2. NOTES TO ACCOUNTS :
(a) DETAIL OF SECURITIES AGAINST SHORT TERM & LONG TERM BORROWINGS (Refer Note 12 and 14)
(A) Working Capital From Bank of Baroda Secured by way of the following : -
(i) Charge on the entire Current Assets of the Company.
(ii) Charge on the of Movable Fixed Assets of the Company, both present and future.
(iii) Charge on the Company’s immovable properties including land admeasuring 10.84 acres and building situated at Kamandoddi Village, Hosur Taluk, Distt. Shoolagiri, Tamil Nadu.
(iv) Charge on the Company’s immovable properties situated at Village: Nallaganakothapalli Taluk: Hosur, Distt: Krishnagiri, Tamil Nadu.
(v) Pledge of FDR worth Rs.2.50 Crores equivalent to 10% of FBP limit in lieu of waiver of buyer wise ECGC cover; and
(vi) Joint and Several personal guarantees of (1) Mr. Sunil K.Arora and (2)Mrs. Sujata Arora.
(B) EXTERNAL COMMERCIAL BORROWINGS from Bank of Baroda DIFC Dubai is Secured by way of the following:-
(i) Charge over all entire fixed assets of the Company (present and future) including land and building at Nallaganakothapalli village in Hosur Taluk, Krishnagiri District.
(ii) Charge on all current assets of the Company.
(iii) Charge over DSRA to be maintained for one quarter interest and one installment of the facility.
(iv) Pledge of FDR i.e. Rs. 2.50 Crores maintained by Company with Bank of Baroda, International Business Branch, 1st Floor, BOB Building, 16 Sansad Marg, New Delhi 110001.
(v) Charge on the property in the name of company including land admeasuring 10.84 acres and building situated at Kamanadoddi Village, Hosur Taluk, District Shoolagiri, Tamil Nadu.
(b) i. Bills of Exchange discounted Rs.680.13 Lacs (PY.Rs.1,045.53 Lacs)
ii. Guarantee & counter Guarantee Outstanding Rs. 9.61 Lacs (PY.Rs. 9.61 Lacs )
iii. Letter of Credit Rs. 348.06 Lacs (PY. Rs.484.98 Lacs )
(c) In compliance with Accounting Standard - 22 relating to “Accounting for taxes on Income” issued by the Institute of Chartered Accountants of India, the company has adjusted the deferred tax liability (net) arising out of timing difference for the period up to 31st Mar 2018 with the Balance of Deferred Tax Liability (Net) accruing during the year aggregating to Rs. 42.75 Lacs has been recognized in the Profit and Loss Account.
(e) Related Party Disclosure : As per Accounting Standard 18, the disclosures of transactions with the related parties are given below::
(i) List of related parties where control exists and related parties with whom transactions have taken place and relationships:
Sl. No. Name of the Related Party Relationship
1. Mr. Sunil K Arora Key Managerial Personnel
2 Mr. K. Raghavendra Key Managerial Personnel
3 Mrs. Sujata Arora Key Managerial Personnel
4 Mr. K.L. Arora Key Managerial Personnel
5. Shivani Arora Relative of Key Managerial Personal
6. Sahil Arora Whole Time Director
7. Aro Granite International Inc Relative of Key Managerial Personal
(ii) Transactions during the year with related parties :
(q) Previous year’s figures have been regrouped wherever necessary to confirm to this year’s classification, in terms of our report of even date.
(r) Figures shown in bracket are related to Previous year in the Financial statement and are in INR (In Lacs)
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