1. Terms/Rights attached to the equity shares
The Company has one class of shares referred to as equity shares having a par value of Rs. 10 each. Each shareholder is entitled to one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
* Credit facilities from Dena Bank are further secured by:
a) 1st Charge by way of Equitable Mortgage of Land & Building at 485, Santej Vadsar Road, Santej, Kalol, Gandhinagar and Hypothecation of Plant and Machinery and all other fixed assets of HDPE, BOPP & Label Division Santej, Bajaj and Khatraj.
b) 1st Charge by way of Equitable Mortgage of Land at Plot No 107, Bangurnagar, Goregaon (W), Mumbai, approximate 865.50 sq yards owned by Shri Mahendra Somani.
c) 1st Charge by way of Equitable Mortgage of Flat no I/2 Aakanksha Appt., near Sola Railway Crossing, Ahmedabad owned jointly by Shri Manish Somani & Smt Purnima Somani.
d) 1st Charge by way of Equitable Mortgage of Flat No B/1001, Gala Swing, South Bopal, Ahmedabad owned by Shri Mahendra Somani.
e) Lien of TDR NO - 136166033979 of Rs. 15 lakhs.
f) Personal Guarantee of Following Directors:
Mr. Mahendra Somani, Mr. Manoj Somani, Mr. Manish Somani & Mrs. Purnima Somani.
g) Address of property for point no. 18 and 19 is 5, Golden Tulip Bunglows, Near Shreyash Foundation, Ambawadi, Ahmedabad-380005.
h) All other unsecured loans further guaranteed by Mr. Mahendra Somani, Mr. Manoj Somani and Mr. Manish Somani.
2. Estimated amounts of contracts remaining to be executed on Capital Account (Net of Advance) and not provided for Rs. - Nil (Previous year - Nil)
3. As per management representation and clarification, there are no trade dues payable to micro, small and medium enterprises reportable as per Schedule III of Companies Act 2013
4. Related Parties Disclosure:
1. Parties where control exists : NIL
2. Other related parties where there is significant influence and transactions have taken place:
Related Concerns:
- Arunodaya Credit & Holding Investment (P) Ltd. - Everplus Plastics Private Limited
- Gopala Kraft pack (P) Ltd. - Gopala Mercantile Ltd.
- Gopala Trims Pvt. Ltd. - Indian Bobbin Manufacturing Co.(P) Ltd.
- Kabra Investment Pvt. Ltd. - Kagaj Marketing & Trading Pvt. Ltd.
- Kaustubh Trade Pvt. Ltd. - Navjeevan Synthetics (P) Ltd.
- New Life Marketing & Trading (P) Ltd. - Parag Velvets (P) Ltd.
- Status Credit & Capital Pvt Ltd - Vinayaka Credit & Holding Investment (P) Ltd
- Riddhi Traders and Exporters - Nathmal Somani and Co.
3. Fellow Subsidiaries where common control exists and transactions have taken place: Nil
4. Key Management Personnel
- Mr. Mahendra Somani : Whole-time Director
- Mr. Manoj Somani : Managing Director
- Mr. Manish Somani : Chief Financial Officer (w.e.f.12.01.2018)/Executive Director
- Mr. Sanjay Maniar : Director (w.e.f. 15.03.2018)
- Mr. Kishorilal Sonthaliy : Director (w.e.f 14.11.2017)
- Ms. Palak Parekh : Director (w.e.f 12.02.2018)
- Ms. Ketan Vala : Company Secretary (w.e.f 15.11.2017)
5. Name of Key Management Personnel resigned during the year:
- Mr. Malay Dalal : Director (Resigned w.e.f. 28.09.2017)
- Mr. Balkrishna Mittal : Director (Resigned w.e.f. 12.02.2018)
- Ms. Nirali Patel : Director (Resigned w.e.f. 23.11.2017)
- Mr. Krunal Shah : CFO (Resigned w.e.f. 05.08.2017)
- Ms. Anal Desai : Company Secretary (Resigned w.e.f. 10.11.2017)
6. Relatives of Key Management Personnel where transactions have taken places: o Mrs. Ushadevi Somani : Spouse of Mr. Mahendrakumar Somani
o Mrs. Purnima Somani : Spouse of Mr. Manish Somani
Notes:
a. The Company has identified business segments as primary segments. The reportable business segments are Woven Sacks and Woven Label.
b. Secondary Segment Information - Geographical Segments
The sales of Company are mainly in India. Therefore, no reportable Geographical Segments. 44. Balances of some of the Sundry Debtors, Loans & Advances, Creditors and other parties including inoperative Bank a/c are subject to confirmation and reconciliation.
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