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Oswal Yarns
BSE: 514460|ISIN: INE670H01017|SECTOR: Textiles - Processing
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« Mar 13
Notes to Accounts Year End : Mar '14
Rights, preferences and restrictions attaching to each class of shares
 
 Equity Shares: The company has one class of equity shares having a par
 value of Rs.10 per share. Every member present in person at a general
 meeting shall have one vote if a resolution is put to vote by a show
 of hand and on a poll every member shall have one vote in respect of
 each share held by such member. In the event of liquidation, the
 equity shareholders are eligible to receive the remaining assets of
 the company after distribution of all preferential amounts, in
 proportion to their shareholding.
 
 Nature of Security: i. Term loan facility is secured by hypothecation
 of Car.
 
 Particulars of Repayment: Repayable in 47 monthly instalments of
 Rs.12490/- w.e.f. 15 Sept, 2010 Nature of Security: ii. Term loan
 facility is secured by hypothecation of Car.
 
 Particulars of Repayment: Repayable in 60 monthly instalments of
 Rs.14900/- w.e.f. 01 Jan, 2014 Nature of Security: iii. Term loan
 facility is secured by hypothecation of Car.
 
 Particulars of Repayment: Repayable in 60 monthly instalments of
 Rs.6019/- w.e.f. 28 Feb., 2013
 
 Amount of default in repayment of loan: NIL (Previous year :
 NIL),Period of continuing default in repayment of loan: NIL(Previous
 Year: NIL)
 
 Default in payment of Interest : NIL (Previous year: NIL), Period of
 continuing default in payment of interest : NIL (Previous Year: NIL)
 
 The unsecured loans are repayable after 12 months from the date of
 squaring up of bank dues. However, the company reserve the right to
 prepay the same earlier. During previous year also, the terms of
 repayment were same. Rate of interest is 12%.
 
 Amount of default in repayment of loan: NIL (Previous year :
 NIL),Period of continuing default in repayment of loan: NIL(Previous
 Year: NIL)
 
 Default in payment of Interest : NIL (Previous year: NIL), Period of
 continuing default in payment of interest : NIL (Previous Year: NIL)
 
 Mode of valuation:
 
 Raw materials, work-in-progress, finished goods, consumables have been
 valued at cost and net realizable value. The cost in respect of
 various items of inventory is computed as under :
 
 - Raw materials at actual cost plus direct expenses incurred to bring
 the stock at its present position and location excluding VAT.
 
 - Work-in-progress at raw material cost plus conversion cost depending
 upon the stage of completion.
 
 - Finished goods at raw material cost plus conversion cost incurred to
 bring the goods up to their present condition and location.
 
 - Consumables at actual cost plus direct expenses incurred to bring
 the stock at its present position and location excluding VAT.
 
 - Waste has been valued at net realizable value.
 
 a. Contingent liabilities and commitments
 
 (i) Contingent liabilities
 
 i. Claims against the Company not acknowledged as debt:-
 
 Punjab State Industrial Development Corporation Ltd. (PSIDC) had made
 investment in the equity shares of the Company under an agreement with
 the promoters, for buy-back of these shares at a later date under the
 direct subscription scheme. Such buy-back agreement was between PSIDC
 and the promoters. The option to buy back was exercised by the
 promoters, under the OTS scheme floated by PSIDC, and was accepted by
 PSIDC on 02.06.2003 in full and final. It returned the share
 certificates along with share transfer deeds and also share
 certificates held as security to the promoters. However, on the basis
 of a later notification dated 06.02.2009 of the Government of Punjab,
 the PSIDC is of the view that OTS scheme was not applicable and
 demanded a sum of Rs. 49,11,395/- with interest upto the date of
 payment. On an application filed by the company and its promoters, The
 Hon''ble Punjab & Haryana High Court has granted stay against the
 proceedings before the Hon''ble Debt Recovery Tribunal in the matter of
 suit filed by PSIDC in this regard.
 
 As the company was never under any obligation for buy-back of the
 shares, it is strongly of the view that the stand of PSIDC is not
 tenable and it is in no way liable for this amount and thus has not
 acknowledged the same as debt. However, following a good practice,
 disclosure has been made without, in any way, accepting the
 liability/obligation on this count.
Source : Dion Global Solutions Limited
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