1. RETIREMENT BENEFITS
Gratuity is a unfunded defined benefit plan and the gratuity scheme provides for a lump sum benefit, subject to a vesting period of 5 years in case of early separation, based on final last drawn salary and completed years of service.
2. Few Sundry Debtors, Sundry Creditors, Loans and Advances, Unsecured Loans are subject to confirmation of balances and consequential adjustments, if any.
3. Previous years’ figures have been regrouped and reclassified wherever necessary in conformity to the Current Period’s classification.
(i) Term loans from Banks carry interest @11% are secured by first charge on all fixed assets of the Company, excluding fixed assets of Khanapur plant, present and future and secured by personal guarantees of promoter directors and repayable in quarterly installments as per CDR package.
(a) Working capital demand loan from banks carry interest @ 11.5% is secured by way of pari passu first charge on the current assets and pari passu second charge on the fixed assets of the Company, both present and future, and further secured by the personal guarantee of promoter directors of the Company.
(b) Finance lease obligations secured by the assets purchased out of the said loan.
|