Mar 31, 2016
1. Under the Micro, Small and Medium Enterprises Development Act, 2006 and in accordance with the notification issued by the Ministry of Corporate Affairs, certain disclosures are required to be made relating to Micro and Small Enterprises as defined in the said Act. The company is in the process of compiling the relevant information from its suppliers about their coverage under the said Act and hence required disclosures could not be made.
2. Disclosure of discontinued operations of Wire /Engineering Division:
The operations of the Wire/ Engineering Division at Bangalore were permanently discontinued from October 2005 and the division was closed on 31.01.2006. The company has entered into agreements for joint development of land with the developers. As per the disclosure requirements under Accounting Standard (AS 24), the book value Rs. 84.95 lakhs of land property under joint development agreements, was shown separately under "Current Assets" as current investment in land property and the amounts received from intending buyers of Rs. 247.00 lakhs (previous year Rs. 314.00 lakhs) were shown separately under "Non-Current Liabilities" as other long term liability. There was a profit on sale of property Rs.58.63 lakhs considered as exceptional item during the year (previous year profit on sale of property (Rs. NIL).
3. Belated charges/overdue interest on delay in payment of statutory dues/liabilities have not been provided in the absence of demand for the same.
4. The balances of sundry debtors, sundry creditors, other liabilities, advance to suppliers for raw materials and spares, other advances including claims and deposits have been shown as appearing in the books of account and are subject to reconciliation and confirmation.
5. Lease payments:
The Company has not taken any assets under non cancellable operating lease agreements and hence no future lease payments.
6. Segment Reporting
The business activity and geographical operations of the company is in one segment of cement product and hence segment reporting is not applicable.
7. EARNING PER SHARE
Basic and diluted earnings/(Loss) per share (face value of Rs.l0/-each) calculated in compliance with the provisions of Accounting Standard 20 for the year ended 31.03.2016 comes to Profit Rs.6.65 (Previous year Rs.(9.48)).
The denominator for basic/diluted EPS is 16018139 Equity Shares of Rs.10/- each numerator is net profit of Rs. 10,68,37,963.77 for the year as per Statement of Profit and Loss (Previous year net Loss Rs. 15,15,53,621.11) and as decreased by the preference dividend for the year of Rs.2,70,186/- on "C" Cumulative Redeemable Preference Shares, which is not provided.
Therefore basic/diluted earning per share = Net Profit of Rs. 10, 65, 67,777.77/16018139 shares =Rs.6.65
8. Figures have been rounded off to the nearest decimal of Lakhs under Notes to Accounts.
9. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.
Mar 31, 2015
1. Under The Micro, Small and Medium Enterprises Development Act,
2006 and in accordance with the notification issued by the Ministry of
Corporate Affairs, certain disclosures are required to be made relating
to Micro and Small Enterprises as defined in the said Act. The company
is in the process of compiling the relevant information from its
suppliers about their coverage under the said Act and hence required
disclosures could not be made.
2. Disclosure of discontinued operations of Wire / Engineering
Division:
The operations of the Wire/ Engineering Division at Bengalore were
permanently discontinued from October 2005 and the division was closed
on 31.01.2006. The company has entered into agreements for joint
development of land with the developers. As per the disclosure
requirements under Accounting Standard (AS 24), the book value Rs.94.24
lakhs of land property under joint development agreements, was shown
separately under "Current Assets" as current investment in land
property and the amounts received from intending buyers of Rs.314.00
lakhs (previous year Rs.289.00 lakhs) were shown separately under
"Non-Current Liabilities" as other long term liability. There was no
revenue income/expenses incurred during the year (previous year profit
on sale of property Rs.2820.97 lakhs considered as exceptional item).
3. Belated charges/overdue interest on delay in payment of statutory
dues/liabilities have not been provided in the absence of demand for
the same.
4. The balances of sundry debtors, sundry creditors, other
liabilities, advance to suppliers for raw materials and spares, other
advances including claims and deposits have been shown as appearing in
the books of account and are subject to reconciliation and
confirmation.
5. Lease payments:
The Company has not taken any assets under non cancelable operating
lease agreements and hence no future lease payments.
6. Segment Reporting
The business activity and geographical operations of the company is in
one segment of cement product and hence segment reporting is not
applicable.
7. EARNING PER SHARE
Basic and diluted earnings/(Loss) per share (face value of Rs.10/-each)
calculated in compliance with the provisions of Accounting Standard 20
for the year ended 31.03.2015 comes to loss Rs.(9.48) (Previous year
Rs.(2.67).
The denominator for basic/diluted EPS is 16018139 Equity Shares of
Rs.10/- each numerator is net loss of Rs.15,15,53,621.11 for the year
as per Statement of Profit and Loss (Previous year net Loss
Rs.4,25,81,139.63) and as increased by the preference dividend for the
year of Rs.2,70,186/- on "C" Cumulative Redeemable Preference Shares,
which is not provided.
Therefore basic/diluted earning per share = Net Loss of
Rs.15,18,23,807.11÷16018139 shares=Rs.(9.48)
8. Figures have been rounded off to the nearest decimal of Lacs
under Notes to Accounts.
9. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
Mar 31, 2014
NOTE NO : 1
Significant Accounting Policies and Notes to Accounts for the year
ended 31st March, 2014
1.1 Contingent Liabilities not provided in respect of :
RUPEES IN LAKHS
SI.
No. PARTICULARS Current Year Previous Year
2013-14 2012-13
a) As a signatory to the Memorandum of
Cement Allocation and 1.00 1.00
Co-ordinating Organization
b) Guarantees given by the Bankers /
Letters of Credit 222.02 220.37
(Net of margin money paid)
c) Corporate guarantee given to SIPCOT
for the financial 3174.79 3124.85
assistance availed by M/s.Cheran Cement
Limited (as on 30-04-2013)
d) Corporate guarantee given to SBI, SBH,
Bank of India, Syndicate Bank, Indian
Overseas Bank, Central Bank of India 19886.91 5877.27
and Canara Bank for financial assistance
availed by S.P.Y. Agro Industries
Limited
e) Arrears of dividend on "C"
Cumulative Preference shares held 40.50 37.80
by institutions, being not redeemed and
requested for extension of time
f) Estimated amount of contracts remaining
to be executed on 605.78 605.78
capital account (Net of advances)
g) Claims against the Company not acknowlodged as debts being disputed
and pending in appeals and not provided for as the Company is hopeful
of success in appeals:
i) CENTRAL EXCISE :
a) CENVAT credits availed and utilized were
subsequently 469.21 848.27
disallowed by the Department and demand
raised for differential duty.
b) Differential Duty on supplies made to
direct parties The Company has contested
in appeals and are pending with 671.24 575.74
the Commssioner of Appeals or CEGAT/or
A.P High Court (paid under protest
Rs.12.56 lakhs)
ii) ELECTRICITY MATTERS:
a) Claim of APSEB for 10% voltage surcharge
for the period from September 1983 to
November 1984 contested. 30.64 30.64
High Court granted stay and directed APSEB
to dispose off the pending representations
made by the company.
b) Fuel Surcharge Adjustment (FSA) charges
for the years 2008-09, 2009-10 and for
the first quarter of 2010-11 payable to
APCPDCL contested by the industrial units
including the company before the
Hon''ble High Court of A.P. and the 53.56 53.56
High Court granted stay for the year
2009-10 and first quarter 2010-11 and the
favourable order of the High Court for the
year 2008-09 was referred to Supreme Court
and the same is pending.
iii) INCOME TAX MATTERS
a) During the year the appeal for the
Assessment year 2378.49 -
2008-09 was disposed by the C.I.T.
Appeals in favour of - 2378.49
the company and re-opened the assessment
for theAssessment Year 2006 07.
b) During the year the Assessing Officer
(Dy. Commissioner of Income Tax, Kurnool)
has raised demand for payment of 3309.50 -
capital gains tax on land under Joint
Development Agreement for the Assessment
year 2006-07. The company contested the
demand before the Commissioner of Income
Tax Appeals, Hyderabad.
c) During the year the Assessing Officer
has re-opened the assessment for the A.Y
2008-09 and demand raised for MAT liability
on book profit under section 115JB of
Income 878.68 -
Tax Act, the Company contested the demand
before the Commissioner of Income Tax
Appeals, Hyderabad.
d) The MAT liability for the Assessment year
2009-10 was confirmed by the ITAT and not
contested by the Company - 222.52
(Paid under protest Rs. 211.30 lakhs was
adjusted and (211.30) balance is payable).
e) Demand raised by the Assessing Officer
(Deputy CIT, Hyderabad for the Assessment
Year 2011 -12 for payment of TDS and Interest
on delayed payments, contested in Nil 32.42
appeals before the Commissioner of Income
tax (Appeals), Hyderabad. During the year
the appeal was disposed in favour of the
Company.
iv) COMMERCIAL TAX MATTERS
a) Demand raised by the Commercial Tax
Department, Tamilnadu in respect of levy
of penalty for the assessment 5.56 5.56
year 1994-95 contested in appeal before
Appellate Authority and the matter was
remanded to assessing authority.
b) Penalties levied by the Commercial Tax
Officer, Kurnool for non payment of tax
dues before the due date. The Company 124.85 114.05
has requested the Government for waiver
of the penalties.
v) Penal Interest/ Damages on P.F Dues
The Department has levied penal interest
and damages for delay in P.F payments for
the period from May 1989 to 255.39 -
September 2001 and the company requested
for waiver.
During the year the liability was provided
since not waived by the Department and paid
part of the amount.
vi) During the year Department of Mines and
Geology has raised demand for penal interest
up to 31.03.2014 of Rs.1052.56 lakhs on
royalty dues for delay in payments and the
Company has filed Revision Application for
waiver 835.76 650.26
of interest before the Department and
Ministry of Mines, New Delhi. (Part of the
interest of Rs.216.80 lakhs was provided in
earlier years)
viii) OTHER MATTERS
Suits filed by the parties against the company
and pending 120.45 126.34
in Appeals Courts
1.2 Under The Micro, Small and Medium Enterprises Development Act,
2006 and in accordance with the notification issued by the Ministry of
Corporate Affairs, certain disclosures are required to be made relating
to Micro and Small Enterprises as defined in the said Act. The company
is in the process of compiling the relevant information from its
suppliers about their coverage under the said Act and hence required
disclosures could not be made.
1.3 Disclosure of discontinued operations of Wire / Engineering
Division:
The operations of the Wire / Engineering Division at Bengalore were
permanently discontinued from October 2005 and the division was closed
on 31.01.2006. The company has entered into agreements for joint
development of land with the developers. As per the requirements of
Revised Schedule VI which is effective from 1st April, 2011, the book
value of Rs.94.24 lakhs of land property under joint development
agreements, was shown separately under "Current Assets" as current
investment in land property and the amounts received from joint
developers and advances received from intending buyers were shown
separately under "Non-Current Liabilities" as other long term
liability. There were no revenue income expenses incurred during the
year and in previous year. During the year 2013-14 the company has
sold the property under Joint Development Aggrement to the extent of
possession given by the Developers and Sale Deads were executed and the
profit on sale of property of Rs. 2820.97 lakhs (Previous year
Rs.4276.00 lakhs) was considered as exceptional item.
1.4 Belated charges/overdue interest on delay in payment of statutory
dues/liabilities have not been provided in the absence of demand for
the same.
1.5. The balances of sundry debtors, sundry creditors, other
liabilities, advance to suppliers for raw materials and spares, other
advances including claims and deposits have been shown as appearing in
the books of account and are subject to reconciliation and
confirmation.
1.6. Lease payments:
The Company has not taken any assets under non cancelable operating
lease agreements and hence no future lease payments.
1.7 Segment Reporting
The business activity and geographical operations of the company is in
one segment of cement product and hence segment reporting is not
applicable.
1.8 Related party transactions:
The following are the transactions of the related parties, which are
related on account of shareholding by key management personnel and
their relatives viz. Sri. S.P.Y.Reddy, Chairman, Sri. S.Sreedhar Reddy,
Managing Director and other Directors and the Associated Companies :
1.9 EARNING PER SHARE
Basic and diluted earnings/(Loss) per share (face value of Rs.10/-each)
calculated in compliance with the provisions of Accounting Standard 20
for the year ended 31.03.2014 comes to loss Rs.(2.67) (Previous year
Rs.10.90).
The denominator for basic/diluted EPS is 16018139 Equity Shares of
Rs.10/- each numerator is net loss of Rs.4,25,81,140 for the year as
per Statement of Profit and Loss (Previous year net Profit
Rs.17,48,73,880) and as reduced by the preference dividend for the year
of Rs.2,70,186 - on "C" Cumulative Redeemable Preference Shares,
which is not provided.
Therefore basic/diluted earning per share = Net Loss of
Rs.4,28,51,326-16018139 shares=Rs.(2.67)
1.10 Figures have been rounded off to the nearest decimal of Lacs as
required under Revised Schedule VI.
1.11 Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s classification
/ disclosure as required under Revised Schedule VI.
Mar 31, 2013
1.1. Under The Micro, Small and Medium Enterprises Development Act,
2006 and in accordance with the notification issued by the Ministry of
Corporate Affairs, certain disclosures are required to be made relating
to Micro and Small Enterprises as defined in the said Act. The company
is in the process of compiling the relevant information from its
suppliers about their coverage under the said Act and hence required
disclosures could not be made.
1.2 Disclosure of discontinued operations of Wire / Engineering
Division:
The operations of the Wire/ Engineering Division at Bengalur were
permanently discontinued from October 2005 and the division was closed
on 31.01.2006. The company has entered into agreements for joint
development of land with the developers. As per the requirements of
Revised Schedule VI which is effective from 1st April, 2011, the book
value Rs. 660.52 lakhs of land property under joint development
agreements, was shown separately under "Current Assets" as current
investment in land property and the amounts received from joint
developers and advances received from intending buyers were shown
separately under "Non-Current Liabilities" as other long term
liability. There were no revenue income/expenses incurred during the
previous year. During the year 2012-13 the company has sold the
property under Joint Development Aggrements to the extent of possession
given by the Developers and Sale Deads were executed and the profit on
sale of properity of Rs.4276.00 lakhs was considered as exceptional
item.
1.3 Belated charges/overdue interest on delay in payment of statutory
dues liabilities have not been provided in the absence of demand for
the same.
1.4 The balances of sundry debtors, sundry creditors, other
liabilities, advance to suppliers for raw materials and spares, other
advances including claims and deposits have been shown as appearing in
the books of account and are subject to reconciliation and
confirmation.
1.5 Lease payments:
The Company has not taken any assets under non cancelable operating
lease agreements and hence no future lease payments.
1.6 Segment Reporting
The business activity and geographical operations of the company is in
one segment of cement product and hence segment reporting is not
applicable.
1.7 EARNING PER SHARE
Basic and diluted earnings/(Loss) per share (face value of Rs.10/-each)
calculated in compliance with the provisions of Accounting Standard 20
for the year ended 31.03.2013 comes to Rs. 10.90 (Previous year
Rs.5.68).
The denominator for basic/diluted EPS is 16018139 Equity Shares of
Rs.10/- each numerator is profit after tax of Rs. 1748.74 lakhs for the
year as per Statement of Profit and Loss (Previous year net Profit Rs.
913.28 lakhs) and as reduced by the preference dividend for the year of
Rs. 2.70 lakhs on "C" Cumulative Redeemable Preference Shares, which is
not provided.
Therefore basic/diluted earning per share = Net Profit of Rs. 174603879
16018139 shares = Rs. 10.90
1.8 Figures have been rounded off to the nearest decimals of lakhs
for disclosures under Notes to Accounts
1.9 Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s classification
/ disclosure as required under Revised Schedule VI.
Mar 31, 2012
1.1 There were no loans repayable on demand and short term
deposits/loans and advances from related parties
1.2 There was no default as on 31.03.2012 and 31.03.2011 in repayment
of loans and interest payments on working capital cash credit loans.
1.3 SECURITY
Cash Credits working capital loans from banks: Secured by hypothication
of inventory of raw materials,finished goods, stocks in-process and
book debts and first pari pasu charge on the current assets and second
charge on fixed assets of the company and also by the personal gurantee
of the above Directors and shareholders.
1.4 There were no current maturities of Finance Lease Obligations,
unpaid Dividends,unpaid matured Debentures or deposits and interest
accrued thereon, Income received in advance and Application money
received for allotment of securities.
There were no investments in Subsidiaries, Associates, Joint Ventures
and controlled special purpose Entities and in Preference Shares,
Bonds,Debentures,Mutual Funds and in Partnership Firms
2.1 Contingent Liabilities not provided in respect of :
RUPEES IN LAKHS
SI.
No. PARTICULARS 2011-2012 2010-2011
a) As a signatory to the Memorandum of Cement
Allocation and 1.00 1.00
Co-ordinating Organization
b) Guarantees given by the Bankers/Letters of
Credit (Net of 314.61 66.80
margin money paid)
c) Corporate guarantee given to SIPCOT for
the financial 2351.62 1683.74
assistance availed by M/s.Cheran Cement
Limited (estimated liability)
6952.54 7742.77
d) Corporate guarantee given to SBI, SBH,
Bank of India, Syndicate Bank and Indian
Overseas Bank for financial assistance
availed by S.P.Y. Agro Industries Limited
e) Arrears of dividend on "C" Cumulative
Preference shares held 35.10 32.40
by institutions, being not redeemed and
requested for extension of time
f) Estimated amount of contracts remaining
to be executed on 705.50 765.65
capital account (Net of advances)
g) Claims against the Company not
acknowlodged as debts being disputed
and pending in appeals and not provided
for as the Company is hopeful of success
in appeals:
i) CENTRAL EXCISE AND CENVAT CREDIT:
CENVAT credits 950.51 878.62
availed and utilized were subsequently
disallowed by the Department and demand
raised for differential duty and show
cause notice for irregular availment of
CENVAT credit (July 2006 to November 2007).
The Company has contested in appeals and
are pending with the Commssioner of
Appeals or CEGAT/or A.P High Court (paid
under protest Rs. 12.56 lakhs)
ii) ELECTRICITY MATTERS:
Claim of APSEB for 10% voltage surcharge
for the period from September 1983 to
November 1984 contested. High 30.64 108.73
Court granted stay and directed APSEB to
dispose off the pending representations
made by the company. (Provided during the
year Rs. 70.35 lakhs)
iii) INCOME TAX MATTERS
Demand raised by the Assessing Officer
(Addl.CIT, Kurnool) 2601.00 2378.48
for the Assessment year 2008-09 for
payment of capital gains tax on
Bengaluru/ Wire Division land under Joint
Development Agreement and for assessment
year 2009-10 MAT liability on book profit
under section 115JB of IT Act, which are
contested by the company before the
Commissioner of Income Tax (Appeals),
Hyderabad and the appeals are pending
and got stay/installments from the
Commissioner for the balance amount.(Paid
under protest Rs. 144.70 lakhs)
iv) COMMERCIAL TAX MATTERS
a) Demand raised by the Commercial Tax
Department, Tamilnadu in respect of levy 5.56 5.56
of penalty for the assessment year 1994-95
contested in appeal before Appellate
Authority and the matter was remanded to
assessing authority.
b) Demand raised by the Asst. Commissioner
(CT) Audit, Nil 92.59
Kurnool for payment of dirfferential
tax for the year 2007-08,contested in appeal
before the Appellate Dy.Commissioner,
Kurnool and the Appeal was remanded during
the year. The Assessing Officer partly
allowed and the amount was paid (Rs.11.57
lakhs paid under protest in previous year was
adjusted during the year)
c) During the year Penalties levied by the
Commercial Tax 58.27 Nil
Officer, Kurnool for non payment of tax
dues before the due date for which
installments were granted by the Department.
The Company has requested the Government
for waiver of the penalities.
v) Penal Interest / Damages on PF Dues The
Department 277.59 399.69
has levied penal interest and damages for
delay in P.F payments for the period from
May 1989 to September 2001 and the company
requested for waiver. (Paid during the year
Rs. 122.10 lakhs and previous year Rs.
28.19 lakhs)
vi) Penal interest on Royalty Dues During the
year Department 343.72 Nil
of Mines and Geology has raised demand for
penal interest up to 31.03.2011 of
Rs. 560.52 lakhs on royalty dues for delay in
payments and the Company has filed Revision
Application for waiver of interest before the
Department and Ministry of Mines, New Delhi.
(Part of the interest of Rs. 216.80 lakhs
was provided in earlier years)
vii) Suits filed against the Company and the
Developers of 66625.12 66625.12
Bengaluru Property, in the Court of City
Civil Judge, Bengaluru by two prospective
buyers (Kare Electronics and Developments
Private Limited and Pranava Electronics
Private Limited) for specific performance
of agreements to sell the property of
Bengaluru land under development agreements
and for refund of advances paid under the
agreements to sell with interest, damages
and value of undivided right, title,
interest in the land entitlement as per
the agreements to sell, which were
contested by the company and the case was
dismissed by the City Civil Court and
High Court of Karnataka, Bengaluru and the
matter is pending before the Honourable
Supreme Court of India.
viii)OTHER MATTERS
Suits filed by the parties against
the company and 126.34 126.34
pending in Appeals/Courts
2.2. Under The Micro, Small and Medium Enterprises Development Act,
2006 and in accordance with the notification issued by the Ministry of
Corporate Affairs, certain disclosures are required to be made relating
to Micro and Small Enterprises as defined in the said Act. The company
is in the process of compiling the relevant information from its
suppliers about their coverage under the said Act and hence required
disclosures could not be made.
2.3 Disclosure of discontinued operations of Wire / Engineering
Division:
The operations of the Wire/ Engineering Division at Bengalur were
permanently discontinued from October 2005 and the division was closed
on 31.01.2006. The company has entered into agreements for joint
development of land with the developers. As per the requirements of
Revised Schedule VI which is effective from 1st April, 2011, the book
value Rs. 813.12 lakhs of land property under joint development
agreements, was shown separately under "Current Assets" as current
investment in land property and the amounts received from joint
developers and advances received from intending buyers were shown
separately under "Non-Current Liabilities" as other long term
liability. There were no revenue income/expenses incurred during the
year and in previous year.
2.4 Belated charges/overdue interest on delay in payment of statutory
dues liabilities have not been provided in the absence of demand for
the same.
2.5 The balances of sundry debtors, sundry creditors, other
liabilities, advance to suppliers for raw materials and spares, other
advances including claims and deposits have been shown as appearing in
the books of account and are subject to reconciliation and
confirmation.
2.6 Lease payments:
The Company has not taken any assets under non cancelable operating
lease agreements and hence no future lease payments.
2.7 Segment Reporting
The business activity and geographical operations of the company is in
one segment of cement product and hence segment reporting is not
applicable.
2.8 EARNING PER SHARE
Basic and diluted earnings/(Loss) per share (face value of Rs.10/-each)
calculated in compliance with the provisions of Accounting Standard 20
for the year ended 31.03.2012 comes to Rs. 5.68 (Previous year (Loss)
Rs.2.40).
The denominator for basic/diluted EPS is 16018139 Equity Shares of
Rs.10/- each numerator is profit after tax of Rs.913.28 lakhs for the
year as per Statement of Profit and Loss (Previous year net loss
Rs.381.20 lakhs) and as reduced by the preference dividend for the year
of Rs. 2.70 lakhs on "C" Cumulative Redeemable Preference Shares,
which is not provided.
Therefore basic/diluted earning per share =Net Profit of Rs.
910582016018139 shares=Rs.5.68.
2.9 Figures have been rounded off to the nearest decimal of Lacs as
required under Revised Schedule VI.
2.10 The Revised Schedule VI has become effective from 1st April, 2011
for preparation of financial statements for the year 2011 -12. This has
significantly impacted the disclosure and presentation in financial
statements. Consequently previous year's figures have been regrouped
/ reclassified wherever necessary to correspond with the current
year's classification / disclosure as required under Revised Schedule
VI.
Mar 31, 2011
Rupees in Lakhs
2010-2011 2009-2010
1 Contingent Liabilities not provided
for :
a) As a signatory to the Memorandum of
Cement Allocation and Co-ordinating
Organization
1.00 1.00
b) Guarantees given by the Bankers/
Letters of Credit(Net of margin
money paid)
66.80 19.28
c) Corporate guarantee given to SIPCOT
for the financial assistance availed
by M/s.Cheran Cement Limited
estimated Liability.
1445.00 1000.00
d) Corporate guarantee given to
SBI, SBH, Bank of India,
Syndicate Bank and Indian Overseas
Bank for financial assistance
availed by S.P.Y. Agro Industries
Limited
7742.77 6569.69
e) Arrears of dividend on "C"
Cumulative Preference shares
held by institutions, being not
redeemed and requested for
extension of time
32.40 29.70
f) Estimated amount of contracts
remaining to be executed on capital
account(Net of advances)
765.65 1724.12
2. Under The Micro, Small and Medium Enterprises Development Act, 2006
and in accordance with the notification issued by the Ministry of
Corporate Affairs, certain disclosures are required to be made relating
to Micro and Small Enterprises as defined in the said Act. The company
is in the process of compiling the relevant information from its
suppliers about their coverage under the said Act and hence required
disclosures could not be made.
3. Disclosure of discontinued operations of Wire Division and Chemical
Division:
The operations of the Engineering Division were permanently
discontinued from October 2005 and the division was closed on
31.01.2006. The company has entered into an agreement for joint
development of land with the developers. As per the requirements of
Accounting Standard (AS-24), the book values as at 31.03.2009 of fixed
assets (land, office equipment, furniture and vehicle etc.) of
Rs.759.95 lakhs were not shown separately but included under relevant
heads of account and the amount received from joint developer during
the year of Rs.65.00 lakhs (Previous year Rs.Nil) and advances received
from intending buyers during the year of Rs. Nil (Previous year Rs.NIL
lakhs) and repayments made to parties during the year Rs.200.81 lakhs
(Previous year Rs.356.50 lakhs) shown separately under sources of funds
as advance against property development. There was no revenue income
expenses incurred during the year and in previous year.
The operations of the Chemical Division were permanently discontinued
and the division was closed on 31.03.1998. During the year 2008 09, the
company has disposed off the total land and buildings of the division
and during the year no expenses were incurred.
4. Belated charges/overdue interest on delay in payment of statutory
dues/ liabilities have not been provided in the absence of demand for
the same.
5 The balances of sundry debtors, sundry creditors, other liabilities,
advance to suppliers for raw materials and spares, other advances including
claims and deposits have been shown as appearing in the books of
account and are subject to reconciliation and confirmation.
6. Lease payments:
There are no lease payments during the year and no liability in future
years.
7. Deferred Tax Liability
There is no deferred tax liability as on 31.03.2011 on account of
business loss/depreciation and expenditure allowable under section 43B
of the I.T. Act, 1961.
8. Segment Reporting
The business activity and geographical operations of the company is in
one segment of cement product and hence segment reporting is not
applicable.
9. EARNING PER SHARE
Basic and diluted earnings/(Loss) per share (face value of Rs.10/-each)
calculated in compliance with the provisions of Accounting Standard 20
for the year ended 31.03.2011, comes to loss Rs.(2.40) (Previous year
Rs.9.06).
The denominator for basic/diluted EPS is 16018139 Equity Shares of
Rs.10/- each numerator is net loss after tax of Rs.381.20 lakhs for the
year as per Profit and Loss Account(Previous year Rs. 1453.99 lakhs)and
as increased by the preference dividend for the year of Rs.2.70 lakhs
on "C" Cumulative Redeemable Preference Shares, which is not provided.
Therefore basic/diluted loss per share = Net Loss of
Rs.3,83,90,635/16018139 shares = Rs.(2.40).
10. Previous year figures have been regrouped/rearranged wherever
necessary to make them comparable with the current year figures.
Mar 31, 2010
Rupees in Lakhs
2009-2010 2008-2009
1 Contingent liabilities
not provided for:
a) As a signatory to the Memorandum of
Cement Allocation and
Co-ordinating Organization
1.00 1.00
b) Guarantees given by the Bankers/
Letters of
Credit(Net of margin money paid)
19.28 16.19
c) Corporate guarantee given to SIPCOT/TIIC for
the financial assistance availed by M/s.Cheran
Cement Limited estimated liability (During the
year TIIC liability paid Rs. 148.69 lakhs under
final settlement of Rs. 198.69 lakhs (previous
year paid Rs.50.00 lakhs
1000.00 1362.53
d) Corporate guarantee given to SBI, SBH, Bank
of India, Syndicate Bank and Indian Overseas
Bank for financial assistance availed by
S.P.Y. Agro Industries Limited
6569.69 7394.29
e) Arrears of dividend on "C" Cumulative
Preference shares held by institutions,
being not redeemed and requested for
extension of time
29.70 27.00
f) Estimated amount of contracts remaining to
be executed on capital account (Net of
advances)
1724.12 3549.86
2. Under The Micro, Small and Medium Enterprises Development Act, 2006
and in accordance with the notification issued by the Ministry of
Corporate Affairs, certain disclosures are required to be made relating
to Micro and Small Enterprises as defined in the said Act. The company
is in the process of compiling the relevant information from its
suppliers about their coverage under the said Act and hence required
disclosures could not be made.
3. Disclosure of discontinued operations of Wire Division and Chemical
Division:
The operations of the Engineering Division were permanently
discontinued from October 2005 and the division was closed on
31.01.2006. The company has entered into an agreement for joint
development of land with the developers. As per the requirements of
Accounting Standard (AS 24), the book values as at 31.03.2009 of fixed
assets (land, office equipment, furniture and vehicle etc.) of
Rs.759.95 lakhs were not shown separately but included under relevant
heads of account and the amount received from joint developer during
the year of Rs.Nil (Previous year Rs.Nil) and advances received from
intending buyers during the year of Rs.Nil (Previous year Rs.30.00
lakhs) and repayments made to parties during the year Rs.356.50 lakhs
(Previous year Rs.Nil) shown separately under sources of funds as
advance against property development. There was no revenue
income/expenses incurred during the year and in previous year.
The operations of the Chemical Division were permanently discontinued
and the division was closed on 31.03.1998. During the year 2008- 09,
the company has disposed off the total land and buildings of the
division and during the year no expenses were incurred.
4 During the year 2005-06 the company has announced
VRS and the amount settled under VRS treated as deferred revenue
expenditure to be written off over a period of five years from 2005-06.
Accordingly an amount of Rs.282.85 lakhs (Previous year Rs.282.86
lakhs) has been written off and the balance at the year end is Rs.Nil
(Previous year Rs.282.85 lakhs).
5. Belated charges/overdue interest on delay in payment of statutory
dues/liabilities have not been provided in the absence of demand for
the same.
6. The balances of sundry debtors, sundry creditors, other
liabilities, advance to suppliers for raw materials and spares, other
advances including claims and deposits have been shown as appearing in
the books of account and are subject to reconciliation and
confirmation.
7. Lease payments:
There are no lease payments during the year and no liability in future
years.
8. Deferred Tax Liability
There is no deferred tax liability as on 31.03.2010 on account of
expenditure allowable under section 43B of thel.T.Act, 1961 and
deferred revenue expenditure allowable in future years.
9. Segment Reporting
The business activity and geographical operations of the company is in
one segment of cement product and hence segment reporting is not
applicable.
10. Related party transactions:
The following are the transactions of the related parties, which are
related on account of shareholding by key management personnel and
their relatives viz. Sri S.P.Y.Reddy, Chairman, Sri S.Sreedhar Reddy,
Managing Director and other Directors and the Associated Companies.
EARNING PER SHARE :
Basic and diluted earnings per share (face value of Rs.10/-each)
calculated in compliance with the provisions of Accounting Standard 20
for the year ended 31.03.2010, comes to Rs.9.06 (Previous year
Rs.21.50)
The denominator for basic/diluted EPS is 16018139 Equity Shares of Rs.
10/-each numerator is net profit after tax of Rs.1453.99 lakhs for the
year as per Profit and Loss Account(Previous year Rs.3446.55lakhs)and
as reduced by the preference dividend for the year of Rs.2.70 lakhs on
"C" Cumulative Redeemable Preference Shares, which is not provided.
Therefore basic/diluted EPS = Net Profit of Rs.145129015/16018139
shares=Rs.9.06.
11.Previous year figures have been regrouped/rearranged wherever
necessary to make them comparable with the current year figures.