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 Â 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 Â 6: Managerial remuneration:
Managing Directors  Salary including other benefits for fifteen months
period Rs.6,82,622/- (Previous period: Nil)
NOTE Â 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 Â 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 Â 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 Â 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 Â 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 Â 13: Interest payable to suppliers on delayed payments is being
accounted for only after acceptance of such claims by the Company.
NOTE Â 14: No provision for gratuity has been made since no employee
has yet put in qualifying number of years of service.
NOTE Â 15: Inventory as at the close of the year is carried as taken,
valued and certified by the management.
Dec 31, 2011
1. Contingent Liabilities:
1) Corporate Guarantee given on behalf of associate/group companies as
on Balance Sheet! date aggregating to Rs. 36403 Lacs approx.
2) During the financial year 2009-10 search and seizure action u/s 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 village Luna, Gujarat)
and entire current assets of the company, present and future.
2. Second Pari-pass charge on entire fixed assets of the company.
3. First pari-pass charge along with the SB Indore over commercial
land at Bachhau, Village Lunva, Gujarat.
4. First charge on the commercial land at village lunva, commercial
land at SilvassaJ 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 issecured by the following:-
1. 1st Pari Pass Charge on Land at village Lunva, Gujarat.
2. 1st Pari Pass Charge on movable plant & machinery, furniture &
fixture etc. created; out of the bank finance on factory land and
building, Pari- pass 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 thereto
on First pari pass basis with other working capital lenders.
2. Collaterally secured by second pari pass 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 thud following:-
1. Entire current assets of the company, present and future.
2. Second Pari-pass charge on entire fixed assets of the company.
3. First pari-pass charge along with the SB Indore over commercial
land at Backhaul, Village Luna, Gujarat.
4. First charge on the commercial land at village ulna, commercial
land at Silvassa, residential premises at Oregano (Mumbai), office
premises at Adhere (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-pass charge on the current assets of the company with
working capital lenders.
2. Pledge of term deposit receipts.
3. Collaterally secured by 2nd Pari Pass charge on entire movable
plant and machinery of the company.
4. Collaterally secured by 2nd pari pass charge by way of EQM of
specified commercial lands at village Luna & Massa 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
Byte following:-
1. Primarily secured by first pari pass charge on the entire current
assets of the company.
2. Collaterally secured by second pari pass charge on entire fixed
assets.
3. Personal guarantee of the Chairman & Managing Director of the
company
4. Managerial remuneration comprises of payment to:
Executive chairman-Salary including other benefits Rs. Nil (P.Y .Nil)
Managing Directors - Salary including other benefits Rs. Nil
(P.Y.6,60,000/-)
3. 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.
4. No provision is made on Working Capital Facility and Term loan
obtained from various Banks as the account became NP And interest is
not being charged by the Bank. During the year the Company has also
reversed the interest on Term Loan and Working Capital, amounting of
Rs. 13.34 Crores as per the Bank Statement. The Bank and Financial
Institutions has put the Account of Company in Non performing Assists
(NPA)deuteron payment of its dues from last one year.
5. Sundry Debtors include disputed balances, which are under various
stages of negotiations and Follow up with the Customers. The Management
of the Company is not confident of recovery of these amounts. However,
based on analysis of each account. the Company has made the Provision
for Bad & Doubtful debts 148.18 Crores (Previous Year 132.09 Crores),
in line with Para-
6 of Significant Accounting Policies and Company has also written off
the Creditors amounting of Rs. 84.83 Crores (Previous year Nil) So, It
will Consequential effect on the Profit for the Period.
7. The accumulated loss of the Company as on 31.12.2011 was more than
50% of its average net worth during the year immediately preceding
the financial year and the Company has also suffered cash loss during the
year and immediately preceding financial year and as such falls within
the definition of sick industrial company under Section 46(AA) (i) of
the Companies(Second| Amendment) Act 2002.
Balance of Unsecured Loan, Sundry Debtors, Sundry Creditors, Loans &
Advances and deposits are subject to confirmation, reconciliation and
adjustments if any
8. During the Year, Company has impaired the Following Assets-
Coke Div. -
(i) Coal based Producer
(ii) Air pollution Equipment
(iii)Cowpats wantwadi Emu. Div. - (iii) Earthmoving Equipment
In the view of Management their Net Realizable Value are Nil and the
Assets are not in Usable| Condition. Therefore these assets are written
off.
9. During the year the Subsidiaries of the Company (Global Astra Pet
Ltd., holding 84.07% and Astra. Mining LDA, holding 80.00%) has
incurred heavy losses due to expiry of Mining License and'' Impairment
of Fixed Assets. It will also affect the assumption of Going
Concern of Subsidiary Companies, but the Management has not written
off since the Investment in subsidiary is Long, Term.
10. Related Party Disclosures:
A. Key Management personnel of the company
Key Management Personnel Nature of Relationship Mr. Ratanlal Tamakhuwala
Promoter/
Non-Executive Chairman Mr. Sunil Jawaharlal Mandolins Managing Director
Mr. M. M. Yamani Executive Director
B. Enterprises under the control of Key Management Personnel
1) Sancta Global Infraprojects Limited
2) New Saw Infraprojects Limited
3) Shri Hanuman Investment Pvt. Ltd.
4) Alarcon Resources Private Ltd.
5) Blackstone Projects Private Ltd.
6) Sancta Infraglobal Private Ltd.
7) Wall ford India Infrastructure Reality (P) Ltd.
C. Subsidy
1) Astra Mining Limited
2) Global Astra Pet Ltd.
Mar 31, 2011
1. Contingent Liabilities:
1) Corporate Guarantee given on behalf of associate/group companies as
on Balance Sheet date aggregating toRs. 46,403 Lacs approx.
2) During the financial year 2009-10 search and seizure action u/s 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) TermLoan 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. Â
5. Personal guarantee of the Chairman & ManagingJ3irector of the
company.
b) Term Loan from Bank of India is secured by the following:-
1. 1st Pari Passu Charnge on Land at villege 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 Bankof Indore is
secured by thefollowing:-
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 fojlowing:-
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 thefotlowing:-
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 thefollowing:-
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.
4. Managerial remuneration comprises of payment to:
Executive chairman - Salary including other benefits Rs. Nil
(P.Y.2,50,000/-) Managing Directors - Salary including other benefits
Rs.6,60,000 /- (P. Y.90,000/-)
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. During the financial year 2010-11, provision for bad and doubtful
debs has been made for Rs. 13,208.60 lacs (Previous year: NIL) as
recovery of same is considered doubtful.
7. Balances of Sundry Debtors, sundry creditors, Advances and Deposits
are subject to confirmation, reconciliation and adjustment if any.
8. Related Party Disclosures:
A. Key Management personnel of the company
Key Management Personnel Nature of Relationship
Mr. Ratanlal Tamakhuwala Non Executive Chairman
Mr. RishiRajAgarwal Promoter
Mr. Sunil Jawaharlal Mandloi Managing Director
Mr. M. M. Damani Executive Director
B. Enterprises underthe control of Key Management Personnel
1) Sancia Global Infraprojects Limited
2) Newsaw Infraprojects Limited
3) ShriHanuman Investment Pvt. Ltd.
4) Anarcon Resources Private Ltd.
5) Blackstone Projects Private Ltd.
6) Sancia Infraglobal Private Ltd.
7) Wallford India Infrastructure Reality (P) Ltd.
C. Subsidiary
1) Astra Mining Limitada
2) GlobalAstraPteLtd.
10. Impairment of Assets
The company assesses at each balance sheet date verifies 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.
11. Previous year''s figures have been re-grouped, re-classified and
rearranged wherever necessary.
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.