Shri Bhagavati Bright Bars Ltd. के अकाउंट के लिये नोट

Mar 31, 1998

1. The Company has taken term loan from GIIC Ltd., which is secured by mortgage of Company's immovable property and a charge by way of hypothecation of respective Plant and Machinery of the Company financed by them. The working capital facilities taken from the Banks are secured by hypothecation of Company's various movable assets and book debts as also by second charge on the immovable assets of the Company. All the financial facilities availed by the Company are personally guaranteed by all the Directors of the Company.

2. As the factory at Village : Shapar, Taluka : Kotda Sangani Dist. Rajkot is situated in state notified backward area, the company is eligible for Sales tax benefits and the company has decided for deferred payment facility benefits under the sales tax incentives under the Capital Incentive scheme : 1990-95 & 1995-2000 scheme of the state government and same is not liable to be repaid during the year.

3. In our opinion and according to information and explanation given to us, the company has accepted unsecured loan to the tune of Rs. 27.43 lacs. The amount raised from relatives as unsecured loan is in terms of stipulation made by financial institution and therefore, it is an exempted deposit under rule 2 (b) (xi) of Companies (acceptance of Deposits) Rules 1975.

4. Depreciation has been provided in straight line method in accordance with Schedule XIV of the Companies Act, 1956. Accordingly, the depreciation on such assets purchased during the year has been provided on pro-rata basis. No Depreciation has been provided on certain fixed assets as these have not yet been commissioned.

5. Capital Work in Progress included in respective fixed assets block and it also includes the entire interest capitalised on New Term Loan Granted by the GIIC for Automatic Rolling Mill which is under erection.

6. Balances from debtors and creditors are subject to confirmation. However, in the opinion of the board, current assets, loans & advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated.

7. Although the Company has issued and posted all refund Orders in respect of the Equity issue, the money lying unclaimed by the public amounting to Rs. 19,000/- & Rs. 43,000/- (Previous Year) has been included under current liabilities.

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Mar 31, 1997

1. The Company has taken term loan from GIIC Ltd., which is secured by mortgage of Company's immovable property and a charge by way of hypothecation of respective Plant and Machinery of the Company financed by them. The working capital facilities taken from the Banks are secured by hypothecation of Company's various movable assets and book debts as also by second charge on the immovable assets of the Company. All the financial facilities availed by the Company are personally guaranteed by all the Directors of the Company.

2. As the factory at Village : Shapar, Taluka : Kotda Sangani Dist. Rajkot is situated state notified backward area, the company is eligible for Sales tax benefits and the company decided for deferred payment facility benefits under the sales tax incentives under the Capital Incentive scheme : 1990-95 of the state government. Therefore, the sales tax collected Rs. 38.58 lacs during the year (Previous year Rs. 37.04 lacs) is not liable to be repaid during the year.

3. In our opinion and according to information and explanation given to us, the company has accepted public deposits to the tune of Rs. 45.16 lacs as per Rule 4 (2) of the Companies (Acceptance of Deposits) Rule 1975 and for the company has already filed a statement in lieu of advertisement vide Registrar of Companies Receipt no. 42887 dated 22.03.96

The amount raised from relatives as unsecured loan is in terms of stipulation made by financial institution and therefore, it is an exempted deposit under rule 2(b) (xi) of Companies (acceptance of Deposits) rules 1975.

4. Depreciation has been provided straight line method in accordance with schedule XIV of the companies Act, 1956. Accordingly the depreciation on such assets purchased during the year has been provided on pro-rata basis. No Depreciation has been provides on certain fixed assets as these have not yet been commissioned.

5. Capital work in progress includes the entire interest of Rs. 16.81 lacs on New Term Loan Granted by the GIIC for Automatic Rolling Mill which is under errection.

6. Balances from debtors and creditors are subject to confirmation. However, in the opinion of the board, current assets, loans & advances have value on realisation in the ordinary course of business, atleast equal to the amount at which they are stated.

7. Although the company has issued and posted all refund orders in respect of the Equity Issue, the money lying unclaimed by the public amounting to Rs. 43,000/= (previous Year) Rs. 43,500/= has been included under current -liabilities.

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Mar 31, 1996

1. The Company has taken term loan from GIIC Ltd., which is secured by mortgage of Company's immovable property and a charge by way of hypothecation of respective Plant and Machinery of the Company financed by them. The working capital facilities taken from the Banks are secured by hypothecation of Company's various movable assets and book debts as also by second charge on the immovable assets of the Company. All the financial facilities availed by the Company are personally guaranteed by all the Directors of the Company.

2. As the factory at Village : Shapar, Taluka : Kotda Sangani Dist. Rajkot is situated state notified backward area, the company is eligible for Sales tax benefits and the company decided for deferred payment facility benefits under the sales tax incentives under the Capital Incentive scheme: 1990-95 of the state government. Therefore, the sales tax collected Rs.37.04 lacs during the year (Previous year Rs.33.25 lacs) is not liable to be repaid during the year.

3. In our opinion and according to information and explanation given to us, the company has accepted public deposits to the tune of Rs.2.10 lacs as per Rule 4 (2) of the Companies (Acceptance of Deposits) Rule 1975 and for the company has already filed a statement in lieu of advertisement vide Registrar of Companies Receipt no. 42887 dated 22.03.96.

The amount raised from relatives as unsecured loan is in terms of stipulation made by financial institution and therefore, it is an exempted deposit under rule 2 (b) (xi) of Companies (acceptance of Deposits) rules 1975.