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Notes to Accounts of Priyadarsini Ltd.

Mar 31, 2014

1. Term loans from the financial institutions/banks viz Exim bank, Syndicate bank, State bank of india, Bank of india ,Union bank of india are secured by way of first charge of all immovable properties both present and future and second charge over all movable assets on a pari passu basis along with personal guarantee of Sri Harish Cherukuri promoter and C.K.Rao Executive Vice Chairman of the company. Specified movable assets are subject to prior charge in favour of the company''s bankers for working capital requirements.

2. Term loans from Housing Development Finance corporation Limited are secured by first mortgage of office premises carries interest @ 17.5% and is overdue.

3.SBI, Syndicate bank, Bank of india, Eximbank&UBI issued notices for repayment of term loans under Surface Act.

4.Working capital facilities from State bank of india,Bankof india,Union bank of india,Andhra bank,Syndicate bank are secured by first charge over current assets of the company and coveredby second charge over the fixed assets of the company on pari passu basis alongwith the personal guarantee of Sri Harish Cherukuri promoter and Sri C.K Rao Executive Vice Chairman of the company.Specified fixed assets are subject to first charge in favour of the term lending institutions to cover their term loans.The working capital is repayable on demand and carries interest @14.75% to 17.50%PA. SBI,BOI,,UBI,Andhra Bankand Syndicate Bankhave issued notices for repayment under Surface Act.

5.In order to restructure the secured loans of all banks both term loan and working capital the company has offered OTS..Interest on trem loan and working capital outstanding and not debited by banks amounting to Rs 561.30lakhs.have not been taken in to accounts in view of the oTs proposal

6. Contingent Liabilities 31march 2014 30June2013 Rs in lakhs Rs in lakhs

Letters of credit 0.00 0.00

Bank Guarantees Issued by banks 52.30 52.30

Claims against the company not acknowledged as debts 131.81 131.81

(All amounts in Rupees lakhs except share data and unless otherwise stated)


Mar 31, 2011

01. Contingent Liabilities in respect of :

(Rs. in lakhs) As at 31/03/2011 As at 31 /03/2010

a) Estimated amount of Contracts remaining to be executed on Capital Account and not provided for 7.38

b) Letters of Credit 1148.00 1265.00

c) Counter Guarantee in respect of Guarantees issued by Banks 86.30 94.42

d) Claims against the Company not acknowledged as debts 131.81 158.08

02. a) Term loans are secured by way of joint equitable mortgage of all immovable properties both present and future and hypothecation of all movable assets on a paripassu basis along with personal guarantee of the Managing Director of the Company. Specified movable assets are subject to prior charge in favour of the Company's Bankers for working capital requirements among which participating Financial Institutions have second charge.

b) Term loans from Housing Development Finance Corporation Limited are secured by first mort- gage of Dwelling units.

c) Working Capital facilities from Banks are secured by hypothecation of raw materials, semi-fin- ished goods, finished goods, stores and spares and book debts and second charge on Fixed Assets of the Company and personal guarantee of managing director and C.K.Rao promoter of the company.

03. Unsecured loans from others includes sales tax deferred liability of Rs. 90,25,374/- (previous year Rs. 1,82,43,630/-) (Incentive granted by Government of Andhra Pradesh).

04. a) The 1.8 M.W. Wind Farm of the Company has generated 20,50,800 units during the year (Previous year 24,45,482 units). The value of Rs.84,33,527/- of the units generated is included in the Income from operations Previous year Rs. 81,96,589/-).

b) The 3 M.W Gas based power project of the company has not generated power due to non- availability of gas. (Previous year NIL units).

05. Other Income includes profit on sale of assets Rs 13,84,492/-. Miscellaneous expenses includes Loss on sale of assets Rs 12,87,286/-, and loss of investments Rs 1,40,00,000/-.

06. None of the party's selling goods and materials and/ or rendering services have claimed it to be small-scale undertaking.

07. During the year the company has entered into agreement for sale of assets of the Garment Division. The Sale is being concluded in 2011 -12. The loss if any on the sale of the assets including net current assets will be accounted in the year of transfer of property.

08. Sundry creditors, sundry debtors and Loans & advances are subject to confirmation.


Mar 31, 2010

01. Contingent Liabilities in respect of : (Rs. in lakhs) As at 31/03/2010 As at 31/03/2009

a) Estimated amount of Contracts remaining to be executed on Capital Account and not provided for 7.38 13.22

b) Letters of Credit 1265.00 999.94

c) Counter Guarantee in respect

of Guarantees issued by Banks 94.42 94.42

d) Claims against the Company not

acknowledged as debts 158.08 158.08

02. a) Term loans from Financial Institutions and Banks are secured by way of joint equitable mortgage

of all immovable properties both present and future and hypothecation of all movable assets on a paripassu basis along with personal guarantee of the Managing Director of the Company. Specified movable assets are subject to prior charge in favour of the Companys Bankers for working capital requirements among which participating Financial Institutions will have second charge.

b) Term loans from Housing Development Finance Corporation Limited are secured by first mort- gage of Dwelling units.

c) Working Capital facilities from Banks are secured by hypothecation of raw materials, semi-fin- ished goods, finished goods, stores and spares and book debts and second charge on Fixed Assets of the Company to the extent of Rs.5300 lakhs.

d) Working Capital Loans taken from Commercial Banks are also secured by Personal Guarantee of the Managing Director of the Company.

03. Unsecured loans from others includes sales tax deferred liability of Rs. 1,82,43,630/- (previous year Rs. 2,28,26,521/-) (Incentive granted by Government of Andhra Pradesh).

04.,a) The 1.8 M.W. Wind Farm of the Company has generated 24,45,482 units during the year (Previ- ous year 20,21,064 units). The value of Rs. 81,96,589/- of the units generated is included in the Income from operations (Previous year Rs. 65,13,307/-).

b) The 3 M.W Gas based power project of the company has not generated power due to non- availability of gas. (Previous year NIL units). The value of Rs.NIL of the units generated is included in the Income from operations (Previous year Rs.NIL).

05. Other Income and Miscellaneous expenses includes Profit and Loss of Rs. 766569/- and Rs.8597574/ - on sale of fixed assets respectively.

06. None of the persons selling goods and materials and/ or rendering services have claimed it to be small-scale undertaking.

 
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