| 1. Rights, Preferences and Restrictions Attached to each class of
shares
The Company has only one class of Equity Shares having a par value of
Rs. 10/- per share and each holder of the Equity Shares is entitled to
one vote per share.
In the event of liquidation of the Company, the holders of the equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amounts. However, no
preferential amounts exist currently. The distribution will be in
proportion to the number of shares held by the shareholders.
2. Details of Loans:
i Outstanding Term loan of Rs. 289.34 Lakhs (including an amount of Rs.
64.32 Lakhs classified under current maturities of long term debt)
relates to acquisition of 0.75 MW windmill and other indigenous
machinery. It is secured by the hypothecation of the P&M acquired from
the said loan.The loan is repayable in 60 graded monthly installments
and is expected to be repaid by September, 2018.
II. Outstanding Term loan of Rs. 42.19 Lakhs (including an amount of
Rs. 13.50 Lakhs classified under current maturities of long term debt)
relates to acquisition indigenous plant and machinery. It is secured by
the hypothecation of the P8tM acquired from the said loan. The loan is
repayable in 60 equal monthly installments of Rs. 1.125 Lakhs each and
is expected to be repaid by October, 2018.
III. Indian Overseas Bank has sanctioned term loan of Rs. 97.5 Lakhs,
(o/s Rs. 11.79 Lakhs as on March 31, 2015) for the purchase of imported
plant and machinery costing Rs. 130 Lakhs. The said term loan is
repayable in 60 equal monthly installments of Rs. 1,62,500 each and is
expected to be repaid by July, 2018. The loan is proposed with buyers
credit facility for a period of 3 years, hence the loan installments to
be placed as recurring deposit every month. On completion of 36 months,
loan to be disbursed, less margin and TL installments built-up during
the preceding 36 months. The outstanding term loan is secured by the
hypothecation of the P&M acquired from the said loan. The company has
also availed Buyers Credit facility of Rs. 42.63 Lakhs fortheimport of
copper.
"The company has provided the following as collateral securities for
the above loans and working capital facilities:
(a) Equitable mortgage followed by registered memorandum on Factory
Land & Building situated at 540/P-2, Village Rakanpur Sola, Satej Road,
Kalol in the name of the Company, (b) Plant & Machinery and other Misc.
Assets of the Company and (c) Freehold NA Land at village Ranchodpura,
Taluka Kalol in the name of Satya Prakash Infrastructure Pvt. Ltd.
Further the loans are backed by the personal guarantee of Shri Nandlal
Agrawal, Shri Sanjay Agrawal and Shri Kunal Agrawal."
iv. The outstanding vehicle loans of Rs. 9.48 Lacs (classified under
current maturities of long term debt) are secured against hypothecation
of the respective vehicles. The total outstanding is expected to be
repaid by October, 2015.
3. The Cash Credit facilities have been secured against hypothecation
of stocks and book debts of the company present and future & the entire
current assets of the company. For details on securities offered as
collateral, refer note 3.1.
4. MAT CREDIT ENTITLEMENT:
Based on the assessment of the future taxable income, the Management is
of the opinion that there is convincing evidence that the company will
pay normal income tax within the specified period during which MAT
credit is available forset off.
5. CONTINGENT LIABILITIES AND COMMITMENTS
Estimated amount of contracts remaining to be executed on capital
account (Net of Advances) is for Rs. 1,51,621 ( Rs. 2,43,318)
6. The company has made provision in the accounts for gratuity based
on acturial valuation. The particulars under the AS 15 (Revised)
furnished below are those which are relevant and available to company
for this year.
7. In the opinion of the management and to the best of their
knowledge and belief, the value underthe head of current and
non-current assets (otherthan fixed assets and non- current
investments) are approximately of the value stated, if realised in
ordinary course of business, except unless stated otherwise. The
provision for all known liabilities is adequate and not in excess of
amount considered reasonably necessary.
8. The company is organised into two main business segments, namely
production of engraving cylinders and trading of copper and paper. The
Company is also generating power from wind turbine generator. Wind mill
is not a reportable segment as per AS 17 "Segment Reporting" as the
power generated by wind mill is exclusively used for captive
consumption in manufacturing unit. The disclosures regarding the
segment information is as follows
9. RELATED PARTY DISCLOSURES:
As per the Accounting Standard 18, disclosure of transactions with
related parties (as identified by the management), as defined in the
Accounting Standard are given below:
10 Amt. in Rs.
RELATIONSHIP 2014-15 2013-14
1. Holding Company: Nil Nil
2. Subsidiary Company: Nil Nil
3. Key Managerial
personnel &
their relatives :
Mr. Nandlal Agarwal,
(Managing Director)
Mr. Sanjay C. Agrawal, Non-Executive
Director
Mr. Kunal N. Agarwal, Director
Mr. Minesh C. Shah, Director
Ms. Neha N Agrawal, Director
(upto 14/04/2015)
Mrs. Shashi Gupta, Relative
of Director
Mr. Gopalkrishna D. Sharma, Chief
Financial Officer
Mr.Darshan B. Shah, Company Secretary
11. There are no earnings in foreign currency in financial year
2014-15. (Previous year NIL)
12. The Previous year figures have been regrouped / reclassified,
wherever necessary to conform to the current year presentation, further
the figures have been rounded off to the nearest rupee.
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