7.1) The Company has availed a Cash Credit facility of ^300.00 lakhs from Abhyudaya Co op Bank, The said facility, including all interest, liquidated damages, prepayment premia, and any other amounts payable under the arrangement, is primarily secured by way of hypothecation of the entire current assets of the Company, including inventories and trade receivables, covering the full extent of the working capital limits.
In addition, the facility is secured by way of an equitable mortgage over immovable properties and further supported by personal guarantees extended by the directors of the Company. The facility carries an interest rate of 12.25% per annum, calculated on daily outstanding balances. The credit limit is being utilised for meeting the day-to-day working capital requirements of the business.____
7.2) Loans from directors were unsecured, non-interest bearing, and repayable on demand The said loans were repaid during the year and no outstanding balance exists as at the balance sheet date.
7.3) Loans from other parties comprise unsecured borrowings from HI-KLASS Trading & Investment Ltd., carrying interest at 12% p.a; and from Starwing Realtor Private limted, carring interest at 10% p.a. All such loans are unsecured in nature and are repayable on demand.
NOTE 31 ln op,n,on °*<h* boar<* of directors the current assets, loan & advances are realisable m ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet The loans and advances made by company are unsecured and treated as current assets and not prejudicial to the interest of the Company.
NOTE 32 A" ,h* *tnown ,ncom* *** expenditure and assets and liabilities have been taken into account and that all the expenditure debited to the profit and loss account have been exclusively incurred for the purpose of the company's business.
NOTE 33 Balance in the accounts of debtors, creditors and advances are subject to confirmation/ reconciliation/adjustment from the respective parties
NOTE 34 No significant subsequent events have been observed which may require an adjustments to the financial statements.
NOTE 35 Previous's Year Figures have been regrouped/redassified wherever necessary to correspond with the current year's classification/disdosure
NOTE 36 Additional Regulatory Information As Per Para Y Of Schedule III To Companies Act, 2013:
i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.
Ii) The Company has not revalued its Property, Plant and Equipment. The Company does not have any intangible assets under development. The Company does not have any capital work-in-progress.
in) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period
iv) The Company has not traded or invested in Crypto Currency or Virtual Currency during the current and previous financial year
v) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender
vi) The Company has not granted any loans, not made any investments and has not provided guarantees and securities as applicable with the provisions of Section 185 and 186 of the Companies Act, 2013.
vii) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year 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
vm) The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section S60 of Companies Act, 1956 during the financial year.
ix) The Company has not entered with any Scheme(s) of arrangement in terms of sections 230 to 237 of the Companies Act, 2013.
x) The company does not have any investments and hence, compliance with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable
xi) A No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, 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 ('Ultimate Beneficiaries') by or on behalf of the Company or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
B No funds have been received by the Company from any persons or entities, including foreign entities (“Funding Parties'), with the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever ('Ultimate Beneficiaries’) by or on behalf of the Funding Parties or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
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