c. Terms & Conditions attached to Equity Shares
The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.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 amounts. The distribution will be in proportion to the number of equity shares held by the shareholders and any other as the Memorandum or Articles may prescribe for the same.
(*) Amount payable during next 12 months is included under the head "Short Term Borrowing" Note No. 6
Existing Loan Facilities with Kotak Mahindra Bank has been repaid and closed and fresh working capital limit of Rs.875.00 Lacs has been taken from Red Fort Capital Finance Company Pvt. Ltd. vide Sanction Letter dated March 08, 2024).
The Terms of the loan taken from Red Fort Capital Finance Company Pvt. Ltd are as under:-Facilitv-I
Date of Sanction: 08.03.2024, Limit Sanctioned: 775.00 Lacs, Purpose of Loan: Working Capital, Tenure: 36 Monthly EMI of ?29,59,760/-
ROI: 22% p.a. Compounded Annually, Security: All Rights pertaining to the Commercial Property located at 161, Lenin Sarani, Kolkata-700014, owned by Mr. Devendra B Parekh, First and exclusive charges over all the receivable and assets of the Company.
Personal Guarantee of Mr. Devendra Bharat Parekh, Mrs. Anupama Singhi, Mr. Tushar Singhi, Mr. Bharat Jagmohan Parekh and Mrs. Karuna Parekh
Facilitv-II
Date of Sanction: 08.03.2024, Limit Sanctioned: 100.00 Lacs, Purpose of Loan: Working Capital, Tenure: 36 Monthly EMI of ?3,81,905/-
ROI: 22% p.a. Compounded Annually, Security: All Rights pertaining to the Commercial Property located at 161, Lenin Sarani, Kolkata-700014, owned by Mr. Devendra B Parekh, First and exclusive charges over all the receivable and assets of the Company.
Personal Guarantee of Mr. Devendra Bharat Parekh, Mrs. Anupama Singhi, Mr. Tushar Singhi, Mr. Bharat Jagmohan Parekh and Mrs. Karuna Parekh
Car Loan of Rs. 07.58 Lacs taken on 17.02.2021 from ICICI Bank for purchase of Car for office use and the same is repayable in 48 monthly instalment of Rs.18,508/- starting from 01.04.2021. Rate of Interest 7.80% Per Annum.
Unsecured Loan taken from Related Parties are also for working capital purpose.
a. Capitalized Borrowing Costs
No Borrowing Cost capitalized during the year ended 31st, March 2024
b. The Company has not revalued any of its Property, Plant and Equipment
c. There are no proceedings initiated or pending against the Company for holding Benami property under the Benami Transactions (Prohibition) Act, 1988.
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31 Contingent Liabilities
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Claims against the Company not acknowledged as Debts:-
Outstanding Bank Guarantee (Issued to IATA)
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- 50.00
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32 Other Additional Regulatry Information:-
a There is no Capital Work-in-progress in the Company. b There are no intangible assets under development.
c No proceeding have been initiated or pending against the company for holding any benami property under the Benami Transaction (Prohibition), Act 1988 (45of 1988) and the rules made thereunder. d The company is not declared a wilful defaulter by any bank or Financial Institution or other lender. e There is no relationship with Struck off Companies.
f There are no registration of charges or satisfaction of charges to be registered with Register of Companies. g The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restricition on number of layers) Rule, 2017.
h No Scheme of Arrangements has been approved by the Competent Authority in terms of section 230 to 237 of the Companies Act, 2013.
i. A. The company has not advanced or loaned or invested fund (either borrowed fund or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall:
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
i. B. The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall:
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(ii) provide any guarantee security or the like on behalf of the Ultimate Beneficiaries j There are no undisclosed income.
k The company is not covered under section 135 of the Companies Act.
l The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
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