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Notes to Accounts of Srikalahasthi Pipes Ltd.

Mar 31, 2015

1. Corporate information

Srikalahasthi Pipes Limited, incorporated under the Companies Act in the year 1991, is engaged in the manufacture and supply of Ductile Iron Pipe as its core business with its domicile presence in the State of Andhra Pradesh, India. The Company''s name was earlier Lanco Industries Limited and the name was changed with effect from 29th September, 2014 to its present name. The company is a leading Public Utility Services company predominantly catering to the needs of Water Infrastructure Development.The company also produces Low Ash Metallurgical Coke, Sinter and Power for captive consumption in its integrated complex. It also manufactures and supply Pig Iron and Cement, in the process. The Company''s shares are listed on the National Stock Exchange Limited and the Bombay Stock Exchange Limited and the shares are traded regularly.

Terms of Repayment and rate of interest:

a) Rupee Term Loan of Rs. 4687.50 Lakhs is repayable in 15 Quarterly instalments of Rs. 312.50 lakhs each starting from 30/06/2015 and it carries an interest @ 11% p.a. payable monthly.

b) Rupee Term Loan of Rs. 375.00 Lakhs repayable in 4 Quarterly instalments of Rs. 93.75 lakhs each and it carries an interest @ 13.50% p.a. payable monthly.

c) Rupee Term Loan of Rs. 5000 Lakhs (Drawn Rs. 4000 lakhs) repayable in 8 Quarterly instalments of Rs. 156.25 lakhs each starting from 1/12/15 to 1/9/17 and 12 Quarterly instalments of Rs. 312.50 Lakhs from 1/12/17 to 1/9/20, it carries an interest @ 11.45% p.a. payable monthly.

d) Rupee Term Loan of Rs. 2500 Lakhs (Drawn Rs.1000 lakhs) repayable in 8 Quarterly instalments of Rs. 78.125 lakhs each starting from 30/9/16 to 30/6/18 and 12 Quarterly instalments of Rs. 156.25 Lakhs from 30/9/18 to 30/6/21, it carries an interest @ 12.25% p.a. payable monthly.

e) Foreign Currency loan of Rs. 8247.47 Lakhs (US$ 131.976 Lakhs) is repayable in 11 half yearly instalments of US$ 12,00,600 in September and March and carries an interest at LIBOR plus 4.6262% p.a. payable half yearly.

f) Foreign Currency loan of Rs. 4687.50 Lakhs (US$ 75 Lakhs) is repayable in 5 half yearly instalments of US$ 10 lakhs on 22/5/2015, US$ 15 lakhs each on 22/11/2015, 22/5/2016, 22/11/2016 and US$ 20 lakhs on 22/5/2017 and carries an interest at LIBOR plus 3.7239% p.a. payable half yearly

Nature of security:

Rupee term loan of Rs. 8687.50 lakhs is secured by way of first pari-passu charge on the movable & immovable Fixed Assets of the company and subservient charge of raw materials, semi finished goods and finished goods, consumables, stores and spares, book debts, both present and future.

Rupee term loans of Rs. 1375 lakhs and Foreign Currency loans from Banks are secured by way of first pari-passu charge on the movable & immovable Fixed Assets of the company both present and future.

3. Contingent Liabilities not provided for:

2014-15 2013-14 Rs. in Lakhs Rs. in Lakhs

a) Guarantees given by banks on behalf of the Company. 839.63 927.31

b) Bills discounted with banks 9890.39 2874.28

c) Outstanding Letter of Credits 5426.10 455.69

d) Various demands raised, which in the opinion of the management are not tenable and are pending with various forums / authorities:

i) Sales Tax 1347.08 1514.66

ii) Excise, Custom Duty & Service Tax 230.47 183.00

iii) Income Tax 37.72 37.72

The Company has no litigations, other than the tax disputes in appeals as disclosed above. Based on the facts of each case and opinion of the management including that of advice of the tax advisors, it believes that the outcome of the said appeals will not result in material tax demands that would affect the financial position or operations of the Company.

4. In the opinion of the Management, Current Assets and Loans & Advances have the value at which these are stated in the Balance Sheet, if, realized in the ordinary course of business, unless otherwise stated and adequate provisions for all known liabilities have been made and are not in excess of the amount reasonably required.

5. A) Pursuant to the Companies (Accounting Standards) Amendment Rules, 2011 vide GSR 914(E) dated 29th December, 2011, the Company has exercised the option of adjusting the cost of assets, for the exchange differences arising on long term foreign currency monetary items, in respect of accounting periods commencing from 1st April, 2011, which were hitherto recognized as income or expenses in the period in which they arose. As a result, such exchange differences so far as they relate to the acquisition of depreciable capital assets have been adjusted with the cost of such assets, to be depreciated over the balance useful life of the respective assets. Consequently, the Fixed Assets - Rs. 692.66 lakhs (Previous year Rs. 1692.29 lakhs) and Capital work-in-progress Nil (Previous year Rs. 104.30 lakhs) is higher and charge to the Statement of Profit and Loss is lower to that extent.

C) With effect from 1st April, 2014, the company revised the estimated useful value of certain of its assets based on a technical study and evaluation of the useful life of the assets conducted in this regard and Management assessment thereof. Consequent to it, current years depreciation amount also include the amount of depreciation determined based on such evaluation and re-assessment of useful life less residual value as on 1st April 2014.

Due to the said revision of estimated useful life of certain assets the charge of depreciation for the year is higher by Rs. 117.35 lakhs for the assets existing as at April 1, 2014 as compared to the depreciation based on previously adopted method of evaluation of lives of assets.

6. Balances of Sundry Debtors/Creditors are subject to confirmation and reconciliation, if any.

7. Segment Reporting:

The Company''s main business is manufacturing and selling pipes. In addition, the Company is also manufacturing & selling Cement and producing Pig Iron and LAM Coke for captive use, which does not qualify as a reportable segment as per Accounting Standard -17 on segment reporting issued by the Institute of Chartered Accountants of India. Accordingly, in the opinion of the management, Pipes is the only reportable segment.

8. Disclosure of Related Parties/Related Party Transactions:

Name of the Related Parties with whom transactions were carried out during the year and description of relationship:

a. Associate company:

M/s. Electrosteel Castings Limited

b. Key Management personnel & their relatives (KMp):

Shri Mayank Kejriwal, Managing Director

Shri Atosh R Surana, Chief Financial Officer & Company Secretary

c. Enterprise where other directors have significant influence or control:

1) Lanco Infratech Limited* (applicable to the extent of previous years figures)

9. As stipulated in AS-28, the Company assessed potential generation of economic benefits from its business units and is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

10. The Company has operating lease arrangement for office accommodation etc. with tenure extending upto one year. Expenditure incurred on account of rent during the year amounting to Rs. 82.88 Lakhs (Previous year Rs. 57.84 Lakhs) is recognized in the Statement of Profit and Loss.

11. Disclosure of loans and advances as per the requirement of Clause 32 of the listing agreement with the Stock Exchanges in India.

i) The Company does not have any subsidiary and has not given any loans and advances in the nature of loans to its associates.

ii) Interest free loans as per general rules of the Company have been given to its employees. Aggregate amount of such advances and loans outstanding at the year end is Rs. 14.93 lakhs (Previous year Rs. 14.43 lakhs).

12. Previous year figures

The Previous Year''s Figures have been re-grouped / re-arranged wherever necessary.


Mar 31, 2014

Corporate Information

Lanco Industries Limited (the company), incorporated under the Companies Act, 1956, in the year 1991, is engaged in the manufacture and supply of Ductile Iron Pipe as its core business with its domicile presence in the State of Andhra Pradesh, India. The company is a leading Public Utility Services company predominantly catering to the needs of Water Infrastructure Development. The company also produces Low Ash Metallurgical Coke, Sinter and Power for captive consumption in its integrated complex. It also manufactures and supply Pig Iron and Cement, in the process. The company''s shares are listed on the National Stock Exchange Limited and the Bombay Stock Exchange Limited and the shares are traded regularly.

1. contingent liabilities not provided for:

2013-14 2012-13 rs. in lakhs Rs. in Lakhs

a) Guarantees given by banks on behalf of the Company. 927.31 1031.67

b) Bills discounted with banks 2874.28 7984.53

c) Outstanding Letter of Credits 455.69 -

d) Various demands raised, which in the opinion of the management are not tenable and are pending with various forums / authorities:

i) Sales Tax 1514.66 1364.76

ii) Excise, Custom Duty & Service Tax 183.00 395.68

iii) Income Tax 37.723 7.72

2. In the opinion of the Management, Current Assets and Loans & Advances have the value at which these are stated in the Balance Sheet, if, realized in the ordinary course of business, unless otherwise stated and adequate provisions for all known liabilities have been made and are not in excess of the amount reasonably required.

3. Disclosure of Trade Payables under current/Non Current liabilities is based on the information available with the company regarding the status of the suppliers as Defined under the "Micro, Small and Medium Enterprises Development Act, 2006" (the Act). There are no delays in payment made to such suppliers and there is no overdue amount outstanding as at the Balance Sheet date. Based on the above the relevant disclosure u/s 22 of Act are as follows:

4. A) Pursuant to the Companies (Accounting Standards) Amendment Rules, 2011 vide GSR 914(E) dated 29th December, 2011, the Company has exercised the option of adjusting the cost of assets, for the exchange differences arising on long term foreign currency monetary items, in respect of accounting periods commencing from 1st April, 2011, which were hitherto recognized as income or expenses in the period in which they arose. As a result, such exchange differences so far as they relate to the acquisition of depreciable capital assets have been adjusted with the cost of such assets, to be depreciated over the balance useful life of the respective assets. Consequently, the Fixed Assets – Rs.1692.29 Lakhs (Previous year Rs.496.24 Lakhs) and Capital work-in-progress – Rs.104.30 Lakhs (Previous year Rs.28.29 Lakhs) is higher and charge to the Statement of Profit and Loss is lower to that extent.

5. Balances of Sundry Debtors/Creditors are subject to confrmation and reconciliation, if any.

6. segment reporting:

The Company''s main business is manufacturing and selling pipes. In addition, the Company is also manufacturing & selling Cement and producing Pig Iron and LAM Coke for captive use, which does not qualify as a reportable segment as per Accounting Standard – 17 on segment reporting issued by the Institute of Chartered Accountants of India. Accordingly, in the opinion of the management Pipes is the only reportable segment.

7. Disclosure of related parties/related party transactions:

Name of the Related Parties with whom transactions were carried out during the year and description of relationship:

a) associate company:

M/s. Electrosteel Castings Limited M/s. Electrosteel Steels Limited

b) key management personnel & their relatives (kmp):

Shri Mayank Kejriwal, Managing Director

c) enterprise where other directors have signifcant infuence or control:

1) Lanco Infratech Limited*

8. As stipulated in AS-28, the Company assessed potential generation of economic benefits from its business units and is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

9. The Company has operating lease arrangement for offce accommodation etc. with tenure extending upto one year. Expenditure incurred on account of rent during the year amounting to Rs. 57.84 Lakhs (Previous year Rs. 57.37 Lakhs) is recognized in the Statement of Profit and Loss.

10. Disclosure of loans and advances as per the requirement of Clause 32 of the listing agreement with the Stock Exchanges in India.

i) The Company does not have any subsidiary and has not given any loans and advances in the nature of loans to its associates.

ii) Interest free loans as per general rules of the Company have been given to its employees. Aggregate amount of such advances and loans outstanding at the year end is Rs. 14.43 Lakhs (Previous year Rs. 10.76 Lakhs).

11. Previous year fgures

The Previous Year''s Figures have been re-grouped / re-arranged wherever necessary.


Mar 31, 2013

Corporate Information

Lanco Industries Limited (the company), incorporated under the Companies Act, 1956, in the year 1991, is engaged in the manufacture and supply of Ductile Iron Pipe as its core business with its domicile presence in the State of Andhra Pradesh, India. The company is a leading Public Utility Services company predominantly catering to the needs of Water Infrastructure Development. The company also produces Low Ash Metallurgical Coke and Power for captive consumption in its integrated complex. It also manufactures and supply Pig Iron and Cement, in the process. The company''s shares are listed on the National Stock Exchange Limited and the Bombay Stock Exchange Limited and the shares are traded regularly.

1. Contingent Liabilities not provided for: 2012-13 2011-12 Rs. in Lakhs Rs. in Lakhs

a) Guarantees given by banks on behalf of the Company

b) Bills discounted with banks 7,984.53 2,772.12

c) Outstanding Letter of Credits 1,044.37

d) Various demands raised, which in the opinion of the management are not tenable and are pending with various forums / authorities:

i) Sales Tax 1,364.76 1,319.84

ii) Excise, Custom Duty & Service Tax 395.68 496.29

iii) Income Tax 37.72 37.72

2. In the opinion of the Management, Current Assets and Loans & Advances have the value at which these are stated in the Balance Sheet, if, realized in the ordinary course of business, unless otherwise stated and adequate provisions for all known liabilities have been made and are not in excess of the amount reasonably required.

3. Disclosure of Trade Payables under current/Non Current liabilities is based on the information available with the company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006" (the Act). There are no delays in payment made to such suppliers and there is no overdue amount outstanding as at the Balance Sheet date. Based on the above the relevant disclosure u/s 22 of Act are as follows:

4. (A) Pursuant to the Companies (Accounting Standards) Amendment Rules, 2011 vide GSR 914(E) dated 29th December, 2011, the Company has exercised the option of adjusting the cost of assets, for the exchange differences arising on long term foreign currency monetary items, in respect of accounting periods commencing from 1st April, 2011, which were hitherto recognized as income or expenses in the period in which they arose. As a result, such exchange differences so far as they relate to the acquisition of depreciable capital assets have been adjusted with the cost of such assets, to be depreciated over the balance useful life of the respective assets. Consequently, the Fixed Assets - Rs. 496.24 (Previous year Rs. 514.23 lakhs) and Capital work-in-progress - Rs. 28.29 lakhs (Previous year Rs. 608.38 lakhs) is higher and charge to the Statement of Profit and Loss is lower to that extent:

(B) During the year the company has capitalized the following interest during construction and Pre-operative expenses, allocating them to respective Fixed Assets, consequently the expenses disclosed under the respective heads are net of amounts capitalized by the company:

5. Balances of Sundry Debtors/Creditors are subject to confirmation and reconciliation, if any.

6. Segment Reporting:

The Company''s main business is manufacturing and selling pipes. In addition, the Company is also manufacturing & selling Cement and producing Pig Iron and LAM Coke for captive use, which does not qualify as a reportable segment as per Accounting Standard -17 on segment reporting issued by the Institute of Chartered Accountants of India. Accordingly, in the opinion of the management Pipes is the only reportable segment.

7. Disclosure of Related Parties/Related Party Transactions:

Name of the Related Parties with whom transactions were carried out during the year and description of relationship:

a) Associate Company:

M/s. Electrosteel Castings Limited

b) Key Management Personnel & their relatives (KMP):

Shri Mayank Kejriwal, Managing Director

c) Enterprise where other directors have significant influence or control:

1) Lanco Infratech Limited*

8. As stipulated in AS-28, the Company assessed potential generation of economic benefits from its business units and is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

9. The Company has operating lease arrangement for office accommodation etc. with tenure extending upto one year. Expenditure incurred on account of rent during the year amounting to Rs. 57.37 Lakhs (Previous year Rs. 47.93 Lakhs) is recognized in the Statement of Profit and Loss.

10. Disclosure of loans and advances as per the requirement of Clause 32 of the listing agreement with the Stock Exchanges in India.

i) The Company does not have any subsidiary and has not given any loans and advances in the nature of loans to its associates.

ii) Interest free loans as per general rules of the Company have been given to its employees. Aggregate amount of such advances and loans outstanding at the year end is Rs. 10.76 lakhs (Previous year Rs. 12.00 lakhs).

11. Previous year figures

The Previous Year''s Figures have been re-grouped / re-arranged wherever necessary.


Mar 31, 2012

Corporate Information

Lanco Industries Limited (the company), incorporated under the Companies Act, 1956, in the year 1991, is engaged in the manufacture and supply of Ductile Iron Pipe as its core business with its domicile presence in the State of Andhra Pradesh, India. The company is a leading Public Utility Services company predominantly catering to the needs of Water Infrastructure Development. The company also produces Low Ash Metallurgical Coke and Power for captive consumption in its integrated complex. It also manufactures and supply Pig Iron and Cement, in the process. The company's shares are listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited and the shares are traded regularly.

Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

No dividend has been recognized as distribution to equity shareholders for the year ended 31.03.2012. (31st March 2011:Rs. 1.50 )

In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

Terms of Repayment and rate of interest:

Rupee Term Loan of Rs. 3125 Lakhs is repayable in 10 Quarterly instalments of Rs. 312.50 Lakhs each and it carries an interest @ 11.09% p.a. payable monthly.

Rupee Term Loan of Rs. 1500 Lakhs repayable in 16 Quarterly instalments of Rs. 93.75 Lakhs each and it carries an interest @ 12.50% p.a. payable monthly.

Rupee Term Loan of Rs. 1250 Lakhs repayable in 5 Quarterly instalments of Rs. 250 Lakhs each and it carries an interest @ 12.25% p.a. payable monthly.

Foreign Currency loan of US$ 180 Lakhs (Rs. 9156.60 Lakhs) is repayable in 15 half yearly instalments of US$ 12 Lakhs starting from 15/09/2013 and carries an interest at LIBOR plus 4.3% p.a payable half yearly

Sales tax Deferrement - Rs. 490.84 Lakhs in 2013-14 & Rs. 61.28 Lakhs in 2014-15 and is interest free.

Nature of security:

Rupee term loans and Foreign Currency loan from Banks are secured by way of first pari-passu charge on the movable & immovable Fixed Assets of the company both present and future.

Nature of Security and rate of interest

Working Capital facilities availed from banks are secured by hypothecation of raw materials, semi finished goods and finished goods, consumables, stores and spares, book debts, both present and future of the company and rank pari-passu among themselves and the rate of interest ranges from 10% to 12.5% p.a and are payable on demand.

1. Contingent Liabilities not provided for:

2011-12 2010-11 Rs. in Lakhs Rs. in Lakhs

a) Guarantees given by banks on behalf of the Company 1205.49 1774.03

b) Bills discounted with banks 2772.12 5689.14

c) Outstanding Letter of Credits 1044.37 369.72

d) Various demands raised, which in the opinion of the management are not tenable and are pending with various forums / authorities:

i) Sales Tax 1319.84 1278.24

ii) Excise, Custom Duty & Service Tax 496.29 649.22

iii) Income Tax 37.72 59.76

2. In the opinion of the Management, Current Assets and Loans & Advances have the value at which these are stated in the Balance Sheet, if, realized in the ordinary course of business, unless otherwise stated and adequate provisions for all known liabilities have been made and are not in excess of the amount reasonably required.

3. Disclosure of Trade Payables under current/Non Current liabilities is based on the information available with the company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006" (the Act). There are no delays in payment made to such suppliers and there is no overdue amount outstanding as at the Balance Sheet date. Based on the above the relevant disclosure u/s 22 of Act are as follows:

4. Pursuant to the Companies (Accounting Standards) Amendment Rules, 2011 vide GSR 914(E) dated 29th December, 2011, the Company has exercised the option of adjusting the cost of assets, for the exchange differences arising on long term foreign currency monetary items, in respect of accounting periods commencing from 1st April, 2011, which were hitherto recognized as income or expenses in the period in which they arose. As a result, such exchange differences so far as they relate to the acquisition of depreciable capital assets have been adjusted with the cost of such assets, to be depreciated over the balance useful life of the respective assets. Consequent upon this adoption of new amendment rules, the Fixed Assets - Rs. 514.23 Lakhs and Capital work-in-progress - Rs. 608.37 Lakhs is higher and charge to the Statement of Profit and Loss is lower to that extent.

During the year the Company has capitalized the following expenses of revenue nature to the cost of fixed assets/ capital work-in-progress as per the accounting standard. Consequently, the expenses disclosed under the respective notes are net of amounts capitalized by the Company.

5. Balances of Sundry Debtors/Creditors are subject to confirmation and reconciliation, if any.

6. Segment Reporting:

The Company's main business is manufacturing and selling pipes. In addition, the Company is also manufacturing & selling Cement and producing Pig Iron and LAM Coke for captive use, which does not qualify as a reportable segment as per Accounting Standard -17 on segment reporting issued by the Institute of Chartered Accountants of India. Accordingly, in the opinion of the management Pipes is the only reportable segment.

7. Disclosure of Related parties/Related party Transactions:

Name of the Related Parties with whom transactions were carried out during the year and description of relationship:

a) Associate Company:

M/s. Electrosteel Castings Limited

b) Key Management personnel & their relatives (KMp):

Shri Mayank Kejriwal, Managing Director

c) Enterprise where KMp have significant influence or control:

Lanco Infratech Limited and Lanco Hills Technology Park Private Limited*

8. As stipulated in AS-28, the Company assessed potential generation of economic benefits from its business units and is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

9. The Company has operating lease arrangement for office accommodation etc. with tenure extending upto 2 years. Expenditure incurred on account of rent during the year amounting to Rs. 47.93 Lakhs (Previous year Rs. 41.68 Lakhs) is recognized in the Statement of Profit and Loss Accountant.

10. Disclosure of loans and advances as per the requirement of Clause 32 of the listing agreement with the Stock Exchanges in India.

i) The Company does not have any subsidiary and has not given any loans and advances in the nature of loans to its associates.

ii) Interest free loans as per general rules of the Company have been given to its employees. Aggregate amount of such advances and loans outstanding at the year end is Rs. 12.00 Lakhs (Previous year Rs. 22.77 Lakhs).

11. Previous year figures

Till the year ended 31st March, 2011 the company was using pre-revised Schedule VI to the companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31st March, 2012 the revised Schedule VI notified under the companies Act 1956, has become applicable to the company, accordingly previous year's figures have been re-grouped / re-arranged wherever necessary.


Mar 31, 2010

1. Contingent Liabilities not provided for

2009-10 2008-09 (Rs. in Lakhs) (Rs. in Lakhs)

a) Guarantees given by banks on behalf of the Company 1,269.29 1,214.16

b) Bills discounted with banks - 591.58

c) Various demands raised, which in the opinion of the management are not tenable and are pending with various forums / authorities:

i) Sales Tax 826.28 713.41

ii) Excise Custom Duty & Service Tax 103.50 4,313.00

iii) Income Tax 59.76 3.07

2. In the opinion of the Management, Current Assets and Loans & Advances have the value at which these are stated in the Balance Sheet, if, realized in the ordinary course of business, unless otherwise stated and adequate provisions for all known liabilities have been made and are not in excess of the amount reasonably required.

3. Balances of Sundry Debtors / Creditors are subject to confirmation and reconciliation, if any.

4. Segment Reporting

The Companys main business is manufacturing and selling pipes. In addition, the Company is also manufacturing & selling cement, Producing power & LAM Coke for captive use, which does not qualify as a reportable segment as per Accounting Standard -17 on segment reporting issued by the Institute of Chartered Accountants of India. Accordingly, in the opinion of the management, Pipes is the only reportable segment.

5. Disclosure of Related Parties / Related Party Transactions

Name of the Related Parties with whom transactions were carried out during the year and description of relationship:

a) Associate Company:

M/s Electrosteel Castings Limited

b) Key Management Personnel & their relatives (KMP): Shri Mayank Kejriwal, Managing Director

c) Enterprise where KMP / relatives of KMP have significant influence or control Lanco Hills Technology Park Private Limited+

6. As stipulated in AS-28, the Company assessed potential generation of economic benefits from its business units and is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

7. Fixed deposits with scheduled banks are lodged with Government Departments, Customers and Banks.

8. Disclosure of loans and advances as per the requirement of Clause 32 of the listing agreement with the Stock Exchanges in India.

i) The Company does not have any subsidiary and it has not given any loans and advances in the nature of loans to its associates.

ii) Interest free loans as per general rules of the Company have been given to its employees. Aggregate amount of such advances and loans outstanding at the year end is Rs. 20.36 lakhs (Previous year Rs. 36.66 lakhs)

9. Previous Years Figures have been re-grouped / re-arranged wherever necessary.



 
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