Mar 31, 2015
1. Terms/ rights attached to equity shares
The Company has only one class of equity shares having par value of
Rs.10 per share. Each holder of equity shares is entitled to one vote
per share. Any dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General
Meeting. Dividend declared and paid would be in Indian rupees.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive 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.
2. Employee Benefits
Employee benefit in the form of provident fund is a defined
contribution scheme and the contributions are charged to profit and
loss account of the year when the contribution to the respective funds
is due. There are no other obligations other than the contributions
payable to the respective authorities.
3. Details of Security Given for Secured Loans
i. Term Loan from SBH
a. First charge on fixed assets both present and future i.e. Plant and
Machinery and other movable and immovable assets of Castor Oil
Derivatives Division, situated at Plot.No.65 & 66, Export Promotional
Industrial Park, Pashamylaram Village, Patancheru, Medak.
b. Personal Guarantees of the Promoter Directors and Equitable
Mortgage of Collateral Securities owned by the Promoters and their
Associates.
4. Working capital loans from SBH and IDBI
1. State Bank of Hyderabad
a. First charge by way of hypothecation on the entire current assets
including all the stocks and book debts/receivables present and future
of Castor Oil Derivatives Division, situated at Plot.No.65 & 66, Export
Promotional Industrial Park, Pashamylaram Village, Patancheru, Medak.
b. Personal Guarantees of the Promoter Directors and Equitable
Mortgage of Collateral Securities owned by the Promoters and their
Associates.
2. IDBI
a. Personal Guarantees of the Promoter Directors and Equitable Mortgage
of Collateral Securities owned by the Promoters and their Associates
3. Term Loan from Power Finance Corporation Limited and Rural
Electrification Corporation Limited
a. A first charge by way of mortgage in favour of lenders of all the
immovable properties, present and future, of the Biomass project.
b. A first charge by way of hypothecation in favour of lenders of all
the company's movables, including movable plant and machinery spares,
tools and accessories, furniture, fixtures, vehicles and all other
movable assets, present and future, of the Biomass project;
c. A first charge on company's book debts, operating cash flows,
receivables, commissions, revenues of whatsoever nature and whether
arising, present and future, intangibles, goodwill, uncalled capital,
present and future, of the Biomass project.
d. A first charge by way of assignment or creation of charge in favour
of the Lenders of Biomass project
5. Transferring or settling dues of the bank through ARC
With respect to the Note No. 3 and 4, credit facilities obtained from
State Bank of Hyderabad having outstanding balances of Rs. 25.97 Lakhs
and Rs.1468.40 lakhs in case of Term loans and demand loan
respectively, has been now proposed to assign to ARC by the bank with
effect from 30.09.2015.
6. Provision for Gratuity and Leave Encashment: The Company has not
provided any amount towards Leave Encashment to Employees for the
current financial year.
7. Employee Stock Option Plan: During the current year, the Company has
not announced any Employee Stock Option plan (Previous Year: Nil).
8. The balances of Sundry Debtors, Sundry Creditors and Loans &
Advances are subject to confirmation from the parties.
Mar 31, 2014
1. Loans repayable on demand:
Working capital loans are Secured by way of hypothecation of Raw
Materials, Stock - in - process, finished goods and stores and spares
and book debts of the Company and also secured by way charge on
collateral securities provided by the company for the castor oil
division (Refer Note No.25 K)
Amount in Lakhs
Particulars As at As at
31.03.2014 31.03.2013
A. Contingent Liabilities not provided for
a) Against Foreign bills discounted - -
b) Against inland Letter of Credit - -
c) Demand raised by the income tax
department for the Asst. Year 2006 - 07 on 26.00 26.00
subjecting the misc. income and the matter is
pending before the Appellate Authority,
Mumbai.
d) Demand raised by the Income tax 9.11 9.11
department for the Asst. Year 2008 - 09 on
subjecting the sale of investments and the
matter is pending before the Appellate
Authority, Mumbai. 36.14 -
e) Against demand raised by the Income
tax authorities for the A.Y.2012-13
Expenditure in Foreign Currency during the Nil Nil
year
Value of imports calculated on CIF basis Nil Nil
Earnings in Foreign Exchange
FOB value of Exports
76.05 101.73
Composition of Net Deferred Tax Asset /
(Liability) (36.00) 74.00
Total
2. Employee Benefits
Employee benefit in the form of provident fund is a defined
contribution scheme and the contributions are charged to profit and
loss account of the year when the contribution to the respective funds
is due. There are no other obligations other than the contributions
payable to the respective authorities.
3. Details of Security Given for Secured Loans
i. Term Loan from SBH
a. First charge on fixed assets both present and future i.e. Plant and
Machinery and other movable and immovable assets of Castor Oil
Derivatives Division, situated at Plot.No.65 & 66, Export Promotional
Industrial Park, Pashamylaram Village, Patancheru, Medak.
b. Personal Guarantees of the Promoter Directors and Equitable
Mortgage of Collateral Securities owned by the Promoters and their
Associates.
ii. Working capital loans from SBH and IDBI
1. State Bank of Hyderabad
a. First charge by way of hypothecation on the entire current assets
including all the stocks and book debts/receivables present and future
of Castor Oil Derivatives Division, situated at Plot.No.65 & 66, Export
Promotional Industrial Park, Pashamylaram Village, Patancheru, Medak.
b. Personal Guarantees of the Promoter Directors and Equitable
Mortgage of Collateral Securities owned by the Promoters and their
Associates.
2. IDBI
a. Paripassu and charge on current assets of the company.
b. Personal Guarantees of the Promoter Directors and Equitable
Mortgage of Collateral Securities owned by the Promoters and their
Associates
3. Term Loan from Power Finance Corporation Limited and Rural
Electrification Corporation Limited
a. A first charge by way of mortgage in favour of lenders of all the
immovable properties, present and future, of the Biomass project.
b. A first charge by way of hypothecation in favour of lenders of all
the company's movables, including movable plant and machinery spares,
tools and accessories, furniture, fixtures, vehicles and all other
movable assets, present and future, of the Biomass project;
c. A first charge on company's book debts, operating cash flows,
receivables, commissions, revenues of whatsoever nature and whether
arising, present and future, intangibles, goodwill, uncalled capital,
present and future, of the Biomass project.
d. A first charge by way of assignment or creation of charge in favour
of the Lenders of Biomass project
e. All the right, title, interest, benefit, claims and demand
whatsoever of the company in the project documents, duly acknowledged
and consented to by the relevant counter-parties to such project
documents, all as amended, varied or supplemented from time to time;
f. All the rights, title, interest, benefits, claims and demands
whatsoever of the company in the clearances;
g. All the rights, titles, interest, benefits, claims and demands
whatsoever of the company in any letter of credit, guarantee,
performance bond provided by any party to the project documents
h. First charge on all the letters of credit, Trust and Retention
Accounts, DSRAs and other reserves and any other bank accounts of the
company wherever maintained for the Biomass project.
4. Provision for Gratuity and Leave Encashment: The Company has provided
an amount of Rs.115, 401/- for Gratuity and an amount of Rs.115,401/-
towards Leave Encashment to Employees on accrual basis for the current
financial year.
Employee Stock Option Plan: During the current year, the Company has
not announced any Employee Stock Option plan (Previous Year: Nil).
5. The figures have been rounded off to the nearest rupee and previous
year figures are regrouped/ Rearranged wherever necessary to conform to
those of the current year classification.
Mar 31, 2013
Amount in Lakhs
Particulars As at As at
n 31.03.2013 31.03.2012
A. Contingent Liabilities
not provided for
a) Against Foreign bills
discounted 30.94
b) Against inland Letter
of Credit 126.09
c) Demand raised by the
income tax department for the 26.00 26.00
Asst. Year 2006 - 07 on
subjecting the misc.
income and the matter is pending
before the Appeellate
Authority Mumbai.
d) Demand raised by the
Income tax department
for the Asst. Year 2008 - 09
on subjecting the sale
of investments and the
matter is pending before
the Appellate Authority, Mumbai. 9.11 9.11
B Expenditure in Foreign
Currency during the year Nil Nil
C Consequent to the Notification under the Companies Act, 1956, the
financial statements for the year ended 31st March, 2013 are prepared
under Revised Schedule VI. Accordingly the previous year''s figures have
been reclassified to conform to this year''s classification.
D Details of Security Given for Secured Loans i. Term Loan from SBH
a. First charge on fixed assets both present and future i.e. Plant and
Machinery and other movable and immovable assets of Castor Oil
Derivatives Division, situated at Plot.No.65 & 66, Export Promotional
Industrial Park, Pashamylaram Village, Patancheru, Medak.
b. Personal Guarantees of the Promoter Directors and Equitable Mortgage
of Collateral Securities owned by the Promoters and their Associates.
ii. Working capital loans from SBH and IDBI
1. State Bank of Hyderabad
a. First charge by way of hypothecation on the entire current assets
including all the stocks and book debts/ receivables present and future
of Castor Oil Derivatives Division, situated at Plot.No.65 & 66, Export
Promotional Industrial Park, Pashamylaram Village, Patancheru, Medak.
b. Personal Guarantees of the Promoter Directors and Equitable Mortgage
of Collateral Securities owned by the Promoters and their Associates.
2. IDBI
a. Pari passu and charge on current assets of the company.
b. Personal Guarantees of the Promoter Directors and Equitable Mortgage
of Collateral Securities owned by the Promoters and their Associates
3. Term Loan from Power Finance Corporation Limited and Rural
Electrification Corporation Limited
a. A first charge by way of mortgage in favour of lenders of all the
immovable properties, present and future, of the Biomass project.
b. A first charge by way of hypothecation in favour of lenders of all
the company''s movables, including movable plant and machinery machinery
spares, tools and accessories, furniture, fixtures, vehicles and all
other movable assets, present and future, of the Biomass project;
c. A first charge on company''s book debts, operating cash flows,
receivables, commissions, revenues of whatsoever nature and whether
xarising, present and future, intangibles, goodwill, uncalled capital,
present and future, of the Biomass project.
d. A first charge by way of assignment or creation of charge in favour
of the Lenders of Biomass project
i. All the right, title, interest, benefit, claims and demand
whatsoever of the company in the project documents, duly acknowledged
and consented to by the relevant counter-parties to such project
documents, all as amended, varied or supplemented from time to time;
ii. All the rights, title, interest, benefits, claims and demands
whatsoever of the company in the clearances;
iii. All the rights, titles, interest, benefits, claims and demands
whatsoever of the company in any letter of credit, gurantee,
performance bond provided by any party to the project documents and
iv. All insurance contracts/insurance proceeds;
v. Assignment of guarantees from EPC contractor (if any) relating to
the project.
e. First charge on all the letters of credit, Trust and Retention
Accounts, DSRAs and other reserves and any other bank accounts of the
company wherever maintained for the Biomass project.
E Provision for Gratuity and Leave Encashment: The Company has provided
an amount of Rs.115, 401/- for Gratuity and an amount of Rs.115,401/-
towards Leave Encashment to Employees on accrual basis for the current
financial year.
F Employee Stock Option Plan: During the current year, the Company has
not announced any Employee Stock Option plan (Previous Year: Nil).
G The balances of Sundry Debtors, Sundry Creditors and Loans & Advances
are subject to confirmation from the parties.
H. The figures have been rounded off to the nearest rupee and previous
year figures are regrouped/ Re arranged wherever necessary to conform
to those of the current year classification.
Mar 31, 2012
A. The figures have been rounded off to the nearest rupee and previous
year figures are regrouped/ rearranged wherever necessary to conform to
those of the current year classification.
Mar 31, 2011
1. Contingent Liabilities:
Particulars 2010-11 (Rs.) 2009-10 (Rs.)
a.Letter of Credits availed from
banks towards
purchase of Raw materials 1,21,59,911 Nil
b.Bank Guarantee given by banks 2,00,000 Nil
c. Provision for Gratuity and Leave
encashment to the employees estimated
amount has not been provided as the
same is proposed to be accounted
when it is paid 5,52,850 Nil
2. Demerger and Amalgamation Details:
Subsequent to the approval by the High Courts of Mumbai and Andhra
Pradesh, the Company has de-merged its Finance Business on appointed
date 01.04.2010 with Five X Finance and Investment Ltd and Further M/s.
Swarnajyothi Agro and Exports Limited, M/s. Vanishekar Green Energy Pvt
Ltd and M/s. Indrabathi Energies Pvt Ltd have merged with Company with
effect from appointed date 01.04.2010.
Accordingly, in line with the Scheme of Arrangement and Restructuring,
all the assets and liabilities related to de-merged company (i.e.
Finance Division's) has been transferred to Five X Finance and
Investment Ltd (Resultant Company).
Similarly, the assets and liabilities of M/s. Swarnajyothi Agro and
Exports Limited, M/s. Vanishekar Green Energy Pvt Ltd and M/s.
Indrabathi Energies Pvt Ltd have been merged with the Company and as a
consideration, equity shares of the Company have been allotted to the
shareholders of the transferor companies. The entire business of the
transferor companies as going concern along with the liabilities and
assets have been transferred to the company after re-valuing the same
in line with value of shares allotted towards purchase consideration.
3. Re-Structuring of Balance Sheet: The Current year Balance Sheet has
been re-structured / re-arranged on appointed date i.e.,01.04.2010 in
line with the Composite Scheme of Arrangement and Restructuring,
4. The Name of the Company i.e., M/s. Octant Interactive Technologies
Limited has been changed as M/s. Octant Industries Limited as approved
in the EGM and as per approval of Registrar of Companies vide approval
dated 23.02.2011.
5. Details of Security Given for Secured Loans:
A. Term Loan from SBH
First charge on fixed assets both present and future i.e. Plant and
Machinery and other movable and immovable assets of Castor Oil
Derivatives Division, situated at Plot.No.65 & 66, Export Promotional
Industrial Park, Pashamylaram Village, Patancheru, Medak.
B. Working capital Loans from SBH
First charge by way of hypothecation on the entire current assets
including all the stocks and book debts/receivables present and future
of Castor Oil Derivatives Division, situated at Plot.No.65 & 66, Export
Promotional Industrial Park, Pashamylaram Village, Patancheru, Medak.
C. Collateral Security for Term Loan and Working Capital from SBH (i.e
A & B above)
1. Equitable mortgage of the following properties:
i. Factory land and building of Castor Oil Derivatives Division,
situated at Plot.No.65 & 66, Export Promotional Industrial Park,
Pashamylaram Village, Patancheru, Medak.
ii. Flat No. G-1, Ground Floor, "Sai Ram Plaza", House Flat No. 130/B
(MIG), MCH No.7-1- 395/14, Sanjveeva Reddy Nagar, Hyderabad - 500 038.
Admeasuring 1400 sq yards and undivided share of land 44.9 sq yrds.
Standing in the name of Mrs. Indira Sahu.
iii. Opening dry land in Sy. No. 227, Pasumamla (V& GP), Hayathnagar(M)
R.R. Dist, A.P. Admeasuring AC.2.00 gts. Standing in the name of Sri
Marella Srinivasa Reddy.
2. Personal Guarantees of Mr. Manmohan Sahu, Indira Sahu and Mr.
Srinivas Reddy.
6. The Company has not provided for Gratuity and Leave Encashment to
Employees on accrual basis. However, in the opinion of management the
amount involved is negligible and has no impact on Profit & Loss
Account. It is further stated that the same will be accounted when it
is paid.
7. Employee Stock Option Plan: During the current year, the Company
has not announced any Employee Stock Option plan (Previous Year: Nil).
8. The balances of Sundry Debtors, Sundry Creditors and Loans &
Advances are subject to confirmation from the parties.
9.In respect of the amounts mentioned under section 205C of the
Companies Act, 1956 there are no dues that are to be credited to the
Investor Education and Protection Fund as at March 31, 2011 (March 31,
2010: Nil)
10.Claims against the company not acknowledge as debt: Nil.
11.Related Party Disclosure
a. Names of the Related Parties:
i. Manmohan Sahu - Managing Director
ii. Indira Sahu - Relative of Director
b. Secondary Segment Information
The Company operates only in the Indian Market so there are no
reportable geographical segments.
12.Deferred Tax
The deferred tax liability (asset) has been provided to comply with
Accounting Standard 22 on Accounting for Taxes on Income, issued by the
Institute of Chartered Accountants of India.
13.Additional Information pursuant to paragraphs 3 and 4 of part II of
Schedule VI of the Companies Act, 1956 Ã As certified by the
management.
14.The figures have been rounded off to the nearest rupee and previous
year figures are regrouped/ rearranged wherever necessary to conform to
those of the current year classification.
Mar 31, 2010
1. The Company has not provided for Gratuity and Leave Encashment to
Employees on accrual basis, which is not in conformity with AS -15
issued by ICAI. However, in the opinion of management the amount
involved is negligible and has no impact on Profit & Loss Account.
2. The balances of Debtors, Creditors, Loans & Advances are subject to
confirmation from the parties.
3. In opinion of the Board, current assets, Loans and advances have a
value on realisation in the ordinary course of business at least equal
to the amount at which they are stated in the financial statement.
4. The previous years figures are regrouped & rearranged wherever
necessary, if any.
5. Based on the information available with the Company, there is no
amount due to Small Scale Industrial Undertaking, outstanding for more
then 30 days as at 30* September 2010.
6. Additional Information pursuant to the provisions of Paragraphs
4,4b of Part II of Schedule VI of Companies Act, 1956.
A. Directors Remuneration
Particulars Director Remuneration
Half Year ended 30.09.2010
Mr. Manmohan Sahu NIL
* The Directors Remuneration showed in Administration Expenses are paid
by transferor companies to transferor companies Directors.
B. Auditors Remuneration
Auditors Remuneration Half Year ended 30.09.2010
Audit Fees 30,000
Tax Audit Fees 10,000
VAT Audit Fees 7,500
Taxation and Other Matters 15,000
Total 62,500
C. Expenses in Foreign Currency
Particulars Half Year ended 30.09.2010
Advertisement Expenses NIL
7 EARNING PER SHARE (EPS)
The earning per share computed as per the requirement under Accounting
Standard 20 on Earning per Share issued by The Institute of Chartered
Accountant of India, is as under :
Sr. No. Particulars Half Year ended 30.09.2010
1 Net Profit After Tax 7821921
2 Weighted Average Number of Shares 19783610
3 Basic and Diluted Earnings Per Share 0.395
8. RELATED PARTY DISCLOSURE
Related party disclosure as required by Accounting Standard 18 "Related
Party Disclosure" are given below :-
1. Nature of related party and its relationship There are no related
party transactions during the year.
2. Nature and Volume of transactions carried out with the above
Related Parties in the ordinary course of business for the half year
ended 30th September 2010.
Particulars Related Party
Salaries & Other Amenities NIL
9. Deferred Tax.
The deferred tax liability (asset) has been provided as explained in
Para G above to comply with Accounting Standard 22 on Accounting for
Taxes on Income , issued by the Institute of Chartered Accountants of
India.
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