(e) Terms/riahts attached to equity shares
The company has only one class of equity shares having a par value of ' 10/- per share. Each share holder of equity share is entitled to one vote per
(f) In the event of the 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 in proportion to the number of equity shares held by the shareholders.
(h) During the year under consideration the company has not issued any shares, whereas, during the financial year 2016-17, the company has issued 32,96,000 Equity Shares including 18,16,000 Equity Shares issued under the SME IPO, which got listed on the BSE on 14-07-2016 having BSE Scrip Code
(i) During the past 5 years the company has not allotted any shares pursuant to contracts, without payment being received in cash.
(j) During the year under consideration the company has not allotted any Bonus shares. However, during the financial year 2016-17 the company has allotted 31,68,468 Equity Shares as Bonus Shares by capitalisation of Reserves of the company.
(k) During the past 5 years the company has not bought back any shares.
(l) No shares have been forfeited by the company.
3.2 The Vehicle loans from Kotak Mahindra Prime Ltd. are secured against hypothecation of Vehicles, which is repayble in 24 to 36 monthly installments. During the year under consideration, the Vehicle loan availed from Kotak Mahindra Prime Ltd. is secured against the hypothecation of respective Vehicles and are repayable over a period of 23 and 36 months which carries interest @ 14.15% p.a. and 9.25% p.a. respectively.
3.3 The existing mortgage loans from Kotak Mahindra Bank Ltd. currently carries interest @ 9.35% p.a and 10.90% p.a. The said loan is repayable in 120 monthly installments begining from the date of loan. The loans are secured against the mortgage of Shop No. 901 & 914, Rajhans Complex, Ring Road, Surat belonging to the company.
3.4 The term loan from Axis Bank Ltd. sanctioned under the ECLGS is secured against the extension of hypothecation charge on primary securities available for existing securities and is also secured by way of extension of second charge on existing security, which is to be in line with the security as currently available with the bank.
3.5 The Vehicle loans from HDFC Bank Ltd. is secured against hypothecation of Commercial Vehicles, which is repayble in 35 to 47 monthly installments carrying interest @ 7.75% p.a., which stands fully repaid during the year under consideration.
3.6 The closing balances of unsecured loans are subject to confirmation however, the Directors have certified the respective balances. Interest at 6% to 12% p.a. (Previous Year : 6% to 12%) has been paid on unsecured loans during the current year.
4.1 Deferred Tax Liability/Asset is recognised as per AS-22 (Accounting for Taxes on Income) arising out of temporary timing differences. As per AS-22 "Accounting for Taxes and Income" issued by ICAI, company has worked out deferred tax assets in the current year of ' 1.47 lacs (Previous Year : Deferred Tax Assets of ' 0.01 lacs) on account of timing difference attributable to the claim of depreciation, which has not been recognised in the books of accounts in the current year.
5.1 The Company's liability towards gratuity to its employees is provided on the basis of an actuarial valuation basis. Actuarial gains and losses are recognised in full in the statement of profit and loss in the year in which they occur.
6.1 The Company has availed cash credit facility, SBLC facility and buyer's credit facilities from the Axis Bank Ltd. which is secured against the exclusive charge by way of hypothecation of current assets of the company both present and future, as also the personal guarantee (except for ECLGS) of the directors of the company and their relatives. The said facility is also secured by way of collateral security in the form of pledge of LIC policies of directors and their family members and registered mortgage of the immovable properties held in the name of the company as also in the name of directors and their family members. The said facility is also secured by way of pledge of bank FDRs belonging to the company, directors and their relatives.
6.2 The overdraft account with the Axis Bank Ltd. is secured against the bank FDRs of the company.
7.2 The above information has been provided as available with the company to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under the MSMED Act.
7.3 Trade Payables are non interest bearing and are normally settled within the terms. There are no other amounts paid/payable towards interest/principal under the MSMED Act.
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