| The interest rate for the current financial year for all the term loans
is 10.50%
All the term loans are repayable in 32 quarterly installments
commencing from March'15 as per the CDR approval.
One of the bankers has assigned the dues to it to an Asset
Reconstruction Company during the financial year ended 31st
March,2015.Asset reconstruction company is yet to enter into any formal
agreement with the company and therefore the amount has not been
bifurcated under long term or short term in respect thereof.
Hire Purchase loan is repayable in Equated Monthly installments EMIs
beginning from the month in which lease is taken.
Period and amount of continuous default relating to above loans-NIL
* Trade deposits are received from dealers with whom the company has
running agreement.
** Promotors Contribution under CDR scheme -Rs.277.50 lakhs from Mr.R
Ramswamy, Rs. 1143 lakhs from M/s.Servall Engineering works (P) Ltd.
1. CONTINGENT LIABILITY
Particulars
(Rs. Lakhs) (Rs. Lakhs)
Bills discounted - 325.15
Claims against the company not acknowledged as debts:
a) Customs Duty related maters 125.09 125.09
b) Sales Tax related maters 57.86 -
c) Electricity Tax related maters 85.67 0.00
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
15 days basic salary (based on last drawn remuneration) for each
completed year of service. Arrangements are being made for the funding
of the gratuity scheme.
The following tables summaries the components of net benefit expense
recognised in the profit and loss account and the funded status and
amounts recognised in the balance sheet for the respective plans.
2. Borrowing costs
Amount of borrowing costs capitalized during the year is NIL (Previous
year NIL). During the financial year one of the three bankers of the
company has opted out of the CDR package and assigned its right in
favour of an Asset Reconstruction Company (ARC). The company has still
to receive the terms of assignment from the ARC. Hence, the interest
there on could not be quantified and provided.
3. Government Incentives
Based on the Tamil Nadu Governments incentive scheme for development of
southern districts the company is eligible for refund of sales tax. The
company has recognised a sum of Rs.375.90 Lakhs (Previous year
Rs.458.32 Lakhs) as income under the scheme which is to be sanctioned.
4. Related Party Disclosures:
1. Key Managerial Personnel
Sri. R. Ramswamy, Executive Chairman
Sri Y Shivaram Prasad, Managing Director
Sri Y Rambabu, Director & President (Operations)
2. Relatives of Key Managerial Personnel
: Smt. R. Jeevanlatha, Wife of Sri. R. Ramswamy
Smt. Shobana S Prasad, Daughter of Sri. R. Ramswamy Smt. Nirupa
Sriramulu, Daughter of Sri. R. Ramswamy
3. Other related parties
: Danalakshmi Paper Mills (P) Ltd.,
Servall Engineering Works (P) Ltd Vijayalakshmi Paper Mills Sri Lakshmi
Engineering Works
5. Deferred tax Liability/Asset
In accordance with Accounting Standard 22 "Accounting for taxes on
Income" (AS 22) issued by the Institute of Chartered Accountants of
India, deferred tax assets and liability should be recognized for all
timing differences in accordance with said standards. However,
considering the present financial position and requirement of the
Accounting Standard regarding certainty / virtual certainty, the same
is not provided for as an asset (net). However, the same will be
reassessed at a subsequent Balance Sheet date and will be accounted for
in the year of certainty / virtual certainty in accordance with the
aforesaid Accounting Standard.
6. Disclosure of Revenue from Sales Transactions as per Para 10 of
Accounting Standard 9
The total excise duty for the Period excluding the excise duty related
to difference between the closing stock and opening stock has been
disclosed as a reduction from turnover. Excise duty related to
difference between the closing stock and opening stock has been
disclosed in Schedule 17 "Other Expenditure".
7. Previous year comparatives
Figures for the previous year have been regrouped wherever necessary to
conform to the classification for the Period.
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