Mar 31, 2014
1. Share Capital
(a) Reconciliation of the share outstanding at the beginning and at the
end of the reporting period.
(b) Term/rights 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. The Company declares and pays dividends in Indian
rupees. The dividend proposed, if any, by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting.
Inview of loss during the year ended 31st March, 2014, the Board of
Directors did not recommended any dividend.
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.
(c) Terms of redemption of 4% Redeemable Preference Share
During the year ended 31 March 2011, the company issued 60,00,000, 4%
Redeemable Preference Shares of Rs. 10/- each fully paid-up aggregating
Rs. 6,00,00,000/- on preferential basis. The Company declares and pays
dividends in Indian rupees. Each holder is entitled to one vote per
share only on resolutions placed before the company which directly
affect the rights attached to Preference Share.
The said preference shares shall be redeemed at the expiry of 6 years
from the date of allotment viz. 22nd March, 2011. The Board of
Directors have the option to prematurely redeem the said preference
shares.
In the event of liquidation of the company before redemption of the
preference shares, the holders will have priority over equity shares in
the payment of dividend and repayment of capital.
2. Long Term Borrowings
Term Loan of Rs. 5,07,00,000/- (Originally sanctioned Rs.
14,00,00,000/-) was taken from State Bank of India (SBI), during the
financial year 2010-11 and carries interest @ 17.65 % p.a., as on 31st
March, 2014.
SBI has also funded interest on Term Loan and Cash Credit facility for
the period from 1st September, 2012 to 30th September 2013 to the tune
of Rs. 1,35,38,347/-.
The aforesaid loans are repayable in monthly instalments along with
interest. Terminal date of repayment is 31st December 2018.
The aforesaid loans are secured against hypothecation of consumables,
work in progress, book debts, other current assets, machineries and
equipments. Additional security for the aforesaid loans have been
provided in the form of Corporate Guarantee of M/s Orbit Corporation
Ltd. and personal guarantee of Shri Ravi Kiran Aggarwal, Chairman of
M/s Orbit Corporation Ltd.
3. Short Term Borrowings
The Cash Credit limit of Rs. 4,50,00,000/- is secured against
hypothecation of consumables, work in progress, book debts, other
current assets, machineries and equipments. Additional security for the
said facility has been provided in the form of Corporate Guarantee of
M/s Orbit Corporation Ltd. and personal guarantee of Shri Ravi Kiran
Aggarwal, Chairman of Orbit Corporation Ltd.
The said facility is repayable on demand and carries interest @ 17.50%
p.a. on 31st March, 2014.
4. Trade Receivables
Note: Trade receivable includes Rs. 1,49,84,100/- (Previous year
1,64,73,168/-) being the retention money as per the terms of contract.
Mar 31, 2013
Note - 1 Employee Benefits
(i) Gratuity (Non-Funded): The Company has defined benefit gratuity
plan. Every employee who has completed five years or more of service
gets a gratuity on departure at 15 days salary (last drawn salary) for
the each completed year of service. The following tables summaries the
components of net benefit expense recognized in the profit and loss
account and the funded status and amounts recognized in the balance
sheet.
Notes: 1) Related party relationships have been identified by the
management and relied upon by the auditors.
2) No amounts in respect of related parties have been written
off/written back during the year, nor any provision has been made for
doubtful debts/receivables.
e. Sundry Debtors, Sundry Creditors and Loans & Advances are subject
to confirmation and reconciliation, if any.
Note - 2
No provision for tax has been made for the year as there is no taxable
income.
Note - 3 Previous Years figures reclassification
Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2012
Note - 1
Employee Benefits
(i) Gratuity (Non-Funded): The Company has defined benefit gratuity
plan. Every employee who has completed five years or more of service
gets a gratuity on departure at 15 days salary (last drawn salary) for
the each completed year of service. The following tables summarise the
components of net benefit expense recognised in the profit and loss
account and the funded status and amounts recognised in the balance
sheet.
Note - 2
Segment Reporting
The Company's business activities fall within a single segment, viz
Real Estate Construction Contractor and predominantly operates in
domestic market. Accordingly disclosure requirements under Accounting
Standard - 17 "Segment Reporting", is not applicable.
Note - 3
Related Party Disclosure
Related party Disclosure as per Accounting Standard 18:
Key Management Personnel
i ) Shri Sanjiv Bansal, Whole Time Director
ii ) Shri Naman Shah
Notes: 1) Related party relationships have been identified by the
management and relied upon by the auditors.
2) No amounts in respect of related parties have been written
off/written back during the year, nor any provision has been made for
doubtful debts/receivables.
Note - 4
a. Small and Medium Enterprises
The Company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Act, 2006
and hence disclosures, if any, relating to amounts unpaid as at the
year end together with interest paid/payable as required under the said
Act have not been given.
Note - 5
Previous Years figures reclassification
The Revised Schedule VI has become effective from 1st April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosure.
Mar 31, 2011
(a) Share Capital
The Company has issued 60,00,000 4% Redeemable Preference Shares of Rs.
10/- each fully paid-up aggregating Rs.6,00,00,000 on preferential
basis. The said preference shares shall be redeemed at the expiry of 6
years from the date of allotment. However, the Board of Directors have
the option to prematurely redeem, the said preference shares.
(b) Loan Security
Borrowings from State Bank Of India are secured as under.
1. Cash Credit Limit of Rs. 350 lacs and Term Loan of Rs. 1400 lacs
are secured against hypothecation of consumables, work in progress,
book debts, other current assets, machineries and equipments.
2. Additional security for the borrowings has been provided in the
form of Corporate Guarantee of Orbit Corporation Ltd. and personal
guarantee of Shri Ravi Kiran Aggarwal, Chairman of Orbit Corporation
Ltd.
(d) Employee Benefits:
(i) Gratuity (Non-Funded): The Company has defined benefit gratuity
plan. Every employee who has completed five years or more of service
gets a gratuity on departure at 15 days salary (last drawn salary) for
the each completed year of service. The following tables summarise the
components of net benefit expense recognised in the profit and loss
account and the funded status and amounts recognised in the balance
sheet.
Method used : Projected Unit Credit Method.
(e) The Company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
at the year end together with interest paid/payable as required under
the said Act have not been given.
(i) Related party Disclosure as per Accounting Standard 18:
Key Management Personnel
i ) Shri Sanjiv Bansal, Whole Time Director
ii ) Shri Naman Shah
Notes: 1) Related party relationships have been identified by the
management and relied upon by the auditors.
2) No amounts in respect of related parties have been written
off/written back during the year, nor any provision has been made for
doubtful debts/receivables.
(j) Segment Reporting:
The Company's business activities fall within a single segment, viz
Real Estate Construction Contractor and predominantly operates in
domestic market. Accordingly disclosure requirements under Accounting
Standard - 17 "Segment Reporting", is not applicable.
(m) Sundry Debtors, Sundry Creditors and Loans & Advances are subject
to confirmation and reconciliation, if any.
(n) Previous year's figures have been regrouped / reclassified wherever
necessary to conform to current year's classification
Mar 31, 2010
(a) Employee Benefits:
(i) Gratuity (Non-Funded): The Company has defined benefit gratuity
plan. Every employee who has completed five years or more of service
gets a gratuity on departure at 15 days salary (last drawn salary) for
the each completed year of service. The following tables summarise the
components of net benefit expense recognised in the profit and loss
account and the funded status and amounts recognised in the balance
sheet.
(b) In the opinion of the Management, the Current Assets, Loans and
Advances have a value on realisation in the ordinary course of
business, at least equal to the amount at which they are stated
(c) Income from construction contracts include Rs. 43.70 lacs being a
portion of the amount invoiced towards additional construction work
undertaken in relation to construction contracts entered into with a
certain customer, the amount where of is subject to issuance of work
order and confirmation by the said customer. The management is
reasonably certain as to confirmation of the said amount by the
customer and its eventual recovery by the Company.
(d) Managerial Remuneration:
Managerial Remuneration under section 198 of the Companies Act, 1956,
paid or payable to the Directors is as under:
(f) The Company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
at the yearend together with interest paid/payable as required under
the said Act have not been given.
(g) Segment Reporting:
The Companys business activities fall within a single segment, viz
Real Estate Construction Contractor and predominantly operates in
domestic market. Accordingly disclosure requirements under Accounting
Standard - 17 "Segment Reporting", is not applicable.
(h) Related party Disclosure as per Accounting Standard 18:
Key Management Personnel
i) Shri Sanjiv Bansal
ii) Shri Naman Shah
Notes: 1) Figures in brackets relates to previous year.
2) Related party relationships have been identified by the management
and relied upon by the auditors.
3) No amounts in respect of related parties have been written
off/written back during the year, nor any provision has been made for
doubtful debts/receivables.
(i) The additional information pursuant to Part II of Schedule VI to
the Companies Act.
(j) Previous years figures have been regrouped / rearranged wherever
necessary to conform to current yearsclassification.