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Notes to Accounts of Empee Sugars and Chemicals Ltd.

Mar 31, 2015

1. Security & Other Terms

(i) Pari passu first charges on fixed assets of the Ambasamudram unit of the company with other members of the consortium. Second paripassu charge on the current assets of the Ambasamudram unit and Naidupet unit of the company with other members of the consortium. Second paripassu charge on the fixed assets for Naidupet unit of the company with other members of the consortium and also personal guarantee of the three directors and pledge of 51% of the promoters shareholding in the company. The repayment of all the term loan are as per the package mentioned in CDR Scheme. The first installment due of CDR will be September 2014.

(ii) Pari passu first charge on the fixed assets of the Naidupet unit of the company with other members of the consortium financed for this project. Second paripassu charge on the current assets of the Naidupet unit of the company with other members and personal guarantee of three directors. The term loans are repayable in quarterly installments.

(iii) Pari passu first charge by way of a hypothecation of all moveable assets (except book debts) including moveable machinery, machinery spares, tools and accessories both present and future pertaining to bagasse based cogeneration power plant at Idaikkal village, Ambasamudram Taluk, Tirunelveli Dist, Tamilnadu. The term loan is repayable in quarterly installments.

2. CONTINGENT LIABILITIES & COMMITMENTS

(i) Disputed Interest on Purchase Tax 729.59 729.59

(The Company has applied for waiver of Interest, which the company is hopeful of getting waiver)

(ii) Guarantees

Indian Bank, Chennai 20.50 20.50

Andhra Bank, Mount Road, Chennai 2.03 2.03

Indian Bank, Naidupet 43.00 43.00

3. All the investments held by the company are long term in nature

4. Other Expenses include Rs. 150.00 Lakhs written off being 1/10th of total discount on issue of shares made during the year 2000-2001. The balance still to be written off is Rs. 900.00 Lakhs.

5. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

6. Balances under trade payables, trade recceivables, cane suppliers and harvester advance are subject to confirmation from the concerned parties and reconciliation. The impact of this on the accounts is presently not acertainable.


Mar 31, 2014

1. SHARE CAPITAL

Note : The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-

2. RESERVES AND SURPLUS

Empee Sugars and Chemicals Ltd has received 0% convertible preference share application money of Rs.10/- each at a premium of Rs.140/- each from the parent company, M/s. Empee Distilleries Ltd from 7th July 2008 to 30th September 2012 towards promoter share for the project implementation of Integrated Sugar Complex which could not be allotted to the applicant company in view of non receipt of SEBI and Stock Exchanges approval. In view of this the company has gone for Composite Scheme of Arrangement of Empee Distilleries Ltd and Empee Sugars and Chemicals Ltd and Appollo Wind Energy Pvt Ltd and their respective shareholders. The company has filed the respective Petitions and the Madras High Court has sanctioned the scheme subject to the similar approval from the High Court of Andhra Pradesh which is under progress.

3. LONG-TERM BORROWINGS

3.1 Security & Other Terms

(i) Pari passu first charges on fixed assets of the Ambasamudram unit of the company with other members of the consortium. Second paripassu charge on the current assets of the Ambasamudram unit and Naidupet unit of the company with other members of the consortium. Second paripassu charge on the fixed assets for naidupet unit of the company with other members of the consortium and also personal guarantee of the three directors and pledge of 51% of the promoters shareholding in the company. The repayment of all the term loan are as per the package mentioned in CDR Scheme. The first installment due of CDR will be September 2014.

(ii) Pari passu first charge on the fixed assets of the Naidupet unit of the company with other members of the consortium financed for this project. Second paripassu charge on the current assets of the naidupet unit of the company with other members and personal guarantee of three directors. The term loans are repayable in quarterly installments.

(iii) Paripassu first charge by way of a hypothecation of all moveable assets (except book debts) including moveable machinery, machinery spares, tools and accessories both present and future pertaining to bagasse based cogeneration power plant at idaikkal village, Ambasamudram Taluk, Tirunelveli Dist, Tamilnadu. The term loan is repayable in quaterly installments.

4. TRADE PAYABLES

The vendors of the Company are yet to submit their status under Micro, Small and Medium Enterprises; hence the relevant information is not available with the company. Accordingly no disclosures relating to Micro, Small and Medium Enterprises have been made in the Accounts. The above amount were subject to confirmation.

5. CONTINGENT LIABILITIES & COMMITMENTS

Particulars Year Ended Period Ended March 31, 2014 March 31, 2013 (12 Months) (18 Months)

(i) Disputed Interest on Purchase Tax 729.59 729.59 (The Company has applied for waiver of Interest, which the company is hopeful of getting waiver)

(ii) Guarantees Indian Bank, Chennai 20.50 20.50 Andhra Bank, Mount Road, Chennai 2.03 2.03 Indian Bank, Naidupet 43.00 43.00

(iii) Estimated amount of Capital contracts remaining to be executed is - -

6. All the investments held by the company are long term in nature

7. Other Expenses include Rs. 150.00 Lakhs written off being 1/10th of total discount on issue of shares made during the year 2000-2001. The balance still to be written off is Rs. 1050.00 Lakhs

8. STATUS OF MERGER

The company is to be merged with Empee Distilleries Ltd w.e.f. 1.4.2011 under Scheme of Arrangement under Sec.391 and 394 of the Companies Act, 1956. The Scheme got approval from the Hon’ble Madras High Court and the hearings in Hon’ble Andhra Pradesh High Court are under progress.

9. EMPLOYEE BENEFITS UNDER DEFINED BENEFIT PLANS

Notes :

a. The entire Plan Assets are managed by Reliance Life Insurance Company Ltd.,

b. The expected return on Plan Assets is as furnished by a Qualified Actuary

c. The estimate of future salary increase takes into account inflation, likely increments, promotions and other relevant factors.

10. The Revised Schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.

11. Balances under trade payables, trade receivables, Cane suppliers and harvester advance are subject to confirmation from the concerned parties and reconciliation. The impact of this on the accounts is presently not ascertainable.


Mar 31, 2013

1.1 Security & Other Terms

(i) Pari passu first charges on fixed assets of the Ambasamudram unit of the company with other members of the consortium. Second paripassu charge on the current assets of the Ambasamudram unit and Naidupet unit of the company with other members of the consortium. Second paripassu charge on the fixed assets for naidupet unit of the company with other members of the consortium and also personal guarantee of the three directors and pledge of 51% of the promoters shareholding in the company. The repayment of all the term loan are as per the package mentioned in CDR Scheme.

(ii) Pari passu first charge on the fixed assets of the Naidupet unit of the company with other members of the consortium financed for this project. Second paripassu charge on the current assets of the naidupet unit of the company with other members and personal guarantee of three directors. The term loans are repayable in quarterly installments.

(iii) Paripassu first charge by way of a hypothecation of all moveable assets (except book debts) including moveable machinery, machinery spares, tools and accessories both present and future pertaining to bagasse based cogeneration power plant at idaikkal village, Ambasamudram Taluk, Tirunelveli Dist, Tamilnadu. The term loan is repayable in quaterly installments.

2. All the Investments held by the company are long term In nature

3. Other Expenses include Rs. 150.00 Lakhs written off being 1/10th of total discount on issue of shares made during the year 2000-2001. The balance still to be written off is Rs. 1200.00 Lakhs

4. The Revised Schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly Impacted the disclosure and presentation made In the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2010

1. Contingent Liabilities

1.1 Claims against the company not acknowledged as debts: Rs. 172.63 lakhs

1.2 Estimated amount of capital contracts remaining to be executed (Net of Advances): Rs 4221.81 Lakhs.

1.3 Purchase tax: Rs 1175.69 Lakhs (including Interest) (Note-10)

2. National Saving Certificates VIII issue of Rs.0.13 lakhs shown under investment are under lien to Sales Tax authorities & Agricultural Department towards security deposits.

3. Stock of Stores, Spares and packing materials have been physically verified at the year end and valued at cost on FIFO basis. The valuation of the stocks of sugar and spirit are valued at estimated net realizable value. Sugar, Organic Manure, Sugar and Molasses in Process are valued at estimated net realization value.

4. Balances with bank in fixed deposit include:

i) Rs. 18.52 lakhs under lien to banks for guarantees issued by them.

ii) Rs. 0.02 lakhs under lien to sales tax authorities towards security deposits.

5. In the absence of receipt of information regarding small scale industrial status from the parties, the details of names of small scale industrial undertaking to which the company owe any sum together with interest outstanding for more than 30 days could not be ascertained.

6. Balances in some of the parties accounted are subject to confirmation.

7. Depreciation amounting to Rs.438.12 lakhs related to the previous years from 1.10.1996 to 31.03.1999 has not been provided.

8. The Government of Andhra Pradesh by its Order dated 13.10.2003 through Abstract from Industries & Commerce (Sugar) Department has permitted the Company to pay the arrears of Purchase Tax amounting to Rs.532.57 lakhs (which includes a sum of Rs.10.40 lakhs as interest) in three equal annual installments along with interest @ 10.5% p.a. The company has sent the request letter to the concerned Government Departments to waive off the purchase tax and interest thereon. In the opinion of the management, the company will get the favourable reply from the Government and accordingly no liability has been provided in the books.

9. Provision for Minimum Alternate Tax of Rs 9.04 lacs is provided for Income Tax has been provided.

10. Related Party Transactions:

A. Holding Company:

1. Empee Distilleries Limited. .

B. Fully Owned Subsidiary:

1. Empee Power Company (India) Limited

C. Other Group Companies:

1. Empee International Hotels & Resorts Ltd

2. South (India) Hotels Pvt. Ltd

3. Empee Hotels Ltd

4. Apollo Alchobev Limited

5. Empee Holding Limited.

6. Aruna Exports Pvt Ltd

7. Aruna Constructions (India) Ltd

8. Empee Marine Products Limited

9. Empee Leasing & Finance Ltd

10. Empee Agro Farm Products Pvt Ltd

11. Universal Spirits Limited

12. Empee Construction Company Pvt Ltd

13. Empee Power and Infrastructure Pvt Ltd

14. EDL Properties Limited.

15. Apollo Wind Energy Pvt Ltd.

16. Apollo Beers Pvt Ltd

17. Shainvest Holdings Ltd

18. Apollo Distilleries Pvt Limited.

11. The company has imported 44450 MTs of raw sugar resulting in an export obligation of 42330 MTs. The company has exported 10000 MTs of sugar against this obligation and balance is pending compliance.

12. The previous years figures have been regrouped/rearranged, wherever considered necessary.

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