| 1. Deferred payment guarantees from Union Bank of India is secured by
hypothecation of machinery purchased under DPGL.
2. Cash Credit loan from Union Bank of India is secured by hypothecation of Stock in trade and personal guarantee of Chairman & Managing Director
3. Working Capital Loan from Industrial Development of India (IDBI) is
secured by Mortgage by deposit of title deeds on its properties situated at Wadhwan City, Dist. Surendranagar, Gujarat State and Personal Guarantee of the Chairman and Managing Director.
4. Motorcar loans from Citi Bank are secured by hypothecation of Two
Motorcars.
5. The Company has on 24th December, 1996 privately placed a Secured
Redeemable Non-Convertible Debentures issue of Rs.4.00 Crores (each
Rs.1000/-) secured by charge on assets which are acquired out of the
proceeds of the Debenture issue and such other assets as may be decided
by the Board of Directors in consultation with Trustees
6. H.P. Finance from GSFC is secured by personal guarantee of Directors.
7. Outstanding balances of Suppliers, Debtors, Creditors and others are
subject to Confirmation.
8. The Inter Corporate Deposits received by the Company during the financial year are subject to confirmation from the respective parties
and in case of some there are legal disputes pending in the Court.
9. In the opinion of the Board & to the best of their knowledge belief,
current assets, loans and advances are stated in the Balance Sheet at
the realisable value in ordinary course of business.
10. The company has not paid managerial remuneration to Shri. Rajesh D.
Vora, Shri. Dhirajlal H. Vora, Smt. Sunayana R. Vora & Shri. Rasik V.
Tolia during the year although the same were approved in the Annual
General Meeting held on 18th September 1996 as the aforesaid Directors
have waived the same vide their waiver letter dated 31st March 1998.
11. The company has disputed the Income Tax liability of Rs. 11059095/-
for the A.Y. 1996-97 and on the contrary claimed a Refund of Rs. 1628012/- in the Revised Return of Income Tax filed by the Company for
the relevant Financial Year on 1st December 1997. As the said Revised
Return has been rejected by the Assessing Officer of Income Tax. Therefore Company has not Given any effect of the said Revised Financial Account as on 31.03.1996, in the current Year.
12. No provision has been made in the Accounts for Income Tax as the
Unit is located in Government notified backward area which is eligible
for benefits u/s 80IA.
13. Additional information pursuant to the provision of paragraph 3, 4C
& 4D of part 2 of Schedule VI of the Companies Act, 1956.
14. The expenditure incurred on private placement of debentures is
being treated as deferred Revenue expenditure to be amortised over of
10 years and thus accordingly Rs. 19322 is charged to Revenue account
during the year.
|