1. Rights, preferences and restrictions attached to shares:
Equity Shares:
The Company has only one class of equity shares having a par value of
Rs 10 per share. Each holder of Equity Shares is entitled to one vote
per share. The Company declares & pays dividends in Indian rupees. The
dividend, if proposed by the Board of Directors, is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
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.
2. During the period of five years immediately preceding the reporting
date:
(i) The Company has not issued any shares pursuant to contract(s)
without payment being received in cash. (ii) The Company has not
allotted any shares as fully paid up by way of bonus shares. (iii) The
Company has not bought back any shares.
As per the records of the Company, including its register of
shareholders/members and other declarations received from the
shareholders regarding the beneficial interest, the above shareholding
represents both legal and beneficial ownerships of shares.
3. Term Loan from Bank comprising Rs 2,68,67,145 [Previous Year: Rs
3,59,53,310], including Current Maturities of Long Term Debt Rs
1,20,00,000 [Previous Year: 84,00,000] are secured by:
(a) Equitable mortgage of land & building situated thereon at Gat No
232/2, Survey No 28, admeasuring 3860 sq mtrs, Hissa 1A, Village Dheku,
Taluka Khalapur, District Raigad, Maharashtra
(b) Equitable mortgage of land & building situated thereon at Gat No
232/1, Survey No 28, admeasuring 2160 sq mtrs, Hissa 1A, Village Dheku,
Taluka Khalapur, District Raigad, Maharashtra, owned by Sonal Ropes
Limited
(c) Equitable mortgage of property at Ground Floor, "C" Wing, Bhagwati
Building, FP Nos 18 - 19 / 34 A, B, C and 35 A, B, C TPS VI and CTS No
1610 / 27 & 1610 / 28 of Santacruz West, Linking Road, Extension Road,
Mumbai 400054, owned by Sandeep Arora and Mridu Arora.
(d) Equitable mortgage of residential fat at 11th Floor, Morya Heights,
Plot No 15, 16 and 17, Near Sanjeevani International School, Sector -
18, Kharghar, Navi Mumbai , District Raigad, owned by Sonal Impex
Limited.
(e) Equitable mortgage of industrial property situation at Gut No 236
(1), House No 142, Village Dheku, off Takai - Adoshi Road, District
Raigad, owned by Sonal Impex Limited
(f) Mortgage of immovable property situated at Abhishek Bungalow No 4,
Four Bungalows, Andheri West, Mumbai 400 053, owned by director,
towards enhanced mortgage debt.
(g) Hypothecation of existing fixed assets of the Company.
(h) Hypothecation of plant and machinery of Sonal Ropes Limited at
written down values. (i) Cash collateral or immovable property valuing
at Rs 0.50 crores. (j) Third party guarantee of:
- Sandeep Mohanlal Arora, Kamal Arora and Mridu Arora
- Corporate Guarantee of Sonal Impex Limited and Sonal Ropes Limited
(k) Hypothecation of current assets, including stocks, receivables,
consumables, stores and spares and movable plant and machinery.
(l) Hypothecation of machines purchased out of bank fnance
4. Vehicle loan of Rs. 14,34,084 (Previous Year: Rs 9,88,922)
comprising Rs. 5,60,977 (Previous Year Rs. Rs 3,63,940) classified as
current maturities of long term borrowings included under other current
liabilities is secured by way of hypothecation of vehicle financed.
5. Sales Tax Deferral Loans from the Government of Maharashtra are
repayable as per the schedule provided by the Government of
Maharashtra.
6. Working capital loans from bank comprise Cash Credit, and EPC,
which are secured by:
(a) Hypothecation of Company's stocks of raw materials, fished goods,
SIP of finished goods of proposed manufacturing activity in factory, go
down, in transit or lying elsewhere.
(b) Charge on Company's receivables, book debts and other actionable
claims.
(c) Rate of interest - Base rate 7% on daily products with monthly
rests
7. The Company has not received any intimation from its suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, the disclosures, if any, relating to
the amounts unpaid as at the year end together with the interest paid /
payable, if any, as required under the said Act have not been given.
8. Trade Payables Due to related parties - -
9. Includes advance from related party Rs 14,37,722 [Previous Year: Rs
98,17,820]
10. The Company has been informed by its Bankers that an amount of Rs
35595 is lying to the credit of the account of the Company. This amount
pertains to the year 1999. The Company has instructed the Bankers to
deposit the amount into the Investor Education and Protection Fund. The
Bankers are yet to do the needful in the matter.
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