| -Nature of Security and terms of repayment for Long term secured
borrowings
Nature of Security Terms of Repayment
a) Term loan amounting to 36,51,936/- (P.Y. Rs, 1,44,51,936/-) is
Repayable in 50 monthly installments secured by exclusive charge on the
entire assets of Cold commencing from July, 2011, Last Briquette Plant,
Pig iron Plant, Plant & machinery, pollution installment due in
August,2015, Rate control equipment and improvements in sponge iron
plant of interest 13.95 % p.a. as at year and further secured by
personal guarantee of two directors end (P.Y. 13.95%)
and Fixed Deposit Receipts of Rs, 54 lacs.
b) Term loan amounting to Rs, 1,29,44,449 (P.Y. Rs, 1,96,11,113) RePavable
in 20 quarterly instalment is secured by EMT of Land and Boundry wall
built out of the commencing from beptember 2016, term loan and
collaterally secured against all fixed assets of ,as Rs,
¯/Tpy the company and further secured by personal guarantee of ri Rs
interest iz/kd /o u-.y. two directors and Fixed Deposit Receipts of Rs.
54 lacs.
c) Vehicle loans from HDFC is secured by hypothecation of Repayable in
35 monthly instalment respective vehicles financed commencing from the
date of iBSMBuuvB sanction of respective loans
-Includes an amount of Rs, 59,04,795 (P.Y. Rs, 59,04,795) outstanding for a
period exceeding six months from the date they are due for payment.
-Note:
a) In accordance with the provisions of Schedule II of the Act, incase
of fixed assets which have completed their useful life as at 1st April
2014, residual value) amounting to Rs, 6,40,537/-(net of defferred tax of
Rs, 3,07,634) as a transitional provision has been recognised in the
Retained
b) Further, in case of assets acquired prior to 1 st april 2014, the
carrying value of assets (net of residual value) is depreciated over
the remaini effective 1st April, 2014
c) Depreciation and amortisation expenses for the year would have been
lowered by Rs, 14,95,943/-, had the company continued with the previc of
such assets.
1. Segment Reporting:
As per AS 17, the company operates predominantly only in one business
segment, i.e..finished products from Iron Ore. There is no reportable
geographical segment.
2. The Board of Directors has reviewed the realizable value of all
current assets of the company and has confirmed that the value of such
assets in ordinary course of business will not be less than the value
at which these are recognized in the financial statements.
3. Previous year's figures have also been reclassified wherever
necessary to confirm to current year's classification.-
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