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Notes to Accounts of Riga Sugar Co. Ltd.

Mar 31, 2015

1. The company has issued single class of equity shares and no special right and /or preference are attached to such shares.

2. The company is neither holding company nor a subsidiary company.

3. Equity Shares held by each shareholders holding more

4. During the period of five years immediately preceeding the balance sheet date no shares were alloted as fully paid pursuant to contract without payment, no bonus shares were issued and no shares were bought back.

5. 18,00,000 Equity Shares Warrants were alloted during the year to promoters and others on preferential allotment basis at Rs. 15.20 per warrants at Face value of Rs. 10 and premium of Rs. 5.20 per equity share warrant

6. Security and Terms of Repayment of Term Loans from Banks

(a) Term Loan from Bank of India is Secured by first pari-passu charge on the fixed assets and second charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director with following terms in respect of 5 outstanding loans:-

(i) Outstanding balance of Rs. 475.55 Lacs repayable in monthly instalment from April, 2015 to January, 2018.

(ii) Outstanding balance of Rs. 530.66 Lacs repayable in monthly instalment from April, 2015 to January, 2018.

(iii) Outstanding balance of Rs.409.01 Lacs repayable monthly instalment from April, 2015 to January, 2018.

(iv) Outstanding balance of Rs. 546.60 Lacs repayable monthly instalment from April, 2015 to February, 2018.

(v) Outstanding balance of Rs. 934.66 Lacs repayable monthly instalment from March,2016 to February, 2019.

(b) Term Loan from Union Bank of India is Secured by first pari-passu charge on the fixed assets and second charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director with following terms in respect of 2outstanding loans:-

(i) Outstanding balance of Rs. 177.06 Lacs repayable in monthly instalment from April, 2015 to January, 2018.

(ii) Outstanding balance of Rs. 321.00 Lacs repayable in monthly instalment from April, 2016 to March, 2019.

7. Sugar Development Fund Loan is secured by Second Charge on Block assets of sugar unit of the company.

8. Loan guarantee by Directors- Both the above Term Loans taken from Banks are guaranteed by a Director.

9. There is no continuing defaults in repayment of Loan and Interest to Banks and Financial Institutions as on 31 st March, 2015.

10. Security against short term loan from Banks:-

(a) Working Capital loans from Bank of India is Secured by third pari-passu charge on the fixed assets of sugar unit and second pari-passu charge on fixed assets of Distillery unit as well as first charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director:-

(b) Working Capital loans from Union Bank of India is Secured by third pari-passu charge on the fixed assets of sugar unit and second pari-passu charge on fixed assets of Distillery unit as well as first charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director:

12. Loan guarantee by Directors- Both the above Loans taken from Banks are guaranteed by a Director.

13. There is no continuing defaults in repayment of Loan and Interest to Banks and Financial Institutions as on 31st March, 2015.

14. Nature of evidence supporting the recognisation of deferred tax assets in respect of unabsorbed depreciation and carry forward losses are as follows:-

Unabsorbed Depreciation- Till assessement year 2012-13, as per the last Income Tax assesement Order dated 30.03.2015. For assesement year 2013-14 to 2015-16claim of unabsorbed depreciation as per Income Tax Return filed/to be filed.

15. EMPLOYEES BENEFITS

Disclosure relating to Employee Benefits in accordance with provision of Accountiing Standard (AS)-15 in respect to Company:-

Defined Contribution Plans

Contribution to Defined Contribution Plans, recognised as expense for the year is as under:-

In case of company's exempted Provident Fund under section 17 of Employees' Provident Fund and Miscellaneous Provisions Act, 1952, conditions for grant of exemption stipulate that the employer shall make good deficiency , if any, in the rate declared by trust vis-a-vis statutory rate.

In case of non-exempted category employers and employees contribution are deposited in EPFO.

Defined Benefit Plan

(a) Expenses recognized in the Statement of Profit & Loss till last financial year ended 31st March,2015.

16. Contingent Liabilities (to the extent not provided for)

(1) Claim against the company not acknowledged 4,767,052 4,767,052 as Debt

(2) Bank Guarantee: 17,914,565 3,139,640

Note: Claim against the company not acknowledged as debt of Rs. 47,67,052 relates to demand of central government to pay balance interest in respect of sugar season 1982-83 under provision of LSPEF Act, 1976 which is subjudice.

17. Performance of Business Segment (Rs. in Lac)

(The Sugar segment includes the production of Sugar,Molasses and Fertilizers, whereas the Distillery segment includes production of Industrial Alcohol and related products).

18. Other Notes

19. There is no unutilized amount of proceed of issue of securities.

20. Claim lodged to Bihar Government for reimbursement of excise duty paid toward Expansion of Sugar Plant as per Sugar Incentive Scheme has been recognized on the basis of certainty of their collection.

21. Interest Expense is net of Interest Income of Rs. 83.17 Lacs (Previous year 74.33 Lacs ) from companies.

22. The company during the year allotted 18,00,000 equity share warrants of Re. 10/- each at a price of Rs.15.20 per warrant convertible into equity share of Rs. 10/- and premium of Rs. 5.20 each on preferential allotment basis as per SEBI (ICDR) Regulations, 2009. The company received Rs. 68,40,000/- as 25% allotment amount as advance toward said issue of warrants.

23. Other payable includes Rs. 25.00 Lacs as attached amount of a person by the Income Tax authority.

24. No supplier has furnished information about their registration under Micro, Small & Medium Enterprises Development Act, 2006 to the company.

25. The company has given Guarantee to Nationalized Banks toward Agriculture Loan provided by the Banks to the recommended farmers of the company to the extent of Rs. 4150 Lacs.

26. The outstanding liabilities considered not to be carried any longer have been written back.

27. As per Management's view there is no Impairment of Assets and there is no diminution in value of current assets.

28. Previous years figure has been regrouped/ rearranged wherever necessary.


Mar 31, 2014

1.1 14,50,000 Equity Shares Warrants which were alloted in 2012-13 on 23.11.2012 to promoters and others on preferential allotment basis at Rs. 17.20 per warrants, converted into equity share during the year 2013-14 at Face value of Rs. 10 and premium of Rs. 7.20.

1.2 There is no unpaid call.

1.3 Security and Terms of Repayment of Term Loans from Banks

(a) Term Loan from Bank of India is Secured by first pari-passu charge on the fixed assets and second charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director with following terms in respect of 5 outstanding loans :-

(i) Outstanding balance of Rs. 646.50 Lacs repayable in monthly instalment from April, 2014 to January, 2018.

(ii) Outstanding balance of Rs. 718.68 Lacs repayable in monthly instalment from April, 2014 to January, 2018.

(iii) Outstanding balance of Rs. 558.06 Lacs repayable monthly instalment from April, 2014 to January, 2018.

(iv) Outstanding balance of Rs. 734.39 Lacs repayable monthly instalment from April, 2014 to February, 2018.

(v) Outstanding balance of Rs. 934.66 Lacs repayable monthly instalment from March, 2016 to February, 2019.

(b) Term Loan from Union Bank of India is Secured by first pari-passu charge on the fixed assets and second charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director with following terms in respect of 1 outstanding loans :-

(i) Outstanding balance of Rs. 239.58 Lacs repayable in monthly instalment from April, 2014 to January, 2018.

1.4 Sugar Development Fund Loan is secured by Second Charge on Block assets of sugar unit of the company.

1.5 Loan guarantee by Directors - Both the above Term Loans taken from Banks are guaranteed by a Director.

1.6 There is no continuing defaults in repayment of Loan and Interest to Banks and Financial Institutions as on 31st March, 2014.

2.1 Security against short term loan from Banks :-

(a) Working Capital loans from Bank of India is Secured by third pari-passu charge on the fixed assets of sugar unit and second pari-passu charge on fixed assets of Distillery unit as well as first charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director.

(b) Working Capital loans from Union Bank of India is Secured by third pari-passu charge on the fixed assets of sugar unit and second pari-passu charge on fixed assets of Distillery unit as well as first charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director.

2.2 Loan guarantee by Directors - Both the above Loans taken from Banks are guaranteed by a Director.

2.3 There is no continuing defaults in repayment of Loan and Interest to Banks and Financial Institutions as on 31st March, 2014.

3.1 Nature of evidence supporting the recognisation of deferred tax assets in respect of unabsorbed depreciation and carry forward losses are as follows :-

Unabsorbed Depreciation - Till assessement year 2011-12, as per the last Income Tax assessement Order dated 15.03.2014. For assessement year 2012-13 to 2014-15 claim of unabsorbed depreciation as per Income Tax Return filed/to be filed.

4. Employees Benefits

Disclosure relating to Employee Benefits in accordance with provision of Accountiing Standard (aS)-15 in respect to Company :-

In case of company''s exempted Provident Fund under section 17 of Employees'' Provident Fund and Miscellaneous Provisions Act, 1952, conditions for grant of exemption stipulate that the employer shall make good deficiency, if any, in the rate declared by trust vis-a-vis statutory rate.

In case of non-exempted category employers and employees contribution are deposited in EPFO.

As at As at 31.03.2014 31.03.2013 Rs. Rs.

5. Contingent Liabilities (to the extent not provided for)

(1) Claim against the company not acknowledged as Debt 4,767,052 4,767,052

(2) Bank Guarantee : 3,139,640 -

6. Other Notes

6.1 There is no unutilized amount of proceed of issue of securities.

6.2 There is no diminution in value of current assets.

6.3 Capital Subsidy received from Bihar Government under Sugar Incentive Scheme has been adjusted against cost of plant and depreciation already charged against them. Claim lodged to Bihar Government for reimbursement of excise duty paid toward Expansion of Sugar Plant to 5,000 TCD as per Sugar Incentive Scheme has been recognized on the basis of certainty of their collection.

6.4 Interest Expense is net of Interest Income of Rs. 74.33 Lacs (Previous year 14.24 Lacs ) from companies.

6.5 The company during the year allotted outstanding 14,50,000 equity share warrants of Rs.10/- each at a price of Rs.17.20 per warrant convertible into equity share of Rs. 10/- and premium of Rs. 7.20 each on preferential allotment basis as per SEBI (ICDR) Regulations, 2009. The said amount were used for strengthen the financial parameter of the company.

6.6 No supplier has furnished information about their registration under Micro, Small & Medium Enterprises Development Act, 2006 to the company.

6.7 An undertaking of Rs. 300 Lacs given to Bank of India for its Crop/ Agriculture Loans/Advances to the Cane Growers against primary securities of their standing crop and one personal guarantee with a condition that the Company will deduct the loan amount from the proceeds of cane supply by the growers and reimburse the same to the said Bank. In case of default, the Bank will consider re-schedulement of repayment upto 36 months. The Company is liable to make payment to the Bank for default of borrowers only after expiry of 36 months and in that case the Bank will assign the right of recovery from the defaulting borrowers to the Company.

6.8 The company has given Guarantee to Nationalized Banks toward Agriculture Loan provided by the Banks to the recommended farmers of the company to the extent of Rs. 4150 Lacs.

6.9 The outstanding liabilities considered not to be carried any longer have been written back.

7. There is no Impairment of Assets within the meaning of AS-28 of the Companies Act, 1956.

8. Previous years figure has been regrouped/ rearranged wherever necessary.


Mar 31, 2013

1.1 There is no unutilized amount of proceed of issue of securities.

1.2 There is no diminution in value of current assets.

1.3 Capital Subsidy received from Bihar Government under Sugar Incentive Scheme has been adjusted against cost of plant and depreciation already charged against them. Claim lodged to Bihar Government for reimbursement of excise duty paid toward Expansion of Sugar Plant to 5,000 TCD as per Sugar Incentive Scheme has been recognized on the basis of certainty of their collection.

1.4 Interest Expense is net of Interest Income of Rs. 14.24 Lacs (Previous year 29.06 Lacs ) from companies.

1.5 To strengthen its financial parameters the company allotted during the year 14,50,000 equity share warrants of Rs. 10/- each at a price of Rs. 17.20 per warrant convertible into equity share of Rs. 10 and premium of Rs. 7.20 each on preferential allotment basis as per SEBI (ICDR) Regulations, 2009.

1.6 No supplier has furnished information about their registration under Micro, Small & MediumEnterprises Development Act, 2006 to the company.

1.7 An undertaking of Rs. 300 Lacs given to Bank of India for its Crop/ Agriculture Loans/Advances to the Cane Growers against primary securities of their standing crop and one personal guarantee with a condition that the Company will deduct the loan amount from the proceeds of cane supply by the growers and reimburse the same to the said Bank. In case of default, the Bank will consider re-schedulement of repayment upto 36 months. The Company is liable to make payment to the Bank for default of borrowers only after expiry of 36 months and in that case the Bank will assign the right of recovery from the defaulting borrowers to the Company.

1.8 The outstanding liabilities considered not to be carried any longer have been written back.

2. There is no Impairment of Assets within the meaning of AS-28 of the Companies Act, 1956.

3. Previous years figure has been regrouped/ rearranged wherever necessary.


Mar 31, 2012

1.1 The company has issued single class of equity shares and no special right and/or preference are attached to such shares.

1.2 The company is neither holding company nor a subsidiary company.

1.3 During the period of five years immediately preceeding the balance sheet date no shares were alloted as fully paid pursuent to contract without payment, no bonus shares were issued and no shares were bought back.

1.4 No security is pending to be convertible into equity/preference shares.

2.1 Security and Terms of Repayment of Term Loans from Banks

(a) Term Loan from Bank of India is Secured by first pari-passu charge on the fixed assets and second charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director with following terms in respect of 4 outstanding loans :-

(i) Outstanding balance of Rs. 600.81 Lacs repayable in monthly instalment from February, 2014 to January, 2018.

(ii) Outstanding balance of Rs. 691.11 Lacs repayable in monthly instalment from February, 2014 to January, 2018.

(iii) Outstanding balance of Rs. 421.17 Lacs repayable in monthly instalment from February, 2014 to January, 2018.

(vi) Outstanding balance of Rs. 21.10 Lacs repayable by Oct,2012 in monthly instalments.

(b) Term Loan from Union Bank of India is Secured by first pari-passu charge on the fixed assets and second charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director with following terms in respect of 3 outstanding loans :-

(i) Outstanding balance of Rs. 13.77 Lacs repayable by July, 2012 in monthly instalments.

(ii) Outstanding balance of Rs. 15.17 Lacs repayable by August, 2012 in monthly instalments.

(iii) Outstanding balance of Rs. 95.90 Lacs repayable by June, 2013 in monthly instalments.

2.2 Loan guarantee by Directors- Both the above Term Loans taken from Banks are guaranteed by a Director.

2.3 There is no continuing defaults in repayment of Loan and Interest to Banks and Financial Institutions.

2.4 Sugar Development Fund Loan is secured by Second Charge on Block assets of sugar unit of the company.

3.1 Security against short term loan from Banks :-

(a) Working Capital loans from Bank of India is Secured by third pari-passu charge on the fixed assets of sugar unit and second pari-passu charge on fixed assets of Distillery unit as well as first charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director.

(b) Working Capital loans from Bank of India is Secured by third pari-passu charge on the fixed assets of sugar unit and second pari-passu charge on fixed assets of Distillery unit as well as first charge on current assets of the company at Riga, Sitamarhi, Bihar and personal guarantee of a Director.

3.2 Loan guarantee by Directors- Both the above Term Loans taken from Banks are guaranteed by a Director.

3.3 There is no continuing defaults in repayment of Loan and Interest to Banks and Financial Institutions.

4.1 Nature of evidence supporting the recognisation of deferred tax assets in respect of unabsorbed depreciation and carry forward losses are as follows :-

Unabsorbed Depreciation - Till assesement year 2009-10, as per the last Income Tax assesement Order dated 28.11.2011. For assesement year 2010-11 to 2012-13 claim of unabsorbed depreciation as per Income Tax Return filed/to be filed.

In case of company's exempted Provident Fund under section 17 of Employee's Provident Fund and Miscellaneous Provisions Act, 1952, conditions for grant of exemption stipulate that the employer shall make good deficiency, if any, in the rate declared by trust vis-a-vis statutory rate.

In case of non-exempted category employers and employees contribution are deposited in EPFO.

5. Contingent Liabilities and Commitments

(a) Contingent Liabilities

(1) Claim against the company not acknowledge as Debt - -

(2) Guarantee :

Bank Guarantees Rs. 133.92 Lacs Rs. 117.12 Lacs

(3) Other money for which the company is contingently liable - -

(b) Commitments :

(1) Estimated amount of contracts remaining to be executed - - on capital account and not provided for

(2) Uncalled liability on shares and other investment partly paid - -

(3) Other commitments - -

6. Other Notes

6.1 Unutilized amount of proceed of issue of securities -NIL

6.2 Diminution in value of current assets -NIL

6.3 Capital Subsidy received from Bihar Government under Sugar Incentive Scheme has been adjusted against cost of plant and depreciation already charged against them. Claim lodged to Bihar Government for reimbursement of excise duty paid toward Expansion of Sugar Plant to 5,000 TCD as per Sugar Incentive Scheme has been recognized on the basis of certainty.

6.4 Interest Expense is net of Interest Income of Rs. 29.06 Lacs (Previous year 124.53 Lacs ) from companies.

6.5 During the year borrowing cost amounting to Rs. NIL (previous year Rs.266.38 Lacs) were capitalized toward acquisition and construction of various fixed assets/integrated project till it was put to use for intended purpose.

6.6 During the year the company allotted 16,65,000 equity shares of Rs.10/- each at a price of Rs.18.50 per share (including a premium of Rs.8.50) for total amount of Rs. 308.03 Lacs on preferential allotment basis on 19th March, 2012 as per SEBI (ICDR) Regulations, 2009.

The said issue amount was used to strengthen the Company's financial parameters.

6.7 No supplier has furnished information about their registration under Micro, Small & MediumEnterprises Development Act, 2006 to the company.

6.8 An undertaking of Rs. 300 Lacs given to Bank of India for its Crop/ Agriculture Loans/Advances to the Cane Growers against primary securities of their standing crop and one personal guarantee with a condition that the Company will deduct the loan amount from the proceeds of cane supply by the growers and reimburse the same to the said Bank. In case of default, the Bank will consider re-schedulement of repayment upto 36 months. The Company is liable to make payment to the Bank for default of borrowers only after expiry of 36 months and in that case the Bank will assign the right of recovery from the defaulting borrowers to the Company.

6.9 The outstanding liabilities considered not to be carried any longer have been written back.

7. There is no Impairment of Assets within the meaning of AS-28 of the Companies Act, 1956.

8. In view of the revision to the Schedule VI as per notification issued by the Central Government, the financial statements for the year ended 31st March, 2012 have been prepared as per the requirements of the Revised Schedule VI to the Companies Act, 1956. The previous period's figures have been accordingly regrouped/reclassified to conform to the current year's classification.


Sep 30, 2009

1. Estimated amount of contracts remaining to be executed on Capital Account net of advance NIL (previous year NIL)

2. Contingent Liabilities not provided for in respect of the following :-

(a) Bank Guarantee for Levy Sugar case matter for total amount of Rs. 32.11 Lacs (Previous year Rs. 46.53 lacs);

(b) Bank Guarantee in favour of National Consumer Dispute Redressal Commission for Rs. 55.20 Lacs in respect of Insurance claim alongwith interest received as per direction of Honble Supreme Court of India, stands discharged as per order dated 27th October, 2009 by the apex court.

(c) Bank Guarantee in favour of Indian Oil Corporation Limited of Rs. 6.00 Lacs (Previous year Rs. 3.00 Lacs) toward Ethanol supply.

(d) Bank Guarantee in favour of East Central Railway of Rs.3.73 Lacs.

(e) Undertaking upto a limit of Rs. 300 Lacs given to Bank of India for its Crop/Agriculture Loans/Advances to the Cane Growers against primary securities of their standing crop and one personal guarantee with a condition that the Company will deduct the loan amount from the proceeds of cane supply by the growers and reimburse the same to the said Bank. In case of default, the Bank will consider reschedulement of repayment upto 36 months. The Company is liable to make payment to the Bank for default of borrowers only after expiry of 36 months and in that case the Bank will assign the right of recovery from the defaulting borrowers to the Company.

3. No Provision has been made for gratuity liability as at 30th September 2009, which has been estimated by the Actuaries at Rs. 517.98 Lacs (Previous year Rs. 433.32 Lacs as per revised AS-15) and liability for encashment of unavailed leave, which has been estimated at Rs.19.72 lacs (Previous year Rs. 19.03 lacs as per revised AS-15). Had these been provided for profit for the year would have been lesser by Rs. 85.35 Lacs.

4. The entire block of land at factory area were revalued in the year 2002-03 by Bank Approved Valuer and accordingly "Revaluation Reserve" of Rs. 6,92,18,539/- had been created in respect of the same.

5. Interest Expenses is net of Interest Income of Rs. 65.69 Lacs (Previous year Rs. 75.75 Lacs) from companies.

6. Balance with Scheduled Banks in Fixed Deposit Accounts includes : Rs. 63.18 Lacs Deposited with Bank of India as Margin Money for Bank Guarantees (Previous year Rs.85.64 Lacs);

7. As per decision of the Supreme Court/High Court regarding the amount of excess Levy Price/Controlled Price of Sugar amounting to Rs. 32.11 lacs (Previous year Rs. 37.91 lacs) the same has been grouped under current Liabilities payable on demand by the Central Government and Bank Guarantees in this respect is being renewed at Rs.32.11 Lacs (Previous year Rs.46.53 Lacs).

8. A notification pertaining to Bihar Molasses Control (Amendment & Validation) Act, 1999 was issued on 10.01.2000 wherein "administrative charges on sale and supply of Molasses to Sugar Factories within the State" was imposed with retrospective effect from 22.12.1995. The said notification applying the administrative charges with retrospective effect was challenged in Honble Patna High Court. Subsequently a Demand Notice dated 07.04.2003 was issued by the Superintendent of Central Excise on the Distillery Unit of the Company asking therein to deposit the administrative charges for the period from 1995 to April, 2000. The said Demand Notice was challenged by the Company before the Honble Patna High Court where the operation of the Demand Notice was stayed subject to deposit by the company 25% of the disputed amount for the period 1995 to 2000, which has been deposited by the company. The writ petition is pending before the Honble Patna High Court. The Company has been regular in making payment of administrative charges from the date of notification.

9. The Government of Bihar increased the rate of electricity duty payable on own generation and consumption @ 6% of value from earlier 2 paise per unit. Assessment Order passed by commercial Tax Dept. and demand were raised on 16.01.2009 for 2002-03 to 2008-09 under Electricity Duty Act., 1948 for total amount of Rs. 143.63 Lacs. Against which Writ petition were filed in Patna High Court. The High Court vide Interim Order dated 25.03.2009 allowed stay subject to deposit of 1/3rd of total demand within 31.03.2009. Accordingly an amount of Rs. 47.87 Lac was deposited on 30.03.2009. Honble Patna High Court vide order dated 16.09.2009 struck down and quashed the basis of value and hiked rate notification of government of Bihar and asked to make fresh assessment on earlier 2 paise basis per unit. Thus amount paid as deposit is recoverable from Commercial Tax Dept. of Government of Bihar.

10. During the year the outstanding warrants of 4,45,925 allotted last year on preferential allotment basis as per SEBI guidelines were converted into equity shares.

11. Nature of evidence supporting the recognition of deferred tax assets in respect of unabsorbed depreciation and carry forward losses are as follows :-

(a) Unabsorbed Depreciation - till assessment year 2006-07, as per Income Tax Assessment order dated 31.12.2008. For assessment year 2007-08 to 2009-10 claim of unabsorbed depreciation as per Income Tax Return filed.

(b) Unabsorbed Business Loss-For assessment year 2007-08 claim of unabsorbed business loss as per Income Tax Return filed.

12. Secured Loans :

i) Secured Term Loans of ICICI Bank Ltd. (ICICI) were repaid in full and satisfaction of charge since filed with ROC.

ii) Term Loans from BOI is secured by hypothecation of Machinery and other Movable Assets of the Company (both present and future) ranking pari- passu with the charges already created in favour of UB1 as well as second charge over Current Assets of the Company, both present and future, subject to First Charge of BOI and UBI over stock of Finished Goods, Work in Process, Stores Stockand Book Debts for its Working Capital borrowings. Term Loans from BOI is also secured by 1 st charge by way of equitable mortgage of the immovable assets of the Company ranking pari-passu with the First Charge created in favour of UBI for their Term Loans and BOI to the extent of Rs. 544 Lacs for their Working Capital facilities.

iii) Term Loans from UBI is secured by hypothecation of Machinery and other Movable Assets of the Company (both present and future) ranking pari- passu with the charges already created in favour of BOI and as well as second charge over Current Assets of the Company, both present and future, subject to First Charge of BOI and UBI over stock of Finished Goods, Work in Process, Stores Stock and Book Debts for its Working Capital borrowings. Term Loans from UBI is also secured by 1 st charge by way of equitable mortgage of the immovable assets of the Company ranking pari- passu with the First Charge created in favour of BOI for their Term Loans and BOI to the extent of Rs. 544 Lacs for their Working Capital facilities.

iv) Term Loan from Sugar Development Fund is secured by Second Charge by way of mortgage of Immovable Assets of Sugar unit of the Company and hypothecation of Machinery and other Movable Assets.

v) Working capital facilities from BOI and UBI are secured against hypothecation of finished Goods, Work-in-Process, Stores and Book Debts by way of First Charge and also partly secured by 1 st charge in sugar unit to the extent of Rs.544 Lacs in favour of BOI by way of Equitable Mortgage of Immovable Assets of the Company and also 3rd charge by way of equitable mortgage on immovable assets of the Sugar Unit of the Company for balance amount and Second Charge by way of Equitable Mortgage on Immovable Assets of the Distillery Unit of the Company, and Guaranteed by erstwhile Holding Companies and a Director.

13. No supplier has furnished information about their registration under Micro, Small & Medium Enterprises Development Act, 2006 to the company.

14. There is no Impairment of Assets within the meaning of AS-28 of the Companies Act, 1956.

15. The outstanding liabilities considered not to be carried any longer have been written back.

16. Previous years figures have been re-arranged/regrouped/recasted, wherever necessary.

 
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