| 1. There is no Shareholder holding more than 5% share of total share
capital
2. 2,16,20,529 Equity Shares out of the Issued, Subscribed and Paid up
Share capital(2,16,20,529) were allotted as Bonus Share in the last
five years by capitalisation of Securities Premium and Reserves.
3. 1,36,70,315 Equity Shares out of the Issued, Subscribed and Paid up
Share capital (1,36,70,315) were allotted during the last five years
pursuant to a scheme of amalgamation without payment being received
in cash.
4. 5,59,17,060 Equity Shares out of the Issued, Subscribed and Paid up
Share capital (5 59 17 060) were allotted in the last five years on
conversion /exercise of warrants and against Global Depository
Receipts.
5. On 10-01-2011 the Company issued 1,08,10,000 Convertible Equity
Share Warrants which were convertible into 1 Equity Share of Rs. 10
each at a price calculated in accordance with SEBI regulation. 25% of
the issue price was payable at the time of allotment of warrants and
the balance 75% at the time of allotment of Equity Shares. On
25-03-2011, 15,60,000 warrants were converted into Equity Shares.
(Rs. in Lacs)
As at As at
31 March, 31 March,
2015 2014
6. Contingent Liabilities and Commitments
(to the extend not provided for) Guarantees given
by the Bank on behalf of the Company
Estimated amount of Contracts remaining to be
executed on Capital Account and not
provided for (net of advances)
Non provision of interest post NPA claims
not acknowledged as debts 5,821.25 2,551.72
TOTAL 5,821.25 2,551.72
7. The title deeds for land (freehold and leasehold), building,
residential flats, licenses, agreements, loan documents, and some of
the bank accounts etc. are in the process of being transferred in the
name of the Company on amalgamation of Tungabhadra Holdings Private
Limited. Stamp duty and other levies arising out of the Scheme of
Amalgamation, if any, shall be accounted on determination and
completion of transfer formalities.
8. The outflow of the resources in respect of pending disputed
matters in respect of Sales Tax and Excise Duty would depend on the
ultimate outcome of the disputes lying before various authorities
amounting to Rs. 294.11 lacs (previous year Rs. 294.11 lacs) however
company has made the provision to the full extent. The Company has
taken legal and other steps necessary to protect its position in
respect of these claims.
9. Disclosure pursuant to Accounting Standard AS-15 "Employee
Benefits"
A. The Company has recognized Rs. 134.94 lacs (Previous Year Rs.
105.16 lacs) in the statement of Profit and Loss for the year ended
31st March, 2015 under Defined Contribution Plan.
B. Defined Benefit Plans:
Contribution to Gratuity:
Provision for Gratuity has been made in the accounts based on an
actuarial valuation carried out at the close of the year. The
10. (i) Assignment of Debts under Short Term loans and Advances
represents debts for which the Company has entered into deeds of
assignment for transfer of debts outstanding and receivable by the
Company, to the purchaser of the debts.
(ii) In the opinion of the Board, Current Assets, Loans and Advances
have a value on realisation in the ordinary course of business at least
equal to the amount at which they are stated.
11. The Company has recognised exchange differences arising on long
term foreign currency monetary items in line with para 46 of Accounting
Standard 11, inserted vide notification No. 43R 22E dated 31st March,
2009 as per Companies (Accounting Standard) Amendment Rules, 2009 and
further notification dated 29th December, 2011.
Pursuant to the above, effect of exchange difference on long term
foreign currency monetary items, so far as they relate to acquisition
of depreciable capital assets, have been adjusted to the cost of such
assets and depreciated over their remaining useful lives. Accordingly
net exchange loss relating to the financial year 2014-15 amounting to
Rs. 55.03 lacs, has been adjusted to the cost of fixed assets.
There are no long term foreign currency monetary items which require
exchange differences to be amortised.
12. In accordance with Accounting Standard - 17 "Segment Reporting",
segment information has been given in the consolidated financial
statement of the Company and therefore, no separate disclosure on
segment information is given in these financial statements.
13. Balances of sundry Creditors, Debtors, Loans and advances,
deposits etc. are as per books of accounts in absence of confirmation
and reconciliation thereon.
14. The company has declared a lockout at its Khopoli Unit since
November. 2013
15. The company has not provided interest to the extent of Rs. 58.22
crores on certain bank outstanding which were classified as
non-performing assets during the previous year.
16. Consortium of banks led by State Bank of India has taken action
under Securitisation and reconstruction of financial assets and
enforcement of Security interest Act 2002 in February,20l4 and called
upon the company to repay the amount of Rs 193.19 Crores towards the
dues as on 31.01.2014 within sixty days. Thereafter the consortium of
banks have taken symbolic possession on 29.05.2014 of the immovable
assets at the Khopoli unit.
17. Interest amounting to Rs. 7.06 crores on ICD's given by the
company is not considered as income due to realisability not being
certain.
18. Debit balances aggregating Rs. 56.19 crores considered
unrealizable have been written off as a prudent measure
19. Exceptional item of Rs 6.52 Crores relate to writeoff of advance
for discontinued project.
20. The accumulated losses till 31st March, 2015, has exceeded the
share capital value including other reserves, thereby the net worth of
the company has been completely eroded. However on account of strategic
understanding with suppliers/customers the company is on the revival
mode and is operating some of the units. In view of the same the going
concern concept holds good.
21. Corresponding previous figures have been regrouped/recast and
reclassified to make them comparable.
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