k) Provisions, Contingent Liabilities and
Contingent Assets
Provisions are recognised when the Company
has a present legal or constructive obligation
as a result of past events, it is probable that
an outflow of resources will be required to
settle the obligation and the amount can
reliably estimated. Provisions are measured
at the present value of management's best
estimate of the expenditure required to
settle the present obligation at the end of the
reporting period.
Liabilities which are material and whose
future outcome cannot be ascertained
with reasonable certainty are treated
as contingent. The Company does not
recognise a contingent liability but discloses
its existence in financial statements
l) Cash flow statement
Cash flow are reported using the indirect
method, whereby profit for the period is
adjusted for the effects of transactions of a
non-cash nature, any deferrals or accruals
of past or future operating cash receipts or
payments and item of income or expenses
associated with investing or financing cash
flows. The cash flow from operating investing
and financing activities of the Company are
segregated.
m) Foreign Currency Transactions
The functional currency of the Company is
Indian Rupee. These financial statements are
presented in Indian Rupee.
Transactions and Balances.
The foreign current transactions are recorded,
on initial recognition in the functional
currency, by applying foreign current
amount the spot exchange rate between the
functional currency and the foreign current at
the date of transaction.
The foreign current monetary items are
translated using closing rate at the end of
each reporting period. Non-monetary items
that are measured in terms of historical
cost in a foreign currency shall be translated
using the exchange rate at the date of
transaction. Exchange differences arising
on the settlement of monetary items or on
translating monetary items at rates different
from those at which they were translated
on initial recognition during the period or
in previous financial statements shall be
recognised in profit or loss in the period in
which they arise.
n) Retirement & Other Benefits
i.) Gratuity:- The Company has a defined
benefit gratuity plan. Every employee
who has completed 5 years are more of
service is entitled to gratuity on terms
not less favorable than the Provisions
of " The Payment of Gratuity Act 1972."
The Company contributes periodically
with LIC of India.
ii. ) Provident Fund:- Retirement benefit in
the form of provident fund is a defined
contribution scheme. The Company has
no obligation, other than the contribution
payable to the provident fund. The
Company recognises contribution payable
to the provident fund scheme as an
expenses, when an employee renders the
related service.
iii. ) Superannuation Fund:-Certain employees
are also participants in the superannuation
plan which is a defined contribution plan.
The Company has no further obligations
to the plan beyond its monthly contribution
which are periodically contributed to
corpus which is invested with the Life
Insurance Corp. of India.
A. Terms/rights attached to Equity Shares
The Company has only one class of equity shares having a par value of ' 10/- per share. Each holder of equity shares is
entitled to 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 proportion
to the number of equity shares held by the shareholders.
B. There are Nil No. of shares (Previous year NIL) in respect of shares in our Company held by its holding or its ultimate
holding Company including shares held by or by subsidary or associates of holding Company or ultimate holding Company
in aggregate.
C. There are NIL No. of shares (Previous year NIL) reserved for issue under option and contracts/commitment for the sale
of shares/dis-investment including the terms and amounts.
11.1 The above non-current borrowings are secured by mortgage created on the immovable assets of the Company both
present and future and hypothecation of all moveable assets including movable machinery, tools and accessories and
other movables, both present and future subject to charges created in favour of the Bankers/NBFCs for securing the
working capital limits and the personal guarantee of promoter directors.
11.2 Current Borrowings includes Cash Credit Limit, O/D Limit & PCFC from Consortium Banks which are secured by
hypothecation of entire present and future tangible current assets of the Company as well as second charges on the entire
present and future fixed assets of Company and personal guarantee of promoter directors.
31. In the opinion of the Board of Directors, the Current Assets, Loans and Advances are approximately of the value stated if
realised in the ordinary course of business. The Provision for all known liabilities is adequate and not in excess of amount
reasonably necessary.
32. FOREIGN EXCHANGE EARNINGS
The Company has exported goods during the year FOB value of which is ' 6,090,141,863/-.
33. BORROWING FROM BANKS AND FINANCIAL INSTITUTIONS:
The Company has taken Term loans from Banks during the year under Audit. The CompanyUtilised the amount of Term Loans
raised for the purpose for which it was obtained. The Company also borrowed working capital facility from banks against
current assets. The quarterly/Monthly statements filed by the Company with banks are in agreement with books of accounts.
No discrepancies noticed.
36. LOAN AND ADVANCES TO DIRECTORS/KMP/RELATED PARTIES:
During the year under audit the Company has not granted any Loan and Advances to directors/KMP/Related Parties either
severally or jointly with any other persons.
37. TRANSACTION WITH STRUCK OFF COMPANIES:
DuringtheyearunderaudittheCompanyhasnotenteredintoanytransactionswithanotherCompanywhosenamehasbeenstruckoff.
38. REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES:
The Company has registered charges for Term Loans availed during the year with the Registrar of Companies. The Company
has satisfied the charges with Registrar of companies for loans, the re-payment of which was completed.
Remarks
i.) Decrease in Debt Service coverage ratio is due to raising of new Term Loan, the instalments of which is starting from next
financial year.
41. Previous Years Figures have been re-grouped/re-arranged wherever consider necessary.
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