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Notes to Accounts of Saffron Industries Ltd.

Mar 31, 2013

RELATED PARTY DISCLOSURES:

a) The company has the following related parties with transactions have taken place during the year

Associates:

Navabharat Press Ltd.

Navabharat Press, Nagpur

Bionova Paper Krafts Pvt. Ltd

Navabharat Real Estate Pvt. Ltd.

MANAGING DIRECTOR:

Mr. Nimish Maheshwari

NOTE-2

CONTINGENT LIABILITIES

a) Counter Guarantees given to Banks for issuing Bank Guarantees 35125.00 26598.20

b) Claims against company not acknowledged as debt: 72840.00 30120.00

Bills of MSEDC Ltd

c) Contracts remaining to be executed on Capital Accounts Nil Nil

d) Contingent Liability of right to compense arising out of re-schedulement of credit facilities by State Bank of India 156000.00 156000.00


Mar 31, 2012

NOTE-1

CONTINGENT LIABILITIES As at MARCH 2012 As at MARCH 2011 Rs. in Thousands Rs. in Thousands

a) Counter Guarantees given to Banks for issuing Bank Guarantees 2659.82 70009.48

b) Claims against company not acknowledged as debt Bills of MSEDC Ltd 3012.00 3012.00

c) Contracts remaining to be executed on Capital Accounts NIL NIL

d) Contingent Liability of right to compose arising out of re-schedulement of credit facilities by State Bank of India 1560.00 15600.00


Mar 31, 2011

I. Contingent Liabilities:

a) Bank Guarantees outstanding Rs.70.01 Lacs (Last year: Rs. 83.10 Lacs)

b) Claims against company not acknowledged :

i) Bills of M.S.E.D.C. Ltd., Rs. 30.12 Lacs (Last year: Rs. 30.12 Lacs)

ii) Sales tax liabilities, Rs. 48.10 Lacs (Last disputed in Appeals year: Rs. 46.10 Lacs)

c) Contracts remaining to be Nil (Last Year: Nil) executed on Capital accounts

d) Contingent Liability of Rs. 156.00 Lacs (Last year right to recompense arising Rs. 156 Lacs) out of re-scheduiement of credit facilities by State Bank of India :

II. Particulars in respect of goods manufactured :

a) Name of the product Newsprint in Rolls / sheets and Kraft Paper

b) Licenced Capacity 25000 TPA (Last year 25000 TPA)

c) Installed Capacity 21780 TPA (Last year 21780 TPA)

d) Opening Stock 59.612 MT (Last year 70.747 MT)

e) Production 11597.289 MT (Last year 12351.994 MT)

f) Sales 11609.58 MT (Last year 12363.129 MT)

g) Closing Stock 47.320 MT (Last year 59.612


Mar 31, 2010

I. Contingent Liabilities :

a) Bank Guarantees outstanding : Rs. 83.10 Lacs (Last year: Rs. 62.77 Lacs)

b) Claims against company not acknowledged :

i) Bills of M.S.E.D.C. Ltd., : Rs. 30.12 Lacs (Last year: Rs. 30.12 Lacs)

ii) Sales tax liabilities, disputed in Appeals Rs. 46.10 Lacs (Last year: Rs. 46.10 Lacs)

c) Contracts remaining to be executed on : Nil (Last Year: Nil) Capital accounts

d) Contingent Liability of right to recompense arising out of re-schedulement of credit facilities by State Bank of India : Rs. 156.00 Lacs (Last year: Rs. 156 Lacs)

II. Particulars in respect of goods manufactured :

a) Name of the product : Newsprint in Rolls / sheets and Kraft Paper

b) Licenced Capacity 25000 TPA (Last year 25000 TPA)

c) Installed Capacity 21780 TPA (Last year 21780 TPA)

d) Opening Stock 70.747 MT (Last year 56.708 MT)

e) Production 12351.994 MT (Last year 23390.204 MT)

f) Sales : 123631129 MT (Last year 23376.165 MT)

g) Closing Stock 59.612 MT (Last year 70.747 MT)

2. Related Party Disclosure :

a) The company has the following related parties with whom transactions have taken place during the year:

Associates:

- Navabharat Press Ltd.

- Madhyadesh Press Pvt. Ltd.

- Madhyadesh Construction & Finance Pvt. Ltd.

- Navabharat Press, Nagpur

- Shri Bio Fuels

- Bionova Paper Krafts Pvt. Ltd.

Schedules 01 to 17 form an integral part of the accounts and are signed for the purpose of identification.


Mar 31, 2009

1. The Company has issued optionally convertible preferential share warrants, in favour of six investors, giving them rights to subscribe to 15,00,000 shares of the company with face value of Rs. 10/- at a premium of Rs. 12/-. The company has received Rs. 33,00,000/ - (being 10% of total payable amount) against these share warrants. As these investors did not exercise their rights, this amount is forfeited and shown as Capital Reserve.

I. Contingent Liabilities :

a) Bank Guarantees outstanding : Rs. 62.77 Lacs (Last year: Rs. 9.44)

b) Claims against company not acknowledged :

i) Bills of M.S.E.D.C. Ltd., : Rs. 30.12 Lacs (Last year: Rs. 30.12 Lacs)

ii) Sales tax liabilities, disputed in Appeals Rs. 46.10 Lacs (Last year: Nil)

c) Contracts remaining to be executed on : Nil (Last Year: Nil) Capital accounts

d) Contingent Liability of right to recompense arising out of reschedulement of credit facilities by State Bank of India : Rs. 156.00 Lacs (Last year: Rs. 156.00 Lacs)

V. Break up of raw materials & consumables :

Figures in parentheses denote those relating to last year.

VI. Particulars in respect of goods manufactured :

a) Name of the product Newsprint in Rolls / sheets and Kraft Pape

b) Licenced Capacity 25000 TPA (Last year 25000 TPA)

c) Installed Capacity 21780 TPA (Last year 21780 TPA)

d) Opening Stock 56.708 MT (Last year 64.553 MT)

e) Production 23390.204 MT (Last year 20873.839 MT)

f) Sales 23376.165 MT (Last year 20881.684 MT)

g) Closing Stock 70.747 MT (Last year 56.708 MT)

2. Related Party Disclosure :

a) The company has the following related parties with whom transactions have taken place during the year:

Associates :

- Navabharat Press Ltd.

- Madhyadesh Press Pvt. Ltd.

- Madhyadesh Construction & Finance Pvt. Ltd.

- Navabharat Press, Nagpur

- Shri Bio Fuels

- Bionova Paper Krafts Pvt. Ltd.

Managing Director - Mr. Nimish Maheshwari

Schedules 01 to form an integral part of the accounts and are signed for the purpose of identification.

 
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