NOTE 5.1
BANK OF BARODA: TERM LOAN FACILITIES :(i) Term Loan : for 3 Nos. (three) Barges from Bank of Baroda are primarily secured by Hypothecation of (1) Crane Pontoon Barge - KB-32 registered as MAR-2396-D (2) Brage namely Crane Pontton - Arcadia Sumeru Registered as JMR-0013-Jamnagar and (3) Crane Pontoon KB-26 registered as JMR-0018/Jamnagar
(i) The above said Term loan is further secured by equitable mortgage of immoveable properties namely : (1) Extension of Registered equitable mortgage of residential-commercial land and building at Plot no. 13, Plot no. 14, and Plot no. 15, at RS No. 162, bearing new RS No. 140 and RS no. 163/1 paiki, bearing new RS No. 1 12, of Village Moti Khavdi, Khambhalia- Higway, Ta and Dist - Jamangar, Guajrat, admeasuring total land area of 5884.17 square meters (Plot no. 13: 1200 Plot no. 14: 1136.41 and Plot no. 15: 3547.76 square meters) and construction of 3732.87 square meters in the name of the applicant Company , M/S Arvind and Company Shipping Agencies Private Limited. (2) Extension of Registered equitable mortgage of residential plots of Plot no 01 to 10 (total 10 plots) RS No. 347 (Old RS No. 180/paiki 2) of village Naghedi converted into non-agriculture for residential purpose, situated at Adinath Park-4, Village Naghedi of Taluk and Districte Jamnagar admeasuring Sq mtrs 1833.60 standin in the name of Mr. Arvindbhai Kantilal Shah.
THE NAVANAGAR CO-OPERATIVE BANK LTD., (I) The Term Loan facility of Rs. 435.00 lacs availed from The Navanagar Co-Operative Bank Ltd., Jamnagar is primarily secured by Hypothecation of Barge "MINICA" registered as MAR-2400-D
(II) The said Term Loan facility is further collaterally secured by creation of registered mortgaged charged on property described as Non-Agricultural Plots No. 1 to 14 of VRINDAVAN PARK" admeasuring 13150.37 Sq. Mtrs. situated at Revenue Survey No. 3/paiki/2/paiki/1 /paiki-2 of Village : Vibhapar of Taluka & District Jamnagar standing in the name of Mr. Vinit Arvind Shah
(II) The said facility is further secured by personal guarantee of : (1) Mr. Arvind Kantilal Shah, (2)Mr. Piyush Chimanlal Vora and (3) Mr. Vinit Arvind Shah.
THE COMMERCIAL CO-OPERATIVE BANK LTD., JAMNAGAR (I) The Term Loan facility of Rs. 400.00 lacs availed from The Commercial Co-Operative Bank Ltd., Jamnagar is primarily secured by Hypothecation of Barge "KB-28" registered as JMR-0016/JAMNAGAR
(II) The said Term Loan facility is further collaterally secured by creation of registered mortgaged charged on property described as (1) Non-Agricultural Plots No. 1 to 19 Industrial purpose admeasuring 23747 Sq. Mtrs. situated at Revenue Survey No. 35 of Village : Dhichada of Taluka & District Jamnagar standing in the name of Mr. Vinit Arvind Shah (2) N.A. Plot No. 1 - 949 Sq. Mtrs. and Plot No. 2 - 1075 Sq. Mtrs. on which Godown construction - 400 Sq. Mtrs. situated at Revenue Survey No. 5 Paiki of Village Dhichada of Tal. & Dist. Jamnagar standing in the name of Mr. Vinit Arvind Shah (3) Non - Agriculture Plot No. 4 & 5 for Residence & Commercial Comples admeasuring 1874.37 Sq. Mtrs. on which construction is done & known as "CAPITAL POINT - 6" located at Revenue Survey No. 162 & 163 paiki of Moti Khavdi of District Jamnagar standing in the name of Mr. Vinit Arvind Shah. (4) N. A. Plot no. 1 & 2 now amalgamated as Plot no. 1 - 2438.50 Sq. Mtrs. for commercial purpose situated at Revenue Survey No. 5 paiki of Village: Dhichda of Taluka & District Jamnagar standing in the name of Parulben Arvind Shah. (5) N. A. Plot No. 4 & 5 - 2413 Sq. Mtrs. for commercial purpose situated at Revenue Survey No. 5 Paiki of Village: Dhichada of Taluka & District Jamnagar standing in the name of Arvind Kantilal Shah (6) Non - Agriculture Plot No. 4 & 5 for Residence & Commercial Comples admeasuring 1874.37 Sq. Mtrs. on which construction is done & known as "CAPITAL POINT 6" located at Revenue Survey No. 162 & 163 paiki of Moti Khavdi of District Jamnagar standing in the name of Arvind Kantilal Shah. (7) Non - Agriculture Plot No. 4 & 5 for Residence & Commercial Comples admeasuring 1874.37 Sq. Mtrs. on which construction is done & known as "CAPITAL POINT 3" located at Revenue Survey No. 162 & 163 paiki of Moti Khavdi of District Jamnagar standing in the name of Arvind Kantilal Shah.
22. The previous year’s figures have been reworked, regrouped, and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current annual financial statements and are to be read in relation to the amounts and other disclosures relating to the current financial year.
23. Credit and Debit balances of unsecured loans, sundry creditors, sundry Debtors, loans and Advances are subject to confirmation and therefore the effect of the same on profit could not be ascertained.
24. Balances of Trade Payables, Trade Receivable and Loans and Advances are subject to confirmations and reconciliation if any, by the respective parties
25. Statement of Management
(i) The current assets, loans and advances are good and recoverable and are approximately of the values, if realized in the ordinary courses of business unless and to the extent stated otherwise in the Accounts. Provision for all known liabilities is adequate and not in excess of amount reasonably necessary.
(ii) Balance Sheet, Statement of Profit and Loss read together with Notes to the accounts thereon, are drawn up so as to disclose the information required under the Companies Act, 2013 as well as give a true and fair view of the statement of affairs of the Company as at the end of the year and results of the Company for the year under review.
30. Notes forming part of accounts in relation to Micro and small enterprise: -
Based on information available with the company, on the status of the suppliers being Micro or small enterprises, on which the auditors have relied, the disclosure requirements of Schedule III to the Companies Act, 2013 with regard to the payments made/due to Micro and small Enterprises are given below:
The company has initiated the process of obtaining the confirmation from suppliers who have registered themselves under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) but has not received the same in totality. The above information is compiled based on the extent of responses received by the company from its suppliers.
36. Intangible assets under development: -
There are no Intangible assets under development in the current year.
37. Details of Benami property held: -
The company does not hold any benami property under the Benami Transaction (prohibition) act, 1988 and the rules there made under. Hence any proceeding has not been initiated or pending against the company for holding any benami property under the Benami Transaction (prohibition) act, 1988 and rules made there under.
38. Borrowings from bank or financial institution on the basis of current assets: -
There is no overdraft facility or CC and hence there is no loan which is sanctioned based on the current assets.
39. Wilful Defaulter: -
The company has not been declared as wilful defaulter by any bank or financial institution or government or government authority during the year reporting period.
40. Relationship with struck off companies: -
The company does not have transaction with the struck off under section 248 of companies act, 2013 or section 560 of companies act 1956.
41. Registration of charges or satisfaction with Registrar of companies: -
The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.
42. Compliance with number of layers of companies: -
The company is in compliance with the number of layers prescribed under clause (87) of section 2 of company’s act read with companies (restriction on number of layers) Rules, 2017.
43. Compliance with approved scheme of Arrangements: -
The Company does not have made any arrangements in terms of section 230 to 237 of Companies Act 2013, and hence there is no deviation to be disclosed.
44. Utilization of borrowed funds and share premium: -
As on March 31, 2024 there is no unutilized amount in respect of any issue of securities and long term borrowing from banks and financial institutions. The borrowed funds have been utilized for the specific purpose for which the funds were raised.
45. Corporate social responsibility (CSR): -
The section 135 (Corporate social responsibility) of the Companies Act, 2013 is applicable to the company and will deposited in the fund as per schedule VII of companies act 2013, within 6 months from the end of financial year.
a. Gross Amount as per the limits of section 135 of the companies Act, 2013:
Rs. 4.23 lakhs
b. Amount spent and paid during the year ended 31st March, 2024: NIL
46. Details of crypto currency and virtual currency: -
Company has not traded or invested in crypto currency or virtual currency during the financial year.
47. A. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Company or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
B. No funds have been received by the Company from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Parties or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
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