Home  »  Company  »  Sangam India Ltd  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Sangam (India) Ltd.

Mar 31, 2015

1. As per Accounting standard (As) 17 on "segment Reporting, segment Information has been provided As under:-

i) primary/ secondary segments:

a) The risk-return profile of the Company's business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for disclosure of segment information.

b) In respect of secondary segments information, the Company has identified its geographical segments as (i) domestic and (ii) overseas. The secondary segment information has been disclosed accordingly.

2. Interest IN Joint venture company

There is no Joint Venture Investments / Jointly controlled operations as on 31.03.2015 However the Company had the following interest in its Joint Venture Companies as on 31.03.2014:

Keti Sangam Infrastructure (India) Ltd. (Country of Incorporation: India)

The Company had 7,80,600 equity shares of Rs. 10 each at premium of Rs. 90 per equity share [ 26.02% equity as on 31.03.14 ] in the Joint Venture Company M/s. Keti Sangam Infrastructure (India) Ltd. for execution of BOT Project at Aurangabad National Highway.

(Rs,in Lacs)

As at 31st As at 31st March, 2015 March, 2014

3. contingent Liabilities AND commitments

I. contingent Liabilities

A. Disputed liabilities not acknowledged as debts

Demand for income tax 29 21

B. Guarantees

Outstanding Bank Guarantees 1,369 2,002

C. Other Money for which the company is contingently liable

(i) Liability in respect of bills discounted with Banks - 37 (including third party bills discounting)

(ii) Stamp Duty case with respect to the merger of SPBL & Sangam (India) Limited pending with 109 109 Rajasthan High Court, Jodhpur.

(iii) Sales Tax case pending with Tax Board, Ajmer and Dy. Comm. Appeal. 167 72

The Demand raised for input tax credit not reversed properly.

(iv) AVVNL case (Power Factor matter) pending with Rajasthan High Court, Jodhpur. Company has provided fully.

(v) Various cases pending with Central Excise & 11 15 Service Tax (Nett amount ully provided)

(vi) Case pending with Rajasthan High Court, 20 20 Jodhpur under Electricity Act, 2003

(vii) Entry Tax case pending with Rajasthan High Court, Jodhpur. Entry Tax Levied by State Govt. which is challenged by us due to this Law is against the Constitution, However company has provided the demand amount ully. The Company is contingently liable to the Interest and Penalty, the amount for which is currently undertrained.

(viii) Disputes on the various tolls for which company 464 464 is contingently liable

(ix) Sales Tax case pending with CTO, Bhilwara. The demand raised for VAT with RIPS Incentive 341 on export.

II. commitments

A. Estimated amount of contracts (Net of advances) remaining to be executed on capital account and not 6,212 6,342 provided for

B. obligations

In respect of capital goods imported at the concessional rate of duty under the Export Promotion Capital Goods Scheme, the company has an export obligation of approximately Rs. NIL (Previous Year Rs. 1021 Lacs), which is required to be met at different dates, before 31.03.2020. In the event of non-fulfillment of the export obligation, the company will be liable to pay custom duties and penalties, as applicable.

4. Though the company has been supporting various charity projects however in view of recent guidelines for expenditure on CSR activities, the Board of Directors of the company has appointed CSR committee which is exploring best avenues within the allowable expenditure on CSR and pending same, the company though has not spend any amount during the year, however it has decided to carry CSR activities during the next financial year onwards.

5. In the opinion of Management, there is no impairment of assets in accordance with accounting standard (AS-28) as on Balance sheet date.

6. The Company has been entitled for capital subsidy on the amount of Investment in Plant & Machinery, i.e. 10% of the basic price of Machinery. The amount of Capital subsidy deducted from Gross Value of Plant & Machinery is Rs. 229 Lacs (Previous Year Rs. NIL Lacs).

7. The Balance Sheet of the Company has been prepared as per Schedule III of the Companies Act 2013. The figures of the previous period have been re-grouped / re-arranged and / or recast wherever found necessary.


Mar 31, 2014

(Rs. in Lacs)

Particulars 2013-14 2012-13

1. CONTINGENT LIABILITIES AND COMMITMENTS

(I) CONTINGENT LIABILITIES

(A) Disputed liabilities not acknowledged as debts

Demand for income tax 21 21

(B) Guarantees

Outstanding Bank Guarantees 2002 2499

(C) Other Money for which the company is contingently liable

(i) Liability in respect of bills discounted 37 481 with Banks (including third party bills discounting)

(ii) Stamp Duty case with respect to the merger 109 109 of SPBL & Sangam India Limited pending with Rajasthan High Court, Jodhpur.

(iii) Sales tax case pending with Tax Board, 72 194 Ajmer and Dy. Comm. Appeal. The Demand raised for input tax credit not reversed properly.

(iv) AVVNL case (Power Factor matter) pending - 39 with Rajasthan High Court, Jodhpur. Company has provided fully.

(v) Various cases pending with Central Excise & 15 - Service Tax (Nett of amount fully provided)

(vi) Case pending with Rajasthan High Court, 20 - Jodhpur under Electricity Act, 2003

(vii) Entry Tax case pending with Rajasthan - - High Court, Jodhpur. Entry Tax Levied by State Govt. which is challenged by us due to this Law is against the Constitution, However company has provided the demand amount fully. The Company is contigently liable to the Interest and Penalty, the amount for which is currently uncertained.

(viii) Disputes on the various tolls for which 464 - company is contingently liable

(II) COMMITMENTS

(A) Estimated amount of contracts (Net of advances) remaining to be 6342 2869 executed on capital account and not provided for

(B) Obligations

In respect of capital goods imported at the concessional rate of duty under the Export Promotion Capital Goods Scheme, the company has an export obligation of approximately Rs. 1021 Lacs (Previous Year Rs. 1339 Lacs), which is required to be met at different dates, before 31.03.2020. In the event of non-fulfillment of the export obligation, the company will be liable to pay customs duties and penalties, as applicable. The company is confident of meeting its export obligation.

2. In the opinion of Management, there is no impairment of assets in accordance with accounting standard (AS-28) as on Balance sheet date.

3. The company has been entitled for capital subsidy on the amount of Investment in Plant & Machinery, i.e. 10% of the basic price of Machinery. The amount of Capital subsidy deducted from Gross Value of Plant & Machinery is Rs. NIL (Previous Year Rs. 17 Lacs).

4. The figures of the previous period have been re-grouped / re-arranged and / or recast wherever found necessary.


Mar 31, 2013

1. AS PER ACCOUNTING STANDARD (AS) 17 ON "SEGMENT REPORTING, SEGMENT INFORMATION HAS BEEN PROVIDED AS UNDER:

Primary/ secondary segments:

a) The risk-return profile of the Company''s business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for disclosure of segment information.

b) In respect of secondary segments information, the Company has identified its geographical segments as (i) domestic and (ii) overseas. The secondary segment information has been disclosed accordingly.

Segment composition:

The Company operates mainly in two segments i.e. Textile & Toll Plaza. The Company is also having Wind Power Plant and some miscellaneous activities operation which is included in Textile Segment. Toll Plaza segment of the Company comprises of collection of user fees by the Company in accordance with the contracts entered into by the Company with the National Highways Authority of India.

1.1 The Company has been awarded toll plazas for collection of user fee in lieu of transferring Central Government''s user fee collection rights for the said toll plazas of the National Highway Authority of India. Under these agreements, the operator does not own the road, but gets toll collection rights.

2. INTEREST IN JOINT VENTURE COMPANY

The Company has the following interest in its Joint Venture Companies:

I. Keti Sangam Infrastructure (India) Ltd. (Country of Incorporation: India)

The Company is holding 7,80,600 (Previous Year 7,80,600 ) equity shares of Rs. 10 each at premium of Rs. 90 per equity share [26.02% equity as on 31.03.13 ( previous year 26.02% )] in the Joint Venture Company M/s. Keti Sangam Infrastructure (India) Ltd. for execution of BOT Project at Aurangabad National Highway.

II. PKSS Infrastructure Pvt. Ltd./ Kalyan Sangam Infratech Ltd. (Country of Incorporation: India)

The Company had originally participated in the joint venture for MCD toll collection project i.e. PKSS Infrastructure Pvt. Ltd. and for BOT Project at Thane-Bhiwadi i.e. Kalyan Sangam Infratech Ltd. and the Company holds the investment of Rs. 39,000 in PKSS Infrastructure Pvt. Ltd. by way of 3,900 (Previous Year 3,900) equity shares of Rs. 10 each [2.48% equity as on 31.03.13 ( 2.48% equity as on 31.03.12) ] and Rs. 3.75 lacs in Kalyan Sangam Infratech Ltd. by way of 37,500 ( Previous Year 37,500 ) equity shares of Rs. 10 each [ 0.75 % equity as on 31.03.13 ( 0.75 % equity as on 31.03.12)].

III. The Company''s proportionate share in the assets, liabilities, income and expenses of its Joint Venture Company Keti Sangam Infrastructure (India) Ltd. Is 26.02% (Previous Year 26.02%) of the below total:

3. In the opinion of Management, there is no impairment of assets in accordance with accounting standard (AS-28) as on Balance sheet date.

4. The company has been entitled for capital subsidy on the amount of Investment in Plant & Machinery, i.e. 10% of the basic price of Machinery. The amount of Capital subsidy deducted from Gross Value of Plant & Machinery is Rs.17 Lacs (Previous Year Rs.380 Lacs).

5. The figures of the previous period have been re-grouped / re-arranged and / or recast wherever found necessary.


Mar 31, 2012

AS PER ACCOUNTING STANDARD (AS) 17 ON SEGMENT REPORTING, SEGMENT INFORMATION HAS BEEN PROVIDED AS UNDER

Primary/ secondary segments:

a) The risk-return profile of the Company's business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for disclosure of segment information.

b) In respect of secondary segments information, the Company has identified its geographical segments as (i) domestic and (ii) overseas. The secondary segment information has been disclosed accordingly.

Segment composition:

The Company operates mainly in two segments i.e. Textile & Toll Plaza. The Company is also having Wind Power Plant and some miscellaneous activities operation which is included in Textile Segment. Toll Plaza segment of the Company comprises of collection of user fees by the Company in accordance with the contracts entered into by the Company with the National Highways Authority of India.

1. THE COMPANY HAS BEEN AWARDED TOLL PLAZAS FOR COLLECTION OF USER FEE IN LIEU OF TRANSFERRING CENTRAL GOVERNMENTS USER FEE COLLECTION RIGHTS FOR THE SAID TOLL PLAZAS OF THE NATIONAL HIGHWAY AUTHORITY OF INDIA. UNDER THESE AGREEMENTS, THE OPERATOR DOES NOT OWN THE ROAD, BUT GETS TOLL COLLECTION RIGHTS.

2. INTEREST IN JOINT VENTURE COMPANY

The Company has the following interest in its Joint Venture Companies:

I. Keti Sangam Infrastructure (India) Ltd. (Country of Incorporation: India)

The Company is holding 7,80,600 (Previous Year 7,80,600 ) equity shares of Rs. 10 each at premium of Rs. 90 per equity share [ 26.02% equity as on 31.03.12 ( previous year 26.02% ) ] in the Joint Venture Company M/s. Keti Sangam Infrastructure (India) Ltd. for execution of BOT Project at Aurangabad National Highway.

II. PKSS Infrastructure Pvt. Ltd./ Kalyan Sangam Infratech Ltd. (Country of Incorporation: India)

The Company had originally participated in the joint venture for MCD toll collection project i.e. PKSS Infrastructure Pvt. Ltd. and for BOT Project at Thane-Bhiwadi i.e. Kalyan Sangam Infratech Ltd. and the Company holds the investment of Rs. 39,000 in PKSS Infrastructure Pvt. Ltd. by way of 3,900 (Previous Year 3,900) equity shares of Rs. 10 each [2.48% equity as on 31.03.12 ( 2.48% equity as on 31.03.11) ] and Rs. 3.75 lacs in Kalyan Sangam Infratech Ltd. by way of 37,500 ( Previous Year 37,500 ) equity shares of Rs. 10 each [ 0.75 % equity as on 31.03.12 ( 0.75 % equity as on 31.03.11)]

I RELATED PARTY DISCLOSURES:

(i) Related Party Transactions

As per Accounting Standard (AS-18) on Related Party Disclosures issued by ICAI, the disclosures of related parties as Defined in the Accounting Standard is given below:

Enterprises over which Directors and Relatives of such personnel exercise significant influence

Associate Company

Sangam Infratech Ltd. Marigold Investments (P) Ltd. Sangam Business Credit Ltd. Sangam Suitings Pvt. Ltd. Mahalaxmi TMT Pvt. Ltd.

Joint Venture

Keti Sangam Infrastructure (India) Ltd. PKSS Infrastructure Pvt. Ltd. Kalyan Sangam Infratech Ltd.

Key Management Personnel

Shri R.P. Soni Shri S.N. Modani Shri V.K. Sodani

Relative of Key Management Personnel Relationship

Smt. Radha Devi Wife of Director Shri R.P. Soni

Ms. Antima Soni Daughter of Director Shri R.P. Soni

Shri Anurag Soni Son of Director Shri R.P. Soni

Shri Pranal Modani Son of Director Shri S.N. Modani

Smt. Mamta Modani Wife of Director Shri S.N. Modani

Smt. Archana Sodani Wife of Director Shri V.K. Sodani

Smt. Anjana Thakur Daughter of Director Shri R.P. Soni

Others

Shri R.P. Soni HUF

(Rs. in lacs)

3. CONTINGENT LIABILITIES AND COMMITMENTS

Particulars 2011-12 2010-11

(I) CONTINGENT LIABILITIES

(A) Disputed liabilities not acknowledged as debts Demand for income tax 21 21

(B) Guarantees

Outstanding Bank Guarantees 2,811 3,067

(C) Other Money for which the company is contingently liable Liability in respect of bills discounted with Banks (including third party bills 1,259 776 discounting)

(II) COMMITMENTS

(A) Estimated amount of contracts (Net of advances) remaining to be executed on 1,352 3,807 capital account and not provided for

(B) Obligations

In respect of capital goods imported at the concessional rate of duty under the Export Promotion Capital Goods Scheme, the company has an export obligation of approximately Rs.6840 Lacs (previous year Rs.4440 Lacs), which is required to be met at different dates, before 31.03.2020. In the event of non-fulfi llment of the export obligation, the company will be liable to pay customs duties and penalties, as applicable. The company is confident of meeting its export obligation.

4. During the previous year, out of the total outstanding of Rs. 622 Lacs towards the incentive receivable under the target plus scheme for the year 2005-06, an amount of Rs. 407.60 Lacs had been written off towards outstanding balance in the target plus incentive account as the company has considered that this amount was no longer receivable in view of Government Policy, after disposal of the total benefits actually received under the target plus scheme. The Company has however subjudiced the decision.

5. In the opinion of Management, there is no impairment of assets in accordance with accounting standard (AS-28) as on Balance sheet date.

6. During the year the company has been entitled for capital subsidy on the amount of Investment in Plant & Machinery, i.e. 10% of the basic price of Machinery. The amount of Capital subsidy deducted from Gross Value of Plant & Machinery is Rs. 380 Lacs (Previous Year Nil)

7. The revised Schedule VI as notified under the Companies Act, 1956, has become applicable to the Company for presentation of its fi nancial statements for the year ending March 31, 2012. The adoption of the revised Schedule VI requirements has significantly modified the presentation and disclosures which have been complied with in these fi nancial statements. Previous year figures have been reclassified in accordance with current year requirements.


Mar 31, 2011

1 (I) CONTINGENT LIABILITIES

a) Outstanding Bank Guarantees Rs. 3067.07 lacs (previous year Rs. 1735.13 lacs)

b) Estimated amounts of contracts (net of advances) remaining un-executed on Capital account Rs. 3806.87 lacs (previous year Rs. 1059.59 lacs).

c) Demand for excise duty disputed by the company Rs. Nil. (previous yearRs. 3.89 lacs).

d) Demand for income tax disputed by the company Rs. 21.00 lacs (previous year Rs. 21.00 lacs).

(II) OBLIGATIONS AND COMMITMENTS OUTSTANDING

In respect of capital goods imported at the concessional rate of duty under the Export Promotion Capital Goods Scheme, the company has an export obligation of approximately Rs. 4440 lacs (previous year 13947 lacs), which is required to be met at differ- ent dates, before 31.03.2017. In the event of non-fulfillment of the export obligation, the company will be liable to pay customs duties and penalties, as applicable. The company is confident of meeting its export obligation.

2. Debtors/Creditors are shown net of advances from/to Customers/ Suppliers and are subject to confirmation.

3. Dues to small-scale industrial undertakings and dues to micro en- terprises and small enterprises

The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. Since the relevant in- formation is not readily available, no disclosures have been made in the accounts. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the pro- visions of this Act is not expected to be material.

4. Detail of pre operative expenses capitalised/deferred for capitali- sation under the head Capital Work in Progress.

5. During the year exchange fluctuation gain on export sales included in the sales is Rs. 406.11 lacs (Previous year Rs. 480.87 lacs)

6. Financial and Derivative Instruments (For Hedging Currency Risks) and Unhedged Foreign Currency Exposure

b) Unhedged Foreign Currency Exposure: - $ 7.11 Lacs (Rs. 317.10 Lacs) (Previous Year $12.31 Lacs, Rs. 552.97 Lacs). This relates to IDBI foreign currency loan.

7. In the opinion of Management, there is no impairment of assets in accordance with accounting standard (AS-28) as on Balance sheet date.

8. Out of the total outstanding of Rs. 622 Lacs towards the incentive receivable under the target plus scheme for the year 2005-06, an amount of Rs. 407.60 Lacs has been written off during the year to- wards outstanding balance in the target plus incentive account as the company considers that this amount is no longer receivable in view of Government Policy, after disposal of the total benefits actually received under the target plus scheme. The Company has however subjudiced the decision.

9. The advances recoverable includes a sum of Rs. 8.87 crores (previous year Rs. 18.27 crores) of insurance claim receivable on account of claims lodged on insurance companies due to fire and other losses suffered of company's various assets from time to time. The said claims are under active consideration of the insurance company.

10. Managing Director/ Whole time Director Remuneration

11. Interest in Joint Venture Company

The company has the following interest in its Joint Venture Companies:- I. Keti Sangam Infrastructure (India) Ltd (Country of Incorporation: India)

The Company is holding 7,80,600 ( Previous Year 7,80,600) equity shares of Rs. 10 each at premium of Rs. 90 per equity share [26.02% equity as on 31.03.11 (Previous Year 26.02%)] in the Joint Venture Company M/s. Keti Sangam Infrastructure (India) Ltd. for execution of BOT Project at Aurangabad National Highway.

II. PKSS Infrastructure Pvt. Ltd./Kalyan Sangam Infratech Ltd. (Country of Incorporation: India)

The Company had originally participated in the joint venture for MCD toll collection project i.e. PKSS Infrastructure Pvt. Ltd. and for BOT Project at Thane- Bhiwadi i.e. Kalyan Sangam Infratech Ltd and the Company holds the investment of Rs. 39,000 in PKSS Infra- structure Pvt. Ltd. by way of 3,900 ( Previous year 3,900) equity shares of Rs. 10 each [2.48% equity as on 31.03.11 (2.48% equity as on 31.03.10)] and Rs. 3.75 lacs in Kalyan Sangam Infratech Ltd. by way of 37,500 (Previous Year 37,500) equity shares of Rs. 10 each [0.75% equity as on 31.03.11 (0.79% equity as on 31.03.10)].

12. Segment information

Primary/ secondary segments:

a) The risk-return profile of the Company's business is determined predominantly by the nature of its products and services. Accord- ingly, the business segments constitute the primary segments for disclosure of segment information.

b) In respect of secondary segments information, the Company has identified its geographical segments as (i) domestic and (ii) over- seas. The secondary segment information has been disclosed ac- cordingly.

Segment composition:

The Company operates mainly in two segments i.e. Textile & Toll Plaza. The Company is also having Wind power plant and some mis- cellaneous activities operation which is included in Textile Segment.

Toll plaza segment of the Company comprises of collection of user fees by the Company in accordance with the contracts entered into by the Company with the National Highways Authority of India.

13. During the current year, the company has been awarded toll plazas for collection of user fee in lieu of transferring Central Govern- ment's user fee collection rights for the said toll plazas of the Na- tional Highway Authority of India for a period of one year. Under these agreements, the operator does not own the road, but gets toll collection rights.

14. i) Related Party Transactions

As per Accounting Standard (AS-18) on Related Party Disclosures issued by the ICAI, the disclosure of related parties as defined in the Accounting Standard is given below:

Relationship

Enterprises over which Directors and Relatives of such personnel exercise significant influence

Associate Company

Sangam Infratech Ltd.

Marigold Investments (P) Ltd.

Sangam Business Credit Ltd.

Sangam Suitings Pvt. Ltd.

Mahalaxmi TMT Pvt. Ltd.

Joint Venture

Keti Sangam Infrastructure (India) Ltd.

PKSS Infrastructure Pvt. Ltd.

Kalyan Sangam Infratech Ltd.

Key Management Personnel

Shri R.P. Soni

Shri S.N. Modani

Shri V.K. Sodani

Relative of Key Management Personnel

Smt Radha Devi Wife of Director Shri R.P. Soni

Ms. Antima Soni Daughter of Director

Shri R.P. Soni

Shri Anurag Soni Son of Director Shri R.P. Soni

Shri Pranal Modani Son of Director Shri S.N. Modani

Smt. Mamta Modani Wife of Director Shri S.N. Modani

Smt. Archana Sodani Wife of Director Shri V.K. Sodani

Smt. Anjana Thakur Daughter of Director

Shri R.P. Soni

Others

Shri R.P Soni HUF

15. Figures for the previous year have been re-grouped, rearranged and reclassified wherever considered necessary in correspondence with cur- rent year.

16. The quantitative and other details as required under Para 3 and 4 of Part II of the Schedule VI of the Companies Act, 1956 are annexed here to as per Annexure 'A'.

17. The detail as required under Part-IV of the schedule VI of the Companies Act, 1956 as amended are given as per Annexure-B.








Mar 31, 2010

1 (i) Contingent Liabilities

a) Outstanding Bank Guarantees Rs. 1 735.1 3 lacs (previous year Rs. 723.13 lacs).

b) Estimated amounts of contracts (net of advances) remaining un- executed on Capital account Rs. 1059.59 lacs (previous year Rs. 282.89 lacs).

c) Demand for excise duty disputed by the company Rs. 3.89 lacs (previous year Rs.3.89 lacs).

d) Demand for income tax disputed by the company Rs. 21.00 lacs (previous year Rs. 21.00 lacs).

{ii} Obligations and commitments outstanding

In respect of capital goods imported at the concessional rate of duty under the Export Promotion Capital Goods Scheme, the company has an export obligation of approximately Rs. 1 3947 lacs (previous year 26679 lacs), which is required to be met at different dates, before 31.03.2016. In the event of non-fulfillment of the export obligation, the company will be liable to pay customs duties and penalties, as applicable. The company is confident of meeting its export obligation.

2. Debtors/Creditors are shown net of advances from/to Customers/ Suppliers and are subject to confirmation.

3. Dues to small-scale industrial undertakings and dues to micro enterprises and small enterprises

The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. Since the relevant information is not readily available, no disclosures have been made in the accounts. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of this Act is not expected to be material.

4. During the year exchange fluctuation gain on export sales included in the sales is Rs. 480.87 lacs (Previous year loss Rs. 600.32 lacs)

5. a) During the year, premium on prepayment/ resetting of interest liability on term loans are charged fully as per AS-26. b) During the year, right issue/ preferential issue expenses are charged fully as per AS-26.

6. In the opinion of Management, there is no impairment of assets in accordance with accounting standard (AS-28) as on Balance sheet date.

7. The Company had provided Rs.622 Lacs in the year ended 31st March 2006 as income towards the incentive receivable under the target plus scheme for the year 2005-06. However, by notification dated 1 2th June 2006, the Govt, reduced the above incentive for the said year from 1 5% to 5% on incremental exports with retrospective effect from 01.04.2005. The company has filed writ in the Honble High Court of Rajasthan challenging the impugned notification of the Govt. Based on the legal advice received the company is hopeful that the said notification may be reverted and the company will not be required to revert the pro-rata incentive.

8. The advances recoverable includes a sum of Rs.18.27 crores of insurance claim receivable on account of claims lodged on insurance companies due to fire and other losses suffered of companys various assets from time to time. The said claims are under active consideration of the insurance company.

9. interest in Joint Venture Company

The company has the following interest in its Joint Venture Companies:-

I. Keti Sangam Infrastructure (India) Ltd (Country of Incorporation: India)

The Company is holding 7,80,600 ( Previous Year 4,73,600) equity shares of Rs.10 each at premium of Rs.90 per equity share [26.02% equity as on 31.03.1 0 (Previous Year 1 5.79%)] in the Joint Venture Company M/s. Keti Sangam Infrastructure (India) Ltd. for execution of BOT Project at Aurangabad National Highway. Out of above, 3,39,200 ( Previous Year 3,39,200) equity shares have been pledged as security for the term loan granted by consortium banks to M/s. Keti Sangam Infrastructure (India) Ltd. for part financing of the said BOT Project.

II. PKSS Infrastructure Pvt. Ltd. / Kalyan Sangam Infratech Ltd. (Country of Incorporation: India)

The Company had originally participated in the joint venture for MCD toll collection project i.e. PKSS Infrastructure Pvt. Ltd. and for BOT Project at Thane- Bhiwadi i.e. Kalyan Sangam Infratech Ltd. At the time of sponsoring the above joint venture, the company had planned to make sizeable investment in the same. However, considering companys resources the investment has now been restricted to Rs 39,000 in PKSS Infrastructure Pvt. Ltd. by way of 3,900 ( Previous year 3,900) equity shares of Rs.10 each [2.48% equity as on 31.03.10 (39.00% equity as on 31.03.09)] and Rs.3.75 lacs in Kalyan Sangam Infratech Ltd. by way of 37,500 ( Previous Year 37,500) equity shares of Rs.10 each [0.79% equity as on 31.03.10 (37.50% equity as on 31.03.09)]. The company shall not make any further investment in the above cited joint venture by way of equity or unsecured loan or otherwise and will dispose/ dilute the investments.

III. The Companys proportionate share in the assets, liabilities, income and expenses of its Joint Venture Company Keti Sangam Infrastructure ( India) Ltd is 26.02% (Previous Year 1 5.79%) of the below total:

 
Subscribe now to get personal finance updates in your inbox!