C) Rights, preference and restrictions attached to the shares
Each holder of equity shares is entitled to one vote per share and ranks pari passu. In the event of liquidation of the Company, the holders ofequity shares will be entitled to receive any of the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
As per records of company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares
E) The Company has neither issued equity shares pursuant to contract without payment being received in cash nor any bonus shares in the current year and five years immediately preceding the balance sheet date.
Secured Loans-Term Loans:
(a ) The loan of Rs. 561.77 Lacs ( P.Y. 647.58 Lac) including Current Maturities of Long Term Borrowings under note no. 19 from IDBI Bank Ltd is secured against the flat of Shri Amitabh Kejriwal-Director, situated at Flat No. 101, Santusthi, Janki Kutir, Juhu Ville Parle, Juhu, Mumbai - 400049. The loan was also guaranteed as co-applicants by Directors Mr. Amitabh Kejriwal and Mr. Shonit Dalmia. Terms of Payment is 180 EMI of Rs. 845328/- including interest @10.15% p.a. floating
Secured Loans Cash credit of Rs. 13.50 Crores has been sanctioned by Corporation Bank against paripassu first charge on inventory and book debts of the Company with margin of 25% on Stock and 40% on Book Debts; at interest rate of Base Rate 4.00%.
Unsecured Loans- Loans from related parties is from Konark Realtech Private Limited and is payable on demand
The contribution to provident fund is made to Employees' Provident Fund managed by Provident Fund Commissioner. The contribution towards ESIC made to Employees' State Insurance Corporation. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation.
B. Defined Benefit Plan
The present value of Employees' Gratuity obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to buildup the final obligation.
31. The Company is operating in single segment i.e. Textiles and thus there is no reportable segments as per Indian Accounting Standard (Ind AS) 108 "Operating Segment". There is no reportable geographical segment either.
34. Contingent Liability/ Capital Commitments
The Bankers of the Company have given Guarantees to various Government Authorities amounting to Rs.1.50 Lac (P.Y. Rs.1.50 Lac) for which the Company has given counter guarantee and margin money in form of fixed deposit/current account to the
bankers amounting to Rs.1.50 Lac (P.Y. Rs. 1.50 Lac).
The Company has given a Corporate Guarantee of Rs.2706.00 Lacs (P.Y. Rs.2706.00 Lacs) to the bankers of its subsidiary company namely India Denim Limited and a Corporate Guarantee of Rs.Nil Lacs (P.Y. Rs.4600.00 Lacs) to the bankers of its Associate Company' subsidiary company namely Konark Gujarat PV Private( which was ceased as on 30th October,2024) Limited against Term Loan and Working Capital Facilities sanctioned to the said companies.
The company has no capital and other commitments as on the Balance Sheet date.
The above contingent liability includes corporate guarantee of Rs.2706.00 Lacs in respect of loan availed by its subsidiary company M/s. India Denim Limited. The accounts of the said subsidiary have been classified as NPA by the bankers of the company. The legal proceeding regarding the said matter when ultimately concluded, will have a material impact on financial position of the Company.
35. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated in the Balance Sheet realizable in the ordinary course of business. Trade Receivables, Trade Payables & Advances are subject to confirmation and / or reconciliation with parties.
38. As on the Balance Sheet date, the Company does not have any Foreign Currency Exposure. Disclosure in respect to hedging of Foreign Currency by a derivative instrument or otherwise thereof is not applicable.
39. Disclosure pursuant to Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 and Section 186 of the Company Act, 2013:
44. Events after reporting date
There have been no events after the reporting date that require disclosure in these financial statements.
45. The Financial Statements have been prepared in the format prescribed by the Schedule III to the Companies Act, 2013. Previous year figures have been regrouped / rearranged wherever necessary to make them comparable with those of the Current Year.
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