| Secured Loans:
1. Debentures are 15% Non-Convertible debentures (NCDs) of Rs. 10O/-
each aggregating to Rs. 105 lacs redeemable at par in three equal
instalments payable on 31st March 2005,31st March 2006 and 31st March
2007.
2. Term Loan from IDBI and Debentures are secured by way of equitable
mortgage by deposit of title deeds over companys immovable properties
(both present and furure) and hypothecation of all the movable
properties(save and except book debts) subject to prior charge
created/to be created in favour of companys bankers on the stock of
raw materials, semi-finished goods,finished goods, consumable stores
and book debts and such other movable agreeable for securing the
borrowing for working capital in ordinary course of business.
3. Term Loan from IDBI and Non-Convertible Debentures also secured by
personal guarantee of Shri K.G.Bajoria, Managing Director, Shri S.G.
Bajoria, Director and corporate guarantee of M/s. Rajasthan Cylinders &
Conainers Limited.
4. Debentures are further secured by way of pledging share of promoters
aggregating to a face value of Rs.9.41 million.
5. Working capital borrowings from Canara Bank are secured by way of
hypothecation of stocks of raw materials,stocks-in-process.finished
goods.stores & spares and second charge on companys movable and
immovable assets and further secured by personal guarantee of shri
K.G.Bajoria Managing Director, Shri S.G. Bajoria, Director,Shri G.G.
Bajoria and corporate guarantee of M s Beekay Niryat Limited (Formerly
known as M/s. Giri Finance & Trading Ltd.)
6. Loan from Canara Bank (Canmobile) is secured by way of hypothecation
of car financed by them.
2. NOTES FORMING PART OF THE ACCOUNTS
1) Contingent Liabilities not provided for in respect of:
As at As at
31.03.2002 31.03.2001
(Rs. in Lacs) (Rs. in Lacs)
a) Guarantee given by the Bankers 65.18 81.36
b) Claims against the Company not 4.83 7.73
acknowledged as debt same being
disputed by the Company
c) Bills discounted by Bankers 51.99 84.63
d) Partly paid-up Shares 0.13 0.13
ii) (a) Depreciation on fixed assets has been provided on Straight Line
Method basis at the rates prescribed in Schedule XIV of the Companies
Act, 1956.Hundred percent depredation on assets whose cost does not
exceed Rs. 5000/-has been charged fully in the year of put to use.
(b) As per technical opinion, the plant is a `Continuous Processing
Plant as per definition of the Companies Act, 1956, and the rates of
depreciation as mentioned under policy no. 1 (iv) has been charged
considering the plant as `Continuous Processing Plant.
iii) Liability of retirement benefits upto 31st March 2000 aggregating
to Rs.1046174/- is being amortised over a period of five years
commencing from the year 2000-2001. Accordingly, this year also one
fifth of the above has been charged to revenue and debited to
respective heads.
iv) The Company has sought details from suppliers who had permanent
registration certificate as Small Scale Industries undertaking issued
by the Directorate of Industries of a State or Union Territory. In
absence of such information, the amount (also bifurcation for 30 days
and more than 30 days) and interest due as per the "Interest on delayed
payments to small scale and Ancillary Industries Undertakings Act,
1933" is not ascertainable as on the Balance Sheet date.
v) In terms of subscription agreement with IDBI for allotment of 15%
non-convertible debentures (Private Placement), Rs.105 lacs has been
disbursed. However in view of pending formalities, allotment of the
same is pending as on Balance Sheet Date.
vi) Balance of Sundry Debtors, Sundry Creditors and Loans & Advances
are subject to confirmation and reconciliation.
vii) In the opinion of the Management, the Current Assets and Advances
are approximately of the value stated if realized in the ordinary
course of the business, unless otherwise stated. The provision for all
liabilities are ad1 equate and not in excess of the amount reasonably
necessary as shown.
viii) Sales are net of Sales return and includes sale of wastage
amounting to Rs.3,09,868/- (Previous year Rs.2,83,264/-) and foreign
exchange fluctuation of Rs.1,38,319/- (previous year Rs. 2,33,419/-).
ix) Segment Reporting as required by Accounting Standard (A.S.)-17
(A) Primary Segment
The companys predominant risk and returns are from Synthetic Multi
Filament Yam which constituted 98% of this companys revenue for the
reporting period. Thus the segment revenue, segment result, total
carrying amount of segment assets, total amount of segment liabilities,
total cost incurred to acquire segment assets, the total amount of
expenses incurred for depreciation and amortisation during the year are
all as reflected in the financial statement for the year ended 31st
March, 2002 and as on that date.
(B) Secondary Segment (by Geography)
(a) Revenue from External customers
(Rupees) (Rupees)
Amount as on Amount as on
31.03.2002 31.03.2001
United Arab Emirates 2158590.00 12948164.00
Kingdom of Saudi Arabia 8250022.00 8762990.00
Portugal 596671.00 1237866.00
Nepal 337899.00 786014.00
Jordan 955762.00 -
Bangladesh - 1399745.00
Canada - 183097.00
Spain - 1268428.00
United Kingdom - 644654.00
Italy - 1225320.00
Srilanka - 505032.00
India 130096954.00 126010009.00
TOTAL 142395898.00 154971319.00 |