1. Primary Security:
Hypothecation on entire Current assets, both present and future, which
include raw materials, stock in process, finished goods, consumables
etc., book debts on first pari passu basis and bills discounting limits
are additionally secured by documents of title to goods.
2. Collateral Security
a) Equitable Mortgage on first pari passu basis of company's factory
land and buildings in Arni Taluk, Tamilnadu, Wind Mill Land and
Building in Radhapuram Taluk, Tamilnadu and Registered Office land and
building in Chennai.
b) Hypothecation on first pari passu basis of all unsecured movable
fixed assets.
and
3) Personal Guarantee
Personal Guarantee of Promoter Directors Sri Balakrishna S, Managing
Director and Sri R. Padmanaban, Joint Managing Director.
NOTE NO. 4
OTHER DISCLOSURES AND ADDITIONAL INFORMATION AS PER REQUIREMENTS IN
REVISED SCHEDULE III OF THE COMPANIES ACT. 2013.
A. OTHER DISCLOSURES:
i) Contingent Liabilities and Commitments not provided for
(Rs. in Lakhs)
Details As at 31.03.2015 As at 31.03.2014
a) Contingent Liabilities
Contingent Liabilities not
provided for in respect of
1. Export Bills Discounted
under irrevocable Letters
of Credit issued by
Foreign Bank 0.00 111.18
2. Disputed Income Tax Liabilities 46.08 75.96
3. Disputed Contribution
to Employees State Insurance
Corporation 4.15 4.15
b) Commitments
1. Estimated amounts of contracts
remaining to be executed on
capital accounts not provided for 0.00 0.00
2. Other commitments:
Liabilities on Letters of Credit
issued for capital goods. 0.00 0.00
Liabilities on Letters of Credit
issued for others. 0.00 0.00
ii) Gratuity
The company has not funded for gratuity liability as per actuarial
valuation for the last 5 years and the total amount to be funded is
Rs.1,55,12,020.
iii) In the absence of information from suppliers with regard to their
registration with the specified authority, despite the company calling
for such information the company is unable to furnish the information
as required under the Companies Act, 1956 and Micro Small and Medium
Enterprises Development Act, 2006.
v) Confirmation of balances from Debtors and Creditors have not been
received in certain cases.
vi) Items of revenue / expense amounting to more than 1% of total value
has been disclosed separately.
vii) Previous year's figures have been re-grouped wherever necessary to
conform to this year's classification.
x) Related party transactions:
As per the Accounting Standard 18 - Related party transactions, the
company's related party and the details of transactions the company had
with them are given below:
I. Related Parties
a) Key Management Personal and relatives
Name of the related Party Nature of relationship
i) Sri Balakrishna S Wholetime Director(During 2014-15)
ii) Sri R. Padmanaban Technical Director (During 2014-15)
iii) Sri R. Thirumalai Production Manager
iv) Sri R. Rajagopal Administrative Manager
v) Sri Srish Jayender
Balakrishna Marketing Manager |