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HOME / MARKET TODAY / COMPANY SNAPSHOT / NotestoAccount

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Last Updated on: 08 Dec 2016 00:00 Hrs
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Last Updated on: 08 Dec 2016 00:00 Hrs
Himachal F. Comm NotestoAccount March 2015 
NOTE 1

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

As at As at March 31, 2015 March 31, 2014

(a) Unexpired Letters of Credit (margin money paid Rs. 53.02 Crore ; Previous year 44.75 26.54 Rs. 7.61 Crore)

(b) Guarantees given by banks on behalf of the Company (margin money kept 102.00 56.03 by way of fixed deposits Rs. 61.99 Crore ; Previous year Rs. 15.79 Crore)

(c) Counter Guarantees given by the Company to the financial institutions/ 20.16 20.16 banks for providing guarantees on behalf of companies promoted by the Company.

NOTE 2

(a) Debt of the Company were earlier restructured under Corporate Debt Restructuring (CDR) mechanism in April 2004 which was subsequently modified in June 2005 with cut-off date as April 1, 2005. CDR Empowered Group at its meeting held on February 9, 2011 has approved the Rework Package of the Company with the cut off date as 1st January 2011 and communicated its sanction vide their letter No. BY CDR(JCP)/No 8643/2010-11 dated March 29, 2011. The Rework Package includes inter-alia reduction in the existing rate of interest, re-schedulement for repayment of loans, conversion of overdue interest into funded interest term loan (FITL), conversion of Zero Coupon Premium Bonds (ZCPB's), part of their premium and part of working capital loans into Equity, conversion of part of working capital loan into working capital term loan (WCTL), waiver of unpaid dividend on preference shares, waiver of penal interest etc. The conditions as stipulated by CDR EG while sanctioning Rework Package have been complied with by the Company. Accordingly, the impact of the rework package has been considered in the Financial Statements.

(b) Subsequent to the implementation of Rework Package, lenders have reset the rate of interest on certain loans in view of improved performance of the Company.

(c) Further, lenders have the right to claim recompense from the Company on account of various sacrifices & waivers made by them in the CDR Rework Package. The amount of recompense and the manner of repayment shall be ascertained upon exit from CDR mechanism by the Company.

NOTE 3

Pursuant to the disinvestment by the Government of India, the Company had acquired 11,10,000 equity shares of Rs. 100/- each of HTL Limited representing 74% of its equity capital at total consideration of Rs. 55.00 crore in terms of Shareholders Agreement dated October 16, 2001. The above consideration paid by the Company is subject to post closing adjustments on account of difference in net worth of HTL Limited as on March 31, 2001 and as on the date of purchase of shares in terms of Share Purchase Agreement dated 16.10.2001.The Company has submitted its claim on account of Closing Date Adjustment to the Government in respect of such reduction in net assets of HTL Limited which has not been settled by the Government. Due to this, the Company has invoked the provisions of the Share Purchase Agreement for settlement of dispute by Arbitration. The Hon'ble Arbitral Tribunal has since given the award in favour of the Company on October 12, 2007 upholding the claim of the Company on account of the above to the extent of Rs. 55.00 Crore and interest from the date of award till actual date of payment. The said award has been upheld by the single Judge of Hon'ble High Court of Delhi on 5th December, 2012 and again by the Division Bench on February 25, 2013. SLP filed by DoT against order of Division Bench of the Hon'ble High Court of Delhi was also dismissed on 01/11/2013 by Supreme Court of India. The Review Petition filed by DoT also dismissed on January 16, 2014 by the Hon'ble Supreme Court of India. The Company has filed execution petition for non payment on May 7, 2015 which has been admitted and notice has been issued to DoT. Final adjustment shall be made after disposal of execution petition.

NOTE 4

In accordance with the Company's Policy, the Company has reviewed the outstanding receivables and has written off a sum of Rs. 58.72 Crore during the year as bad, which in the opinion of the Management is adequate.

NOTE 5

The Company has carried out Impairment Test of Fixed Assets as on 31.03.2015 and the Management is of the opinion that there is no asset for which impairment is required to be made as per accounting Standard -28 on Impairment of Assets issued by the ICAI. (Previous year Rs. Nil)

NOTE 6

Pursuant to requirements of Schedule II of the Companies Act, 2013 (the 'Act') Company has revised the depreciation rates as prescribed under the Schedule II of the Act w.e.f. 1st April, 2014. In case of fixed assets where the useful life was nil as at 01.04.2014, the Company has adjusted the net residual value aggregating to Rs.9.51Crore from retained earning. Further due to change in life of the assets according to Schedule II of the Act, the depreciation for the year is lower and profit for the year is higher by Rs.3.46 Crore.

NOTE 7

During the year, the Company has paid first interim dividend of Rs.3.25/- per Cumulative Redeemable Preference Share (CRPS) of par value Rs.100/ each for the year 2014-15. Further Company has proposed second interim dividend of Rs. 3.25/- per CRPS of par value of Rs.100/- each for the year 2014-15. Thus, the total dividend for the financial year is Rs. 6.50/-per CRPS of Rs.100/- each.

NOTE 8

DEFERRED TAX

In accordance with Accounting Standard 22 on 'Accounting for Taxes on Income' (AS 22), issued by the Institute of Chartered Accountants of India, on conservative basis, deferred tax assets have not been accounted for in the books, in view of carry-forward losses and unabsorbed deprecation, estimation of future taxable profits cannot be made with virtual certainty supported by convincing evidences, against which such deferred tax assets would be realized.

NOTE 9

Previous years figures have been regrouped/reclassified wherever necessary and the figures have been rounded off to the nearest rupee.

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Registered Office: Sharekhan Limited, 10th Floor, Beta Building, Lodha iThink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg (East), Mumbai – 400042, Maharashtra. Tel: 022 - 61150000. Sharekhan Ltd.: SEBI Regn. Nos.: BSE: INB/INF011073351 / BSE-CD ; NSE: INB/INF/INE231073330 ; MSEI: INB/INF261073333 / INE261073330 ;
DP: NSDL-IN-DP-NSDL-233-2003 ; CDSL-IN-DP-CDSL-271-2004 ; PMS-INP000000662 ; Mutual Fund-ARN 20669 ;
Commodity trading through Sharekhan Commodities Pvt. Ltd.: MCX-10080 ; (MCX/TCM/CORP/0425) ; NCDEX-00132 ; (NCDEX/TCM/CORP/0142) ; NCDEX SPOT-NCDEXSPOT/116/CO/11/20626 ; For any complaints email at igc@sharekhan.com

Sharekhan Financial Services Pvt. Ltd: Registered with IRDA as a Corporate Agent (Life) - Registration No: CA0126

Disclaimer: Client should read the Risk Disclosure Document issued by SEBI & relevant exchanges and Do’s & Don’ts by MCX & NCDEX and the T & C on www.sharekhan.com before investing.

Company Identification Number (CIN): Sharekhan Ltd: U99999MH1995PLC087498; Sharekhan Commodities Pvt Ltd: U67120MH2000PTC127261; Sharekhan Financial Services Pvt Ltd: U65920MH2004PTC149518; Sharekhan.Com India Pvt Ltd: U80904MH2000PTC126954; Sharekhan Insurance Broking Ltd: U67120MH2000PLC127257