(a) Terms and Rights attached to equity shares
The company has only one class of shares having a par value at Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share.
(b) Terms and Rights attached to redeemable preference shares
The Redeemable preference shares will be redeemed with a premium of 11.50 % in 6(six) annual installments commencing from financial year 2016. No such shares shall be redeemed except out of the profits of the company which would otherwise be available for dividend or out of the proceeds of the fresh issue of shares made for the purpose of the redemption.
Charge : The Term Loan facilities are secured by way of 1st charge on all fixed assets of the company both present & future at pari passu basis with all lenders and 2nd pari passu charge on entire current assets of the company and also personal guarantee of Mr. Rajendra Miglani, Mr. Anuj R. Miglani & Mr. Ankit Miglani.
Charge : The Term Loan facilities are secured by way of 1st charge on all fixed assets of the company both present & future at pari passu basis with all lenders and 2nd pari passu charge on entire current assets of the company and also personal guarantee of Mr. Rajendra Miglani, Mr. Anuj R. Miglani, & Mr. Ankit Miglani.
* The compnay has received recall notices from bank for the entire amount.
Charge : Working Capital Non-fund based limits are secured by way of 1st hypothecation charge on entire current assets of the company on pari passu basis with all the lenders and 2nd pari passu charge on all fixed assets of the company both present & future.
Working Capital Loan from Bank is net of Rs.71.78 Crs. Penal Interest.
The company has initiated the process of identification of suppliers registered under Micro and small enterprise development Act,2006, by obtaining confirmations from all suppliers. The above information has been determined on the basis of information available with the company. This has been relied upon by the auditors.
*The compnay has received recall notices from bank for the entire amount Details of default as per Note No 19.
The lenders have referred our Company to National Company Law Tribunal (NCLT) under the insolvancy & bankrupcy code, 2016 for working out the resolutions plan. The Company is a fully operational utilizing optimum Plant capacity and has been regular in payment of undisputed government dues and wages and salaries. The management is quite confident to reach at some workable resolution to resolve financial position with the lenders within the stipulated time limit and to continue its business as a going concern. Accordingly, these financial statements have been prepared on that basis.
Charge for IDBI Bank : The loan is secured by way of first pari-passu charge on company’s immovable properties both present and future and by way of second pari-passu charge on company’s movable properties both present and future.
Charge for other Banks : The Term Loan facilities are secured by way of 1st charge on all fixed assets of the company both present & future at pari passu basis with all lenders and 2nd pari passu charge on entire current assets of the company and also personal guarantee of Mr. Rajendra Miglani, Mr. Anuj R. Miglani, & Mr. Ankit Miglani.
1. Employee benefits
The Company operates on defined benefit plan , viz., gratuity benefit, for its employees . The Gratuity plan provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. The company does not have any fund for gratuity liability and the same is accounted for as provision.
Under the other long term employee benefit plan, the company extends benefit of compensated absences to the employees , whereby they are eligible to carry forward their entitlement of earned leave for encashment upon retirement / separation or during tenure of service. The Plan is not funded by the company .
Liability for employee benefits has been determined by an actuary, appointed for the purpose, in conformity with the principles set out in the IND AS 19, the details of which are as follows :
* The remuneration to the Key Managerial personnel does not include the provisions made for gratuity and leave benefits, as they are determined on an actuarial basis for the company as a whole.
2. Previous years figures have been regrouped and recast wherever necessary
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