Sagar Cements
BSE: 502090 | NSE: SAGCEM | ISIN: INE229C01013 | Cement - Mini
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Notes to Accounts | Year End : Mar '09 |
1. CONTINGENT LIABILITIES a) Estimated amount of contracts to be executed on capital account and not provided for Rs.3785.00 Lakhs (PreviousYear: Rs.468S.2S Lakhs). b) Demand raised by APTRANSCO towards voltage surcharge and grid supporting charges is Rs. 1,73,50,747/- and the company paid Rs. 1,08,02,441/- under protestThe said demand is contested by the company with Division Bench of High Court of Andhra Pradesh. c) Bank Guarantees: Rs.72.36 Lakhs (Previous year: Rs.27.42 lakhs). d) Letter of Credit: Rs. Nil. (Previous year: Rs.921.20 Lakhs). e) There is a demand from Sales Tax authorities for a sum of Rs.31,00,933 /- in respect of Input Tax Credit on Coal Consumption availed to the company from April, 200S to December, 2005, claiming that the company is not eligible for the said credit.(Paid Under Protest Previ.ousYear Rs. 15,50,466/-). The said demand is contested by the company. f) Demand raised by Sales Tax authorities for a sum of Rs.8,08,656/- in respect of input tax credit availed on closing stock of coal held on 3 I st March, 2005 and filed writ petition before the High Court of Andhra Pradesh on payment of 50% of the disputed tax amount i.e. Rs.4,04,328/-. (PreviousYear is Rs.4,04,328/-). 2. Details of utilization of proceeds received against preference allotment of shares / conversion of warrants to part finance the ongoing expansion. During the year the company had received a sum of Rs.7490.77 Lakhs (PreviousYear Rs.468.63 Lakhs) against preferential allotment of shares / conversion of warrants on preferential basis and the same was utilized for expansion and its related purposes. 3. SECURED LOANS a) The term loans from the Banks and Financial Institutions are secured by the Fixed Assets i.e., Land, Buildings, Plant & Machinery, Mining Equipment owned by or belonging to the borrower company both proposed and future, and by second charge on the current assets of the company and are guaranteed by Shri S.Veera Reddy, Managing Director, Dr.S.Anand Reddy.Joint Managing Director and Shri S.Sreekanth Reddy, Executive Director. b) Cash Credit from State Bank of Hyderabad, Punjab National Bank, State Bank of India and IDBI Bank Ltd.. are secured by hypothecation of raw materials, goods-in-process, finished goods, stores and spares and receivables, present and future, and by second charge on fixed assets of the company and are guaranteed by Shri S.Veera Reddy, Managing Director, Dr.S.Anand Reddy.Joint Managing Director and Shri S.Sreekanth Reddy,Executive Director. c) Loan from L&T Finance Limited is secured by the mortgage of specific assets purchased from that loan and further secured by personal guarantees of Dr.S.Anand Reddy.Joint Managing Director and Shri S.Sreekanth Reddy, Executive Director. e) Investment details 100% invested in LIC Group gratuity (cash accumulation policy) f) Actuarial assumptions _ Mortality table (LIC) 1994-96 (ultimate). Discounting rate - 8% Expected rate of return on plan asset-9.25% Expected average remaining working lives of employees-18Yrs Rate of escalation in salary - 4% 4. There are no amounts due to micro and small enterprises. 5. Previous years figures have been regrouped, recast and reclassified wherever necessary to conform with those of the current year. 6. Paise have been rounded to the nearest rupee. |
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| Source : Religare Technova | |
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