| 1. Share Capital
(a) Reconciliation of the share outstanding at the beginning and at the
end of the reporting period.
(b) Term/rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per share. The Company declares and pays dividends in Indian
rupees. The dividend proposed, if any, by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting.
Inview of loss during the year ended 31st March, 2014, the Board of
Directors did not recommended any dividend.
In the event of 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.
(c) Terms of redemption of 4% Redeemable Preference Share
During the year ended 31 March 2011, the company issued 60,00,000, 4%
Redeemable Preference Shares of Rs. 10/- each fully paid-up aggregating
Rs. 6,00,00,000/- on preferential basis. The Company declares and pays
dividends in Indian rupees. Each holder is entitled to one vote per
share only on resolutions placed before the company which directly
affect the rights attached to Preference Share.
The said preference shares shall be redeemed at the expiry of 6 years
from the date of allotment viz. 22nd March, 2011. The Board of
Directors have the option to prematurely redeem the said preference
shares.
In the event of liquidation of the company before redemption of the
preference shares, the holders will have priority over equity shares in
the payment of dividend and repayment of capital.
2. Long Term Borrowings
Term Loan of Rs. 5,07,00,000/- (Originally sanctioned Rs.
14,00,00,000/-) was taken from State Bank of India (SBI), during the
financial year 2010-11 and carries interest @ 17.65 % p.a., as on 31st
March, 2014.
SBI has also funded interest on Term Loan and Cash Credit facility for
the period from 1st September, 2012 to 30th September 2013 to the tune
of Rs. 1,35,38,347/-.
The aforesaid loans are repayable in monthly instalments along with
interest. Terminal date of repayment is 31st December 2018.
The aforesaid loans are secured against hypothecation of consumables,
work in progress, book debts, other current assets, machineries and
equipments. Additional security for the aforesaid loans have been
provided in the form of Corporate Guarantee of M/s Orbit Corporation
Ltd. and personal guarantee of Shri Ravi Kiran Aggarwal, Chairman of
M/s Orbit Corporation Ltd.
3. Short Term Borrowings
The Cash Credit limit of Rs. 4,50,00,000/- is secured against
hypothecation of consumables, work in progress, book debts, other
current assets, machineries and equipments. Additional security for the
said facility has been provided in the form of Corporate Guarantee of
M/s Orbit Corporation Ltd. and personal guarantee of Shri Ravi Kiran
Aggarwal, Chairman of Orbit Corporation Ltd.
The said facility is repayable on demand and carries interest @ 17.50%
p.a. on 31st March, 2014.
4. Trade Receivables
Note: Trade receivable includes Rs. 1,49,84,100/- (Previous year
1,64,73,168/-) being the retention money as per the terms of contract.
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