Income from Non-conventional Energy Division:
During the current year, there is substantial reduction in the "Income from Non-Conventional Energy Division" due to the reason that 4 windmills of Karnataka have been closed since 7th May, 2022 due to the (a) directive issued by the Principal Chief Conservator of Forest (PCCF) dated 7th May,2022 to the Chief Conservator of Forests (CCF), Bellary to suspend the operation of all 127 wind turbines situated at Chitraduarga site, Karnataka until further notice and, (b) directive issued by the Deputy Conservator of Forest (DCF) to all Range Forest Officers (RFOs) to stop operations of the 127 wind turbines at the aforesaid site with effect from 7th May,2022. "
Working Capital Borrowings:
The facilities from Yes Bank are secured by hypothecation of stock of Raw Material, Stock in process, stores & Spares, Finished goods, Packing material, Book Debts, Bill discounted, etc
Term Loans:
Term loan facilities from Yes Bank are secured by hypothecation of Plant & Machinery and equitable mortgage of land belonging to the Company and other personal guarantees.
The same are repayable in quarterly installments as per terms of sanction.
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Contingent Liabilities:
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('in Lakhs)
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Sr.
No.
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Nature of Liability
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Amount
2023-24
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Amount
2022-23
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1
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Bank Guarantee to Custom Dept. (against EPCG Scheme)
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118.30
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118.30
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1.a
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Recovery of Saved Custom Duty under EPCG License
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540.22
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607.26
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2
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Bank Guarantee to Madhya Gujarat Vij Company Ltd. (MGVCL)
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165.00
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107.83
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Total
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823.52
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833.39
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The company has received an extension of 24 months from the Director General, Directorate General of Foreign Trade, New Delhi, for fulfilling our pending Export Obligation against EPCG Authorization No. 0530161909 dated 27.11.2013. This extension was granted as per the Minutes of Meeting of the EPCG Committee 01/AM-25 dated 19/04/2024. This extension allows the company additional time to meet its export obligations under the specified EPCG Authorization.
Deferred Revenue Expenses for Product Development of Butyl Production. The company has incurred expenses incurred in relation to the marketing of a new product. These expenses have been deferred in accordance with the company's accounting policies. The deferred revenue expenses are expected to be amortized over the 5 years of marketing of a new product.
Extended Producer Responsibility (EPR) Credit:
As per the rules a producer under Hazardous and Other Wastes (Management and Transboundary Movement) Amendment Rules, 2022 is required to fulfil its annual EPR obligations through purchase of EPR certificates/credits from registered recyclers. The EPR certificates/credits are to be generated by CPCB in favour of the recyclers based on the quantity of Waste tyres recycled by the company. For the F.Y. 2022-23 company has available credit points for 12704.51 MT (net of obligation) of Crumb Rubber and Reclaim and for the F.Y. 2023-24 company has available credit points for 13005.87 MT (net of obligation) of Crumb Rubber and Reclaim.
However, government has not categorically fixed the monetary value of each EPR credit. Also the trading of EPR credit has not yet been started. Therefore, the company could not determined the monetary value of the EPR credits for disclosure in financial statements.
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