1 The term loans from Banks are secured by first Parri Passu charge created/ to be created on existing and proposed block of assets of the Company by way of hypothecation of Machinery and Equipment and other fixed assets and equitable Mortgage of Land and Building of the company and further secured by the personal guarantee of the Managing Director and the Whole Time Directors and further secured by the personal guarantee of the relatives of the Directors. Term loans are further secured by 2nd Parri Passu charge on the current assets of the Company. The Vehicle loans are secured by hypothecation of vehicles acquired against such loans.Home loan is secured by first charge on flat at GK-ii New Delhi.
2. The working capital limits (Fund Based and Non-Fund Based)from banks are secured by first Parri Passu charge on current assets of the company both present and future and shall include raw materials, semi finished goods in process, finished goods, stores and spares and book debts of the Company and further secured by personal guarantees of the Managing Director and Whole Time Directors and their relatives. The limits are further secured by second Parri Passu charge on the fixed assets of the company.
* Amount received for supply of goods/material and outstanding amount does not exceed the period of 365 days.
** These figures do not include any amounts, due and outstanding to be credited to investor Education and Protection Fund except Rs.2152/-(Previous Year Rs.1353/-) which is held in abeyance.
3. As per Accounting Standard 15"Employee benefits", the disclosures as defined in the Accounting Standard are given below:
Defined Benefit Plan
The employees'''' gratuity fund scheme managed by trust is a defined benefit plan. The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is determined based on Actuarial valuation using Projected Unit Credit Method
4. RELATED PARTY DISCLOSURES :
As per Accounting Standard 18, the disclosure of transactions with the related parties are given below: i) List of related parties where control exists and related parties with whom transactions have taken place and relationship:
Name of Related Party Relationship
Shri Umesh Chander Garg Shri Subhash Chander Garg
Key Managerial Personnel
Shri Jatinder Singh Shri Vipin Gupta Shri Dalbir Singh Shri Avtar Singh Bajwa
Shri Surinder Gupta independent Directors
Shri Swatantar Kumar Dewan MS Suhasini Yadav Sirmour Hotels (P) Ltd.
Enterprises in which Key Managerial Personnel holds directorship
Jasmer Foods (P) Ltd.
Ruchira Packaging Products (P) Ltd.
Ruchira Printing & Packaging.
Jasmer Pack Ltd.
Enterprises of Relatives of Key Managerial Personnel
Jasmer Packer Well Pack industries York Cellulose (P) Ltd.
Smt. Parveen Garg Sh. Deepan Garg Sh. Jagdeep Singh Sh. Daljeet Singh
Relatives of Key Managerial Personnel holding office or place of profit.
Sh. Lucky Garg Smt. Vaishali Jhaveri Sh. Atul Garg Ms. Radhika Garg