| 1) 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 to one
vote per share.
2) They are also entitled to dividend if proposed by the Board of
Directors and approved by the shareholders in the ensuing Annual
General Meeting except in case of interim dividend.
3) In the event of liquidation, the equity shareholders are entitled to
receive the remaining assets of the Company after distribution of all
preferential amount, in proportion to their share holding.
Note :1 Security deposit of Rs. 16,00,000 at the end of F.Y.2012-13 was
received against the Daman property which given on lease , as pe the
agreement, lessor received interest free deposit and repay to the
lessee at the time of handling over the peaceful possession of the
property. As per the Initial agreement, lease period is upto 14th May
2015 but during the QY.2013-14 the same was returned.
Note :2 Security deposit of Rs. 5,00,000 ( P.Y. Rs. 5,00,000) received
against the Daman property which given on lease , as pe the agreement,
lessor received interest free deposit and repay to the lessee at the
time of handling over the peaceful possession of the property. The
Initial agreement is mentioned , lease period is upto 2nd April 2027.
Refer to Note No. 30
Note :3 Security deposit of 40,00,000 ( P.Y. Rs. 40,00,000) received
against the Daman property which given on lease from body corporate in
which directors / shareholders of the company is interested , as pe the
agreement, lessor received interest free deposit and repay to the
lessee at the time of handling over the peaceful possession of the
property. The Initial agreement is mentioned , lease period is upto
31st March 2014. Refer to Note No. 30
a ) Working Capital Loan and Demand Promissory note ( DPN) is from Bank
and secured against Hypothecation of /stock of Raw Material, Stock in
process, store and spares, all book debts , receivable etc , whether
present or future and equitable mortagage of factory land, building and
plant & Machinery and guaranteed by a director, and.further personal
property of director / Shareholders is provided as collateral
security.The rate of interest on working capital is BPLR 1.75% and
taxes and other lavies as applicable
b) Bank letter dated : 10th January 2011 having reference no.
CR/312/36/2011 NRS , bank is classified working Capital loan and Demand
promissory note bank a/c as Non-Performing assets w.e.f 30th July 2010
and the company has received proposal from the bank vide letter (Ref
No. CR/312/459/2013) for One Time Settlement of account by payment of
Rs. 1615.00 lakhs originally on or before 26.04.2014 and subsequently
extending the date to on or before 25.11.2014 vide letter
Ref.No.CR/312/0084/2014-15 dtd.1.06.2014 .The company has accepted the
proposal and requested the bank for the waiver of interest of Rs. 87.95
(P.Y. Rs. 459.66 lakhs) which is under dispute. The Company has made
payment of 50 Lakhs (P.Y. 250 Lakhs ) during the year under OTS offer
by Bank & the same has been netted off with the Loan From bank on A/c
of DPN.Further negotiation between the Company and the Bank is going on
for settlement of balance outstanding amount
Note : Advaces paid to Supplier include , advances given of Rs.
4,15,00,737/- (Previous Year : Rs. 4,55,75,480/-) to Body corporate in
which Company Directors, Shareholders ar interested.
4. Note : Advances to Supplier include business advance given to the
related party : Samyak Commercial Pvt Ltd , and Spring Merchandisers Pvt
Ltd, for company business purpos
5. Note : Other Advances receivable in cash or kinds include Rs.
87,94,692/-(P.Y. 4,59,66,076/- )as interest receivable from bank as
disputed bank interest for the year . refer note no. 20 & 25
6. As per the Bank letter (Ref No. CR/312/459/2013) for One Time
Settlement of account by payment of Rs. 1615.00 lakhs on or before
26.04.2014 and subsequent Letter (Ref. CR/312/0084/2014-15 dated
10.06.2014 further extension of date for payment on or before
25.11.2014 .The company has accepted the proposal and requested the
bank for the waiver of interest of 87.95 (P.Y. Rs. 459.66 lakhs)
which is under dispute. Accordingly the Company has reversed the excess
provision made earlier for Interest Payable for 66.65 lakhs and booked
as income for the year.
7. List of Related Parties and Relationship
Nature of Relationship Party
Category A: Bhagyodaya Sales Ltd
Enterprises under common control and Spring MerchandisersPvt Ltd
Enterprises in whichKey Management
Personnel and their relatives are Matsun Castings Pvt Ltd
able to exercise significant influence Samyak Commercial Pvt Ltd
(Other Related Parties)
Ace Merchandisers Pvt Ltd
Bandra Merchandisers Pvt Ltd
N D Relators &Builders
Garg Industries
Category B: Key Management Personnel
Ajay Kumar Garg
Harsh Rekha Garg
Raj Kumar Pathak
Category C: Relatives of Key Management Personnel
Gaurav Garg
Anirudh Garg
Category D : Proprietory Concern/Firm/Company in which Individuals
referred to in Category B and Category C is
Pronrietor/Partner/Director
Ajay Kumar Garg HUE Wind Industries
Note : 8 Deferred Tax Assets / Liability :
As per paragraph 17 of Accounting Standard(AS ) 22,'Accounting for
Taxes on Income', Company carring unabsorbed depreciation and carried
forward losses under tax laws ,deferred tax assets should be recognised
only to the extent company having virtual certainity supported by
convencing evidence that sufficient future taxable income will be
available against which such deffered tax assets realised, hence during
the financial year considering prudence principle .company does not
recognised any deffered tax assets.
Note : 9 Segment Reporting :
The Company has segement of activities namely Trading & Manufacturing
of Non- ferious metal and majority of the capital of the company
employed in the Trading & Manufacturing activity. However, Company has
deployed it temperory funds in the various investment for earning rent
and sharing of profit. Hence income of such investment has not been
considering as separate segement for reporting purpose.
Note : 10 In respect of Old outstanding the necessary approval has been
sought from the authorised dealers.
Note : 11 In the Opinion of the management the Current assets, Loan and
Advances are of the same value as stated in the Balance Sheet if
realized in the normal course of business.
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