The Company has two reportable business segments, namely, i) Electro -
porcelain Products and ii) Turnkey Projects.
2 REGROUPING OF FIGURES
The previous year''s figures have been regrouped and rearranged
The 925,000 Non-convertible, cumulative and Redeemable Preference
Shares of Rs 100/- each fully paid up bearing a coupon rate of 5% for
the initial four years and thereafter @ 7.5% till redemption, allotted
to Schroder Credit Renaissance Fund Ltd. and Schroder Credit
Renaissance Fund L.P. on 3rd 0ct.2006 are to be redeemed on or before
the end of 7 years from the issue date, i.e., 03 Oct. 2013.
350,000 Non-convertible, cumulative, Redeemable Preference Shares Rs
100/- each fully paid up have been allotted to Vensunar (P) Ltd. On
13.07.2009 at a coupon rate of 10% to be redeemed on or before
The above Term Loans and Current maturities of long term loans are
secured by the :
First Charge on the company''s immovable and movable fixed assets,
present and future:
i) In respect of the Term Loans availed and outstanding to banks,
aggregating to Rs 1,166.21 Million which shall rank pari passu among
ii) In favour of the concerned Bankers on specific assets acquired from
the specific loans secured from them under the suppliers'' credit
facility for which bills have been co-accepted by these banks.
iii) In respect of a Term loan of Rs 250 Million, charge is yet to be
Terms of Repayment
The balance outstanding of Rs 77 million availed in Oct 2008 is
repayable in equal quarterly installments of Rs 11 million each, starting
from June 2011.
The balance outstanding of Term Loan of Rs 457.70 million is repayable
in 16 quarterly installments starting from Dec 2011.
The balance outstanding in the Foreign Currency loan equivalent to US $
10.79 Million is repayable in quarterly installments starting from Sept.
The balance outstanding in theTerm loan of Rs 20.79 Million is fully
repayable in Sept. 2012.
The balance outstanding in the Term loan of Rs 43.17 Million is fully
repayable in Sept. 2013.
The balance outstanding in the Term loan of Rs 8 Million is repayable in
quarterly installments of Rs 2 Million each commencing from Oct. 2011.
The Term Loan of Rs 250 million is repayable fully in June 2012.
Loans from Banks, both for Chennai Unit and Vizag Unit, availed on Cash
Credit, Packing Credit,WCDL and FCNRB are secured by the Hypothecation
of Stocks of Raw Materials, Stores, Spares (not relating to Plant and
Machinery), Work-in-Progress, Finished Goods, Book Debts and
Documentary Bills and further secured by a Second Charge on the
immoveable and moveable fixed assets of the respective Units of the
Company ranking pari-passu among themselves for the units for which
facilities have been extended based on the joint/individual
documentation executed, subject to the first pari-passu charge created
in favour of the Company''s term lenders in favor of -
i) The Bankers under Consortium arrangement for the Working Capital
facilities sanctioned by them for Chennai Unit.
ii) The Bankers for the Working Capital facilities sanctioned for Vizag
NOTE 3 (Rs in Millions)
CONTINGENT LIABILITIES AND COMMITMENTS
NOT PROVIDED FOR : THIS YEAR PREVIOUS YEAR
(I) Contingent Liabilities
(a) Guarantees 842.24 922.65
(b) Letters of Credit in favor of
suppliers of Raw materials, Capital 40.43 60.51
Goods, etc. excluding the value of
materials received and bills
accepted there against
(c) Corporate Guarantees issued 50.80 62.39
(d) Customs Duty on Bonded Materials 6.28 5.86
(e) Tax disputes
i) Excise and Service tax 0.07 0.21
ii) Income Tax 7.97 2.65
(f) Arrears of dividend for the year
on Cumulative Redeemable 12.13 -
Preference Shares at the
(a) Estimated amount of contracts
remaining to be executed 4.47 4.44
on capital account and not
provided for -
(b) In respect of Voluntary Retirement
Scheme offered by the 13.53 -
company, the amount payable to
eligible employees who have
opted for the deferred payment as set out in the scheme for the coming
Notes to Segment Reporting
1 Business Segments:
The Company has considered business segment as the primary segment for
disclosure. The business segments are: Electro-porcelain products and
2 Geographical Segments:
The geographical segments considered for disclosure are: India and Rest
of the world.
3 Segmental assets includes all operating assets used by respective
segment and consists principally of operating Debtors, Inventories and
Fixed Assets net of allowances and provisions. Segmental liabilities
include all operating liabilities and consist primarily of Creditors
and accrued liabilities. Segment assets and liabilities do not include
income tax assets and liabilities.
Confirmation of balances in respect of debtors, creditors and advances
have not been received in some cases.
The Company''s shares are listed in Mumbai and National Stock
Exchanges. The listing fees there against have been paid up to date.
Figures have been stated in Rs Million.