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

Notes to Accounts of Neueon Towers Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITY (Rs in Lakhs)

Particulars As at As at 31.03.2015 31.03.2014

Bank Guarantees availed from Banks 3970.42 5675.13

Disputed Excise Liability not provided for 30.98 30.98

Disputed Sales tax liability for which the 72.02 72.02 company preferred an appeal

2. RETIREMENT BENEFITS

Gratuity is a unfunded defined benefit plan and the gratuity scheme provides for a lump sum benefit, subject to a vesting period of 5 years in case of early separation, based on final last drawn salary and completed years of service.

3. SEGMENT REPORTING

The company is principally engaged in single business segment viz., "Power and Telecom Tower", and operates in one geographical segment as per Accounting Standard 17 on 'Segment Reporting'. Accordingly no segment reporting has been made by the company.

4. LEASE COMMITMENTS

The Company has finance Lease agreements for vehicles, the minimum lease rental outstanding as on 31st March 2014 are as follows:-

5. Few Sundry Debtors, Sundry Creditors, Loans and Advances, Unsecured Loans are subject to confirmation of balances and consequential adjustments, if any.

6. Previous years' figures have been regrouped and reclassified wherever necessary in conformity to the Current Period's classification.


Mar 31, 2014

1. CONTINGENT LIABILITY (Rs in Lakhs)

Particulars As at 31.03.2014 As at 31.03.2013

Bank Guarantees availed from Banks 5675.13 3115.27

Disputed Excise Liability not provided for 30.98 30.98

Disputed Sales tax liability for which the company 72.02 72.02 preferred an appeal

2 SEGMENT REPORTING

The company is principally engaged in single business segment viz., "Power and Telecom Tower", and operates in one geographical segment as per Accounting Standard 17 on ''Segment Reporting''. Accordingly no segment reporting has been made by the company.

3. LEASE COMMITMENTS

The Company has finance Lease agreements for vehicles, the minimum lease rental outstanding as on 31st March 2014 are as follows:-

4. Few Sundry Debtors, Sundry Creditors, Loans and Advances, Unsecured Loans are subject to confirmation of balances and consequential adjustments, if any.

5. Previous years'' figures have been regrouped and reclassified wherever necessary in conformity to the Current Period''s classification.

(i) Term Loans from IDBI Bank carry interest @11% are secured by first charge on all the fixed assets of the Company, excluding fixed assets of Khanapur Plant, present and future, and secured by personal guarantees of promoter directors and repayable in quarterly installments as per CDR package.

(ii) Finance lease obligations against Hypothecation of Vehicles repayable in Monthly Installments.

(iii) 14 years Interest free Sales Tax Deferment Loan received from Government of Andhra Pradesh. Repayment Commences from March 24, 2014 based on the deferment availed in respective years.


Mar 31, 2013

1. Contingent Liability

(Rs. in Lakhs)

Particulars As at 31.03.2013 As at 31.03.2012

Bank Guarantees availed from Banks 3115.27 9,963.85

Disputed Excise Liability not provided for 30.98 30.98

Disputed Sales tax liability for which the Company preferred 72.02 72.02 an appeal

2. Segment Reporting

The Company is principally engaged in single business segment Viz., "Power and Telecom Tower", and operates in one geographical segment as per Accounting Standard 17 on ''Segment Reporting''. Accordingly no segment reporting has been made by the Company.

3. Lease Commitments

The Company has finance Lease agreements for vehicles, the minimum lease rental outstanding as on 31st March 2013 are as follows:-

4. Few Sundry Debtors, Sundry Creditors, Loans and Advances, Unsecured Loans are subject to confirmation of balances and consequential adjustments, if any.

5. Previous years'' figures have been regrouped and reclassified wherever necessary in conformity to the Current Period''s classification.


Mar 31, 2012

1. Contingent Liability (Rs in Lakhs)

Particulars As at 31.03.2012 As at 31.03.2011

Bank Guarantees availed from Banks 9,963.85 9,135.17

Joint Corporate Guarantee executed by the Company Nil USD 2,000,000 along with Sujana Universal Industries Limited (SUIL) and Sujana Metal products Limited (SMPL) in favor of Alpha ventures Limited which is a wholly owned subsidiary of SMPL and Sujana Holdings Limited which is a Subsidiary of SUIL.

Claims against the Company not acknowledged as Debts - 1.71

Disputed Excise Liability not provided for 30.98 30.98

Disputed Sales tax liability for which the Company 72.02 Nil preferred an appeal



2. Segment Reporting

The Company is principally engaged in single business segment Viz., "Power and Telecom Tower", and operates in one geographical segment as per Accounting Standard 17 on 'Segment Reporting'. Accordingly no segment reporting has been made by the Company.

3. Few Sundry Debtors, Sundry Creditors, Loans and Advances, Unsecured Loans are subject to confirmation of balances and consequential adjustments, if any.

4. Previous years' figures have been regrouped and reclassified wherever necessary in conforming to the Current Period's classification.

5. Current year figures are not comparable with the previous period figures, as the previous period figures are for 18 months.

Notes :

(a) Term loans from IDBI Bank secured by first charge on all the fixed assets excluding fixed assets of Khanapur plant, present and future and secured by personal guarantees of Promoter Directors and repayable in quarterly installments @ Rs.2,813,551/- each with a interest rate of 13.5% and repayment started from 01-07-2007 to 01-07-2016.

(b) Term Loan from L&T Infrastructure Finance Co. Ltd secured by mortgage and charge on the fixed assets of Khanapur plant, procured out of this borrowing and second pari passu charge on the entire current assets, present and future. It is also guaranteed by Promoter Directors and repayable in quarterly installment @ Rs.55,112,500/- each with a interest rate @ 14.75% and repayment started from 01-07-2010 to 01-04-2014.

(c) Finance lease obligations against Hypothecation of Vehicles Repayable in Monthly Installments.

(d) Interest Free Unsecured Loans taken from others repayable on 30.09.2013.

(e) 14 years interest free Sales Tax Deferment loan received from Government of Andhra Pradesh. Repayment Commences from March 24, 2014 based on the deferment availed in respective years.

Notes :

(a) Working Capital demand loan from banks secured by way of pari passu first charge on the current assets and pari passu second charge on the fixed assets of the Company both present and future and further secured by the personal guarantee of Promoter Directors of the Company. Default of SICOM Short Term Loan for an amount of Rs. 11,93,44,015/- from last 9 months upto 31.03.2012.

(b) Term Loan taken from L & T Infrastructure Finance Co. Ltd secured by first charge on all the fixed assets, present and future and secured by personal guarantees of Promoter Directors. The Default arising from last three quarters for an amount of Rs.16,53,37,500/- upto 31.03.2012.

(c) Term loans from IDBI Bank secured by first charge on all the fixed assets excluding fixed assets of Khanapur plant, present and future and secured by personal guarantees of Promoter Directors.

(d) Finance lease obligations secured by the assets purchased out of the said loan.

(e) Inter corporate deposits taken from various Companies and the amount defaulted is Rs. 4,95,00,000/- which includes :

(i) Aidek Property Private Limited for Rs. 50,00,000/- for a period of 7 months.

(ii) Bhiragacha Finance Company Pvt. Ltd for Rs. 1,50,00,000/- for a period of 3 months.

(iii) Gateway Leasing Pvt. Ltd for Rs. 1,00,00,000/- for a period of 6 months.

(iv) Nalikul Private Limited for Rs. 25,00,000/- for a period of 9 months.

(v) Spectrum Trimpex Pvt. Ltd for Rs. 70,00,000/- for a period of 3 months and

(vi) Zenith Infotech Limited for Rs. 1,00,00,000/- for a period of 8 months.


Sep 30, 2009

1. Share Capital

Share Capital Includes 3,89,33,035 (3,89,33,035) Equity Share of Rs. 5/- each fully paid up issued pursuant to the scheme of arrangement and amalgamation without payment being received in cash.

The Share Capital includes 25,00,000 (25,00,000) Equity Shares of Rs.5/- each Fully Paid Up issued on a preferential basis to the Promoters Group during the previous period at a premium of Rs.160/- per share.

1 % Cumulative Redeemable Preference Shares (CRPS) are redeemable in 12 quarterly Instalments commencing from 1st October 2013

2. Equity Share Warrants

The option for conversion of pending 55,00,000 Equity Share Warrants has not been exercised by the warrant holders, consequent to that, the amount received on account of Equity Share Warrants, has been forfeited and the forfeited amount has been transferred to Capital Reserve A/c.

3. Optionally Convertible Debentures

The Optionally Fully Convertible Debentures allotted to IFCI Ltd. pursuant to the discharge of Rs. 800 lakhs due by the company have not been converted into Equity Shares and the amount outstanding to IFCI Ltd. has been converted into Short Term Rupee Loan carrying the same interest rate (i.e., 13%) applicable to Convertible Debentures. The outstanding amount of Short Term Rupee Loan as on 30.09.2009 is Rs. 600 lakhs. The Short Term Rupee Loan and the interest thereon is secured by first charge on the entire assets of the Company both present and future ranking pari-passu with the charges already created in favour of the existing term lenders and subject to prior charges created for working capital borrowings and further secured by the Guarantee of Sri. Y. S. Chowdary, Chairman of the Company.

4. Secured Loans

4.1 Term Loans from IDBI Bank of Rs. 787.79 lakhs (previous year 900.34 lakhs) and the interest thereon is secured by first charge on the entire assets of the company both present and future ranking paripasu with the charges already created in favour of existing term lenders and subject to prior charges created for working capital borrowings and further secured by the Guarantee of Sri. Y.S. Chowdary Chairman, Sri G. Srinivasa Raju, Director of the Company and Sri. S. T. Prasad, relative of the Chairman.

4.2 Term Loan from Kamataka Bank of Rs. 500.00 Lakhs (previous year 1283.33 lakhs) and the interest thereon is secured by an Exclusive charge on the equipment purchased out of the loan availed, Pari pasu first charge on the residual value of Fixed Assets of the Company, Paripasu second charge on the Current assets of the company and Personal Guarantees of Sri Y.S. Chowdary and Sri. G. Srinivasa Raju.

4.3. Revolving Short term loan of Rs. 25 Crores (Previous year 25 Crores) and interest thereon from SICOM Limited, is secured by exclusive first charge by way of Equitable Mortgage on the land admeasuring 17355 Sq. yards at Kondapur village, Serilingampatty Mandal, Ranga Reddy District, Hyderabad owned by Heritage Infra Developers Limited, and further secured by Pledge of shares of the Company, and Sujana Metal products Limited. These facilities are further secured by personal guarantee of Sri. Y.S. Chowdary Chairman of the company.

4.4 Term Loan of Rs. 63.18 Crores (Previous Year - Nil) from L & T Infrastructure Finance Company Limited, an interest thereon is secured by exclusive charge on the entire assets of Khanapur project, which is yet to commence the production. Limit Sanctioned for the project by L&T Infrastructure Finance Company Limited is Rs. 100 Crores and company has availed Rs. 63.18 Crores till 30.09.2009 and the balance Rs. 36.72 Crores is yet to be disbursed by L&T Infrastructure for the project.

4.5 Working Capital Loans from IDBI bank, Kamataka Bank, UCO Bank and Working Capital Term Loan from Exim Bank is secured First Charge on the Current assets of the Company ranking pari-pasu with the other working capital lenders. The Loan is further secured by the Second charge on the entire fixed assets of the company, and also by the Personal Guarantees of Sri. Y.S.Chowdary and G. Srinivasa Raju.

4.6 Factoring facility and Bills discounting facility from SBI Factors and commercial services Private Limited is secured by Hypothecation by way of first charge on the Companys book- debts and receivables in respect of agreed customers of the company by the Lender. The Loan is further secured by Equitable mortgage of Industrial property belonging to Charminar Granites Exports Limited, Personal Guarantee of Sri. Y.S.Chowdary Chairman of the Company, and corporate Guarantee of Charminar Granite Exports Limited. Bills Discounting Facility availed from SICOM Limited is secured by Pledge of unencumbered equity shares not covered under non disposal undertaking given to institutions and Banks in D mat form of the Company and Bartronics India Limied. These facilities are further secured by the Personal Guarantees of Sri Y.S.Chowdary and Sri. G.Srinivasa Raju.

4.7 Hire Purchase loans are secured by the assets purchased out of the said loan.

5. Unsecured Loans

Unsecured Loans represents Sales Tax Deferment sanctioned by the Commercial Taxes Department, Government of Andhra Pradesh. The Sales tax deferred Liability is repayable at the end of the 14th year from the date of availment without any interest.

6. Contingent Liability (Amount Rupees in Lakhs)

Particulars As at As at 30.09.2009 30.09.2008

Bank Guarantees availed from Banks 4115.78 3417.88

Letter of Credit issued by Banks 6094.64 1993.71

Corporate Guarantee issued in favour of Sujana Holdings Limited, Dubai and Alpha Ventures Limited 960.80 938.80

Claims against the Company not acknowledged as Debts 1.71 NIL

7. Capital Commitments

Estimated amount of Contracts remaining to be executed on Capital Account and not Provided for, net of advances is Rs. 6361.57 lakhs( As on 30th September 2008 Rs. 653 lakhs)

8. Segment Reporting

The company is principally engaged in single business segment Viz.," Power and Telecom Tower", and operates in one geographical segment as per Accounting Standard 17 on Segment Reporting. Accordingly no segment reporting has been made by the company.

9. Related Party Disclosure

As Per Accounting Standard -18 issued by the Institute of Chartered Accountants of India, the disclosures of transactions with related parties as defined in the Accounting Standard are given below:-

S. No. Name of the Related Party Relationship

1 Sujana Transmissions Limited Subsidiary

2 Telesuprecon Limited Companies

3 Digitech Business Systems Limited (Control Exists)

4 Sujana Metal Products Limited

5 Sujana Universal Industries Limited

6 Yalamanchili Finance and Trading Private Limited

7 Foster Infin and Trading Private Limited

8 Sujana Finance and Trading Private Limited Associate

9 Glade Steels Private Limited Companies

10 Sujana Holding Limited

11 Aplha Ventures Limited

12 Gamma Machinery and Equipment Private Limited

13 Shri Y.S Chowdary

14 Shri S. Hanumantha Rao

15 Shri V.S.R. Murthy Key Managerial

16 Shri K.Raghavaiah Personnel

17 Shri R.K. Birla

18 Shri Y.Kamesh

10 Disclosures Under Micro Small And Medium Enterprises Development Act 2006

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payablb hi ider this Act have not been given.

11. The provision for Current Tax, Deferred Tax, and Fringe Benefit tax has been made based on the Computation of Income prepared by the company.

12. Confirmation of balances from certain Creditors, Debtors, Loans and Advances, other Liabilities and certain Bank accounts are yet to be received.

13. Previous Period figures have been regrouped and reclassified wherever necessary in conforming with the Current Periods classification.

14. Previous year figures are for 15 months and are not comparable with the current period figures, as the current period figures are for 12 months.

15. Schedules 1 to 17 form integral part of the balance sheet.

 
Subscribe now to get personal finance updates in your inbox!