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Notes to Accounts of Shakti Pumps (India) Ltd.

Mar 31, 2015

1. Borrowings from banks and ECB are secured by way of

Primary - All the curent assets of the company situated at Plot No. 1 Ssector A, Pithampur Distt. Dhar, M.P., Plot No. F-14 & 15, Phase-I, Sector III SEZ, Pithampur and Plot No. 401,402 & 413, Sector III, Industrial Estate, Pithampur and Plot No.400 & 412A, Seector III, Industrial Estate, Pithampur, Dist. Dhar, M.P.

Collateral-All the fixed assets of the company situated at Plot No. 1 Ssector A, Pithampur Distt. Dhar, M.P., Plot No. F-14 & 15, Phase-I, Sector III SEZ, Pithampur and Plot No. 401, 402 & 413, Sector III, Industrial Estate, Pithampur and Plot No.400 & 412A, Seector III, Industrial Estate, Pithampur, Dist. Dhar, M.P.

2. Vehicle Loans are secured by respective vehicles.

3. Working Capital loans and packing credit are secured as below :

Primary - All the curent assets of the company situated at Plot No. 1 Ssector A, Pithampur Distt. Dhar, M.P., Plot No. F-14 & 15, Phase-I, Sector III SEZ, Pithampur and Plot No. 401, 402 & 413, Sector III, Industrial Estate, Pithampur and Plot No.400 & 412A, Sector III, Industrial Estate, Pithampur, Dist. Dhar, M.P.

Collateral - All the fixed assets of the company situated at Plot No. 1 Ssector A, Pithampur Distt. Dhar, M.P., Plot No. F-14 & 15, Phase-I, Sector III SEZ, Pithampur and Plot No. 401, 402 & 413, Sector III, Industrial Estate, Pithampur and Plot No.400 & 412A, Sector III, Industrial Estate, Pithampur, Dist. Dhar, M.P.

4.. RELATED PARTY DISCLOSURES (i) List of Related Parties

1 Shakti Pumps LLC, USA Wholly Owned Subsidiary Companies

2 Shakti Pumps FZE, UAE

3 Shakti Pumps Pty Ltd. Australia

4 Shakti Irrigation India Limited Enterprise over Which Key management are able to exercise significant influence

5 Vintex Tools Pvt. Ltd Enterprise over Which Relative of Key management are able to exercise significant influence

6 Shakti Energy Solutions Pvt. Ltd Enterprise over Which Relative of Key management are able to exercise significant influence

7 Dinesh Patidar

8 Sunil Patidar Key Managarial Personnel

9 Ramesh Patidar

5.. CONTINGENT LIABILITIES AND COMMITMENTS

1 Bank Guarantee Outstanding 386.14

2 Unexpired Letter of Credit 1724.45

3 Excise Demand Under Dispute 47.70

4 Commercial Tax Demand under Dispute 93.29

5 Income Tax Demand Under Dispute 272.18


Mar 31, 2014

1.1 180200 Shares out of Issued Share are forfeited by the company which has not been reissued.

1.2 Borrowing from banks and ECB are secured by way of :- Primary - All the current assets of the company situated at Plot No. 1 Sector A, Pithampur Dist. Dhar, M.P., Plot No. F-14 & 15, Phase-I, Sector III SEZ, Pithampur and Plot No. 401,402 & 413, Sector III, Industrial Estate, Pithampur and Plot No.400 & 412A, Sector III, Industrial Estate, Pithampur, Dist. Dhar, M.P.

Collateral-All the fixed assets of the company situated at Plot No. 1 Sector A, Pithampur Dist. Dhar, M.P., Plot No. F-14 & 15 , Phase-I, Sector III SEZ, Pithampur and Plot No. 401,402 & 413, Sector III, Industrial Estate, Pithampur and Plot No.400 & 412A, Sector III, Industrial Estate, Pithampur, Dist. Dhar, M.P.

2.1 Working Capital loans and packing credit are secured as below : Primary - All the current assets of the company situated at Plot No. 1 Sector A, Pithampur, Dist. Dhar, M.P., Plot No. F-14 & 15, Phase-I, Sector III SEZ, Pithampur and Plot No. 401,402 & 413, Sector III, Industrial Estate, Pithampur and Plot No.400 & 412A, Sector III, Industrial Estate, Pithampur, Dist. Dhar, M.P. Collateral-All the fixed assets of the company situated at Plot No. 1 Sector A, Pithampur, Dist. Dhar, M.P., Plot No. F-14 & 15, Phase-I, Sector III SEZ, Pithampur and Plot No. 401,402 & 413, Sector III, Industrial Estate, Pithampur and Plot No.400 & 412A, Sector III, Industrial Estate, Pithampur, Dist. Dhar, M.P.

2.2 Personal Guarantee of Directors & Others.

3 CONTINGENT LIABILITIES AND COMMITMENTS

S.No Particular (Amt. in Lakhs) As At 31.03.2014

1 Bank Guarantee Outstanding 106.65

2 Unexpired Letter of Credit 2008.31

3 Excise Demand Under Dispute 47.70

4 Income Tax Demand Under Dispute 165.51


Mar 31, 2013

(Amount in lakhs)

As at As at Particulars March 31, 2013 March 31, 2012

01 CONTINGENT LIABLITIES AND COMITMENTS

1 Bank Guarantee Outstanding 103 210.49

2 Unexpired Letter of Credit 1404.83 1175.70

3 Excise Demand Under Dispute 47.7 47.70

4 Income Tax Demand Under Dispute 165.51


Mar 31, 2012

1.1 Optionally Convertible Debenture are convertible in equity shares with in 18 months from the date of subscription.i.e. 20.04.2011. In case OCD's does not get converted into equity shares with in 18 months from the date of subscription it will be redeemed by the company at issue price plus 20% premium compounded annually from the date of issue of OCD's. OCD's are secured by way of pledge of 2400000 Shares of Directors.

1.2 Borrowings from banks are secured by way of :-

1.3.a First Pari-passu charge by way of hypothication of the company's stock comprising of raw materials, stoch in process, finished goods, consumable stores and spares and receivables & other current assets.

1.3.b First Pari-passu charge by way of Equitable Mortgage of the company's Land& Building situate at sector-A, Pithampur Industrial Area and Plot No.F-14 & F-15, SEZ , Phase-I, Sector III, Pithampur and Machinaries installed at Plot No. 401, 402 & 413, Sector III Industrial Area , Pithampur , District -Dhar.

1.3.c Personal Gurantee of Directors

1.4 External Commercial borrowings secured by way of :

1.4.a Second Pari-passu charge by way of Equitable Mortgage of the company's Land & Building situate at Sector- I, Pithampur and Plot No.F-14 & F-15,sEz, Pithampur and Plot No.401,402 & 413 and Plot.No.400 & 412 A, Industrial Area Sector III Pithampur , District -Dhar. (M.P.)

1.4.b First pari-passu charge by way of hypothication of the company's stock com- prising of raw materials, stock in process, finished goods, consumable stores and spares and receivables & other current assets.

2.1 Working Capital loans are secured by First Pari-Passu Charge by hypothecation of present and future stock of raw materials. stock in trade, finished goods, stores & spares, claims and book debts etc.

2.2 EPC limit is secured by of hypothecation of present and future stock of raw materials, stock intarde, finished goods, stores & spares, claims and book debts etc..

2.3 Vehicle Loan are secured by way of hypothecation of respective vehicles.

3 CONTINGENT LIABLITIES AND COMITMENTS (Rs. In Lakhs)

S. Particular As At As At No 31.03.2012 31.03.2011 1 Bank Guarantee Outstanding 210 118

2 Unexpired Letter of Credit 1176 1051.87 3 Excise Demand Under Dispute 48 48


Mar 31, 2011

1. Debtors, Creditors, Sundry Deposits, Loan & Advances and other liabilities are subject to confirmation and reconciliation if any.

2. Management has informed that in the absence of information from suppliers of their status being Small/Ancillary undertaking amount overdue and interest payable thereon can not be quantified.

3. Segment Reporting:

The Company primarily engaged in the business of manufacturing of Energy Saving Stainless Steel Submersible Pumps and as such, there are no primary and secondary segments as per requirement of AS-17 issued by The Institute of Chartered Accountants of India on segment reporting.

4. Contingent liabilities are generally not provided for and disclosed by way of notes to the accounts:

(Rs. in Lakhs)

S. Particulars 31.03.2011 30.06.2010 No.

1 Bank Guarantee Outstanding 118.00 100.00

2 Unexpired Letter of Credit 539.35 485.57

3 Bills Discounted 0.00 30.78

4 Excise demand under dispute 47.70 52.06


Jun 30, 2010

1. Debtors, Creditors, Sundry Deposits, Loan & Advances and other liabilities are subject to confirmation and reconciliation if any.

2. Management has informed that in the absence of information from suppliers of their status being Small/Ancillary undertaking amount overdue and interest payable thereon cannot be quantified.

3. Segment Reporting:

The Company primarily engaged in the business of manufacturing of Submersible Pumps and as such, there are no primary and secondary segments as per requirement of AS-17 issued by the Institute of Chartered Accountants of India on segment reporting.

4. Contingent liabilities are generally not provided for and are disclosed by way of notes to the accounts. (Rs.in Lacs)

Sn Particulars 30.06.2010 30.06.2009

1 Bank Guarantee Outstanding 100.00 56.72

2 Unexpired Letter of Credit 485.57 178.50

3 Bills Discounted 30.78 443.00

4 Excise demands under dispute 52.06 83.64

 
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