Mercator Lines

1.  Contingent Liabilities not provided for
 
                                            Amount Rs in Lacs
 Name                            Current Year    Previous Year
 
 Counter guarantees issued by      1,456.54        885.00
 the Company for guarantees
 obtained from the bank
 Counter guarantees issued by        458.89        604.99
 the company for guarantees
 obtained from the bank on
 behalf of subsidiaries
 Corporate guarantees issued      29,962.17      6,725.83
 by the company on behalf of
 wholly owned subsidiaries
 Corporate guarantees issued      19,400.00     13,359.50
 by the company on behalf
 of business associates
 Letter of comforts issued by     45,123.75      5,500.00
 the company on behalf of
 wholly owned / fellow
 subsidiaries
 TOTAL                            96,401.35     27,075.32
 
 2.  Estimated amount of contracts remaining to be executed on capital
 accounts and not provided for (net of advances) as at March 31, 2008
 Rs. 14,928.51 Lacs (Rs.  NIL).
 
 3.  The Company has made preferential issue of equity shares, and
 warrants aggregating to Rs. 5,627.25 Lacs (including premium) (Rs. Nil)
 The said funds have been utilized for Working Capital requirements.
 
 4.  The company has raised Foreign Currency Loans aggregating to Nil
 (Rs. 20,108 Lacs). The same has been utilized for acquisition of
 vessels.
 
 5.  The Company has established Letters of Credit aggregating to Rs.
 7,580.79 Lacs (Nil). The same has been utilized for acquisition of
 vessel.
 
 6.  The company has not received any intimation from its vendors
 regarding the status under the Micro, Small and Medium Enterprises
 Development Act 2006 and hence disclosures required under this act have
 not been made.
 
 7.  The balance in the Exchange Earners Foreign Currency account is
 maintained in US Dollars and shown in equivalent Indian Rupees. The
 balance in the said account as at the Balance Sheet date was USD 0.217
 Lacs (Previous Year USD 3.72 Lacs)
 
 8. The Company did not have full-time company secretary for the period
 29th January2008 till date as required under section 383A of the
 Companies Act, 1956. Company is in the process of appointing company
 secretary.