Mar 31, 2015
The interest rate for the current financial year for all the term loans
is 10.50%
All the term loans are repayable in 32 quarterly installments
commencing from March'15 as per the CDR approval.
One of the bankers has assigned the dues to it to an Asset
Reconstruction Company during the financial year ended 31st
March,2015.Asset reconstruction company is yet to enter into any formal
agreement with the company and therefore the amount has not been
bifurcated under long term or short term in respect thereof.
Hire Purchase loan is repayable in Equated Monthly installments EMIs
beginning from the month in which lease is taken.
Period and amount of continuous default relating to above loans-NIL
* Trade deposits are received from dealers with whom the company has
running agreement.
** Promotors Contribution under CDR scheme -Rs.277.50 lakhs from Mr.R
Ramswamy, Rs. 1143 lakhs from M/s.Servall Engineering works (P) Ltd.
1. CONTINGENT LIABILITY
Particulars
(Rs. Lakhs) (Rs. Lakhs)
Bills discounted  325.15
Claims against the company not acknowledged as debts:
a) Customs Duty related maters 125.09 125.09
b) Sales Tax related maters 57.86 Â
c) Electricity Tax related maters 85.67 0.00
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days basic salary (based on last drawn remuneration) for each
completed year of service. Arrangements are being made for the funding
of the gratuity scheme.
The following tables summaries the components of net benefit expense
recognised in the profit and loss account and the funded status and
amounts recognised in the balance sheet for the respective plans.
2. Borrowing costs
Amount of borrowing costs capitalized during the year is NIL (Previous
year NIL). During the financial year one of the three bankers of the
company has opted out of the CDR package and assigned its right in
favour of an Asset Reconstruction Company (ARC). The company has still
to receive the terms of assignment from the ARC. Hence, the interest
there on could not be quantified and provided.
3. Government Incentives
Based on the Tamil Nadu Governments incentive scheme for development of
southern districts the company is eligible for refund of sales tax. The
company has recognised a sum of Rs.375.90 Lakhs (Previous year
Rs.458.32 Lakhs) as income under the scheme which is to be sanctioned.
4. Related Party Disclosures:
1. Key Managerial Personnel
Sri. R. Ramswamy, Executive Chairman
Sri Y Shivaram Prasad, Managing Director
Sri Y Rambabu, Director & President (Operations)
2. Relatives of Key Managerial Personnel
: Smt. R. Jeevanlatha, Wife of Sri. R. Ramswamy
Smt. Shobana S Prasad, Daughter of Sri. R. Ramswamy Smt. Nirupa
Sriramulu, Daughter of Sri. R. Ramswamy
3. Other related parties
: Danalakshmi Paper Mills (P) Ltd.,
Servall Engineering Works (P) Ltd Vijayalakshmi Paper Mills Sri Lakshmi
Engineering Works
5. Deferred tax Liability/Asset
In accordance with Accounting Standard 22 "Accounting for taxes on
Income" (AS 22) issued by the Institute of Chartered Accountants of
India, deferred tax assets and liability should be recognized for all
timing differences in accordance with said standards. However,
considering the present financial position and requirement of the
Accounting Standard regarding certainty / virtual certainty, the same
is not provided for as an asset (net). However, the same will be
reassessed at a subsequent Balance Sheet date and will be accounted for
in the year of certainty / virtual certainty in accordance with the
aforesaid Accounting Standard.
6. Disclosure of Revenue from Sales Transactions as per Para 10 of
Accounting Standard 9
The total excise duty for the Period excluding the excise duty related
to difference between the closing stock and opening stock has been
disclosed as a reduction from turnover. Excise duty related to
difference between the closing stock and opening stock has been
disclosed in Schedule 17 "Other Expenditure".
7. Previous year comparatives
Figures for the previous year have been regrouped wherever necessary to
conform to the classification for the Period.
Mar 31, 2014
1. LONG TERM BORROWING
The interest rate for the current financial year for all the term loans
is 10.50% pa.
All the term loans are repayable in 32 quarterly installments
commencing from March ''15 quarter as per the CDR approval.
Hire Purchase loan is repayable in Equated Monthly installments (EMIs)
beginning from the month in which lease is taken.
Period and amount of continuous default relating to above loans-Not
applicable since under CDR package.
** Trade deposits are received from dealers with whom the company has
running agreement.
2. Fixed Assets
* Plant and equipment include cost- Rs. 335.94 lakhs (Previous Year-
Rs. 335.94 lakhs) Written Down Value Rs. 284.43lakhs (Previous Year-
Rs. 301,60lakhs) in respect of capital expenditure incurred by the
company, the ownership of which does not vest in the company.
3. LONG TERM LOANS & ADVANCE
The above loans and advances include Rs.166.85 Lakhs advances paid to
Servall Engineering Works Private Limited, in which Director is a
member towards purchase of fixed asset (Previous year Rs. 166.85
lakhs).
4. CONTINGENT LIABILITY
Particulars 2013-14 2012-13
(Rs. Lakhs) (Rs. Lakhs)
Bills discounted 325.15 63.04
Claims against the company not
acknowledged as debts: 125.09 -
i) Customs Duty related matters
5. GRATUITY
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days basic salary (based on last drawn remuneration) for each
completed year of service. Arrangements are being made for the funding
of the gratuity scheme.
The following tables summaries the components of net benefit expense
recognised in the profit and loss account and the funded status and
amounts recognised in the balance sheet for the respective plans.
6. Borrowing costs
Amount of borrowing costs capitalized during the year is Rs. Nil.
(Previous year Rs. Nil).
7. Government Incentives
Based on the Tamil Nadu Governments incentive scheme for development of
southern districts the company is eligible for refund of sales tax. The
company has recognised a sum of Rs. 458.32 Lakhs (Previous year Rs.
417.34 Lakhs) as income under the scheme which is to be sanctioned.
8. Related Party Disclosures
1. Key Managerial Personnel : Sri. R. Ramswamy, Executive Chairman
Sri Y Shivaram Prasad,Managing Director.
Sri Y Rambabu, Director & President
(Operations).
2. Relatives of Key Managerial Personnel
Smt. R. Jeevanlatha, Wife of Sri. R.
Ramswamy
Smt. Shobana S Prasad, Daughter of
Sri. R. Ramswamy
Smt. Nirupa Sriramulu, Daughter of
Sri. R. Ramswamy
3. Other related parties : Danalakshmi Paper Mills (P) Ltd.
Servall Engineering Works (P) Ltd
Vijayalakshmi Paper Mills &
Sri Lakshmi Engineering Works
9. Deferred tax Liability/Asset
In accordance with Accounting Standard 22 "Accounting for taxes on
Income" (AS 22) issued by the Institute of Chartered Accountants of
India, deferred tax assets and liability should be recognized for all
timing differences in accordance with said standards. However,
considering the present financial position and requirement of the
Accounting Standard regarding certainty/virtual certainty,the same
is not provided for as an asset (net). However, the same will be
reassessed at a subsequent Balance Sheet date and will be accounted for
in the year of certainty/virtual certainty in accordance with the
aforesaid Accounting Standard.
10. Disclosure of Revenue from Sales Transactions as per Para 10 of
Accounting Standard 9.
The total excise duty for the Period excluding the excise duty related
to difference between the closing stock and opening stock has been
disclosed as a reduction from turnover. Excise duty related to
difference between the closing stock and opening stock has been
disclosed in Schedule 17 "Other Expenditure".
11. Interest has been reworked as per CDR package from the cut off date
ie. 01/01/2013.The interest charged for the period Jan''13 to Mar''13
during earlier year (2012-13) has been adjusted by crediting the profit
and loss statement under exceptional item.
12. Previous year comparatives
Figures for the previous year have been regrouped wherever necessary to
conform to the classification for the Period.
Mar 31, 2013
1. Utilisation of IPO Proceeds
The entire IPO funds have been utilised.
2a Contingent Liability
2012-13 2011-12
Particulars (Rs.Lakhs) (Rs. Lakhs)
Bills discounted 63.04 115.56
3 Gratuity
The Company has a defned beneft gratuity plan. Every employee who has
completed fve years or more of service gets a gratuity on departure at
15 days basic salary (based on last drawn remuneration) for each
completed year of service. Arrangements are being made for the funding
of the gratuity scheme.
The following tables summaries the components of net beneft expense
recognised in the proft and loss account and the funded status and
amounts recognised in the balance sheet for the respective plans.
4. Borrowing costs
Amount of borrowing costs capitalized during the period is - Nil.
(Previous year - Nil)
5. Government Incentives
Based on the Tamil Nadu Government''s incentive scheme for development
of southern districts the company is eligible for refund of sales tax.
The company has recognised a sum of Rs.417.34 Lakhs (Previous year Rs.
109.96 Lakhs) as income under the scheme which is to be sanctioned.
6. Related Party Disclosures:
1. Key Management Personnel : Sri. R.Ramswamy, Chairman and Managing
Director.
2. Relatives of Key Management Personnel
Smt. R. Jeevanlatha, Wife of Sri. R. Ramswamy
Smt. Shobana S Prasad, Daughter of Sri. R. Ramswamy
Smt. Nirupa Sriramulu, Daughter of Sri. R. Ramswamy
3. Other related parties
Servalakshmi Paper & Boards (P) Ltd., Danalakshmi Paper Mills (P) Ltd.,
Servall Engineering Works (P) Ltd and Techno Spin (P) Ltd. &
Vijayalakshmi Paper Mills
7. Deferred tax Liability/Asset
In accordance with Accounting Standard 22 "Accounting for taxes on
Income" (AS 22) issued by the Institute of Chartered Accountants of
India, deferred tax assets and liability should be recognized for all
timing differences in accordance with said standards. However,
considering the present fnancial position and requirement of the
Accounting Standard regarding certainty / virtual certainty, the same
is not provided for as an asset (net). However, the same will be
reassessed at a subsequent Balance Sheet date and will be accounted for
in the year of certainty / virtual certainty in accordance with the
aforesaid Accounting Standard.
8. Disclosure of Revenue from Sales Transactions as per Para 10 of
Accounting Standard 9
The total excise duty for the Period excluding the excise duty related
to difference between the closing stock and opening stock has been
disclosed as a reduction from turnover. Excise duty related to
difference between the closing stock and opening stock has been
disclosed in Schedule 17 "Other Expenditure".
9. Previous year comparatives
Figures for the previous year have been regrouped wherever necessary to
conform to the classifcation for the Period.
Mar 31, 2012
Terms of Repayment-Corporate Loans Indian Overseas Bank
Repayable in 24 equal monthly installments of 131.45 lakhs each
beginning from November 2012.
Terms of Repayment-Funded interest Term Loan
As per the restructuring proposal sanctioned in November 2011, the term
loan interest are funded by Funded Interest Term Loans till December
2012. Repayment of the same starts from July 2013 for 21 quarters.
The interest rates for the above loans ranges from 11% to 15.50%
Period and amount of continuous default relating to above loans - Nil
** Trade deposits are received from dealers with whom the company has
running agreement.
The above loans and advances include Rs.166.85 Lakhs advances paid to
Servall Engineering Works Private Limited, in which Director is a
member towards purchase of fixed asset (Previous year X 450 lakhs)
1a Contingent Liabilities
2011-12 2010-11
Particulars (Rs. Lakhs) (Rs. Lakhs)
Bills discounted 115.56 Ã
2 Gratuity
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days basic salary (based on last drawn remuneration) for each
completed year of service. Arrangements are being made for the funding
of the gratuity scheme.
The following tables summaries the components of net benefit expense
recognised in the profit and loss account and the funded status and
amounts recognised in the balance sheet for the respective plans.
3 Borrowing costs
Amount of borrowing costs capitalized during the period is t Nil.
(Previous yearRs. 540.41 lakhs)
4 Government Incentives
Based on the Tamil Nadu Government's incentive scheme for development
of southern districts the company is eligible for refund of sales tax.
The company has recognised a sum of Rs. 109.96 Lakhs (Previous year Rs.
241.12 Lakhs) as income under the scheme which is to be sanctioned.
5. Related Party Disclosures:
1. Key Management Personnel
Sri. R.Ramswamy, Chairman and Managing Director.
2. Relatives of Key Management Personnel
Smt. R. Jeevanlatha, Wife of Sri. R. Ramswamy
Smt. Shobana S Prasad, Daughter of Sri. R. Ramswamy
Smt. Nirupa Sriramulu, Daughter of Sri. R. Ramswamy
3. Other related parties
Servalakshmi Paper & Boards (P) Ltd.,
Danalakshmi Paper Mills (P) Ltd.,
Servall Engineering Works (P) Ltd and
Techno Spin (P) Ltd. &
Vijayalakshmi Paper Mills
6. Deferred tax Liability/Asset
In accordance with Accounting Standard 22 "Accounting for taxes on
Income" (AS 22) issued by the Institute of Chartered Accountants of
India, deferred tax assets and liability should be recognized for all
timing differences in accordance with said standards. However,
considering the present financial position and requirement of the
Accounting Standard regarding certainty / virtual certainty, the same
is not provided for as an asset (net). However, the same will be
reassessed at a subsequent Balance Sheet date and will be accounted for
in the year of certainty / virtual certainty in accordance with the
aforesaid Accounting Standard.
7. Disclosure of Revenue from Sales Transactions as per Para 10 of
Accounting Standard 9
The total excise duty for the Period excluding the excise duty related
to difference between the closing stock and opening stock has been
disclosed as a reduction from turnover. Excise duty related to
difference between the closing stock and opening stock has been
disclosed in Schedule 17 "Other Expenditure".
8. Previous year comparatives
Figures for the previous year have been regrouped wherever necessary to
conform to the classification for the Period.
Mar 31, 2010
1. Related Party Disclosures:
1. Key Management Personnel : Sri. R.Ramaswamy, Chairman and Managing
Director.
2. Relatives of Key Management Personnel
Smt. R. Jeevanlatha, Wife of Sri. R. Ramaswamy
Smt. Shobana S Prasad, Daughter of Sri. R. Ramaswamy
Smt. Nirupa Sriramulu, Daughter of Sri. R. Ramaswamy
3. Other related parties Servalakshmi Paper & Boards (P) Ltd.,
Danalakshmi Paper Mills (P) Ltd.,
Servall Engineering Works (P) Ltd and
Techno Spin (P) Ltd.
4. Previous years figures have been regrouped wherever necessary to
conform to the current years classifications.
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