| 1. Term Loans from Banks are guaranteed by Two Promoter Directors and
One of their relatives.
2. Deferred Sales Tax is payable over period of 15 years. Loan from
related parties are not subjected to any repayment terms. Term Loans
are repayable over a period of 7 years from the date of disbursement
Buyers' credit are payable over a period of 3 years. Car Loan is
payable over a period of five years from the date of disbursement.
3. Term Loans from Cosmos Co Operative Bank Limited are secured by
first charge by way of equitable mortgage on the company's immovable
property situated at Bangalore and first charge on the Plant and
Machinery of the company.
4. Car Loan is secured by hypothecation of vehicles acquired under the
scheme.
The Short Term Borrowings are under Consortium Banking Arrangement with
Bank of India, State Bank of India and Cosmos Co-Operative Bank Limited
are secured by first pari-passu charge on hypothecation of stocks. Book
Debts and other Current Assets of the company and exclusive first
charge on company's immovable property situated at Asangaon,
Maharashtra (applicable for State Bank of India and Bank of India only)
and second pari- pasu charge on the Fixed Assets of the company
(including second charge by way of Equitable Mortgage of the immovable
properties in Bangalore). Short Term Borrowings are Guaranteed by Two
Promoter Directors and One of their relatives.
5 Trade Payables :
Trade Payables include a sum of Rs. 75.50 lacs (PY. Rs. 54.50 lacs) due
to SMEs to the extent such parties have been identified from available
information. The amount outstanding for more than 30 days as on
31.03.2015 is Rs. 22.12 (PY. Rs. 15.20) lacs. Trade payables are
subject to confirmation from parties .
Inventories are valued as follows
a. Stores and Spares at Cost on FIFO Method of Valuation
b. Raw Materials at Cost on FIFO Method of Valuation
c. Work in Progress at Cost*
d. Finished Goods at Cost*/ Net Realisable value whichever is less
* Cost includes Direct Labour, Applicable Overheads and Excise Duty in
case of Finished Goods.
6. Contingent Liabilities (not provided for in the accounts) : Rs. in
Lacs
Particulars 31.03.2015 31.03.2014
Factoring Obligations 911 861
Guarantees for Customs Duty 450 450
Guarantees for Financial 500 500
Institutions/Banks as security
Export Obligations under EPCG scheme 51 1,174
Disputed Income Tax 49 249
7.Related Party Disclosures :
I. Controlling Companies : NIL
II. List of Related Parties :
Fibre Foils Limited Related Party
Sansha Systems Limited Related Party
Shetron Enterprise Private Limited Related Party
Shetron Metropak Private Limited Subsidiary
Bunts Properties Private Limited Related Party
Mr. Diwakar S Shetty Key Management Personnel
Mr. Kartik Nayak Key Management Personnel
8. Segment Disclosure :
The Primary Segment based on the Business Segment. The Secondary
Segment is based on the Geographical Location of the customers.
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