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Notes to Accounts of Servalakshmi Paper Ltd.

Mar 31, 2015

The interest rate for the current financial year for all the term loans is 10.50%

All the term loans are repayable in 32 quarterly installments commencing from March'15 as per the CDR approval.

One of the bankers has assigned the dues to it to an Asset Reconstruction Company during the financial year ended 31st March,2015.Asset reconstruction company is yet to enter into any formal agreement with the company and therefore the amount has not been bifurcated under long term or short term in respect thereof.

Hire Purchase loan is repayable in Equated Monthly installments EMIs beginning from the month in which lease is taken.

Period and amount of continuous default relating to above loans-NIL

* Trade deposits are received from dealers with whom the company has running agreement.

** Promotors Contribution under CDR scheme -Rs.277.50 lakhs from Mr.R Ramswamy, Rs. 1143 lakhs from M/s.Servall Engineering works (P) Ltd.

1. CONTINGENT LIABILITY

Particulars (Rs. Lakhs) (Rs. Lakhs)

Bills discounted — 325.15

Claims against the company not acknowledged as debts:

a) Customs Duty related maters 125.09 125.09

b) Sales Tax related maters 57.86 —

c) Electricity Tax related maters 85.67 0.00

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days basic salary (based on last drawn remuneration) for each completed year of service. Arrangements are being made for the funding of the gratuity scheme.

The following tables summaries the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

2. Borrowing costs

Amount of borrowing costs capitalized during the year is NIL (Previous year NIL). During the financial year one of the three bankers of the company has opted out of the CDR package and assigned its right in favour of an Asset Reconstruction Company (ARC). The company has still to receive the terms of assignment from the ARC. Hence, the interest there on could not be quantified and provided.

3. Government Incentives

Based on the Tamil Nadu Governments incentive scheme for development of southern districts the company is eligible for refund of sales tax. The company has recognised a sum of Rs.375.90 Lakhs (Previous year Rs.458.32 Lakhs) as income under the scheme which is to be sanctioned.

4. Related Party Disclosures:

1. Key Managerial Personnel

Sri. R. Ramswamy, Executive Chairman

Sri Y Shivaram Prasad, Managing Director

Sri Y Rambabu, Director & President (Operations)

2. Relatives of Key Managerial Personnel

: Smt. R. Jeevanlatha, Wife of Sri. R. Ramswamy

Smt. Shobana S Prasad, Daughter of Sri. R. Ramswamy Smt. Nirupa Sriramulu, Daughter of Sri. R. Ramswamy

3. Other related parties

: Danalakshmi Paper Mills (P) Ltd.,

Servall Engineering Works (P) Ltd Vijayalakshmi Paper Mills Sri Lakshmi Engineering Works

5. Deferred tax Liability/Asset

In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India, deferred tax assets and liability should be recognized for all timing differences in accordance with said standards. However, considering the present financial position and requirement of the Accounting Standard regarding certainty / virtual certainty, the same is not provided for as an asset (net). However, the same will be reassessed at a subsequent Balance Sheet date and will be accounted for in the year of certainty / virtual certainty in accordance with the aforesaid Accounting Standard.

6. Disclosure of Revenue from Sales Transactions as per Para 10 of Accounting Standard 9

The total excise duty for the Period excluding the excise duty related to difference between the closing stock and opening stock has been disclosed as a reduction from turnover. Excise duty related to difference between the closing stock and opening stock has been disclosed in Schedule 17 "Other Expenditure".

7. Previous year comparatives

Figures for the previous year have been regrouped wherever necessary to conform to the classification for the Period.


Mar 31, 2014

1. LONG TERM BORROWING

The interest rate for the current financial year for all the term loans is 10.50% pa.

All the term loans are repayable in 32 quarterly installments commencing from March ''15 quarter as per the CDR approval.

Hire Purchase loan is repayable in Equated Monthly installments (EMIs) beginning from the month in which lease is taken.

Period and amount of continuous default relating to above loans-Not applicable since under CDR package.

** Trade deposits are received from dealers with whom the company has running agreement.

2. Fixed Assets

* Plant and equipment include cost- Rs. 335.94 lakhs (Previous Year- Rs. 335.94 lakhs) Written Down Value Rs. 284.43lakhs (Previous Year- Rs. 301,60lakhs) in respect of capital expenditure incurred by the company, the ownership of which does not vest in the company.

3. LONG TERM LOANS & ADVANCE

The above loans and advances include Rs.166.85 Lakhs advances paid to Servall Engineering Works Private Limited, in which Director is a member towards purchase of fixed asset (Previous year Rs. 166.85 lakhs).

4. CONTINGENT LIABILITY

Particulars 2013-14 2012-13 (Rs. Lakhs) (Rs. Lakhs)

Bills discounted 325.15 63.04

Claims against the company not acknowledged as debts: 125.09 - i) Customs Duty related matters

5. GRATUITY

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days basic salary (based on last drawn remuneration) for each completed year of service. Arrangements are being made for the funding of the gratuity scheme.

The following tables summaries the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

6. Borrowing costs

Amount of borrowing costs capitalized during the year is Rs. Nil. (Previous year Rs. Nil).

7. Government Incentives

Based on the Tamil Nadu Governments incentive scheme for development of southern districts the company is eligible for refund of sales tax. The company has recognised a sum of Rs. 458.32 Lakhs (Previous year Rs. 417.34 Lakhs) as income under the scheme which is to be sanctioned.

8. Related Party Disclosures

1. Key Managerial Personnel : Sri. R. Ramswamy, Executive Chairman

Sri Y Shivaram Prasad,Managing Director.

Sri Y Rambabu, Director & President (Operations).

2. Relatives of Key Managerial Personnel

Smt. R. Jeevanlatha, Wife of Sri. R. Ramswamy

Smt. Shobana S Prasad, Daughter of Sri. R. Ramswamy

Smt. Nirupa Sriramulu, Daughter of Sri. R. Ramswamy

3. Other related parties : Danalakshmi Paper Mills (P) Ltd.

Servall Engineering Works (P) Ltd

Vijayalakshmi Paper Mills &

Sri Lakshmi Engineering Works

9. Deferred tax Liability/Asset

In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India, deferred tax assets and liability should be recognized for all timing differences in accordance with said standards. However, considering the present financial position and requirement of the Accounting Standard regarding certainty/virtual certainty,the same is not provided for as an asset (net). However, the same will be reassessed at a subsequent Balance Sheet date and will be accounted for in the year of certainty/virtual certainty in accordance with the aforesaid Accounting Standard.

10. Disclosure of Revenue from Sales Transactions as per Para 10 of Accounting Standard 9.

The total excise duty for the Period excluding the excise duty related to difference between the closing stock and opening stock has been disclosed as a reduction from turnover. Excise duty related to difference between the closing stock and opening stock has been disclosed in Schedule 17 "Other Expenditure".

11. Interest has been reworked as per CDR package from the cut off date ie. 01/01/2013.The interest charged for the period Jan''13 to Mar''13 during earlier year (2012-13) has been adjusted by crediting the profit and loss statement under exceptional item.

12. Previous year comparatives

Figures for the previous year have been regrouped wherever necessary to conform to the classification for the Period.


Mar 31, 2013

1. Utilisation of IPO Proceeds

The entire IPO funds have been utilised.

2a Contingent Liability

2012-13 2011-12

Particulars (Rs.Lakhs) (Rs. Lakhs)

Bills discounted 63.04 115.56

3 Gratuity

The Company has a defned beneft gratuity plan. Every employee who has completed fve years or more of service gets a gratuity on departure at 15 days basic salary (based on last drawn remuneration) for each completed year of service. Arrangements are being made for the funding of the gratuity scheme.

The following tables summaries the components of net beneft expense recognised in the proft and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

4. Borrowing costs

Amount of borrowing costs capitalized during the period is - Nil. (Previous year - Nil)

5. Government Incentives

Based on the Tamil Nadu Government''s incentive scheme for development of southern districts the company is eligible for refund of sales tax. The company has recognised a sum of Rs.417.34 Lakhs (Previous year Rs. 109.96 Lakhs) as income under the scheme which is to be sanctioned.

6. Related Party Disclosures:

1. Key Management Personnel : Sri. R.Ramswamy, Chairman and Managing Director.

2. Relatives of Key Management Personnel

Smt. R. Jeevanlatha, Wife of Sri. R. Ramswamy

Smt. Shobana S Prasad, Daughter of Sri. R. Ramswamy

Smt. Nirupa Sriramulu, Daughter of Sri. R. Ramswamy

3. Other related parties

Servalakshmi Paper & Boards (P) Ltd., Danalakshmi Paper Mills (P) Ltd., Servall Engineering Works (P) Ltd and Techno Spin (P) Ltd. & Vijayalakshmi Paper Mills

7. Deferred tax Liability/Asset

In accordance with Accounting Standard 22 "Accounting for taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India, deferred tax assets and liability should be recognized for all timing differences in accordance with said standards. However, considering the present fnancial position and requirement of the Accounting Standard regarding certainty / virtual certainty, the same is not provided for as an asset (net). However, the same will be reassessed at a subsequent Balance Sheet date and will be accounted for in the year of certainty / virtual certainty in accordance with the aforesaid Accounting Standard.

8. Disclosure of Revenue from Sales Transactions as per Para 10 of Accounting Standard 9

The total excise duty for the Period excluding the excise duty related to difference between the closing stock and opening stock has been disclosed as a reduction from turnover. Excise duty related to difference between the closing stock and opening stock has been disclosed in Schedule 17 "Other Expenditure".

9. Previous year comparatives

Figures for the previous year have been regrouped wherever necessary to conform to the classifcation for the Period.


Mar 31, 2010

1. Related Party Disclosures:

1. Key Management Personnel : Sri. R.Ramaswamy, Chairman and Managing Director.

2. Relatives of Key Management Personnel

Smt. R. Jeevanlatha, Wife of Sri. R. Ramaswamy

Smt. Shobana S Prasad, Daughter of Sri. R. Ramaswamy

Smt. Nirupa Sriramulu, Daughter of Sri. R. Ramaswamy

3. Other related parties Servalakshmi Paper & Boards (P) Ltd.,

Danalakshmi Paper Mills (P) Ltd.,

Servall Engineering Works (P) Ltd and

Techno Spin (P) Ltd.

4. Previous years figures have been regrouped wherever necessary to conform to the current years classifications.

 
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