Annual Report - Brandhouse Retails

BRANDHOUSE
R E T A I L S
8 TH ANNUAL REPORT 2011-12
Particulars As at
(` in Lacs)
31st As at
March 2012 31st NOTE :7 OTHER CURRENT LiAbiLiTiEs
March 2011
Current Maturities of long-term borrowings (Secured Non Convertible
Debenture) (Refer Note 7 A)
6,545.00 6,545.00
Interest accrued and due on NCD (Refer Note 7 B) 267.12 -
Interest accrued but note due on NCD 472.97 488.10
Book Overdraft with Banks 47.29 6.58
Statutory Dues Payable 194.08 86.39
Creditors for Capital goods & other contractual obligation 13.56 16.01
Credits Balance of Trade Receivables 1.49 3.28
Amount Payable to employees 98.16 19.07
Other Payables 42.54 47.09
TOTAL
NOTE : 7 A
7,682.21 7,211.52
15% Non-Convertible Debentures (NCDs) issued to India Debt Management Private Limited are secured in favour of the
Debenture Trustees, IDBI Trusteeship Services Ltd. by way of the following;
a) Primary security
i) An english Mortgage on the immovable fixed assets of the Company situated at Plot No. 3, Survey No. 37, Mouje
Ishwarpura, Taluka Kadi, District Mehsana, and Ahmedabad to secure issue of the Debenture Certificate.
ii) equitable Mortgage on future immovable fixed assets of the Company other than that mentioned in i) above.
iii) Charge on the present and future movable fixed assets of the Company.
b) Additional security
i) Pledge and Default Call Option exercise on 1,05,82,630 Fully Convertible Debentures of ` 100 each of
S. Kumars Nationwide Limited (SKNL) held by Anjaneya Holding Pvt. Ltd (AHPL) and the consequent shares to be
issued to AHPL on conversion of the said Fully Convertible Debentures.
ii) Pledge and Default Call Option exercise on the 10,00,000 equity Shares of ` 10/- each of the Company held by
SKNL.
c) Redemption of the Non Convertible debentures
The redemption of Non Convertible Debentures shall take place by September 30, 2012 of the face value of the Non
Convertible debentures.
d) The Non Convertible Debentures shall have redemption premium of 20% on face value of debentures redeemed as
above.
NOTE : 7 b
There is delay in Interest payment of ` 267.12 Lacs (Net of TDS ` 29.68 Lacs) to India Debt Management Private Limited
for NCDs due on 31st March, 2012.
NOTE :8 sHORT TERM PROVisiON
Provision for Employee benefit
Gratuity (Non-funded) 0.71 *17.04
Leave benefits (Non-funded) 3.42 *35.83
* L.Y. Short Term Provision has been taken on the basis of actual
payment made during the year
Other Provision
Provision for Income Tax ( Net of Advance Tax of `16.14 lacs, P.Y.
`15.90 Lacs)
48
Notes to the financial statements
1,522.80 674.10
Provision for Wealth Tax 0.41 0.85
Provision for Premium on Redemption of NCDs 1,309.00 1,278.92
TOTAL 2,836.34 2,006.74