director among the key management personnel. The particulars of such
remuneration are furnished in the Note No. 13(c) hereunder. The company
has no related party transactions with the relatives of key management
personnel. In addition the Company has paid Rs.1, 38,000 (Previous Year
Rs.1,92,000) as Directors Sitting fee to all the Directors.
8. CONVERTIBLE WARRANTS:
During an earlier year, the company under a scheme had issued a total
of 20,00,000 Warrants of Rs.10/- each at a premium of Rs.230/- per
warrant convertible into an equal number of equity shares of Rs10/-
each at a premium of Rs.230/- each, by passing necessary resolutions,
within a period of 18 months. The promoters were required to bring in
10% of the amount along with the application and the balance amount
within the specified period. The amounts brought in as on the date of
balance sheet but within the specified period, pending compliances with
all terms and conditions of the scheme, are shown under the application
money for warrants in the balance sheet. The shares are to be allotted
at the end of the specified period upon receipt of the entire amount.
The promoters have brought in a total of Rs.292030.00, as on the date
of balance sheet, under the scheme and the same has been shown underthe
application money for warrants.
9. HOUSING SUBSIDY:
The Company has received a sum of Rs. 10.75 from Government of India
during earlier years for the purpose of constructing 50 tenements for
housing to its personnel in its Limestone Mines. The Company has
entered into an agreement with Government of India for a period of 20
years.
10. The company has not received the required information from the
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with interest
paid/payable as required under the said Act have not been made.
11. CURRENT ASSETS & LOANS AND ADVANCES:
The Board is of the opinion that the Current Assets & Loans and
Advances have a value on realization in the Ordinary Course of Business
at least to the amount at which they are stated
13. PROFIT & LOSS ACCOUNT :
a) The provision for Income Tax has been made in terms of the
provisions of Sec.115 JB of Income Tax Act 1961.
b) Consumption of Raw Materials and value of Inventories includes
Royalty and other levies paid to Government to the extent of Rs.
12733.84 (previous year Rs.6066.18).
15. Previous period figures have been regrouped wherever necessary to
conform to the groupings adopted in these accounts.
16. The amounts except the Share data and quantitative information
have been rounded off to the nearest thousand rupees and fraction
thereof.
Mar 31, 2009
1. The company changed its name from Ckoramaandel Cements Ltd to
Bheema Cements Ltd with effect from September 29,2008.
2. Contingent Liabilities not provided for:
(a) Bank guarantees given for Rs.6301.75 (Previous Year Rs.9207.32).
(b) Estimated Amount of Contracts remaining to be executed on capital
account and not provided for Rs.246390.00 (Net of Advances) (previous
year Rs.350563.67)
(c) Claims against the Company not acknowledged as debts: Rs.5137.45
(Previous Year Rs.4529.03)
3. SECURED LOANS:
a) The Term loans in respect of Cement business from Axis Bank Limited,
ICICI Bank Ltd, State Bank of Hyderabad and United Bank of India are
secured by equitable mortgage by deposit of title deeds by creating
first charge on immovable properties and second charge by hypothecation
of all current assets both present and future, subject to prior charge
on current assets in favoui* of Companys Bankers for Working Capital
and also Guaranteed by Promoter Directors, in their individual
capacities.
b) The term loans in respect of Wind Farms from Axis Bank Ltd and ICICI
Bank Ltd are secured by first charge on the three wind energy machines
i.e. fixed assets purchased out of Axis Bank Ltd and ICICI term loan
and second charge on all current assets of the company with the
existing bankers and also guaranteed by Promoter Directors, in their
individual capacities.
c) Cash Credit from the Axis Bank Limited and Corporation Bank is
secured by hypothecation of Raw Materials, Consumable Stores,
Work-in-Process, Finished Goods and Book Debts etc. and is guaranteed
by Promoters in their personal capacity and is further secured by way
of second charge on fixed assets.
d) Deferred liabilities include the assets acquired under Hire purchase
system and are secured by hypothecation of those assets.
4. REVALUATION AND ACCOUNTING OF MINERAL DEPOSITS AND RIGHTS:
The management had revalued and accounted such value in respect of
mineral deposits and mining rights, during the previous financial year,
based on an estimate of the mineral quantities by M/s. C.C.Geo
Engineering Consultants (P) Ltd. and of the realizable value by M/s.
G.S.Sekhar, Chartered Accountants. According to the accounting policy
adopted in this regard, during that year, the amount so revalued and
included in the Fixed Assets is Rs.1072558.92 on account of Mineral
Deposits and Rs.293341.10 on account of Mining Rights totaling to
Rs.1365900.00. An amount of Rs.72832.38 (previous year Rs.72832.38) has
been provided as depreciation and an amount equal to such depreciation
has been with drawn from the Mineral Capitalisation Reserve.
5. SEGMENT REPORTING
In terms of the Accounting Standard 17 relating to "Segment Reporting",
the company operates in two business segments viz. cement manufacturing
and wind power generation and operates only in one geographical segment
viz .India. Considering the source and nature of risks and returns the
business segment will be the primary segment for this purpose and there
are no secondary segments. The segment revenues and the assets and
liabilities are stated below:
6. RELATED PARTY TRANSACTIONS:
The Company has no related parties other than the key management
personnel and relatives of such personnel in terms of Accounting
Standard 18, in respect of the related party disclosure. The company
paid remuneration to the Chairman, Managing Director, and Whole time
Director among the key management personnel. The particulars of such
remuneration are furnished in the Note No. 14(c) hereunder. The company
has no related party transactions with the relatives of key management
personnel. In addition, the Company has paid Rs. 192.00 (Previous
Period Rs.64.00) as Directors Sitting fee to all the Directors.
7. CONVERTIBLE WARRANTS:
During the current year, the company under another scheme had issued a
total of 20,00,000 Warrants of Rs.10/- each at a premium of Rs.230/-
per warrant convertible into an equal number of equity shares of Rs10/-
each at a premium of Rs.230/- each by passing necessary resolutions
within a period of 18 months. The promoters were required to bring in
10% of the amount along with the application and the balance amount
within the specified period. The amounts brought in as on the date of
balance sheet but within the specified period are shown under the
application money for warrants in the balance sheet. The shares are to
be allotted at the end of the specified period upon receipt of the
entire amount.. The promoters have brought in a total of Rs.247730.00
under the scheme and the same has been shown under the applications
money for warrants.
8. HOUSING SUBSIDY:
The Company has received a sum of Rs. 10.75 from Government of India
during earlier years for the purpose of constructing 50 tenements for
housing to its personnel in its Limestone Mines. The Company has
entered into an agreement with Government of India for a period of 20
years.
9. The company has not received the required information from the
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with interest
paid/payable as required under the said Act have not been made.
10. CURRENT ASSETS & LOANS AND ADVANCES:
The Board is of the opinion that the Current Assets & Loans and
Advances have a value on realization in the Ordinary Course of Business
at least to the amount at which they are stated
11. The following table set out the status of the gratuity plan as
required under AS 15 (Revised). Reconciliation of opening and closing
balances of the deferred benefit obligation:
12. PROFIT & LOSS ACCOUNT :
a) The provision for Income Tax has been made in terms of the
provisions of Sec.115 JB of Income Tax Act 1961.
b) Consumption of Raw Materials and value of Inventories includes
Royalty and other levies paid to Government to the extent of Rs.6066.18
(previous period Rs. 19162.08).
c) Particulars of Remuneration paid/provided to the Chairman, Managing
Director and Whole Time Director:
The Central Government has accorded its approval for the above
remuneration in terms of the relevant provisions of the Companies Act,
1956
() Figures indicated in brackets relates to previous period.
(d) Employee cost includes gratuity payment of Rs.4288.09 towards
employees benefits for earlier years.
13. The information required as per Clause 4 (c) and 4(d) and notes
thereon Part II of Schedule VI of the Companies Act, 1956 (as certified
by the Management).
14. Previous period figures have been regrouped wherever necessary to
conform to the groupings adopted in these accounts and are not
comparable as they represent 6months period from 01/10/2007 to
31/03/2008 as against the current year period of 12 months ending
31/03/2009.
15. The amounts except the Share data and quantitative information
have been rounded off to the nearest thousand rupees and fraction
thereof.
Mar 31, 2008
1. Contingent Liabilities not provided for:
(a) Bank guarantees given for Rs. 92,07,315/- (Previous Period Rs.
64,11,750/-.
(b) Estimated Amount of Contracts remaining to be executed on capital
account and not provided for Rs.35,05,63,665 (Net of Advances)
(previous year Rs. 8,77,23,069)
(c) Claims against the Company not acknowledged as debts: Rs. 31,
41,000/- (Previous Year Rs. 31,41,000/-)
2. SECURED LOANS:
a) The Term loans from Centurion Bank of Punjab Limited, Axis Bank
Limited secured by equitable mortgage by deposit of title deeds by
creating first charge on immovable properties and second charge by
hypothecation of all current assets both present and future, subject to
prior charge on current assets in favour of Companys Bankers for
Working Capital and also Guaranteed by Promoter Directors, in their
individual capacities.
b) The term loans from Axis Bank Ltd and ICICI Bank Ltd are secured by
first charge on the three wind energy machines i.e. fixed assets
purchased out of Axis Bank Ltd and ICICI term loan and second charge on
all current assets of the company with the existing bankers and also
guaranteed by Promoter Directors, in their individual capacities.
c) Cash Credit from the Centurion Bank of Punjab Limited and Axis Bank
Limited is secured by hypothecation of Raw Materials, Consumable
Stores, Work-in-Process, Finished Goods and Book Debts etc. and is
guaranteed by Promoters in their personal capacity and is further
secured by way of second charge on fixed assets.
d) Other liabilities include the assets acquired under Hire purchase
system are Secured by Hypothecation of those assets.
3. ACCOUNTING OF THE VALUE OF MINERAL DEPOSITS AND RIGHTS:
The company owns lands and has leasehold rights in respect of other
lands, beneath which lie Limestone deposits. The Limestone is excavated
and used as a raw material in the production of Clinker. The lands are
owned and held on lease for many years and the relevant costs had been
accounted, during the relevant years, either as capital or revenue
expenditure as the case may be. However, the minerals lying beneath
the lands were not valued earlier. During the year the management
reviewed and felt that the minerals have a long term commercial value
adding benefit to the business of the company and that they should have
been accounted & brought into books. Consequently it considered
appropriate to value them and account for it in the books of account
during the year.
Accordingly the company made an estimate of the quantity of minerals
based on a report by M/s. C C Geo Engineering Consultants Pvt Ltd,
Hyderabad, Hyderabad, independent Geological Consultants, and of the
realizable value at Rs. 136, 59, 00,000 of those minerals based on a
report by M/s. G.S.Sekhar, Hyderabad, independent Chartered
Accountants. The value of minerals so estimated has been accounted in
two parts namely Mineral Deposits to the extent of lands owned at Rs.
107, 25, 58,915 and Mineral Rights to the extent of lands held on lease
at Rs.29,33,41,085. The said values have been debited and shown as a
Mineral Deposits and Mineral Rights, as the case may be, under the
Fixed Assets. A corresponding liability at Rs.136, 59, 00,000 has been
credited as a Capital Reserve under the Reserves and Surplus. The value
of assets so accounted has been depreciated, in accordance with the
accounting policy mentioned hereinabove, by withdrawing an equal amount
from the Capital Reserve.
The above accounting of mineral deposits resulted in change in
accounting policy to the extent of preparing and presenting financials
statements on and recording fixed assets at estimated realizable value
in respect of mineral deposits and providing depreciation thereon. The
change however has no impact on the profit of the company for the
period but the net value of the assets has been overstated by an amount
of Rs.129, 30, 67,619.
4. RELATED PARTY TRANSACTIONS:
The Company has no related parties other than the key management
personnel and relatives of such personnel in terms of Accounting
Standard 18, in respect of the related party disclosure. The company
paid remuneration to the Chairman, Managing Director, and Whole time
Director among the key management personnel. The particulars of such
remuneration are furnished in the Note No. 10(c) hereunder. The company
has no related party transactions with the relatives of key management
personnel. In addition the Company has paid Rs. 64,000/- as Directors
Sitting fee to all the Directors.
5. CONVERTIBLE WARRANTS:
During the current period a total amount of Rs.3, 55, 05,000 (previous
year Rs. 9, 00,000) has been received from the promoters. It represents
the monies receivable from them towards 41, 96,790 Convertible Warrants
issued and allotted to them, during the previous period 2006-07. In
terms of the relevant scheme, the promoters have an option to convert
the warrants into shares within a period of 18 months from the date of
allotment of warrants. An amount of Re.1 per warrant was paid by them
at the time of allotment and the remaining amount is to be paid before
the exercise of the said option. The amount so received till the date
of balance sheet has been included under the Share Application Money.
6. HOUSING SUBSIDY :
The Company has received a sum of Rs.10, 75,000/- from Government of
India during earlier years for the purpose of constructing 50 tenements
for housing to its personnel in its Limestone Mines. The Company has
entered into an agreement with Government of India for a period of 20
years.
7. The company has not received the required information from the
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with interest
paid/payable as required under the said Act have not been made.
There are no outstanding dues to SSI units for more than 30 days as at
31.03.08.
8. CURRENT ASSETS & LOANS AND ADVANCES:
The Board is of the opinion that the Current Assets & Loans and
Advances have a value on realization in the Ordinary Course of Business
at least to the amount at which they are stated.
9. PROFIT & LOSS ACCOUNT:
a) The provision for Income Tax has been made in terms of the
provisions of Sec. 115 JB of Income Tax Act 1961. The company is not
liable to Income Tax under regular provisions of the Act in view of
brought forward losses and allowances.
b) Consumption of Raw Materials and value of Inventories includes
Royalty and other levies paid to Government to the extent of Rs. 60,
66,185/- (previous period Rs. 1,91,62,079).
c) Particulars of Remuneration paid/provided to the, Chairman, Managing
Director and Whole Time Director: .
10. Previous period figures have been regrouped wherever necessary to
conform to the groupings adopted in these accounts and are not
comparable as they repregent 18 months period from 01/04/2006 to
30/09/2007 as against the current year period of 6 months ending
31/03/2008.
11. The amounts have been rounded off to the nearest rupee.
Mar 31, 2006
1. Contingent Liabilities not provided for:
(a) Bank guarantees given for Rs.41,06,823 (Previous Year Rs.57,00,000)
2. Claims against the Company not acknowledged as debts: Rs.31,41,000
(previous Year Rs. 31,41,000)
3. Secured Loans:
a) All the Term loans are secured by a joint equitable mortgage by
deposit of title deeds with State Bank of India in favour of
participating Banks as first charge on immovable properties and
hypothecation of all movable assets (except book debts) both present
and future, subject to prior charge on movable assets in favour of
Companys Bankers for Working Capital and also Guaranteed by Promoter
Directors, in their individual capacities.
b) The Term Loans from State Bank of India & State Bank of Hyderabad
and Lord Krishna Bank rank pari-passu among themselves.
c) Cash Credit from the State Bank of India and State Bank of Hyderabad
is secured by hypothecation of Raw Materials, Consumable Stores,
Work-in-Process, Finished Goods and Book Debts etc. and is guaranteed
by Promoters in their personal capacity and is further secured by way
of second charge on fixed assets.
d) Other liabilities includes the assets acquired under Hire purchase
system are Secured by Hypothecation of those assets.
4. In the opinion of the management there is no indication that any of
the assets of the company has been impaired. Accordingly no loss on
account of impairment has been recongnised during the year in terms of
Accounting Standard 28-Impairment of Assets
5. (a) There are no reportable segments for the company in terms of
Accounting Standard 17 "Segment Reporting" issued by the Institute of
Chartered Accountants of India, as there are no varying risks and
returns for the products of the company and geographical areas in which
the company operates.
(b) The Company has no related parties other than the key management
personnel and relatives of such personnel in terms of Accounting
Standard 18, in respect of the related party disclosure. The company
paid remuneration to the Chairman, Managing Director, and Whole time
Director among the key management personnel. The particulars of such
remuneration are furnished in the note no. 8(d) hereunder. The company
has no related party transactions with the relatives of key management
personnel. In addition the Company has paid Rs. 20,000/- as Directors
Sitting fee to all the Directors.
(c) In terms of the provisions of Accounting Standard 22-"Accounting
for taxes on incomer, The company has not recognised deferred tax
asset/liability in view of the companys brought forward business
losses and unabsorbed depreciation and in view of lack of future
taxable income against which the Deferred tax asset can be realised.
(d) Earnings Per Share
The Computation of Earnings Per Share is set out below:
2005-06 2004-05
(a) Earnings 90,60,985 77,63,766
(b) Shares Weighted average No.of
Equity Shares outstanding During the year 51,03,210 51,03,210
(c) Earnings per Share of
face value of Rs10/- each (a/b) 1.78 1.52
6. During the year the Company has received an amount of Rs.2,11,25,000
(Previous Year Rs.90,59,850) as a Share Application money from the
Promoters and their Associates. The allotment of shares against such
Share Application money, which is pending as on the date of the Balance
Sheet, is subject to approval of Shareholders and relevant statutory
compliances.
7. Housing Subsidy: The Company has received a sum of Rs.10,75,000 from
Government of India during earlier years for the purpose of
constructing 50 tenements for housing to its personnel in its Limestone
Mines. The Company has entered into an agreement with Government of
India for a period of 20 years.
8. There are no outstanding dues to SSI units for more than 30 days as
at 31st March 2006.
9 Current Assets & Loans and Advances:
The Board is of the opinion that the Current Assets & Loans and
Advances have a value on realization in the Ordinary Course of Business
at least to the amount at which they are stated.
10. Profit & Loss Account:
a) The provision for Income Tax has been made in terms of the
provisions of Sec. 115 JB of Income Tax Act 1961. The company is not
liable to Income Tax under regular provisions of the Act in view of
brought forward tosses and allowances.
b) Consumption of Raw Materials and value of Inventories includes
Royalty and other levies paid to Government to the extent of Rs.
90,35,992 (previous year Rs. 84,22,000).
c) Particulars of Remuneration paid/provided to the, Chairman, Managing
Director and Whole Time Director:
S. Chandra S.R.B.Ramesh S.Kishore
Mohan Chandra Chandra
Chairman Managing Director Wholetime Director
Current Year Current Year Current Year
(Rupees) (Rupees) (Rupees)
Remuneration 12,00,000 11,40,000 10,80,000
(8,60,645) (8,00,645) (7,83,065)
Rent Free
Accommodation 1,20,000 1,14,000 1,08,000
(86,065) (80,065) (78,307)
Provident Fund 9,360 9,360 9,360
(9,360) (9,360) (9,360)
Total 13,29,360 12,63,360 11,97,360
(9,56,070) (8,90,070) (8,70,732,)
() Figures indicated in brackets relates to Previous year.
12. Previous year figures have been regrouped wherever necessary to
confirm to the classification adopted in the current year.
Mar 31, 2003
1. Contingent Liabilities not provided for:
(a) Rs.18.02 lacs in respect of Mineral Revenue Tax & Cess (Previous
Year Rs.18.02 lacs).
(b) Bank guarantees given for Rs.25.10 lacs (Previous Year Rs.3.25
lacs)
2. Claims against the Company not acknowledged as debts: Rs. 31.41 lacs
(previous Year Rs.31.41 lacs)
3. Secured Loans:
a) All the Term loans are secured by a joint equitable mortgage by
deposit of title deeds with State Bank of India in favour of
participating Banks as first charge on immovable properties and
hypothecation of all movable assets (except book debts) both present
and future, subject to prior charge on movable assets in favour of
Company's Bankers for Working Capital and also Guaranteed by Promoter
Directors, in their individual capacities.
b) The Term Loans from State Bank of India & State Bank of Hyderabad
rank pari-passu among themselves.
c) Cash Credit from the State Bank of India and State Bank of Hyderabad
is secured by hypothecation of Raw Materials, Consumable Stores,
Work-in-Process, Finished Goods and Book Debts, etc. and is guaranteed
by Promoters in their personal capacity and is further secured by way
of charge on fixed assets.
4 (a) There are no reportable segments for the company in terms of
Accounting Standard 17 "Segment Reporting" issued by the institute of
Chartered Accountants of India, as there are no varying risks and
returns for the products of the company and geographical areas in which
the company operates.
(b) The Company has no related parties other than the key management
personnel and relatives of such personnel in terms of Accounting
Standard 18, in respect of the related party disclosure. The company
paid remuneration to the Managing Director, Joint Managing Director and
Executive Director among the key management personnel. The particular's
of such remuneration are furnished in the note no. 8(e) hereunder. The
company has no related party transitions with the relatives of key
management personnel.
(c) In terms of the provisions of Accounting Standard 22 in respect of
"Accounting for taxes on income" the company has not recognized
deferred tax asset/liability in view of the company's brought forward
business losses and unabsorbed depreciation.
(d) Leave encashment is accounted for on payment basis.
5. Housing Subsidy: The Company has received a 6 sum of Rs. 10.75 lacs
from Government of India during earlier years for the purpose of
constructing 50 tenements for housing to its personnel in its Limestone
Mines. The Company has entered into an agreement with Government Of
India for a period of 20 years.
6. There are no out standings to SSI units for more than 30 days as at
31st March 2003.
7. Current Assets & Loans and Advances:
The Board is of the opinion that the Current Assets & Loans and
Advances have a value on realisation in the Ordinary Course of Business
at least to the amount at which they are stated.
8. Profit & Loss Account:
a) The Company has not provided depreciation for the year 1988-89 to
1993-94 amounting to Rs.304.66 laces, in view of Losses during those
years.
b) The provision for Income Tax has been made to terms of the
provisions of Sec. 115 JB of Income Tax Act 1961. The company is not
liable to Income Tax under regular provisions of the Act in view of
brought forward losses and allowances.
c) Prior period items (net) include Rs.2,45,483 towards additional
charges levied by APCPDCL.
d) Consumption of Raw Materials and value of Inventories includes
Royalty and other levies paid to Government to the extent of Rs. 76.39
lacs (previous year Rs. 74.80 lacs).
9. Previous year figures have been regrouped wherever necessary to
conform to the classification adopted in the current year.
Mar 31, 2002
1. Contingent Liabilities not provided for:
(a) Rs. 18.02 lacs in respect of Mineral Revenue Tax & Cess (Previous
Year Rs.15.02 lacs).
(b) Bank guarantees given for Rs. 3.25 lacs (Previous Year Rs. 30.00
lacs)
2. Claims against the Company not acknowledged as debts: Rs. 31.41
lacs (previous Year Rs. 31.41 lacs)
3. Secured Loans:
a) All the Term loans are secured by a joint equitable mortgage by
deposit of title deeds with State Bank of India in favour of
participating Banks as first charge on immovable properties and
hypothecation of all movable assets (except book debts) both present
and future, subject to prior charge on movable assets in favour of
Companys Bankers for Working Capital and also Guaranteed by Promoter
Directors, in their individual capacities.
b) The Term Loans from State Bank of India & State Bank of Hyderabad
rank paripassu among themselves.
c) Cash Credit from the State Bank of India and State Bank of Hyderabad
is secured by hypothecation of Raw Materials, Consumable Stores,
Work-in-Process, Finished Goods and Book Debts, etc. and is guaranteed
by Promoters in their personal capacity and is further secured by way
of charge on fixed assets.
4 (a) The Company has only one business segment and one geographical
segment in terms of Accounting Standard 17 in respect of Segment
Reporting. Hence, keeping in view the objective of the Accounting
Standard, the Segment Reporting is not applicable to the Company.
(b) The Company has no related parties in terms of the Accounting
Standard 18, except the key management personnel and other relatives.
However, the Company has no related party transactions as referred to
in the Accounting Standard.
(c) In view of the unabsorbed depreciation and brought forward losses
under Tax Law, the Company has not made any provision towards deferred
tax, and accordingly, deferred tax asset has not been recognized in
terms of the Accounting Standard 22.
(d) Leave encashment is accounted for on payment basis.
5. Housing Subsidy : The Company has received a sum of Rs.10.75 lacs
from Government of India for the purpose of constructing 50 tenements
for housing personnel in its Limestone Mines. The Company has entered
into an agreement with Government of India for & period of 20 years.
6. There are no SSI Units to whom amounts in excess of Rs. 1.00 lac
each is due for more than 30 days as at 31st March, 2002.
7. Current Assets & Loans and Advances:
The Board is of the opinion that the Current Assets & Loans and
Advances have a value on realisation in the Ordinary Course of Business
at least to the amount at which they are stated.
8. Profit & Loss Account:
a) The Company has not provided depreciation for the year 1988-89 to
1993-94 amounting to Rs. 304.66 lacs, in view of previous year Losses.
b) Provision for regular taxation has not been made in view of carry
forward losses. However provision for taxation is made as per section
115 JB of the income Tax Act.
c) Prior period items(net) includes Rs. 1,62,195/- towards excess
provision of depreciation written back as it relates to earlier years.
d) In the previous year figures interest waiver from Financial
institutions has been netted off against the Loss brought forward from
the previous years.
Mar 31, 2001
1. Contingent Liabilities not provided for :
(a) Rs.15.02 lacs in respect of Mineral Revenue Tax & Cess (Previous
Year Rs.15.02 lacs).
(b) Bank guarantees given for Rs.30.00 lacs (Previous Year Rs.32.60
lacs)
2. Claims against the Company not acknowledged as debts: Rs.31.41 lacs
(Previous Year Rs.31.41 lacs)
3. Secured Loans :
a) All the Term loans are secured by a joint equitable mortgage by
deposit of title deeds with Industrial Development Bank of India in
favour of all participating Financial Institutions as first charge on
immovable properties and hypothecation of all movable assets (except
book debts) both present and future, subject to prior charge on movable
properties in favour of Company's Bankers for Working Capital and also
Guaranteed by Promoter Directors, in their individual capacities.
b) The Term Loans from all the Financial Institutions rank paripassu
among themselves.
c) Cash Credit from the State Bank of India and State Bank of
Hyderabad is secured by hypothecation of Raw Materials, Consumable
Stores, Work-in-Process and Finished Goods, Book Debts, etc. and is
guaranteed by Promoters in their personal capacity and is further
secured by way of second charge on fixed assets and sanctioned limit
Rs.340 lacs (Previous Year Rs.365 lacs)
4. The Company was declared as a Sick Company with in the meaning of
Section 3(1)(O) of Sick Industrial Companies (Special Provisions)
Amendment Act 1993 vide Regn. No. 141/94 dated 15-09-994.
The revised sanctioned package was also could not be implemented and
the company's revised settlement proposal submitted has been accepted
by the Financial Institutions for an amount of Rs. 608.88 lacs towards
full and final settlement of their dues. In view of the acceptance, the
company has written back an amount of Rs. 1009.79 lacs as interest
waiver including funded interest. The said relief /waiver is subject to
fulfillment of the terms and conditions stipulated by the Financial
Institutions. The Company has paid an amount of Rs. 52.2 lacs out of
Rs. 608.88 lacs and the same is adjusted towards the outstanding
amount. The balance amount along with interest is to be paid before 31st
December 2001.
The Company has not provided interest on Term Loans for the period
from 01-10-1998 to 31-03-2000 amounting to Rs. 462.95 lacs and for this
year amounting to Rs. 273.16 lacs including penal interest in view of
the sanction of scheme by Financial Institutions and waiver of interest
till 31.03.2001.
5. Housing Subsidy : The Company has received a sum of Rs. 10.75 lacs
from Government of India for the purpose of constructing 50 tenements
for housing personnel in its Limestone Mines. The Company has entered
into an agreement with Government of India for a period of 20 years.
6. There are no SSI Units to whom amounts in excess of Rs. 1.00 lac
each is due for more than 30 days as at 31st March, 2001.
7. Current Assets & Loans and Advances:
The Board is of the opinion that the Current Assets & Loans and
Advances have a value on realisation in the Ordinary Course of Business
at least to the amount at which they are stated.
8. Profit & Loss Account :
a) The Company has not provided depreciation for the year 1988-89 to
1993-94 amounting to Rs. 305.27 lacs, in view of Losses.
b) Provision for taxation has not been made in view of carry forward
losses and also the taxable income as per section 115JB is nil for the
year.
Mar 31, 2000
1. Contingent Liabilities not provided for :
a) Rs.15.02 lacs in respect of Mineral Revenue Tax & Cess (Previous
Year 15.02 lacs).
b) Bank Guarantees given for Rs.32.60 lacs (Previous Year Rs.1 lac)
2. Claims against the Company not acknowledged as debts : Rs.31.41 lacs
(Previous Year Rs.48.31 lacs)
3. Secured Loans :
a) All the Term loans are secured by a joint equitable mortgage by
deposit of title deeds with Industrial Development Bank of India in
favour of all participating Financial Institutions as first charge on
immovable properties and hypothecation of all movable assets (except
book debts) both present and future, subject to prior charge on movable
properties by the Company's Bankers for Working Capital and also
Guaranteed by Promoter Directors, in their individual capacities.
b) The Term Loans from all the Financial Institutions rank paripassu
among themselves.
c) Deffered Compound Interest amounting to Rs.140.75 lacs, is carrying
Zero rate of Interest.
d) Cash Credit from the State Bank of India and State Bank of Hyderabad
is secured by hypothecation of Raw Materials, Consumable Stores,
Work-in-Process and Finished Goods, Book Debts, etc., and is guaranteed
by Promoters in their personal capacity and is further secured by way
of Second Charge on fixed assets and sanctioned limit Rs.365 lacs
(Previous year Rs.340 lacs).
e) The company was declared as a Sick Company with in the meaning of
Section 3(1) (O) of Sick Industrial Companies (Special Provisions)
Amendment Act 1993 vide Regn.No.141/94 dated 15-09-1994. In
consequence thereof BIFR has sanctioned a package on 8th August, 1996.
Further BIFR has sanctioned a Modified Rehabilitation Scheme vide their
letter dated 05-03-1999 approving One Time Settlement (OTS) of
Financial Institutions dues.
4. Housing Subsidy : The Company has received a sum of Rs.10.75 lacs
from the Government of India for the purpose of constructing 50
tenements for housing personnel in its Limestone Mines. The Company
has entered into an agreement with Government of India for a period of
20 years.
5. a) Sundry Creditors includes dues to Small Scale Industrial
Undertakings amounting to Rs.2.97 lacs.
b) Small Scale Industrial Undertaking whose dues are in excess of Rs.1
lac and is outstanding for more than 30 days is M/s.Panchavati
Polyfibres Ltd. - Rs.1.64 lacs.
c) The above information is complied based on the information available
with the Company which has been relied upon by the Auditors
6. Current Assets & Loans and Advances
The Board is of the opinion that the Current Assets & Loans and
Advances have a value on realisation in the Ordinary Course of Business
at least to the amount at which they are stated.
Mar 31, 1996
Secured Loans:
a) All the Term Loans are secured by a joint equitable mortgage by
deposit of title deeds with Industrial Development Bank of India in
favour of all participating Financial Institutions as first charge on
immovable properties and hypothecation of all movable assets (except
book debts) both present and future; subject to prior charge on
movable properties by the Company's Bankers for Working Capital and
also Guaranteed by Promoter Directors and a former Director in their
individual capacities.
b) The Term Loans from all the Financial Institutions rank pari passu
among themselves.
c) Cash Credit from the State Bank of India and State Bank of
Hyderabad is secured by hypothecation of Raw Materials, Consumable
Stores, Work-in-progress and Finished Goods, Book Debts, etc. and is
guaranteed by Promoters in their personal capacity (limit Rs. 290
lakhs Previous year Rs.290 lakhs)
Housing Subsidy : The Company has received a sum of Rs.10.75 lakhs
from Government of India for the purpose of constructing 50 tenements
for housing personnel in its Limestone Mines. The Company has entered
into an agreement with Government of India for a period of 20 years.
Profit & Loss Account:
a) The Company has not provided depreciation for the years 1988-89 to
1993-94 amounting to Rs.305.57 lakhs.
d) No provision for taxation has been made in view of carried forward
losses and depreciation as per Income Tax Act, 1961.
Mar 31, 1995
4. Secured Loans
a) All the Term Loans are secured by a joint equitable mortgage by deposit of title deeds with Industrial Development Bank of India in favour of all participating Financial Institutions as first charge on immovable properties and hypothecation of all movable assets (except
book debts) both present and future; subject to prior charge on movable properties by the Company's Bankers for Working Capital and also Guaranteed by Promoter Directors and a former Director in their individual capacities.
b) The Term Loans from all the Financial Institutions rank paripassu among themselves.
c) Cash Credit from the State Bank of India and State Bank of Hyderabad is secured by hypothecation of Raw Materials, Consumable Stores, Work-in-progress and Finished Goods.Book Debts, etc. and is guaranteed by Promoters in their personal capacity (limit Rs. 290 lacs Previous year Rs. 290 lacs)
5. Housing Subsidy : The Company has received a sum of Rs.10.75 lacs (Previous Year 10.75 lacs) from Government of India for the purpose of constructing 50 tenements for housing to the personnel in its Limestone Mines. The Company has entered into an agreement with Government of
India for a period of 20 years.
6. Profit & Loss Account:
a) The Company has lot provided depreciation for the Year 1988-89 to 1993-94. Amounting Rs. 366.62 lacs.
b) The Company has recomputed the Depreciation provided in 1986-87 and 1987-88 as per the amendment to the Schedule XIV of the Companies Act as per Notification dated 16th December, 1993. This has resulted an excess provision amounting to Rs. 31.89 lacs which has been written back in
this account.
c) The Company has provided depreciation of Rs. 70.35 lacs for the Accounting year as per the notification mentioned above.
7. Profit & Loss Account
a) The Company's Special Leave Petition before the Honourable Supreme Court of India challenging the increase in power tariff by Andhra Pradesh State Electricity Board was dismissed by its judgment and order Dated 1.3.1995. The provision made for Disputed power tariff is written
off.
b) Particulars of Remuneration paid/provided to the Managing Director and Joint Managing Director.
The remuneration paid to Sri S Chandra Mohan as Joint Managing Director is subject to the approval of shareholders and Financial Institutions.
c) Investment allowance reserve of earlier years amounting to Rs. 187.76 lacs has not been provided due to absence of taxable profits.
d) No provision for taxation has been made in view of carried forward losses and depreciation as per Income Tax Act, 1961.
e) The Company has not provided an amount of Rs. 1.91 lacs (Previous year Rs. 1.17 lacs) towards penal interest on the interest due to Financial Institutions.
8. The information required as per Clause 4(C) and 4(D) and notes thereon part II of Schedule VI of the Companies Act, 1956 (as certified by the Management)
Mar 31, 1994
Secured Loans:
All the Term Loans are secured by a joint equitable mortgage by deposit of title deeds with Industrial Development Bank of India in favour of all participating Financial Institutions as first charge on immovable properties and hypothecation of all movable assets (except book debts) both present and future subject to prior charge on movable properties by the Company's Bankers for Working Capital and also Guaranteed by a Promoter Director and a former Director in their individual capacities.
The Term Loans from all the Financial Institutions rank paripassu among themselves.
Cash Credit from all the State Bank of India and State Bank of Hyderabad is secured by hypothecation of Raw Materials, Consumable Stores, Work-in-progress and Finished Goods, Book Debts, etc. and is guaranteed by Promoters in their personal capacity (limit Rs.290 lacs Previous Year Rs.290 lacs).
Housing Subsidy:
The Company has received a sum of Rs.10.75 lacs (Previous Year 9.67 lacs) from Government of India for the purpose of constructing 50 tenements for housing personnel in its Limestone Mines. The Company has entered into an agreement with Government of India for a period of 20 years.
Fixsed Assets:
No Depreciation (calculated as per the amendment to Schedule XIV vide Notification dated 16th December, 1993) has been provided for the year amounting to Rs.68.43 lacs (Previous Year Rs.101.90 lacs) in view of accumulated loss. The total amount of Depreciation that has not been provided upto 31st March, 1994 is Rs.523.72 lacs.
Loans and Advances:
Deposits includes Rs.53.85 lacs towards Consumption Deposit paid to Andhra Pradesh State Electricity Board calculated inclusive of the disputed tariff.
Profit & Loss Account:
The Company's Special Leave Petition before the supreme Court challenging the increase in power tariff by APSEB is still pending. The Company's liability has not ceased inspite of the pendency of the petition. The Company's Legal Advisor after considering the latest judicial thinking on the said subject has opined that the Company out of abundant caution should provide for the disputed power tariff in the accounts. The provisions of the disputed amount in the accounts without prejudice to the Company's right to recover the said sum from Andhra Pradesh State Electricity Board in the event, the petition is decided in favour of the Company.
The amounts provided amounting to Rs.453.84 lacs comprises of Rs.150.37 lacs pertaining to the Accounting Year 1993-94 and Rs.303.47 lacs pertaining to previous years.
The Company has paid and charged to revenue a sum of Rs.18.17 lacs to Andhra Pradesh State Electricity Board towards Fuel Cost Adjustment demanded by the Board from 1986 to 1993. Aggrieved against this the Company has filed a Writ Petition in the Andhra Pradesh High Court. The Andhra Pradesh High Court has passed interm orders directing Andhra Pradesh State Electricity Board to refund/adjust against future power bills payable. A sum of Rs.5.27 lacs has been adjusted upto 31.3.1994 which has been shown under other income.
Mar 31, 1993
The Authorised equity share capital of the company has been increased from 2.95 crores to Rs. 4.70 crores, vide resolution passed at the AGM held on 21st September 1992
A sum of Rs. 292.14 lakhs has been paid to the Andhra Pradesh state electricity board under protest by the company towards increase in Powe tariff. The company's special leave petition is pending before the Supreme court. In order to avoid disconnection of lines the company has paid this amount subject to their right to claim refund in the event the petition being decided in favour of the company. No provision has been made in the accounts for the above amount and the same has been shown under loans and advances as recoverable due to the favorable opinion given regarding the outcome of the case by the company's legal adviser.
Mar 31, 1992
The Company's special Leave Petition before the supreme Court against the increase in Power Tariff by A.P.S.E.B. is still pending. The company's Legal Adviser has opined that its case before the said Court would be ruled in favour of the company.
Hence, no provision has been considered in the accounts for an amount of Rs. 178.91 lakhs (w.e.f. 15-7-1987 to 31-3-1992) including Rs 79.08 lakhs for the current year. Out of this an amount of Rs 171.95 lakhs has been paid to the APSEB under protest and the same has been shown as an advance paid to the APSEB.
Investment allowance reserve of earlier years amounting to RS.187.76 lakhs has not been provided due to absence of taxable profits.
No provision for taxation has been made in view of carried forward losses and business losses as per Income- Tax Act, 1961.
The company has not provided an amount of Rs. 0.30 lakhs towards penal interest on the interest due to Financial Institutions.
Mar 31, 1991
Profit & Loss Account :
a) No provision has been made for accruing liability upto 31.03.91, for gratuity payable to employees in future as per Gratuity Act, amounting to Rs 3.05 lakhs (Previous Year Rs 2.25 lakhs).
b) The Company's Legal Adviser has opined that its case before the Supreme Court regarding the Power tariff increased by APSEB would be ruled in favour of the Company.
Hence, no provision has been considered in the accounts for an amount of Rs 99.83 lakhs (w.e.f. 15-7-1987 to 31-3-1991) including Rs 50.35 lacs for the current year. Out of this an amount of Rs 95.85 lacs has been paid to the APSEB under protest and the same has been shown as an advance paid to the APSEB.
Mar 31, 1990
No provision has been made for accruing liability upto 31-3-90 for gratuity payable to employees in future as per gratuity act amounting to Rs. 2.25 lakhs
General expenses includes Rs. 97,729 towards the sales tax pertaining to the previous year.
An amount of Rs.97,120 has been credited to general expenses being the provision of the previous years for contribution to NCCBM which is no longer required.
The company has not provided an amount of Rs. 4.16 lakhs towards Penal interest on the interest due to financial institutions as the matter is pening with the lead financia institution ie IDBI
Other income includes an amount of Rs. 27.77 lakhs being the differential tariff charged in the earlier years.