1. Money Received Against Share Warrants
The Board of Directors of the company at their meeting held on 14.11.2015 and as approved by its members through Postal Ballot held on 13.01.2016 have resolved to create, offer issue and allot upto 30,00,000 warrants, convertible into 30,00,000 equity shares of Rs. 10/- each on a preferential allotment basis pursuant to Section 42 and 62 (1) (c) and all other applicable provisions of Companies Act 2013, at a conversion price of Rs. 45/- per equity share of the company arrived at in accordance with the SEBI Guidelines in this regard and subsequently these warrants were allotted on 03.02.2016 to the promoters and non promoters and the 25% application money amounting to Rs. 3,37,50,000 was received from them. As on 31st March,2016, the promoter partially exercised their entitlement to convert 400000 warrant in to equivalent number of equity shares as per the terms of issue and paid the balance 75% of the price thereon. The balance 2600000 warrants remail outstanding to be exercised on or before 2nd August, 2017. In the event the warrants are not converted into shares within the said period, the amounts received towards the warrants will be forfeited.
2. Details Of Security for Cash Credit Facility from Bank:
i. Hypothecation of entire current assets including Receivables and Inventories of the company
ii. Mortage of Industrial Land and Building at Palghar and Kim
iii. Mortgage of commercial office at Marol, Andheri East
iv. Pledge of 1,82,835 equity shares of Olympia Industries Ltd from Promoter Group holding
v. Personal gurantee of Whole Time Director Shri Navin Kumar Pansari
Term Loan from Company : (Secured)
i. Outstanding Balance as at Balance sheet date is repayable over a period of :
12 months (Previous Year NIL) 3,88,738
ii. Security
Term Loan from company is secured by hypothecation of Motor Car.
3. According to directors technical assessment, there is no impairment in the carrying cost of cash generating assets of the Company in terms of Accounting Standard 28 (AS 28) issued by the Institute of Chartered Accountants of India.
4. The balance of sundry debtors, creditors, secured, unsecured loans and loans & advance are subject to the confirmation.
5. Contingent Liabilities:
Non provision of dividend on 11% Cumulative Redeemable Preference Shares amounting to Rs. 39.60 lakh (Prev. Year : 37.40 lakhs)
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