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Notes to Accounts of Ultracab (India) Ltd.

Mar 31, 2016

Indian Rupee Term Loans from Banks are secured by:

I. Primary Security:

a) Term Loans: First charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of Ultracab (India) Limited.

b) Factory Land & Building in the name of Ultracab (India) Limited, at Plot no.l, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of Company.

c) Residential plot in the name of Mr. Niteshbhai P. Vaghasia situated at Plot no.35, S No. 128 (p), Mota Mauwa, Rajkot.

d) Residential Flat in the name of Ultracab (India) Limited situated at Siddhi-6, At.lshwariya, R.S.No.20p, Siddhi-6, Wing

C, Flat No.102, Dist.Rajkot

1 DEFERRED TAX ASSETS / LIABILITIES

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961.Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rate and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future. In compliance with Accounting Standard - 22 (AS - 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, excess deferred tax Liability of Rs.10,23,721/- is being reversed during the year.

I. Primary Security:

a) Cash Credit / Export Limits / LC / BG / LER: First hypothecation charge on entire current assets of the company (both present & future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of Ultracab (India) Limited.

b) Factory Land & Building in the name of Ultracab (India) Limited, at Plot no.l, 40A, 40B & 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Ltd. Shapar (Veraval), Rajkot in the name of Company.

c) Residential property in the name of Mr. Niteshbhai P. Vaghasia situated at Plot no.35, S No. 128 (p), Mota Mauwa,

d) Residential Flat in the name of Ultracab (India) Limited situated at Siddhi-6, At.lshwariya, R.S.No.20p, Siddhi-6, Wing C, Flat No.102, Dist.Rajkot


Mar 31, 2015

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