Mar 31, 2015
1. Teams/Rights attached to Equity shares
The company has both Equity and Preference shares
(i) The Equity share have a par value of Rs.5/- per share. Each holder
of Equity Shares is entitled is one vote per share.
The Company declares and pays dividend in Indian Rupees. The dividend
Proposed by the Board of Directors is subject to approval of
shareholders in Annual General Meeting.
For the year ended 31st March'2015, the amount of per share dividend
recognized as distribution to Equity Shareholder is Nil (Previous year
Nil)
In the event of liquidation of the company the holders of Equity Share
will be entitled to receive remaining assets of the Company in
proportion to the amount paid up as credited in such Equity shares
respectively, after distribution of all preferemtial amounts.
Rights of Preference Share
2. (ii) The Company's Preference Share have a par value of Rs.100/- per
share. The preference shareholders have right over the equity
shareholders inrespect of declare of dividend and in the distribution
of the assests in the event of liquidation of the company.
Nature OF Security TERM LOANS
a Term Loan of Rs.245 million and Funded Interest Term Loan of Rs.4.94
million sanctioned by IDBI are secured by extension of first charge on
all assets of the company, present and future, except to the prior
charge created/to be created (i) on specific assets covered by loans
from other financial institutions and banks (ii) on specified movables
(Current Assets) in favour of the Company's Bankers for working capital
borrowings.
b Term Loan of Rs.76.10 million and Funded Interest Term Loan of
Rs.2.36 million sanctioned by Corporation Bank is Secured by way of
exclusive charge over the assets created our of the said loan
c Term Loan of Rc.15 million and Funded Interest Term Loan of Rs.20.79
million sanctioned by State Bank of India is secured by exclusive first
charge over the assets financed under the term loan and second charge
on the entire current assets of the Company on Pari Pasu basis and
extension of charge on the fixed assets of washing unit at Perundurai
d Term Loan of Rs.100 million and Funded Interest Term Loan of Rs.23.1
Omillion sanctioned by IDBI is secured by extension of first charge on
Pari Pasu basis except the assets which are exclusively charged by SBI
and Corporation Bank. First Charge by way of Hypothecation in Favour of
IDBI of all assets of the Company's movable (save and except book
debts), including movable machinery, machinery spares, tools and
accessories, present and future, subject to the prior charge created/to
be created in favour of Company's bankers on the Company's stocks of
raw materials, semi finished and finished goods, consumable stores and
such other movable as may be agreed to by IDBI for securing the
borrowings for working capital requirements in the ordinary course of
business.
3. WORKING CAPITAL LOANS
a The working capital loan of Rs.200.30 million sanctioned by State
Bank of India is secured by hypothecation of entire current assets and
movable assets of the Company and a second charge over entire fixed
assets of the Company on pari passu basis with other commercial bankers
under consortium agreement.
b The working capital loan of Rs.28.30 million sanctioned by State Bank
of Hyderabad is secured by hypothecation of the entire current assets
of the Company and movable assets of the Company and a second charge on
the fixed assets of the Company on pari passu basis with other
commercial banks under consortium agreement.
c The working capital loan of Rs.18.70 million sanctioned by
Corporation Bank is secured by hypothecation of the entire current
assets of the Company and movable assets of the Company and a second
charge on the fixed assets of the Company on pari passu basis with
other commercial banks under consortium agreement.
4. Contingent Liabilities not provided for in the accounts.
1) Estimated amount of contract remaining to be executed on capital
accounts - Rs. Nil (Previous year Rs.Nil)
2) The Company has export obligations for value of Rs.40931 lakhs under
EPCG Scheme against which exports aggregating Rs.5626 lakhs including
third party exports have been made on 31.03.2015. Balance obligations
required to be fulfilled as per various schedules, culminating on
20.07.2015 is Rs.35305 Lakhs. If company fails to comply with
obligation the customs duty of Rs.18.45 Crores along with applicable
interest is to be paid to customs department and DGFT.
3) The bank has taken physical possession of unit 4, unit 9 were sold
by the bank and the proceeds were adjested agsinst the loan dues. The
bank has also dold unit 2 & unit 5 and adjust the proceeds against the
loan due. The banks is pursuing with the SARFAESI proceedings and may
sell all the units. If not is going to happen. Then there will be
worker's liablility to be settled by the company.
4) The Sales Tax Department has preferred an appeal before STAT
Coimbatore for the year 2002-03 for issues representing sales tax
demand of Rs.1.82 lakhs which is pending before STAT, Coimbatore
5) The Sales Tax Department has preferred an appeal before STAT
Coimbatore for the year 2003-04 for issues representing sales tax
demand of Rs.13.54 lakhs which is pending before STAT, Coimbatore.
6) The Income Tax Department has preferred an appeal with a tax effect
of Rs.5.85 lakhs before ITAT, Chennai against the Order of CIT (appeal)
in favour of the Company regarding interest claim U/S 234B/234C for the
Assessment Year 2004-05.
7) The Income Tax Department's appeal for assessment year 1998-99
before The Honourable High Court, Chennai against the company's stand
regarding Sec 80IA has beeen decided in favour of the department and
there by the likely demand on the company is estimated at Rs.1.25
lakhs.
8) The Company is out of CDR package with effect from 22.10.2012.
However, the interest in various loans availed by the company has been
continued to be charged based on the CDR rates. The differential
interest that ought to have been provided for in the accounts is
estimated at Rs.103 Crores. (1.7.2008 - 31.3.2015)
9) The company has been served with a demand notice by Maharashtra
Sales Tax Department for Rs.32.46 lakhs for Issues representing
reversal of input vat credit for the Assessment year 2005-06 & 2006-07.
An appeal is preferred by the company.
10) The Company has received legal notice from two of the claimants and
the matter is sub judice. Further one of the claimants has also
proposed winding up provision in the legal notice.
9a. one claimant has attained a decree against the company for a claim
of Rs. 1.18 lakhs which is being disputed by the company.
9b. one claimant who has issued a legal notice against the company for
Rs.93.86 lakhs has also proposed winding up of the company.
11) The company had sold its land to the extent of 1.62 acres at
Kaiapatty. The Co-owners of the erstwhile sellers to the company have
filled a case against the company. The matter is sub judice.
12) The company has received a demand from the Electricity Board
towards Additional Current Consumption Deposits of about Rs. 1.03
Crores (falling due on May. June and July end) for various units. This
deposits yet to be paid by the company.
5. provision is recognized when there is present obligation as a
result of a past event, that probably requires an outflow of resources
and a reliable estimate can be made to settle the amount of obligation.
Provision is not discounted to its present value and Is determined based
on the last estimate required to settle the obligation at the year end.
These are reviewed at each year end and adjusted to reflect best
current estimate.
Names of related parties and description of relationship upto 31.03.2015
Key management Personal Sri.Manoj Kumar Tibrewal, Managing Director
Sri.Mohanlal Tibrewal, Executive Director
Sri. Manoj Kumar Tibrewal : Managing Director
Smt. Anitha Tibrewal : Wife
Mr.Mayank Tibrewal : Son
Mrs. Arpita Tibrewal : Daughter in Law
Mr.Umang Tibrewal : Son
Sri. Mohanlal Tibrewal : Executive Director
Smtlakshmi Devi Tibrewal : Wife
Mrs.Suman Tibrewal : Daughter
Mrs.Neha Tibrewal : Daughter
6. Requirement under Clause 32 of the Listing Agreement. Loans and
advances in the nature of loans to subsidiaries, Firms, Associates and
Companies in which Directors are interested in Rs.Nil (Previous year
Nil)
7. In compliances with AS 22 relating to "Taxes on Income" the
company has not recognized Deferred Tax Liability / assets for current
year on account of absence of virtual certainty.
8. Previous year figures have been regrouped and reclassifed wherever
necessary.
9. Figures have been rounded off to the nearest rupee.
Mar 31, 2014
A Teams/Rights attached to Equity shares
The company has both Equity and Preference shares
(i) The Equity share have a par value of Rs.5/- per share. Each holder
of Equity Shares is entitled is one vote per share. The Company
declares and pays dividend in Indian Rupees. The dividend Proposed by
the Board of Directors is subject to approval of shareholders in Annual
General Meeting.
For the year ended 31 st March''2014, the amount of per share dividend
recognized as distribution to Equity Shareholder is Nil (Previous year
Nil)
In the event of liquidation of the company the holders of Equity Share
will be entitled to receive remaining assets of the Company in
proportion to the amount paid up as credited in such Equity shares
respectively, after distribution of all preferemtial amounts. Rights
of Preference Share b (ii) The Company''s Preference Share have a par
value of Rs.100/- per share. The preference shareholders have right
over the equity shareholders inrespect of declare of dividend and in
the distribution of the assests in the event of liquidation of the
company.
Nature of Security TERM LOANS
a Term Loan of Rs.245 million and Funded Interest Term Loan of Rs.4.94
million sanctioned by IDBI are secured by extension of first charge on
all assets of the company, present and future, except to the prior
charge created/to be created (i) on specific assets covered by loans
from other financial institutions and banks (ii) on specified movables
(Current Assets) in favour of the Company''s Bankers for working capital
borrowings.
b Term Loan of Rs.76.10 million and Funded Interest Term Loan of
Rs.2.36 million sanctioned by Corporation Bank is Secured by way of
exclusive charge over the assets created our of the said loan
c Term Loan of Rs.15 million and Funded Interest Term Loan of Rs.20.79
million sanctioned by State Bank of India is secured by exclusive first
charge over the assets financed under the term loan and second charge
on the entire current assets of the Company on Pari Pasu basis and
extension of charge on the fixed assets of washing unit at Perundurai
d Term Loan of Rs.100 million and Funded Interest Term Loan of Rs.23
lOmillion sanctioned by IDBI is secured by extension of first charge on
Pari Pasu basis except the assets which are exclusively charged by SBI
and Corporation Bank. First Charge by way of Hypothecation in Favour of
IDBI of all assets of the Company''s movable (save and except book
debts), including movable machinery, machinery spares, tools and
accessories, present and future, subject to the prior charge created/to
be created in favour of Company''s bankers on the Company''s stocks of
raw materials, semi finished and finished goods, consumable stores and
such other movable as may be agreed to by IDBI for securing the
borrowings for working capital requirements in the ordinary course of
business.
d Term Loan of Rs.150 million and Funded Interest Term Loan of Rs.9.59
million sanctioned by State Bank of Indore is secured by second charge
on all present and fixed assets of the Company Term Loan for New
Project from Sanctioned amount.
WORKING CAPITAL LOANS
a The working capital loan of Rs.200.30 million sanctioned by State
Bank of India is secured by hypothecation of entire current assets and
movable assets of the Company and a second charge over entire fixed
assets of the Company on pari passu basis with other commercial bankers
under consortium agreement.
b The working capital loan of Rs.28.30 million sanctioned by State Bank
of Hyderabad is secured by hypothecation of the entire current assets
of the Company and movable assets of the Company and a second charge on
the fixed assets of the Company on pari passu basis with other
commercial banks under consortium agreement.
c The working capital loan of Rs.18.70 million sanctioned by
Corporation Bank is secured by hypothecation of the entire current
assets of the Company and movable assets of the Company and a second
charge on the fixed assets of the Company on pari passu basis with
other commercial banks under consortium agreement.
2. Contingent Liabilities not provided for in the accounts.
1) Estimated amount of contract remaining to be executed on capital
accounts - Rs. Nil (Previous year Rs.Nil)
2) The Company has export obligations for value of Rs.24106 lakhs under
EPCG Scheme against which exports aggregating Rs.56.26 Crores including
third party exports have been made on 31.03.2014. Balance obligations
required to be fulfilled as per various schedules, culminating on
20.07.2015 is Rs.184.79 Crores. If company fails to comply with
obligation the customs duty of Rs.18 Crores along with applicable
interest is to be paid to customs department and DGFT.
3) The Sales Tax Department has preferred an appeal before STAT
Coimbatore for the year 2002-03 for issues representing sales tax
demand of Rs.1.82 lakhs which is pending before STAT, Coimbatore
4) The Sales Tax Department has preferred an appeal before STAT
Coimbatore for the year 2003-04 for issues representing sales tax
demand of Rs.13.54 lakhs which is pending before STAT, Coimbatore.
5) The Income Tax Department has preferred an appeal with a tax effect
of Rs.5.85 lakhs before ITAT, Chennai against the Order of CIT (appeal)
in favour of the Company regarding interest claim U/S 234B/234C for the
Assessment Year 2004-05.
6) The Income Tax Department''s appeal for assessment year 1998-99
before The Honourable High Court, Chennai against the company''s stand
regarding Sec 80 IA has beeen decided in favour of the department and
there by the likely demand on the company is estimated at Rs.1.25
lakhs.
7) The Company is out of CDR package with effect from 22.10.2012.
However, the interest in various loans availed by the company has been
continued to be charged based on the CDR rates. The differential
interest that ought to have been provided for in the accounts is
estimated at Rs.85 Crores. (1.7.2008-31.3.2014)
8) The company has been served with a demand notice by Maharashtra
Sales Tax Department for Rs.32.46 lakhs for issues representing
reversal of input vat credit for the Assessment year 2005-06 & 2006-07.
An appeal is being preferred by the company.
9) The Company has received legal notice from two of the claimants and
the matter is sub judice. Further one of the claimants has also
proposed winding up provision in the legal notice.
9a. one claimant has attained a decree against the company for a claim
of Rs. 1.18 lakhs which is being disputed by the company. 9b. one
claimant who has issued a legal notice against the company for Rs.93.86
lakhs has also proposed winding up of the company.
10) The company had sold its Land to the extent of 1.62 acres at
Kalapatty. The Co-owners of the erstwhile sellers to the company have
filled a case against the company. The matter is sub judice.
11) The company has received a demand from the Electricity Board
towards Additional Current Consumption Deposits of about Rs. 1.03
Crores (falling due on May, June and July end) for various units. This
deposits yet to be paid by the company.
12. A provision is recognized when there is present obligation as a
result of a past event, that probably requires an outflow of resources
and a reliable estimate can be made to settle the amount of obligation.
Provision is not discounted to its present value and is determined
based on the last estimate required to settle the obligation at the
year end. These are reviewed at each year end and adjusted to reflect
best current estimate.
Mar 31, 2013
1. Contingent Liabilities not provided for in the accounts.
1) Estimated amount of contract remaining to be executed on capital
accounts - Rs. Nil (Previous year Rs.Nil)
2) The Company has export obligations for value of Rs.24106 lakhs under
EPCG Scheme against which exports aggregating RT.5626.53 lakhs
including third party exports have been made on 31.03.2013. Balance
obligations required to be fulfilled as per various schedules,
culminating on 20.07.2015 is Rs.18479.47 lakhs.
3) The Sales Tax Department has preferred an appeal before STAT
Coimbatore for the year 2002-03 for issues representing sales tax
demand of Rs.1.82 lakhs which is pending before STAT, Coimbatore
4) The Sales Tax Department has preferred an appeal before STAT
Coimbatore for the year 2003-04 for issues representing sales tax
demand of Rs.13.54 lakhs which is pending before STAT, Coimbatore.
5) The Income Tax Department has preferred an appeal with a tax effect
of Rs.5.85 lakhs before ITAT, Chennai against the Order of CIT (appeal)
in favour of the Company regarding interest claim U/S 234B/234C for the
Assessment Year 2004-05.
6) The Income Tax Department''s appeal for assessment year 1998-99
before The Honorable High Court, Chennai against the company''s stand
regarding Sec 80 IA has beeen decided in favour of the department and
there by the likely demand on the company is estimated at Rs.1.25
lakhs.
7) The Company is out of CDR package with effect from 22.10.2012.
However, the interest in various loans availed by the company has been
continued to be charged based on the CDR rates. The differential
interest that ought to have been provided for in the accounts is
estimated at Rs.5700 Lakhs.
8) The Company has received a notice of petition from M/S. Think
Capital Private Limited, demanding Rs.93.86 Lakhs ( Rs.77.55 Lakhs
principal sum and Rs.16.31 Lakhs interest). Since the matter is sub
judice, no provision has been made for the same in the accounts.
2. A provision is recognized when there is present obligation as a
result of a past event, that probably requires an outflow of resources
and a reliable estimate can be made to settle the amount of obligation
Provision is not discounted to its present value and is determined
based on the last estimate required to settle the obligation at the
year end. These are reviewed at each year end and adjusted to refelect
best current estimate.
3. Requirement under Clause 32 of the Listing Agreement. Loans and
advances in the nature of loans to subsidiaries, Firms, Associates and
Companies in which Directors are interested in Rs.Nil (Previous year
Nil)
4. In compliances with AS 22 relating to "Taxes on Income" the
company has not recognized Deferred Tax Liability / assets for current
year on account of absence of virtual certainty.
5. Previous year figures have been regrouped and reclassified wherever
necessary.
6. Figures have been rounded off to the nearest rupee.
Mar 31, 2012
1 a Terms/Rights attached to Equity shares
The company has both Equity and Preference shares
(i) The Equity share have a par value of Rs.5/- per share. Each holder
of Equity Shares is entitled is one vote per share. The Company
declares and pays dividend in Indian Rupees. The dividend Proposed by
the Board of Directors is subject to approval of shareholders in Annual
General Meeting.
For the year ended 31st MarchÃ2012, the amount of per share dividend
recognized as distribution to Equity Shareholder is Nil (Previous year
Nil)
In the event of liquidation of the company the holders of Equity Share
will be entitled to receive remaining assets of the Company in
proportion to the amount paid up as credited in such Equity shares
respectively, after distribution of all preferemtial amounts.
b Rights of Preference Share
(ii) The CompanyÃs Preference Share have a par value of Rs.100/- per
share. The preference shareholders have right over the equity
shareholders inrespect of declaration of dividend and in the
distribution of the assets in the event of liquidation of the company.
Nature of Security
TERM LOANS
a Term Loan of Rs.245 million and Funded Interest Term loan of Rs.4.94
million sanctioned by IDBI are secured by extension of first charge on
all assets of the Company, present and future, except to the prior
charge created/ to be created (i) on specific assets covered by loans
from other financial institutions and banks (ii) on specified movables
(Current Assets) in favour of the CompanyÃs Bankers for working capital
borrowings.
b Term Loan of Rs.76.10 million and Funded Interest Term Loan of
Rs.2.36 million sanctioned by Corporation Bank is Secured by way of
exclusive charge over the assets created our of the said loan
c Term Loan of Rs.15 million and Funded Interest Term Loan of Rs.20.79
million sanctioned by State Bank of Indis is secured by execlusive
first charge over the assets financed under the term loan and second
charge on the entire current assets of the Company on Pari passu basis
and extension of charge on the fixed assets of washing unit at
Perundurai.
d Term Loan of Rs.100 million and Funded Interest Term Loan of Rs.23.10
million sanctioned by IDBI is secured by extension of first charge on
Pari Pasu basis except the assets which are exclusively charged by SBI
and Corporation Bank. First charge by way of Hypothecation in favour of
IDBI of all assets of the CompanyÃs movable (save and except book
debts), including movable machinery, machinery spares, tools and
accessories, present and future, subject to the prior charge created/
to be created in favour of companyÃs bankers on the companyÃs stocks of
raw materials, semi finished and finished goods, consumable stores and
such other movable as may be agreed to by IDBI for securing the
borrowings for working capital requirements in the ordinary course of
business.
e Term Loan of Rs.150 million and Funded interest Term loan of Rs.9.59
million sanctioned by State Bank of Indore is secured by second charge
on all present fixed assets of the Company.
WORKING CAPITAL LOANS
a The working capital loan of Rs.200.30 million sanctioned by State
Bank of India is secured by hypothecation
of entire current assets and movable assets of the Company and a second
charge over entire fixed assets of the Company on pari passu basis with
other commercial bankers under consortium agreement.
b The working capital loan of Rs.28.30 million sanctioned by State Bank
of Hyderabad is secured by
hypothecation of the entire current assets of the Company and movable
assets of the Company and a second charge on the fixed assets of the
Company on pari passu basis with other commercial banks under
consortiumagreement.
c The working capital loan of Rs.18.70 million sanctioned by
Corporation Bank is secured by hypothecation of
the entire current assets of the Company and movable assets of the
Company and a second charge on the fixed assets of the Company on pari
passu basis with other commercial banks under consortium agreement.
2. Contingent Liabilities are not provided for in the Accounts.
1) Estimated amount of contract remaining to the executed on capital
accounts - Rs. Nil. (previous year Rs. Nil )
2) The Company has export obligations for value of Rs.24106 lakhs under
EPCG Scheme against which exports aggregating Rs. 5626.53 lakhs
including third party exports have been made as on 31.03.2012. Balance
obligations required to be fulfilled as per various schedules,
culminating on 20.07.2015.
3) The sales Tax department has preferred an appeal before STAT
Coimbatore for the year 2003-04 for issues representing sales tax of
Rs.3.68 lakhs which is pending before STAT, Coimbatore.
4) The Income Tax Department has preferred an appeal before ITAT,
Chennai against the Order CIT (Appeal) in favour of the Company
regarding interest claim U/S 234B/234C for the Assessment Year 2004-05.
3. The provision for all liabilities is neither inadequate nor more
than what is reasonably necessary.
4. The borrowings cost capitalised during the year in respect of the
qualifying assets is Rs. Nil. (Previous year Rs. Nil)
5. CAPITAL SUBSIDY
The balance of Rs. 1,86,27,490/- towards capital subsidy is being
writtenoff during the year 31.03.2012
6. The investment in 6% Redeemable Cumulative Preference Shares is
redeemable as under
a. On 25.11.2012 - Rs. 5,00,00,000/- b. On 25.11.2013 - Rs.
5,00,00,000/- c. On 25.11.2014 - Rs. 5,00,00,000/- Total - Rs.
15,00,00,000/-
Names of related parties and description of relationship upto
31.03.2012
Key management Personal
Sri.Manoj Kumar Tibrewal, Managing Director Sri.Mohanlal Tibrewal,
Executive Director
Sri. Manoj Kumar Tibrewal : Managing Director
Smt. Anitha Tibrewal : Wife
Mr.Mayank Tibrewal : Son
Mr.Umang Tibrewal : Son
Sri. Mohanlal Tibrewal : Executive Director
Smt.Lakshmi Devi Tibrewal : Wife
Ms.Suman Tibrewal : Daughter
Ms.Neha Tibrewal : Daughter
7. Requirement under Clause 32 of the Listing Agreement. Loans and
advances in the nature of loans to subsidiaries, Firms, Associates and
Companies in which Directors are interested in Rs.Nil (Previous year
Nil)
8. In compliances with AS 22 relating to ÃTaxes on Incomeà the
company has not recognized Deferred Tax Liability / assets for current
year on account of
9. According to the Management, the Loans and Advances and other
receivables are recoverable except Rs. 4.23 Crores which is not certain
of recovery.
10. Previous year figures have been regrouped and reclassifed wherever
necessary.
11. Figures have been rounded off to the nearest rupee.
Mar 31, 2010
1 Secured loans from Banks and Financial Institutions have been
guaranteed by the Managing Director and Executive Director of the
Company. No guarantee commission has been paid to any director in this
connection. Security details of the said loans are:-
i. TERM LOANS
(A) TUF Loan - Rs. 150 Million
(B) TUF Loan - Rs. 95 Million
(C) Funded Interest Term Loan (FITL) - Rs. 4.94 Million
Above term loans sanctioned by IDBI are secured by extension of first
charge on all assets of the Company, present and future, subject to the
prior charge created / to be created (i) on specific assets covered by
loans from other financial institutions and banks (ii) on specified
movables (Current Assets) in favour of the Companys Bankers for
working capital borrowings.
(D) TUF Loan - Rs 76.10 Million
(E) FITL - Rs. 53.85 Million
The Term Loan availed from Corporation Bank is secured by way of
exclusive charge over the assets created out of the said loan.
(F) TUF Loan Rs.190 Million & Non TUF Loan - Rs 15 Million
(G) FITL - Rs.20.08 Million
The Term Loan sanctioned by State Bank of India is secured by exclusive
first charge over the assets financed under the term loan and second
charge on the entire current assets of the Company on pari passu basis
and extension of charge on the fixed assets of washing unit at
Perundurai.
(H) Corporate Loan - Rs. 100 Million & Rs 150 Million (I) FITL - Rs.
21.66 Million
The Corporate Loan sanctioned by IDBI is secured by extension of first
charge on Pari Pasu basis except the assets which are exculsively
charged to SBI and Corporation Bank. First charge by way of
Hypothecation in favour of IDBI of all assets of the companys movable
(save and except book debts), including movable machinery, machinery
spares, tools and accessories, present and future, subject to the prior
charge created/to be created in favour of companys bankers on the
companys stocks of raw materials, semi finished and finished goods,
consumable stores and such other movable as may be agreed to by IDBI
for securing the borrowings for working capital requirements in the
ordinary course of business.
(J) Term Loan - Rs. 150 Million
(K) FITL - Rs. 9.42 Million
The Term Loan sanctioned by the State Bank Of Indore is secured by
second charge on all present fixed assets of the company.
The Term Loan sanctioned by the above Banks in consortium is secured by
first charge on paripassu basis by way of Equitable mortgage of Land
and Buildings and Hypothecation of all the fixed assets and second
charge on all the current assets of the Company shared on pari passu
basis with banks in the consortium of the New Project of Rs 351 crores.
* FITL- Funded Interest Term Loan
ii. WORKING CAPITAL LOANS
(A) Fund based limits - Rs.130.30 Million
Non fund based - Rs 70 Million
The working capital facility sanctioned by State Bank of India is
secured by hypothecation of entire current assets and movable assets of
the Company and a second charge over entire fixed assets of the Company
on pari passu basis with other commercial bankers under consortium
agreement.
(B) Fund based limit - Rs 28.30 Million
The working capital facility sanctioned by State Bank of Hyderabad is
secured by hypothecation of the entire current assets of the Company
and movable assets of the Company and a second charge on the fixed
assets of the Company on paripassu basis with other commercial banks
under Consortium agreement.
(C) Fund based limit - Rs 18.70 Million
The working capital facility sanctioned by Corporation Bank is secured
by hypothecation of the entire current assets of the Company and
movable assets of the Company and a second charge on the fixed assets
of the Company on paripassu basis with other commercial banks under
Consortium agreement.
iii) FUNDED INTEREST TERM LOAN
State Bank of India : Rs.99.15 Million
State Bank of Hyderabad : Rs.23.84 Million
Corporation Bank : Rs. 16.68 Million
Funded Interest Term Loan is secured by First charge on the entire
fixed assets of the company existing / proposed including EM on factory
land and buildings on pari-passu basis with other Consortium TL
bankers.
iv) WORKING CAPITAL TERM LOAN
a) State Bank of India : 399.90 Million
b) State Bank of Hyderabad : 88.60 Million
c) Corporation Bank : 57.30 Million
Working Capital Term Loan is secured by First charge on the entire
fixed assets of the company existing / proposed including EM on factory
land and buildings on pari-passu basis with other Consortium TL
bankers.
1 Corporate Debt Restructuring (CDR Package)
Financial Restructuring Scheme under Corporate Debt Restructuring
Mechanism has been approved by the Empowered Group with the cut off
date being 01.07.2008.
2 Amount outstanding for more than 30 days to Micro and small
Enterprises undertakings is Rs 14.39 lakhs as detailed below (Previous
year Rs 2.76 lakhs)
1) Aadi Plastic Industries P Ltd
2) Adhi Vinayagar Enterprises,
3) Apex Engineering,
4) Avanthi Industries
5) Erode Scientific and Chemicals,
6) Ganesh Colour Company,
7) Sekar Engineering Works,
8) Sigma Industries
9) Sri Vignesha Engineers,
10) Venus Rubbers
11) Pioneer Woven Sacks Pvt Ltd
3 Contingent liabilities not provided for in the accounts
a. Estimated amount of Contracts remaining to be executed on capital
accounts - Rs.Nil (Previous year Rs 20.09 lakhs).
b. The Company has export obligations for value Rs. 24106 lakhs under
EPCG Scheme against which exports aggregating Rs. 5626.53 lakhs
including third party exports have been made as on 31.03.2010. Balance
obligations required to be fulfilled as per various schedules,
culminating on 20.07.2015.
c. The Counter guarantee given by the Company for the guarantees
issued by the Bankers is Rs.14.03 lakhs (previous year Rs.NIL)
d. The sales tax department has preferred an appeal before STAT
Coimbatore for the year 2003-04 for issues representing sales tax of Rs
3.68 lakhs which is pending before STAT Coimbatore.
e. The Income Tax Department has preferred an appeal before ITAT,
Chennai against the Order of CIT(Appeal) in favour of the Company
regarding interest claim U/S 234B/234C for the Assessment Year 2004-05
f. The Company has preferred an appeal before the CIT, appeals
Coimbatore against the order of the Assistant commissioner of income
tax Compnay circle for the Assessment year 2007-08 on disallowance of
Rs.7.50 lakhs and the company is confident on favourable judgement.
g. The lenders, with the approval of the Corporate Debt Restructuring
Empowered Group shall have the right to recompense the reliefs /
sacrifices / waivers extended by respective CDR lenders amounting to
Rs.1012 Million as on 31.03.2010 with regard to the interest
differential as per CDR guidelines. In the event of default, Lenders
shall have the right to reverse the waivers with the approval of
Corporate Debt Restructuring Empowered Group.
4. The amount falling due within one year in respect of long term
secured loans are as follows:
5. Term Loans - Rs. 105.80 Million (Previous year - Rs.Nil in view of
CDR Package) IFST Dues - Rs.14.12 million (Previous year Rs 12.41
million)
i In the opinion of the Board of Directors, Current Assets,
Loans and Advances will fetch the amounts stated, if realised in the
normal course of business.
ii The balances due to / due from parties and Loans and
Advances are subject to confirmation.
iii Miscellaneous expenses not yet written off as shown on the asset
side of Balance Sheet includes Rs. 38.69 million towards follow-on
public issue made during the year.
6. The provision for all liabilities is neither inadequate nor more
than what is reasonably necessary.
7. The borrowings cost capitalised during the year in respect of the
qualifying assets is Rs. Nil (previous year Nil).
8 Requirement under Clause 32 of the Listing Agreement. Loans and
advances in the nature of loans to Subsidiaries, Firms, Associates and
Companies in which Directors are interested is Rs.Nil (previous year
Nil)
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