Home  »  Company  »  Sri Chamundi Sug  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Sri Chamundeswari Sugars Ltd.

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.

 
Subscribe now to get personal finance updates in your inbox!