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 holder of equity shares is entitled for one vote per share. 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.
a) Repayment, Interest & Secutiry Related Terms From Axis Bank Ltd. C.C. Account
Interest on facilities in Indian Rupees : Interest rate of Cash Credit Limit from ICICI Bank is Repo Rate 3.00% i.e. 8.40% at present. The loan is repayable on demand and is secured by First Charge by way of hypothecation of the Company's entire Current Assets of Borrower, both Present & Future on exclusive basis. Further this is also secured by collateral security of Equitable Mortgage 1, Company's Factory Land & Building situated at Block No. 176P, 197 & 198 Shrinath Ind Estate, Vill. Sampa, Dehgam, Dist. Gandhinagar having Total Land area of around 30290 Sq Mtr. Owned by the Comapny, 2, Land Situated at Khata No. 466, Survey No./Block No. 174, 175, 175(3), Village Sampa, Dehgam, Dist. Gandhinagar owned by Company & Hypothecation of Plant & Machinery (Excl. Vehicles Financed by Bank) of the borrower both present & Future. The Facility also invlolve personal Guarantee of Mr. Shakerlal Bansilal Shah, Mrs. Savita S Shah, Mr. Balkishan Shah & Mr. Yash Shah. alongwith Corporate Guarantee of the Company.
Axis Bank (Tata Discounting)
Interest on facilities in Indian Rupees : Interest rate of Cash Credit Limit from ICICI Bank is Repo Rate 3.45% i.e. 8.85% at present. The amount for the facility repaid within 60 Days from date of Discounting of accepted Invoice alongwith Cooling period of 5 Days. The Facility is not involving any type of Primary Security.But the facility involve collateral security of Equitable Mortgage 1, Company's Factory Land & Building situated at Block No. 176P, 197 & 198 Shrinath Ind Estate, Vill. Sampa, Dehgam, Dist. Gandhinagar having Total Land area of around 30290 Sq Mtr. Owned by the Comapny, 2, Land Situated at Khata No. 466, Survey No./Block No. 174, 175, 175(3), Village Sampa, Dehgam, Dist. Gandhinagar owned by Company & Hypothecation of Plant & Machinery (Excl. Vehicles Financed by Bank) of the borrower both present & Future. The Facility also invlolve personal Guarantee of Mr. Shakerlal Bansilal Shah, Mrs. Savita S Shah, Mr. Balkishan Shah & Mr. Yash Shah. alongwith Corporate Guarantee of the Company.
WCDL Account
Interest on facilities in Indian Rupees : Interest rate of Cash Credit Limit from ICICI Bank is Repo Rate 3.00% i.e. 8.40% at present. The loan is repayable on demand and is secured by First Charge by way of hypothecation of the Company's entire Current Assets of Borrower, both Present & Future on exclusive basis. Further this is also secured by collateral security of Equitable Mortgage 1, Company's Factory Land & Building situated at Block No. 176P, 197 & 198 Shrinath Ind Estate, Vill. Sampa, Dehgam, Dist. Gandhinagar having Total Land area of around 30290 Sq Mtr. Owned by the Comapny, 2, Land Situated at Khata No. 466, Survey No./Block No. 174, 175, 175(3), Village Sampa, Dehgam, Dist. Gandhinagar owned by Company & Hypothecation of Plant & Machinery (Excl. Vehicles Financed by Bank) of the borrower both present & Future. The Facility also invlolve personal Guarantee of Mr. Shakerlal Bansilal Shah, Mrs. Savita S Shah, Mr. Balkishan Shah & Mr. Yash Shah. alongwith Corporate Guarantee of the Company.
22. Corresponding figures of the previous year have been regrouped to confirm with this year’s classification wherever necessary.
Dues to Micro and Small Enterprise have been determined to the extent such parties have been identified on the basis of information collected by the Management.
28. The information required as per Para 5 (vii) (c) of part II of schedule III of the Companies Act, 2013 regarding information about the total value of imported raw materials spare parts & components consumed and percentage of each to the total consumption is not available.
29. Contingent liabilities and commitments (to the extent not provided for)
We have been informed by the management that a civil suit No. WC FATAL LC/000007/2020 dated 07-022020 has been filed against the company by making it one of the party under workers Compensation Act, 1923 by father of an employee of the contractor of the company claiming compensation of ? 11,77,000/-on account of death of his son while rendering services to the company.
32. MGO obligation to Sabarmati Gas is an amount paid to gas company for less utilization of gas then amount contracted for. The said amount returned after 3 months by the gas company.
33. The company has paid ? 2,11,288/- in earlier years to "The registrar city civil court, Ahmedabad”.
34. VAT is paid on gas purchased.
35. Events after the reporting period
The Company has evaluated subsequent events from the balance sheet date through 30th May, 2023, the date at which the financial statement was available to be issued, and determine that there are no material items to disclose other than those disclosed.
36. Relationship with Struck off companies
There are no balance outstanding on account of any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act,1956.
37. MCA has issued notification dated March 24, 2021 to amend the schedule III to the Companies Act, 2013 to enhance the disclosures required to be made by the Company in the financial statements. These amendments are applicable to the Company with effect from 1st day of April 2021. The figures for the previous year have been re grouped/ rearranged, wherever necessary, to correspond with the current period’s classification/disclosure.
38. The Standalone financial statements were approved for issue by the Board of Directors on 30th May, 2023.
39. The Company has not traded or invested in any crypto currency or virtual currency during the financial year.
40. The Company is not declared as wilful defaulter by any bank or financial institutions.
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