| 1.(1.1) Of the above Subscribed Capital 15,075 Equity Shares are issued
and allotted as fully paid shares for consideration other than cash as
purchase consideration for acquisition of firm as per agreement dated
July 31,1982.
Of the above equity share capital 3.50 crore shares were allotted
during the year by conversion of Loan of promoters.
5,00,000 9% Cumulative Redeemable Preference Shares of Rs. 100/-each
were allotted during the year by conversion of Loan of SIFL.
(1.2) Paid up Share Capital Includes 2,418,120 Bonus Equity Shares of
Rs. 10/- each issued on 22.05.1996.
(1.3) During the year as per BIFR directions, the equity shares of Rs.
10/-each has been reduced to Re. 1/-each.
(1.4) 9% Cumulative Redeemable Preference Shares, may be redeemable
within 5 years; at the option of the Company, in the multiples of Rs.
25 Lacs along with 5% Redemption Premium each year. The Preference
Sahreholder has right to convert the same with applicable premium into
Equity Shares at par.
(1.5) Against the Share Application Money Rs. 3 Crores, Equity Shares
of face value of Rs.1/-are par will be issued to SIFL during the
Financial Year 2014-1 5 in terms of the Directions from BIFR, In case
of Liquidation, the SIFL will have a priority of Repayment of Equity
Capital over the equity capital of Promoters. The SIFL will have Right
to nominate Two Directors on the Board.
(1.6) The Security for Term Loans and working Capital Loans
[2] The Medium Term Loan of Rs. 169.68 Lacs (75.00 Lacs) from SIFL
[3] The Revolving Short Term Loan (RSTL) of Rs. 285 Lacs (Rs. 285 Lacs)
from SIFL
The above Loans are secured by pari pasu charge of the following:
(A) The First Pari Passu Charge by Mortgage of Factory Premises located
at Plot No. J-61, Addl. MIDC, Murbad F-4, MIDC, Murbad and all the
Fixed Assets of the Company and Office at 102, Atlanta, 10th Floor,
Nariman Point, Mumbai-21 owned by Shreeji Sales Corporation, proprietor
Mr. Bharat C. Parekh.
(B) The First Pari Passu Charge by Hypothecation of all Current Assets
of the Company at above locations
(C) Pledge of 39734626( 92.48% ) equity shares in the company of Parekh
family.
(D) Hypothecation of all receivable including from Storsack India Pvt.
Ltd., and other identified customers.
(E) Personal Guarantees of Director Shri Bharat Parekh.
(3.1) 1) The Term Loan of Rs. 104.59 Lac (Rs. 296.98 Lac) from Kokan
Mercantile Co-Op. Bank Ltd.
(2) The Working Capital Loan/Overdraft Loan Rs. 279.80 Lacs (Rs. 73.08
Lacs) from Kokan Mercantile Co-Op. Bank Ltd.
(A) Mortgage of all the Factory Premises & Current Assets of the
Company located at Plot No. J-61, Addl. MIDC, Murbad, F-4, MIDC, Murbad
and office at 102, Atlanta, 10th Floor, Nariman Point, Mumbai owned by
Shreeji Sales Corporation. Proprietor-Mr. Bharat C, Parekh
(B) Personal Guarantees of Directors, Shri Bharat Parekh &Shri Ishan D.
Selarka, Director.
(C) The working capital of Rs. 279.80 (Rs. 73.096 previous year)
further secured by Hypothecation of Stock in Trade and Debtors.
4. The Term Loan from Kokan Mercantile Co-Op. Bank Ltd., is repayable
in 48 Equal Monthly Installments.
5. The Medium Term Loan of Rs. 419.98 Lacs (Rs. 75 Lacs)from SIFLis
repayable after three years of disbursement The Revolving Short Term
Loan of Rs. 285 Lacs (Rs. 285 Lacs) from SIFL is repayable in
Instalment of Rs. 25 lacs within a period of four months from the date
of drawal of each instalment.
NOTES - 6
1. CONTINGENT LIABILITIES
1. Contingent liabilities in respect
of disputed suit/claims pendingagainst 25.84 Crore 25.84 Crores
the Companyand Statutory Penalties.
9% Preference Share Dividend accrued 65,58,904 20,58,904
Guarantee given by the Company to Rs. 50,000/- Rs.25,000/-
PF Department
2. In the Opinion of the Company the current assets, loans and
advances are approximately of the value stated, if realised in the
ordinary course of Business. Provision for known liabilities is
adequate and not in excess of amount reasonably necessary.
3. Sundry Debtors, Sundry Creditors, Secured / Unsecured Loans &
Advances given and taken, are subject to their confirmation,
reconciliation and adjustments if any. No provision has been made for
Doubtful Debt and Loan and Advances if any, arising out of confirmation
and reconciliation.
4. No provision for Income Tax is made since there will be no taxable
income for the current year. No provision is made for tax based on MAT
as the provision of MAT is not applicable to sick industrial company in
term of section 115 jB read with explanation (1) (vii).
7. Dividend payable accounts and refund order payable accounts are
under reconciliation pending receipt of details from banks.
8. The amount due to Micro, Small & Medium Enterprises as per the
Micro, Small & Medium Enterprises Development [MSMED] Act, 2006 is
furnished under the relevant head, on the basis of information
available with / received by the company regarding the status of Micro,
Small & Medium Enterprises to which the company owes a sum exceeding
rupees one lac for more than 30 days is Nil, Previous Year Nil. No
interest is provided in respect thereof.
9. The accounts are prepared on the basis of "Going Concern'', the
continuation of the company as a going concern is dependent upon the
implementation of Rehabilitation Scheme, availability of adequate
finance and future profitability of the company.
10. Based on concept of prudence "Deferred Tax Asset" has not been
recognised as there is reasonable uncertainty of sufficient future
taxable income since the Company has been declared as sick company
Registered with Board for Industrial and Financial Reconstruction.
11. As the company's business activities fall within single segment
viz; flexible packaging goods, the disclosure requirements of
Accounting Standard 1 7 segment reporting issued by Institute of
Chartered Accountants of India is not applicable.
The dividend payable of Rs. 317429/- is comprising of Rs. 34342.80 for
F. Y. 1995-96, Rs. 98376.00 for F.Y. 1996- 97 and Rs. 184710/-. for
F.Y. 1997-98, and not deposited with Investors Education and Protection
Fund Account. The same amount is lying with Bank of Baroda under
dividend a/c. no. 4326 and the Federal Bank Ltd. under dividend a/c.
no. 3884 & 4034. The management is in the process of transferring the
same to Investors Education and Protection Fund account.
The Company has been declared as Sick Industrial Company under SICA on
12th December 2005. At the Hearing held on 1-9-2010 BIFR has approved
the Rehabilitation Scheme under reference SS-10. The IDBI has been
appointed as a Monitoring Agency and Managing Committee has been
constituted for review and appraisal. At the
Hearing held on 19th March, 2013 the Bench has allowed Reduction in the
Equity Paid UP Capital From Rs.7,96,34,700 to 79,63,470 by way of
reduction in the Equity Paid up Capital from Rs. 10/- to Re. 1/- per
share. Further it was directed to submit modified DRS for issue of
equity shares of Rs. 3,00,00,000/- to SIFL. The effective/cut off date
of BIFR Scheme is shifted form 1 -9-2010 to 31 -3-2013.
During the previous year, as per Direction of BIFR, at the meeting held
on 19th March, 2013 (1) the Loan from SIFL amounting to Rs. 5 Crores
has been converted into 9% Cumulative Redeemable Preference Shares of
Rs. 100/- each (2) the Loan of Rs. 3.50 Crores from promoters have been
converted into equity shares of Rs. 1 /- each (3) Tranferred an amount
of Rs. 3 Crores from Loan from SIFL to Equity Share Application Money
to be issued on approval of Modified DRS. The Company has moved
miscelleneous application to BIFR for requist approval for allotment of
Equity Shares against Share Application money of Rs. 3.00 Crores.
12 Previous year's figures have been rearranged and/or regrouped,
reclassified wherever necessary to make them comparable with those of
the current year.
Capital Commitment at the end of the year Rs.40 Lac(Rs. Nil) [Advances
paid Rs. 32.91 Lac(Rs. Nil)
At the hearing held on 01-09-2010 BIFR has approved the relief in
respect of extension of repayment of existing Deferred Sales Tax
Liability of Rs. 2,47,97,881 /- along with accrued interest thereon at
the concessional rate 7% per annum over the period of Five years
subject to consideration of the same by Sales Tax Department.
Accordingly the application is made with the concerned authority for
the requisite approval to implement the relief sought and the same is
pending. However the interest of Rs. (85.93)(Rs. 68.57) Lacs upto
31-03-2014 has not been provided in the annexed acocunts on the
outstanding deferred sales tax amount.
|