Note :1
Loans from Banks (Working Capital facilities repayable on Demand)
amounting to Rs.11,749.13 Lacs ( P. Y. Rs. 11,342.33 Lacs) are secured by
hypothecation of:
i. Principal Security first pari-passu - present and future Current
Assets of the Company.
ii. Second pari-passu - present and future Movable and Non-Movable
Fixed Asset of the Company.
iii. Personal Guarantee of Chairman and Managing Director Mr. Nitin
Kasliwal.
iv. Corporate Guarantee given by M/s Anjayana Holding Pvt.Ltd.
The above Loans from Bank(Working Capital Facilities) carries interest
@ 13.75% to 15%.
Note : 2
This is a Short Term Loan which is repayable within 6 Months from the
date of first disbursement i.e. 23rd July, 2013 or on demand whichever
is earlier and following is the collateral security and guarantee
given:
i. First Charge on Office at B2, 5th Floor, Marathon Nextgen, Lower
Parel, Mumbai belonging to M/s S. Kumar Nationwide Ltd.
ii. Second Charge on Flat No 22, 22nd Floor, Palais Royale, G.K. Marg,
Worli, Mumbai held by M/s Ashwini Solar Energy Pvt. Ltd.
iii. Personal Guarantee of Chairman and Managing Director, Mr. Nitin
Kasliwal and Mrs. Jyoti Kasliwal.
iv. Corporate Guarantee given by M/s S. Kumars Nationwide Limited, M/s
Anjayana Holding Pvt. Ltd and M/s Ashwini Solar Energy Pvt Ltd.
v. Pledge of 85,50,000 Equity Shares of M/s S.Kumar Nationwide Ltd
held by M/s Anjaneya Holding Pvt Ltd.
The above Loan from Bank (Working Capital Facilities) carries interest
@ 14%.
Note : 3
19% Non-Convertible Debentures (NCDs) issued to India Debt Management
Limited are secured in favour of the Debenture Trustees, IDBI
Trusteeship Services Ltd by way of the following;
a) Primary security
i) An English Mortgage on the immovable fixed assets of the Company
situated at Plot No. 3, Survey No. 37, Mouje Ishwarpura, Taluka Kadi,
District Mehsana, and Ahmadabad to secure issue of the Debenture
Certificate.
ii) Equitable Mortgage on future immovable fixed assets of the Company
other than that mentioned in i) above.
iii) Charge on the present and future movable fixed assets of the
Company.
b) additional security
i) Pledge and Default Call Option exercise on 65,00,000 equity shares
of S. Kumar Nationwide Limited (SKNL) held by Anjaneya Holding Pvt Ltd.
(AHPL) were pledged with IDM on 13th June, 2011 as an additional
security for NCDs which were invoked by IDM on 10th May, 2013.
Note : 4
Redemption of the non convertible debentures The NCDs were redeemable
as on 30th September, 2012 along with redemption Premium of 20% .
Note : 5
i) There is a delay in payment of NCD dues amounting to Rs. 10,237.99
lacs for the period of six months (P.Y. Rs. 267.12 Lacs towards Interest
payment delay of one day).
ii) There is delay in Interest payment of Rs. 597.90 Lacs (P.Y. Nil) to
Banks for working Capital Loan for a period ranging from 3 to 12
months.
Note: 6 Contingent liabilities
(Rs. in Lacs
sr. Particulars as at as at
no 31st March 2013 31st March 2012
a) guarantees:
i. Corporate Guarantee given
for Brandhouse Oviesse Ltd. 5,000.00 5,000.00
(Outstanding Amount at the
year end is Rs. 1,357.58 Lacs
(P.Y. Rs. 1,019.58
Lacs))
b) Claims not acknowledged
as debts:
i. Sales Tax - Dispute
in Appeal-Mumbai 12.80 12.80
ii. Sales Tax - Dispute in
Appeal - Ghaziabad 4.10 4.10
iii. DLF Limited Delhi towards
Tax deducted at source 6.99 * 6.45 *
iv. As may arise due to delay / non-compliance of certain Amount
Amount
statutory requirement. Unascertainable Unascertainable
* FDR with Schedule Bank Rs. 6.99 Lacs (P.Y. Rs. 6.45 Lacs) kept as deposit
against same.
Note: 7
Estimated amount of Contracts remaining to be executed on capital or
other account and not provided for (net of advances) Rs. Nil (Previous
Year Rs. Nil).
Note: 8
The confirmation, reconciliation and adjustment of balances pertaining
to Trade Receivables, Trade Payables and Loan and Advances is an
ongoing process. Such adjustments are made and balances as on 31st
March,2013 have been independently confirmed. Based on this, Company
has indentified and made a Provision for Rs. 13.66 Lacs and written off Rs.
2403.65 Lacs for unconfirmed/Non recoverable balances during the year.
Note: 9
The Company has classified the various benefits provided to employees
under the purview of Accounting Standard 15 (Revised) as under:
i) Defined Contribution Plans
a) The Employees Provident Fund and Miscellaneous Provisions Act,1952
and Employees Pension Scheme,1995.
b) The Employees State Insurance Act,1948
Note: 10
Based on the age of the Assets situated at various locations/stores and
considering the fact that the Company operates generally in the leased
out properties, the management is of the opinion that there was no
material impairment in its fixed assets, except Goodwill which was
impaired during the year under review with in the definition of
Accounting Standard 28, Impairment of Assets notified under 211(3C) of
the Companies Act,1956. The position is reviewed on yearly basis.
Note: 11
i) The Company has obtained various stores on operating Lease.
Non-cancellable Lease payments made during the year debited to
Statement of Profit and Loss is Rs. 1,862.48 Lacs (Previous Year Rs.
2,107.31 Lacs).
Note: 12
There are no earnings in foreign currency in current year as well as in
previous year.
Note: 13
There are no foreign currency exposure in current year as well as in
previous year.
Note: 14
In view of the resignation of some of the independent/non-executive
directors during the year under review, the composition of the Audit
committee is not in accordance with the requirements of section 292A of
the Companies Act, 1956 and clause 49 of the Listing Agreement. The
Company is in the process of setting right the composition of the Audit
Committee in line with section 292A of the Companies Act, 1956 and
clause 49 of the Listing Agreement
Note: 15
The Company is facing a mismatch in its cash flow mainly on account of
the delay in roll out of new stores due to adverse market conditions.
This has affected the timely servicing of dues to the lenders and have
resulted in delayed payment of statutory dues. Consequently, loans
aggregating Rs. 10,237.99 Lacs (Net of TDS) have been recalled. The
Company is in the process of making necessary arrangements to obtain
adequate financial resources for managing its day to day operations and
discharging its liabilities as and when due. In case, required
financial resources are not raised on a timely basis, the operations of
the Company may get impacted, thereby affecting the assumption of going
concern.
Note: 16
In the opinion of the management the current and noncurrent assets
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated.
Note: 17
There are no events subsequent to the Balance Sheet date, which would
materially affect the accounts and the related disclosure for the year
ended 31st March, 2013.
Note: 18
Prior year figures have been regrouped and reclassified wherever
necessary.
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