1. The Company has only one class of shares referred to as Equity Shares having face value of Rs.10/- each. Each equity Shareholder is eligible for one vote per share held.
2. Reconciliation of No. of Equity Shares Outstanding at the Beginning & End of the reporting period:
3. Shares in the company held by each shareholder holding more than 5% Equity Shares
4. Car Loans from Bank & Financial Institutions are secured by hypothecation of Motor Cars for which loan has been taken.
5. Term Loans from Banks are secured by hypothecation of all the fixed assets of the company.
6. Term Loan from Banks are also secured by entire Land & Building of the Company located at Kudsad-Kim, Olpad Taluka, Surat.
7. The Term Loans are also secured against Flat at Soffitel Tower, Surat and Office at International Trade Center, Surat of the company. Term Loan is also secured against peronal properties of directors and sister concern M/s Mohit Yarns Ltd. All the term loans are guaranteed by directors of the company.
8. Terms of Repayment of Term Loans:-
(a) Term Loan of Rs.470 Lakhs is Repayable in monthly installments of Rs.8,78,000/- each and will be repaid on September, 2021. Term Loan of Rs.209 Lakhs is repayable in monthly installments of Rs.4,20,000/- each and shall be repaid by April, 2021. Term loan of SVC Bank of Rs.1842 Lakhs (O/s Amount Rs.803 Lakhs) shall be repaid in monthly installments of Rs.21,93,000/- and shall be repaid by December, 2023. The rate of interest of term loans is 12.70%.
(b) Car Loans from Kotak Mahindra Prime Limited is repayable in 5 monthly installments of Rs.18,939/- ; Rs.37,331/-and Rs.19,992/- each. Another Car loan from Kotak Mahindra Prime Limited is repayble in 59 monthly installments of Rs.25,934/- each.
(c) Car Loan taken from Volkswagen Finance Limited is repayable in 41 installments of Rs.52,910/- each.
9. Cash Credit Limit & Export Packing Credit Limit is secured against First paripassu charge on the stock, books debts and entire current assets of the company. It is also secured by charge over assets mentioned in Note No. 5.3 above.
10. CONTINGENT LIABILITY & COMMITMENTS:-
(i) Contingent Liability In Respect of
(ii) Commitments:-
(a) Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs.1896.26 Lakhs (P.Y. Rs.2456.08 Lakhs) against which advance paid is Rs.187.10 Lakhs (P.Y. Rs.352.04 Lakhs).
(b) Uncalled Liability on shares and other investments partly paid Rs. Nil (P.Y Rs. Nil)
(c) Other Commitments Rs. Nil (P.Y. Rs. Nil)
11. No provision for diminution in value of non-current investments has been made as in the opinion of management the diminution in of the temporary nature.
12. Disclosures of the Micro, Small and Medium Enterprises:-
The management of the Company has not received any intimation from 'suppliers' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard as per Schedule III of the Companies Act, 2013 could not be provided.
13. Segment Reporting
In line with Accounting Standard 17 on 'Segment Reporting', taking into account the organizational structure, product type as well as the differing risks and returns criterion, the Company is engaged in only one reportable segment viz. "Textiles"
14. Specified Bank Notes Disclosure (SBN's)
During the year, the company has specified bank notes or other denomination note as defined in the MCA notification G.S.R. 308(E) dated March 30, 2017 on the details of Specified Bank Notes (SBN) held and transacted during the period from November 8, 2016 to December 30, 2016, the denomination wise SBNs and Other Notes as per the notification is given below :
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