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Notes to Accounts of SV Global Mill Ltd.

Mar 31, 2015

Terms/Rights attached to various classes of Shareholders Equity Shareholders:

Every shareholder is entitled to such rights as to attend the meeting of the shareholders, to receive dividend distributed and also has a right in the residual interest in the assets of the company. Every shareholder is also entitled to right of inspection of documents as provided in the Companies Act, 2013.

Preference Shareholders:

Every shareholder is entitled to the fixed rate of dividend (cumulative) as per the terms of issue, They are entitled to the capital in preference to the equity shareholders in case of liquidation.

OTHER NOTES ON ACCOUNTS

1. CORPORATE INFORMATION

S V Global Mill Limited was incorporated on 30th October 2007 under the Companies Act, 1956 and is listed in the Bombay stock Exchange. The company is engaged in the business of real estate property development and has undertaken the related activities during the year in this regard

2. In respect of Lands to the extent of 3 acres and 16 guntas acquired during the year 2013-14, by Government of Karnataka for public purpose for which the Company is entitled to compensation under the Right to Fair Compensation & Transparency in Land Acquisition Rehabilitation and Resettlement Act, 2013 (LARR 2013), the company has received the Final award and the total compensation amount of Rs.142.56 crores has been recognized as Income during the year. As per section 96 of the LARR Act, no Income Tax shall be levied on any award under the said Act.

3. Related Party Disclosure:

(a) Parties where control exists:

Mr. M. Ethiraj (Father of Mr. E.Shanmugam)

Mr. E. Shanmugam (Son of Mr.M Ethiraj)

Mrs S Valli (Daughter of Mr.M.Ethiraj, Sister of Mr.E.Shanmugam)

Other Related Parties:

The Thirumagal Mills Limited Tiger Farms Private Limited Srinidhi Finance Private Limited

4. Provision for Dividend on cumulative preference shares

Provision for dividend on cumulative shares has been made at Rs. 0.45 per share on 9% preference shares of 2,39,02,516 from 01.10.2005 to 31.03.2015 and 0.4875 per share on 9.75% preference shares of 39,200 from 01.07.2006 to 31.03.2015.

5. Deferred Tax Asset:

The company has carry forward losses under the income tax law as at the reporting date. In the absence of virtual certainty supported by convincing evidence no Deferred Tax Asset has been recognized in the financial statements. Similarly Deferred Tax Asset in respect of timing difference on account of difference between book depreciation and tax depreciation has been recognized in the financial statements only to the extent of reducing the opening balance of Deferred Tax Liability of Rs.24042/- to NIL.

The company is in the process of approaching the Income Tax Department for apportioning the brought forward losses and business losses as per the Income Tax Act. Hence, on a conservative basis, the net deferred tax assets are not recognized in the balance sheet as on 31st March 2015 as a measure of prudence.

6. The Managing Director Mr E. Shanmugam is eligible for a Remuneration of up to Rs.5 lakhs per annum as per the Resolution of the Shareholders dated 29-09-2012. However, in view of the Losses during the years 2012-13 and 2013-14, the Managing Director was not paid any remuneration for these years. Now in view of profits during the current year and as per the arrangement with the Managing Director, a sum of Rs.48000/- per annum has been provided towards Remuneration for the financial years 2012-13, 2013-14 & 2014-15.

7. The company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any relating to amounts unpaid as at the yearend together with interest paid / payable as required under the said Act have not been made.

8. Labour case:

Labour disputes case (amount not ascertained) is pending with the High court of Karnataka, Bangalore, Karnataka State. However the company is contesting the case against the labour claims.

9. Capital expenditure commitments pending and remaining to be executed as on March 31, 2015 Rs.419.41 Lakhs.

10. The company has revised the useful life of fixed assets in accordance with Part C of Schedule II to the Companies Act, 2013. Consequently the impact on Statement of Profit and Loss for the year ended on March 31, 2015 is increase in depreciation charge by Rs.19.15 Lakhs.

11. Figures in the financial statements and in the Notes have been rounded off to the nearest rupee.

12. Previous year figures have been regrouped wherever necessary to conform to current period classification/ grouping.


Mar 31, 2014

1. a) Terms/rights attached to various classes of shareholders

Equity Shareholders:

Every shareholder is entitled to such rights as to attend the meeting of the shareholders, to receive dividend distributed and also has a right in the residual interest of the assets of the Company. Every shareholder is also entitled to right of inspection of documents as provided in the Companies Act, 1956 Preference Shareholders:

Every shareholder is entitled to the fixed rate of dividend (cumulative) as per the terms of issue.

They are entitled to the capital in preference to the equity shareholders in case of liquidation.

Terms of Issue and redemptions of Cumulative Redeemable Preference Shares: (CPRS)

NOTE. 2:

1. The company had obtained in-principle approval from the Bombay Stock Exchange for listing of its equity shares. Later, the company had approached the Securities Exchange Board of India (SEBI) for obtaining relaxation under Rule 19(2) of Securities Contracts Regulations Rules, 1957. Trading permission has been obtained vide proceedings CFD/DIL/SK/PM/6862/2013 dated 20th March, 2013 and subsequently the shares were listed on 28th May 2013.

2. Lands to the extent of 3 acres and 16 guntas belonging to the Company were acquired during the year by Government of Karnataka for public purposes. Entitlement of compensation to the company is under the Right to Fair Compensation & Transparency in Land Acquisition Rehabilitation and Resettlement Act 2013 (LARR 2013). The Government issued to the Company preliminary notification on 25.06.2013. The Company gave conditional consent on 13.01.2014 and the Government had taken symbolic possession on 16.01.2014. However though an interim compensation of Rs. 70,13,24,574/- was received on 30.04.2014 after the closure of Accounts, the final award is not yet passed and therefore the property has not vested with the Government during the accounting year ended 31st March, 2014. Pending notification of final award and quantification of amount, the Company has not recognized revenue in the nature of compensation for the acquisition.

3. In terms of the scheme of demerger, preference shares were allotted in the resulting companies and the management has decided to carry the arrears of cumulative preference dividend along with the preference shares as under:

4. Related Party Disclosure:

(a) Related parties with whom transactions have taken place during the year

M. Ethiraj E.Shanmugam Tiger Farms Private Limited Srinidhi Finance Private Limited

5. Deferred Tax Asset:

The company is in the process of approaching the Income Tax Department for apportioning the brought forward losses and business losses as per the Income Tax Act. Hence, on a conservative basis, the net deferred tax assets are not recognized in the balance sheet as on 31st March 2014 as a measure of prudence.

6. Previous year figures have been rounded off to the nearest rupee and regrouped wherever necessary.


Mar 31, 2013

1. CORPORATE INFORMATION

S V Global Mill Limited was incorporated on 30,h October 2007 under the Companies Act, 1956. The Registration Number of the Company is U17100TN2007PLC065226. It obtained a Certificate for Commencement of business on 28lh December 2007. The Company is engaged in the business of property development.

2. The Company had obtained in-principle approval from the Bombay Stock Exchange for listing of its equity shares. Later the Company had approached the Securities Exchange board of India (SEBI) for obtaining relaxation under Rule 19(2) of Securities Contract Regulation Rules, 1957. Trading permission has been obtained vide proceedings CFD/DIL/SK/PM/6862/2013 dated 20th March, 2013 and subsequently the shares were listed on 28th May 2013

3. There is no principal or interest due or unpaid thereon to any suppliers of Micro, Small and Medium Enterprises as at end of the period.

4. In terms of the Scheme the preference shares were allotted in the resulting companies and the management has decided to carry the arrears of cumulative preference dividend along with the preference shares as under.

5. Deferred Tax Liability/Asset

The companies are in the process of approaching the Income Tax Department for apportioning the Brought Forward Depreciation and Business Loss as per the Income Tax Act and on a conservative basis the net deferred tax assets are not recognized in the balance sheet as on 31st March, 2013 as a measure of prudence.

6. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with current year''s classification / disclosure.


Mar 31, 2012

1. The Company had obtained inrprinciple approval from the Bombay Stock Exchange for listing of its equity shares. Later the Company had approached the Securities Exchange Board of India (SEBI) for obtaining relaxation under Rule 19(2) of Securities Contract Regulation Rules, 1957 and the same is pending.

2. There is no principal or interest due or unpaid thereon to any suppliers of Micro, Small and Medium Enterprises as at the year end. ''

3. In terms of the Scheme the preference shares were allotted in the resulting companies and the management has decided to carry the arrears of cumulative preference dividend along with the preference shares as under.

4. Deferred Tax Liability/Asset

The companies are in the process of approaching the Income Tax Department for apportioning the Brought Forward Depreciation and Business Loss as per the Income Tax Act and on a conservative basis the net deferred tax assets are not recognized in the balance sheet as on 31st March, 2012 as a measure of prudence. .

5. RELATED PARTY DISCLOSURE

Associates

TCP Limited

Mohan Breweries & Distilleries Limited

The Thirumagal Mills Limited Srinidhi Finance Private Limited S.V.Sugar Mills Limited

6. Previous years figures have been regrouped/reclassified, wherever necessary to conform to current period''s presentation.


Mar 31, 2011

1. The Company had obtained in-principle approval from the Bombay Stock Exchange for listing of its equity shares. Later the Company had approached the Securities Exchange Board of India (SEBI) for obtaining relaxation under Rule 19(2)b) of Securities Contract Regulation Rules, 1957 and the same is pending.

2. Sundry creditors outstanding Rs. 9.22 lakhs as on 31.03.2011 include dues to creditors other than Micro, Small and Medium Enterprises. There is no principal or interest due or unpaid thereon to any suppliers of Micro, Small and Medium Enterprises as at year end.

3. DEFERRED TAX LIABILITY / ASSET

The companies are in the process of approaching the Income Tax Department for apportioning the Brought Forward Depreciation and Business Loss as per the Income Tax Act and on a conservative basis the net deferred tax assets are not recognized in the balance sheet as on 31st March, 2011 as a measure of prudence.

4. RELATED PARTY DISCLOSURE

Associates TCP Limited

Mohan Breweries & Distilleries Limited The Thirumagal Mills Limited SV Sugar Mills Limited


Mar 31, 2010

1. In terms of Scheme of arrangement under section 391 to 394 of the Companies Act, 1956 between Binny Limited and two other companies viz. S V Global Mill Ltd (Resulting Company 1) and Binny Mills Ltd (Resulting Company 2) the Hon''ble High Court of Madras, vide Order dated 22.04.2010, has reorganized and segregated by way of demerger. The order of the Court was received by the Binny Limited on 07.05.2010. As per the Court direction the certified copy of the order was filed with ROC on 08.05.2010 which is the effective date of the Sanctioned Scheme of arrangement. As per the sanctioned Scheme of arrangement the Appointed date is 1st January 2010, i.e. date on which the demerger related entries have been given effect in the books of the companies.

2. In terms of the said scheme, in consideration of demerger, the shareholders in Binny Ltd shall get in S V Global Mill Limited, in the ratio of

a. 7 (seven) equity share in S V Global Mill Limited of face value of Rs.5/- each credited as fully paid up for every 7 (seven) equity shares of Rs.5/- (Rupees five) each fully paid-up.

b. 1 (one) 9.75% Cumulative Redeemable Preference Share of face value of Rs.5/- (Rupees five) each credited as fully paid up for every 30 (Thirty) 9.75% Cumulative Redeemable Preference Shares of Rs.5/- (Rupees five) each fully paid-up.

c. 138 (One hundred and thirty eight) 9% Cumulative Redeemable Preference Share of face value of Rs.5/- each credited as fully paid up for every 3,125 (Three thousand one hundred and twenty five) 9% Cumulative Redeemable Preference Shares of Rs.5/- each fully paid-up

3. In terms of the sanctioned scheme the following are the Assets and Liabilities, relating to the Properties Undertaking were transferred from Binny Limited to S V Global Mill Limited.

The excess of the value of assets over the value of liabilities transferred pursuant to the Scheme of Arrangement amounting to Rs.1445.17 lakhs has been credited to "Capital Reserve Account".

4. In terms of the Scheme of Arrangement, the Equity Shares and Preference Share capital were issued at the Board Meeting held on 12-05-2010 and the Appointed Date being 01 -01 -2010, the entries relating to Issue of Equity and Preference Shares were shown under Pending Allocation in the Balance sheet as on 31st March, 2010.

5. In terms of the Scheme of Arrangement, the existing paid up equity shares of Rs.500000/-shall be converted into 1,00,000/- 9% Cumulative redeemable preference shares of Rs.5/- each, with effect from the effective date.

6. In terms of the Scheme of Arrangement, the increase in Authorized share Capital was done on the Board Meeting held on 12-05-2010 and the increase in authorized share capital expenses were met out by the Binny Limited as per the Scheme approved by the High Court.

7. In the opinion of the Management, all current assets, loans and advances would in the ordinary course of business realize at the value stated.

8 Sundry creditors outstanding Rs.1.35 lakhs as on 31.03.2010 include dues to creditors other than Micro, Small and Medium Enterprises. There is no principal or interest due or unpaid thereon to any suppliers of Micro, Small and Medium Enterprises as at year end.

9. Provision for income tax is not made in view of the loss for the current period. Consequent to Demerger, the Losses of Binny Limited to be apportioned as per Section 72Aof the Income Tax Act is in progress.

10. DEFERRED TAX LIABILITY /ASSET

The companies are in the process of approaching the Income Tax Department for apportioning the Brought Forward Depreciation and Business Loss as per the Income Tax Act and on a conservative basis the net deferred tax assets are not recognized in the balance sheet as on 31st March, 2010 as a measure of prudence.

11. SEGMENT REPORTING

By virtue of approved Scheme of the Demerger, by the High Court of Madras the Property division of the Binny Limited got demerged and stand transferred, to and vested in this company on a going concern basis. The entire operation is from the date of Appointed Date i.e. with effect from 01-01- 2010. The Property Division of Binny Limited is the main business of this Company and this is the only reportable segment.

12. Advances include a sum of Rs.2499.20 lakhs towards property development to a company under the same management viz. M/s S V Sugar Mills Limited. Maximum amount outstanding at any time during the year of such advance is Rs.2499.20 lakhs.

13. The estimated amount of contracts remaining to be executed on account of Capital account as at 31s1 March 2010: NIL

14. The figures for current year includes the transaction relating to the business of the company after incorporating the demerger business with effect from 01-01-2010 and hence not strictly comparable with previous year.

15. Cash Flow Statement and balance Sheet Abstract are enclosed.

 
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