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Notes to Accounts of Swarnajyothi Agrotech & Power Ltd.

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, 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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