Mar 31, 2015
A. Equity Shares
The Company has only one class of Equity Shares having face value ofRs,
10 each. Each Shareholder is eligible for one vote per share. Final
Dividend is payable when it is recommended by the Board of Directors
and subject to the approval of the Members at the Annual General
Meeting. In the event of liquidation, the equity shareholders will get
the remaining assets after payment of all the preferential dues.
B. Redeemable Cumulative Preference Shares
The Redeemable Cumulative Preference Shares have a par value of Rs, 100
each. These shares carry a fixed cumulative dividend of 5% p.a. These
Shares would be redeemable at par at the end often years commencing
from 30.01.2006. These shares have the following preferential rights
over the equity shareholders:
a) The payment of dividend at a Fixed Rate; and
b) The return of capital on winding up of the company.
These shareholders can enforce their right of getting dividend in
priority over the equity shareholders.
The Preference Shareholders have no voting right except when the
dividend is outstanding for a period of more than 2 years in case of
cumulative preference shares. But, they have right to vote on any
resolution for winding up of the company or for the reduction /
repayment of capital.
Note: The amount repayable within twelve months is X2969.79 Lakhs (f
4116.49 Lakhs), grouped under Other Current Liabilities in Note No. 10
includes overdoes of Z198.12 lakhs.
From Banks j The Loan is under consortium comprising of State
i) ' Term loan of Rs, 451.15 lakhs (Rs, 1290.33 lakhs) availed by the
company is Bank of Mysore, State Bank of Travancore, and IDBI secured
as under:- Ltd.
a. Pari passu first charge on the Company's movable and immovable
Repayable in 20 Quarterly installments.
assets of Sugar Division and Distillery Division situated at K.M.Doddi,
Bharathinagara, MaddurTaluk, Mandya District, Karnataka.
Rate of Interest: 8% p.a.
b. Pan passu second charge on the current assets of Sugar Division at
K.M.Doddi, Bharathinagara, Maddur Taluk, Mandya District, Karnataka.
c. Pledge of the 20,43,844 equity shares held by the Promoter group in
the share capital of the Company.
d. Personal Guarantee of the Managing Director and two Directors.
ii) Term Loan ofRs, 662.29 lakhs (Rs, 1192.05 lakhs) availed from
Allahabad Repayable in 24 Quarterly installments. Last installment
falling due on March 2016.
Bank is secured by pari passu first charge on the movable and immovable
assets pertaining to 26 MW Co-generation Power Plant at K.M.Doddi, Rate
of Interest: BR 2.25% p. a.
Bharathinagara, Maddur Taluk, Mandya District, Karnataka and Personal
Guarantee of the Managing Director and two Directors.
iii) Term loan of Rs, 3750.00 lakhs (Rs, 5200.57) availed from
Allahabad Bank is Repayable in 16 Quarterly installments. Last secured
by assignment of future receivables of Distillery division and is
installment falling due on June 2017.
further secured by personal guarantee of Managing Director and three _
1V & & & Rate of Interest: BR 4.25% p.a.
Directors. The loan is also additionally secured by a personal property
of Managing Director.
iv) Term Loan of Rs, 1991.00 lakhs (Rs, Nil) is availed from IDBI Bank
is secured
Repayable in 36 monthly installments. Last by Pari Passu first charge
on fixed assets of sugar & Distillery division, installment falling due
on June 2020.
Bio-compost & Bio-mechanization plant. Pari Passu first charge on Hoodi
property of the company. Rateof Interest :BR 4.75% p.a.
Pari passu third charge on entire other fixed assets (including co-gen
plant) of the company and Personal Guarantee of Shri. M.Srinivaasan.
v) Term Loan ofRs, 667.00 Lakhs(Rs, Nil) is availed from Allahabad Bank
is
secured by Pari Passu first charge on fixed assets of sugar &
Distillery Repayable in 36 monthly installments. Last
' division, Bio-compost & Bio-mechanization plant. Pari Passu first
charge installment falling due on June 2020.
on Hoodi property of the company. Pari passu third charge on entire
Rateof Interest: BR 4.75% p. a. i other fixed assets (including
co-gen plant) of the company.
vi) Term Loan Sanction Amount is Rs, 5500.00 lakhs out of which Rs,
4112.46
Repayable in 90 months including 6 months Lakhs is availed. This loan
is under consortium arrangement from SCDCC moratorium
Bank Limited and BAJPE VSS Bank Limited and is secured by movable
properties on the un-encumbered portion of plant & machinery Rateof
Interest: 13.50% p.a.pertaining to the existing sugar and distillery
division situated at nit I, j K.M.Doddi.
vii) Term Loan Sanction Amount is Rs, 6500.00 lakhs out of which Rs,
325.00 Repayable in 108 months including moratorium of
Lakhs is availed under consortium arrangement from SCDCC Bank Limited
24 months and BAJPE VSS Bank Limited. This loan is secured by movable
properties Rate of Interest: 13 50% p a.
viz plant and machinery to be acquired in respect of the sugar
expansion project situated at Hassan Dist, Karnataka on first exclusive
charge basis and movable properties including un-encumbered plant and
machinery pertaining to the existing sugar and distillery division
situated at Unit I, K.M.Doddi.
From Others
i) Terms loan ofRs, 1585.89 Lakhs(Rs, 1925.00 Lakhs) availed from IDFC
Ltd is Repayable in 23 Quarterly installments. Last installment
falling due on December 2016. secured by pan passu first charge on the
movable and immovable assets pertaining to 26 MW Co-Generation Power
Plant at K.M.Doddi, Rate of Interest: 12.54% p.a.Bharathinagara,
Maddurtaluk, Mandya District, Karnataka
ii) Term loan of Rs, 2491.00 Lakhs (Rs, 2515.75 Lakhs) availed from
Sugar Repayable in 10 Half-yearly installments. Last
Development Fund (SDF) Govt, of India (Co-gen power project loan) is
installment falling due on March 2016 secured by exclusive second
charge by way of mortgage on the company's immovable properties of
sugar factory at K.M.Doddi, Bharathi Nagara, Rateof Interest: 7.00%
p.a.Maddur Taluk, Mandya District, Karnataka
iii) Term loan of Rs, 323.51 Lakhs (Rs, 323.51 Lakhs) availed from
Sugar Repayable in 10 Half-yearly installments. Last Development Fund
(SDF) Govt, of India (Co-gen power project loan) is installment falling
due on November2016. secured by exclusive second charge by way of
mortgage on the company's Rate 0f interest - 7 00% p a immovable
properties of sugar factory at K.M.Doddi, Bharathi Nagara, Maddur
Taluk, Mandya District, Karnataka
iv) Term loan of Rs, 80.00 Lakhs (Rs, 80.00 Lakhs) availed from Sugar
Repayable in 4 Yearly installments. Last installment
Development Fund (SDF) Govt, of India (Modernization of Sugar Plant) is
falling due on March 2014.secured by exclusive Second charge on the
company's immovable Rate of Interest-7 00°/d a properties of Sugar
Factory at K.M.Doddi,Bharathinagara, MaddurTaluk, Mandya District,
Karnataka.
v) Term loan of Rs, 75.00 Lakhs (Rs, 75.00 Lakhs) availed from Sugar
Repayable in 4Yearly installments.
Development Fund (SDF) Govt, of India (Cane Development) is secured by
Last installment falling due on July 2014.exclusive Second charge on the company's immovable properties of & * * Rate of Interest: 7.00% p.a.
Sugar Factory at K.M.Doddi, Bharathinagara, Maddur Taluk, Mandhya
District, Karnataka.
Note : The amount repayable with in twelve months is Rs, 4019.51 lakhs
(Rs, 4552.59 lakhs), grouped under other current liabilities in Note
No. 10 includes overdue ofRs, 360.89 lakhs to IDFC and Rs,2818.92 lakhs
toSDF Loans.
(* Salary paid from 01.04.2014 and 30.06.2014)
Note:32 The company has not received information from vendors
regarding their status under The Micro, Small & Medium Enterprises
Development Act, 2006 and hence disclosures relating to their
outstanding amount and interest have not been made.
Note: 1. Employee Benefits
Gratuity and Provident Fund:
Gratuity, Provident Fund and Employees State Insurance are defined
Contribution Plans. The expenses recognized in the Statement of Profit
and Loss are :-
Note : 2. Related Parties Disclosure: I. Related Parties:
A. Key Managerial Personnel
Shri M.Srinivaasan, Managing Director
B. Relatives of Key Managerial Personnel Dr. M. Manickam
Shri. M. Balasubramaniam
C. Enterprises Where Control Exist Sakthi Sugars Limited
D. Enterprises in Which Key Managerial Personnel/Relatives of Key
Managerial Personnel have Significant Influence #
N. Mahalingam & Company
Nachimuthu Industrial Association Note: # Information has been
furnished with respect to individuals / entities with whom related
party transactions had taken place during the year.
Note:3. Disclosure as required under clause 32 of the listing
agreement: There are no amount of loans/advances in the nature of loans
outstanding from Subsidiaries and Associates.
Note: 4. Disclosure pursuant to AS-28 on 'Impairment of Assets':
During the year, review has been done for carrying value of the assets
for finding out the impairment, if any. The review has not revealed any
impairment of assets in terms of AS-28.
Note: 5. Contingent Liability & Litigations
1. For the FY.2005-06 to FY.2012-13, there is a demand of Rs, 2022.88
Lakhs from The Commissioner of Central Excise, Customs and Service Tax,
Mysore as demand of taxes on captive consumption of molasses without
payment of duty. The company had appealed to the Customs, Excise &
Service Tax Appellate Tribunal and has got a stay on the recovery
proceedings.
2. The sugarcane price for crushing season 2013-14 notified by the
State Government over and above FRP announced by the Central Government
amounting to Rs, 2442.51 lakhs is disputed. The matter is being taken
up before Supreme Court. The management believes that the ultimate
outcome will not have any material adverse effect on the Company's
financial position and results of operations.
3. Other information:
A. Arrears of cumulative dividend on Preference Shares Rs, 674.18
lakhs (Previous year - Rs, 600.68 lakhs)
B. Estimated amount of contracts remaining to be executed on Capital
Account and not provided for is Rs,Nil(Previous year Nil)
[Figures in Brackets indicate previous year]"
Note:6. The company is opted to recognize Foreign Exchange Fluctuation
based on Maturity of obligation in conformity with Ministry of
Corporate
Affairs Notification No.GSR.913(E) dated 29.12.2011. Note: 41
Previous year's figure have been regrouped or reclassified to conform
to this year's grouping or classification.
Mar 31, 2014
Note : 1 Contingent Liabilies:
a. For the FY.2005-06 to FY.2012-13, there is a demand of Rs. 2022.88
Lakhs from The Commissioner of Central Excise, Customs and Service Tax,
Mysore for captive consumption of Molasses without payment of duty. The
Customs, Exise & Service Tax Appellate Tribunal has relied on the
grounds of the company and stayed the recovery of demand.
c. Arrears of cumulative dividend on Preference Shares is Rs. 600.68
Lakhs.
d. Estimated amount of contracts remaining to be executed on capital
account and not provided for - Rs. Nil (Previous year - Nil)
Note : 2 - Additional Information Pursuant to Part - II of Schedule
VI to the Companies Act, 1956.
Note : 3 - The company is opted to recognize Foreign Exchange
Fluctuation based on Maturity of obligation in confirmity with Ministry
of Corporate Affairs Notification No.GSR.913(E) dated 29.12.2011.
Note: 4 - Previous year''s figure have been regrouped or reclassified to
conform to this year''s grouping or classification.
Mar 31, 2013
Note : 1 » Related Parties Disclosure: I. Related Parties:
A. Key Managerial Personnel
Sri M.Srinivaasan, Managing Director
B. Relatives of Key Managerial Personnel Dr. N Mahalingam, Chairman
C. Enterprises Where Control Exist Sakthi Sugars Limited
D. Enterprises in Which Key Managerial Personnel/Relatives of Key
Managerial Personnel Have Significant Influence
N. Mahalingam & Company Rukmani Offset Press
Note:2» The company has not received information from vendors
regarding their status under The Micro, Small & Medium Enterprises
Development Act, 2006 and hence disclosures relating to their
outstanding amount and interest have not been made.
Note:3» Employee Benefits
Gratuity and Provident Fund:
Gratuity, Provident Fund and Employee State Insurance are defined
Contribution Plans. The expenses recognised in the Statement of Profit
and Loss are:-
Note:4» Disclosure as required under clause 32 of the listing
agreement: There are no amount of loans/advances in the nature of loans
outstanding from Subsidiaries and Associates.
Note: 5 » Disclosure pursuant to AS-28 on ''Impairment of Assets'':
During the year, review has been done for carrying value of the assets
for finding out the impairment, if any. The review has not revealed any
impairment of assets in terms of AS-28.
Note: 6» ContingentLiabilies:
a. For the AY 1990-91, there is a demand of Rs. 43.13 lakhs from the
Income Tax Department and the company has preferred an appeal against
the same.
b. For the FY.2005-06 to FY.2012-13, there is a demand of Rs. 2022.88
Lakhs from The Commissioner of Central Excise, Customs and Service Tax,
Mysore for captive consumption of Molasses without payment ofduty.
c. Arrears of cumulative dividend on Preference Shares is Rs.527.18
Lakhs.
d. Estimated amount of contracts remaining to be executed on capital
account and not provided for - ^Nil(Previousyear-Nil)
Note: 7» The company is opted to recognize Foreign Exchange
Fluctuation based on Maturity of obligation inconfirmity with Ministry
of Corporate Affairs Notification No.GSR.913(E) dated 29.12.2011.
Note: 8 » Previous year''s figure have been regrouped or reclassified to
conform to this year''s grouping or classification.
Mar 31, 2012
(i) Rights, Preferences and Restrictions attaching to each class of
Shares:
A.Equity Shares
The Company has only one class of Equity Shares having face value of
Rs.10 each. Each Shareholder is eligible for one vote per share. Final
Dividend is payable when it is recommended by the Board of Directors
and subject to the approval of the Members at the Annual General
Meeting. In the event of liquidation, the equity shareholders will get
the remaining assets after payment of all the preferential dues.
B. Redeemable Cumulative Preference Shares
The Redeemable Cumulative Preference Shares have a par value of Rs.100
each. These shares carry a fixed cumulative dividend of 5% p.a. These
Shares would be redeemable at par at the end often years commencing
from 30.01.2006.
These shares have the following preferential rights over the equity
shareholders:
a) The payment of dividend at a Fixed Rate; and
b) The return of capital on winding up of the company.
These shareholders can enforce their right of getting dividend in
priority over the equity shareholders.
The Preference Shareholders have no voting right except when the
dividend is outstanding for a period of more than 2 years in case of
cumulative preference shares. But, they have right to vote on any
resolution for winding up of the company or forthe reduction /
repayment of capital.
Note : 1 Related Parties Disclosure:
I. Related Parties:
A. Key Managerial Personnel
Sri M.srinivaasan, Managing Director
B. Relatives of Key Managerial Personnel
Dr. N Mahalingam, Chairman
C. Enterprises where Control exist Sakthi Sugars Limited
D. Enterprises in which key Managerial Personnel/ Relatives of Key
Managerial Personnel have Significant Influence
- N. Mahalingam & Company
- Rukmani Offset Press
Note: 2Information has been furnished with respect to individuals /
entities with whom related party transactions had taken place during
the year.
Note:3 The Company has not received information from vendors
regarding their status under The Micro, Small & Medium Enterprises
Development Act, 2006 and hence disclosures relating to their
outstanding amount and interest have not been made.
Note : 4 Employee Benefits
Gratuity and Provident Fund:
Gratuity, Provident Fund and Employees State Insurance are defined
Contribution Plans. The expenses recognised in the Profit and Loss
Account are
Note: 5 Disclosure as required under clause 32 of the listing
agreement: There are no amount of loans/advances in the nature of loans
outstanding from Subsidiaries and Associates.
Note: 6 Disclosure pursuant to AS-28 on 'Impairment of Assets':
During the year, review has been done for carrying value of the assets
for finding out the impairment, if any. The review has not revealed any
impairment of assets in terms of AS-28.
Note: 7 Contingent Liabilies:
a. For the AY 1990-91, there is a demand of Rs. 57.51 lakhs from the
Income Tax Department and the company has preferred an appeal against
the same.
b. Arrears of cumulative dividend on Preference Shares is Rs. 453.68
Lakhs.
c. Estimated amount of contracts remaining to be executed on capital
account and not provided for - Rs. Nil (Previous year Rs. Nil)
Note : 8 The Company is opted to recognize Foreign Exchange
Fluctuation based on Maturity of obligation in confirmity with Ministry
of Corporate Affairs Notification No.GSR.913(E) dated 29.12.2011.
Note: 9 The Revised Schedule VI has become effective from 1st April
2011 for the preparation of financial statements. This has
significantly impacted the disclosure and presentation made in the
financial statements.
Note: 10 Previous year's figure have been regrouped or reclassified
to conform to this year's grouping or classification.
Mar 31, 2011
1. Preference Shares:
14,70,000 - 5% Redeemable Cumulative Preference Shares of Rs. 100 each
allotted on 30.01.2006 are redeemable at par in the year 2016-2017.
2. Secured Loans
Term Loans from Banks
i) Term loan includes outstanding of Rs. 4479.77 lakhs availed by the
company under consortium comprising of State Bank of Mysore, State Bank
of Travancore, State Bank of India (erstwhile State Bank of Indore),
Syndicate Bank, The Lakshmi Vilas Bank Ltd., Vijaya Bank and IDBI Ltd.
The above loans, along with IFCI Ltd exposure are secured as under :-
a. Pari passu first charge on the Company's movable and immovable
assets of Sugar Division and Distillery Division situated at K.M.Doddi,
Bharathi Nagara, Maddur Taluk, Mandya District, Karnataka.
b. Pari passu second charge on the current assets of Sugar Division at
K.M.Doddi, Bharathi Nagara, Maddur Taluk, Mandya District, Karnataka.
c. Pledge of the 20,38,828 equity shares held by the Promoters in the
share capital of the Company.
d. Personal Guarantee of the Managing Director and two Directors.
ii) Term Loan from Banks includes Rs. 2192.50 lakhs availed by the
company from Allahabad Bank which is secured by pari passu first charge
on the movable and immovable assets pertaining to 26 MW Co-generation
Power Plant at K.M.Doddi, Bharathinagara, Maddur Taluk, Mandya
District, Karnataka
iii) Term Loans from Bank includes Rs. 2400.00 lakhs from Allahabad Bank
which is secured by the receivables of Distillery division and is
further secured by personal guarantee of Managing Director and another
director. The loan is also additionally secured by a personal property
of Managing Director.
iv) Term Loans from Banks includes Rs. 198.88 lakhs from Allahabad Bank
and Rs. 508.08 lakhs from IDBI Bank (Excise Duty Loans) which are
secured by pari passu residual charge on the immovable properties of
the sugar unit at K.M. Doddi, Bharathi Nagara, Maddur Taluk, Mandya
District, Karnataka Cash Credit Loans:
i) Cash credit facility of Rs.500.00 lakhs availed from Allahabad Bank
secured by pari passu first charge on the current assets of the sugar
unit at K.M.Doddi, Bharathi Nagara, Maddur Taluk, Mandya District,
Karnataka. (Outstanding as on 31.03.2011 is Rs. 484.33 Lakhs);
ii) Cash credit limit of Rs. 1500.00 lakhs from IDBI is secured by pari
passu first charge on the current assets of a) sugar unit at K.M.Doddi,
Bharathi Nagara, Maddur Taluk, Mandya District.Kamataka and b) Sugar
Unit at Srinivasapura,Hassan District, Karnataka. This loan is further
secured by third charge on the fixed assets of Sugar unit at K.M.Doddi,
Bharathinagara, Maddur Taluk, Mandya District, Karnataka.(Outstanding
as on 31.03.2011 is Rs. 1489.84 Lakhs)
Term Loans from Financial Institutions
i) Term loans from Financial Institution includes Rs. 2,975.00 lakhs
from IDFC Ltd which is secured by pari passu first charge on the
movable and immovable assets pertaining to 26 MW Co-Generation Power
Plant at K.M.Doddi, Bharathinagara, Maddur taluk, Mandya District,
Karnataka.
ii) Term loans from Financial Institution includes Rs. 798.81 lakhs from
IFCI Ltd which is secured on pari passu basis with other bankers as
stated in security particulars of loans under consortium.
Term Loan from others
i) Term loan from others includes a) Rs. 2884.80 lakhs from Sugar
Development Fund (SDF) Govt, of India (Co-gen power project loan) which
is secured by exclusive second charge by way of mortgage on the
company's immovable properties of sugar factory at K.M.Doddi, Bharathi
Nagara, Maddur Taluk, Mandya District.Kamataka; b) Two loans from Sugar
Development Fund (SDF) Govt, of India aggregating to Rs. 270 lakhs which
are secured by Exclusive Second charge on the company's immovable
properties of Sugar Factory at K.M.Doddi, Bharathinagara, Maddur Taluk,
Mandhya District, Karnataka.
ii) Facility of Rs. 500 lakhs availed by the Company from IFCI factors
Ltd which is secured on the bills so factored from time to time and
further secured by exclusive first charge on the company's immovable
property situated at plot No. 88/2, Richmond Road, Bangalore.
iii) Hire purchase loan of Rs. 11.14 Lakhs is secured by way of
hypothecation of vehicles acquired under Hire Purchase Agreement.
(Future installments including interest aggregates to Rs. 12.13 Lakhs)
4. Balances with bank accounts include Rs. 198.15 Lakhs in current
accounts with scheduled banks, Rs. 15.63 Lakhs in deposit accounts with
scheduled banks and Rs. 1.99 Lakhs in current accounts with non scheduled
banks.
5. RELATED PARTIES DISCLOSURE:
I. RELATED PARTIES:
A. KEY MANAGERIAL PERSONNEL
Sri M.Srinivaasan, Managing Director
B. RELATIVES OF KEY MANAGERIAL PERSONNEL
Dr. N Mahalingam, Chairman
C. ENTERPRISES WHERE CONTROL EXIST
Sakthi Sugars Limited
D. ENTERPRISES IN WHICH KEY MANAGERIAL PERSONNEL/RELATIVES
OF KEY MANAGERIAL PERSONNEL HAVE SIGNIFICANT INFLUENCE
N. Mahalingam & Company
Note: Information has been furnished with respect to individuals /
entities with whom related party transactions had taken place during
the year.
6. The company has not received information from vendors regarding
their status under The Micro, Small & Medium Enterprises Development
Act, 2006 and hence disclosures relating to their outstanding amount
and interest have not been made.
7. Disclosure as required under clause 32 of the listing agreement:
There are no amount of loans/advances in the nature of loans
outstanding from Subsidiaries and Associates.
8. Disclosure pursuant to AS-28 on 'Impairment of Assets': During the
year, review has been done for carrying value of the assets for finding
out the impairment, if any. The review has not revealed any impairment
of assets in terms of AS-28.
9. CONTINGENT LIABILITIES:
a. For the AY 1990-91, there is a demand of Rs. 57.51 lakhs from the
Income Tax Department and the company has preferred an appeal against
the same.
b. Arrears of cumulative dividend on Preference Shares is Rs. 379.78
Lakhs.
c. Estimated amount of contracts remaining to be executed on capital
account and not provided for - Rs. Nil (Previous year Rs. Nil)
10. Wherever necessary, figures for previous year have been regrouped
or reclassified to conform to this year's grouping or classification.
Mar 31, 2010
1. PREFERENCE SHARES:
a. 14,70,000 - 5% Redeemable Cumulative Preference Shares of Rs.100
each allotted on 30.01.2006 are redeemable at par in the year
2016-2017.
b. 5,00,000 - 8% Redeemable Cumulative Preference Shares of Rs. 100
each allotted on 29.03.2006 are redeemable at par in the year 2011.
c. Rs.73,50,000/- and Rs.40,00,000/- are payable as preferential
dividend for the current year.
The above loans are secured as under:
a. Pari passu first charge on the Companys movable and immovable
assets of Sugar Division and Distillery Division at Bharathi Nagar,
Mandya District, Karnataka.
b. Pari passu second charge on the current assets of Sugar Division at
Bharathi Nagara, Mandya District, Karnataka.
c. Pledge of the 20,38,828 equity shares held by the Promoters in the
share capital of the Company.
d. Personal Guarantee of the Managing Director and two Promoter
Directors.
II) For Co-generation Unit- Bharathinagara
1) Amount outstanding under secured loan from Financial Institutions
includes Rs. 3674.24 lakhs availed by the company from IDFC Ltd. This
loan is secured by first charge on the immovable assets of Companys 26
MW co- generation project at Bharathinagara, Maddur taluk, Mandya
District, Karnataka
2) Amount outstanding under secured loan from Banks includes Rs.
2562.42 lakhs availed by the company from Allahabad Bank. This loan is
secured by charge on the immovable assets of Companys 26 MW
co-generation project at Bharathinagara, Maddur taluk, Mandya District,
Karnataka
3) The amount outstanding under secured loan from others includes
Rs.2884.80 lakhs availed by the Company from Sugar Development Fund
(SDF) Govt, of India for Co- Generation power project. This loan is
secured by exclusive second charge by way of mortgage on the companys
immovable property of sugar factory at Bharathi Nagara, Maddur Taluk,
Mandya District,Karnataka.
III) WORKING CAPITAL LOANS :
a) For Sugar Unit-Bharathinagara.
1) Cash credit facilities of Rs.500.00 lakhs availed from Allahabad
Bank secured by hypothecation pari passu first charge on the current
assets of the sugar unit at Bharathi Nagara, Maddur Taluk, Mandya
District, Karnataka. (Outstanding amount Rs 499.21 Lakhs)
2) Cash credit limit of Rs.1000.00 lakhs from IDBI is secured by
hypothecation pari passu first charge on the current assests of the
sugar unit at Bharathi Nagar, Maddur Taluk.Mandya District.Karnataka.
This loan is further secured by third charge on the fixed assets of
Sugar unit at Bharathinagar, Maddur Taluk, Mandya District, Karnataka.
(Amount Outstanding Rs.933.94 Lakhs)
b) For Distillery Unit - Bharathinagara
1) Amount outstanding under secured loan from banks includes Rs.3770.09
lakhs availed by the company from Allahabad Bank which is secured on
the receivables of Distillery division and it is further secured by
personal guarantee of Managing Director and one of the promoter
director in their personal capacities and personal properties of
Managing Director given as a collateral security. IV. Others
1) The amount outstanding under secured loan from banks includes
Rs.415.92 lakhs availed by the Company from Allahabad Bank (Excise Duty
Loan)is secured by residual charge on the immovable properties of the
sugar unit at Bharathi Nagara, Maddur taluk Mandya district, Karnataka
2) The amount outstanding under secured loan from banks includes Rs.
871.00 lakhs availed by the Company from IDBI Bank (Excise Duty Loan)is
secured by residual charge on the immovable properties of the sugar
unit at Bharathi Nagara, Maddur taluk Mandya district, Karnataka
3) The amount outstanding under secured loan from others includes Rs.
513.08 lakhs availed by the Company from IFCI factors Ltd by factoring
of the power receivables. The same is further secured by exclusive
charge on the companys immovable property at plot No. 88/2, Richmond
Road, Bangalore.
4) Hypothecation loans from companies to the extent of Rs.18.98 Lakhs
are secured by way of hypothecation of vehicle and machineries acquired
under hire purchase agreements.
4. The Company has pledged 12,40,000 equity shares in Sakthi Sugars
Limited for an intercorporate loan.
5. Balance with bank account include Rs. 496.72 Lakhs in current
accounts with scheduled banks, Rs.328.80 Lakhs in deposit accounts with
scheduled banks and Rs.0.45 Lakh in current accounts with non scheduled
banks.
6. RELATED PARTIES DISCLOSURE:
I. RELATED PARTIES:
A. KEY MANAGERIAL PERSONNEL - Sri M. Srinivaasan, Managing Director
B. RELATIVES OF KEY MANAGERIAL PERSONNEL - Dr. N Mahalingam, Chairman
C. ENTERPRISES WHERE CONTROL EXIST - Sakthi Sugars Limited
D. ENTERPRISES IN WHICH KEY MANAGERIAL PERSONNEL/RELATIVES OF KEY
MANAGERIAL PERSONNEL HAVE SIGNIFICANT INFLUENCE - N. Mahalingam &
Company
Note: Information has been furnished with respect to individuals /
entities with whom related party transactions arised during the year.
7. The company has not received information from vendors regarding
their status under The Micro, Small & Medium Enterprises Development
Act, 2006 and hence disclosures relating to their outstanding amount
and interest have not been made.
8. Disclosure as required under clause 32 of the listing agreement:
There are no amount of loans/advances in the nature of loans
outstanding from Subsidiaries and Associates.
9. Disclosure pursuant to AS-28 on Impairment of Assets:
During the year, review has been done for carrying value of the assets
for finding out the impairment, if any. The review has not revealed any
impairment of assets in terms of AS-28.
10. Excess provision of leave salary amounting to Rs.41.75 lakhs has
been netted with Salaries and Wages figure in Schedule 20.
11. CONTINGENT LIABILITIES:
a. For the AY 1990-91, there is a demand of Rs.57.51 lakhs from the
Income Tax Department and the company has preferred an appeal against
the same.
b. The claim to the extent of Rs. 104 lakhs towards Purchase Tax Loan
is disputed and the matter is under reconciliation.
c. Arrears of cumulative dividend on Preference Shares is Rs. 466.41
Lakhs.
d. Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil (Previous year Rs.Nil)
12. Wherever necessary, figures for previous year have been regrouped
or reclassified to conform to this years grouping or classification.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article