1.1 Detail of security for term loans borrowings
Term Loans borrowings from SIDBI is secured by way of hypothecation of
machinery & first charge by way of equitable mortgage of Land &
Building measuring 357.77 sq.yards situated at ludhiana. Term Loans
borrowings from HDFC Bank Ltd. is secured by way of hypothecation by
way of first charge on plant & machinery
Terms of repayment of Term Loans
Term Loans borrowings from SIDBI are repayable in 72 instalments of Rs.
219490/- each and carries interest @ 9.75% P.A. and the last repayment
is due on dated 09/06/2016
Term Loans borrowings from HDFC Bank Ltd. are repayable in 63
instalments of Rs. 86,568/- each and carries interest @11.75% P.A. and
the last repayment is due on dated 07/06/2016
2.1 Detail of security for working capital borrowings
Working capital borrowings from banks are secured against hypothecation
by way of first charge on company''s stock, book debts and plant &
Terms of repayment of loans repayable on demand
Working capital borrowings from banks are repayable on demand and
carries interest @ 10% to 13.30% as riiay be communicated by the bank
from time to time Term loans borrowings are repayable in suitable
instalments From Related parties carries interest @ 6% P.A.
3.1 Balances with bank includes deposits amounting to Rs. 11,55,000/-
(Previous year Rs. 13,85,000/-) which have original maturity period of
more than 12 months.
3.2 Fixed deposits amounting to Rs. 11,55000/- (Previous year Rs.
13,85,000/-) are under lien of the bank for guarantees given to the
President of India through Asstt. Commissioner of Customs, Ludhiana on
behalf of the company.
4 Contingent Liabilities not provided for being guarantee issued by
the Bank on behalf of the Company of Rs.11,55,000/- ( Previous year-
5 Debit and Credit Balances in the accounts of various parties are
subject to confirmation by the parties.
6 The Revised Schedule VI has become affective from 1st April 2012 for
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with current year''s classification /
7 Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company
has not been provided as the cheque for interest as well as of
principal amount were dishonored. The company has filed complaint under
Negotiable Instruments Act. Out of loan of Rs.25.00 Lacs Rs. 8.50 Lacs
have already been received.