Jeypore Sugar Comp. Ltd.

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'Notes to Accounts' Jeypore Sugar Comp. Ltd.

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.

 

 

 

 

 

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