| 1. Security & Other Terms
(i) Pari passu first charges on fixed assets of the Ambasamudram unit
of the company with other members of the consortium. Second paripassu
charge on the current assets of the Ambasamudram unit and Naidupet unit
of the company with other members of the consortium. Second paripassu
charge on the fixed assets for Naidupet unit of the company with other
members of the consortium and also personal guarantee of the three
directors and pledge of 51% of the promoters shareholding in the
company. The repayment of all the term loan are as per the package
mentioned in CDR Scheme. The first installment due of CDR will be
September 2014.
(ii) Pari passu first charge on the fixed assets of the Naidupet unit
of the company with other members of the consortium financed for this
project. Second paripassu charge on the current assets of the Naidupet
unit of the company with other members and personal guarantee of three
directors. The term loans are repayable in quarterly installments.
(iii) Pari passu first charge by way of a hypothecation of all moveable
assets (except book debts) including moveable machinery, machinery
spares, tools and accessories both present and future pertaining to
bagasse based cogeneration power plant at Idaikkal village,
Ambasamudram Taluk, Tirunelveli Dist, Tamilnadu. The term loan is
repayable in quarterly installments.
2. CONTINGENT LIABILITIES & COMMITMENTS
(i) Disputed Interest on Purchase Tax 729.59 729.59
(The Company has applied for waiver of Interest,
which the company is hopeful of getting waiver)
(ii) Guarantees
Indian Bank, Chennai 20.50 20.50
Andhra Bank, Mount Road, Chennai 2.03 2.03
Indian Bank, Naidupet 43.00 43.00
3. All the investments held by the company are long term in nature
4. Other Expenses include Rs. 150.00 Lakhs written off being 1/10th
of total discount on issue of shares made during the year 2000-2001.
The balance still to be written off is Rs. 900.00 Lakhs.
5. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
6. Balances under trade payables, trade recceivables, cane suppliers
and harvester advance are subject to confirmation from the concerned
parties and reconciliation. The impact of this on the accounts is
presently not acertainable.
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