Mar 31, 2015
NOTE 1
Borrowings From Andhra Bank
The working capital facilities from Andhra Bank in following
facilities Export Packing Credit, Open Cash Credit, Bank Guarantee and
Inland letter of Credit payable on demand. Open cash credit is
bifurcated to peak and non peak limits with sublimit for book debts.
Rate of Interest on Open cash credit is 13.00% and on Export Packing
Credit there is concessional rate of interest. Primary security is
hypothecation of stocks meant for export in case of Export Packing
Credit, hypothecation of stocks and receivables in case of Open cash
credit facilities, counter guarantee in case of bank guarantee and
stocks proecured under Letter of Credit in case of LC facilities.
Short Term loan against pledge of ware house receipt for procurement of
soya seed. Rate of interest is 11.00% and primary security is pledge of
warehouse receipts/storage receipts with lien noted in favour of Bank.
The repayment is bullet payment with interest on due date i.e.. at the
end of tenur of each disbursement.
All above working capital borrowings including short term loan against
pledge of ware house receipts are collaterally secured by :
a) by way of first charge on the company''s entire fixed asset excluding
assets created out of TL Andhra Bank (and out of TL from MPFC. And
against Equitable Mortgage of Factory Land (Free Hold) admeasuring
17.93 Acres)
b) by way of Extension of EM of house property in name of Shri Kailash
Chand Sharma, Managing Director situated at Nirupam Royal Palm Villa,
Bhopal and EM of residential plot at village Jatkhedi, Bhopal.
c) Lien on FDR of principle amount Rs. 1.54 Cr. With present value of
Rs. 2.08 Cr. As on 31.03.2015
d) Personal Guarantees of 3 Director (a), (b), © and (d) also
collateal for term loan borrowings Note No. 3.1
On Borrowing From IDBI Bank
1. Short term Loan against pledge of Ware House Receipt for procurement
of Agri Commodities Rate of Interest 10.75% and Primary security of
Ware House Receipts with Lien Mark in favour of Bank.
2. Repayment period minimum One Month and Maximum 12 Months.
3. Collatoral Security as Personnel Guarantee of Managing Director of
Company
Note 2
2.1 Other Bank Balances includes FDR with Central Bank of India
Rs.1,315,603 previous Year Rs. 1,240,888 having original maturity
period more than 12 months.
2.2 Margin Money:
Margin money deposits amounting to Rs. 3,44,25,512/-( previous year Rs.
3,17,40,872/-) are lying with Bank against Bank Guarantee & Security
against borrowings of Working Capital
(i) Lien Marked against FDR with Andhra Bank RS. 34425512/-, for the
Bank Guarantee, Letter of Credit & other collateral security for the
working Capital Borrowings.
(ii) Lien marked against FDR with Axis Bank Rs. 404480. The FDR given
as security deposit with Agriculture Produce Market Committee- Krishi
Upaj Mandi Samiti.
(iii) Lien Mkarked FDR of Rs.17000000/- with RBL Bank for Corporate
Guarantee against Crop Loan to Farmers/
Agregators. Previous year Nil
Mar 31, 2013
CONTINGENT LIABILITIES
1. (a) Estimated amount of capital commitments on contracts to be
executed net of advances is fis. Nil lacs
(Previous year Rs. NIL). Bank guarantees issued on behalf of the
company Rs. 21.39 lacs (Previous year Rs. 19.26 lacs)
behalf of the company Rs. 21.39 lacs (Previous year Rs. 19.26 lacs)
(b) Income Tax Rs.15.90 Lacs (Previous year Rs.15.90 Lacs): In respect
of demand from the Income Tax department, the case is before the
Settlement Commission. The company has already remitted tax of Rs.39.80
lacs urtder protest and shown under advances. As per the legal opinion
obtained by the company, there will not be any demand and the entire
amount is likely to be refunded. However tax on income surrendered
before the Commission amounts to Rs.15.90 lacs is shown as contingent
liability. The company has filed petition in Honorable High court of
M.P for granting stay for referring the case back to the Commissioner
Income Tax. The Honorable High Court granted the stay in favour of the
company. Further details in this case is awaited.
(c) In respect of demand from the Commercial tax department, the
company filed appeal with the Appellate commissioner, Commercial Tax,
Bhopal.
The amount of Entry Tax demanded in the notice is Rs.0.53 lacs related
to the year 2006-07.
d) In respect of demand Rs. 6,32,244 from the commercial tax department
for the period 01 -04-2006 to 31-03- 2007, the company filed an appeal
with the M.P Commercial Tax Appellate Board, Bhopal. Against the demand
the company already deposited Rs.127000.
2. Sundry Debtors and Sundry Creditors balances are subject to
confirmation.
3. The figures of previous year have been reclassified and/or
regrouped wherever necessary to confirm current year classification or
group.
4. WIND MILL POWER PROJECT:
In respect of Wind Mill Generator at NavneetaKrishnaPuram, Tirunelveli
District Tamil Nadu.
5. Sale of Generated power during the year 2012-13 is 1488720 units.
(Previous Year: 11,77,116 Units).
6. Related Party Disclosure (As identified by the Management) Related
party Relationships
a) Where control exists :: Kailash Chand Sharma, J.P.Agrawal, Sharad
Kumar Jain,
b) Key Management Personnel:: Shri.Kailash Chand Sharma, Managing
Director
c) Relatives of Key Management Personnel: Mr. Ritesh Sharma related to
Managing Director
In respect of above parties, there is no provision for doubtful debts
as on 31 - March 2013 and no amount has been written off or written
back during the year in respect of debts due from/to them.
7. In accordance with the revised accounting standard-15 are given
below which is certified by the actuary and relied upon by the
auditors. The following tables summarize the components of net benefit
expenses recognized in the profit and loss account and the unfunded
liability status and amounts recognized in the balance sheet for the
gratuity.
Mar 31, 2012
1. (a)Estimated amount of capital commitments on contracts to be
executed net of advances is Rs. Nil lacs (Previous year Rs. NIL.
Bank guarantees issued on behalf of the company Rs. 19.26 lacs
(Previous year Rs. 18.00 lacs) 1
1.(b) In respect of demand from the Income Tax department, the case is
before the Settlement Commission. The company has already remitted tax
of Rs.39.80 lacs under protest and shown under advances. As per the
legal opinion obtained by the company, there will not be any demand and
the entire amount is likely to be refunded. However tax on income
surrendered before the Commission amounts to Rs. 15.90 lacs is shown as
contingent liability. The company has filed petition in Honorable High
court of M.P for granting stay for referring the case back to the
Commissioner Income Tax. The Honorable High Court granted the stay in
favour of the company. Further details in this case is awaited.
1. (C) In respect of demand from the Commercial tax department, the
company filed appeal with the Appellate commissioner,
Commercial Tax, Bhopal.
The amount of Entry Tax demanded in the notice is Rs.0.53 lacs related
to the year 2006-07.
1. (d) In respect of demand Rs. 6,32,244 from the commercial tax
department for the period 01-04-2006 to 31-03-2007, the company filed
an appeal with the M.P Commercial Tax Appellate Board, Bhopal. Against
the demand the company already deposited Rs.127000.
2. Sundry Debtors and Sundry Creditors balances are subject to
confirmation.
3. The figures of previous year have been reclassified and /or
regrouped wherever necessary to confirm to current year classification
or group.
4. During the year 2011-12 the company received of Rs. 1657408 as VAT
refund. An excess provision on VAT account Rs.
15,14,Qfg used for estimating VAT payable as on
31-03-2012
5. WIND MILL POWER PROJECT:
In respect of Wind Mill peneratorat NavneetaKrfehrtSPuram, Tirunelveli
Distlfet Tamil Nadu.
6. Sale of Generated power during the year 2011.-12 is 11,77,116
units. (Previous Year: 1398312 Units).
7. Income tax provisiih account has not been:iaiãbnciled /adjusted
with thfitax paid and accounted for under Advance Tax a/c for the
years asessment is complete.
8. Related Party Disclosure (As identified by the Management)
Related party Relationships
a) Where control exists:Kailash Chandra Sharma,J.P.Agarwal,
Sharad Kumar jain.
b) Key Management Personnel: Shri Kailash Chandra Sharma,Managing
Director
c) Relatives of Key Management Rffsonnel: Mr Sharma related to
Managing Director
(d) Other Related Parties M/S Saurabh Traders, Itarsl
The parties listed under (d) above not related parties as per require
ment Accounting Standard 18. However, as an abundant caution, they
are being included for making financial statement more transparent. In respect of above parties, there is no provision for doubtful debts as
on 31st March 2012 and no amount has been written back during the year in respect of debets due from to them.
9. In accordance withr the revised accounting standard -15 are given
bjfow which is certified by the actuary and relied upon
auditors. The, following components of net benefit expenses recognized
in the profit and loss account unfunded liabilty status and amounts
recognized in the balance sheet for the gratuity.
Mar 31, 2010
A) OTHER NOTES : CONTINGENT LIABILITIES
1. (a) Estimated amount of capital commitments on contracts to be
executed net of advances is Rs. Nil lacs (Previous year Rs. NIL. Bank
guarantees issued on behalf of the company Rs. 18.00 lacs (Previous
year Rs. 21.05 lacs).
(b) In respect of demand from the Income Tax department, the case is
before the Settlement Commission. The company has already remitted tax
of Rs.39.80 lacs under protest and shown under advances. As per the
legal opinion obtained by the company, there will not be any demand and
the entire amount is likely to be refunded. However tax on income
surrendered before the Commission amounts to Rs. 15.90 lacs is shown as
contingent liability. The company has filed petition in Honorable High
court of M.P for granting stay for referring the case back to the
Commissioner Income Tax. The Honorable High Court granted the stay in
favour of the company. Further details in this case is awaited.
(c) In respect of demand from the Commercial tax department, the
company filed appeal with the Appellate commissioner, Commercial Tax,
Bhopal. The amount of Entry Tax demanded in the notice is Rs.0.86 lacs
related to the year 2006-07.
(d) In respect of demand Rs. 7,03,244 from the commercial tax
department for the period 01-04-2006 to 31-03- 2007, the company filed
an appeal with the M.P Commercial Tax Appellate Board, Bhopal. Against
the demand the company already deposited Rs.71000.
2. Sundry Debtors and Sundry Creditors balances are subject to
confirmation.
3. The previous year figures have been regrouped wherever necessary.
4. The share capital as shown in the accounts and as per share
transfer agents is under reconciliation.
5. Dues to SSI Units as on 31.03.09 Rs. 85199 (Previous year
Rs.2,81,815) and no interest is applicable.
6. During the year 2009-10 the company written back Rs. 33,95,279 as
excess provision on VAT account. The amount written back due to change
in assumption used for estimating VAT payable as on 31-03-2009.
7. Information on status, amount due as well as period of outstanding
as 31.03.2010 in case of Micro , Small and Medium Enterprises as
required to be disclose under The Micro , Small and Medium Enterprises
Development Act, 2006 isRs.85199.
8. WIND MILL POWER PROJECT :
In respect of Wind Mill Generator at Navneeta Krishna Puram,
Tirunelveli District Tamil Nadu Sale of Generated power during the year
2009-10 is 16,70,196 units, (previous Year: 1,50,432 Units).
9. Income tax provision account has not been reconciled /adjusted
with the tax paid and accounted for under Advance Tax a/c for the years
assessment is complete.
10. Related Party Disclosure (As identified by the Management) Related
party Relationships
(a) Where control exists : Kailash Chand Sharma, J.P.Agrawal,
Surender Singh Arora.
(b) Key Management
Personnel : Shri.Kailash Chand Sharma, Managing
Director
(c) Relatives of Key
Management Personnel : Mr. Ritesh Sharma related
to Managing Director
(d) Other Related Parties : M/S Saurabh Traders, Itarsi
The parties listed under (d) above are not related parties as per
requirement of Accounting Standard 18. However, as an abundant caution,
they are being included for making financial statement more
transparent. In respect of above parties, there is no provision for
doubtful debts as on 31 March 2010 and no amount has been written off
or written back during the year in respect of debts due from/to them.
11. In accordance with the revised accounting standard -
12 Are given below which is certified by the actuary and relied upon by
the auditors. The following tables summarize the components of net
benefit expenses recognized in the profit and loss account and the
unfunded liability status and amounts recognized in the balance sheet
for the gratuity.
NOTE: The defined benefit obligation as on 31-03-2010 is Rs. 9,79,577
as per the independent actuarial valuation which is lesser then the
closing balance of the fund Rs.9.93,758,hence no additional liability
has been provided in the books during the year 2009-2010.
Transactions with related parties during the year:
J.P.Agrawal Managerial remuneration paid Rs.6.00 lacs
K.C. Sharma Managerial remuneration paid Rs.6.00 lacs
Surendra Singh Arora Managerial remuneration paid Rs.3.00 lacs, (from
April 2009 to September 2009)
Rithesh Sharma, Related to Managing Director - Remuneration paid during
the year Rs. 5.94 lacs.
M/s. Saurabh Traders, Itarsi - Purchase of soya bean from Saurabh
Traders Rs.2593.00 Lacs.
13. Additional information required under Schedule VI of the Companies
Act 1956.