(i) Rights, preferences and restrictions attached to shares
Equity Shares: The Company has one class of equity shares. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Term loans obtained from Axis Bank Limited effectively carrying interest of 9.25% p.a., are secured against hypothecation on the entire movable assets of the company (Present and Future), equitable mortgage of the Company's factory Land and Building located at Plot No. 1, Survey No. 96, Village Khumbivali, Taluka Khalapur, Dist. Raigad, Maharashtra, corporate guarantee of M/s Flash Forge Private Limited and personal guarantee of the directors, Mr. Gautam Makkar and Mr. Sunil Menon.
Bank cash credit (Existing limits & New limits) from Axis Bank Limited is secured against exclusive first charge by way of hypothecation on the entire Current Assets of the company (Present and future). Extension of exclusive charge by way of equitable mortgage on land and building, owned by the company, corporate guarantee of M/s Flash Forge Private Limited and personal guarantee of directors, Mr. Gautam Makkar and Mr. Sunil Menon.
There are no dues to Micro enterprises and small enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 which are outstanding for a period more than 45 days as on balance sheet date.
The above information regarding Micro, Small and Medium Enterprises has been determined on the basis of information available with the Company and have been duly relied upon by the auditors of the Company.
The Income tax return was assessed under section 143(1) of the Income tax Act, 1961 ("the Act") without giving effect of tax rates opted by the Company under Section 115BAA of the Act. The assessment has also not considered the selfassessment tax deposited to the tune of Rs. 2.82 Crores by the Company. The Company has filed rectification for said Assessment Year under Section 154 of the Act.
34 Registration of Charge
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
Debt equity ratio: Due to availment of new term loan from bank thereby increase in long term borrowings.
Return on equity ratio: Significant increase in shareholder's fund due to current year's profits.
Trade receivable turnover ratio: Significant increase in turnover for the current year.
Trade payable turnover ratio: Significant increase in turnover for the current year.
Return on capital employed: Significant increase in shareholder's fund due to current year's profit and availment of new long term loan from banks.
36 Undisclosed Income
The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
Reason for shortfall
The provisions of Corporate Social Responsibility (CSR) are applicable for the first time upon the Company. The Board of Directors have formulated a sustainable CSR policy and currently appraising for the suitable CSR Projects.
In the meantime, it has been decided that the unspent CSR amount for the year ended on 31st March 2023 shall be deposited into the funds specified under Schedule VII of the Companies Act, 2013.
Nature of CSR activities
In absence of sustainable CSR projects in hand, The Company has not carried out any CSR activity during the year. However, the Board is planning to undertake sustainable CSR project in the area of education and medical relief.
38 Other Statutory Disclosures as per the Companies Act, 2013
The Company did not have any long- term contracts including derivative contracts for which there were any material foreseeable losses.
The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
The title deeds of all the immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment and capital work-in progress are held in the name of the Company as at the balance sheet date.
39 Segment Reporting
In absence of any identifiable business segment, Accounting Standard (AS) 17 on Segment Reporting are not applicable on the Company.
40 Realisable value of assets
In the opinion of the management, the current assets, loans and advances have a realizable value in the ordinary course of business is not less than the amount at which they are stated in the balance sheet.
41 Confirmation of balances
Balance shown under receivables, payables and advances are subject to confirmation.
42 Regrouping
Previous year’s figures have been re- arranged or re- grouped wherever considered necessary.
43 Rounding off
Figures have been rounded off to the nearest thousands of rupees.
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