Mar 31, 2018
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. 109607070, of which 60.328% is held by the promoters.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS -
These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the âInd ASâ) as notified by Ministry of Coporate Affairs pursuant to Section 133 of the Companies Act, 2013 and the Companies (Indian Accounting Standards) Rules, 2015, as applicable.
The financial statements for the year ended 31st March, 2018 are the first financial statements prepared by the Company under Ind AS. For all periods upto and including the year ended 31st March, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under the section 133 of the Companies Act, 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2014 (hereinafter referred to as âPrevious GAAPâ) used for its statutory reporting requirement in India immediately before adopting Ind As. The financial statements for the year ended 31st March, 2017 and the opening Balance Sheet as at 1st April, 2016 have been restated in accordance with Ind AS for comparative information. Reconciliations and explanations of the effect of the transition from Previous GAAP to Ind AS on the Companyâs balance sheet, statement of profit and loss and statement of cash flows are provided in note 1.3 d.
The financial statement have been prepared on accrual and going concern basis. The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at 1st April, 2016 being the date of transition to Ind AS. All asset and liabilities have been classified as current or non current as per the Companyâs normal operating cycle and other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. The Company considers 12 month as normal operating cycle.
The Companyâs financial statements are reported in Indian Rupees, which is also the companyâs functional currency and all values are rounded to the nearest lakh except otherwise indicated.
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
c. 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
d. Details of shareholders holding more than 5% shares in the company
3.1 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.
3.2 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)
The Company has paid the dues during the year and the account is settled and cleared.
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
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
Default
However the Company has arrived at a settlement with Vijaya Bank and has started the payment as per as per the terms and conditions as agreed upon by the Company with Vijaya Bank.
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.
Note No. 4 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 2018
a) List of related parties with whom the company entered into transactions -
Note No. 5 Segment information -
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.
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 âImpairment of Assetsâ 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.
Mar 31, 2016
b. Terms / Rights attached to equity shares
The company has only one class of equity shares having a par value of '' 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
c. 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
1. 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.
2 Details of Securities and Terms of Repayment Secured (Term Loans)
a) 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.28 lacs), on October 15, 2011 (for disbursement of Rs.250 lacs), on December 5, 2011 for disbursement of Rs.60 lacs) on March 15, 2012 (for disbursement of Rs.20.68 lacs and on March 15, 2012 (for disbursement of Rs. 40 lacs).
The company has defaulted in repayment of installments and the loan amount is overdue. The loan account has been declared as NPA by the Financial Institution.
b) 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 Vargheseâ
The company has defaulted in repayment of installments and the loan amount is overdue. The loan account has been declared as NPA by the Bank.
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
Default
The company has defaulted in the repayment of principle and interest dues to Vijaya Bank during the period May 2012 till date. Vijaya Bank has classified the account as âNon Performing Assetâ and has served a SARFESAI notice on the company and has initiated recovery proceeding against the company.
The company has also defaulted in the repayment of principle and interest due to Kotak Mahindra Bank Ltd. The bank has classified the account as Non Performing Asset.
Note on SME
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.
Note on Application money due
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.
Note No. 3 Extra Ordinary Item
There are no extra ordinary items during the current year.
Note No. 4 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 2016
Note No. 5 Segment information -
6) 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.
7) 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.
8) Additional information pursuant to the provision of part II of Schedule VI to the Companies Act, 1956 (wherever applicable)
Note No.9 Additional Comments
10) On assessment of the impairment of fixed assets of the company as at the Balance Sheet date as required by Accounting Standard 28 âImpairment of Assetsâ issued by the ICAI, the company is of the view that no provision for impairment of fixed assets is required.
11) In accordance with Accounting Standard 11 (revised), the net exchange gain credited to profit & Loss account is Rs. Nil/- (Previous year debit Rs. Nil)
12) 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.
13) The previous yearâs figure have been reworked, regrouped, rearranged and reclassified wherever necessary.
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, 2012
1. Corporate Information :
Roman Tarmat Ltd. (RTL) was established in the year 1986 by Mr. Jerry
Varghese. RTL is specialized in the construction of Airfield and
National/State Highways all over India. The present works include
parking bays for the Airbus A-380 at Bangalore International Airport,
Airports at Gulbarga & Shimoga, recarpeting of Main Runway at Agra
Airport, four laning project on Napgur-Hyderabad National Highway.
The company had its IPO in 2007 and got listed in BSE/NSE. The present
paid up capital of the company is Rs. 10.96Cr, of which 63% is held by
the promoters.
Note 2.
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
Roman Tarmat Ltd. has no holding company. Hence the number of shares
held by Holding/ultimate company is NIL
2.1 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.
Note no. 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 2012
a) List of related parties with whom the company entered into
transactions-
S. Name of Related Party Nature of Relationship
No.
A) Key Management personnel and their relatives -
1 Mr. Jerry Varghese Managing Director
2 Mrs. Saramma Varghese Director
3 Mr. Dilip Varghese Director
B) Enterprise owned/controlled by key management personnel or their
relatives -
1 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
Note No. 2
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.
Note No.3 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
ÃImpairment of Assetsà 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. 6412/- (Previous
year debit Rs. 272,101/-)
3) The income tax assessment of the company has been completed up to
Asst. year 2009-10.
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. The Balances shown under Investment
in Joint Venture are subject to balance confirmation receivable from
parties to Joint Venture.
5) The previous yearÃs 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.