1 Corporate Information:
Orissa Bengal Carrier Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act,1956. The company is engaged in Transportation activities. The Company got listed with BSE Limited on SME platform on April 05, 2018.
2.1 The Company has only one class of equity shares. The holders of equity shares are entitled to one vote per share.
2.2 The company declares and pays dividend in Indian Rupees. Any dividend proposed by the Board of Directors is subject to the approval of the shared holders in the ensuing Annual General Meeting, except in case of interim dividend.
2.3 In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.
2.4 During the year, the Company has issued and allotted 55,64,000 Equity shares of Rs. 10/- each @ premium of Rs. 20/- per equity share aggreating to Rs. 1669.20 lakhs through the initial public offer(IPO). Subsequently, the entire equity share capital consisting 2,10,82,790 equity shares of Rs. 10/each of the Company post-IPO listing and trading approval from BSE Limited Stock Exchange- SME platform vide their letter dated 05th April, 2018
(A) Vehicle loans are secured by hypothecation of the vehicles financed through the loan arrangements. Such loan are repayable in equal monthly installments over a period of 3 to 5 years and carry interest rate ranging between 8.39% to 11.50% p.a.
The secured term loans was guaranteed by the directors of the Company.
There is no default, continuing or otherwise, as at the balance sheet date, in repayment of any above loans.
(B) There is no fixed repayment schedule for the repayment of above said unsecured loans.
(C) As clarified by the management all above unsecured loans are treated as long term and bear interest rate of 12% p.a.
(D) Working Capital Loan from HDFC Bank is secured against hypothecation of Book Debts, advances to suppliers and mortgage of Immovable Properties of the company, collateral security of immovable properties of others along with personal guarantee of Directors & Relatives and carries effective interest @ 10.75%.
(E) Working Capital Loan from Kotak Mahindra Bank is secured against hypothecation of Current Assets and mortgage of Immovable Properties of the company along with personal guarantee of Directors and Carries effective interest @ 9.90% (6 months MCLR 1.05%)
(F) There is no default, continuing or otherwise, as at the balance sheet date, in repayment of any above loans.
3. Foreign Currency Transaction
The Company has not earned or spent any foreign exchange during the current year.
4. The Company has not received information from Creditors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures as required under the Companies Act, 1956 relating to amounts unpaid as at the year end together with interest paid / payable have not been given.
5. In the opinion of Board of the directors of the company, current assets, loans and advances have value at equal to the amount at which they are stated in the Balance Sheet.
* Disputed income tax demand fot A. Y. 2011-12 & 2012-2013 not provided for is Rs. 68,07,250 (Previous Year for A.Y. 2013-14 is Rs. 14,42,120/-), Appeal against this order is pending before CIT (Appeal). Income Tax is paid in protest till date against this order of Rs. 13,25,230/-.
6. In the opinion of the Board, Current Assets, Loans & Advances have value on realisation in the ordinary course of business at least equal to the amount as which they are stated in the Balance Sheet.
7. Balance in the accounts of Sundry creditors, Sundry debtors, Advances and Security deposits has not been confirmed by the respective parties and are subject to confirmation by them.
8. Previous year figures have been re-grouped to make them comparable with current period figures wherever found necessary.
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