| 1. The company has issued single class of equity shares and no special
right and /or preference are attached to such shares.
2. The company is neither holding company nor a subsidiary company.
3. Equity Shares held by each shareholders holding more
4. During the period of five years immediately preceeding the balance
sheet date no shares were alloted as fully paid pursuant to contract
without payment, no bonus shares were issued and no shares were bought
back.
5. 18,00,000 Equity Shares Warrants were alloted during the year to
promoters and others on preferential allotment basis at Rs. 15.20 per
warrants at Face value of Rs. 10 and premium of Rs. 5.20 per equity
share warrant
6. Security and Terms of Repayment of Term Loans from Banks
(a) Term Loan from Bank of India is Secured by first pari-passu charge
on the fixed assets and second charge on current assets of the company
at Riga, Sitamarhi, Bihar and personal guarantee of a Director with
following terms in respect of 5 outstanding loans:-
(i) Outstanding balance of Rs. 475.55 Lacs repayable in monthly
instalment from April, 2015 to January, 2018.
(ii) Outstanding balance of Rs. 530.66 Lacs repayable in monthly
instalment from April, 2015 to January, 2018.
(iii) Outstanding balance of Rs.409.01 Lacs repayable monthly
instalment from April, 2015 to January, 2018.
(iv) Outstanding balance of Rs. 546.60 Lacs repayable monthly
instalment from April, 2015 to February, 2018.
(v) Outstanding balance of Rs. 934.66 Lacs repayable monthly instalment
from March,2016 to February, 2019.
(b) Term Loan from Union Bank of India is Secured by first pari-passu
charge on the fixed assets and second charge on current assets of the
company at Riga, Sitamarhi, Bihar and personal guarantee of a Director
with following terms in respect of 2outstanding loans:-
(i) Outstanding balance of Rs. 177.06 Lacs repayable in monthly
instalment from April, 2015 to January, 2018.
(ii) Outstanding balance of Rs. 321.00 Lacs repayable in monthly
instalment from April, 2016 to March, 2019.
7. Sugar Development Fund Loan is secured by Second Charge on Block
assets of sugar unit of the company.
8. Loan guarantee by Directors- Both the above Term Loans taken from
Banks are guaranteed by a Director.
9. There is no continuing defaults in repayment of Loan and Interest
to Banks and Financial Institutions as on 31 st March, 2015.
10. Security against short term loan from Banks:-
(a) Working Capital loans from Bank of India is Secured by third
pari-passu charge on the fixed assets of sugar unit and second
pari-passu charge on fixed assets of Distillery unit as well as first
charge on current assets of the company at Riga, Sitamarhi, Bihar and
personal guarantee of a Director:-
(b) Working Capital loans from Union Bank of India is Secured by third
pari-passu charge on the fixed assets of sugar unit and second
pari-passu charge on fixed assets of Distillery unit as well as first
charge on current assets of the company at Riga, Sitamarhi, Bihar and
personal guarantee of a Director:
12. Loan guarantee by Directors- Both the above Loans taken from Banks
are guaranteed by a Director.
13. There is no continuing defaults in repayment of Loan and Interest
to Banks and Financial Institutions as on 31st March, 2015.
14. Nature of evidence supporting the recognisation of deferred tax
assets in respect of unabsorbed depreciation and carry forward losses
are as follows:-
Unabsorbed Depreciation- Till assessement year 2012-13, as per the last
Income Tax assesement Order dated 30.03.2015. For assesement year
2013-14 to 2015-16claim of unabsorbed depreciation as per Income Tax
Return filed/to be filed.
15. EMPLOYEES BENEFITS
Disclosure relating to Employee Benefits in accordance with provision
of Accountiing Standard (AS)-15 in respect to Company:-
Defined Contribution Plans
Contribution to Defined Contribution Plans, recognised as expense for
the year is as under:-
In case of company's exempted Provident Fund under section 17 of
Employees' Provident Fund and Miscellaneous Provisions Act, 1952,
conditions for grant of exemption stipulate that the employer shall
make good deficiency , if any, in the rate declared by trust vis-a-vis
statutory rate.
In case of non-exempted category employers and employees contribution
are deposited in EPFO.
Defined Benefit Plan
(a) Expenses recognized in the Statement of Profit & Loss till last
financial year ended 31st March,2015.
16. Contingent Liabilities (to the extent not provided for)
(1) Claim against the company not acknowledged 4,767,052 4,767,052
as Debt
(2) Bank Guarantee: 17,914,565 3,139,640
Note: Claim against the company not acknowledged as debt of Rs.
47,67,052 relates to demand of central government to pay balance
interest in respect of sugar season 1982-83 under provision of LSPEF
Act, 1976 which is subjudice.
17. Performance of Business Segment (Rs. in Lac)
(The Sugar segment includes the production of Sugar,Molasses and
Fertilizers, whereas the Distillery segment includes production of
Industrial Alcohol and related products).
18. Other Notes
19. There is no unutilized amount of proceed of issue of securities.
20. Claim lodged to Bihar Government for reimbursement of excise duty
paid toward Expansion of Sugar Plant as per Sugar Incentive Scheme has
been recognized on the basis of certainty of their collection.
21. Interest Expense is net of Interest Income of Rs. 83.17 Lacs
(Previous year 74.33 Lacs ) from companies.
22. The company during the year allotted 18,00,000 equity share
warrants of Re. 10/- each at a price of Rs.15.20 per warrant
convertible into equity share of Rs. 10/- and premium of Rs. 5.20 each
on preferential allotment basis as per SEBI (ICDR) Regulations, 2009.
The company received Rs. 68,40,000/- as 25% allotment amount as advance
toward said issue of warrants.
23. Other payable includes Rs. 25.00 Lacs as attached amount of a
person by the Income Tax authority.
24. No supplier has furnished information about their registration
under Micro, Small & Medium Enterprises Development Act, 2006 to the
company.
25. The company has given Guarantee to Nationalized Banks toward
Agriculture Loan provided by the Banks to the recommended farmers of
the company to the extent of Rs. 4150 Lacs.
26. The outstanding liabilities considered not to be carried any
longer have been written back.
27. As per Management's view there is no Impairment of Assets and
there is no diminution in value of current assets.
28. Previous years figure has been regrouped/ rearranged wherever
necessary.
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