| I. Contingent Liabilities not provided for:
a) Bank guarantees given for Rs.137.47 (Previous Year Rs. 37.33)
b) Estimated Amount of Contracts remaining to be executed on capital
account and not provided for Rs.25.00 (Previous Year Rs.809.74)
c) Claims against the Company not acknowledged as debts: Rs. 31.56
(Previous Year Rs. 31.56) d) Arrears of fixed cumulative Dividend
is Rs 98.68 (Previous Year Rs. 23.86)
II. Pursuant to sanctioning of a Debt Restructuring package in terms
of CDR LOA , the company has entered into a Master Restructuring
Agreement (MRA) with all bankers during the FY 2011-12. In terms of the
MRA, the Bankers have restructured and rescheduled the existing term
loans and other facilities and their terms of repayment. Further the
company was also sanctioned fresh term loans, which were fully drawn
and utilized towards the completion of the expansion project. The
breakup of such loans and the particulars of the terms and conditions
of payment of interest and repayment of loans are given in Note No. 4.
III. During the year the company completed its expansion project and
commenced production from the expanded project. The date of
commencement was 31/03/2013. Accordingly the expenditure incurred on
the project upto that date Rs.27,575.22, including pre-operative
expenditure and interest during construction period, had been
capitalized and included in fixed assets under appropriate heads. The
preoperative expenditure Rs.530.92 relatable to the project incurred
upto the date and the Interest on the loans borrowed for expansion
attributable to the period upto the date had been allocated to various
fixed assets on pro- rata basis. The depreciation has been provided
accordingly.
IV. REVALUATION AND ACCOUNTING OF MINERAL DEPOSITS AND RIGHTS:
The management had revalued and accounted the value in respect of
mineral deposits and mining rights, during the earlier financial year,
based on an estimate of the mineral quantities by M/s. C.C.Geo
Engineering Consultants (P) Ltd. and of the realizable value by M/s.
G.S.Sekhar, Chartered Accountants. According to the accounting policy
adopted in this regard, during that year, the amount so revalued and
included in the Fixed Assets is Rs.10,725.59 on account of Mineral
Deposits and Rs.2,933.41 on account of Mining Rights totaling to
Rs.13,659.00 During the year an amount of Rs.728.32 (previous year
Rs.728.32) has been provided as depreciation and an amount equal to
such depreciation has been with drawn from the Mineral Capitalization
Reserve.
V. SEGMENT REPORTING:
In terms of the Accounting Standard 17 relating to "Segment
Reporting" , the company operated only in Cement business segments
during the year and operates only in one geographical segment viz.
India. Considering the source and nature of risks and returns the
business segment will be the primary segment for this purpose and there
are no secondary segments. Consequently, in view of the management
based on control purposes, there are no reportable secondary segments
in terms of the AS and hence the requirements there-under are not
applicable to the company for the year.
VI. RELATED PARTY TRANSACTIONS:
The Company has no related parties other than the key management
personnel and relatives of such personnel in terms of Accounting
Standard 18, in respect of the related party disclosure. The company
paid remuneration to the Chairman, Managing Director, and Whole time
Director among the key management personnel of Rs.24.00 each (Previous
Year of Rs. 24.00 each) respectively. The company has no related party
transactions with the relatives of key management personnel. In
addition, the Company has paid Rs.2.00 (Previous Year Rs.1.44) as
Directors Sitting fee to all the Directors.
VII. DEFERRED TAXATION:
Deferred Tax Liability included in the Balance Sheet comprises the
following:
VIII. HOUSING SUBSIDY:
The Company has received a sum of Rs.10.75 from Government of India
during earlier years for the purpose of constructing 50 tenements for
housing to its personnel in its Limestone Mines. The Company has
entered into an agreement with Government of India for a period of 20
years.
IX. The company has not received the required information from the
suppliers regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006. Hence disclosures, if any, relating
to amounts unpaid as at the period end together with interest
paid/payable as required under the said Act have not been made.
X. REALIZATION OF ASSETS:
The Board is of the opinion that the Assets other than Fixed Assets
have a value on realization in the ordinary course of business at least
to the amount at which they are stated.
XI. Consumption of Raw Materials and value of Inventories includes
Royalty and other levies paid to Government to the extent of Rs. 293.38
(previous year Rs. 233.57).
XII. Previous Year figures have been regrouped wherever necessary to
conform to the groupings adopted in these accounts.
XIII. The amounts except the Share data and quantitative information
have been rounded off to the nearest Lakh rupees and fraction thereof
up to two decimals.
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