| 1. Nature of business
Innoventive Industries Limited (the Company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The company manufactures precision steel tubes,
membrane panel strips, auto components and other steel products
catering to industries in automobiles, boilers and heat exchangers,
energy, oil & gas, farm equipment & general engineering etc. The
Company caters to both domestic and international markets.
2. Terms/ Rights attached to equity shares:
The Company has only one class of equity shares having a par value of
Rs. 10/- per share. Each share holder of the equity shares is entitled
to one vote per share. The Company declares and pays dividend in Indian
Rupees.
During the year ended March 31,2015, the amount of per share dividend
recognised as distributed to equity shareholders was Rs. Nil. (March
31, 2014 Nil). In the event of liquidation of the Company, the holders
of equity shares will be entitled to receive remaining assets of the
Company after distributing all preferential amounts.
3. Shares held by holding/ ultimate holding company and / or their
subsidiaries/ associates:
The company does not have any holding or ultimate holding company.
During the year the company has Deferred Tax Assets arising on account
of unabosrbed depreciation and business Jossess. However, the same is
not recognised in the books of accounts as there is no virtual
certainity that sufficient future taxable income will be available
against which such deferred tax assests can be realised *
* Cash Credit and demand loans are secured by first pari pasu charge by
way of hypothecation of all current assets both present and future and
second pari pasu charge by wav of hyphotication on all fixed assets,
both present and future and having interest rate at 11%
4. Related Party Transactions
(i) Parties where Control Exists Relationship
Sankalp Engineering & Services Private Limtied Subsidiaries
(Erstwhile Sankalp Forgings Private Limited)
Saicon Steels Private Limited Subsidiaries
Innovative Technomics Private Limited Subsidiaries
Arihant Steel and Metal Wires Private Limtied Subsidiaries
Arihant Auto Components Private Limited Subsidiaries
Sevenstar Electrodes Private Limited Subsidiaries
innoventive Americas INC Subsidiaries
lnnoventive Industries UK Ltd Subsidiaries
Salem Steels NA LLC Step Down
Subsidiaries
Sankalp Americas INC Step Down
Subsidiaries
Sankalp Middle East FZE Step Down
Subsidiaries
II Directors and their Relatives Relationshipship
Mr. Chandu taxman Chavan Chairman and
Managing
Directors
Mr. Ravindra W Katre Whole Time
Director
Mr. Pradeep Tupe Independent
Directors
Miss. Pournima Gadiya Independent
Directors
Mr. Rajendra lagdale (Upto 14th August 2014) Independent
Directors
Mr. Kamprasad joshi (Upto 31st August 2014) independent
Directors
Mr. Sanjay Asher (Upto 30th September 2014) Independent
Directors
Key Management Personnel Relationship
Mr. Chandu l.axman Chavan Chairman and
Managing
Directors
Mr. Ravindra W Katre Whole Time
Director
Relatives of Key Managerial
Personnel (Relative ol KMP) Relationship
Dr. Shnbhangi Jadhav Relative of
Director
Mrs. Mrunal Katre Relative of
Director
Promoter Group Relationship
Mr. Sanjay Bhatle Promoter Group
Mr. Parag Muley Promoter Group
Mr. Shivaji Katke Promoter Group
Mr. Sanjay Waghulade Promoter Group
III] Enterprise over which Key Managerial Personnel and the Relative of
Key Managerial Personnel exercise control/signiticant influence (Other
Related Concerns]
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