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Notes to Accounts of Everest Organics Ltd.

Mar 31, 2018

1. (i)The Secured Loans from Kotak Mahindra Bank with total credit limits of Rs.2402 lakhs (Fund Based: Rs.1842 lakhs & Non-Fund Based : Rs.560 lakhs) (Note Nos.12 and 14) are secured by the first and exclusive charge by way of equitable mortgage by deposit of Titles Deeds of the Company’s immovable properties of Land admeasuring Ac. 35-20 Guntas Sy.Nos.38, 39, 40 and 45, with Buildings thereon in situated at Aroor Village, Sadasivpet Mandal, Sangareddy District, Telangana State, hypothecation of stocks, receivables and other current assets, and also by the personal guarantees of promoter directors and mortgage of the personal immovable properties of the promoters, directors.

(ii) Secured Loans of Rs.213.18 lakhs from Reliance Capital are secured by the hypothecation of the equipment acquired out of the term loan given by them and also the personal guarantees of two of the promoter directors.

2. The total GST Input available on Raw Materials for the year amounting to Rs.1370.55 lakhs (previous CENVAT available on Raw Materials of Rs. 1014.89 lakhs) has been shown under the “Current Assets” in the Balance Sheet.

3. Investment:

Of the total investments of Rs.8.45 lakhs part of the same is represented by the fully paid Equity Shares of M/s.Patancheru Envirotech Limited made as contribution for utilizing their services of common Effluent Treatment Plant set up by the M/s. Patancheru Envirotech Ltd. to the tune of Rs.8.15 lakhs (Unquoted 81540 No. of equity shares of Rs.10/- each fully paid up-Market value as on 31.03.2017 & 31.03.2016 are not available and part of the investment is represented by shares of State Bank of Travancore(SBT) amounting to Rs.0.30 lakhs) [50 shares of Rs.10 each fully paid up and the same are valued at cost. Market value being Rs.607 per share (last traded price on 15-032017), pending receipt of shares of State Bank of India(SBI), post merger of SBT with SBI].

These investments are intended to be held for more than one year and are accordingly classified as non-current investments.

4. Other Cash and Cash Equivalents comprising of cash in hand of Rs.1.10 lakhs, Cash at Bank in Current Accounts of Rs.35.95 lakhs, Fixed Deposits (held under lien with the banks in the form of Fixed Deposits) amounting to Rs 89.93 lakhs with maturity of more than 12 months as on 31-032018.

5. Contingent Liabilities not provided for:

1) Letters of Credit established by the Kotak Mahindra Bank on behalf of the Company Rs. 527.60 lakhs (Previous year Rs. 454.51 lakhs).

2) Bank Guarantees issued by the Kotak Mahindra Bank on behalf of the company Rs.6.50 lakhs. (Previous year- Rs.5.00 lakhs)

6. Fire Accident and Insurance Claim thereon:

During the year the company received the claim amount of Rs.87.05 Lakhs against the fire accidents occurred in prior years, the loss of which was already recorded under the Statement of Profit and Loss in earlier years. Hence, the claim amounts received during the year were entirely taken to the statement of profit and loss.

7. Litigations:

The company simultaneously applied to the Environmental Engineer, TS Pollution Control Board (TSPCB) for the renewal of Consent for Operations (CFO) for a period from FY 2017-18 to FY 202122 and paid the necessary fees for the same. The grant of approval of CFO in this regard is approved from the TSPCB. The necessary fees for CFO was already paid by the company till 3103-2022.

The Company’s management does not reasonably expect that these legal actions, when ultimately concluded and determined, will have a material and adverse effect on the company’s results or operations or financial condition.

8. Amount due to small scale industrial undertaking during the year ended 31.03.2018 could not be identified as specific information regarding SSI status is not forthcoming from parties.

7. The company deals in Bulk Drugs, APIs, and thus is treated as dealing in only one segment and hence the information pertaining to the Segmental Reporting is not applicable to the Company.

8. Paise have been rounded off to the nearest rupee.

9. Figures have been re-grouped/re-arranged wherever necessary.

10. The balances outstanding on account of sundry debtors/sundry creditors/advances are subject to confirmation from the respective parties.


Mar 31, 2013

1. In view of the substantial carried forward losses and unabsorbed depreciation no deferred tax asset has been recognized as provided in the Accounting Standard on Taxes on Income, on a conservative principle.

2. The Secured Loans from Kotak Mahindra Bank (Schedule-C) are secured by the first charge by way of equitable mortgage by deposit of Titles Deeds of the Company''s immovable properties of Land & Buildings admeasuring 32 Acres in Sy.No.38,39 & 40 situated at Aroor Village, Sadasivpet Mandal, Medak District, both present and future and Hypothecation/pledge of Company''s movable properties both present and future, hypothecation of stocks, receivables and other current assets, and also by the personal guarantees of promoter directors and mortgage of the personal immovable properties of the promoter directors.

3. The total CENVAT available on Raw Materials for the year amounting to Rs.725.01 Lacs (previous year Rs.511.70 lacs) has been adjusted in the cost of raw materials and the unavailed CENVAT credit on account of Service Tax, CENVAT on Capital goods, PLA Balances amounting Rs.26.25 lacs (previous year Rs. 12.17 lacs) has been shown under the "Current Assets" in the Balance Sheet.

4. Investment

Investment of Rs.8.45 lacs represents fully paid Equity Shares of M/s.Patancheru Envirotech Limited made as contribution for utilizing their services of common Effluent Treatment Plant set up by the M/s. Patancheru Envirotech Ltd. to the tune of Rs.8.15 lacs and shares in the State Bank of Travancore amounting to Rs.0.30 lacs and the same are valued at cost.

5. Contingent Liabilities not provided for:

1) Letters of Credit established by the Kotak Mahindra Bank on behalf of the Company Rs.367.13 lacs (Previous year – Rs.432.42 Lacs).

2) Bank Guarantees issued by the Kotak Mahindra Bank on behalf of the company Rs.10 Lacs. (Previous year- Rs.10 lakhs)

6. Amount due to small scale industrial undertaking during the year ended 31.03.2013 could not be identified as specific information regarding SSI status is not forthcoming from parties.

7. The company deals in Bulk Drugs, APIs, and thus is treated as dealing in only one segment and hence the information pertaining to the Segmental Reporting is not applicable to the Company.

8. Paise have been rounded off to the nearest rupee.

9. Figures have been re-grouped/re-arranged wherever necessary.

10. The balances outstanding on account of sundry debtors/sundry creditors/advances are subject to confirmation from the respective parties.


Mar 31, 2012

A. Share Capital

Note 1:

a) There are no shares issued in last five years as fully paid up pursuant to contracts without payment being received in cash.

b) There are no shares issued in last five years as fully paid up by way of bonus shares.

c) There are no shares bought back in last five years.

d) There are no calls unpaid.

e) Out of the total unsecured loans received by the company during the earlier years an amount of Rs. 311.19 lakhs has been transferred to Share Application Money as on 31-03-2012, which has been shown partly under Share Application Money and partly under Other Current Liabilities.

B. Long-Term Borrowings

Note:

1. The Term Loans D(a) 1, 2 & 3 above are secured by the first charge by way of equitable mortgage by deposit of Titles Deeds of the Company's immovable properties of Land & Buildings admeasuring 32 Acres in Sy. No. 38, 39, 40 situated at Aroor Village, Sadasivpet Mandal, Medak District, both present and future and Hypothecation/pledge of Company's movable properties both present and future, hypothecation of stocks, receivables and other current assets, and also by the personal guarantees of promoter directors, mortgage of the personal immovable property of the promoters mortgage of the personal immovable properties of the promoter directors.

2. There is no default in repayment of principal of term loan or interest thereon from Kotak Mahindra Bank Ltd., stated above.

C. Other Current Liabilities

Note:

1. There is no default in repayment of principal of term loan or interest thereon.

2. The undisputed dues including Provident fund, Employees State Insurance, Income- Tax, Sales-Tax, Excise-Duty, Cesses and other statutory dues have been deposited by the company during the year with the appropriate authorities with delays. Out of the Statutory dues Provident Fund dues to the tune of Rs. 8.16 Lakhs (previous year -NIL-), FBT to the tune of Rs. 8.55 Lakhs, Income-Tax to the tune of Rs. 19.49 lakhs (previous year Rs. 22.57 Lakhs), Tax Deducted at Source to the tune of Rs. 12.90 lakhs (previous year Rs. 6.77 Lakhs) were outstanding as at 31st March, 2012 for a period of more than 6 months from the date they became payable.

3. In view of the substantial carried forward losses and unabsorbed depreciation no deferred tax asset has been recognized as provided in the Accounting Standard on Taxes on Income, on a conservative principal.

4. The Secured Loans from Kotak Mahindra Bank (Schedule C) are secured by the first charge by way of equitable mortgage by deposit of Titles Deeds of the Company's immovable properties of Land & Buildings admeasuring 32 Acres in Sy.No.38,39 & 40 situated at Aroor Village, Sadasivpet Mandal, Medak District, both present and future and Hypothecation/pledge of Company's movable properties both present and future, hypothecation of stocks, receivables and other current assets, and. also by the personal guarantees of promoter directors mortgage of the personal immovable properties of the promoter directors.

5. The total CENVAT available on Raw Materials amounting to Rs. 511.70 Lacs (previous year Rs. 434.25 lacs) has been adjusted in the cost of raw materials and the unavailed CENVAT credit amounting Rs. 12.03 lacs (previous year Rs. 25.36 lacs) has been shown in the "Current Assets" in the Balance Sheet.

6. Investment

Investment of Rs. 8.45 lacs represents fully paid Equity Shares of M/s. Pattancheru Envirotech Limited made as contribution for utilizing their services of common Effluent Treatment Plant set up by the M/s. Pattancheru Envirotech Ltd. to the tune of Rs. 8.15 lacs and shares in the State Bank of Travancore amounting to Rs. 0.30 lacs and the same are valued at cost.

7. Contingent Liabilities not provided for:

a) Letters of Credit established by the Kotak Mahindra Bank on behalf of the Company Rs. 432.42 Lakhs.

b) Bank Guarantees issued by the Kotak Mahindra Bank in favour of Pollution Control Board for Rs. 10.00 Lakhs.

8. Amount due to small scale industrial undertaking during the year ended 31.03.2012 could not be identified as specific information regarding SSI status is not forthcoming from parties.

9. The company deals in Bulk Drugs, APIs, and-thus is treated as dealing in only one segment and hence the information pertaining to the Segmental Reporting is not applicable to the Company.

10. Paise have been rounded off to the nearest rupee.

11. Figures have been re-grouped/re-arranged wherever necessary.

12. The balances outstanding on account of sundry debtors/sundry creditors/advances are subject to confirmation from the respective parties.


Mar 31, 2011

1. In view of the substantial carried forward losses and unabsorbed depreciation no deferred tax asset liability has been recognized as provided in the Accounting Standard on Taxes on Income, on a conservative principal.

2. The Secured Loans from Kotak Mahindra Bank (Schedule C) are secured by the first charge by way of equitable mortgage by deposit of Titles Deeds of the Company's immovable properties situated at Aroor Village, Sadasivpet Mandal, Medak District, both present and future and Hypothecation/pledge of Company's movable properties both present and future and the working capital limits are secured by the hypothecation of stocks, receivables and other current assets, besides charge on the fixed assets and also by the personal guarantees of promoter directors.

3. The total CENVAT available on Raw Materials amounting to Rs.434.25 Lacs (previous year Rs.281.64 lacs) has been adjusted in the cost of raw materials and the unavailed CENVAT credit amounting Rs.25.36 lacs (previous year Rs.6.27 lacs) has been shown in the "Current Assets" in the Balance Sheet.

4. Investment

Investment of Rs.8.45 lacs represents fully paid Equity Shares of M/s.Pattancheru Envirotech Limited made as contribution for utilizing their services of common Effluent Treatment Plant set up by the M/s.Pattancheru Envirotech Ltd. to the tune of Rs.8.15 lacs and shares in the State Bank of Travancore amounting to Rs.0.30 lacs and the same are valued at cost.

5. Contingent Liabilities not provided for – Letters of Credit established by the Kotak Mahindra Bank on behalf of the Company Rs.432.42 Lakhs.

6. Amount due to small scale industrial undertaking during the year ended 31.03.2011 could not be identified as specific information regarding SSI status is not forthcoming from parties.

7. The company deals in Bulk Drugs, APIs, and thus is treated as dealing in only one segment and hence the information pertaining to the Segmental Reporting is not applicable to the Company.

8. Paise have been rounded off to the nearest rupee.

9. Figures have been re-grouped/re-arranged wherever necessary.

10. The balances outstanding on account of sundry debtors/sundry creditors/advances are subject to confirmation from the respective parties.


Mar 31, 2010

1. In view of the substantial carried forward losses and unabsorbed depreciation no deferred tax asset has been recognized as provided in the Accounting Standard on Taxes on Income, on a conservative principal.

2. The Secured Loans from Kotak Mahindra Bank (Schedule C) are secured by the first charge by way of equitable mortgage by deposit of Titles Deeds of the Companys immovable properties sitaated at Aroor Village, Sadasivpet Mandal, Medak District, both present and future and Hypothecation/pledge of Companys movable properties both present and future and also by the personal guarantees of prompter directors.

3. The total CEN VAT available on Raw Materials amounting to Rs.281.64 Lacs (previous year Rs. 182.42 lacs) has been adjusted in the cost of raw materials and the unavailed CENVAT credit amoin:ing Rs.6.27 lacs (previous year Rs.6.00 lacs) has been shown in the "Current Assets" in the Balance Sheet.

4. Investment

Investment of Rs.8.45 lacs represents fully paid Equity Shares of M/s.Pattancheru Envirotech Limited made as contribution for utilizing their services of common Effluent Treatment Plant set up by the M/s.Pattancheru Envirotech Ltd. to the tune of Rs.8.15 lacs and shares in the State Bank of Travancore amounting to Rs.0.30 lacs and the same are valued at cost.

05. Contingent Liabilities not provided for:-NIL -

6. Amount due to small scale industrial undertaking during the year ended 31.03.2010 could not be identified as specific information regarding SSI status is not forthcoming from parties.

7. The company deals in Bulk Drugs, APIs, and thus deals in only one segment and hence the information pertaining to the Segmental Reporting is not applicable to the Company.

8. Paise have been rounded off to the nearest rupee.

9. Figures have been re-grouped/re-arranged wherever necessary.

10. The balances outstanding on account of sundry debtors/sundry creditors/advances are subject to confirmation from the respective parties.

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