nagarjuna information systems limited - Nagarjuna Fertilizers
nagarjuna information systems limited - Nagarjuna Fertilizers
nagarjuna information systems limited - Nagarjuna Fertilizers
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6. Land:<br />
Land totaling to 509 acres has been acquired directly by the Company. State Industries<br />
Promotion Corporation of Tamil Nadu Limited (SIPCOT) has acquired 736 acres of<br />
land for handing over to the company. The company has made a part payment, which is<br />
included under Capital Work in Progress. On payment of balance amount, the same will<br />
be transferred / leased to the Company.<br />
7. Equipment:<br />
The Company has entered into an agreement with Uhde GmbH in February 1996 for<br />
supply, dismantling, packing, storage and transportation of Mobil Refinery Equipment<br />
at a cost of DM.284.11 Million. On payment of DM 133.43 Million (equivalent to<br />
Rs.299.76 Crores), Uhde GmbH dispatched part of the equipment, which is received<br />
and stored at Bonded Ware House at Company’s Plant site at Cuddalore. Against the<br />
balance due, the Company had already paid an advance of DM 48.49 Million<br />
(equivalent to Rs. 115.99 Crores) leaving an outstanding of DM 102.19 Million<br />
(equivalent to Rs. 302.72 Crores). The rest of equipment, for which the amount is<br />
outstanding, is retained at European Ports by Uhde GmbH at the risk and responsibility<br />
of the Company.<br />
The Company has subsequently entered into further agreement(s) for storage of the rest<br />
of equipment at European Ports, which inter alia provides for ownership rights and in<br />
case of non-payment of dues to Uhde GmbH, disposal after giving notice to the<br />
Company. The agreement for Storage was valid upto 31 st March 2007 and the<br />
Company has requested Uhde GmbH to extend the agreement for storage till 30 th June<br />
2007 and the Company is confident of getting a positive response from them.<br />
Considering the fact that Uhde GmbH has only constructive right of ownership and<br />
disposal of equipment in the event of non payment of storage charges and based on<br />
legal opinion, the amount of Euro 14.67 Million (equivalent to Rs.85.02 Crores) due to<br />
Uhde GmbH by the Company has been recognised in the Books of account.<br />
Uhde GmbH has agreed for conversion of Euro 14.65 Million aggregating Rs. 84.88<br />
Crores into Equity, which will be effected by the Company after obtaining necessary<br />
approvals.<br />
8. Balances in the accounts of Suppliers, Advances Recoverable and Other receivables are<br />
subject to confirmation.<br />
9. Managerial Remuneration:<br />
Particulars<br />
Managing Director<br />
For the year ended<br />
31.03.2007<br />
(Rupees)<br />
For the year ended<br />
31.03.2006<br />
(Rupees)<br />
Salary 32,85,484 24,00,000<br />
Perquisites 13,79,668 11,10,828<br />
Contribution to Provident Fund<br />
and other funds<br />
5,20,248 3,81,692<br />
Total 51,85,400 38,92,520<br />
5
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