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Moneycontrol.com India | Notes to Account > Paper > Notes to Account from Coral Newsprints - BSE: 530755, NSE: N.A
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Coral Newsprints

BSE: 530755|ISIN: INE715D01019|SECTOR: Paper
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Coral Newsprints is not traded in the last 30 days
Coral Newsprints is not listed on NSE
Mar 13
Notes to Accounts Year End : Mar '14
1. LONG TERM BORROWINGS
 
 Remarks-1:
 
 (a) Term Loan From PICUP has been setted for OTS (One Time Settlement)
 vide Letter Dated-13.10.2011 for an amount of Rs.200 lacs. Against this
 The company has paid Rs 30 lacs in FY 2011-12 and Rs. 170.86 lacs till
 31.03.2013 including finance charges. However, the balance amount of
 Rs. 2,42,109/- has been paid during this financial year.
 
 (b) As per letter dt 07.02.2013 received from PICUP, the company has to
 pay RC collection charges@10% of OTS amount, with in one months time as
 per the rules of PICUP. The company has informed the PICUP that as per
 their information there are no recovery certificates pending against
 any of the Guarantors and requested them to issue NO objection
 certificate. But PICUP has requested No due certificate from various
 Tehsils/DM in respect of dues against guarantors which are still
 awaited. Due to above fact, finalisation of recovery of RC collection
 charges is still pending and hence no provision has been made in the
 books on this account.
 
 Remarks-2:
 
 (a) The company had already paid OTS amount of UPFC loan in the
 previous years. However in respect of the DADP interest demanded by
 UPFC (i.e, Rs. 51.83 Lacs) vide its letter dated 24.03.2011, against
 which the company has requested for a waiver of 75% vide its letter
 dated 04.08.2011 in respect of which BIFR board has directed waiver of
 50% of DADP demand as per its order dated 23.05.2012. Hence, as per the
 BIFR board''s order DADP demand would comes out to Rs. 25.92 Lacs, the
 company has already paid Rs. 14.82 lacs till 31.03.2012.
 
 Further on the basis of BIFR direction, the company has requested for
 waiver of 50% DADP amount vide letter dated 09.02.2013 but UPFC
 rejected the request vide its letter dated 04.03.2013 stating that the
 waiver can not granted as per approved guidelines of the corporation.
 However UPFC vide its letter dt 10.02.2014 has asked the company to
 submit fresh OTS with 10% amount of outstanding principal as earnest
 money with in fifteen days of issue of this letter. The company has
 filed its objection against this letter and requested to follow the
 BIFR order for waiver of 50% of DADP interest,The matter is still under
 consideration.
 
 (b) No confirmation of closing balance was available in respect of
 interest due to UPFC and due to above facts no provision of DADP
 interest on UPFC loan was made in the books of accounts during the
 year.
 
 2. OTHER LONG TERM LIABILITIES
 
 Remarks-1:
 
 (a) The arbitration award passed on 15th Dec., 2010 by arbitrator
 Hon''ble Justice S.C. Jain (Retd) appointed by Hon''ble High Court, he
 has directed M/s Coral News prints Ltd to pay Rs 2.40 crores to Narayan
 Prasad Jalan (of Jalan Group) as full and final payment as follows:-
 Rs. 30 Lacs in lumpsum within 30 days from the date of the award and
 the balance Rs. 2.10 Crore in 35 monthly installments of Rs. 6 Lacs
 each subject to the condition that the Company shall have the
 moratorium period when they shall be paying the installments to the
 financial institution PICUP, UPFC & the secured creditor.
 
 (b) The company has paid Rs. 96 Lacs to Mr Jalan till 31st March 2013
 and the balance is still payable.
 
 3. TRADE PAYABLES
 
 Remarks-1
 
 Sundry creditors includes creditors for capital goods, raw materials &
 other expenses.
 
 4. Prior Period Items
 
 Remark-1:
 
 Prior period items includes Water Cess Rs. 1,26,693/-, Rent, Rates &
 Taxes (Jila Panchayat Tax) Rs. 16,000/- and Other Expenses Rs.
 14,440/-.
Source : Dion Global Solutions Limited
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