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Modi Naturals

BSE: 519003|ISIN: INE537F01012|SECTOR: Edible Oils & Solvent Extraction
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May 26, 11:00
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Modi Naturals is not listed on NSE
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Mar 15
Notes to Accounts Year End : Mar '16

(1.) The company has only one class of equity shares, having a par value of Rs.10 per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. Each shareholder is eligible to one vote per share held. The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(2.) Issued, subscribed and paid-up capital of the company includes:-

(i) 2026592 Shares (Previous Year 2026592) of Rs 10 each fully paid up allotted in the last five years to Shareholders of M/s J.P Management Systems P Ltd pursuant to the scheme of amalgamation with the Company, for consideration other than cash.

(ii) 4238967 shares (Previous Year 4238967) allotted as Bonus Shares by way of Capitalisation of Profits.

(iii) 2640000 Shares (Previous Year 2640000) issued by way of conversion of Optionally Convertible Warrants into equity shares Rs.10/- each at a premium of Rs.20/- each.

Security

(a) Term Loan from banks is secured by way of equitable mortgage of Factory Land & Building and Hypothecation of Plant & Machinery of all the units at Bisalpur Road and Bareilly Road, Stock and Book Debts, Personal guarantees of Mr. Anil Modi, Mrs. Nita Modi and Sh Akshay Modi.

(b) Vehicle Loans are secured against hypothecation of respective Vehicles

3. Working Capital facility comprises cash credit from bank and is secured against hypothecation of raw materials, semi finished goods, finished goods, consumable stores, book debts, all securities of units at Bisalpur Road and Bareilly Road, Pilibhit and personal guarantees of Mr. Anil Modi, Mrs Nita Modi and Mr Akshay Modi.

4. Sales/Trade Tax, Excise Duty, CENVAT and Service Tax have been accounted for as per deposit/book records, the liability/ refunds of such taxes being accounted for on finalization of assessment/demand.

5. Income tax assessments for and up to assessment year 2013-2014 have been made.

Note: Related parties are as identified by the company and relied upon by the Auditors.

6. The company''s sole business segment is manufacturing and marketing of Oils & De-oiled Cakes and the geographical segment is India. Consequently no separate disclosure, as required under Accounting Standard 17 - Segment Reporting, is considered relevant.

7. Disclosure in respect of operating leases under Accounting Standard (AS) - 19 Leases prescribed by the Companies (Accounting Standards) Rules, 2006.

a. General description of the Company''s operating lease arrangements:

The Company enters into operating lease arrangements for leasing area offices, factory building, equipments and residential premises for its employees

Some of the significant terms and conditions of the arrangements are:

- Agreements for most of the premises may generally be terminated by the lessee or either party by serving two to three month''s notice or by paying the notice period rent in lieu thereof.

- The lease arrangements are generally renewable on the expiry of lease period subject to mutual agreement.

- The company shall not sublet, assign or part with the possession of the premises without prior written consent of the lessor

b. Lease rent charged to the Profit and Loss Account on account of Minimum lease rentals Rs.75,84,873/- (Previous year Rs. 53,08,924/-)

8. Figures have been rounded off to the nearest rupee and previous year figures have been updated/regrouped/rearranged wherever necessary.

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