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Notes to Accounts of Tarmat Ltd.

Mar 31, 2015

1. Corporate Information :

Tarmat Ltd. was established in the year 1986 by Mr. Jerry Varghese. The company is specialized in the construction of Airfield and National/State Highways all over India. The present works include construction of heavy duty parking bays at Bangalore International Airport, construction of airport runway, taxiway, apron, approach road, peripheral road etc. at Gulbarga & Shimoga, recarpeting of Main Runway at Gwalior and Awantipur Airports, four laning project of Napgur-Hyderabad National Highway, construction of internal roads for Sai Sansthan Trust, Shirdi etc.

The company had its IPO in 2007 and got listed in BSE and NSE. The present paid up capital of the company is Rs. 10.96Cr, of which 63% is held by the promoters.

2. 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 shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend (if any) proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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 shareholder

3. Additional Information to Secured Long Term Borrowings

The long term portion of term loans are shown under long term borrowing and the current maturities of the long term borrowings are shown under the current liabilities as per the disclosure of the Revised Schedule VI.

4. Details of Securities and Terms of Repayment

Secured (Term Loans)

SREI Equipment Finance Private Limited

Secured by first charge by way of hypothecation of specific movable assets as described in the Annexure to Schedule of the loan agreement executed on August 8,2011 (for disbursement of Rs.72lacs), on August 15,2011 (for disbursement of Rs.28lacs), on October 15,2011 (for disbursement of Rs. 250lacs), on December 5,2011 for disbursement of Rs.60lacs) on March 15, 2012 (for disbursement of Rs.20.68lacs and on March 15, 2012 (for disbursement of Rs.40lacs)

Kotak Mahindra Bank (Term Loan)

a. Secured by way of subservient charge on all existing and future current assets of the company

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese

A) Vijaya Bank

Secured by way of: First charge on stock and book debts and other receivables.

Collateral securities

a. Unencumbered Plant & Machinery

b. Mortgage of factory land at Shirdon, Taluk Panvel, Dist Raigad standing in the name of Mr. Jerry Varghese c Mortgage of Non Agricultural land at Nasik standing in the name of Mr. Jerry Varghese

d. Mortgage of Plot No.19, Sector 24, Vashi, Navi Mumbai in the name of the company

e. Mortgage of land & residential flats at Sector 24, Vashi, Navi Mumbai in the name of the company

f. Mortgage of land & building at Goregaon East, Village Malad, Mumbai in the name of the company

B) Kotak Mahindra Bank

a. Secured by way of subservient charge on all existing and future current assets of the company Collateral securities

a. Secured by mortgage of specific fixed assets of the company.

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese

Default

The company has defaulted in the repayment of interest dues to Vijaya Bank during the period May 2012 till date. Vijaya Bank has classified the account as "Non Performing Asset" during the current financial year and has served a SARFESAI notice on the company against which the company has preferred an appeal.

5. Extra Ordinary Item

There are no extra ordinary items during the current year.

6. Contingent Liabilities

(Rs. in lacs)

Particulars 2014-2015 2013-2014

Bank Guarantee 2015.16 3628.77

Property Tax 45.82 55.71

Total 2060.98 3684.48

7. Related Party Transactions

Information on Related Party Disclosures as per Accounting Standard 18 (AS-18) on Related Party Disclosures is given below:

For the year ended 31 st March 2015

a) List of related parties with whom the company entered into transactions-

S.No. Name of Related Party Nature of Relationship

A) Key Management personnel and their relatives - ;

J Mr. Jerry Varghese Managing Director

2 Mrs. Saramma Varghese Executive Director

3 Mr. Dilip Varghese Executive Director

B)Enterprise owned/controlled by key management personnel or their relatives -

J M/s Tarmat Construction Pvt. Ltd. Company controlled by Mr. Jerry Varghese

2 M/s Tarmat Holding Pvt. Ltd. Company controlled by Mr. Jerry Varghese

3 M/s Tarmat Quarries Pvt. Ltd. Company controlled by Mr. Jerry Varghese

4 M/s Tarmat Motels Pvt. Ltd. Company controlled by Mr. Jerry Varghese

b) Nature of Transactions -

Nature of Transaction Amount Nature of Relationship

Managerial Remuneration Rs. 50.45 lacs Key Management personnel

Directors sitting fees Rs. 0.62 lacs Non Executive Directors

Professional charges Rs. 3.75 lacs Independent Director

8. Segment information-

a) Primary Segment

The business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction.

b) Secondary Segment

The company operates in India and hence there are no geographical segments.

2) Since the principal business of the company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

3) Additional information pursuant to the provision of part II of Schedule VI to the Companies Act, 1956 (wherever applicable)

9. Additional Comments

1) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.

2) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. Nil/- (Previous year debit Rs. Nil)

3) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

4) The previous year's figure have been reworked, regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2014

Corporate Information :

Tarmat Ltd. was established in the year 1986 by Mr. Jerry Varghese. The company is specialized in the construction of Airfield and National/State Highways all over India. The present works include construction of heavy duty parking bays at Bangalore International Airport, construction of airport runway, taxiway, apron, approach road, peripheral road etc. at Gulbarga & Shimoga, recarpeting of Main Runway at Gwalior and Awantipur Airports, four laning project of Napgur-Hyderabad National Highway, construction of internal roads for Sai Sansthan Trust, Shirdi etc.

The company had its IPO in 2007 and got listed in BSE and NSE. The present paid up capital of the company is Rs. 10.96Cr, of which 63% is held by the promoters.

1. SHARE CAPITAL

a. 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 shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend (if any) proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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 shareholder

b. Shares held by holding/ultimate holding company

Tarmat Ltd has no holding company. Hence the number of shares held by Holding/ultimate company is NIL

2. Additional Information to Secured Long Term Borrowings

a. The long term portion of term loans are shown under long term borrowing and the current maturities of the long term borrowings are shown under the current liabilities as per the disclosure of the Revised Schedule VI.

b. Details of Securities and Terms of Repayment

Secured (Term Loans)

SREI Equipment Finance Private Limited

Secured by first charge by way of hypothecation of specific movable assets as described in the Annexure to Schedule of the loan agreement executed on August 8, 2011 (for disbursement of Rs.72lacs), on August 15, 2011 (for disbursement of Rs.28lacs), on October 15, 2011 (for disbursement of Rs. 250lacs), on December 5, 2011 for disbursement of Rs.60lacs) on March 15, 2012 (for disbursement of Rs.20.68lacs and on March 15, 2012 (for disbursement of Rs.40lacs).

3. Kotak Mahindra Bank (Term Loan)

a. Secured by way of subservient charge on all existing and future current assets of the company

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese"

4.Unsecured

1. Cash Credit Limits - Note 8 (A) (a)

A) Vijaya Bank

Secured by way of: First charge on stock and book debts and other receivables.

Collateral securities

a. Unencumbered Plant & Machinery

b. Mortgage of factory land at Shirdon, Taluk Panvel, Dist Raigad standing in the name of Mr. Jerry Varghese

c Mortgage of Non Agricultural land at Nasik standing in the name of Mr. Jerry Varghese

d. Mortgage of Plot No.19, Sector 24, Vashi, Navi Mumbai in the name of the company

e. Mortgage of land & residential flats at Sector 24, Vashi, Navi Mumbai in the name of the company

f. Mortgage of land & building at Goregaon East, Village Malad, Mumbai in the name of the company

B) Kotak Mahindra Bank

a. Secured by way of subservient charge on all existing and future current assets of the company Collateral securities

a. Secured by mortgage of specific fixed assets of the company.

b. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mrs. Saramma Varghese

c. Equitable mortgage of residential flat at Bandra, Mumbai in the name of Mr. Dilip Varghese

5. Default

The company has defaulted in the repayment of interest dues to Vijaya Bank during the period May 2012 till date. Vijaya Bank has classified the account as "Non Performing Asset" during the previoust financial year and has served a SARFESAI notice on the company against which the company has preferred an appeal.

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 relating to the amount unpaid as at year end together with interest paid/payable under this act has not been given.

The amount relates to share application money received but not refunded as the addressees are not traceable.The amount is kept in a separate bank account pending transfer to Investor Education & Protection Fund when due.

6. Extra Ordinary Item

There are no extra ordinary items during the current year. During the previous year ended 31st March,2013 the company had provided a sum of Rs. 1044.15 lacs towards performance bank guarantee invoked by client at Chennai. The management is of the opinion that the amount is fraudulently invoked and is contestable and a case has been filed in the Chennai High Court. Since the bank has already made the payment to the client, the company has written off the same as extraordinary items as the recovery of the same is subject to outcome of litigation.

7. CONTINGENT LIABILITIES

Particulars 2013 - 2014 2012 - 2013 Estimated amount of claims against the Company not acknowledged as debts: - -

Bank Guarantee 3628.77 3797.94

Property Tax 55.71 -

Total 3684.48 3797.94

8. Segment information

a) Primary Segment

The business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction.

b) Secondary Segment

The company operates in India and hence there are no geographical segments.

2) Since the principal business of the company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

3) Additional information pursuant to the provision of part II of Schedule VI to the Companies Act, 1956 (wherever applicable)

9. Additional Comments

1) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.

2) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. Nil/- (Previous year debit Rs. Nil)

3) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

4) The previous year''s figure have been reworked, regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2013

1. Corporate Information :

Tarmat Ltd. was established in the year 1986 by Mr. Jerry Varghese. The company is specialized in the construction of Airfield and National/State Highways all over India. The present works include construction of heavy duty parking bays at Bangalore International Airport, construction of airport runway, taxiway, apron, approach road, peripheral road etc. at Gulbarga & Shimoga, recarpeting of Main Runway at Gwalior and Awantipur Airports, four laning project of Napgur-Hyderabad National Highway, construction of internal roads for Sai Sansthan Trust, Shirdi etc.

The company had its IPO in 2007 and got listed in BSE and NSE. The present paid up capital of the company is Rs. 10.96 Cr, of which 63% is held by the promoters.

Note No. 2 Extra Ordinary Item

During the year the company has paid a sum of Rs. 1044.15 lacs towards performance bank guarantee invoked by client at Chennai. The management is of the opinion that the amount is fraudulently invoked and is contestable and a case has been filed in the Chennai High Court. Since the bank has already the payment to the client, the Company has written off the same as extra ordinary item, as recovery of the same is subject to out come of litigation.

Note No. 3 : Contingent Liabilities

(Rs. in lacs)

Particulars 2012-2013 2011-2012

Estimated amount of claims against the Company not acknowledged as debts:

Bank Guarantee 3,797.94 6,336.51

Total 3,797.94 6,336.51

Note No. 4

1) Segment information -

a) Primary Segment

The business segment has been considered as the primary segment. The company is engaged in only one reportable segments viz Construction.

b) Secondary Segment

The company operates in India and hence there are no geographical segments.

2) Since the principal business of the company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

3) Additional information pursuant to the provision of part II of Schedule VI to the Companies Act, 1956 (wherever applicable)

Note No.5 Joint ventures: AS-27, Para 51 to 54

During the year, the company has written off investments made in Joint venture amounting to Rs. 362.96 Lacs as the amount is no longer recoverable. The total amount of investment in Joint Ventures was Rs. 550.64 Lacs of which Rs. 185.74 lacs was recovered from the venture.

Note No.6 Additional Comments

1) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.

2) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. Nil/- (Previous year debit Rs. 6412/-)

3) Income tax Search was conducted on the company consequent to which the company declared a sum of Rs. 10 crores as undisclosed income. The company is in the process of filing the return under Block income tax assessment, and contest the same. However, a provision of Rs 7 Crores is made towards the Income tax liability.

4) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary.

5) The previous year''s figure have been reworked, regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2010

A) CONTINGENT LIABILITIESS - (Rs. in lacs)

Particulars 2009 - 2010 2008 - 2009

Estimated amount of claims against the Company not 70.78 0 acknowledged as debts: Sales Tax

Bank Guarantee 6011.93 6129.14 Total 6082.71 6129.14

1] Related party Transactions

Information on Related Party Disclosures as per Accounting Standard 18 (AS-18) on Related Party Disclosures is given below

For the year ended 31st march 2010

2] Segment information -

a) primary Segment

The business segment has been considered as the primary segment. The Company is engaged in only one reportable segment viz Construction.

b) Secondary Segment

The Company operates in India and hence there are no geographical segments.. 9] Since the principal business of the Company is construction activities, quantitative data as required by part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished.

3) On assessment of the impairment of fixed assets of the Company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the Company is of the view that no provision for impairment of fixed assets is required.

4) In accordance with Accounting Standard 11 (revised), the net exchange loss debited to Profit & Loss account is Rs Nil (previous year Rs.1,77,46,911/-)

5) On assessment of the impairment of fixed assets of the Company as at the Balance Sheet date as required by Accounting Standard 28 "Impairment of Assets" issued by the ICAI, the Company is of the view that no provision for impairment of fixed assets is required.

6) The income tax assessment of the Company has been completed up to Asst. Year 2007-08.

7) The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosures relating to the amount unpaid as at year end together with interest paid/ payable under this Act have not been given.

8) In the opinion of the Board the current assets and advances if realized in the ordinary course of business have value on realization at least to the amount at which these are stated in the Balance Sheet. The provision for all known liabilities are adequate and not in excess of the amount reasonable necessary. The Balances shown under Investment in Joint Venture are subject to balance confirmation receivable from parties to Joint Venture.

 
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