| 1. Term loan are secured by
a) Term loan from State Bank of India secured by way of First Mortgage
/ Charge on Immovable Properties & all Plant & machinery of the company
situated at C/91 & N/66 MIDC Tarapur Boisar Dist Thane-401506.
b) Term loan from State Bank of Indore secured by way of First Mortgage
/ Charge on Immovable Properties & all Plant & machinery situated at
C/91 & N/66 MIDC Tarapur Boisar Dist Thane-401506. of the Company
having Pari-passu Charge with State Bank of India.
c) Term Loans from State Bank of India & State Bank of Indore are
personally guaranteed by Mr. Rinku Patodia - Managing Director and Mrs.
Anita Patodia - Director of the Company.
d) The Company defaulted in paying the Term Loan installments and
interest due to State Bank of India and State Bank of Indore, therefore
the account become Non Performing Assets in the books of both the bank.
e) The Term loan amount include the provision for Interest payable at
the end of year.
2. Working Capital Loans are secured by hypothecation of present and
future stock of Raw Materials Stock-in-process Finished Goods Stores
and Spares (not relating to plant & machinery) Book Debts Outstanding
monies Claims Receivables bills material in transit etc.
3. Working Capital Loans from State Bank of India is personally
guaranteed by Mr. Rinku Patodia - Managing Director and Mrs. Anita
Patodia - Director of the Company.
4. The Company defaulted in respect of Interest Payable on working
capital loan to the State Bank of India, therefore the working capital
loans account become Non Performing Assets, in the books of the Bank.
5. Discloser pursuant to Accounting Standard (AS) 15 (Revised)
Employee Benefits Short term employee benefits The short term employee
benefits payable wholly within twelve months of rendering service are
classified as short term employee benefits. This benefits include
compensated absence such as paid annual leave and sickness leave.
The undisclosed amount of short term employee benefits expected to be
paid in exchange for the services rendered by employees recognized as
an expense during the period.
Long Term Employee Benefits
The Company deposits the Provident fund liabilities regularly, as per
the Provident Fund Act. The Company accounts the Gratuity on actual
basis. No provision is made for outstanding Gratuity liability.
6. Segment Information:
The Company is considered to be a single segment company, engaged in
business of Trading in Fabrics & Job Job work of weaving of fabrics.
Consequently, the Company has in its primary segment only one
reportable business segment. As per Accounting Standard - 17 "Segment
Reporting", if a Company is having single Segment the financial
statement needed be presented only on the basis of financial
statements. Accordingly, the information required to be presented under
AS 17 "Segment Reporting" has been given in financial statements.
7. The adoption of the Revised Schedule-VI does not impact
recognition and measurement principles followed for preparation of
Financial Statements and has no significant impact on the disclosures
made in the Financial statement.
8. Further the Board confirms that all transactions in which
supporting evidence are missing are genuinely occurred for the
business. No personal expenses of the directors are debited to any
accounts.
9. Previous Year Regrouping
Previous year's figures have been regrouped / restated wherever
necessary to confirm to current years' Classification as per the
Companies Act, 2013.
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