Term Loan from Indian Overseas Bank is secured by way of first charge
on the Solar Power Project assets, Wind Power Turbine and second charge
on fixed assets of the company presently charged to Corporation Bank
and State Bank of India. Further, it has been guaranted by the some of
the directors of the company. The loan is repayable in 25 quarterly
installments begining from April 2013.
Represents the interest free sales tax deferment (loan) availed from
Government of Andhra Pradesh and the repayment is based on regulations
specified in the eligibility certificates issued by Department of
Industries. Due with in a year is Rs. 30,76,892/- is classfied and shown
under Other current liabilities.
In case of Trade payables, Letters seeking confirmation of year-end
balances are sent to the respective parties. Hence the Balances are
subject to confirmation and reconcilation.Further, as per the
informaion about the industrial status of the creditor there are no
dues to any micro and small enterprises under the micro small and
medium enterprises development act 2006.
Secion 205 of the companies Act, 1956 mandates that companies transfer
dividend that has been unclaimed for a period of seven years from
unpaid dividend account to the Investor Education and Protecion Fund
(IEPF). Accordingly, dividend pertaining to the year 2003-04 at
Rs.3,02,066/- has been transferred to IEPF.
(All amounts in Rupees, except share data and unless otherwise stated)
1 Commitments and Contingent Liabilities (Amount in Rs)
31.03.12 As at
i Commitments/ Contingent Liabilities
a Unexpired Letters of Credit 5,290,487 110,901,697
b Counter Guarantees given to the Bankers 32,676,633 68,357,203
ii Claims against the company not
acknowledged as debts in respect of
a Excise matters, under dispute 17,317,656 17,317,656
b Sales tax matters, under dispute 1,195,331 1,195,331
2 Retirement and Other Employees Benefits
The Company''s employee benefits primarly cover provident fund, gratuity
and leave encashment Provident fund is a defined contribution scheme
and the company has no further obligation beyond the contribution made
to the fund. Contributions are charged to the Profit & Loss account in
the year in which they accrue.
Gratuity liabilty is a defined benefit obligation and is based on the
actuarial valuation done by the Life Insurance Corporation of India.
The gratutiy liability and the net periodic gratutity cost is actually
determined after considering discounting rates, expected long term
return on plan assets and increase in compensation level. All actuarial
gain/ lossess are immediately charged to the Profit & Loss account and
are not deferred. The following table summarises the components of Net
Benefit expenses recognised in the Profit & Loss account and amount
recognised in the Balance Sheet for the respective plans.
Previous years figures have been regrouped and recast wherever
necessary to make them comparable with current year''s figures