Mar 31, 2015
1. Primary Security:
Hypothecation on entire Current assets, both present and future, which
include raw materials, stock in process, finished goods, consumables
etc., book debts on first pari passu basis and bills discounting limits
are additionally secured by documents of title to goods.
2. Collateral Security
a) Equitable Mortgage on first pari passu basis of company's factory
land and buildings in Arni Taluk, Tamilnadu, Wind Mill Land and
Building in Radhapuram Taluk, Tamilnadu and Registered Office land and
building in Chennai.
b) Hypothecation on first pari passu basis of all unsecured movable
fixed assets.
and
3) Personal Guarantee
Personal Guarantee of Promoter Directors Sri Balakrishna S, Managing
Director and Sri R. Padmanaban, Joint Managing Director.
NOTE NO. 4
OTHER DISCLOSURES AND ADDITIONAL INFORMATION AS PER REQUIREMENTS IN
REVISED SCHEDULE III OF THE COMPANIES ACT. 2013.
A. OTHER DISCLOSURES:
i) Contingent Liabilities and Commitments not provided for
(Rs. in Lakhs)
Details As at 31.03.2015 As at 31.03.2014
a) Contingent Liabilities
Contingent Liabilities not
provided for in respect of
1. Export Bills Discounted
under irrevocable Letters
of Credit issued by
Foreign Bank 0.00 111.18
2. Disputed Income Tax Liabilities 46.08 75.96
3. Disputed Contribution
to Employees State Insurance
Corporation 4.15 4.15
b) Commitments
1. Estimated amounts of contracts
remaining to be executed on
capital accounts not provided for 0.00 0.00
2. Other commitments:
Liabilities on Letters of Credit
issued for capital goods. 0.00 0.00
Liabilities on Letters of Credit
issued for others. 0.00 0.00
ii) Gratuity
The company has not funded for gratuity liability as per actuarial
valuation for the last 5 years and the total amount to be funded is
Rs.1,55,12,020.
iii) In the absence of information from suppliers with regard to their
registration with the specified authority, despite the company calling
for such information the company is unable to furnish the information
as required under the Companies Act, 1956 and Micro Small and Medium
Enterprises Development Act, 2006.
v) Confirmation of balances from Debtors and Creditors have not been
received in certain cases.
vi) Items of revenue / expense amounting to more than 1% of total value
has been disclosed separately.
vii) Previous year's figures have been re-grouped wherever necessary to
conform to this year's classification.
x) Related party transactions:
As per the Accounting Standard 18 - Related party transactions, the
company's related party and the details of transactions the company had
with them are given below:
I. Related Parties
a) Key Management Personal and relatives
Name of the related Party Nature of relationship
i) Sri Balakrishna S Wholetime Director(During 2014-15)
ii) Sri R. Padmanaban Technical Director (During 2014-15)
iii) Sri R. Thirumalai Production Manager
iv) Sri R. Rajagopal Administrative Manager
v) Sri Srish Jayender
Balakrishna Marketing Manager
Mar 31, 2013
1. Contingent liability not provided for in respect of:
(Rs.in Lakhs)
S.
No. Particulars As at
31.03.20131 As at
31.03.2012
1. Export Bills discounted under
irrevocable letters of credits
issued by Foreign Banks. (This
amount is secured by first
charge on the fixed assets of
the company on pari passu basis
and personal guarantee of
promoter directors)
2. Disputed income tax liability 130.77 130.77
3. Disputed contribution to
Employees State . 4.15 4.15
Insurance Corporation
4. Estimated amount of
contracts remaining to be Nil Nil
executed on capital accounts
2. In the absence of information from the suppliers with regard to
their registration with the specified authority, despite the company
calling for such information, the company is unable to furnish the
information, as required under The Companies Act, 1956 and the Micro,
Small and Medium Enterprises Development Act, 2006.
3. General reserve includes Rs. 233.02 Lakhs ( Previous Year Rs.
233.02 Lakhs ) transferred thereto Pursuant to Sec 205 (2 A) of the
Companies Act, 1956.
4. Confirmation of balances from debtors and creditors have not been
received in some cases.
5. Other expenses do not include any items individually in value of 1 %
of the total revenue.
6. Previous year''s figures have been regrouped wherever necessary to
conform to this years classification.
Mar 31, 2012
1. Contingent liability not provided for in respect of:
(Rs.in Lakhs)
S.
No.Particulars As at 31.03.2012 As at 31.03.2011
1. Export Bills discounted
under irrevocable letters of
credits issued by Foreign Banks.
(This amount is secured by first
charge on the fixed assets of the
company on pari passu basis and
personal guarantee of promoter
directors)
2.. Disputed income tax liability 130.77 130.77
3. Disputed contribution
to Employees State 4.15 4.15
nsurance Corporation .
4. Estimated amount of contracts
remaining to be Nil Nil
executed on capital accounts.
2. In the absence of information from the suppliers with regard to
their registration with the specified authority, despite the company
calling for such information, the company is unable to furnish the
information, as required under The Companies Act, 1956 and the Micro,
Small and Medium Enterprises Development Act, 2006. .
3. General reserve includes Rs. 233.02 Lakhs ( Previous Year Rs.
233.02 Lakhs ) transferred thereto Pursuant to Sec 205 (2_A) of the
Companies Act, 1956.
4. Confirmation of balances from debtors and creditors have not been
received in some cases.
5. Other expenses do not include any. items individually in value of
1% of the total revenue.
6. Previous year`s figures have been regrouped wherever necessary to
conform to this years classification.
Mar 31, 2010
1. RELATED PARTY DISCLOSURES (IN ACCORDANCE WITH AS -18 ISSUED BY
ICAI)
a) List of Related Parties
Associate Company
i) Sri Krishna Enterprises
b) Key Management Personal
Name of the related Party Nature of relationship
i) Sri R.Srihari Managing Director
ii) Sri S.Balakrishna Whole Time Director
iii) Sri R.Padmanaban Technical Director
c) Particulars of Transaction with Related Parties.
I) Transaction with Associate Company
Purchase of Petroleum product from Sri Krishna Enterprises
Rs.2,06,961/- (Previous Year - Rs.10,80,456)
II) Details of Transaction relating to persons referred to in item ( b)
above. Remuneration - Rs 34,55,630 ( Previous year - Rs. 34,17.022)
III) Details of Transaction relating to Interest paid for short term
loans Rs.3,00,000/- (Previous year - Rs,4,57,727)
2. CONTINGENCIES (IN ACCORDANCE WITH AS -29 ISSUED BY tCAt)
Contingent liabilities are indicated by way of notes forming part of
Accounts.
3. INCOME IN FOREIGN EXCHANGE (IN ACCORDANCE WITH AS -11 ISSUED BY
ICAI)
Export sales in foreign currency are accounted at the exchange rates
prevailing on the date of invoice/negotiation of documents where such
sales are not covered by forward contracts.
4. EXPENDITURE IN FOREIGN EXCHANGE (IN ACCORDANCE WITH AS -11 ISSUED
BY ICAI)
Expenditure in foreign currency is accounted at the actual amount spent
and provision for expenses to be paid in foreign currency has been made
at the rate of exchange prevailing on the Balance sheet date.
1. Contingent liability not provided for in respect of: (Rs.in Lakhs)
S.No. Particulars As at
31.03.2010 As at
31.03.2009
1. Export Bills discounted under irrevocable
letters of credits issued by Foreign Banks.
(This amount is secured by first charge on
the fixed assets of the company on pari passu
basis and personal guarantee of promoter
directors) 63.57 30.51
2. Disputed income tax liability 130.77 130.77
3. Disputed contribution to Employees
State insurance Corporation 4.15 4.15
4. Probable customs duty payable on the
machineries imported under Export Promotion
Capital Goods scheme. 176.86 176.86
5. Estimated amount of contracts remaining
to be executed on capital accounts. Nil 67.94
2. In the absence of information from the suppliers with regard to
their registration with the specified authority, despite the company
calling for such information, the company is unable to furnish the
information, as required under the Companies Act, 1956 and the Micro,
Small and Medium Enterprises Development Act, 2006.
3. General reserve includes Rs. 233.02 Lakhs ( Previous Year Rs.
233.02 Lakhs transferred thereto Pursuant to Sec 205 (2 A) of the
Companies Act, 1956.
4. Other income includes interest earned during the year including tax
deducted at source to the extent of Rs. 61,987/- (Previous year -
Rs.2,88,981/-)
5. Confirmation of balances from debtors and creditors have not been
received in some cases.
6. Other expenses do not include any items individually in value of 1%
of the total revenue.
7. The deferred tax liability of Rs.74,04,690/- arises mainly due to
difference in depreciation.
8. Previous years figures have been regrouped wherever necessary to
conform to this years classification.