| 1. AM Equity shares issued by the Company carry equal voting and
participatory rights.
13% Cumulative Redeemable Preference shares of -2,00,00,0G0/- is due
for redemption on 22-12-2008, and die company has not redeemed. During
the year the company has not made provision for preference dividend on
balance 2,00,000 preference shares, due to insufficient profits.
Arrears of Dividend as at 31st March,20l5 is f 2,28,08,763/- (as at
31st March,2034 is -2,02,08,763/-) The balance preference shareholders
l)Venugopal Reddy Pakanati & Anuradha Reddy Pakanati joindy holding
1,00,000 preference shares and 2) Rajagopal Reddy Pakanati and Suneela
Reddy Pakanati jointly holding 1,00,000 preference shares have filed a
recovery suit in the court of City civil court at Secunderabad vide Ref
No.O.S.No.492 of 2013 which is pending before U-e court The above
preference shareholders have also filed winding up petition against the
company in \he High Court of Judicature of Andhra Pradesh at Hyderabad
vide Ref No. CP 44 of 2014 and CP 47 of 2014 which is pending before
the Hon'ble High Court.
2. The Company has taken overdraft facility from Axis Bank Ltd,
Jubilee Hills branch, in the month of November.2006 for an amount of
-200.00 Lacs, part of the overdraft has been converted into Term Loan
by the bank in November,2008 for an amount of - 50.00 Lacs at an
interest rate of 14.25 %. The said term loan is secured byequitabie
mortagage of 1320 & 1095.89 Sq.yds of company own land in Jaihind
Nagar, Shatkpet, Hyderabad and also equitable mortagage of land &
building at Plot No.66, Dream Valley, Shatkpet, Hyderabad, in the name
of ICVijaya Rini & P.Vamsidhar. The loan is repayable in 60 monthly
equal installments of -l,16,990/-each from die date of conversion. The
company has paid 20 monthly equal installments upto September 2010.
Axis Bank Ltd has filed a case in die Hon'ble Debts Recovery tribunal
against the company for recovery of debts vide case Reference
No.O.A.No.436 of 2013, and die company also filed a case against Axis
Bank Ltd vide case Reference No. SA.48 of 2012 and is pending before
the Hon'ble Debts Recovery Tribunal.
The term loan facility is further secured by personal guarantees of Sri
P.KodandaRambabu, Sri K.Vijaya Rani & SriP.Vamsidhar
3. The Company has utilised Term loan from PNB Housing Finance
Ltd.Lakdikapul branch, in the month of April,2008 for an amount of
-200.00 Lacs at an interest rate of 14.50 % p.a. The said term loan is
secured by equitable mortagage of 7744 Sq.Yds of land belonging to
SmtT.Vijaya Lakshmi who entered into developement agreement with me
company forme development of Quantum Heights residential complex at
Gajulararamaram. The term loan shall be repayable in 16 monthly
installments commencing after 12 months of 1st disbursement of loan.
The Company has filed a case in the Hon'ble Debts Recovery Tribunal
against PNB Housing Finance Limited vide case Reference No.SA 673 of
2013, which is pending before die Hon'ble Debts Recovery Tribunal.
The term loan facilities are further secured by personal guarantees of
Sri G.Satyanarayana, Sri.P.Kodanda Rambabu, and Sri K.Vi)aya Rani.
4. The Company has forfeited 17,50,000 share warrants of t 2/-paid,
for non payment of balance amount
5. Pursuant to die enactment of Companies Act;2013, die company has
applied the estimated useful lives as specified in Schedule II.
Accordingly, the unamorused carrying value is being depreciated /
amortized over the revised / remain ng useful lives. The written down
value of Fixed Assets whose lives expired as at 1st April'2014 have
been adjusted in the opening balance of profit & loss account amounts
to Rs.4,21,645/-
6. The Company has taken overdraft facility from Axis Bank Ltd,
Jubilee Hills branch, in the month of November,2006 for an amount of
-200.00 Lacs,(Out of it - 50.00 Lacs has been converted into Term loan
in November,2008) at an interest rate of 12% p.a. The said overdraft
facilities are secured by equitable mortagage of 1320 & 1095.89 Sq.yds
of company own land in Jaihind Nagar, Shaikpet, Hyderabad and also
equitable mortagage of land & building at Plot No.66, Dream Valley,
Shaikpet, Hyderabad, in the name of Sri K .Vijaya Rani & Sri P.
Vamsidhar.
Axis Bank Ltd has filed a case in the Hon'ble Debts Recovery tribunal
against the company for recovery of debts vide case Reference
No.O.ANo.436 of 2013, and the company also filed a case against Axis
Bank Ltd vide case Reference No. SA.48 of 2012 and is pending before
the Hon'ble Debts Recovery Tribunal.
The said overdraft facilities are further secured by personal
guarantees of Sri P.Kodanda Rambabu, Sri K.Vijaya Rani & Sri
P.Vamsidhar Ul (a) The Company has filed a case for recovery of an
amount of Rs. 10,919,092/- and the same was dismissed by the District
Judge, R.R. Dist The Management has decided to write off the said debt
(b) An amount of Rs. 8,606,254/-, the recovery fo which is doubtful,
has been written off during die year.
7. [Confirmations are not received in respect of the amounts relating
to trade receivables, trade payables, loans & advances.
8. Dues to Micro, Small and Medium Enterprises:
The identification of micro, small and medium enterprise suppliers as
defined und|r the provisions of "Micro, small and medium enterprises
Act, 2006" is based on Management's knowledge of their status. There
are no dues to micro, small and medium enterprises as on 31 March 2015.
9. Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure. Figures are rounded off to the nearest-.
10 Contingent Liabilities:
a) Capital commitments on account of unexecuted contracts (Land
Development Agreements) are estimated at- 513 lakhs { Previous year -
513 lakhs)
b) Disputed seignior age fees liability of- 28.43 lakhs ( Fees - 4.77
lakhs and penalty of- 23.66 lakhs) for which revision petition has been
filed by the company.
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