(a) Terms / rights attached to equity shares
The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled for one vote per share In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
1- Axis Bank_
Auto Loan
The vehicle loans from banks are secured by hypothecation of vehicle purchased.
Primary Security
Hypo the tication of entire current assets of the borrower,both present and future on exclusive basis.
Collateral Security
Factory land and building Situated at Block No. 176P, 197 & 198, Shrinath Ind Estate, Vill Sampa, Dehgam and Land Situated at Khata Number 466, Survey No 174, 175 and 175(3), Vill sampa, Dehgam. Hypothication of Entire Plant and Machinery of the borrower both present and future.
Personal Guarantee
All the above facilities have been secured against personal guarantee of Mr Shankerlal Shah,Mr. Balkishan Shah,Mrs. Savita Shah and Mr. Yash Shah.
2- HDFC Bank
Auto Loan
The vehicle loans from banks are secured by hypothecation of vehicle purchased.
3- Kolak Mahindra Bank Personal Guarantee
All the above facilities have been secured against personal guarantee of Mr. Shankejrlal Shah,Mr. Balkishan Shah.Mrs. Savita Shah and Mr.Yash Shah.
4- Bajaj Finance Personal Guarantee
All the above facilities have been secured against personal guarantee of Mr. Shankerlal Shah,Mr. Balkishan Shah.Mrs. Savita Shah and Mr.Yash Shah.
Primary Security
Facility provided by joint letter in favour of Bajajj Finance Limited(BFL) duly accepted By Minda Corp and Aurangabad Electricals Limited and cash flows to be routed directly to BFL. .
5 HSBC "
Securities '
Exclusive charge by way of Recourse on Receivable discounted by HSBC. (Recourse on Company)
Personal Guarantee 1
All the above facilities have been secured against personal guarantee of Mr. Shankerlal Shah,Mr. Balkishan Shah.Savita Shah,Yash Shah.Ayushi Shah and Savitaben Shah.
6 Federal Bank
Auto Loan - ----
The vehicle loans from banks are secured by hypothecation of vehicle purchased.
Primary Security .
First pari passu cahrge by way of Hypothetication on Current assets of the borrower,both present and future for CASH CREDIT.Exclusive charge on plant and machines and movable fixed assets which are purchased out-^f term loan sanctioned by The Federal Bank Ltd for TERM LOAN
Collateral Security ' ~"~"
First pari passu charge on factory land and building created out of term loan sanctioned by the Federal Bank Ltd. And Situated at Block No. 176P, 197 & 198, Shrinath Ind Estate, Vill Sampa, Dehgam .
Personal Guarantee
All the above facilities have been secured against personal guarantee of Mr. Shankerlal Shah,Mr. Balkishan Shah and Mr. Yash Shah.
Note on Term Loan with Federal Bank_
The repayment term of loan is 60 Months Including Moratorium period of 6 Months. The Company has taken last disburshment in April-2024 and the repayment schedule yet not decided.
We have been informed by the management that a civil suit No. WC FATAL LC/000007/2020 dated 07-02-2020 has been filed against the company by making it one of the party under workers Compensation Act, 1923 by father of an employee of the contractor of the company claiming compensation of Rs. 11,77,000/- on account of death of his son while rendering services to the company.
Note: The Disclosure in respect of the amounts payable to Micro and Small Enterprises have been made in the financial statements based on the information received and available with the Company. Further in view of the Management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date. These facts have been relied upon by the auditors.
The company is operating only one business segment. Further, company primarily operates in India. Therefore, no further information required to disclose as per “Accounting Standard-17-Segment Reporting”.
29.5: -
Previous year figures have been regrouped and rearranged wherever considered necessary.
29.6:
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other resources or kind of funds)by the company to or in any other persons or entities, including foreign entities(“Intermediaries”) with the understanding whether recorded in writing or otherwise that the intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (Ultimate beneficiaries) by or on behalf of the company or provide any guarantee, security or the like on behalf of the Ultimate beneficiaries.
No funds have been received by the company from any persons or entities, including foreign entities (“Funding Parties”) with the understanding whether recorded in writing or otherwise that the company shall directly or indirectly. lend or invest in other persons or entities identified in any manner whatsoever (“Intimate-Beneficiaries”) by or on behalf of the funding parties or provide any guarantee, security or the like from or on behalf of the Ultimate beneficiaries.
29.7:
The company has not entered any transactions with struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act,1956.
29.8:
There is no scheme of arrangements that has been approved in terms of section 230 to 237 of Companies act,2013.
29.9:
There are no transactions that are not recorded in the books of account to be surrendered or disclosed as income during the year in the tax assessments under the income tax act, 1961.
In compliance with the section 135 of Companies act,2013, the company has already spent amount of Rs. 15.00 lakhs towards CSR expenditure.
29.11: '
The Company has not traded or invested in crypto, currency or virtual currency during the financial year. ~~~
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29.12:
No proceedings have been initiated or pending agaipst the company for holding any benami - property under the benami transactions (prohibitioh) act, 1988 (45 of 1988) and the rules made thereunder. ' /
29.13:
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The company is capable of meeting its liabilities existing at the date of balance sheet as and
when they fall due within a period of one year from the balance sheet date.
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In the opinion of the board and to the best of its knowledge and belief, the value on realization of current assets and loans and advances are approximately of the same value as stated. The management has confirmed that adequate provisions have been made for all the known and determined liabilities and the same is not ift"excess of the amounts reasonably required to be provided for. All other contractual liabilities connected with business operations of the company have been appropriately provided for.
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