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You can view the entire text of Notes to accounts of the company for the latest year

ISIN: INE0NZW01014INDUSTRY: Forgings

NSE   ` 137.35   Open: 137.35   Today's Range 137.35
137.35
+6.50 (+ 4.73 %) Prev Close: 130.85 52 Week Range 60.10
166.50
Year End :2024-03 

Note A

Primary Security:

Hypothecation of entire Raw materials Stock-ln-Process, Stores & Spares, Packing Materials, Finished Goods and Book-Debts of the company,

both present & future.

Hypothecation of Entire Plant & Machinery of the company.

Secondary - Equitable mortgage of the Industrial property at old bearing RS no.729,722,730, Block No 87318, paiki 2 admeasuring 8438 sq mts

Along with 2000 sq mts of construction situated at GETCO 66, KV Sub Station Por, Vadodara standing in the name of M/s Pattech Fitwell Tube

Components Limited.

Collateral Security:

1. Negative Lien of industrial property situated at old bearing RS no720,722,730, block No 8731 A, paiki 2 admeasuring 13597 sq mts And 3000 sq mts of constructed area at GETCO 66, KV Sub Station Por, Vadodara standing in the name of M/s Pattech Fitwell Tube Components Limited having boundaries.

2. Extension of residential Non-agricultural plot of land at Maule Kalali Vadodara lying behind land bearing Revenue Survey No 507, Block No 4161 Paft. Shivganga Co Operative Housing Society Limited Known as " KAf.lHA", Open Plot No 31, plot Area admeasuring 185 80 Sq mtrs, at Registration District & Sub District Vadodara.

3. Personal Guarantee of all the Directors and property owners. (Namely 1. Mr. Bharat Limbani, 2. Mr. Jaysukh Limbani 3. Mrs. Ripalben Limbani)

Defaults in repayment of Term Loans & Interest:

As appears, the company has not defaulted in payment of principal and interest of Term Loan with all the lenders during period April 1,2023 to

March 31,2024.

Disclosures under Micro, Small & Medium Enterprise Development Act, 2006

As informed to us. there are no Micro, Small and Medium Enterprises to whom amounts are outstanding for more than 45 days as at the year end. No supplier has intimated the company about its status as Micro or small Enterprises or its registration with the appropriate Authority under ‘The Micro, Small and Medium Enterprises Development Act, 2006.

Under the Micro, Small & Medium Enterprises Development Act, 2006 which came into force from 2 October 2006, certain disclosures are required to be made relating to Micro, Small & Medium Enterprises. The Company is in the process of compiling relevant information from its customers about their coverage under the said Act. Since the relevant information is not readily available, no disclosures have been made in the accounts.

26. Capital Commitments outstanding as on March 31,2024 is ? Nil (PY ? Nil) & Contingent Liabilities as on March 31,2024 is ? Nil (PY ? Nil).

27. The company's primary business is that of manufacturing of all type of Pipe and Tube Fittings in C.S, A.S, and S.S like Elbow, Tee, Reducer, Cap, Spool, Stub End and Flanges etc and so on. There is only one segment hence, disclosure requirement of segment reporting is not applicable.

28. Balances of Sundry Creditors, Sundry debtors, Loans & advances, etc. are subject to confirmation and reconciliation, if any.

29. In the opinion of Board of Directors; Current Assets, Loans & Advances (Including Capital Advances) have a value on realization in the ordinary course of business at least equal to the amount at which they are stated, Adequate Provisions have been made in the accounts for all the known liabilities.

30. Additional regulatory information required by Schedule III:

i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

ii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

iii) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

iv) The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the I ncome T ax Act, 1961.

v) The Company has complied with the number of layers for its holding in downstream companies prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

vi) The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

vii) The company does not have any transaction with companies which have been struck off in records of the Ministry of Corporate Affairs.

viii) Company has not revalued any of its Property, Plant & Equipment or intangible assets or both during the year.

31. Since the previous year period is for less than one year, the comparative figures are not strictly comparable.