Mar 31, 2023
The company has not estimated the fair value of the investment properties as at the year end; and hence the value of the investment properties has been disclosed at book value.
There are no restrictions on the realisability of investment property or on the remittance of income and proceeds of disposal therefrom.
There are no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance or enhancements.
** The company issued and allotted 10,00,000 ( Ten lakhs) fully paid equity shares of face value Rs.10/- each to S.Rajkumar , Promoter and Managing Director , by way of conversion of 10,00,000 (Ten lakhs) numbers of fully convertible share warrrants each allotted to him earlier by converting part of outstanding unsecured Loan availed from him
Rights, Preferences and Restrictions attached to equity Shares
1 The Company has only one class of shares referred to as equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share.
2 The Company declares and pays dividend in Indian Rupees. The dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
3 In the event of liquidation of the Company the holders of equity shares shall be entitled to receive any of the remaining assets of the company after distribution of all preferential amounts. However, no such preferential amounts exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
4 No shares have been forfeited till date.
5 Out of the total share capital issued and called up, no calls are outstanding as unpaid.
6 During the last 5 years, the company has not issued any shares pursuant to any contract without payment being received in cash as bonus shares or has not bought back any shares.
7 The following shareholders hold more than 5% of the equity shares:
* Notes to Long Term Borrowings
Term Loan , with balance of Rs. 42.14 Crores (Previous Year 44.79 Crores) on balance sheet date has a carrying interest @ 8.30 % p.a . The Loan is repayable in 145 equal monthly instalments. The Loan is primarily secured by Lease rent recieveables and Collaterally secured by Land and Industrial Buildings of the company
** Notes to Preference shares
(i) The Company has two classes of Preference Shares (non-convertible cumulative redeemable ) having a face value of Rs.10/- per share.
(ii) Preference shares carries dividend rates of 6.00 % and 11.25%
(iii) The company shall redeem the non-convertible redeemable cumulative preference shares at par upon completion of a period of 10 years from the date on which they are issued. The tenure shall exceed 10 years from the date of issue, but shall in no circumstances exceed 20 years from the date of issue.
However any variation (extension or reduction) in the tenure of the preference shares will be subject to mutual agreement of both the parties
NOTE 30 : Fair Value Hierarchy
The management has assessed that its financial assets and liabilities like cash and cash equivalents, trade receivables, trade payables, cash credits, buyers credit and other current The following methods and assumptions were used to estimate the fair values for the financial assets given below:
Quoted Equity Instrument and Mutual Funds:
The fair values of the quoted equity shares measured using quoted prices. This includes listed equity instruments and mutual funds that are listed in the stock exchange.
Unquoted Equity Shares of Other Companies:
The fair values of the unquoted equity shares have been estimated using NAV model using the book value of assets and liabilities.
Preference Shares
The value of the preference shares are estimated based on the weighted average cost of capital.
Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.
The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in Level 3.
**Summons have been received from Addl Chief Judicial Magistrate, Ernakulam regarding non transfer of underlying shares to Investor Education and Protection Fund , Govt of India for which dividend was remained unpaid or unclaimed for 7 years. We have submitted our response to the summons. The financial implication of the case could not be ascertained.
D. Additional Regulatory Information
(i) Title deeds of Immovable property not held in name of the company
The company does not hod any immovable property whose title deeds are not in the name of the company
(ii) Revaluation of Property, Plant and Equipment
The Company has not revalued its Property, Plant and Equipment during the financial year.
(iii) Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person.
(d) Capital-work-in-progress (CWIP)
The capital work in progress as on the balance sheet date is nil
(e) Intangible Assets under Development
The company does not have any intangible assets under developmnet
(f) Details of Benami Property held
No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
(g) The borrowings from HDFC Bank is secured by Assignment of rent recieveables and collaterally secured by land and industrial buildings of the company .
(h) Wilful defaulter
Company is not declared as wilful defaulter by any bank or financial Institution or other lender.
(i) Relationship with Struck off Companies
The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956
(j) Registration of charges or satisfaction with Registrar of Companies
The Company does not have any charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.
(k) Compliance with number of layers of companies
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
Mar 31, 2015
1. Discontinuing operations
On 14/11/2015, Board of Directors announced the plan to discontinue
operations of the Duplex Board Division of the company operating at
Chalakudy.
The decision of the disposal is in line with the company's long term
strategy to focus on more profit making segments rather than low margin
or loss making segments.
Further it was also decided to scrap the plant and machinery and
building and sell off the same for which a valuation report has been
placed and approved by the Board. It is proposed to sell off the land
separately. It is expected that these operations will be concluded by
March 2016.
At 31st March, 2015, the carrying amount of the assets of the division
was Rs.529.55 lakhs and its liabilities were Rs.48.92 Lakhs. The above
carrying amounts of assets were determined after providing for an
impairment loss of Rs 614.80 Lakhs (Previous Year NIL) in the year
ending on 31.03.2015.
The following statement shows the revenue and expenses of discontinuing
operations:
2. During the last 5 years, the company has not issued any shares
pursuant to any contract without payment being received in cash, as
bonus shares or has not brought back any shares
3. No shares have been reserved for issue under options and contracts /
commitments for the sale of shares / disinvestment
4. The Company has not issued any securities convertible into Equity or
Preference Shares
5. No shares have been forfeited till date.
6. Out of the total share capital issued and called up, no calls are
outstanding as unpaid
1 Nature of Security
a Term Loan Nature of Security
i. Federal Bank Ltd Paripassu first charge on the fixed assets and
pari passu second charge on the current assets of the company.
ii. State Bank of Travancore Paripassu first charge on the fixed
assets including equitable mortgage of land and pari passu second
charge on the current assets of the company.
iii. Axis Bank Paripassu first charge on the fixed assets and pari
passu second charge on the current assets of the company.
iv. Punjab National Bank Paripassu first charge on the fixed assets
including equitable mortgage of land and pari passu second charge on
the current assets of the company.
b. Vehicle loan from: Axis Bank (Loan 2) Hypothecation of Maruti Ritz
car
Axis Bank (Loan 3) Hypothecation of Maruti Swift Desire Car
Axis Bank (Loan 4) Hypothecation of Maruti Ertiga VDI Car
2 Personal Guarantee Details Nil
3 Terms of Repayment of Term Loans
Loan Terms of Repayment
a. Federal Bank Ltd Repayment in graded instalments in 84 months:
Month 1 -40 : Rs 1.50 lacs each Month 41 Â 60 : Rs 2.50 lacs each Month
61 Â 84 : Rs 3.75 Lacs each
b. State Bank of Travancore (TL I) Repayment in 131 monthly
instalments of Rs 7,58,000/- each and final payment of 7,02,000/-
c. State Bank of Travancore (TL II) Repayment in 131 monthly
installments of Rs 4,55,000/- each and final payment of Rs 3,95,000/-
d. Axis Bank Repayment in 59 monthly installments of Rs 16,66,000 each
and last installment of Rs. 17,06,000
e. Punjab National bank Repayment in 120 monthly installments of
Rs 2,50,000/- each commencing from June 2014
f. Axis Bank (Vehicle Loan 2) Repayment in 36 EMI of Rs 17399/- each
g. Axis Bank (Vehicle Loan 3) Repayment in 60 EMI of Rs 11044/- each
h. Axis Bank (Vehicle Loan 4) Repayment in 60 EMI of Rs 16083/- each
There is no continuing default as on the date of balance sheet in
repayment of loans and interest.
Mode of valuation: Inventory of raw materials and consumables are
valued at cost or net realizable value, whichever is lower, under FIFO
Method. Finished Goods are valued at cost or net realizable value
whichever is lower. Cost for the purposes of valuation of finished
goods includes cost of material, labour and other direct expenses.
Stock-in-process is valued at raw material cost plus proportionate
direct cost, wherever applicable. Scraped asset amounting to Rs. 457.98
lacs is stated at the value estimated by Approved Valuer.
Inventories in the nature of Renewable Energy Certificates (REC) are
accounted for in accordance with Guidance Note on Accounting for Self
Generated Emission Reductions issued by ICAI. Accordingly, RECs are
recognized on approval of certificate from respective authority, which
are valued at lower of cost or net realizable value. Cost comprises of
cost incurred for certification of REC and NRV is the floor price fixed
by Central Electricity Regulatory Commission.
i. CONTINGENT LIABILITIES NOT PROVIDED FOR
a) Unexpired Contracts for Capital Expenditure : Rs 278 lacs (Previous
year Rs 277.37 lacs)
b) Usance Letter of credit remaining unpaid as on 31.03.2015 amounts to
Rs 2585.86 lacs (Previous years Rs.2319.39 lacs)
c) Guarantee given by bank on behalf of the Company Rs 133.32 lacs
(Previous year Rs 166.58 lacs)
d) Amount of Income tax liabilities disputed in appeal Rs 38.61 lacs
(Previous year Rs 152.07 lacs)
e) Additional claims of electricity charges disputed Rs 2.80 lacs
(Previous year Rs 2.80 lacs)
f) Sales Tax demand disputed under appeal is Rs 15.48 lacs (Previous
year 15.66 lacs)
g) Excise duty disputed under appeal Rs 143.78 lacs (Previous year Rs
143.78 lacs)
h) Claim towards water charge raised by Kerala Water Authority for Rs
78.42 lacs disputed in appeal (Previous year Rs 78.42 lacs)
i) Acturial valuation of gratuity is presently based on the retirement
age of 55 years. The Union has filed a case before Kerala High Court
for increasing the retirement age to 58. Impact on provision for
gratuity, if the case is decided against the Company, has not been
ascertained.
j) Customs duty liability of Rs 58.79 lacs (Previous year Rs 58.79
lacs) under EPCG claim
k) Arrears of non - convertible cumulative preference dividend is Rs
131.96 lacs (Previous year Rs nil)
Notes: The following information shall be furnished at the end of the
statement:
1. Names of subsidiaries which are yet to commence operations:
a) Sree Kailas Palchuram Hydro Power Ltd
b) Sree Adisakthi Mukkuttathode Hydro Power Ltd
c) Jalashaayi Alamparathode Hydro Power Ltd
2. Names of subsidiaries which have been liquidated or sold during the
year: Nil
1. Names of associates or joint ventures which are yet to commence
operations.
2. Names of associates or joint ventures which have been liquidated or
sold during the year. Note: This Form is to be certified in the same
manner in which the Balance Sheet is to be certified.
Mar 31, 2014
1 During the last 5 years, the company has not issued any shares
pursuant to any contract without payment being received in cash, as
bonus shares or has not brought back any shares
2 No shares has been reserved for issue under options and contracts /
commitments for the sale of shares / disinvestment
3 The Company has not issued any securities convertible into Equity or
Preference Shares
4 No shares have been forfeited till date.
5 Out of the total share capital issued and called up, no calls are
outstanding as unpaid
6 Earnings per share:
The company reports basic and diluted Earnings per Share in accordance
with AS 20. Basic Earnings per equity share have been computed by
dividing net profit after tax by the weighted average number of equity
shares outstanding at the end of the year. Diluted Earnings per share
have been computed using the weighted average number of equity shares
and potential equity shares outstanding at the end of the year.
i CONTINGENT LIABILITIES NOT PROVIDED FOR
i Unexpired Contracts for Capital Expenditure : Rs 277.37 Lacs
(Previous year Rs 284 Lacs)
ii Usance Letter of credit remaining unpaid as on 31.03.2014 amounts to
Rs 2319.39 Lacs (Previous years Rs. 2329 Lacs)
iii Guarantee given by bank on behalf of the Company Rs 166.58 Lacs
(Previous year Rs 134.07 Lacs)
iv Amount of Income tax liabilities disputed in appeal Rs 152.07 Lacs
(Previous year Rs 152.07 Lacs)
v Additional claims of electricity charges disputed Rs 2.80 Lacs (
Previous year Rs 53.15 Lacs)
vi Sales Tax demand disputed under appeal is Rs 15.66 Lacs (Previous
year 15.48 Lacs)
vii Excise duty disputed under appeal Rs 143.78 Lacs (previous year Rs
0.95 Lacs)
viii Claim towards water charge raised by Kerala Water Authority for Rs
78.42 Lacs disputed in appeal (Previous year Rs 78.42 Lacs)
Mar 31, 2013
1 Most of the balances of Sundry Debtors, Sundry Creditors, Advances
and Deposits are subject to confirmation.
2 Previous year figures have been re-cast, wherever necessary to comply
with the requirements of Revised Schedule VI of The Companies Act 1956.
3 Assets, Loans and advances are in realizable state in the ordinary
course of business.
4 Lease Transactions :
All assets acquired under finance lease basis are capitalized with
corresponding liability recognizing the future liability on leases. The
total minimum lease payments as on the balance sheet date, interest
embedded in such payments and present value of lease payments are as
follows :
(i) Total minimum
lease payments Nil (Previous Year Nil)
(ii) Future interest
embedded in i) Nil (Previous Year Nil)
(iii) Present value of
lease payments (i-ii) Nil (Previous Year Nil)
Finance charges on lease payments amounting to Rs. Nil (Previous Year
Nil) for the year has been debited to profit and loss account under the
head interest and bank charges. Lease expenses under non cancelable
operating lease during the year amounts to Rs NIL (Previous Year Rs
Nil)
Future minimum lease payments under non cancellable operating lease as
on 31-03-2013 is as follows
Payable within One year NIL
Payable after one year
but before five years NIL
a. CONTINGENT LIABILITIES NOT PROVIDED FOR
a) Unexpired Contracts for Capital Expenditure : Rs 284 lacs (PY Rs
397.39 Lacs)
b) Usance Letter of credit remaining unpaid as on 31.03.2013 amounts to
Rs 2329 Lacs (PY Rs. 2434.90 Lacs)
c) Guarantee given by bank on behalf of the Company Rs 134.07 Lacs (PY
Rs 111.80 Lacs)
d) Amount of Income tax liabilities disputed in appeal Rs 152.07 Lacs
(PY Rs 43.28 Lacs)
e) Additional claims of electricity charges disputed Rs 53.15 Lacs (PY
Rs 4.05 Lacs)
f) Sales Tax demand disputed under appeal is Rs 15.48 Lacs (PY 15.48
Lacs)
g) Excise duty disputed under appeal Rs 0.95 Lacs (PY Rs 0.95 Lacs)
h) Claim towards water charge raised by Kerala Water Authority for Rs
78.42 Lacs (PY Rs NIL)
i) Customs duty liability of Rs 58.79 Lacs under EPCG Scheme (PY Rs
58.79 Lacs)
Mar 31, 2012
1 Previous year figures have been re-cast, wherever necessary to comply
with the requirements of Revised Schedule VI of The Companies Act 1956.
2 Assets, Loans and advances are in realizable state in the ordinary
course of business.
3 Lease Transactions : All assets acquired under finance lease basis
are capitalized with corresponding liability recognizing the future
liability on leases. The total minimum lease payments as on the balance
sheet date, interest embedded in such payments and present value of
lease payments are as follows :
Finance charges on lease payments amounting to (Previous Year Nil) for
the year has been debited to Statement of Profit and Loss under the
head interest and bank charges. Lease expenses under non cancelable
operating lease during the year amounts to Rs NIL(Previous Year Rs Nil)
Future minimum lease payments under non cancellable operating lease as
on 31-03-2012 is as follows:
4 The Company has not issued any securities convertible into Equity or
Preference Shares
5 No shares have been forfeited till date.
6 Out of the total share capital issued and called up, no calls are
outstanding as unpaid.
7 Earnings per share:
The company reports basic and diluted Earnings per Share in accordance
with AS 20. Basic Earnings per equity share have been computed by
dividing net profit after tax by the weighted average number of equity
shares outstanding at the end of the year. Diluted Earnings per share
have been computed using the weighted average number of equity shares
and potential equity shares outstanding at the end of the year.
The above disclosures are based on information furnished by the
independent actuary and relied upon by the auditors.
The estimates of future Salary increases, considered in the actuarial
valuation, takes into account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment
market.
8) Contingent liabilities not provided for
i) Unexpired Contracts for Capital Expenditure : Rs 397.39 lacs
(Previous year Rs 546.42 Lacs)
ii) Usance Letter of credit remaining unpaid as on 31.03.2012 amounts
to Rs.2434.90 lacs (Previous years 2390.85 Lacs)
iii) Guarantee given by bank on behalf of the Company Rs 111.80 Lacs
(Previous year Rs.130.33 Lacs)
iv) Amount of Income tax liabilities disputed in appeal Rs 43.28 Lacs
(Previous year Rs.87.25 Lacs)
v) Additional claims of electricity charges disputed Rs.4.05 Lacs
(Previous year Rs 4.05 lacs)
vi) Sales Tax demand disputed under appeal is Rs 15.48 Lacs (Previous
year 15.48 Lacs)
vii) Excise duty disputed under appeal Rs 0.95 Lacs (previous year Rs
0.95 Lacs)
Mar 31, 2011
1) Value of Imports calculated on C.I.F. basis
Raw Material: Rs 5117.81 Lakhs (Previous Year 3242.08 Lakhs) Stores &
Spare parts:Rs 29.l8Lakhs.(Previous Year Rs. 31.38 Lakhs)
2) Expenditure in Foreign Currency: Traveling Expenses Nil ( Previous
Year- Nil) Export commission Rs 7.04 Lakhs (Previous year- Rs 14.42
Lakhs )
Export claim Rs 5.55Lakhs (Previous year- Rs 6.79 Lakhs )
3) Earnings in Foreign Exchange
Export of goods FOB Basis - Rs.358.97Lakhs (Previous vear à 138.17
Lakhs
4) Sales are inclusive of Excise Duty &Cess.
5) Balances of Sundry Debtors, Sundry Creditors.Advances and Deposits
are subject to confirmation.
6) Previous year figures have been re-arranged / re- grouped wherever
necessary.
7) Assets, Loans and advances are in realizable state in the ordinary
course of business.
8) Borrowing costs capitalized during this year
Rs. 17.54Lakhs (Previous Year - Nil)
9) Lease Transactions :
All assets acquired under finance lease basis are capitalized with
corresponding liability recognizing the future liability on leases.The
total minimum lease payments as on the balance sheet date, interest
embedded in such payments and present value of lease payments are as
follows :
(i) Total minimum lease payments Nil
(PreviousYear Nil)
(ii) Future interest embedded in (i) Nil
(PreviousYear Nil)
(iii) Present value of lease payments (i-ii) Nil
(PreviousYear Nil)
Finance charges on lease payments amounting to Rs. Nil (Previous Year
Nil) for the year has been debited to profit and loss account under the
head interest and bank charges.Lease expenses under non cancelable
operating lease during the year amounts to Rs. NIL (PreviousYear Rs
Nil)
Future minimum lease payments under non cancellable operating lease as
on 31-03-201 I is as follows
Payable within One year NIL
Payable after one year but before five years NIL
10) Secured Loans
a) Term loans from State Bank of Travancore, Syndicate Bank Ltd and
IDBI Bank Ltd. are secured by paripassu first charge on the fixed
assets and paripassu second charge on Current Assets of the Company
except those assets otherwise specifically charged.
b) Cash Credit Loan from Federal bank Ltd, Bank of India and IDBI Bank
Ltd. are secured by paripassu first charge on the entire inventories
and receivables and further secured by paripassu second charge on the
entire fixed assets of the Company.
11) Contingent Liabilities not provided for
a) Unexpired Contracts for Capital Expenditure : Rs 546.42 Lakhs
(Previous year Rs 83.84 Lakhs)
b) Usance Letter of credit remaining unpaid as on 31.03.2011 amounts to
Rs.2390.85 Lakhs (Previous years Rs.2034.36 Lakhs)
c) Guarantee given by bank on behalf of the Company Rs. 130.33
Lakhs(Previous year Rs. 124.60 Lakhs)
d) Amount of Income tax liabilities disputed in appeal Rs 87.25 Lakhs (
Previous year Rs.20.56 Lakhs)
e) Additional claims of electricity charges disputed Rs.4.05 Lakhs(
Previous year Rs 4.05 lakhs)
f) Sales Tax demand disputed under appeal is Rs 15.48 Lakhs(Previous
year Rs 27.76 lakhs)
g) Excise duty disputed under appeal Rs 0.95 Lakhs(previous year Rs
Nil)
12) Based on the information available with the Company as at the
year-end, there are oo balances due to undertaking defined under
Micro,Small and Medium Enterprises development Act 2006
For the For the
year ended year ended
Particulars 31st March 31st March
2011 2010
The principal amount and the Nil Nil
interest due thereon remaining
unpaid to any supplier as at the
end of each accounting year.
The amount of interest paid by Nil Nil
the Company along with the
amounts of the payment made
to the supplier beyond the
appointed day during the year.
The amount of interest due and Nil Nil
payable for the period of delay in
making payment (which have been
paid but beyond the appointed
day during the year) but without
adding the interest specified under
this Act.
The amount of interest accrued and Nil Nil
remaining unpaid at the end of
the year.
The amount of further interest Nil Nil
remaining due and payable even in the
succeeding years, until such date
when the interest dues as above are
actually paid to the small enterprise.
13) Current market value of the quoted investments is Rs 40.42 Lakhs
(Previous Year Rs.41.23 Lakhs)
14) There are no amounts due and outstanding to be credited to Investor
Education & Protection Fund as at March 31, 2011
15) Details of Provisions Pursuant to Accounting Standard - 29 -
Provisions, Contingent Liabilities and Contingent Assets
(Rs in Lakhs)
Opening Balence Provision made
during the year
01.04.10 01.04.09 10.11 09.10
Sundry Debtors 11.90 70.90 74.96 61.00
Income tax 116.67 62.00 285.65 116.67
Proposed Dividend 147.93 246.54 213.67 147.93
Corporate Dividend tax 22.85 41.90 57.33 22.85
Gratuity & Leave
encashment 74.05 72.96 14.83 6.11
Utilized during closing Balence
the year
10.11 09.10 31.03.11 31.03.10
Sundry Debtors 71.86 120.00 15.00 11.90
Income tax 123.98 62.00 278.34 116.67
Proposed Dividend 147.93 246.54 213.67 147.93
Corporate Dividend tax 44.69 41.90 35.49 22.85
Gratuity & Leave 5.05 5.02 83.83 74.05
encashment
Mar 31, 2010
1. Value of Imports calculated on C.I.F. basis.
Raw Material: Rs. 3242.08 Lakhs (Previous Year Rs. 2884.55 Lakhs)
Stores & Spare Parts: Rs. 31.38 Lakhs (Previous Year Rs. 1164 Lakhs)
2. Expenditure in Foreign Currency:
Travelling Expenses: Nil (Previous Year - Rs. 6.25 Lakhs) Export
commission Rs 14.42 Lakhs (Previous year- Rs 19.51 Lakhs) Export claim
Rs. 6.79 Lakhs (Previous year-Rs. 21.32 Lakhs)
3. Earnings in Foreign Exchange
Export of goods on FOB Basis - Rs. 138.17 Lakhs (Previous year - Rs.
1595.92 Lakhs)
4) Sales are inclusive of Excise Duty & Cess.
5) Balances of Sundry Debtors, Sundry Creditors, Advances and Deposits
are subject to confirmation.
6) Previous year figures have been rearranged / regrouped wherever
necessary.
7) Assets, Loans and advances are in realizable state in the ordinary
course of business.
8. Borrowing costs capitalized during this year - Rs. Nil Lakhs
(Previous Year - 5.08 Lakhs)
9. Lease Transactions:
All assets acquired under finance lease basis are capitalized with
corresponding liability, recognizing the future liability on leases.
The total minimum lease payments as on the balance sheet date, interest
embedded in such payments and present value of lease payments are as
follows :
Finance charges on lease payments amounting to Nil (Previous Year Rs.
0.38 Lakhs) for the year has been debited to profit and loss account
under the head interest and bank charges.
Lease expenses under non cancelable operating lease during the year
amounts to Rs. NIL.
Future minimum lease payments under non cancellable operating lease as
on 31 -03-2010 is as follows:
10. Secured Loans
a) Car loans from ICICI Bank Ltd is on hire purchase basis.
b) Term loans from Syndicate Bank Ltd, Industrial Development Bank of
India Ltd and Federal Bank Ltd are secured by pari passu first charge
on the fixed assets and pari passu second charge on Current Assets of
the Company except those assets otherwise specifically charged.
c) Cash Credit Loan from Federal bank Ltd, Bank of India and Industrial
Development Bank of India Ltd are secured by pari passu first charge on
the entire inventories and receivables and further secured by pari
passu second charge on the entire fixed assets of the Company.
11)Contingent Liabilities not provided for
a) Unexpired Contracts for Capital Expenditure : Rs 83.84 Lakhs
(Previous year Rs 26 Lakhs)
b) Usance Letter of credit remaining unpaid as on 31.03.2010 amounts to
Rs.2034.36 Lakhs (Previ- ous years Rs. 1442.21 Lakhs)
c) Guarantee given by bank on behalf of the Com- pany Rs. 124.60 lakhs
(Previous year - Rs. 87.78 Lakhs)
d) Amount of Income tax liabilities disputed in appeal Rs.20.56 lakhs (
Previous year Rs.20.56 Lakhs)
e) Additional claims of electricity charges disputed Rs.4.05 Lakhs(
Previous year Rs 4.05 lakhs)
f) Sales Tax paid disputed under appeal 2005-06 Rs 3.89 Lakhs, 2006-07
Rs 8.39 Lakhs and for the year 2007-08 Rs 15.48 Lakhs
12) Based on the information available with the Com- pany as at the
year-end, there are no balances due to undertaking defined under
Micro.Small and Medium Enterprises development Act 2006
13. Earnings per share:
The company reports basic and diluted Earnings per Share in accordance
with AS 20. Basic Earnings per equity share have been computed by
dividing net profit after tax by the weighted average number of equity
shares outstanding at the end of the year. Diluted Earnings per share
have been computed using the weighted average number of equity shares
and potential equity shares outstanding at the end of the year.
14. Current market value of the quoted investments is Rs. 41.23 Lakhs
(Previous Year Rs. 22.97 Lakhs)
15. There are no amounts due and outstanding to be credited to
Investor Education & Protection Fund as at March 31, 2010)
16. Details of Employee Benefits : Disclosures required under
Accounting Standard 15 - Employee Benefits (Revised 2005)
a. Defined Contribution Plans : During the Year, the following amounts
have been recognised in the Profit and Loss account on account of
defined contribution plan.
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