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Notes to Accounts of OK Play India Ltd.

Mar 31, 2015

1. Secured Term Loans are secured as below:

From Banks : Secured against hypothecation of assets created from Term Loan.

Against Vehicles : Secured against hypothecation of respective vehicles.

2. Term Loans from banks are collaterally secured by:

a) Equitable Mortgage on the Company's property at 124, New Manglapuri, Mehrauli, New Delhi.

b) Equitable mortgage of land and building at plot no. 17-18, Rojka Meo Industrial Estate, Tehsil Nuh, District Mewat, Haryana.

c) Hypothecation of all the Current Assets of the company.

d) First charge on other net block assets of the company.

e) Personal guarantees of two of the directors of the company.

f) Pledge of 47.94 lacs Equity Shares of the company by one of the Directors.

g) Second charge on entire fixed assets of the subsidiary company, OK Play Auto Private Limited.

h) Residual value of prime security of the subsidiary company, OK Rlay Auto Private Limited.

i) Reinvestment Deposit Plan of the value of Rs. 0.45 crores.

3. Term Loans, Unsecured from other parties have been secured by third party property.

4. Term Loans are repayable as follows:

From Bank: Payable in monthly instalments upto year 2019-20

Against Vehicles: Payable in monthly instalments extending to year 2020-21 External Commercial Borrowing: Payable in half-yearly instalments upto year 2018-19 Unsecured From Other Parties: Payable in monthly instalments extending to year 2022-23

5. Working Capital Loan from Bank is secured by:

Secured against hypothecation of stocks of Raw Material, Work-in-process, Finished Goods & Other Stocks and book debts.

6. Working Capital Loan from bank is collaterally secured by:

a) Equitable Mortgage on the Company's property at 124, New Manglapuri, Mehrauli, New Delhi.

b) Equitable mortgage of land and building at plot no.17-18, Rojka Meo Industrial Estate, Tehsil Nuh, District Mewat, Haryana.

c) Hypothecation of all the Current Assets of the company.

d) First charge on other net block assets of the company.

e) Personal guarantees of two of the directors of the company.

f) Pledge of 47.94 lacs Equity Shares of the company by one of the Directors.

g) Second charge on entire fixed assets of the subsidiary company, OK Play Auto Private Limited.

h) Residual value of prime security of the subsidiary company, OK Play Auto Private Limited.

i) Reinvestment Deposit Plan of the value of Rs.0.45 crores.

7. The Board of Directors of the Company at its meeting held on 23rd July, 2007 issued zero coupon unsecured Foreign Currency Convertible Bonds ('FCCB') aggregating to USD 10 million, at par. During the financial year 2010-11, the 'FCCB' of the face value of USD 9,760,000 had been bought back by the company at a discount of 24% to the face value of the 'FCCB' and subsequently a notice was given to the Clearing Houses, through the Trustees, requesting communication with the bondholders of the balance 24 bonds of the face value of USD 240,000. However, no response has been received and no claimant has come forth on the redemption date of 24th July, 2012 and till date. The premium payable on the redemption of the FCCB has been provided for.

8. Contingent Liabilities and Commitments, not provided for:

(I) Contingent Liabilities *

a) Claims against the company not acknowledged as debt:

(i) Claims against the Company, where legal cases are under way, but not acknowledged as debts amount to Rs 59,74,812.12.

(ii) Demand of penalty of Rs. 29,37,276/- (Previous Year Rs. 29,37,276/-) under the Central Excise Act is in dispute and pending before the Central Excise & Service Tax Appellate Tribunal.

b) Guarantees:

(I) Guarantees given to banks as counter guarantees for performance of contracts Rs.706,60,000 /- (Previous Year Rs. 706,60,000/-).

(ii) Letter of credit issued by banks-Nil (Previous year Rs. Nil)

(iii) Corporate Guarantee, restricted to Rs. 19.48 crores, given as security for the credit limits sanctioned by a bank to the subsidiary company, OK Play Auto Private Limited.

c) Other money for which the company is contingently liable:

(i) Security, in the form of charge on the properties and Residual value of Block assets, present and future, after netting the prime security for term loans, provided to a bank for the credit limits sanctioned by it to the subsidiary company, OK Play Auto Private Limited.

9. Commitments

a) Estimated amount of contracts remaining to be executed on capital account and not provided for amount to Rs. Nil (Previous Year Rs. Nil).

10. In the opinion of the Management, the Current Assets, Loans and Advances shown in the Balance Sheet have a value on realisation in the ordinary course of business atleast equal to the amount stated therein. The provision for all known liabilities have been made and are adequate.

11. There was a fire at the plant on the intervening night between 9th & 10th January, 2015 in which the company lost its stocks and part of the Building and Plant & Machinery. The company has incurred a loss of Rs 22.25 crores due to the fire which have been reflected in Other Expenses. The company has filed a claim with the insurance company for the loss incurred which has been reflected in the Other Income and Other Current Assets. The insurance company has yet to give a copy of the final loss assessment report.

12. The Company has not received any intimation from suppliers regarding their status under the Micro, Small & Medium Enterprises Development 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 furnished.

13. All the operations of the company are considered as a single business segment for the purpose of Accounting Standard 17, 'Segment Reporting'(AS17)), issued by the Institute of Chartered Accountants of India.

14. Related Party Disclosures:

(I) Relationships

(a) Key Management Personnel

Justice T.R. Handa (Retd.) Mr. Rajan Handa Mrs. Mamta Handa Dr. Rajan Wadhera Relatives Mrs. Usha Handa

(b) Subsidiary Company

OK Play Auto Private Limited

(c) Significant influence of key management personnel of the company Rave India (A Printing unit of Rave Scans Pvt Ltd)

A&A Labels Anupam Art Printer

Note: Related party relationship is as identified by the company and relied upon by the Auditors.


Mar 31, 2014

1. Secured Term Loans are secured as below:

From Banks : Secured against hypothecation of assets created from Term Loan.

Against Vehicles : Secured against hypothecation of respective vehicles.

2. Term Loans from banks are collaterally secured by:

a) Equitable Mortgage on the Company''s property at 124, New Manglapuri, Mehrauli, New Delhi.

b) Equitable mortgage of land and building at plot no.17-18, Rojka Meo Industrial Estate, Tehsil Nuh, District Mewat, Haryana.

c) Hypothecation of all the Current Assets of the company.

d) First charge on other net block assets of the company.

e) Personal guarantees of two of the directors of the company.

f) Pledge of Equity Shares of the company of the value of Rs. 10 crores by one of the directors.

g) Residual value of prime security of the subsidiary company, OK Play Auto Private Limited.

h) Equitable Mortgage of third party property.

3. Term Loans, Unsecured from other parties have been secured by third party property.

4. Term Loans are repayable as follows:

From Bank: Payable in monthly instalments upto year 2016-17 Against Vehicles: Payable in monthly instalments extending to year 2020-21 External Commercial Borrowing: Payable in half-yearly instalments upto year 2018-19 Unsecured From Other Parties: Payable in monthly instalments extending to year 2022-23

5. Working Capital Loan from Bank is secured by:

Secured against hypothecation of stocks of Raw Material, Work-in-process, Finished Goods & Other Stocks and book debts.

6. Working Capital Loan from bank is collaterally secured by:

a) Equitable Mortgage on the Company''s property at 124, New Manglapuri, Mehrauli, New Delhi.

b) Equitable mortgage of land and building at plot no.17-18, Rojka Meo Industrial Estate, Tehsil Nuh, District Mewat, Haryana.

c) Hypothecation of all the Current Assets of the company.

d) First charge on other net block assets of the company.

e) Personal guarantees of two of the directors of the company.

f) Pledge of Equity Shares of the company of the value of Rs. 10 crores by one of the directors.

g) Residual value of prime security of the subsidiary company, OK Play Auto Private Limited.

h) Equitable Mortgage of third party property.

7. The Board of Directors of the Company at its meeting held on 23rd July, 2007 issued zero coupon unsecured Foreign Currency Convertible Bonds (''FCCB'') aggregating to USD 10 million, at par. During the financial year 2010-11, the ''FCCB'' of the face value of USD 9,760,000 had been bought back by the company at a discount of 24% to the face value of the ''FCCB'' and subsequently a notice was given to the Clearing Houses, through the Trustees, requesting communication with the bondholders of the balance 24 bonds of the face value of USD 240,000. However, no response has been received and no claimant has come forth on the redemption date of 24th July, 2012 and till date. The premium payable on the redemption of the FCCB has been provided for.

8. Contingent Liabilities and Commitments, not provided for :

(I) Contingent Liabilities

a) Claims against the company not acknowledged as debt:

(i) Demand of penalty of Rs. 29,37,276/- (Previous Year Rs. 29,37,276/-) under the Central Excise Act is in dispute and pending before the Central Excise & Service Tax Appellate Tribunal.

b) Guarantees:

(i) Guarantees given to banks as counter guarantees for performance of contracts Rs.706,60,000/- (Previous Year Rs. 106,60,000/-).

(ii) Letter of credit issued by banks-Nil (Previous year Rs. 272,86,102/-)

(iii) Corporate Guarantee, restricted to Rs. 19.48 crores, given as security for the credit limits sanctioned by a bank to the subsidiary company, OK Play Auto Private Limited.

c) Other money for which the company is contingently liable:

(i) Security, in the form of charge on the properties and Residual value of Block assets, present and future, after netting the prime security for term loans, provided to a bank for the credit limits sanctioned by it to the subsidiary company, OK Play Auto Private Limited.

(II) Commitments

a) Estimated amount of contracts remaining to be executed on capital account and not provided for amount to Rs. Nil (Previous Year Rs. Nil).

9. In the opinion of the Management, the Current Assets, Loans and Advances shown in the Balance Sheet have a value on realisation in the ordinary course of business atleast equal to the amount stated therein. The provision for all known liabilities have been made and are adequate. However, the balances of parties are subject to confirmation.

10. Advertisement expenses of Rs 392,13,964/- standing as deferred revenue expenditure in the previous year have been written off during the year as the benefit of the same has been received.

11. The Company has not received any intimation from suppliers regarding their status under the Micro, Small & Medium Enterprises Development 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 furnished.

12. All the operations of the company are considered as a single business segment for the purpose of Accounting Standard

17, ''Segment Reporting''(AS17)), issued by the Institute of Chartered Accountants of India.

13. Related Party Disclosures:

(I) Relationships

(a) Key Management Personnel Justice T.R. Handa (Retd.)

Mr. Rajan Handa

Mrs. Mamta Handa Dr. Rajan Wadhera Relatives Mrs. Usha Handa

(b) Subsidiary Company

OK Play Auto Private Limited

(c) Significant influence of key management personnel of the company Sacred Exim Limited

14. Note: Related party relationship is as identified by the company and relied upon by the Auditors.


Mar 31, 2013

1. Contingent Liabilities and Commitments, not provided for :

(I) Contingent Liabilities

a) Claims against the company not acknowledged as debt:

(i) Demand of penalty of Rs. 29,37,276/- (Previous Year Rs. 29,37,276/-) under the Central Excise Act is in dispute and pending before the Central Excise & Service Tax Appellate Tribunal.

b) Guarantees:

(i) Guarantees given to banks as counter guarantees for performance of contracts Rs.106,60,000 /- (Previous Year Rs. 163,63,000/-). (ii) Letter of credit issued by banks Rs.272,86,102 /- (Previous year Rs. 199,60,878/-) (iii) Corporate Guarantee, restricted to Rs. 19.48 crores, given as security for the credit limits sanctioned by a bank to the subsidiary company, OK Play Auto Private Limited.

c) Other money for which the company is contingently liable:

(i) Security, in the form of charge on the properties and Residual value of Block assets, present and future, after netting the prime security for term loans, provided to a bank for the credit limits sanctioned by it to the subsidiary company, OK Play Auto Private Limited.

(II) Commitments

a) Estimated amount of contracts remaining to be executed on capital account and not provided for amount to Rs. Nil (Previous Year Rs. Nil).

2. In the opinion of the Management, the Current Assets, Loans and Advances shown in the Balance Sheet have a value on realisation in the ordinary course of business atleast equal to the amount stated therein. The provision for all known liabilities have been made and are adequate. However, the balances of parties are subject to confirmation.

3. Advertisement expenses in the nature of deferred revenue expenditure would be written off over the years when the benefit would be received.

4. The Company has not received any intimation from suppliers regarding their status under the Micro, Small & Medium Enterprises Development 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 furnished.

5. All the operations of the company are considered as a single business segment for the purpose of Accounting Standard 17, ''Segment Reporting''(AS17)), issued by the Institute of Chartered Accountants of India.

6. Related Party Disclosures: (I) Relationships

(a) Key Management Personnel Justice T.R. Handa (Retd.) Mr. Rajan Handa Mrs. Mamta Handa Dr. Rajan Wadhera

Relatives

Mrs. Usha Handa

(b) Subsidiary Company

OK Play Auto Private Limited

(c) Significant influence of key management personnel of the company Sacred Exim Limited

Note: Related party relationship is as identified by the company and relied upon by the Auditors.

 
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