Home  »  Company  »  Greenearth Resource  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Greenearth Resources and Projects Ltd.

Mar 31, 2015

1 Contingent Liabilities

a. Corporate Guarantee given on behalf of Associate/Group Companies as on Balance Sheet date is aggregating to Rs. 389.03/-crores approx., details of which has been tabulated below:

(Rs. In crores) |--Sanctioned Credit Facility-| Sr. No. For Company/Bank Term Loan LC & BG CC Total Rs.

I. Sancia Global Infraprojects Limited:

a. State Bank of India 14.50 24.40 10.00 48.90

b. Bank of India 93.88 20.00 5.00 118.88 II News awlnfra projects Limited:

a. State Bank of India 13.75 18.00 7.50 39.25

b. State Bank of Hyderabad 15.00 - - 15.00 Sancialnfraglobal Private

III. Limited:

a. Indian Overseas Bank 100.00 - - 100.00

b. Punjab National Bank 67.00 - - 67.00

| Total Rs. 304.13 62.40 22.50 389.03

b. During the previous reporting period, the proceeding of SFIO is pending before its adjudication before the Company Law Board / Court at Kolkata. Since the liability is not materialized yet, hence no provision regarding the same has been made in the books of accounts, however the management has filed compounding application.

c. During the period under review, the Securities and Exchange Board of India, Mumbai issued notices dated 26th March, 2014 under Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudication officer) Rules, 1995. Since the liability is not materialized yet, hence no provision regarding the same has been made in the books of accounts however the management has submitted its reply and outcome of the same is still pending.

d. On 02nd July, 2012, M/s. Aum Saw Pipe and Industries Private Limited has filed an Arbitration Petition (L) No.994 of 2013, with the Hon''ble Bombay High Court before the lordship of Mr. Justice Ranjit More, to obtain control over the current management of company in pursuance to the open offer place by M/s. Aum Saw Pipe & Industries Private Limited before the shareholders of company. However the Company has already intimated about termination of open offer to Bombay Stock Exchange during the previous reporting period. Presently the matter is dispose - off by the court and consequently the open offer become terminated. Accordingly the company has made the necessary disclosures/compliance to the relevant regularities.

e. Other contingent liabilities as may arise on account of non or delayed compliance of certain fiscal statutes - Amount Unascertainable (Previous year-Amount Unascertainable).

2. Secured Loans: Term Loan

a. Term Loan I, II & III from State Bank of India is secured by the following:

I. First charge on entire assets created out of bank finance (Refractory and coke manufacturing units at village Lunva, Gujarat) and entire current assets of the company, present and future

ii. Second Pari-passu charge on entire fixed assets of the company

iii. First pari-passi charge over commercial land at Bachhau, Village Lunva, Gujarat

iv. First charge on the commercial land at village lunva, commercial land at Silvassa, residential premises at Goregaon (Mumbai), office premises at Andheri (w) Mumbai.

v. Personal guarantee of the Chairman & Managing Director of the company

b. Term Loan from Bank of India is secured by the following:

I. Ist Pari Passu Charge on Land at village Lunva, Gujarat

ii. Ist Pari Passu Charge on movable plant & machinery, furniture & fixture etc.

created out of the bank finance on factory land and building.

c. Term Loan from State Bank of Indore has been fully repaid by the company, and the respective charges / liens of bank on the immovable asset (residential premises at Andheri of director) secured for such purpose, have been relinquished.

Working Capital & Letter of Credit:

Working Capital & Letter of Credit facility from State Bank of Indore which has been taken over by State Bank of India is secured by the following:

a. Primarily secured by hypothecation of entire stocks of raw materials, stocks-in-process, finished goods and stores & spares, book-debts and goods- in- transit covered by documents of title thereto on First pari passu basis with other working capital lenders

b. Collaterally secured by second pari passu charge on entire fixed assets of the company, and first pari passu charge over commercial land at village Lunva Gujarat

c. Personal guarantee of the Chairman & Managing Director of the company.

Working Capital & Letter of Credit facility from State Bank of India is secured by the following:

a. Entire current assets of the company, present and future

b. Second Pari-passu charge on entire fixed assets of the company

c. First pari- passi charge over commercial land at Bachhau, Village Lunva, Gujarat

d. First charge on the commercial land at village lunva, commercial land at Silvassa, premises at Goregaon (Mumbai), office premises at Andheri (w) Mumbai.

e. Personal guarantee of the Chairman & Managing Director of the company

Working Capital & Letter of Credit facility from Bank of India is secured by the following:

a. Ist Pari- passu charge on the current assets of the company with working capital lenders.

b. Pledge of term deposit receipts

c. Collaterally secured by 2nd Pari Passu charge on entire movable plant and machinery of the company

d. Collaterally secured by 2nd pari passu charge by way of EQM of specified commercial lands at village Lunva & Maassat in Dadra & Nagar Haveli, Residential & Commercial premises at Mumbai

e. Personal guarantee of the Chairman & Managing Director of the company.

Working Capital & Letter of Credit facility from IDBI Bank is secured by the following:

a. Primarily secured by first pari passu charge on the entire current assets of the company.

b. Collaterally secured by second pari passu charge on entire fixed assets.

c. Personal guarantee of the Chairman & Managing Director of the company

3. Provision for Interest and other expenses: Provision of Interest on Term Loans and Working Capital Loans has not been recognized during the year, as bankers has classified company''s account as Non-Performing Asset (NPA). Further State Bank of India, Stressed Assets Management Branch, Mumbai vide their letter no. SBI/SAMB/SB/NIPL/0569 dated 04th June, 2014 have absolutely assigned all the rights, title and interest in financial assistance in favour of "Invent Assets Securitisation & Reconstruction Private Limited".

4. None of the creditors have informed us as to their status of being micro, small and medium Enterprise as per Micro, small and medium enterprises development Act, 2006.

5. Managerial remuneration:

Managing Directors - Salary including other benefits for the year Rs. 5,77,923/- (Previous period: Rs. 5,00,855/-)

6. Balances appearing under the head of Investments, Loans, Sundry Debtors, Sundry Creditors, Loans & Advances and deposits are subject to confirmations, reconciliation and adjustments, if any.

7. The accumulated losses of company during the reporting year is Rs.583.19 crores (P.Y. Accumulated Loss Rs. 547.81 crores) and has incurred a cash loss of Rs. 2.50 crores (P.Y. Cash loss Rs. 5.76 crores) and as such company falls within the definition of "sick industrial company" within the meaning of section 3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA).

8. Interest payable to suppliers on delayed payments is being accounted for only after acceptance of such claims by the Company.

9. No provision for gratuity has been made since no employee has yet put in qualifying number of years of service.

10. Inventory as at the close of the year is carried as taken, valued


Mar 31, 2014

1. Contingent Liabilities

a. Corporate Guarantee given on behalf of Associate/Group Companies as on Balance Sheet date is aggregating to Rs. 389.03/-crores approx., details of which has been tabulated below

(Rs. In crores)

| --Sanctioned Credit Facility Sr. -1 No. For Company/Bank Term Loan LC & BG CC

I Sancia Global Infraprojects Limited:

a. State Bank of India 14.50 24.40 10.00

b. Bank of India 93.88 20,00 5.00

II Newsawlnfra projects Limited:

a. State Bank of India 13.75 18.00 7.50

b. State Bank of Hyderabad 15.00 - -

III Sancialnfraglobal Private Limited:

a. Indian Overseas Bank 100.00 - -

b. Punjab National Bank 67.00 - -

Total Rs. 304.13 62.40 22.50

Sr. No. For Company/Bank Total Rs.

I Sancia Global Infraprojects Limited:

a. State Bank of India 48.90

b. Bank of India 118.88

II Newsawlnfra projects Limited:

a. State Bank of India 39.25

b. State Bank of Hyderabad 15.00

III Sancialnfraglobal Private Limited:

a. Indian Overseas Bank 100.00

b. Punjab National Bank 67.00

Total Rs. 389.03

b. During the previous reporting period, the proceeding of SFIO is pending before its adjudication. Also, finalization of case filed by SFIO, bearing CC No. 30694/12 for violation of section 215 read with section 218 of the companies act, 1956, CC No.30696/12 for violation of section 372A of companies act, 1956, and CC No. 30695/12 for violation of sub-section (1) of section 383Aof the companies Act, 1956 is imminent before the office of Chief Metropolitan Magistrate, Kolkata. Since the liability is not materialized yet, hence no provision regarding the same has been made in the books of accounts, however the management has filed compounding application before 10th Metropolitan Magistrate Court, Kolkata.

c. During the period under review, the Securities and Exchange Board of India, Mumbai issued notices dated 26th March, 2014 under Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudication officer) Rules, 1995. Since the liability is not materialized yet, hence no provision regarding the same has been made in the books of accounts however the management has submitted its reply and outcome of the same is still pending.

d. On 02nd July, 2012, M/s. Aum Saw Pipe and Industries Private Limited has filed an Arbitration Petition (L) No.994 of 2013, with the Hon'ble Bombay High Court before the lordship of Mr. Justice Ranjit More, to obtain control over the current management of company in pursuance to the open offer place by M/s. Aum Saw Pipe & Industries Private Limited before the shareholders of company however,the matter is still under dispute and the board of directors do not anticipate any monetary demands against the same. Company has already intimated about termination of open offer to Bombay Stock Exchange.

e. Other contingent liabilities as may arise on account of non or delayed compliance of certain fiscal statutes - Amount Unascertainable (Previous year-Amount Unascertainable).

2. Secured Loans: Term Loan

a. Term Loan I, II & III from State Bank of India is secured by the following:

i. First charge on entire assets created out of bank finance (Refractory and coke manufacturing units at village Lunva, Gujarat) and entire current assets of the company, present and future

ii. Second Pari-passu charge on entire fixed assets of the company

iii. First pari-passi charge over commercial land at Bachhau, Village Lunva, Gujarat

iv. First charge on the commercial land at village lunva, commercial land at Silvassa, residential premises at Goregaon (Mumbai), office premises at Andheri (w) Mumbai.

v. Personal guarantee of the Chairman & Managing Director of the company

b. Term Loan from Bank of India is secured by the following:

i. IstPariPassu Charge on Land at village Lunva, Gujarat

ii. IstPariPassu Charge on movable plant & machinery, furniture & fixture etc. created out of the bank finance on factory land and building.

c. Term Loan from State Bank of Indore has been fully repaid by the company, and the respective charges / liens of bank on the immovable asset (residential premises at Andheri of director) secured for such purpose, have been relinquished.

Working Capital & Letter of Credit:

Working Capital & Letter of Credit facility from State Bank of Indore which has been taken over by State Bank of India is secured by the following:

a. Primarily secured by hypothecation of entire stocks of raw materials, stocks-in-process, finished goods and stores & spares, book-debts and goods-in-transit covered by documents of title thereto on First paripassu basis with other working capital lenders

b. Collaterally secured by second paripassu charge on entire fixed assets of the company, and first paripassu charge over commercial land at village Lunva Gujarat

c. Personal guarantee of the Chairman & Managing Director of the company.

Working Capital & Letter of Credit facility from State Bank of India is secured by the following:

a. Entire current assets of the company, present and future

b. Second Pari-passu charge on entire fixed assets of the company

c. First pari-passi charge over commercial land at Bachhau, Village Lunva, Gujarat

d. First charge on the commercial land at village lunva, commercial land at Silvassa, premises at Goregaon (Mumbai), office premises at Andheri (w) Mumbai.

e. Personal guarantee of the Chairman & Managing Director of the company

Working Capital & Letter of Credit facility from Bank of India is secured by the following:

a. IstPari-passu charge on the current assets of the company with working capital lenders.

b. Pledge of term deposit receipts

c. Collaterally secured by 2nd PariPassu charge on entire movable plant and machinery of the company

d. Collaterally secured by 2nd paripassu charge by way of EQM of specified commercial lands at village Lunva & Maassat in Dadra & Nagar Haveli, Residential & Commercial premises at Mumbai

e. Personal guarantee of the Chairman & Managing Director of the company.

Working Capital & Letter of Credit facility from IDBI Bank is secured by the following:

a. Primarily secured by first paripassu charge on the entire current assets of the company.

b. Collaterally secured by second paripassu charge on entire fixed assets.

c. Personal guarantee of the Chairman & Managing Director of the company

3. Provision for Interest and other expenses: Provision of Interest on Term Loans and Working Capital Loans has not been recognized during the year, as bankers has classified company's account as Non-Performing Asset (NPA). Further State Bank of India, Stressed Assets Management Branch, Mumbai vide their letter no. SBI/SAMB/SB/NIPL/0569 dated 04th June, 2014 have absolutely assigned all the rights, title and interest in financial assistance in favour of "Invent Assets Securitisation & Reconstruction Private Limited".

4. None of the creditors have informed us as to their status of being micro, small and medium Enterprise as per Micro, small and medium enterprises development Act, 2006.

5. Managerial remuneration:

Managing Directors - Salary including other benefits for the year Rs. 5,00,855/- (Previous period: Rs. 6,82,622/-)

6. Balances appearing under the head of Investments, Loans, Sundry Debtors, Sundry Creditors, Loans & Advances and deposits are subject to confirmations, reconciliation and adjustments, if any.

7. During the reporting year, the Company has written off the balance which was given as advance to "Andhra Pradesh Industrial Infrastructure Corp. Ltd." for purchase of land, shown under the head 'Loans & Advances', having consequential effect on Profit and Loss account for the reporting year.

8. The accumulated losses of company during the reporting year is Rs. 547.81 crores (P.Y. Accumulated Loss Rs. 419.58 crores) and has incurred a cash loss of Rs. 5.76 crores (P.Y. Cash loss Rs. 5.67 crores) and as such company falls within the definition of "sick industrial company" within the meaning of section 3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). Consequently, for its rehabilitation, company's case is being pursued under the adjudication ofAppellate Authority for Industrial and Financial Reconstruction (AAIFR).

9. As at the end of reporting year, the foreign Subsidiaries of the Company i.e., Global Astra Pte Ltd., (84.07% holding) and Astra Mining LDA, (80.00% holding) has accumulated heavy losses due to expiration of Mining License, and doubtful recovery of certain advances. This may affect the assumption of "Going Concern" of Subsidiary Companies; however board of director has decided to provide 100% diminution in value of Investments in subsidiary, as the said Investment is having no value in future. Further, the company has also written off the Loans which was given to Astra Mining LDA amounting to Rs. 3049.08 Lacs considering the heavy losses due to written-off of various loans & advances in past years which could not be recovered as per the view of the management and become bad due to various reasons mentioned hereinabove.

10. Related Party Disclosures

Key Managerial Personnel of the company

Sr. Name of Managerial Personnel Nature of Relationship No.

1. Mr. RatanlalTamakhuwala Director

2. Mr. Sunil Jawaharlal Mandloi Director

3. Mr. MehmoodMohammedaliDamani Managing Director

Enterprises under the control of Key Managerial Personnel:

a. Newsaw Infraprojects Limited

Subsidiary Companies:

a. Global Astra Pte Ltd., Singapore.

b. Astra Mining Limitada, Mozambique.

11. Interest payable to suppliers on delayed payments is being accounted for only after acceptance of such claims by the Company.

12. No provision for gratuity has been made since no employee has yet put in qualifying number of years of service.

13. Inventory as at the close of the year is carried as taken, valued and certified by the management.

14. Additional information pursuant to Provisions of Part II of NOTE VI to the Companies Act, 1956 to the extent applicable to the company:

15. Previous figures have been re-grouped, re-classified and rearranged wherever considered necessary.


Mar 31, 2013

NOTE - 1: Contingent liabilities:

a. Corporate Guarantee given on behalf of Associate/Group Companies as on Balance Sheet date is aggregating to Rs. 389.03/-crores approx., details of which has been tabulated below:

(Rs. In crores) Sr. For Company/Bank Sanctioned Credit Facility No. Term Loan LC & BG CC Total Rs.

I. Sancia Global Infraprojects Limited:

a. State Bank of India 14.50 24.40 10.00 48.90

b. Bank of India 93.88 20.00 5.00 118.88

II. Newsaw Infraprojects Limited:

a. State Bank of India 13.75 18.00 7.50 39.25

b. State Bank of Hyderabad 15.00 15.00

III. Sancia Infraglobal Private Limited:

a. Indian Overseas Bank 100.00 100.00

b. Punjab National Bank 67.00 67.00

Total Rs. 304.13 62.40 22.50 389.03

b. During the reporting period, proceedings of SFIO is pending before its adjudication. Also, finalization of case filed by SFIO, bearing CC No. 30694/12 for violation of section 215 read with section 218 of the companies act, 1956, CC No.30696/12 for violation of section 372A of companies act, 1956, and CC No. 30695/12 for violation of sub-section (1) of section 383Aof the companies Act, 1956is imminent before the office of Chief Metropolitan Magistrate, Kolkata. Since the liability is not materialized yet, hence no provision regarding the same has been made in the books of accounts, however the management is under the process of filing a compounding application before 10th Metropolitan Magistrate Court, Kolkata.

c. On 02nd July, 2012, M/s. Aum Saw Pipe and Industries Private Limited has filed an Arbitration Petition (L) No.994 of 2013, with the Hon''ble Bombay High Court before the lordship of Mr. Justice Ranjit More, to obtain control over the current management of company in pursuance to the open offer place by M/s. Aum Saw Pipe & Industries Private Limited before the shareholders of company however,the matter is still under dispute and the board of directors do not anticipate any monetary demands against the same.Company has already intimated about termination of open offer to Bombay Stock Exchange.

d. Other contingent liabilities as may arise on account of non or delayed compliance of certain fiscal statutes – Amount Unascertainable (Previous period-Amount Unascertainable).

NOTE - 2: Secured Loans: Term Loan

a. Term Loan I, II & III from State Bank of India is secured by the following:

i. First charge on entire assets created out of bank finance (Refractory and coke manufacturing units at village Lunva, Gujarat) and entire current assets of the company, present and future

ii. Second Pari-passu charge on entire fixed assets of the company

iii. First pari-passi charge over commercial land at Bachhau, Village Lunva, Gujarat

iv. First charge on the commercial land at village lunva, commercial land at Silvassa, residential premises at Goregaon (Mumbai), office premises at Andheri (w) Mumbai.

v. Personal guarantee of the Chairman & Managing Director of the company

b. Term Loan from Bank of India is secured by the following:

i. Ist Pari Passu Charge on Land at village Lunva, Gujarat

ii. Ist Pari Passu Charge on movable plant & machinery, furniture & fixture etc. created out of the bank finance on factory land and building.

c. Term Loan from State Bank of Indore has been fully repaid by the company, and the respective charges / liens of bank on the immovable asset (residential premises at Andheri of director) secured for such purpose, have been relinquished.

Working Capital & Letter of Credit:

Working Capital & Letter of Credit facility from State Bank of Indore which has been taken over by State Bank of Indiais secured by the following:

a. Primarily secured by hypothecation of entire stocks of raw materials, stocks-in-process, finished goods and stores & spares, book-debts and goods-in-transit covered by documents of title thereto on First pari passu basis with other working capital lenders

b. Collaterally secured by second pari passu charge on entire fixed assets of the company, and first pari passu charge over commercial land at village Lunva Gujarat

c. Personal guarantee of the Chairman & Managing Director of the company.

Working Capital & Letter of Credit facility from State Bank of India is secured by the following:

a. Entire current assets of the company, present and future

b. Second Pari-passu charge on entire fixed assets of the company

c. First pari-passi charge over commercial land at Bachhau, Village Lunva, Gujarat

d. First charge on the commercial land at village lunva, commercial land at Silvassa, premises at Goregaon (Mumbai), office premises at Andheri (w) Mumbai.

e. Personal guarantee of the Chairman & Managing Director of the company

Working Capital & Letter of Credit facility from Bank of India is secured by the following:

a. Ist Pari-passu charge on the current assets of the company with working capital lenders.

b. Pledge of term deposit receipts

c. Collaterally secured by 2nd Pari Passu charge on entire movable plant and machinery of the company

d. Collaterally secured by 2nd pari passu charge by way of EQM of specified commercial lands at village Lunva & Maassat in Dadra & Nagar Haveli, Residential & Commercial premises at Mumbai

e. Personal guarantee of the Chairman & Managing Director of the company.

Working Capital & Letter of Credit facility from IDBI Bank is secured by the following:

a. Primarily secured by first pari passu charge on the entire current assets of the company.

b. Collaterally secured by second pari passu charge on entire fixed assets.

c. Personal guarantee of the Chairman & Managing Director of the company

NOTE - 3: Provision for Interest and other expenses: Provision of Interest on Term Loans and Working Capital Loans has not been recognized during the period, as bankers has classified company''s account as Non-Performing Asset (NPA) and company has motioned one time-settlement schemes to bankers at various point of time.However, necessary provisions have been made for all known liabilities at the end of the year which are adequate in management''s opinion.

NOTE – 4: Deferred Tax Asset / Liability:

During the reporting period, the valuation of fixed assets of company is under progression with the office of Income Tax Valuation Department, Delhi, as referred by DCIT, Kolkata, in order to finalize block assessment under section 153A/143(3) of Income Tax Act, 1961, which may have substantial effect on the carrying value of fixed assets shown in the balance sheet,due to which certain timing differences may become permanent in nature. Hence,pending assessment with the income tax authorities and in order to circumvent complexity in accounts, no provision has been made during the reporting period in respect of deferred tax asset or liability as per AS-22.

NOTE- 5:None of the creditors have informed us as to their status of being micro, small and medium Enterprise as per Micro, small and medium enterprises development Act, 2006.

NOTE – 6: Managerial remuneration:

Managing Directors – Salary including other benefits for fifteen months period Rs.6,82,622/- (Previous period: Nil)

NOTE – 7: Balances appearing under the head of Investments, Loans, Sundry Debtors, Sundry Creditors, Loans & Advances and deposits are subject to confirmations, reconciliation and adjustments, if any.

NOTE – 8: In the opinion of the Board of Directors, the Sundry Debtors, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount stated in the Balance Sheet after providing for necessary provisions in respect of doubtful and / or disputed balances thereof amounting to Rs. 71.63 crores (P.Y. Rs.148.18 crores). These balances are under various stages of negotiations and follow-up. Company is not confident of recovery of these amounts. During the reporting period, recovery litigations are pending before the court of law against disputed parties recoverable as sundry debtors and loans and advances. Also, Company has written off certain creditors and payables amounting to Rs. 75.11 crores (P.Y. 84.83 crores) shown under the head ''Other Income'', having consequential effect on profit for the reporting period.

NOTE – 9: The accumulated losses of company during the reporting period is Rs. 419.58 crores (P.Y. Accumulated Loss Rs.391.33 crores) and has incurred a cash loss of Rs. 5.67 crores (P.Y. Cash loss Rs.72.91 crores) and as such company falls within the definition of "sick industrial company" within the meaning of section 3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). Consequently, for its rehabilitation, company''s case is being pursued under the adjudication of Appellate Authority for Industrial and Financial Reconstruction (AAIFR).

NOTE - 10: As at the end of reporting period,the foreign Subsidiaries of the Company i.e., Global Astra Pte Ltd., (84.07% holding) and Astra Mining LDA, (80.00% holding) has accumulated heavy losses due to expiration of Mining License, and doubtful recovery of certain advances. This may affect the assumption of "Going Concern" of Subsidiary Companies,however, board of director has decided not to provide for diminution in value of Investments in subsidiary, as the said Investment is long-term in nature.

NOTE – 11: Segment Reporting (AS -17):

The Company has two primary segments i.e., "Coke" and "Refractory". The summary of revenue generated and capital employed thereon has been tabulated below:

NOTE – 12: No adjustment is considered necessary in respect of appreciation/erosion in the book value of investments as the said investments are of long-term nature.

NOTE – 13: Interest payable to suppliers on delayed payments is being accounted for only after acceptance of such claims by the Company.

NOTE – 14: No provision for gratuity has been made since no employee has yet put in qualifying number of years of service.

NOTE – 15: Inventory as at the close of the year is carried as taken, valued and certified by the management.


Mar 31, 2010

1. Contingent Liabilities:

1) Corporate Guarantee given on behalf of associate/group companies as on Balance Sheet date aggregating to Rs. 46,403 Lacs

2) Bank Guarantee issued by bankers and outstanding as on Balance Sheet date is Rs.71.15 Lacs

3) During the year search and seizure under section 132 of the income tax act 1961 have been conducted by income tax department as on 23rd June, 2009. However directors of the company do not anticipate any major income tax demand.

2. Secured Loans:

Term Loan

a) Term Loan I, II & III from State Bank of India is secured by the following :

1. First charge on entire assets created out of bank finance (Refractory and coke manufacturing units at villege Lunva, Gujarat) and entire current assets of the company, present and future.

2. Second Pari-passu charge on entire fixed assets of the company.

3. First pari-passi charge alongwith the SB Indore over commercial land at Bachhau, Village Lunva, Gujarat.

4. First charge on the commercial land at village lunva, commercial land at Silvassa, residential premises at Goregaon (Mumbai), office premises at Andheri (w) Mumbai.

5. Personal guarantee of the Chairman & Managing Director of the company.

b) Term Loan from Bank of India is secured by the following:

1. 1st Pari Passu Charge on Land at village Lunva, Gujarat.

2. 1st Pari Passu Charge on movable plant & machinery, furniture & fixture etc.created out of the bank finance on factory land and building, Pari- passu with State Bank of Indore.

Working Capital & Letter of Credit

Working Capital & Letter of Credit facility from State Bank of Indore is secured by the following:

1. Primarily secured by hypothecation of entire stocks of raw materials, stocks-in-process, finished goods and stores & spares, book-debts and goods-in-transit covered by documents of title theretoon First pari passu basis with other working capital lenders.

2. Collaterally secured by second pari passu charge on entire fixed assets of the company, and first pari passu charge over commercial land at village Lunva Gujarat.

3. Personal guarantee of the Chairman & Managing Director of the company.

Working Capital & Letter of Credit facility from State Bank of India is secured by the following:

1. Entire current assets of the company, present and future.

2. Second Pari-passu charge on entire fixed assets of the company.

3. First pari-passi charge alongwith the SB Indore over commercial land at Bachhau, Village Lunva, Gujarat.

4. First charge on the commercial land at village lunva, commercial land at Silvassa, residential premises at Goregaon (Mumbai), office premises at Andheri (w) Mumbai

5. Personal guarantee of the Chairman & Managing Director of the company.

Working Capital & Letter of Credit facility from Bank of India is secured by the following :

1. 1st Pari-passu charge on the current assets of the company with working capital lenders.

2. Pledge of term deposit receipts.

3. Collaterally secured by 2nd Pari Passu charge on entire movable plant and machinery of the company.

4. Collaterally secured by 2nd pari passu charge by way of EQM of specified commercial lands at village Lunva & Maassat in Dadra & Nagar Haveli, Residential & Commercial premises at Mumbai.

5. Personal guarantee of the Chairman & Managing Director of the company. Working Capital & Letter of Credit facility from IDBI Bank is secured by the following:

1. Primarily secured by first pari passu charge on the entire current assets of the company.

2. Collaterally secured by second pari passu charge on entire fixed assets.

3. Personal guarantee of the Chairman & Managing Director of the company.

Letter of Credit facility from Barclays Bank PLC is secured by the following:

1. First Pari-passu charge by way of hypothecation of stock, Receivables and other current assets (both present & future) of the company.

2. Second pari-passu charge on the fixed assets of the company.

3. First pari-passu charge on the commercial lands at village Lunva and maassat.

4. First pari passu charge on residential premises at Mumbai

5. Personal guarantee of the Chairman & Managing Director of the company.

3. Deferred Tax Liability:

4. Managerial remuneration comprises of payment to:

Executive chairman - Salary including other benefits Rs. 2,50,000/- (P.Y.4,80,000/-) Managing Directors - Salary including other benefits Rs. 90,000/- (P.Y.4,80,000/-)

5. None of the creditors have informed us as to their status of being micro, small and medium enterprise as per Micro, small and medium enterprises development Act, 2006.

6. Balances of Sundry Debtors, sundry creditors, Advances and Deposits are subject to confirmation, reconciliation and adjustments if any.

7. Segment Reporting:

8. Related Party Disclosures:

9. Impairment of Assets

The company assesses at each balance sheet date whether there is any indication that an assets may be impaired. If any such indication exists, the company estimates the recoverable amount of the assets. If such recoverable amount of the assets or the recoverable amount of the cash generating unit to which the asset belong is less than its carrying amount, the carrying amount is reduced to its recoverable amount. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost.

10. Additional information pursuant to provisions of Part II of Schedule VI to the Companies Act, 1956 to the extent applicable to the company:

11. Previous years figures have been re-grouped, re-classified and rearranged wherever necessary.


Mar 31, 2009

1. Contingent Liabilities:

1) Corporate Guarantee given on behalf of associate/group Companies as on Balance Sheet date aggregating to Rs. 38903 Lacs.

2) Bank Guarantee issued by bankers and outstanding as on Balance Sheet date is Rs.71.15 Lacs.

3) Disputed Dues under Income Tax Act pending in Appeal is Rs. 8.87 Lacs.

4) During the financial year 2009-10 a search has been conducted by the Income Tax Authorities at the premises of Austral Coke and Projects Limited. The Assessment under Section 153A of the Income Tax Act, 1961 is still pending.

2. Secured Loans:

Term Loan

a) Term Loan I, II and III from State Bank of India is secured by the following :- 1. First charge on entire assets created out of bank finance (Refractory and coke manufacturing units at village Lunva, Gujarat) and entire current assets of the company, present and future.

2. Second Pari-passu charge on entire fixed assets of the company.

3. First pari-passu charge alongwith the State Bank of Indore over commercial land at Bachhau, village Lunva, Gujarat.

4. First charge on the commercial land at village Lunva, commercial land at Silvassa, residential premises at Goregaon (Mumbai), office premises at Andheri (w) (Mumbai).

5. Personal guarantee of the Chairman and Managing Director of the company.

b) Term Loan from Bank of India is secured by the following:- 1. Ist Pari Passu Charge on Land at village Lunva, Gujarat.

2. Ist Pari Passu Charge on movable plant and machinery, furniture and fixture etc. created out of the bank finance on factory land and building, Pari- passu with State Bank of Indore.

Working Capital and Letter of Credit

Working Capital and Letter of Credit facility from State Bank of Indore is secured by the following:-

1. Primarily secured by hypothecation of entire stocks of raw materials, stocks-in-process, finished goods and stores and spares, book-debts and goods-in-transit covered by documents of title thereto on First pari passu basis with other working capital lenders.

2. Collaterally secured by second pari passu charge on entire fixed assets of the company and first pari passu charge over commercial land at village Lunva Gujarat.

3. Personal guarantee of the Chairman and Managing Director of the company. Working Capital and Letter of Credit facility from State Bank of India is secured by the following:-

1. Entire current assets of the company, present and future.

2. Second Pari-passu charge on entire fixed assets of the company.

3. First pari-passu charge alongwith the State Bank of Indore over commercial land at Bachhau, Village Lunva, Gujarat.

4. First charge on the commercial land at village Lunva, commercial land at Silvassa, residential premises at Goregaon Mumbai, office premises at Andheri (w) Mumbai.

5. Personal guarantee of the Chairman and Managing Director of the company.

Working Capital and Letter of Credit facility from Bank of India is secured by the following :- 1. First Pari-passu charge on the current assets of the company with working capital lenders.

2. Pledge of term deposit receipts.

3. Collaterally secured by second Pari Passu charge on entire movable plant and machinery of the company.

4. Collaterally secured by second pari passu charge by way of EQM of specified commercial lands at village Lunva and Maassat in Dadra and Nagar Haveli, Residential and Commercial premises at Mumbai.

5. Personal guarantee of the Chairman and Managing Director of the company. Working Capital and Letter of Credit facility from IDBI Bank is secured by the following:-

1. Primarily secured by first pari passu charge on the entire current assets of the company.

2. Collaterally secured by second pari passu charge on entire fixed assets.

3. Personal guarantee of the Chairman and Managing Director of the company. Letter of Credit facility from Barclays Bank PLC is secured by the following:- 1. First Pari-passu charge by way of hypothecation of stock, receivables and other current assets (both present and future) of the company.

2. Second pari-passu charge on the fixed assets of the company.

3. First pari-passu charge on the commercial lands at village Lunva and Silvasa.

4. First pari passu charge on residential premises at Mumbai.

5. Personal guarantee of the Chairman and Managing Director of the company.

p4. Managerial remuneration comprises of payment to: Executive chairman - Salary including other benefits Rs. 4,80,000/- (P.Y. 2,40,000/-) Managing Directors - Salary including other benefits Rs. 4, 80,000/- (P.Y. 2,40,000/-)

5. None of the creditors have informed us as to their status of being micro, small and medium enterprise as per Micro, small and medium enterprises development Act, 2006.

6. Some of the Balances of Sundry Debtors, Sundry Creditors, Advances and Deposits are subject to confirmation, reconciliation and adjustment if any.

7. The company has successfully completed its Initial Public offering (IPO) and listed its Equity shares on BSE and NSE on 4th day September, 2008. On completion of IPO, the company has allotted 72,60,000 Equity shares of Rs. 10/- each at a price of Rs.196/- per share. Out of the proceeds of this IPO, utilization of funds up to March 31, 2009 is as under:-

B. Enterprises under the control of Key Management Personnel:

1) Gremach Infrastructure Equipments and Projects Limited

2) Armstrong Infrastructure and Projects Limited

3) Shri Hanuman Investment Pvt. Ltd

4) Anarcon Resources Private Limited

5) Austral Infrastructure Private Ltd.

6) Gremach Infrastructure Private Ltd.

7) Wallford IndiaInfrastructure Reality (P) Ltd.

C. Subsidiary:

1) Astra Mining Limitada

2) Global Astra Pte Ltd.

11. Impairment of Assets:

The company assesses at each balance sheet date whether there is any indication that an assets may be impaired. If any such indication exists, the company estimates the recoverable amount of the assets. If such recoverable amount of the assets or the recoverable amount of the cash generating unit to which the asset belong is less than its carrying amount, the carrying amount is reduced to its recoverable amount. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost.

 
Subscribe now to get personal finance updates in your inbox!