(b) Secured against hypothecation of raw materials, finished goods, semi-finished goods, stores and spare parts, book debts, etc. together with second charge on all immovable/movable fixed assets of the company both present and future. alongwith personal guarantee of CMD. The loans are further secured against pledge of 699115 equity shares of the company held by promoters/associates. Further the loan is with 100% Guarantee cover by National Credit Guarantee Trustee Company Limited.
(c) Secured against hypothecation of vehicle financed out of the loan amount.
* Secured against hypothecation of raw materials, finished goods, semi-finished goods, stores and spare parts, book debts, etc. together with second charge on all immovable/movable fixed assets of the company both present and future alongwith personal guarantee of CMD. The loans are further secured against pledge of 699115 equity shares of the company held by promoters/associates
**The company has given an undertaking to lenders not to repay any loan/deposit received from the Directors/Client/Relatives as unsecured loan during the currency of Bank’s finance.
33 (a) The company(Pasupati) has w.e.f. 1.4.2013 entered into joint venture with Star Cotspin Limited(Star) for the purpose of getting cotton yarn manufactured on job work basis from an outside party for sale. As per terms of joint venture agreement dated 1.4.2013, the profit sharing ratio between Star and Pasupati is 75:25 respectively. All the income, expenses, assets and liabilities ofjoint venture operations are included in the accounts of Pasupati as per the terms of joint venture agreement and amount of share of profit/(loss) of Star Rs. 22.32 Lacs (previous year Rs.(-)2.42 Lacs) for the year has been adjusted in the accounts of Pasupati, the details of which are as under: -
Note: - The operations were temporarily suspended from 16.08.2016 as premises of the party doing job work was sealed. The company has initiated legal action for release of its material lying in the premises, which has been decided in favour of the company. Appeal has been filed against the order issued in favour of the company. In view of the fact that the premises in which stock was lying was sealed, the stock could not be verified by the management. However the management is of the opinion that the amounts are recoverable and no provision for any loss is required to be made in these accounts.
(b) The company(Pasupati) has entered into another joint venture agreement with Star Cotspin Limited(Star) effective from 15.03.2022 for the purpose of manufactuirng and sale of yarn to be manufactured at existing Dharuhera plant of Pasupati . As per terms, the profit is to be shared between Star and Pasupati in 50:50 ratio and loss is of Star. All the income, expenses, assets and liabilities ofjoint venture operations are included in the accounts of Pasupati as per the terms of joint venture agreement and amount of share of loss of Star Rs. (-)7.33 Lacs (previous year Rs.(-)203.32 Lacs) for the year has been adjusted in the accounts of Pasupati, the details of which are as under: -
39 In earlier years, the company had received compensation of Rs.61.61 lacs on acquisition of part of its factory land at Dharuhera. Representation has been made before Sub Divisional Magistrate, Gurgaon cum competent authority(LA) of National Highway Authority of India for payment of compensation at a higher rate. Additional compensation of Rs. 614.64 lacs demanded in the representation will be accounted for as and when received.
(i) Segments have been identified in line with the Accounting Standard on Segment Reporting (INDAS-108) taking into account the organization structure as well as the different risks and return of these segments.
(ii) Segment information has been prepared in conformity with the accounting policies for preparing and presenting the financial statement of the company.
(iii) All segment assets and liabilities as well as revenue and expenses are directly attributable to the segment except for Income Taxes.
(b) Secondary Segment (Segments Revenue as per geographical market)
The company has considered geographical segment as secondary reporting segment for disclosure. For this purpose, revenue are bifurcated based on sales in India and outside India.
42 In view of the accumulated losses incurred by the company exceeding its net worth, the company made a reference under Section 15(1) of Sick Industrial Companies (Special provisions) Act, 1985 to the Board for Industrial and Financial Reconstruction (BIFR). The company was declared a sick Industrial company within the meaning of section 3(1)(o) of the said Act by BIFR on 14.7.2005 and Bank of Baroda was appointed as the operating agency (OA) to examine viability of the company and formulate rehabilitation scheme. The OA filed a draft rehabilitation scheme with BIFR which was approved by BIFR vide its order dated 17.2.2012. The company has substantially implemented the scheme sanctioned by BIFR and taken credit for relief and concessions granted by BIFR in the accounts resulting in positive net worth. Application for de-registration has been made to BIFR/NCLT.
43 Balance of sundry creditors, sundry debtors, investments and loans and advances are subject to confirmation and reconciliation. In the opinion of the management the balances of debtors and advances are good and recovrable and no further provison is required.
44 Previous year figures have been regrouped and / or re-arranged wherever considered necessary
45 The borrowings taken during the year have been used for the purpose for which taken.
46 During the year Property, Plant and Equipment has not been revalued.
47 The company does not hold any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, where any proceeding has been initiated or pending against the company.
48 The total of currents assets declared in the quarterly return QIS2/FFR1 filed by the company with banks during the year are generally in agreement with the books of accounts and there are no material discrepancies.
49 During the year the company was not declared as a wilful defaulter by any bank or financial institution or any other lender.
50 During the year there are no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
51 Satisfaction of charge of loans repaid in earlier years are yet to be registered with ROC.
52 During the year the company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
54 During the year no Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
55 During the year the company has not advanced or loaned or invested funds (either borrowed funds or share premium orany other sources or kind offunds) to any other person(s) or entity(ies), 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 by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
56 During the year the company has not received funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shalldirectly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
57 During the year no amount has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
58 During the year CSR activities under section 135 of the Companies Act,2013 was not applicable to the company.
59 There was no trade or investment in Crypto currency or Virtual Currency during the financial year.
60 Due to COVID 19, realisation from customers was disrupted. During the year debts of Rs. 17.51 Lacs (Previous year Rs.240.74 Lacs), which were not recoverable have been written off. The management is taking suitable steps and is confident of affecting the recoveries of balance debts. However, provision of Rs. 77.48 lacs (previous year Rs. 19.12 lacs is considered sufficient by the management and the balance debtors are considered goo and recoverable by the management.
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