1. Out of Subscribed & Paid up Capital of 45,34,528 Equity
shares, 45,452 shares were allotted as fully paid up pursuant to a
contract without payment being received in cash, & 9,05,286 shares
were allotted as fully paid up by way of Bonus shares by capitalisation
of reserves.
2. Under the provisions of Orissa Land Reforms Act, 1960, the
Revenue Officer has declared the agricultural lands owned by Comp. to
an extent of Acres 488.76 as surplus under sec.44[1s] of said Act.
No provision is made in the Acc. for probable loss in this
matter, pending final legal decision in the appeal preferred by the
company against the said declaration.
3. CONTINGENT LIABILITIES
as] No provision has been made in the Accounts towards demands raised on
the companys Ferromanganese unit at Rayagada by ORISSA STATE
ELECTRICITY BOARD as the said demands are pending in dispute before the
Orissa High Court, inrespect of following periods.
1979-80 to 1983-84 Rs.10,87,318
July91 to Sep91 Rs.71,90,737
In addition to the above, the Electricity Board also demanded Delayed
payment surcharge on the above arrears, amounting to Rs.8,30,945/-
which is also under dispute & hence not provided for.
bs] The Comp. has received demands from the Orissa State Sales tax
department for Rs.2,00,21,670/- towards sales tax on some of its assets
sold in the year ending 31st March, 1996. As per the contract the above
sales tax liability is to be borne by buyer. Hence no provision is
considered necessary in the books of Comp. for said demand.
As per the directions of High Court, the buyer has paid a sum of
Rs.50.00 lakhs under protest & the company[sellers] was directed to
pay under protest an additional sum of Rs.50 lakhs in instalments.
Accordingly the Comp. has so far paid a sum of Rs. 30 lakhs & the
same is included under loans & advances.
cs] Contracts remaining to be executed on capital Acc. & not
provided for Rs.2839.23 lakhs [Rs.7094.79 lakhss]
4. Guarantees worth Rs.2,27,74,378/- [Rs.2,36,24,377/-s] executed by
Banks on behalf of Comp. are secured by counter guarantees given
to them by Comp. & its Chairman & the Managing Director in
their individual capacities.
5. Balances in various parties Acc. as per the books of the
company are subject to confirmation by & reconciliation with the
concerned parties. In the opinion of Board of Directors, the current
assets, loans & advances have a value on realisation in the ordinary
course of business atleast equal to the amount at which these are
stated.
6. C i F Value of capital goods imported during the year
Rs.4,89,86,400/- [Rs. Nils]
7. There was no consumption of imported raw materials or components or
spares during the year.
8. The Comp. despite its efforts, has not received from its
creditors to enable it to identify Micro & Small enterprise among its
creditors, in terms of Micro, Small and Medium Enterprises
Development Act, 2006. The Comp. is unable to furnish the prescribed
information with regard to its dues it any to such enterprises.
However, according to the information available with the company, there
are no claims from any such parties for interest etc on such dues /
payments at the date of Balance Sheet.
9. The Comp. has received an order from Andhra Pradesh Electricity
Regulatory Commission fixing the purchase price of power sold to it by
the Comp. at Rs.2.74 per unit with effect from 01.04.04, instead of
the Rs.3.48 per unit fixed in the Power Purchase Agreement. The Company
contested the said order in the High Court of Andhra Pradesh along with
the other members of South Indian Sugar Mills Association. The High
Court issued an interim order asking A P Transco to pay 50% of the
differential between the revised rate & the previous rate in force.
The court further directed the Comp. to approach the Central power
appellate tribunal. On a petition by company, the said tribunal
gave a verdict that the Comp. should be paid Rs.3.48 per unit. The
government has gone on appeal to the Supreme court against the said
verdict of Tribunal. Pending final orders of Supreme court. The
company has recognized as income only the revised rate, plus 50% of the
aforesaid rate differential, amounting to Rs.98,29,420/- during the
year.
10. Earning per share - The Numerators & Denominators used to
calculate Basic & Diluted earn- ings per share
11. Figures for previous year have been regrouped wherever
required.
12. Paise have been rounded off to the nearest rupee.
13. Figures in brackets indicate those for previous year.
